The History of Welfare in America Essay -- Origins of Public Welfare P

Welfare has been a safety net for many Americans, when the alternative for them is going without intellectual nourishment and shelter. Over the years, the brass has provided income for the unemployed, food assistance for the hungry, and health care for the poor. The federal government in the nineteenth century started to provide minimal benefits for the poor. During the twentieth century the United States federal government established a more substantial welfare system to help Americans when they most needed it. In 1996, welfare straighten occurred under President Bill Clinton and it significantly changed the structure of welfare. fond Security has gone through significant change from FDRs signing of the program into righteousness to President George W. Bushs proposal of privatized accounts.The increase in industrialization in the U.S. during the 1820s caused a rise in homelessness. Women made up the absolute majority of the homeless population. During the beginning of the nin eteenth century, private charities helped provide food and shelter for the homeless. Towards the end of the nineteenth century men became the majority of the homeless population. The federal government created mothers pension laws which were protective labor laws that assisted poor women and children. Shelters required a work test for men to enter and only allowed them to watch for a limited amount of time. Charities did not help men in the nineteenth century (Homelessness in the United States).On October 29, 1929, the roaring twenties ended. The U.S. computer memory market crashed and theGreat Depression began. Those who had invested in the stock market for retirement sawtheir investments disappear. President Franklin Roosevelts New Deal focused first onproviding employment for the... ...for Children and Families. 6 Mar 2009..Medicaid Home Page. 16 Sept 2004. Centers for Medicare & Medicaid Services. 6 Mar2009. .Shields, Mark. Messing with Social Security. Cnn.com. 7 Mar 2009..B ill of Rights in Action. June 1998. Constitutional Rights Foundation. 6 Mar 2009..Food Stamp Program. 4 Feb 2005. Food and Nutrition Service. 6 Mar 2009..Women, Infants, and Children. 1 Jan 2004. Food and Nutrition Service. 6 Mar 2009..The Future of Social Security. Mar 2005. Social Security Administration. 6 Mar 2009..

The First World War (WWI) :: World War 1 I One

WWI Web activityThe propaganda at that time was aimed at was aimed the working class of the U.S. The propaganda was directed to the average person, or people that the government thought would function support the fight. My first picture shows a small-minded young woman asking her dad to but her a war bond. It trying to imply that every family should go out a get a war bond. That little girl is trying to imply to the world that that buying a war bond is a cute or necessary in order to keep a little girl happy. A father never wants to see his little girl cry so he usually gets her what she wants. The government is trying to imply that everyone has to buy a war bond in order to help the little girl (U.S) in order for it to be happy. So the average person might feel somewhat required to go and buy a war bond to keep the U.S happy. Also the image is trying to show that the little war bond is for a good cause. Little children sometimes try vocalize that they will be good in return for the gift. The reality is that the war bonds werent doing anything except letting thousand of soldier die for issue that was occurrence on the other side of the pacific.War is probably something that this little girl didnt want to promote. But she did and she made it seem like if this was a elephantine wedding or a happy occasion. But in reality war is this torturous place were one side wins just because they have the relegate weapons or strategy. But in the process killing thousand s of innocent kids. Also when they die there was no one to give them a proper funeral. They were left there to die in mass graves or were left there for parasites to eat their body.

Vincent van Goghs Starry Night and Vincent’s Chair Essay -- Art Criti

Vincent van Goghs Starry dark and Vincents ChairOne of the most famous Post-Impressionists was the Dutch artist, Vincent van Gogh. caravan Gogh believed that art was a form of expression. Painting was an emotional and spiritual experience for him. He painted not only how he interpreted his surroundings, hardly his sensations and feelings on his subjects. One of his most famous paintings, Starry Night, is a perfect representation of this Post-Impressionistic style of painting.With its swirling colors and lines, Starry Night, incorporates not just the color and lax that is found in the earlier works of these painters, but it shows how forms and feelings also came into play. Waves and swirls were applied so thickly in this piece that the paint itself cast shadows.His heavy brushstrokes and lustrous colors portray the night sky as crazy and chaotic and the village below as peaceful and serene. The historical significance of Starry Night mirrors the events taking place during this er a of modernity. During this time, scientists, writers and artists were seeking nontraditional ways of thinking. While scientists were learning about humans and physics in ways that had not been employ before, and philosophers were finding new theories of life, writers and artists were disregarding old ways of writing and painting, and pursuing new forms of expression. Van Gogh, like his contemporaries, was ignoring the old styles of painting realistic images instead, as portr...

Aldo Leopolds A Sand County Almanac Essay -- Aldo Leopold Sand County

Aldo Leopolds A Sand County Almanac Although Leopolds love of great expanses of wilderness is quickly apparent, his book does not cry out in defense of particular tracts of land about to go under the axe or plow, but preferably deals with the minutiae, the details, of often unnoticed plants and animals, all the little things that, in our ignorance, we have left out of our managed acreages but which must be present to add up to equilibrate ecosystems and a sense of quality and wholeness in the landscape. Part I of A Sand County Almanac is devoted to the details of a single ready of land Leopolds 120-acre farmed-out farmstead in central Wisconsin, abandoned as a farm years before because of the poor soil from which the sand counties took their nickname. It was at this weekend retreat, Leopold says, that we try to rebuild, with shovel and axe, what we are losing elsewhere. Month by month, Leopold leads the reader through the progression of the seasons with descriptions of su ch things as skunk tracks, mouse economics, the songs, habits, and attitudes of oodles of bird species, cycles of high water in the river, the timely appearance and blooming of several plants, and the joys of cutting ones own firewood. In Part II of A Sand County Almanac, titled The Quality of Landscape, Leopold takes his reader away from the farm first into the surrounding Wisconsin countryside and then even farther, on an Illinois bus ride, a telephone to the Iowa of his boyhood...

Genocide in Sudan Essay -- Africa Political History

Since gaining its independence in 1956 from the United Kingdom and Egypt, Sudan has been a country stricken with force forbidden. This violence continues on even today in the form of genocide. The genocide committed in this country has horrified the international community for the last 15 years. tally to the Washington Post, over 450,000 Sudanese have died as a result of fighting, famine, or disease since 2003 alone. There are several factors that contribute to the all out violence between the Sudanese people. The first factor is the multicultural make up of the Sudan. Sudan is a country with hundreds of tribes that do not see themselves in a nationalistic light. This is a major cause of the internal fight of Sudan. The second is Chinas influence over Sudan. China is currently the largest importer of Sudans innate(p) resources, and has supplied northeastern Sudan with arms and finances. China has also ignored most of the UN sanctions placed against Sudan. The third is Sudans neighboring countries. Most of these countries have experienced some bearing of turmoil themselves over the last 20 years, and contribute to a good portion of displaced persons found in Sudan. Unless the Sudanese can address these factors, violence willing continue in the Sudan.Firstly, one must consider the multicultural composition of Sudan. Being the largest country in Africa, Sedan has approximately 600 tribes within their borders. Tribes in the North are considered Arab tribes, and tribes in the South are considered African or non-Arab. Many of these tribes have unique cultures of their own. Take South Sudan for example, according to Peter Gatluak of the Sudan Vision mundane, They do not see themselves as South Sudanese... ...nter for Transitional Justice , 1.Deeb, S. E. (2011). North Sudan faces its likely truncated future. Associate Press , 1.Gatluak, P. C. (2011). Focus on the South. Sudan Vision Daily , 1.noted, N. a. (2008, Feb 22). China defends arms sal es to Sudan. BBC News , p. 1.Noted, N. A. (2007, May 9). Darfour watch China, Russia still supplying weapons used in attacks. The World Tribune , p. 1.Noted, N. A. (2011, Jan 15). South Sudan referendum wraps up. Bloomberg News , p. 1.Noted, N. (2010, Decmber 1). South Sudans secession will rid the country from 3 lousy neighbors official. Sudan Tribune , p. 1.Solomon, L. (2010, Dec 09). Lawrence Solomon To Islams dismay, a new oil nation is born. Financial Post , p. 1.State, U. D. (2010). start Warning, Chad. US Department of State.Walker, R. (2010, Nov 20). Hello country number 193. The Economist , p. 1.

Genocide in Sudan Essay -- Africa Political History

Since gaining its independence in 1956 from the United Kingdom and Egypt, Sudan has been a country stricken with force- egress. This violence continues on even today in the form of genocide. The genocide committed in this country has horrified the international community for the last 15 years. correspond to the Washington Post, over 450,000 Sudanese have died as a result of fighting, famine, or disease since 2003 alone. There are several factors that contribute to the all out violence between the Sudanese people. The first factor is the multicultural make up of the Sudan. Sudan is a country with hundreds of tribes that do not see themselves in a nationalistic light. This is a major cause of the internal fight of Sudan. The second is Chinas influence over Sudan. China is currently the largest importer of Sudans innate(p) resources, and has supplied due north Sudan with arms and finances. China has also ignored most of the UN sanctions placed against Sudan. The third is Sudans neighboring countries. Most of these countries have experienced some ramify of turmoil themselves over the last 20 years, and contribute to a good portion of displaced persons found in Sudan. Unless the Sudanese can address these factors, violence testament continue in the Sudan.Firstly, one must consider the multicultural composition of Sudan. Being the largest country in Africa, Sedan has approximately 600 tribes within their borders. Tribes in the North are considered Arab tribes, and tribes in the South are considered African or non-Arab. Many of these tribes have unique cultures of their own. Take South Sudan for example, according to Peter Gatluak of the Sudan Vision insouciant, They do not see themselves as South Sudanese... ...nter for Transitional Justice , 1.Deeb, S. E. (2011). North Sudan faces its likely truncated future. Associate Press , 1.Gatluak, P. C. (2011). Focus on the South. Sudan Vision Daily , 1.noted, N. a. (2008, Feb 22). China defends arms sales to Sudan. BBC News , p. 1.Noted, N. A. (2007, May 9). Darfour watch China, Russia still supplying weapons used in attacks. The World Tribune , p. 1.Noted, N. A. (2011, Jan 15). South Sudan referendum wraps up. Bloomberg News , p. 1.Noted, N. (2010, Decmber 1). South Sudans secession will rid the country from 3 lousy neighbors official. Sudan Tribune , p. 1.Solomon, L. (2010, Dec 09). Lawrence Solomon To Islams dismay, a new oil nation is born. Financial Post , p. 1.State, U. D. (2010). hold out Warning, Chad. US Department of State.Walker, R. (2010, Nov 20). Hello country number 193. The Economist , p. 1.

The Argument on Obesity Being a Disease

Brad Ward English 152 Dr. Reiter 10/13/2011 The Argument on corpulency being a Disease Roughly, in the United States, there are 60 million mess with the occupation of obesity. Uniquely, this disease affects women in the United States more than men. Obesity is a problem because twain men and women of all ages are exposed to a large amount of food in their everyday knows. He or she should lose weight because Obesity it whoremaster bring on a lot of health issues. This issue is a big problem in the U.S and that issue is why some hoi polloi say that they believe obesity is a disease and why another set of people that think a person chooses to live the lifestyle of obesity. wholeness reason some people have problems with obesity is they live very convenient lives. Does the family have clearly stated rules and are punishments logical consequences for rules that are low-toned (Kelly D. Brownell & John P. Foreyt)? Many people dont have to exercise and do not eat healthily at all.Mo st people take the slatternly way by taking elevators instead of climbing the stairs, or if they are hungry they go to a refrain food restaurant instead of preparing a low fat meal at home. For pillowcase, in my family if nobody wants to cook, we usually go out and pick up something to eat, usually high calorie fast food. People today can also conk so busy they dont even attempt to exercise or eat health foods. The reason I know this is because I am busy almost every day. With drill work, my job, and family duties I find little time for exercise or food preparation.Eating healthily and staying fit is a lifestyle that everyone needs to switch over to so they can have more energy and also live longer. Most of the time it is not peoples choices that settle them telling it is either hereditary or a slow body metabolism. Obesity has become a highly contentious issue in part because the United States not only has one of the highest obesity rates in the world alone has also led the industrial transformation of society to produce the toxic environment now accepted by most organizations as the problem (WPT pack S125). Obesity is so toxic that octors are finding obesity is liked with depression. We found that a self reported doctor diagnosis of depression was modestly associated with obesity, as well as significant genetic components to depression and obesity in female twins(Afari, Niloofar). Sometimes a certain gene in peoples bodies can cause them to be obese. For example, most of my family is big boned people. Some people have hypothyroidism or an underactive thyroid. This condition can make a person sluggish and out of energy so they depart not be able to exercise or eat healthily.With obesity, many restrictions follow, for example wearing certain sized clothing, or assigned particular seat on a bus, plane, or amusement park ride. If a person is obese they usually have a hard time to find clothes. For instance, most of time my dad goes to Shreveport to t he Big & Tall men store. This is where he buys his shirts and pants at cheap price. This group of people feels that being obese is a lifestyle and that too much cost goes into providing the coverage for obesity.But yet, people in the middle school system give Body /Mass index exams. Doctors use the BMI mainly to categorize patients, into overweight or obese, using either data from destination populations or drawing upon the U-shaped association between BMI and both, morbidity and mortality (Muller, M. J. ). So, why does the government not help do something for obesity? I believe that government is holding out on us and we cant do anything about it unless we elect people that can fight on our behalf.This is the one problem that gets to me because the government has the guts to sent all are jobs overseas but they are so skeptical about helping us as American to pay to knockout this obesity propbelm. Obesity can affect a lot of peoples health by causing diabetes, sleep disorders, sn apper complications, and breathing problems. For instance, a man named Joe who appeared on the TV show The Biggest Looser started the program weighing at 450 pounds and having to take medication for his health problems.He stayed on the show for 3 weeks and he lost a whopping 215 pounds. Since he lost all of that weight he did have to take the medication anymore. If people worked on having the will power to exercise and eat healthily, they could have more energy and not feel exhausted. I know it is not always peoples jailbreak for being obese but that does not mean they have to stay fat for the rest of their lives. All we need to is keep positive and Believe we can fight the better life.If a person was to take their time and try it out they might get good results. Work cited (James, W. P. T. ). WHO recognition of the global obesity epidemic. International Journal of Obesity 7 (2008) S125 (Kelly D. Brownell and John P. Foreyt). Handbook of Eating Disorder Basic Books, Inc. 513 (198 6) 432 (Afari, Niloofar). Depression & Anxiety (1091-4269) Sep2010, Vol. 27 Issue 9, p799-806, 8p, 1 Diagram, 4 Charts (Muller, M. J. ). Obesity Reviews Aug2010, Vol. 11 Issue 8, p612-618, 7p, 2 Graphs

Far from the Madding Crowd Essay

He admits to Bathsheba at the beginning of the novel that, But I postt match you, I have it away, in mapping out my mind upon my tongue. He is non a man of words, unlike Troy and Boldwood, but proves that actions give the bounce speak louder than words. He is unable to speak the flattery that Troy flush toilet, or be as persistent and persuasive as Boldwood is, but in his devoted actions to Bathsheba, by being the hard and diligent worker that he is, he is rewarded in the end, by giving the opportunity to offer Bathsheba the love that he had talked of to her when he had first met her.In contrast to Gabriel, Francis Troy is a man who appears to understand only what he can deject out of love. He does not believe in treating wowork force fairly, and which is expressed as he says, treat them fairly and you are a lost man, when referring to women. Hardy also writes about his consistency when tattle the truth He was moderately truthful towards men, but to women he lied like a cret an. By lying to women he found it easy to pee-pee what he wanted, as Hardy describes him he spoke fluently and unceasingly. At the beginning, Hardy remarks that a womans greatest fault is her Vanity. Troy, as he possesses such ease with the words he uses, has directt that a womans weakness is her vanity, and knows that by flattering them he can get what he wants. This is exactly what he did with Bathsheba, and like her, he felt some sense of triumph when he saw that he had succeeded in weakening the women he flattered, as she did with the men she flirted with. However, instead of making the women he met feel confident, his flattery merely destroyed them, as they became dependent upon him to feed their vain needs. Troy did not have the ruttish sense of love, but instead he felt the physical attraction to the women he met.This meant that he only got involved with beautiful women, as it was their beauty that attracted them to him. raze by and by having left Bathsheba for so lon g, when he saw her again at Greenhill Sheep Fair, it was her beauty that found unexpected chords of feeling, to be stirred again within him The management in which Troy judged by appearances was perhaps inevitably the cause of his failed marriage to Bathsheba, because he had not got to know Bathsheba as a person, but simply looked at her, as a symbol of beauty. In some ways it could be said that he looked at the women as trophies that he had won.Troy was also a man driven by wealth. Bathsheba, who had come into wealth after the inheritance of the lease of Weatherbury Farm, would have been even more attractive to him as she now had money. We know that he was driven by money, as he used to bet on the horses, which put considerable financial strain on Bathsheba. This was probably the yard why he did not marry Fanny, due to her financial instability. Money was also the reason why he did not return to Bathsheba initially after landing at Liverpool, as Hardy writes, what a life such a future of poverty would be. This, unlike the love felt by Gabriel, was a selfish form of love, because he only ever though of himself. He had a very superficial view of love, which required wealth in devote to make him happy. Troys opinions of love did not include the idea of commitment, and another reason for the failure of his marriage could be due to his womanising and flirtatious behaviour. We learn near to the end of the novel that his opinion of marriage is negative and he sees it not as the beginning of two peoples lives together, but as he says himself, all romances end at marriage. He also did not believe in the idea of equality, and shared responsibilities in a relationship, as he abandons Fanny with the great burden of an unborn child to deal with alone. This is probably due to his carefree opinion of sex, which he also valued as oftentimes as he did love. Troy did not value love as anything special, and this could be put d stimulate to the fact that he had a very sei smic background, and an uncertain upbringing. His profession would also have something to do with his opinion of women, and as a soldier, he probably never had to deal with women and did not understand them.This is why he tried to possess them, and this destroyed them. Hardy has some very clear opinions that he wishes to get across to the reader in this novel. He uses the characters as tools, to create a picture for the readers, expressing his personal views on love. He rewards those characters that see love as a simple but precious thing, and he shows how much he admires Gabriel Oak for his powers of endurance, by rewarding him with Bathsheba in the end. In contrast, he punishes those characters that take love too lightly.An example of this is the attitude of Troy which end is ending in the end. Hardy warns us of the great power of love and how dangerous it can be. The obsession that Boldwood felt for Bathsheba, is another feeling that he condemns, and shows how life can be ruined because of obsession. This is shown by the lifelong imprisonment of Boldwood. Hardys opinions of love are really exposed at the end of the novel, when he describes his own thoughts about how truelove can develop.He uses Bathsheba and Gabriel as an example of how true love can develop. They were tried friends who enjoyed good-fellowship and comraderie. The main message Hardy is trying to get across to us is that love cannot hide behind a fake face. He writes that in order for a successful relationship to take place, you must(prenominal) know the rougher sides of each others character. This is the love Hardy describes to be the only love which is as strong as death- that love which many amnionic fluid cannot quench, nor the floods drown.

A Marketing Memo

First, I will suggest to Mr. Dickson to begin with a dissemination approach that basically matches his capability. He must analyze the pros and cons of finding an effective distribution pattern and this heavily depends on his finances and production ability.Some guidances are producing a small display of his products at local stores and advertising over telephones. Second, Mr. Dickson should tally how his product sells. In conjunction with the first step, he now has to weigh his options regarding where and how his product sellswhether through local stores or any other way that he brush off think of.Which ever way he may pursue, he should bear in mind which approach can him more support. Thirdly, Mr. Dickson should think more or less his options in promotions to his intended market.Since Mr. Dickson had already established a connection with the local stores and he believes that his product is more superior to the other brand, one way to participate and spread his product is thro ugh attending local conventions and feature shows wherein he can introduce his sauce to bigger and more established distributors and retailers.Through this, he can have contacts to bigger supermarkets and a wider audience. The last step is that for Mr. Dickson to consider his alternatives before making the concluding decision. Mr. Dickson should at first establish a distribution network and this network should sell enough to sustain his product without too much attempt on his part. (Debelak, 2004)The main problem of Mr. Dickson is the limited distribution that his product achieved scorn his attempts to sell it to local markets. But since he has the support of his restaurant clientele and a massive confident on his product, I think that he should hold out on doing from the basicwhich is promotion. The constraint now is how and where he promotes.As I see it, since he has a small connection to local supermarkets, he should start from there. He should set up small displays in the sup ermarkets and attend local feature shows so that people will be introduced to his sauce.And I think that he should non stop advertising in his restaurant. He should also set up small displays on his restaurant and should continue utilizing it in his recipes. Through this, the confidence of his clients and the brilliance of his product can even reach other people through word of mouth, which is little on his part.REFERENCESDebelak, D. (2004). Spread it around find the best way to distribute your product, and youll rake in the profits Electronic Version. Retrieved September 2, 2007 from http//findarticles.com/p/articles/mi_m0DTI/is_6_32/ai_n6066217.

Assignment memo

For your convenience, each question is given followed by the appropriate answer and an chronicle of the correct response. Work your way systematically through these, comparing It with your own answer. Even If you chose the correct alternative, you may find that the explanations we give be useful. Try to translate the explanations. Many of the Items measure Insight, not Just f trifleual knowledge. You will not pass this course if you try and memories the questions and answers Question 1 The goal of quantitative explore in psychology is best described as aiming to 1 . Polo appropriate statistical runnels which potbelly be use to determine the relationships among psychological uncertains that occur at a level greater than chance 2. Develop theories that helps us to explain human experience and behavior 3. Formulate clear hypotheses based on insights close to human experience and behavior 4. Convert theoretical causes into measurable variables through personalization process Op tion 2 gives the correct answer. The goal of seek Is to develop theories which can explain aspects of human behavior and experience.Options 3 and 4 refer to stages In the process of doing initiative research but these argon not the goals of the research. The goal of the research Is also not to develop statistical tests, as Implied In option 1 . These tests are developed by statisticians and are used by researchers in social and other scientific research, but developing the tests is not part of the goal of the research. PECCARY/201 5 Question 2 A psychologist believes that personality factors such as ability to get along with other citizenry in a team are likely to have on see their winner in a team sport.To investigate this, she draws a sample of actors in competitive sport, comprising f soccer players, hockey players and cricketers from various sports clubs. After evaluating their mental process on an appropriate psychometric test, she delves players from the three categories of sports Into two groups those who have good social skills and those who tend avoid social contact. She then uses evaluation forms, based on interviews with divergent sports experts, to assess the actual sports exertion of the members of the sample.The dependent variable in the study is and the independent variable is 1. Measured sports performance social skills 2. Type of sports social skills . affectionate skills measured sports performance 4. Social skills type of sports Answer Option 1 is correct. The researcher wants to determine whether sports performance (a measurement of how well a specific sports participant performs) depends on social skills. This Implies that the construct social skills Is the self-governing variable which Is varied to see how it affects the dependent variable, the measurement of sports performance. The commonwealth from which the sample was drawn (the types of sports participants that were involved), but in the context of this scenario th is variable is not being investigated here. It would be possible to compare the three groups but this would not answer the research question. Question 3 see the following asseveration That phase of sleep during which brain rhythms resemble those of an alert person is called paradoxical sleep or rapid eye movement (ERM) sleep. This statement is a 1. Conclusion based on empirical research 2. Operational definition 3. Search supposition 4. Inference based on observation Answer Option 2 is correct. The statement gives a definition of ERM sleep in terms of the measurement of brain waves (which can be done with an EGG machine). Since it is hardly a statement about what the spirit paradoxical sleep or rapid eye movement (ERM) sleep means, it is not a conclusion, hypothesis or inference, as suggested by the other options. 6 Questions 4 to 6 are based on the following research scenario. A psychologist wants to study how aspects of penury can influence peoples productivity in their work.She reads an article which claims that an important aspect of motivation is locale of gibe, which distinguishes people who are driven by their own personal ambition from those who act by conforming to a social group. To test this idea, draws a sample of 100 workers from a number of companies in the information technology sector. She divides the workers into two groups, those with an intimate locus of control and those with an external locus of control, based on an appropriate psychometric test. She then uses Job evaluation forms to assess the actual work performance of the workers in the two groups.Question 4 Which of the following gives the best expression of the hypothesis that the researcher wishes to test? 1 . Motivation affects the productivity of workers. 2. Internal locus of control is related to high productivity. . The Job performance of workers is influenced by locus of control. 4. Motivation of workers is influenced by locus of control. Answer Option 3 is correct. Option 3 is the clearest expression of an appropriate research hypothesis. Option 1 is as well vague motivation is probably too complex to be captured in a single construct.Option 2 is too specific it is not clear from the information given in the scenario whether internal or external locus of control can be expected to acquit to higher productivity. Locus of control is regarded as an aspect of motivation (according to the scenario), not as a separate construct (or variable) that can be compared to it, so option 4 is also wrong. Question 5 Given that research is an investigation of a relationship between (two or to a greater extent) constructs, which of the following constructs have to be compared to do this (b) motivation (c) locus of control (d) Job evaluation forms (e) people who work in the information technology sector 1. A) and (c) 2. (a), (b) and (e) 3. (a), (c) and (e) 4. (c) and (d) Answer The correct alternative is option 1 . Locus of control is the specific aspect of mo tivation that is being studied, which excludes option 2. In this particular context, people who work in the information technology sector is part of the definition of the population that the researcher chooses to study, not a construct that is being compared to another, so option 3 is incorrect. Option 4 is incorrect because Job evaluation forms are the instruments used to measure the construct Job performance, and not a construct as such. Question 6 The dependent variable in the study is and the independent variable is 1 . Job performance locus of control 2. Locus of control motivation 3. Job performance productivity . Locus of control Job performance The dependent variable is the one that is predicted or explained, and the independent variable is manipulated to see how it affects the dependent variable. In this study the researcher tries to predict Job performance with the forethought of locus of control. In other words, the researcher is trying to see if Job performance de pends, to a significant degree, on locus of control.Option 2 is wrong because locus of control is the aspect of motivation that is being studied. In a similar way, Job performance is equivalent to productivity, which excludes option 3. Question 7 In scientific research, the word possible action refers to a(n) 1. Reasonable guess or creative insight which seems to explain a phenomenon 2. Method to make the constructs which are involved in a phenomenon visible through a process of personalization 3. Investigation or procedure which is performed to determine the relationships among variables 4. Explanation of why the observations that were made are as they are, or are related in the way that they are related Answer Option 4 is correct. As explained on page 4 in the Guide for PECCARY, a theory is a framework for facts it s the explanation of why the facts (I. E. Observations, measurements) are as they are, or are related in the way in which they are related, based on empirical inv estigations. Option 1 is a description off hypothesis, but this is often how the word theory is option 3 is a description of a process such as an experiment by which a theory can be evaluated but not to a theory as such.Question 8 Consider the following statement The experience of strong emotion is accompanied by physiological reactions such as an increase in heart rate. This statement can be viewed as a research hypothesis because it a) makes a prediction that can be tested by observation (b) describes a possible relationship between variables 1. (a) but not (b) 2. Both (a) and (b) 3. (b) but not (a) 4. Neither (a) nor (b) 8 A psychological hypothesis formulates a testable empirical claim, that is, a prediction which can in principle be observed, and this usually involves postulating a relationship between two or more variables.Question 9 A psychologist uses a psychometric test to study the intelligence of school children. Intelligence is the variable and the psychometric tes t represents the variable in this study. 1. Independent dependent manifest operational 3. Dependent independent 4. Latent manifest A hidden or underlying (latent) aspect of a construct has to be made visible (manifest) to be observed. Intelligence is a latent variable because it cannot be observed now. The aftermaths of the psychometric test can however be observed directly and can therefore be regarded as the manifest variable.Note that the test result is the measurement by which intelligence is made visible, so these are manifestations of the same construct (or variable), only in one form it is observable (manifest) and the other form it is hidden (latent). Dependent and independent refer to relationships between two different variables, so options 1 and 3 are both incorrect. The psychometric test is the operation by which the variable intelligence is measured (or personalities), but you would not refer to the test or test result as an operational variable, so option 2 is also n ot correct.Question 10 An industrial psychologist wants to investigate the levels of assertiveness among different categories of workers in a prodigious company. He draws a sample of 200 workers and then divides them into managers, clerical workers, skillful workers and manual errors with the intention of getting each participant to do a test to determine their level of assertiveness. The division of workers into these four groups represents a measurement on a level. 1. Nominal 3. Interval 4. Asia When numbers are used to allocate people or objects to categories or groups with no implication of intensity or ordering related to the size of the number, it is referred to as a nominative level or nominal scale of measurement. Note that while one may presume that managers have a higher rank than the rest and perhaps manual workers can be said to have a low rank, there is no obvious way to decide whether lyrical workers have a lesser rank than technical workers or the other way round, as it would depend on the specific types of work that they do.A senior clerk can outrank a Junior technician, and iniquity versa. (Nominal and other scales are explained in Appendix B of the Guide). PECCARY/201 9 Question 11 If a pupil will be chosen to go on a field trip from a class of 13 female childs and 17 boys, what is the luck that Joanne (one of the 13 girls) will be chosen, given that a girl will be selected? 1. 1/13 2. 14/30 3. 1/30 4. 1/17 You have to use the basic formula for probability We know that there are 13 possible outcomes (any one of the 13 girls can be selected) and we also know that there is only one favorable instance Anyone being selected).

Economics Coursework †Demand Essay

Manufacturers and dealers want UK to follow europium into scheme to give cash to drivers who scrap old cars to buy newThe goernment was face renewed pleas to bail out Britains ailing ride industry yesterday as figures showed sales of new cars had put downped by almost a three form on year.Only 313,912 cars were registered in March a 30.5% f whole in sales from this time last year, figures from the Society of Motor Manufacturers and Traders (SMMT) showed, prompting unfermented calls for the government to pay aimists to trade in their old cars for new whizs.The motor industry and lobby groups are hoping this months cipher get out embarrass a scrappage scheme, under which car owners are given a financial incentive of virtually 2,000 to swap their old vehicle for a new greener model.exchequer officials have told the industry they are seriously considering including such(prenominal) a stimulus in the budget a fortnight tomorrow although ministers publicly insist that no deci sion has been taken.A scrappage scheme in Germany which offers car owners 2,500 (2,263) for getting rid of any vehicle over nine years old has attracted more than one-half a million buyers, with sales soaring 40% there in March.The SMMT estimates that 280,000 Britons would take advantage of a similar programme over an 18-month period. This would cost well-nigh 560m, a figure the SMMT told the defender would involve a net cost of 150-160m. The rest of the money would come from the VAT charged on new cars. plainly green groups counselled against such a knee jerk response and tell the money could be better used to fund sustainable transport solutions. many environmental organisations fear funds could be diverted from existing pots of money set aside by the government for investment in green technologies, such as the 400m earmarked in the pre-budget report for an environmental transformation fund, which supports the development of new low-carbon energy and energy efficiency technol ogies in the UK.Pro-motoring lobbyists argue that if the government does non move quickly to boost the industry, further jobs would be lost and some manufacturers may transfer their business to other countries.In Whitehall, the debate is still swirling over the wisdom of adopting a scrappage scheme. Lord Mandelson, the business secretary, said in February that his department was examining the experience of other countries, notably Germany, to see whether it would work in Britain and carmakers were asked to produce costed proposals, except no decision has been made.David Cameron told the Guardian in January that the Tories were looking at the idea but he was yet to be convinced.In the meantime, demand for cars has crashed across the world, throwing the spherical industry into its biggest crisis and forcing Ameri ignore giants General Motors and Chrysler to the brink of bankruptcy. Manufacturers in the UK have also been hit, with factories such as Hondas plant at Swindon mothballed and thousands of jobs cut.Last months decline in sales follows falls of 30.9% in January 2009 and 21.9% in February. March, when new number plates are issued, is a key period for the industry and traditionally accounts for more or less a fifth of annual sales. If things do not improve, the SMMT is forecasting that only 1.72m new vehicles will be sold in 2009, compared with 2.13m in 2008.However, there was one bright note with the rise of the small car segment, where sales ontogenesisd 84%, indicating a trend towards downsizing among consumers. The top three best-selling models were the hybridisation Fiesta, Vauxhall Corsa and Ford Focus.Yesterday SMMT chief executive, Paul Everitt, said March new-car registrations are a barometer of confidence in the economy, from businesses and consumers alike. The fall in the market shows that the government needs to do more to boost confidence.A scrappage scheme will provide the incentive needed and the evidence is clear that schemes already implemented across Europe do work to increase demand. The UK is the only major European market not to implement a scheme.Edmund King, the president of the AA, said The latest figures show the barren difference between a country with a scrappage scheme and one without. A vehicle-scrappage scheme has the potential to reduce emissions, reduce accidents and their severity whilst giving a boost to the UK motor industry. There are many benefits from getting older gross polluters off the road.But green groups counselled against introducing such a scheme. Peter Lipman, policy director at Sustrans, the sustainable transport charity, said it would be a really, really bad idea, wherever the money is coming from. There are so many better ways of spending government money if you are trying to deal with both the recession and climate change, he added.The RAC motoring strategist, Adrian Tink, said The introduction of any car-scrappage scheme needs to be contingent on balancing the economic bene fits with a concern for the environment. The scheme needs to be as much about getting old, high-polluting cars off the road as it is about stimulating car sales.The dire sales figures bode ill for the economic convalescence because new car sales are seen as a key indicator of consumer confidence.When the UK went into recession in the early 1990s, new car registrations dropped for 27 ordered months. At one point, sales that had reached an annual peak of 2.3million in the late-1980s dipped as low as 1.5million.IB Economics Internal Assessment Commentary elevator car industry begs for budget boost from Alistair DarlingThe article Car industry begs for budget boost from Alistair Darling found on the web page of The Guardian discusses the effects of the current recession on the car industry, particularly in the UK. The article states according to the SMMT a 30 % fall in sales from the year before at the same time. In order to take a first step to solving the problem the motor industry hopes to impose the scrappage scheme..The drop of demand for cars during the recession creates an example of the laws of demand and supply. Demand is the bar of a fair or a service that consumers are willing and able to leverage at a given price in a given time period. Supply is the willingness and ability of producers to produce a quantity of a good or service at a given price in a given time period.Consumers be aware of the recession will quite save their money than choose to spend it on luxury purchase. The fall in income due to the recession has, according to the laws of supply and demand and assuming that all other things stay equal (Ceterus Paribus), caused the fall of demand.Although the article doesnt state a percentage of the fall in income of the population, the income elasticity of demand for vehicles can be described as at least unitary if not elastic, the examples will make an attempt to prove this.Income elasticity of demand measures the proportionate response of q uantity demanded to a proportionate change in income.The article gives two proves for that First, the thought of the coming recession has already let people stop buying cars by 30.5% from one year to the other. People wont buy any luxury goods in bad times. And second, subsidising car buyers by about 2000 (scrappage scheme) will increase the purchases in a month by 40%.The fall in demand will also cause an excess supply even if the motor industry stops production directly. All car producers will hence have a massive amount of cars that are just not being bought because there is no demand. According to the rules of supply and demand, as demand falls, quantity supplied decreases as well. In this particular case, the quantity supplied decreases as well but probably not as much as it could to find a new equilibrium, the price at which supply equals demand. Why this is the case will be explained subsequently the followingThe following graph will show how a fall in demand will cause the demand twist to shift to the left and therefore a fall in the quantity supplied of cars to find a new equilibrium. It can be seen that cars sales fell by nearly 25 % from 2008 to 2009As stated above, this development is not quite that what happens in reality. According to the rules of unemployment, unemployment is a lagging factor and the demand for labour depends on the demand for, in this case, cars. That means that it begins to rise some time after the recession began. This is because of several reasons such as that firms want to keep skilled workers and will delay redundancies hoping that things office get better. Since firms want to keep skilled workers they would have to keep up the production to a certain extend. Of course production will decrease what will cause cyclical employment but to a certain extend production will be kept up to occupy the workers.The term cyclical unemployment can be defined as occurring when the economy is growing more slowly than estimated as th e demand for labour is interdependent on the demand for goods and services.This bureau cant be kept up for long because firms lose money spending more money on workers they try to keep than in truth gaining through sales and go bankrupt if the recession doesnt end or if they are not being subsidized by the government.Hence the motor industry searches for ways of pushing demand. A possible solution could be the scrappage scheme which encourages motorists to swap their old cars against new ones by giving the buyer about 2000 directly.The effect of the scheme on the demand for cars can be seen on the following diagramDemand rises again due to the encouragement and shifts the demand curve to the right again.Concluding one can say that the law of supply and demand is displayed in the real world. In the article Car industry begs for budget boost from Alistair darling it is clearly shown how recession can affect the demand for cars and how therefore demand for labour interdepends on deman d for, in this case, cars. Furthermore it can also be stated that things like the scrappage scheme can encourage demand again.

Capital Market Efficiency and Its Implication for Financial Reporting

Capital merchandiseplace efficiency has been a widely debated topic since the term was introduced. The in force(p) grocery store scheme was introduced by Eugene Fama in 1970 and is one of the most important topics that is covered in financial accounting theory. There claim been umpteen an new(prenominal)(prenominal) papers and studies that have back the efficiency market hypothesis. There have similarly been many others that have tried to show that the markets ar ineffective. Are securities markets efficient or not? I believe that they are, and because they are efficient, there are multiple implications of efficient securities markets for financial reporting.In 1970, Eugene Fama introduced the efficient market hypothesis. Since there are many explanations and forms of an efficient securities market, I allow for focus my attention on the semi-strong form. In the semi-strong form, a market is considered efficient when security prices potd on that market at all times to th e full resound all learning that is publicly known ab emerge those securities. This hypothesis or theory has had many proponents for and many against it in recent years. These people have done their own studies and research on the market trying to either prove or disprove that the markets are efficient.An important statement in the definition of an efficient securities market is publically known. It focuses on the theory that the market prices are efficient and include all publicly known information. It does not rule out that some people allow for have inside information, and they will know more more or less the company than the market. Since these people know more than the market, they may be subject to earn excess profits on their investments if they choose to take advantage of their inside information.While most insider employment is legal, it is illegal for insiders to trade when they trade with information that is not publicly known to further their own profits. By enacti ng trading laws, like insider trading, it just further solidifies that the markets are efficient. Market efficiency is a relative concept. This means that the market is efficient relative to the quality and quantity of the publicly known information. Nothing in the definition suggests that the current market prices reflect the real firm value. Due to the possible presence of inside information, for example, the market prices may be incorrect.What the definition does imply is that once freshly or reverse information comes along the market will adjust the prices quick. This adjustment happens because rational investors will revise their beliefs. They will start buying and selling securities due to their new beliefs which in turn will change prices. Another important point of the theory is that investing is fair game if the market is efficient. In an efficient market there is an expected return on that security, and one way to establish the expected or normal return is by using the capital summation pricing model.In an efficient market, the investors bednot expect to earn excess returns on a security over and above the expected return of the capital summation pricing model. Under the efficient market hypothesis, a securitys market price should falter randomly over time. The reason that prices will fluctuate is that anything about the firm that can be expected will be properly reflected in the price by the efficient market as soon as the expectation is formed. The only reason that prices in an efficient market will change is if some unexpected and relevant information comes along.By examining a time series form by the sequence of price changes, the time series should fluctuate randomly. A random walk is a time series of price movements that will not follow any patterns or trends and that these past movements cannot be used to predict future price movements. There seems to be an change magnitude number of people against the theory of market efficiency inc luding Professor Charles Lee (2010). He states that the market efficiency has its limitations. He uses the United States housing market as an example of a market that seems to have been dominated by greed.He believes that sensations now dominate the markets and assist in setting the prices in the securities market. The other emotion that he points out is that of fear. The unwillingness to grant credit and to take risks are direct results of fear. Since these emotions dominate peoples actions, the markets are not as efficient as originally thought. Shiller (1984) created a model which featured two types of agents. The two types of agents are smart-money investors and noise traders (ordinary investors).The smart-money investors focus on fundamental information and react quickly to news about fundamental information in an unbiased manner. Noise traders are vulnerable to fads and may also overreact to news. Noise traders may also trade for consumption-based or liquidity reasons. Since t here are noise traders in the market that assist in driving prices, the markets are not completely efficient. Critics of market efficiency also point out that there are several recent instances where the market prices must have been set by psychological considerations instead of by rational investors.The first example is the stock market crash of October 1987. During this crash, the general economic environment stayed the same, only if the stock market lost about one-third of its value. A second example is the Internet bubble of the late 1990s. The values assigned to high-tech and Internet related companies were inconsistent with rational valuation. In looking at market efficiency, any large swings upwards or crashes downward that do not have related unexpected information can be signs that the market is not efficient.Despite these cases and examples of reasons that the market is inefficient, I believe that for the most part the market is efficient. It is not completely efficient, nor will it ever be, but for the most part the securities are properly priced. I believe that if the market was not efficient, there would be more professional investors that would be able to elude the market as a whole. I believe that with the information and the speed with which it is available today it is more efficient than in 1970 when Fama first introduced market efficiency.I do agree with the notion that there are some people who invest with emotions. When you talk to people about a company such as Apple, you will find just as many people who love the company as you will who dislike it. My feeling is that most of the emotion trading will for the most part cancel out and will not represent enough trading to dramatically adjust market securities prices. There are many fund managers who believe that they can outperform the market. Efficient markets depend on these participants who think that the market is inefficient and trade in the market in an attempt to outperform the mark et.Jensen (1968) performed the first study of mutual fund performance. He found that active fund managers underperformed the market and were unable to add value. In my personalised research, I have found that when looking at professional analysts opinions, they are all over the board. My belief is that fund managers should focus more on decently diversifying peoples portfolios than suggesting and trying to get them to invest in securities that they feel are undervalued. In order for the market to be efficient, the arket must be able to quickly analyze and adjust prices for new information.Nowadays with the Internet, investment journals that come out daily, and television shows and channels related to securities markets, the markets are more efficient than in the past. An example of the market being able to react quickly was in the article The Stock Price Reaction to the Challenger Crash Information disclosure in an Efficient Market. Maloney and Mulherin found that the market pin pointed the guilty party within minutes. Regardless of whether you agree with the efficient securities markets theory or not, there are many implications of efficient securities markets for financial reporting. In W. H. Beavers article What Should Be the FASBs Objectives, he outlines four implications. The first implication is accounting policies adopted by firms do not affect their security prices, as long as policies are disclosed. The accounting policies have no differential cash flow effects, and the information is given so readers can easily convert across different policies.The policy that is chosen will affect the reported net income, but it will not directly affect future cash flows and dividends. The efficient market is not fooled by different accounting policies when securities of firms are compared. The second implication is that efficient securities markets go hand in hand with full disclosure. Management should report firm information if the benefits are greater than th e costs. Investors use information that is available to them to meliorate decisions in market efficiency. Confidence in the securities market will increase because of the information available.An important standard of full disclosure is Management Discussion and Analysis. The accusative of MD&A is to enhance investor accord of the issuers business by providing supplemental analysis and background material to allow a fuller understanding of the nature of an issuer, its operation, and known prospects for the future. The third implication is that market efficiency implies that financial statement information does not need to be presented in such a form that everyone is able to understand. The majority of investors are educated and will understand the information as presented.They are the ones who buy and sell and will move market prices to an efficient level. Naive investors are then price-protected since they can trust the efficient market to price securities. The final implication is that accountants are in competition with other information providers. With new pertinent information investors will change their beliefs. This revision of beliefs is a continuous process. If accountants did not provide useful, cost-effective information, the usefulness of this function would downfall to other information sources.Accounting information is generally useful to investors. The theory of efficient securities markets has been around for more than forty years. The concept should be around for many years to come. As in all theories, there are people that will continue to try to further prove the theory and people that will work to disprove the theory. From all available information and from my experience, I believe that securities markets are efficient. Due to the efficient securities markets, there are many implications for financial reporting.

Appraise the Pros and Cons of Cosmpolitanism

10024634 Appraise the Pros and Cons of Cosmopolitanism Cosmopolitanism is the term to flesh out a theoretical belief of how some think the world should be, where interstate boundaries are abolished and citizens become part of a global body. It is derived from the ancient Greek, kosmopolites, usually translated as citizen of the world. Cosmopolitanism takes different stand-points throughout the fields of sociology, politics and ism.Gerand Delanty splits the buncocept into four main categories internationalism, globalisation, transnationalism and post-nationalism(Delanty 2000 52) and four sub-categories legal, political, cultural and polite cosmopolitanism. This essay shall analyse and evaluate arguments for and against the notion of cosmopolitanism concord to Immanuel Kants perception and Hegels analysis of the subject matter.Since Kants perception is pre-dominantly a form of internationalism and legality, and he is known as the modern forefather of the modern conceptualisatio n, I shall primarily focus on the arguments for and against legal cosmopolitanism. Immanuel Kant developed his notion of cosmopolitanism as a result to the ever increasing Hobbesian state of nature in the international realm, surrounded by the individualistic actors, nation states and the ever growing interstate communication peculiarly post the peace of Westphalia where state s everyplaceeignty became formalised.Hegel believed that this individuality amongst states in their hobbesian pursuit of felicity would only lead to war. when the particular wills of states can come to no agreement, the inclination can be settled only by war. (Hegel 2001 264) This in mind, I shall reference the views and opinions of contemporary theorists on Kants conceptualisation of cosmopolitanism. One of the main positives of cosmopolitanism according to modern theorists is accountability, Kants predominantly Legal cosmopolitanism was the ideology where state conflict could be resolved into perpetual peace through international laws.Contemporary legal cosmopolitanism as an example, arguably is demonstrated in the Nuremburg attempts in 1945. It was the first time that states and state leaders could be held accountable under international legislation and judicial trial. Karl Jaspers states that the trial was a new attempt in behalf of suppose in the world(Jaspers 1947 51) and Robert Fine elaborates on Jaspers argument that Nuremburg marked the awn of a new cosmopolitan ensnare un which individuals, as well as states, could be held accountable to international law even when acting within the legality of their own state. (Fine 2003610) Kants philosophy towards the digest of modern cosmopolitanism was pre-dominantly legal, as he desired republican universal legality across the international realm, in order to achieve perpetual peace. No Independent States, large or small shall come under the dominion of another state by inheritance, exchange, purchase or donation( Kant 1795).Th omas Pogge, a contemporary cosmopolitan theorist depicts that in cosmopolitanisms universality the status of the ultimate unit of concern attaches to every living human being touch only- not merely to some subset, such as men, aristocrats, Aryans, Whites or Muslims (Pogge 199248),according to this some may argue that one fault in Kants idealistic Cosmopolitanism is that there were no equal rights for women and that the law under cosmopolitanism only applied to men.This indicates that the trial with the Nazi crimes against humanity would be amicably subsumable to Kants theory because it is bringing the injustices of the German state during the Nazi period of power to justice. Kant wished to retain the exercise of power to law(Delanty 20055) Having a universality of international laws to present crimes or excess power once and for all is a positive aspect supporting the theory of cosmopolitanism.Some aspects of cosmopolitanism are embedded within our society today by the overrule of international law, especially since the annex of globalisation and the extensive expansion of interstate communication. However arguably some see cosmopolitanism as a means of promoting western political values over common enemies for example during the cold war with the USAs involvement into communist Vietnam. Vietnam was seen as a case study where the US intervened in order to promote liberal democracy.This was a result of the USs foreign insurance, you could argue that there has been considerable criticism towards the USAs foreign policy as it has created an abundant amount of unnecessary conflicts, for example the Iraq and Iran conflicts. Robert Fine states that a destructive criticism of the idea of cosmopolitan right has been put forward by legal and political theorists who argue that cosmopolitanism is essentially a banner under which powerful nations conduct wars against their enemies and portray them as enemies of humanity itself. (Fine 2003611) Essentially this depicts a poisonous aspect to the ideal of cosmopolitanism. a number of states may make themselves into a family, the union, because it is an individuality, must create an opposition, and so beget an enemy. (Hegel 2001 259) This illustrates Hegels awareness of Kants idea, though he is illustrating here that Groups or unions will be created from states to, on a larger level create one individual to face their enemies.Though Carver and Martin illustrate that Kant was a critique of imperialism and colonialism which you could argue is a primitive form of spreading political values and beliefs, he was a promoter of republicanism and at the centre of his philosophy he believed that all political constitutions should ultimately be republican (Carver 2006 39-41). Delanty also contributes to this issue by stating the problem with Kants cosmopolitanism is in transferring the republican constitution onto the international order.Even Hegel thought that Kants theory was inaccurate to modern times. T hough many thought Hegel wished to criticize and oppose Kants understanding of cosmopolitanism, evidence suggests that he supported it but thought that it just needed reformulation in accordance to different epoch. It is argued that Hegels critique was neither regressive nor nationalistic, but rather that he advanced the theory of cosmopolitan right beyond the Kantian frame cultivate of formal natural law. (Fine 2003 610) Hence, Kant proposed an alliance of princes, which should settle the controversies of states, and the Holy Alliance was probably think to be an institution of this kind. But the state is individual, and in individuality negation is essentially implied(Hegel 2001 259) Robert Fine refers to Karl Schmitts biography on the Nuremburg trials, where he states that the only distinction between crimes against humanity and crimes for humanity is that the former were committed by Germans and the latter by Americans. (Fine 2003 611). Fundamentally this denotes that there is a considerable amount of evidence to illustrate the faults with cosmopolitanism on a hole. On the other hand Kant had anticipated for this abuse of power within his concept and as Robert Fine states he desired to create a federation of nations based on mutual co-operation and voluntary consent among a plurality of independent states. This deems that the individual nation state remains with some sovereignty but the overall power lies within the federation of states.Although Kants republican prejudice may promote western imperialism because by stating that all political systems should work within the ideology of republicanism, it shall overwhelmingly create conflict with other foreign systems of politics and contrasts with what Robert Fine illustrates as the basis behind cosmopolitanism. standing armies would be abolished, no national debt would be incurred in connection with military costs, no state would forcibly interfere in the internal affairs of another, no acts of war would be allowed which would make mutual con? ence impossible during a future time of peace, foreigners would be afforded a right of universal hospitality, and the indigenous inhabitants of impudently conquered colonies would no longer be counted as nothing(Fine 2003 613) Essentially it is difficult to appraise the pros and cons of cosmopolitanism especially when referring to its earliest contemporary form. Each pro or con has its own co-relating positive and negative.However overall evidence suggests that if I were indeed to analyse the above pros and cons it would seem that there are more significant arguments in save of cosmopolitanism as accountability is key in the modern world we live in. Therefore cosmopolitanism is a better alternative to a liberal democracy that creates conflict. Bibliography * Delanty, G (2000). Cosmopolitan citizenship beyond the nation state. In May, Citizenship in a global age. Philadelphia Open University * Jaspers, K. (2001). The German Questions.In Kote rski J The Question of German Guilt. Fordham Fordham University Press. 41-55. * Fine, R. (2003). Kants Theory of Cosmopolitanism and Hegels Critique. Philosophy & Social Criticism. 29 (6), 609-630 * Kant, I (1991). Political Writings. Cambridge Cambridge University * Pogge, T. (1992). Cosmopolitanism and Sovereignty. Chicago Journals. * Hegel, G (2001). Philosophy of Right. Kitchener Batoache Books Limited. * Carver et. Al. (2006). Palgrave advance in continental political thought. Hampshire Palgrave Macmillan. 32-59

Gainesboro Machine Tools Corporation Essay

Synopsis and ObjectivesIn mid(prenominal) September 2005, Ashley Swenson, the chief fiscal officer (CFO) of a life-sized computer-aided design and computer-aided manufacturing (CAD/CAM) equipment manufacturer needed to go down whether to pay out dividends to the blind drunks handleholders, or to buy none. If Swenson chose to pay out dividends, she would bring to alike decide upon the magnitude of the payout. A subsidiary wonder is whether the level should embark on a constrict of corporate- moving picture publicise, and change its corporate prep ar to reflect its new outlook. The human face serves as an omnibus refresh of the numerous practical aspects of the dividend and sh be buy anchor ends, including (1) signboard effects, (2) clientele effects, and (3) the finance and investment implications of increasing dividend payouts and share repurchase decisions. This skid rear fol impoverished a treatment of the Miller-Modigliani1 dividend-irrelevance theorem and ser ves to superiorlight practical conside symmetryns to consider when delineateting a sozzleds dividend insurance polity. Suggested Questions for Advance Assignment to StudentsThe t apieceer could assign supplemental reading on dividend policy and share repurchases. Especially recommended are the Asquith and Mullins article2 on equity mark, and articles by Stern Stewart on monetary communication.31.In theory, to broth an sum upd dividend payout or a melodic line repurchase, a hearty efficiency invest slight, borrow more, or issue more stock. Which of those terzetto elements is Gainesboros management go awaying to vary, and which elements remain fixed as a matter of the associations policy? 2.What happens to Gainesboros financing need and wild debt capacity if a. no dividends are remunerative?b. a 20% payout is pursued?c. a 40% payout is pursued?d. a proportion payout policy is pursued?Note that fount record 8 presents an estimate of the amount of borrowing needed. expect that maximum debt capacity is, as a matter of policy, 40% of the book value of equity. 3. How efficiency Gainesboros divers(a) providers of smashing, such(prenominal) as its stockholders and creditors, react if Gainesboro declares a dividend in 2005? What are the arguments for and against the zero payout, 40% payout, and equaliser payout policies? What should Ashley Swenson recommend to the board of directors with regard to a long-term dividend payout policy for Gainesboro Machine Tools Corporation?4. How might various providers of upper- pillowcase garner, such as stockholders and creditors, react if Gainesboro repurchased its shares? Should Gainesboro do so? 5.Should Swenson recommend the corporate-image advertising campaign and corporate name change to the Gainesboros directors? Do the advertising and name change keep up any bearing on the dividend policy or the stock repurchase policy that you propose?Supporting Computer Spreadsheet FilesFor students baptistry_2 5.xlsFor instructors TN_25.xlsHypothetical doctrine Plan1.What are the problems here, and what do you recommend?The CFO needs to resolve the issue of dividend payout in golf-club to make a recommendation to the board. She moldiness also decide whether to embark on a stock repurchase program given a recent drop in share set. The problems entail setting dividend policy, deciding on a stock buy tolerate, and resolving the corporate-image advertising campaign issue. But numerical analytic thinking of the case shows that the problem includes some other factors setting policy within a financing constraint, signaling the directors outlook, and generally, perspective the firms shares in the equity market place. 2.What are the implications of different payout levels for Gainesboros capital structure and out of work debt capacity? The watchword here must present thefinancial implications of high-dividend payouts, particularly the consumption of unused debt capacity.Because of the cyclicality of subscribe to or overruns in investment spending, both(prenominal) attention might be given to a predisposition analysis cast over the entire 2005 to 2011 period. 3.What is the nature of the dividend decision that Swenson must make? What are the pros and cons of the election positions? (Or alternatively, Why pay any dividends?) How will Gainesboros various providers of capital, such as its stockholders and bankers, react to a declaration of no dividend? What about the announcement of a 40% payout? How would they react to a residual payout? The instructor needs to elicit from the students the nonions that the dividend-payout announcement whitethorn rival stock price and that at least some stockholders prefer dividends. Students should also mention the signaling and clientele considerations.4.What risks does the firm face?Discussion following this question should address the nature of the industry, the outline of the firm, and the firms performance. This discussi on will lay the groundwork for the review of strategic considerations that bears on the dividend decision. 5.What is the nature of the share repurchase decision that Swenson must make? How would this affect the dividend decision? The discussion here must present the repercussions of a share repurchase decision on the share price, as well as on the dividend question. Signaling and clientele considerations must also be considered.6.Does the stock market appear to reward high-dividend payout? What about low-dividend payout? Does it matter what type of investor owns the shares? What is the impact on share price of dividend policy? The data quite a small be interpreted to support all view. The consign is to show that wide extrapolations from stock market data are untrustworthy, largely because of econometric problems associated with size and omitted variables (see the Black and Scholes article).4 7.What should Swenson recommend?Students must synthesize a course of action from the ma ny facts and considerations raised. The instructor may choose to stimulate the discussion by using an organizing framework such as FRICTO (flexibility, risk, income, control, timing, and other) on the dividend and share repurchase issues. The image advertising and name change issue will be recognized as anothermanifestation of the firms positioning in the capital markets, and the need to give stiff signals.The class discussion can end with the students voting on the alternatives, followed by a summary of key crests. Exhibits TN1 and TN2 contain two ill-judged technical notes on dividend policy, which the instructor may either use as the foundation for closing comments or distri just nowe directly to the students after the case discussion.Case AnalysisGainesboros asset needsThe guilds investment spending and financing requirements are determined by ambitious flexth goals (a 15% annual target is discussed in the case), which are to be achieved by a repositioning of the firm by f rom its traditional tools-and-molds business and beyond its CAD/CAM business into a new line of products integrating hardware and softwareto provide complete manufacturing systems. CAD/CAM commanded 45% of bestow gross sales ($340.5 million) in 2004 and is judge to grow to three-quarters of sales ($1,509.5 million) by 2011, which implies a 24% annual rate of suppuration in this business element over the subsequent seven years.In addition, international sales are expected to grow by 37% compounded over the subsequent seven years.5 By secern, the presses-and-molds segment will grow at about 2.7% annually in nominal terms, which implies a negative real rate of branch in what constitutes the bulk of Gainesboros current business.6 In short, the companys asset needs are driven primarily by a shift in the companys strategic focus. Financial implications of payout alternativesThe instructor can guide the students through the financial implications of various dividend-payout levels e ither in abbreviated form (for angiotensin-converting enzyme class period) or in detail (for two classes). The abbreviated turn up uses the enumerate cash in extend figures (that is, for 20052011) found in the right-hand column of case Exhibit 8. In essence, the approach uses the basic sources-and-uses of cash identityAsset change = New debt + (Profits Dividends)With asset additions fixed largely by the firms competitive strategy, and with profits determined largely by the firms operating strategy and the environment, the be large-decision variables are changes in debt and dividend payout. Even additions to debt are constrained, however, by the firms maximum leverage target, a debt/equity ratio of 0.40. This framework can be spelled out for the students to help them envision the financial context.Exhibit TN3 presents an analysis of the effect of payout on unused debt capacity based on the projection in case Exhibit 8. The top panel summarizes the firms investment program ove r the forecast period, as well as the financing provided by internal sources. The bottom panel summarizes the effect of higher payouts on the firms financing and unused debt capacity. The principal cleverness this analysis yields is that the firms unused debt capacity disappears rapidly, and maximum leverage is achieved as the payout increases. Going from a 20% to a 40% dividend payout (an increase in cash flow to shareholders of $95.6 million),7 the company consumes $134 million in unused debt capacity.Evidently, a multiplier relationship exists between payout and unused debt capacitye real dollar of dividends paid consumes about $1.408 of debt capacity. The multiplier exists because a dollar must be borrowed to replace each dollar of equity paid out in dividends, and each dollar of equity lost affords $0.40 of debt capacity that it would have otherwise carried.Whereas the abbreviated approach to analyzing the implications of various dividend-payout levels considers total 2005 t o 2011 cash flows, the detailed approach considers the pattern of the individual annual cash flows. Exhibit TN4 let ons that, although the debt/equity ratio associated with the 40% payout policy is well under the maximum of 40 in 2011, the maximum is breached in the precedent years. The graph suggests that a payout policy of 30% is about the maximum that does not breach the debt/equity maximum.Exhibits TN5 and TN6 reveal some of the financial reporting and valuation implications of alternative dividend policies. Those exhibits use a simple dividend valuation approach and assume a last-place value estimated as a multiple of recompense. The analysis is unscientific, as the case does not contain the information with which to estimate a discount rate based on the capital asset pricing model (CAPM).9 The discounted cash flow (DCF) values show that the differences in firm values are not that large and that the dividend policy alternative in this case has little effect on value. This conclusion is consistent with the Miller-Modigliani dividend-irrelevance theorem.Regarding the financial-reporting effects of the policy choices, one sees that earnings per share (EPS on line 30 in Exhibits TN5 and TN6) and the implied stock price (line 31) grow more slowly at a 40% payout policy, because of the great interest expense associated with higher leverage (see the cumulative source on line 22). Return on average equity (unused debt capacity on line 28) rises with higher leverage, however, as the equity base contracts. The instructor could use insights such as those to stimulate a discussion of the signaling consequences of the alternative policies, and whether investors even dispense about performance measures, such as EPS and return on equity (ROE).10Risk assessment uncomplete the abbreviated nor detailed forecasts consider adverse deviations from the plan. Case Exhibit 8 assumes no cyclical downturn over the seven-year forecast period. Moreover, the model assumes tha t terminate margin doubles to 5% and then increases to 8%. The company may be able to rationalize those optimistic assumptions on the basis of its restructuring and the growth of the Artificial Workforce, but such a material discontinuity in the firms performance will warrant certain scrutiny. Moreover, continued growth may require new product development after 2006, which may start significant inquiry-and-development (R&D) expenses and reduce net margin.Students will point out that, so remote, the companys restructuring strategy is associated with losses (in 2002 and 2004) rather than gains. Although restructuring appears to have been necessary, the credibility of the forecasts depends on the assessment of managements ability to set off harvesting potential profits. Plainly, the Artificial Workforce has the competitive advantage at the moment, but the volatility of the firms performance in the current period is significant The ratio of the cost of goods sold to sales rose fro m 61.5% in 2003 to 65.9% in 2004.Meanwhile, the ratio of selling, general, and administrative expenses to sales is projected to fall from 30.5% in 2004 to 24.3% in 2005. Admittedly, the restructuring accounts for some of this volatility, but the case suggests several sources of volatility that are external to the company economic recession, currency, new-competitor market entry, new product mishaps, cost overruns, and unexpected acquisition opportunities.A brief survey of risks invites students to perform a sensitivity analysis of the firms debt/equity ratio under a motiveable downside scenario. Students should be encouraged to exercise the associated computer spreadsheet model, making modifications as they see fit. Exhibit TN7 presents a forecast of financial results, assuming a net margin that is smaller than the preceding forecasts by 1% and sales growth at 12% rather than 15%.This exhibit also illustrates the implications of a residual dividend policy, which is to say the earn ings of a dividend only if the firm can afford it and if the payment will not cause the firm to violate its maximum debt ratios. The exhibit reveals that, in this adverse scenario, although a dividend payment would be made in 2005, none would be made in the two years that follow. Thereafter, the dividend payout would rise. The general insight remains that Gainesboros unused debt capacity is relatively fragile and intimately exhausted.The stock-buyback decisionThe decision on whether to buy back stock should be that, if the intrinsic value of Gainesboro is greater than its current share price, the shares should be repurchased. The case does not provide the information needed to make free cash flow projections, but one can work around the problem bymaking some assumptions. The DCF calculation presented in Exhibit TN8 uses net income as a proxy for operating income,11 and assumes a weighted-average cost of capital (WACC) of 10%, and a terminal value growth factor of 3.5%. The equity v alue per share comes out to $35.22, representing a 59% tribute over the current share price. Based on that calculation, Gainesboro should repurchase its shares.Doing so, however, will not resolve Gainesboros dividend/financing problem. Buying back shares would further reduce the resources available for a dividend payout. Also, a stock buyback may be inconsistent with the message that Gainesboro is trying to convey, which is that it is a growth company. In a perfectly cost-effective market, it should not matter how investors got their money back (for example, through dividends or share repurchases), but in inefficient markets, the role of dividends and buybacks as signaling mechanisms cannot be disregarded. In Gainesboros case, we reckon to have the case of an inefficient market the case suggests that information asymmetries exist between company insiders and the stock market.Clientele and signaling considerationsThe profile of Gainesboros equity owners may influence the choice o f dividend policy. Stephen Gaines, the board chair and scion of the founders families and management (who conjointly own about 30% of the stock), seeks to maximize growth in the market value of the companys stock over time. This goal invites students to analyze the impact of the dividend policy on valuation. Nevertheless, some students might point out that, as Gaines and Scarboros population of diverse and disinterested heirs grows, the demand for current income might rise. This naturally raises the question Who owns the firm? The stockholder data in case Exhibit 4 show a marked drift over the past 10 years, moving a commission from long-term individual investors and toward short-term traders and away from growth-oriented institutional investors and toward value investors.At least a quarter of the firms shares are in the hands of investors who are looking for a turnaround in the not too remote future.12 This lends urgency to the dividend and signaling question. The case indicates that the board committed itself to resuming adividend as early as executable ideally in the year 2005. The boards letter charges this dividend decision with some heavy signaling implications because the board previously stated a desire to pay dividends, if it now declares no dividend, investors are echo to interpret the declaration as an indication of adversity. One is reminded of the story, Silver Blaze, written by Sir Arthur Conan Doyle featuring the famous supporter Sherlock Holmes, in which Dr. Watson asks where to look for a clueTo the curious incident of the cad in the nighttime, says Holmes. The dog did nothing in the nighttime, Watson answers.That was the curious incident, remarked Sherlock Holmes.13A failure to signal a recovery might have an adverse impact on share price. In this context, a dividendalmost any dividendmight indicate to investors that the firm is prospering more or less according to plan.Astute students will proceed that a subtler signaling problem occu rs in the case What kind of firm does Gainesboro want to signal that it is? Case Exhibit 6 shows that CAD/CAM equipment and software companies pay low or no dividends, in contrast to electrical machinery manufacturers, who pay out one-quarter to as much as half of their earnings. One can contend that, as a result of its restructuring, Gainesboro is making a transition from the latter to the former. If so, the issue then becomes how to secernate investors.The article by Asquith and Mullins14 suggests that the most credible signal about corporate prospects is cash, in the form of either dividends or capital gains. Until the Artificial Workforce product line begins to deliver significant flows of cash, the share price is not likely to respond significantly. In addition, any decline in cash flow, caused by the risks listed earlier, would aggravate the anticipated gain in share price. By implication, the AsquithMullins work would cast doubt on corporate-image advertising. If cash divi dends are what matters, then spending on advertising and a name change might be wasted.Stock prices and dividendsSome of the advocates of the high-dividend payout suggest that high stock prices are associated with high payouts. Students may attempt to splay that point by abstracting from the evidence in case Exhibits 6 and 7. As we know from academic research (for example, Friend and Puckett),15 proving the relationship of stock prices to dividend payouts in a scientific way is extremely difficult. In simpler terms, the reason is because the price/earnings (P/E) ratios are probably associated with many factors that may be represented by dividend payout in a regression model. The most important of those factors is the firms investment strategy Miller and Modiglianis16 dividend-irrelevance theorem makes the point that the firms investmentsnot the dividends it paysdetermine the stock prices.One can just as easily derive evidence of this assertion from case Exhibit 7. The sample of zer o-payout companies has a higher average expected return on capital (24.9%) than the sample of high-payout companies (average expected return of 9.4%) one may conclude that zero-payout companies have higher returns than the high-payout companies and that investors would rather reinvest in zero-payout companies than receive a cash payout and be forced to redeploy the capital to lower-yielding investments.DecisionThe decision for students is whether Gainesboro should buy back stock or declare a dividend in the trio quarter (although, for practical purposes, students will find themselves deciding for all of 2005). As the analysis so far suggests, the case draws students into a tug-of-war between financial considerations, which tend to reject dividends and buybacks at least in the go on term, and signaling considerations, which call for the resumption of dividends at some level, however, small. Students will tend to cluster around the three proposed policies (1) zero payout, (2) low pa yout (1% to 10%), and (3) a residual payout scheme calling for dividends when cash is available.The arguments in elevate of zero payout are (1) the firm is making thetransition into the CAD/CAM industry, where zero payout is the mode (2) the company should not bring down the financial statements and act like a blue-chip firmGainesboros risks are large enough without compounding them by disgorging cash and (3) the signaling damage already occurred when the directors suspended the dividend in 2005.The arguments in favor of a low payout are usually based on optimism about the firms prospects and on beliefs that Gainesboro has sufficient debt capacity, that Gainesboro is not exactly a CAD/CAM firm, and that any dividend that does not restrict growth will enhance share prices. Usually, the signaling argument is most significant for the proponents of this policy. The residual policy is a convenient alternative, although it resolves none of the thorny policy issues in the case. A residua l dividend policy is bound to make commit significant signaling problems as the firms dividend waxes and wanes through each economic cycle.The question of the image advertising and corporate name change will entice the naive student as a relatively cheap solution to the signaling problem. The instructor should gainsay such thinking. Signaling research suggests that effective signals are both unambiguous and costly. The advertising and name change, costly as they may be, hardly characterize as unambiguous. On the other hand, seasoned investor relations professionals believe that advertising and name changes can be effective in alerting the capital markets to major corporate changes when integrated with other signaling devices such as dividends, capital structure, and investment announcements. The whole point of such campaigns should be to gain the attention of the rifle steer opinion leaders.Overall, inexperienced students tend to dismiss the signaling considerations in this cas e quite readily. On the other hand, senior executives and seasoned financial executives view signaling quite seriously. If the class votes to buy back stock or to declare no dividend in 2005, asking some of the students to dictate a letter to shareholders explaining the boards decision may be useful. The difficult issues of credibility will emerge in class with a critique of this letter.If the class does vote to declare a dividend payout, the instructor can challenge the students to identify the operating policies they gambled on to make their decision. The underlying question If adversity strikes, what will the class sacrifice first base debt, or dividend policies?To use Fisher Blacks term, dividend policy is puzzling, largely because of its interaction with other corporate policies and its signaling effect.17 Decisions about the firms dividend policy may be the best way to illustrate the importance of managers judgments in corporate finance. However the class votes, one of the te aching points is that managers are paid to make difficult, even high-stakes policy choices on the basis of incomplete information and uncertain prospects. Exhibit TN1GAINESBORO auto TOOLS CORPORATIONThe Dividend Decision and Financing PolicyThe dividend decision is necessarily part of the financing policy of the firm. The dividend payout chosen may affect the creditworthiness of the firm and hence the costs of debt and equity if the cost of capital changes, so may the value of the firm. Unfortunately, one cannot determine whether the change in value will be positive or negative without knowing more about the optimality of the firms debt policy. The link between debt and dividend policies has received little attention in academic circles, largely because of its complexity, but it remains an important issue for chief financial officers and their advisors. The Gainesboro case illustrates the impact of dividend payout on creditworthiness.Dividend payout has an unusual multiplier effect on financial reserves. get across TN1 varies the total 20052011 sources-and-uses of funds information given in case Exhibit 8, according to different dividend-payout levels. Exhibit TN1 (continued)Table TN1Exhibit TN1 (continued)As Table TN1 reveals, one dollar of dividends paid consumes $1.40 in unused debt capacity. At first glance, this result seems surprisingunder the sources-and-uses framework, one dollar of dividend is financed with only one dollar of borrowing. The sources-and-uses reasoning, however, ignores the erosion in the equity base A dollar paid out of equity also eliminates $0.40 of debt that the dollar could have carried. Thus, a multiplier effect exists between dividends and unused debt capacity, whenever a firm borrows to pay dividends.Choosing a dividend payout will affect the luck that the firm will breach its maximum target leverage. Figure TN1 traces the debt/equity ratios associated with Gainesboros dividend-payout ratios.Figure TN1.Plainly, the 40% dividen d-payout ratio violates Gainesboros maximum debt/equity ratio of 40%.The conclusion is that, because the dividend policy affects the firms creditworthiness, senior managers should weigh the financial side effects of their payout decisions, along with the signaling, segmentation, and investment effects, to sustain at their final decision for the dividend policy. Exhibit TN2GAINESBORO MACHINE TOOLS CORPORATION pose Debt and Dividend-Payout TargetsThe Gainesboro Machine Tools Corporation case well illustrates the challenge of setting the two most obvious components of financial policy target payout and debt capitalization. The policies are linked with the firms growth target, as shown in the self-sustainable growth modelgss = (P/S S/A A/E)(1 DPO)Wheregss is the self-sustainable growth rateP is net incomeS is salesA is assetsE is equityDPO is the dividend-payout ratioThis model describes the rate at which a firm can grow if it issues no new shares of common stock, which describes th e behavior or circumstances of virtually all firms. The model illustrates that the financial policies of a firm are a closed system Growth rate, dividend payout, and debt targets are interdependent. The model offers the key insight that no financial policy can be set without reference to the others. As Gainesboro shows, a high dividend payout affects the firms ability to achieve growth and capitalization targets and vice versa. Myopic policy failing to manage the link among the financial targetswill result in the failure to meet financial targets.Setting Debt-Capitalization TargetsFinance theory is split on whether gains are created by optimizing the mix of debt and equity of the firm. Practitioners and many academicians, however, believe that debt optima exist and devote great effort to choosing the firms debt-capitalization targets. Several classic competing considerations influence the choice of debt targets1.Exploit debt-tax shields. Modigliani and Millers theorem implies that i n the world of taxes, debt financing creates value.1 Later, Miller theorized that when personal taxes are accounted for, the leverage choices of the firm might not create value. So far, the bulk of the empirical evidence suggests that leverage choices do affect value. 2.Reduce costs of financial distress and bankruptcy. Modigliani and Millers theory naively implied that firmsshould lever up to 99% of capital. Virtually no firms do this. Beyond some prudent level of debt, the cost of capital becomes very high because investors recognize that the firm has a greater probability of suffering financial distress and bankruptcy. The faultfinding question then becomes What is prudent? In practice, two classic benchmarks are used a. Industry-average debt/capital many firms lever to the degree practiced by peers, but this policy is not very sensible. Industry averages ignore differences in accounting policies, strategies, and earnings outlooks. Ideally, prudence is defined in firm-specific t erms.In addition, capitalization ratios ignore the significant fact that a firm goes bankrupt because it runs out of cash, not because it has a high debt/capital ratio. b. Firm-specific debt renovation More firms are setting debt targets based on the forecasted ability to cover principal and interest payments with earnings before interest and taxes (EBIT). This practice requires forecasting the annual probability distribution of EBIT and setting the debt-capitalization level, so that the probability of covering debt service is consistent with managements strategy and risk tolerance. 3.Maintain a reserve against unanticipated adversities or opportunities. Many firms keep their cash balances and lines of unused bank credit larger than may seem necessary, because managers want to be able to respond to sudden demands on the firms financial resources caused, for example, by a price war, a large product recall, or an opportunity to buy the toughest competitor.Academicians have no scient ific advice about how large those reserves should be. 4.Maintain future access to capital. In difficult economic times, less trustworthy borrowers may be shut out from the capital markets and, thus, unable to obtain funds. In the united States, less creditworthy refers to the companies whose debt ratings are less than investment grade (which is to say, less than BBB2 or Baa3). Accordingly, many firms set debt targets in such a way as to at least maintain a creditworthy (or investment grade) debt rating. 5.Opportunistically exploit capital-market windows. Some firms debt policies vary across the capital-market cycle. Those firms issue debt when interest rates are low (and issue stock when stock prices are high) they are bargain-hunters (even though no bargains exist in an efficient market). Opportunism does not explain how firms set targets so much as why firms deviate from those targets.

Philosophy Exam Essay

I intrust that the quote Education makes music out of the noise that fills life has a broader meaning to it than it runner appears. People would first think of simply the context of it and conclude that it makes no sense, however, to me I think it mean that with everyday life, knowing and reall(a)yunderstandingwhats outlet on and knowing how to do things genuinely makes everything flow and brings joy to yours and possibly differents lives.Education puts together the pieces of life, if you didnt life wouldnt be quite Its wish music having no nones, having no certain rythm or pattern. It just wouldnt make sense, but someone who knows music could come along and make the song flow smoothly, which was learnt through education and the will to understand and learn. 2. Philosophy is the love of lore. The need to learn and unfeignedly understand what is going on around you and in your life. Its knowing who you are and realizing whats really important. There is no modality of avoi ding philosophy, its in peoples everyday lives.Everyday, until now if you dont notice it you are devising an ethical decision or spotting someone else doing something morally wrong and stepping in or you could be thinking about your life and making some changes and thinking of whats really important. Without philosophy, you would never really know yourself. 3. In The Apology written by Plato, Socrates really embodies the definition philosophy as philo-sophia. The barrier philo-sophia literally means the love of wisdom and in The Apology Socrates is sacrificing himself for wisdom.He is existence accredited to himself unconstipated when put on a death sentence and speaking for his life, he says the honest truth. As quoted by Socrates and he single gives you the appearance of happiness, and I give you the reality. . He always spoke what was right and up to now when people accused him of being crazy, he never was shaken by these comments. Even when he knew by saying such things may lose him votes, he said what was knowledgable and trustworthy. Quote by Socrates I shall never alter my ways, not even if I baffle to die m some(prenominal) ages . He gave wisdom to those around him in with his last breaths, and had no regrets. 4.Making an self-reliance, is much different from making an cable. When you make an assertion you are stating something and automatically saying there is no way youre wrong. Youre saying your spirit without evidence or reasoning to back it up and prove youre right. While making an argument is suggesting at the same time as stating your opinionwithevidence and reason to back it up. One argument I remember in class is is if love is the only rational act. Many people recollectd it wasnt the only rational act, but in my opinion it is. Real love is feeling the same way about another soul endlessly and unconditionally.You see their flaws and still love them, hold for them and spending time with them isnt a burden to you. You enjoy tim e in thenowwhen you are with them and you care for them as much as you care about yourself. Love is the only thing that seperates us from all other living things. 5. Knowledge is something all philosophers seek. It is a properly justified true belief. There are cardinal components to knowledge The first is belief. This is an important component to knowledge because beliefs make up who are, they chart our everyday lives and if we didnt believe something, we wouldnt do it and it wouldnt be knowledge.The second component is truth. If the thing you believe isnt true, than it is not knowledgable nor is it a proper belief. that is why, knowledge is aproperly justifiedbelief. 6. It is impossible to be an despotic skeptic because skeptics doubt everything and question everything. So, how can a skeptic be sure of his words? Without believe that his words are truer than others, he cant even formulate his questions or challenges. If they didnt believe anything, wouldnt they suck up to belie ve that? Believe that nothing is true and that they themselves dont believe anything? Therefore, it is impossible. intuitive feeling is inevitable in life. 7. I believe the quote When you want to believe in something you overly meet to believe in everything thats necessary for believing it means that to actually believe something, you remove to believe everything that comes along with it. Every detail and reason to why that belief is true, you also devour to believe it. It relates to reality view because a worldview is all of your beliefs all compiled into one big belief of everything. In order to truly believe in your worldview, you take a leak to believe everything else about it. A personal belief I have that illustrates this is my belief that Heaven is real.In order for me to truly believe its real I also have to believe in God, and in order to believe in god I have to believe that Satan is real, which would also require I believe there is a Hell. Which would also trey to believing that when you die you truly are judged for your life. One belief comes with many others. 8. Is it correct? , Is it complete, and Is it reproducible are the three tests to measure a persons worldview. If you omit any of these tests, your worldview wouldnt be true. You would damage your worldview or end up making it completely destroyed. 9.The Principle of feeling and Conservation are reasons why you should and/or shouldnt believe something/ a proposition. Taking a stand towards a belief would require you inquisitive a lot of your current beliefs you have no good reason or doubt all these beliefs and no compelling reason to take a stand on the new proposition. When they beliefs pass their get test, everyone believes it to be true because there isnt a way anyone can prove different. The Principle of Belief and Conservation cannot be used when trying to prove that Sense experience, Memory, or Testimony is true. It can only prove Basic Beliefs. 10.What William James meant b y Precursive Faith is not just sitting back and waiting for the world to show us what is really true. You have to believe before you have evidence that is is really true, you must(prenominal) embrace all the truth you can. Taking this more positive approach will have you up to new things and experiences and discovering more beliefs. A time I had to use precursive faith was when I was little, even though now it doesnt seem like a big deal, to me it was then. I had a pamper fish I loved a lot and it got sick, and to cure it we had to give it this medicine that could either restrain its life or make the death come faster.I had to believe it would work, because if I didnt do it my fish would die and even though it could cause its death, it could also save it. So we gave the medicine to it and gratefully it cured the sickness. If I didnt take this leap of faith, I would have lost something important to me. 11. The celibacy Theory relates to the idea of teleology for the humane lif e because the virtue theory is if you are interested in true happiness, you must aim for all the virtues, which are certain charasteristics all human beings have.Encouraging and having these qualaties lead to human flourishing and a truly good and happy person. it relates too teleology because it is when you do something good and you hit the behind and you fufilled your purpose, which in the end would make you happy. Therefore, when portraying one of the virtues that are necessary into being happy, and something good attack out of it you are Hitting the target and you are a good person. 12. A truly impeccant action must consider the motive, the action, and the context because in order for it to be truly good you must be aiming for something good and expecting something good.If you are being kind, only to get something you want is not virtuous. If you are being Loving someone just for there money, or you are saving a cat from a tree just so people can see you as a good person it is not truly virtuous and doesnt make you a good person. 13. Money subverts Happiness is not true in my opinion. Although money may buy you expensive things you want, food you love, the newest trend that you must have because everyone has it, it wont make you truly happy. You may be happy when you get it, but does it really make you a happier person?You cant buy your way through life, you cant buy things and expect people to love you and really want to be with you. They may act like it, but not for you, for your money. When you are lonely and need someone to talk to, can you really buy someone who truly wants to listen and be there for you? Can you buy a wife or husband who will truly love you? No, and without affection and care from others, you cannot live a truly happy life. 14. I think the three most important characteristics of a philosopher are Openness, Truthfulness, and Boldness. A philosopher has many beliefs and has any of his or her own reasons to believe them, but if ano ther person says something which makes more sense than what they believed, they must haveopennessand listen and possibly believe this new idea. The things philosophers believe must be true and have a good reason behind it, and when asked philosophers must state their true belief and have true reason behind it that is why Philosophers must havetruthfulness. Lastly, Philosophers must haveboldnessbecause if everyone else goes against his or her opinion, he musnt back down just because the majority disagrees.He has to be bold and confident and stand for his ideas if he has better reason to believe so. 15. Plato state that Philosophy begins with Wonder. I think he stated this because without wonder, nobody would have questions. And without questions, nobody would have anything to have an opinion which would result in nobody variant for truth. And philosophy without truth isnt complete. Two things I wonder about which spark philosophical reprehension are, what is truly good, and what i s my purpose in life.