An Unexpected Question About You

An Unexpected Question About You An Unexpected Question About You An Unexpected Question About You By Maeve Maddox A peruser has been having a conversation with a companion about which of coming up next is the correct language You was..or You were†¦ The way that this inquiry can be the topic of conversation during a time of free government funded training recommends either that essential standard language isn't being educated adequately in the schools, or that pronouns are going to keep on heading out in their own direction as they have consistently done. Include the siege of ungrammatical mainstream society to the current of ordinary phonetic change, and syntactic assurances as clearly key as you were are raised doubt about. Take, for instance, these verses from a tune sung by Dean Martin and Peggy Lee: (PL) If you were to ask me who the best one I knew was Id state you was (DM) If you were to solicit me who my preferred point from see was Id state you was Any development, heard regularly enough, is going to start to sound right to the speakers who hear it. On account of you, the circumstance is muddied by the way that the pronoun you is utilized with either a particular or a plural precursor. You started as a plural pronoun. Its solitary partner was thou. For social and authentic reasons the structure thou dropped out of English with the outcome that plural you presently accomplishes crafted by particular thou. Its not outlandish to need to put a particular action word with a subject that represents one individual. On account of you, be that as it may, its ungrammatical in standard English. To address the perusers question: You were is the right standard structure. Need to improve your English quickly a day? Get a membership and begin accepting our composing tips and activities every day! Continue learning! Peruse the Grammar classification, check our well known posts, or pick a related post below:Good At, Good In, and Good With60 Synonyms for â€Å"Trip†How to Punctuate Introductory Phrases

Nelson Mandela’s Values Essay Example for Free

Nelson Mandela’s Values Essay It will be difficult to accept if an individual says â€Å"A man who served twenty seven years in jail, ended up being perhaps the best president our reality has seen†. Well this did really occur and this previous president is as yet living today. Nelson Mandela was conceived on July 18, 1918 in Transkei, South Africa, he was a pioneer of the counter politically-sanctioned racial segregation development during the 1940s. Mandela was imprisoned for a long time for demonstrations of treachery against the South African state, and soon after his discharge from jail he drove a multi-racial gathering unexpectedly in South Africa’s history. By doing this he was chosen as the main dark/fair leader of South Africa. During his time as a president he has been generally viewed as an image of worldwide peacemaking, and he won the Nobel Peace Prize in 1993. His birthday, July 18, has been proclaimed Mandela Day; a worldwide festival of his heritage. Mandela arrived at this achievement and earned the title of a widely acclaimed pioneer with his qualities in initiative, supporting what he had confidence in, that is in popularity based procedure and his solid objection to shamefulness. Nelson Mandela esteemed authority since his initial days, considered by numerous individuals as a progressive head; he sorted out the battle against prejudice and politically-sanctioned racial segregation in South Africa. (Edge). Mandela saw administration at a youthful age while watching his watchman regulating ancestral dynamic social events. Mandela’s gatekeeper tuned in peacefully for a considerable length of time, never voicing his assessment much after everyone’s conclusion was heard. After everybody had spoken, his gatekeeper guided the gathering to arrive at an agreement. Afterward, Mandela utilized this experience to form his authority style (Stengel). As indicated by Stengel, Mandela reviewed the accompanying exercise in regards to administration from when he was a youthful steers herder: When you need to get a crowd to move a specific way, he stated, you remain at the back with a stick. At that point a couple of the more enthusiastic steers move to the front and the remainder of the dairy cattle follow. You are truly directing them from behind. He delayed before saying with a grin, That is the means by which a pioneer ought to accomplish his work. Besides, Mandela’s solid incentive for authority started with him showing his capacity to compose and direct others by assisting with making the Youth League of African National Congress (ANCYL) which sorted out fights, blacklists, petitions, and strikes to end politically-sanctioned racial segregation. Already the African Nation Congress (ACN), ANCYL’s parent association, had appealed to the legislature for quite a long time forâ equality with little achievement. Notwithstanding, with expanded achievement of the development, the administration expanded savagery toward peaceful nonconformists and prohibited the ANC. Mandela and different pioneers in the development needed to conclude how to react. In an unsafe choice, they reasoned that peacefulness would not, at this point be powerful and that the ANC expected to proceed with underground. These activities brought about the detainment of Mandela and numerous ANC pioneers, however this activity assisted with moving others and to set up the nation for change (Nelson Mandela, African National Congress (ANC), and South Africa.).After over twenty years in jail, Mandela concluded the time had come to assume control over issues. He understood that, as a pioneer, the time had come to make an intense stride, and he met with the South African president so as to talk about his discharge and his longing to change the country to a popular government. Mandela was effective, and upon his discharge he was chosen the main popularity based pioneer of South Africa (Brink). Mandela consistently went to bat for what he put stock in; he was never flustered by an adversary. Mandela’s estimation of putting stock in the law based procedure is a model. Despite the fact that many didn't generally concur with this thought, he trusted it was the correct path forward (Johnson). He was from the start ineffective with his interests, this incorporated when he took a stab at during his detainment to have detainees to be tended to all the more deferentially by watches, and furthermore later when he endeavored to have the national democratic age brought down to 14 (Stengel). In any case, gradually he built up his establishment of vote based system and individuals were at last attracted to it (Stengel). All through his fight against politically-sanctioned racial segregation and assisting with carrying majority rules system to South Africa, Mandel a embraced a vote based authority style (Johnson).And as per Johnson â€Å"Democratic pioneers set strategies through gathering conversation and choice, empowering and helping bunch individuals to communicate, mentioning the collaboration of others† and this was actually what Mandela did (Johnson). Mandela’s other key worth that upheld his administration and popularity based style was his solid objection for foul play. Mandela never endured treachery; he accepted that equity was the main way to progress. For example, when Mandela got to Robin Island where he was to be detained, he was advised to run to the jail door. He solidly won't and began a craving hit with different detainees to censure the condition they were living in. This turned out to be in support of them and the conditions improved (Hume). This model features Mandela’s esteem for upbraiding treachery andâ oppression. In any case, Mandela trusted Consensus to be the better dynamic procedure than assemble duty and inspiration in bunch individuals toward bunch targets. Utilizing Consensus implied that equity would be served at its best when settling on a choice and Mandela completely upheld this procedure (Johnson). At last, Nelson Mandela is seen as a progressive head for his capacity to enable and persuade others utilizing his solid respect for accord and the just procedure. His position for advancing equity and harmony has been hailed over the world. He drove South Africa from a racial oppressor nation to being the primary equitable country in Africa. With these qualities Nelson Mandela arrived at a definitive achievement according to everybody. Work refered to Verge, Andre. Nelson Mandela. Time. Time, 13 Apr. 1998. Web. 25 Nov. 2012. http://www.time.com/time/magazine/article/0%2C9171%2C988171%2C00.html. Hume, Tim. Computerized Mandela Archive Spreads Message of Social Justice. CNN. Link News Network, 28 Mar. 2008. Web. 24 Nov. 2012. http://www.cnn.com/2012/03/28/world/africa/mandela-online-chronicle/index.html. Johnson, Caleb. â€Å"A Leader’s Nest† New York Times [New York] 1993: Gale Virtual Reference Library. Web. 23 Nov. 2012. http://go.galegroup.com/ps/retrieve.do?sgHitCountType=Nonesort=RELEVANCEinPS=trueprodId=GVRLuserGroupName=kent208tabID=T003searchId=R5resultListType=RESULT_LISTcontentSegment=searchType=BasicSearchFormcurrentPosition=2contentSet=GALE%7CCX3490200977docId=GALE|CX3490200977docType=GALE. Nelson Mandela, African National Congress (ANC), and South Africa. Cold War Museum. The Cold War Museum, 17 May 2009. Web. 25 Nov. 2012. http://www.coldwar.org/articles/50s/CNelsonMandelaandSouthAfrica.asp. Stengel, Richard. Mandela: His 8 Lessons of Leadership. Time. Time, 09 July 2008. Web. 24 Nov. 2012. http://www.time.com/time/magazine/article/0,9171,1821659,00.html.

APA Rules for Attributing Sources

APA Rules for Attributing Sources When you are writing an APA paper,  you will often need to refer to works by other people. This may involve describing research conducted by psychologists, paraphrasing another writer, or including a direct quotation from another work. Proper APA citing demonstrates that you are familiar with the research on your topic, that your sources have been accurately documented and that you own conclusions are backed up by solid evidence. Your in-text citations are just as important as your reference section. APA format establishes a number of clear rules for how to cite works using author information. The specific format of your in-text citations will vary depending upon the source and the number of authors to whom the source is attributed. Citing Your Sources in APA Format All of the sources that you use in your paper should be cited in two ways. First, an in-text citation should be used wherever you refer to another source in the body of your paper. This is often accomplished by including the name of the source’s author and the publication year. The second way that sources should be cited in APA format is to include a reference section at the end of your paper that provides the full reference for any and every source that was cited in the body of your paper. Always remember, if you cited a source in your paper, it must also be included in the reference section. How to Cite Authors In APA Format No Author While most articles, books, and other reference materials will include an author attribution, some sources lack information on authorship. How do you cite these resources in APA format? In-text citations should use a short article title enclosed in parentheses and the date. When article titles are long, simply use the first word or two of the title. Example The study revealed a strong positive correlation between the two variables (Learn APA, 2006). One Author When a book, article or other source lists only one author, simply provide the authors last name followed by the publication date. Examples ...students demonstrated solid understanding of the concepts and information (Jones, 2001).orJones (2001) found that students demonstrated a solid understanding of the concepts and information. Two Authors When a source lists two authors, your in-text citations should provide the last names of both authors and the publication date. Examples ...later studies demonstrated a similar effect (Ross Hudson, 2004).orRoss and Hudson (2004) found a similar effect in later studies. Three to Six Authors Proper APA format for sources with three to six authors requires listing the last names of all authors the first time you cite the source as well as the publication date. Examples ...results indicated a strong positive correlation between the two variables (Robsen, Hutchkins, Ru, Selanis, 1989).orRobsen, Hutchkins, Ru, Selanis (1989) found a strong positive correlation between the two variables. Subsequent citations should list only the last name of the first author along with the publication date. Robsen (1989) demonstrated the effects of... or ..in a study demonstrating these effects (Robsen, et al., 1989). Seven or More Authors Listing the last name of the first author as well as the publication date should cite sources with more than seven authors. Examples ...students demonstrated competence after reading about APA format (Smith et al., 2005).orSmith et al., (2005) found that... Organizations as Authors To create an in-text citation in APA format when the author is an organization or entity, always include the full name of the organization the first time you cite the source in-text. The citation should also include the acronym of the organization if one is available. Subsequent citations can simply list the acronym and the publication date. Examples The American Psychological Association (2000) reported that...or...found that students responded positively (American Psychological Association [APA], 2000).and subsequent citations(APA, 2000). Be sure to check your references and citations using the official Publication Manual of the American Psychological Association. How to Cite Books in APA Format The APA citing format you use for books can vary depending upon the number of authors that are listed. If a book has just one author, simply provide the author’s last name followed by the publication date. In cases where there are more than six authors, the last name and first initial of the first listed author should be used, followed by et al.. Examples ...students demonstrated competence after reading about APA format (Smith et al., 2005).orSmith et al., (2005) found that... APA Citing for Articles in Journals, Magazines, and Other Periodicals When you are citing articles in an academic journal, magazine, newspapers or other periodicals, you should follow the author-date format. APA citing should include the authors last name, followed by the date of publication. Examples ...as Smith and Jones (2005) described...or...the study found a statistically significant relationship between the two variables (Smith Jones, 2005). In some instances, a publication might not have a listed author. Include the short title of the article followed by the date of publication. For example: ...the findings were contradicted previous research on the subject (New Research, 2009). Citing Articles with No Author In cases where no author is listed, include the short title of the article followed by the date of publication. Example ...the findings were consistent with previous research (New Study, 2003). If you use a direct quotation, your APA citing should always include the page number where the source can be found. In cases where you are citing an organization such as the American Psychological Association (APA), spell out the entire name the first time you cite the source. All further citations should use the appropriate acronym. APA Citing for Electronic Sources The exact format you use for APA citing of electronic media depends on the type of source that is used. In many cases, the format will be very similar to that of books or journal articles, but you should also include the URL of the source and the date it was accessed in the reference section.

The Construction Of The Modern World - 2135 Words

The construction of the modern world can be attributed to several factors over the past hundred years. The Industrial Revolution marks a major turning point in our history; almost every aspect of daily life was influenced in some way. There were numerous signs economic and socio-economic changes that exhibited unprecedented and sustained growth by new chemical manufacturing and iron production processes. This sustained growth was attained mostly through the innovation and industrialization of ‘technological’ modernization as it set forth the foundation to the continuation and growth of newer processes. Robert Pool, the author of Beyond Engineering, How society Shapes Technology, examines how society has shaped technology – divergent to†¦show more content†¦But for better or for worse, technology has reached the point of where no individual can understand completely how, say a, petrochemical plant works, and no team of experts can anticipate every possible outcome once a technology is put to world† (Pool, 9). Technology since the industrial revolution has become increasingly complex. The impact during technological growth is unknown culturally even to a scientist. The industrialization era has launched an expansive technological evolution; the diversification and implementation of technology has caused rapid transformation of our societal culture. Two decades ago, you would have had to write a letter to communicate with others who live far away. If you missed an episode of your favorite show, you would have had to wait for reruns; and for updates on the news you would have to pick up a newspaper. These are but a few ways the Internet has changed human experience thus transitioning us to our modern world. It was the introduction of technology in use of the Internet platform during this century that has led to a new mode of human existence. In Lee Siegels, Against the Machine: Being Human in the Age of the Electric Mob, he writes â€Å"the Internet is possibly the most radical transformation of private and public life in the history of humankind† (Siegel, 40). The development of the industrial revolution with regard to technological changes has led to transform our

Corporate Governance On The Capital Investment Decision - Free Essay Example

Sample details Pages: 13 Words: 4034 Downloads: 1 Date added: 2017/06/26 Category Statistics Essay Did you like this example? ABSTRACT This paper investigates the factors that determine the sensitivity of the investment-cash flow relationship. The Q model assumption is used to relate the investment opportunities available to the managers with its liquidity constraints due to asymmetric information and managerial discretion of internally sourced free cash flow. The result purports that there is a positive relationship between the degree of the Investment-Cash flow relationship and Q, found in low or no dividend paying firms. Don’t waste time! Our writers will create an original "Corporate Governance On The Capital Investment Decision" essay for you Create order It is evident that the results are in support of Myers Maljuf (Myers Maljuf, 1984) pecking order theory of the investment-cash flow relationship. TABLE OF CONTENTS LIST OF TABLES Introduction Overview Through various studies over the years, different scholars and financial analysts have been able to establish a relationship of cash flow on firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ investment spending. It was significantly proven by (Modigliani Miller, 1958) that a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial status is irrelevant for real investment decisions in a world of perfect and complete capital markets, after controlling for the cost of capital. In case of managerial discretion, based on (Jensen, 1986) free cash flow theory, firms increase investment (including projects with negative present value) based on the availability of cash flows with incentive of increasing firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ value beyond level of optimal investment. Moreover, an agency costs also appreciate the borrower net worth by charging a premium on the external financing. The discussion above explains that the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ investment decisions are dependent on the availability of internal funds, as cost advantage over external fund is evident. While choosing an appropriate capital structure, there are certain trade-offs which affects the decision. These trade-offs include tax advantage through acquiring debt against the bankruptcy cost which advocates the use of equity. Keeping this in view, various different models have been supported to explain this corporate capital structure behavior. Pecking Order Theory, initially mitigated by (Donaldson, 1961) describes the financing practice as prioritizing the means of financing, which is necessary for the management to counter against asymmetric information. Either they should generate the funds internally or acquire funds externally through debt rather than equity. Implications to the pecking order theory involves the positive impact of leveraging on the market price, which means, financing through debt sends a positive signal into the market about the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s future prospects. Furthermore, intermediaries also undermine the role of management as the financial intermediaries such as investment banks function as the insider to the firm. Consequently, keeping an eye on the firms operations and influencing the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s capital financing decision. However, Pecking order theory of (Myers Maljuf, 1984) argues that the firms operating in imperfect or incomplete capital markets where the cost of external capital exceeds that of internal funds, the financial structure may be appropriate to the investment decisions of companies facing uncertain prospects. Gauging the level of corporate investment in any firm is based on the corporate governance; market position of a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s asset against its book value can be termed as Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s q ratio. Identified by (Chung Pruitt, 1994), Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s q as proportion of firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ market value to replacement cost of its assets. Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s q can be considered an effective tool for determining financial performance as the data can be collected readily from a balance sheet. When calculating Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s q ratio, the replacement cost can be determined approximately by the book value of firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s plant and equipment. Approximate q can be replaced with the actual Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s q to make the calculations unproblematic and data can be readily available without any discrepancies. Problem Statement To study the impact of corporate governance on the capital investment decision through cash flow and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s q interaction in relation with Capital Investment HypothesEs H0: Firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ cash flow having a significant impact on its capital investment will be linked with high Q values. (FCF Theory) HA: Firms being liquidity constrained due to least payout will have significant investment-cash flow sensitivity, and will be linked with high Q values in the market. (PO Theory) Outline of the study The report contains the contemplation of research data that will study the phenomenon of cash flows and investment discussed earlier in this paragraph. The study categorizes firms according to characteristics (such as dividend payout, size) which will help measure the level of constraints faced by firms. The study will help readers to understand the complexities of Pecking order theory and Free Cash Flows concept with regard to asymmetric information available and corporate governance which influences decision of the firms. To measure the effect that cash flow-financed (internally sourced) capital spending and Q has on firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ investment, Ordinary Least Square Regression model will be used to estimate the function. To compute the influence on the Investment, instruments used are: (1) Cash Flow, (2) Approximate q, and (3) an interaction of both variables are created. Through studying the parameter estimates of interaction variable, positive influence on investment will support the Pecking Order hypothesis and negative influence will govern the Free Cash Flow hypothesis. The equation hypothesized in the next part is linear. Definitions Pecking Order Theory: (Myers Maljuf, 1984): à ¢Ã¢â€š ¬Ã…“A firm is said to follow a pecking order if it prefers internal to external financing and debt to equity if external financing is used.à ¢Ã¢â€š ¬? Free Cash Flow Theory According to (Jensen, 1986), à ¢Ã¢â€š ¬Ã…“free cash flow theory, high cash flow and low debt create agency costs associated with conflicts between manager and share holder over the payout of this free cash, which is the cash left after the firm has invested in all available positive net present value projects.à ¢Ã¢â€š ¬? Capital Structure à ¢Ã¢â€š ¬Ã…“A careful and systematic analysis of how claims against a corporations assets can or should be determined, assessed, and accounted for.à ¢Ã¢â€š ¬? (Riahi-Belkaoui, 1999) Capital Investment Decision à ¢Ã¢â€š ¬Ã…“Capital Investment decisions are those decisions that involve current outlay in return for a stream of benefit in future years.à ¢Ã¢â€š ¬? (Drury, 2006) Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s q à ¢Ã¢â€š ¬Ã…“Tobins q is a measure of investors expectations concerning a firms future profit potential. It is defined as the ratio of the market value of a firm to the replacement cost of its assets.à ¢Ã¢â€š ¬? (Strecker, 2009) Literature Review Vogt (Vogt, 1994) explained the capital spending behavior of companies with respect to change in dividend cash paid, cash flows, sales, and market value of assets. The regression equation models the variables to proportion of fixed assets, and distributes the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ data in segments of Dividend Payout Groups and Asset Groups. Primarily, Dividend Cash has a strong negative impact on capital spending; it explains that in order to finance additional fixed investment firm needs to sock cash by reducing their dividend. Cash flow, Sales, and Q Ratio having a positive coefficient demonstrates that with an increase in future cash flows, the firm will improve its capital spending. A relationship has been developed between the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ investment decision and the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial status by Cleary (Cleary, 1999), financial status has been studied with respect to the liquidity constraints. The data is classified into groups through a discriminant analysis on basis of dividend payout policy. Groups taken into study have made possible to identify firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ which are more financially constrained more likely to be investment-cash flow sensitive, furthermore, availability of internal sources of funds have a greater impact on firms with high credit worthiness, and vice versa. It has been proposed that the various ownership structures make managerial decision based on the interaction between investment and the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ liquidity constraints. The study conducted by Dedoussis Papadaki (Dedoussis Papadaki, 2010) mentioned that the management can be held separate from its ownership, even on basis of the nationality of the company. On the other hand, it also explained that the relative shareholding of CEO and the controlling shareholders can also be the basis of separation. The sample used in the study was separated and grouped on basis of dividend payout, asset size of the firm, age of the firm, source of control, and kind of ownership. On the given sampling criterion; greater asset size firms, older firms, lower Q (high investment opportunity), and high dividend payout firms showed higher cash flow sensitivity towards investment. Findings support that the Low Q, small, and new firms under the generalized model are facing asymmetric information problems. Indeed these firms are expected a priori to face financing problems that affect the cost of their external financing. On the other hand, low Q, old and low dividend firms are more likely to face managerial discretion problems that result to over-investment. The impact of Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q is mainly used to determine the investment opportunity of the firm. In this article, marginal Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q has been taken to evaluate the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ investment and Research Development expenditures. The asymmetric information (AI) hypothesis proposed that firms provided with a profitable investment-project may not be able to source it through internal cash flows and the high financial cost of borrowing funds externally due to lack of awareness of firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ investment opportunity in the capital market. On the other hand, agency or managerial discretion (MD) hypothesis constructs the investment-cash flow relationship on the assumption that managers are well qualified in context with proficiency they obtain from managing a huge and fast paced firm and thus exceeding the wealth shareholders beyond their expectations. (Gugler, Mueller, Yurtoglu, 2004) Taking in viewpoint the impact of capital structure on the capital investment decision, firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ investment demands is the more susceptible towards cost-of-capital or tax-based capital incentive. Whereas, capital structure seems irrelevant as against internal sources of funds can be effectively substituted with sources of funds generated externally. The size of the investment project can be a deterministic factor towards it. Fazzari, Hubbard, Peterson, Blinder, Poterba (Fazzari, Hubbard, Peterson, Blinder, Poterba, 1988) explicates that cash flow/investment relationship is more sensitive when taken in reference with firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ dividend behavior. Comparison based on firms having more or less liquidity constraints can be further improved when compared on a division based on the scale of the firms, i.e. young or small firms versus large ones. This way the researchers can address the problem of firms lacking the asymmetric information. Under the impression where capital investments decisions mainly pertains to the capital structure or choosing the appropriate source of investment, Schaller (Schaller, 1993) conducted three different empirical tests to determine that information asymmetries have a huge influence on the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ investment behavior. Differences among the informational base of investors and creditors was also considered a capital market imperfection. Ownership status and age of the firms has an impact on the cost of equity financing, mature firms pay comparatively less price for it than young firms. Same aspect goes for the firms with concentrated with comparison to dispersed ownership. Borrowing is considered a more rational source for investment-projects. Pledgeable assets generate greater borrowing capacity, which afterwards makes firms invest more in pledgeable assets. As suggested by Almeida Campello (Almeida Campello, 2007), such a phenomenon can be termed as a credit multiplier. In case of financially constrained firms, a multiplier relates to the sensitivity of firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ investment-cash flow relationship that is reflected as the increase in the tangible assets of the firm. Therefore, it is proposed that with fewer tangible assets firms are more likely to be financially constrained. The sensitivity of investment-cash flow relationship is evidently influenced by the tangibility of a firm, as latter discussed. Managers while making capital investment decision considers externally-sourced funds costlier, therefore, overconfident managers over assessing the profitability of an investment-project invests more when having abundant internal funds to utilize. However, deciding not to source externally in case where they are short of internal funds to generate. There has been an evidence of significant relationship between the managerial discretion and investment-cash flow sensitivity. Equity concentrated firms are more likely to be influenced by overconfident managers, unless compensation tools can be used to reduce the effects of managerial overconfidence. (Malmendier Tate, 2005) Goyal Yamada (Goyal Yamada, 2004) have explained the impact of asset pricing in the stock market against investment-cash flow sensitivity. Overvalued stock prices triggers an increased in investment spending and are cut back when stock are being undervalued, consequently, inflated prices collateral assets attract higher level of external financing. Inflationary pressures primarily determined by the economic monetary policy impacts on the variation of cost on external financing, though it reflects highly on cost of external financing, marginally impacts less on the investment-cash flow sensitivity. It has been observable that less financially constrained firms have significantly higher investment-cash flow sensitivity. Characterizations of firms based on financial constraint can sometimes create confusion. Firms having unusually high cash holdings can either be characterized as unconstrained based on the opportunities it has to invest or constrained based on the assumption that it needs to have a precautionary savings to invest in future investment projects. Therefore, financial constraints cannot be used as an influential determinant for investment-cash flow sensitivity. (Kaplan Zingales, 1997) Hu Schiantrlli (Hu Schiantarelli, 1998) put into picture the effect of general economic factors and various firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ characteristics on the value of the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ net worth. Mainly financial status is the most important determinant for the level of asymmetric information problem that managers face. A strong balance sheet position can reflect good sign of firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ performance which enhances the market value of the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ asset to its stake holders, mainly investors and creditors. Q models assumption also assists in determining the sensitivity of the investment-cash flow relationship, where the indicators determine the investment opportunity and the sources of funds to choose from. Understanding the market influence in proxy of q can also give a clear picture to the movements in the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ investment over a period. Net worth of firms helps manager determine if the sourcing of funds externally is a viable option in contrast to the investment opportunity which underlies. (Hubbard, 1998) Research conducted on the investment-cash flow sensitivity addresses many aspects of the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ financial strength. Further study by Calomiris Hubbard (Calomiris Hubbard, 1995) shows that when firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ tax taken under investigation also reflected a significant influence on the volume of spending on investment-projects. They explored the impact of surtax margin, as a tax experiment, on the cost of internal and external funds. Surtax when levied on undistributed profits, obligate the firms to incur certain cost on the internal funds. This effects the managersà ¢Ã¢â€š ¬Ã¢â€ž ¢ decision to invest and is also reflected on the investment-cash flow sensitivity against the surtax margin. As a result to evade burden of higher cost on internal funds, firms with high surtax-margin exhibits elevated sensitivity in investment-cash flow relationship. Quan (Quan, 2002) discusses the Pecking Order theory with reference to the Modigliana-Miller proposition that works under the assumption of perfect market. Here it is stated that value of the firm is irrelevant and based on a few limitations the choice of financing can be determined via gauging the strength of the firm. These factors pertain to the imperfect market and influence the managers to make their capital investment decision. Once the assumptions are released the financing structure shows a clear picture. The association between Free Cash Flow theory and Agency theory has always been under the limelight when there is a question of retaining the undistributed profits. FCF Theory taken under consideration gives out an option to the management to hold on to excess cash sacrificing the shareholders opportunity cost. These excess funds can be generated to better internal operational efficiency or at managersà ¢Ã¢â€š ¬Ã¢â€ž ¢ discrepancy to source its investment-projects. (Wang, 2010) Research Methods The chapter explains the model used in the given research study. The study focuses on analyzing the influence of Cash Flows and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s q on Corporate Investment. The equation represented by a dependent variable as a ratio of capital spending to the beginning net fixed asset (I/K) predicted by independent variables: (1) ratio of cash flow to the beginning gross fixed asset (CF/K), and (2) beginning Tobins q (Q). Method of Data Collection Main source of collecting the required data is from secondary sources. It includes the Balance Sheet Analysis of Joint Stock Company listed in Karachi Stock Exchange provided by State Bank of Pakistan consisting of data of our relevant variables. The data was taken in annual terms to conduct this research. Sampling Technique The Convenience sampling or grab or opportunity sampling would be use in this research. Sample population selected because it is readily available and convenient. Sample Size The sample period taken under study covers 8-years period beginning at the start of 2000 and ending at the close of 2008. The data was taken from a sample of 70 (non-banking and non-financial) companies which are listed on Karachi Stock Exchange and included in KSE-100 index. Research Model Statistical technique Ordinary Least Square Regression technique is used to study the impact of variables included in the study. It helps studies the relationship between a dependent variable and several independent variable. It also assumes the relationship to be linear or à ¢Ã¢â€š ¬Ã…“straight line,à ¢Ã¢â€š ¬? where the values of predictors lies directly proportional to Criterion variable. SPSS Software is used to develop the regression model and evaluate the influence of predictors on dependent variable. Results Findings and interpretation of results Aggregate Sample: Table : Represents the model summary of regression estimates for the full sample of 69 firms The predictors, i.e. main effects of Cash Flow and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s q and an interaction variable of both combined, included in the model explains 78.5% of Investment (Table 1) shown mentioned as R Square. Least variation in Adjusted R Square suggests that the variable to observation ratio in the given model is sufficient. Casewise diagnostic was also conducted to eliminate the outliers in the data to improve the results. Table : Studies the F-statistics to test whether the model predicts the dependent variable significantly The F-statistics (Table 2) is significant and it determines the regression model with the given predictors can significantly predict the outcomes at a 0.05 significance level. Table : The parameter estimation for full sample of 69 firms with respect to dependent variable, t-statistics is used to test the null hypothesis ÃŽÂ ²1 = ÃŽÂ ²2 = ÃŽÂ ²3 = 0 The coefficient values of all predators included in the test are significant at a 0.05 significant level (Table 3), which shows that they have a strong influence on the investment of the firm. The standard coefficient shows that Cash Flows have a much greater impact on Investment than market value on the firm, which is exemplified through Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s q. Dividend Payout groups: Table : Presents the sample statistics for 69 KSE listed (non-banking and non-financial) companies which are included in the KSE-100 index. The three rows distribute the statistics into High, Medium, and Low payout policies. Average dividend-to-income ratios of greater than 0.35, between 0.35 and 0.10, and less than 0.10 define High, Low, and Medium dividend-payout firms, respectively. While studying the dividend-payout groups (Table 4), the descriptive helps to identify characteristics to confirm whether the data being studied has the authenticity and the behavior pattern which commonly related to the groups assigned. The values of Investment, Cash Flow, and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s q associated with the groups are in complete correspondence with the hypothetical occurrence. Firms having a higher (lower) dividend payout have greater (lower) market value, and lower(higher) level of cash flows and investments. Table : Represents the model summary of regression estimates of 69 firms split by High, Medium, and Low dividend-payout policies. The model helps explains 81.9%, 66.7%, and 80% data in High, Medium, and Low dividend-payout firms (Table 5), shown in R Square. Least variation in Adjusted R Square suggests that the number of observations is sufficient with respect to variables in each group separately. Table : Studies the F-statistics to test the null hypothesis of ÃŽÂ ²1, H = ÃŽÂ ²1, M = ÃŽÂ ²1, L The F-statistics (Table 6) in each dividend payout group is significant and it determines that each regression model with the given predictors can significantly predict the outcomes at a 0.05 significance level. Table : Shows the parameter estimation for each payout groups with respect to dependent variable, t-statistics is used to test the null hypothesis ÃŽÂ ²1 = ÃŽÂ ²2 = ÃŽÂ ²3 = 0 The coefficient values of predators in High and Low dividend payout groups are all significant at a 0.05 significant level (Table 7), which shows that they have a strong influence on the investment of the firm. Except for Medium dividend payout group, which has insignificant coefficient values of Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s q, showing no impact on the investment. The standard coefficient shows that Cash Flows have a much greater impact on Investment than market value on the firm, which is exemplified through Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s q. Hypothesis Assessment Summary Hypothesis Independent Variables B t Sig. Comments Firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ cash flow having a significant impact on its capital investment will be linked with high Q values. (FCF Theory) Cash Flow ÃÆ'— Q H0: ÃŽÂ ²3 0 ÃŽÂ ²3,H = .135 5.295 .000 Rejected ÃŽÂ ² 3,M = .072 .991 .324 ÃŽÂ ² 3,L = .140 5.482 .000 Firms being liquidity constrained due to least payout will have significant investment-cash flow sensitivity, and will be linked with high Q values in the market. (PO Theory) Cash Flow ÃÆ'— Q HA: ÃŽÂ ²3 0 ÃŽÂ ² 3,H = .135 5.295 .000 Accepted ÃŽÂ ² 3,M = .072 .991 .324 ÃŽÂ ² 3,L = .140 5.482 .000 Dependent Variable: Investment (I/K) Table : Summarizes the results and explains that the hypothesis accepted is directly in correspondence with the aggregate hypothesis. As illustrated (Table 8) capital spending of low payout firms is positively and strongly influenced by the interaction term, consistent with the PO hypothesis, the parameter estimate for the high payout firms are also positive but marginally significant. Conclusion, Discussions, Implications And Future Research Conclusion The results illustrated above demonstrates that the positive relationship between the degree of the Investment-Cash flow relationship and Q represented latter in the aggregate data (Table 3) is concentrated in low or no dividend paying firms. This finding is in further support with the PO hypothesis. Discussions The objective was to study and test the causes of universal relationship between Cash Flow and Investment Spending. Hence, two hypotheses were included in the research to study the source of this relationship: the free cash flow hypothesis (FCF) hypothesis, which works on the assumption that managers prefer investing its free cash flow excessively into investment projects that are not profitable, and the pecking order hypothesis (PO) purports that managers are prone to investment comparatively less than the opportunity provided due asymmetric information-induced liquidity constraint. As advocated in favor of Pecking Order Theory by (Fazzari, Hubbard, Peterson, Blinder, Poterba, 1988) and many others, for groups which consists of small firms with low-dividend payout to fund capital spending, exhibits heavy reliance on cash flow and cash changes. The relationship can be more significantly studied when the impact of larger q value is associated with this group. Evaluating the impact of corporate governance on investment-cash flow relation requires a critical judgment as to how do the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ cash flow and the existing market value influence the investment decision. Financially constraint firms may have a larger impact on liquidity associated matters and managers might take discretion in choosing the right sources to tap. Agency cost may be involved in making such a decision where managers may consider paying dividend as a higher opportunity cost as it reduces the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ free cash flow to exploit new profitable investment projects. Implications and Recommendations In the current market situation where external pressures existing can also be taken into proxy. When managers making a capital investment decision they need to take in view other non-financial aspects that also influences the decisions to a certain extent. Furthermore, financial intermediaries having a certain level of involvement and sharing information sensitive to the market can also be a major factor that might be giving a varying result against Investment. Investing in profitable-investment projects can bring in greater resources to the firm in future and it entails a huge decision burden upon the shoulders of the managers. Shareholders expecting to earn a greater return through investing in them can also be undermined when manager decided to have a low payout policy. Funds generated internally is a possibility where there is a healthy cash flow, but it is also preferable if this free cash is invested into marketable security for allocating the resources into a profitable venture for a time being to make it a positive impression. Future Research In future studies there may be more aspects of cash flow-investment relationship which can be studied for assessing the degree impact it has on this relationship, i.e. sales, debt performance, capital structure, firm size, etc. The research study may also be improved if the observation of firms are increased that will in turn reflect a more clear picture about the relationship in the current scenario.

Women in the Odyssey Free Essays

Women in The Odyssey After following an epic that revolved so completely around men, The Odyssey has quite a lot of female roles. True, the ancient Greeks had a better androgynous balance than other civilizations, and this is reflected very clearly in The Odyssey. Femininity has not only a bigger role in this epic, but it seems as though it is honored with its own unique power. We will write a custom essay sample on Women in the Odyssey or any similar topic only for you Order Now This is shown in characters like Circe and Athena, but also subtextually in the many female weavers throughout the story. Overall, women and feminine power have a very influential role in the plot of the Odyssey. Let us begin with the obvious female powers in the immortal goddesses and nymphs. As far as the Olympian Gods, Athena is by far the most involved, regardless of gender. This is made very clear, for example, we see Telemachus preparing for his journey, â€Å"When they had made fast the running gear all along the black ship, then they set up the mixing bowls, filling them brimful with wine, and poured to the gods immortal and everlasting, but beyond all other gods they poured to Zeus’ gray-eyed daughter. † (2. 430-433) Also, Calypso and Circe play the role of â€Å"Women as Temptress† which greatly hinders Odysseus’ journey. Circe especially has those powerful witch qualities that the uses specifically against the male gender. Luckily, however, she learns compassion for Odysseus and the crew in general. Thus she becomes not only kind but actually a very helpful component in the overall voyage. Calypso needed more convincing about releasing Odysseus, but afterwards she also became somewhat helpful. Other helpful supernatural women appear such as the water nymph, Ino, who saves Odysseus from drowning on his way to the Phaecians. Already we see a huge increase in female importance and their affect on the plot. One of the biggest reflections of ancient Greek culture is the amount of weaving done by the women. However, I think that the images of weaving in the Odyssey have little to do with making a cultural point. In Greek mythology, everyone’s destiny was weaved by the Fates. I think that because of that, weaving has many connections to destiny. This even transfers into the literal sense, from baby blankets to death shrouds. Thus, the women in the epic who are seen weaving are technically weaving the destinies of the characters of the story. Let’s start with Penelope, for her image of weaving is very specific. She weaves by day and â€Å"by night, with torches lit beside her, she would unravel all she’d done. † (2. 106-107) This represents the fact that she keeps her life monotonously the same, and refuses to allow her life/destiny/weaving to progress. We see another very interesting image of weaving with Helen. She is making her yarn, which the preparation work before the actual weaving. To me this means that she was the one who informed the destinies before anything even took place in the Odyssey. Her decisions before and during the Iliad were her major contributions, as she set the stage for the female weavers of the Odyssey. These weavers also include Calypso and Circe, who we have already decided are major parts in the book. There are a few more women in this epic who really deserve to be mentioned. Two of them are Phaecians, Princess Nausicaa and Queen Arete. Nausicaa, inspired by our goddess Athena, really helped Odysseus. In her curiosity and level-headedness, she helped Odysseus return to her palace and find the help and support he needed to return home. Once he arrived there, he met with Arete, and it was she who Odysseus chose to plead hospitality, â€Å"flung his arms around her knees,† (7. 167) instead of her husband (the king). From the moment I read this, I thought that Arete must be a very powerful and respected woman, especially if she has power over decisions like that. Another woman I found very influential was Eurycleia. She practically raised both Odysseus and Telemachus, making that bond/parallel between father and son even clearer. She is also the only person to recognize Odysseus before he meant to reveal himself to her. However, when she saw his unmistakeable scar, she â€Å"let his foot fall, down it dropped in the basin-the bronze clanged, tipping over, tipping water across the floor. † (19. 530-533). This uninherently shows her wisdom and compassion at an old age. Another (somewhat graphic) image of women in the Odyssey is the maidens that were hung across the rope by their faces at the end of the battle. This shows the flipside of feminine power, as these are the women who didn’t advocate for themselves or their masters in the least, but decided to live a lazy life of gluttony and pleasure instead. The last woman I would like to mention is Odysseus’ mother, Anticleia. We only get to see her as a shadow, which is the least powerful state of any woman throughout the epic. However, she still stirs a deep emotional response out of Odysseus, which, in turn, most definitely affects the actions he takes and thus the plot as a hole. Overall, I think that women play a very inspiring role in this epic. The show us time and time again that each of us is powerful enough to help write or own destinies, and to be cooperative components in the lives of others. We see again that compassion trumps hatred, and that being helpful is better than being selfish. Setting someone you love free can not only just turn out for the best, but it also might just be what needs to happen in the fate of their life. How different would the story be if Odysseus wasn’t eventually allowed to leave Aeaea or Ogygia? So in conclusion, the women of the Odyssey show us to be present and compassionate in our lives, because who knows? You may just have a lasting effect on the life of another. How to cite Women in the Odyssey, Papers

Mayan Religion free essay sample

Mayan texts describe religious rituals, astronomy, and divination, and are the most valuable source of information on the ancient civilization. The most famous of these texts is the Popol Vuh (1554-1558), which was written in Quich ©, a highland Maya language, nd translated into Spanish by a priest. It tells the mythology and cosmology of the Post classic Guatemalan Maya, and shows central Mexican influences. Thats why it is the most famous text. Also the Mayan calendar is very important because it consists of a solar year of 365 days. It was divided into 18 months of 20 days each, followed by a five-day time period. There was also a 260-day sacred year (tzolkin), divided into days named by the combination of 13 numbers and 20 names. The Mayan religion can be connected to other religions such as Christianity, there were texts written 1,500 years after Christ. Also, Characteristics of this ruler are that he was born of a virgin, that he promised to return, that he had an association with the planet Venus (the Morning and Evening Star), and that his emblem was the Feathered Serpent (presumably connected to the non-feathered, brazen serpent raised by Moses to heal the Israelites. We will write a custom essay sample on Mayan Religion or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Wirth) During the research I found many interesting facts that described the Mayan religion well and made it much more interesting than other religions I had heard about before. The most interesting facts for me were that Apocalypto the movie was based n ancient Mayan life and all the actors were local indigenous Mayan actors. As well as other interesting facts such as; One of the many intriguing things about the Maya was their ability to build a great civilization in a tropical rainforest climate. Traditionally, ancient peoples had flourished in drier climates, where the centralized management of water resources (through irrigation and other techniques) formed the basis of society. (The Rise and fall of The Mayan Empire) As I researched further into the religion I found more things that made this religion stand out to me. Excavations of Maya sites have unearthed plazas, palaces, temples and pyramids, as well as courts for playing the ball games that were ritually and politically significant to Maya culture. Maya cities were surrounded and supported by a large population of farmers. Though the Maya practiced a primitive type of slash-and-burn agriculture, they also displayed evidence of more advanced farming methods, such as irrigation and terracing. (The Rise and fall of the Mayan Empire) By the late 20th century, researchers had concluded that the climate of the lowlands was in fact quite environmentally diverse. Though foreign invaders were disappointed by the regions relative lack of silver and gold, the Maya took advantage of the areas many natural resources, including limestone (for construction), the volcanic rock obsidian (for tools and weapons) and salt. The environment also held other treasures for the Maya, nobility) and marine shells, which were used as trumpets in ceremonies and warfare. (The Rise and fall of the Mayan Empire) Overall I found this religion to be interesting and there was a lot of good material on how the religion came about as well as how it came to its end.