Autocratic Leadership Style. Introduction. Each Individual

Autocratic Leadership Style Introduction Each individual brings their own unique perspective to leadership roles, making leadership styles as varied as the individuals who implement their practice. Varied socio-economic, ethic, and religious backgrounds, as well as a myriad of other variables, lead to an infinitely diverse and unique combination of opinions, beliefs, convictions, which mold the behavioral principles shaping each individual. Certainly, adding to this mix, are the judgements individuals are called upon to make as life’s events unfold. They must attempt to discern what their experiences mean to them and how to apply their conclusions to future circumstances in the most advantageous manner. This universal diversity,†¦show more content†¦When defining autocratic leadership, Vito and Richards (2011) reinforce this view by stating, â€Å"Here, obtaining and maintaining power is the foremost goal of the leader. They make all decisions and give orders rather than invite group participation† ( para. 25). Autocratic leaders wield power and stress role differences between themselves and their followers. They may bark orders for others to follow without question. Autocratic leadership style shows no regard for the democratic treatment of others. It may be harsh, critical, and even demeaning. This form of leadership has been popularized by certain military and political figures who have led nations through times of war with an authoritarian style. Sports coaches and industrial icons who have had successful careers utilizing this method of leadership have also added to the style’s acceptance. Strengths of Autocratic Leadership The strengths of autocratic leadership can be seen in areas where its basic principle lends itself to the particular job that needs to be accomplished. Autocratic leadership demands results. Although it is becoming less prevalent, some organizations still use autocratic leadership and depend on a strong dictatorial leader in highly-structured work environments where errors cannot be made. Autocratic leadership commands respect to authority. In organizations, such as the military, police and fire departments, and medical facilities whereShow MoreRelatedLeadership Styles Of A Fast Food Shop Essay1601 Words   |  7 Pagesthe different leadership styles adopted by leaders in organizations, and further determines whether the styles identified are effective or ineffective in terms of realizing failure or success for the organization. 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General Motors, A Multi Billion Industrial Organization

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Ethical to Double Pay Rates

Queston: Discuss about the Ethical to Double Pay Rates. Answer: Introduction Whether it is ethical or not cut double pays require us to look beyond the action itself and to the aftermath of the implementation of the recommendation. In similar fashion, the decision by the Fair Work Commission to recommend the cutting of double pay on the weekends in Australia raises a myriad of issues. The commission has cited various reasons for this move. First, it would increase the working hours and second, the availability if services during this period. Some employers have lauded this move saying that it is an opportunity for them to hire more employees over the weekend. Regardless, stakeholders in some quarters have expressed that there are certain aspects of the cut the makes it unethical. For instance, it simply means that people whose pay has been cut will have to work more hours, work longer shifts to make up for the lost income. To establish whether or not the move is ethical, various articles that covered a couple of studies were a review. First, the study, Race against Time: Extended hours in Australia that outlines some of the causes and effects of long working hours. It is common knowledge that having people working for longer than the stipulated number of hours places them dangerously at serious harm. Second, Do Workers Feel Entitled to High Wages? Evidence from a Field Experiment, that outlined the relationship between wage changes and reciprocal behavior ie is there a correlation between the changes in wage and the amount of effort an employee puts into work? And if there is, what impact does it have on the employee and is there an ethical linkage to it? Lastly the article Do wage cuts damage work morale? Evidence from a natural field experiment was used to provide more insight into the core issue of this paper by providing input from a slightly different point of view. One of the major effects of long working hour falls into the major categories of health and work safety, and coherence in familial and communal family relations (Peetz et al., 2003). Even more, it is the wish of many employees that they worked for a shorter number of hours. Cutting pay rates is unethical as it leads to overwork that constitutes a reduction in social productive leisure thereby putting restrictions on the amount of time available for being effective in marriage, parenthood and citizenship (Peetz et al., 2003). Further, working for long hours goes in the way of having more time that is essential for revitalizing and recuperating, not forgetting to have more time for involvement in civic and community work and learning new skills (Peetz et al., 2003). The article Race against Time: Extended hours in Australia covers, or rather reports on the issue of prolonged working hours and overwork that was put to test by the use of a workplace survey data. The main concepts that were being investigated are as stated above: Causes and effects of long working hours. Strengths and weaknesses One of the major weaknesses of the concept of long working hours regarded as an unethical consequence of pay cuts is, the notion could be overly misleading in that, there are other aspects that play a huge role in determining the number of hours that employees put into work as Peetz et al., (2003) puts across. It, therefore, weakens the link between, pay cuts and ethics. One of these is there are employees that work the long hours at the rates provided for by the full overtime-agreed rates, thereby employees being the drivers of what is thought to be a scenario driven by the employees. Another factor pushing employees to work longer hours as seen from an in-depth evaluation of the concepts at the center of the article is a failure to working long hours piles pressure on the employees since most tasks are left pending leading to carrying forward work from the previous day. However, the concepts put across by the article play some significant role in establishing whether cutting The Double Pay Rates on the Weekends in Australia contributes to long working hours, a factor that is regarded unethical in some quarters. The study concretely established that long working hours directly resulted in more work-related injuries and rates of illnesses among the employees. Moreover, the study outlined in the article also established the link between long working hours and the impact of their personal lives. Also, in as much as some employees might have some say in the number of hours they could work and the start and finish time of most of their shift, a link is established between the facts leading to working for long hours and the inability to have say on the aforementioned hence justifying the fact that cutting the rates of pay was in fact unethical. The article outlined a few findings that more often than not pointed to the unethical nature of pay cuts. Firstly, long hours, a consequence of pay cuts, leads to increased pressure on the employees, leaving work late, taking work home, feeling work is piling up while they're away Peetz et al., (2003). Secondly, long working hours increased the rate of occurrence of injury and illnesses. Thirdly, the study established that pay cuts generally damages workplace culture between the various personnel in the place of work. changes such as pay cuts are instrumental in reshaping employees' point of views in that, they willingly align themselves with the organizations objectives hence voluntarily work long hours, or do it to compensate for the reduced wages. The other aspect of pay rates that could try to establish whether the action is ethical or not is in relation to the effect that wage changes have on reciprocal behavior i.e. A workers propensity to reciprocate a wage perceived as fair with a commensurate level of effort (Chemin Kurmann 2014). The main concept applied in the article is the Downward Wage Rigidity put forth under the title of partial gift exchange by Solow and fair wage hypothesis by Akerlof (Chemin Kurmann 2014). Further, based on the above concept, the article seeks to relate firms unwillingness to cut wages and linking to reciprocity that is then applied to the core issue of this paper. The idea of ethical considerations before cutting down on the wages is also outlined in the above study. There is need to respect the ethical principle of no breach of promise and beneficence. Primarily, workers were followed for a 12 week period in a bid to estimate the effects of pay cuts and pay increases. Despite the fact that the Australian scenario does not breach the aforementioned principles, no respect is accorded to the affected employees- full-time, part-time and casual- since their input is not considered. Further, no justification whatsoever was given in support to the pay cuts. This, as Chemin and Kurmann (2014) attests is unethical. Moreover, the pay-cuts put workers in an awkward situation, according to the DWR phenomenon: ...resistance to paying reduction comes primarily from employers, not from workers or their representatives, though it is the anticipation of negative employee reactions that makes employers oppose pay cutting. The claim that wage rigidity gives rise to unexploited gains from trade is invalid because a business would lose more money from the adverse effects of cutting pay than it would gain from lower wages and salaries (Chemin Kurmann 2014). Strength and weaknesses The strength of the concept is it puts into consideration ethical factors such as beneficence and breach of promise into the whole idea of reciprocity. Again, the subjects in the study were subjected to large enough wage differences to enable detection of any changes. Further, the study covered had high statistical power due to the heterogeneity of data obtained through varied treatments of employees. More, a majority of those which were regarded as limiting factors methods were put in place to ensure that any inconsistency was eliminated. For example, in a bid to curb unobserved seasonality that occurred during the same period as wage cuts The weaknesses to the concept applied include: chances are there was bias with the identification of the effects of wage fluctuations since these could not be account for with time changes. The study took a longer period, therefore, changes are alterations in the macroeconomic environments and holidays were more than capable of having adverse effe cts on work performances during the period of wage reduction. Additionally, the sample size was relatively small to establish any significant changes whenever there was a wage cut. The findings outlined in the article, Do Workers Feel Entitled to High Wages? Evidence from a Field Experiment, are as follows: firstly, there was a quick adaptation by workers of the fair wage reference to a relatively high level responding to increase in pay, hence positively influencing the amount of effort by the employee in relation to the pay offered. Secondly, there was a generally negative reaction to paying cuts despite the new wages being relatively higher than what was offered in the market at the time. The wage changes basically affects worker reciprocity- where the effort an employee puts at work is directly proportion to their wage as compared to that which is considered fair in relation to their wage reference- therefore, it would be in order to say that the pay cuts during the weekends in Australia would definitely have adverse effects on the employer too. Considering that the decision does not emanate from the employer, it is unethical that the union is making a deci sion that affects a large pool of stakeholders without allowing them to weigh in on the issue. The study is about the effects of wage cuts on employee morale and overall productivity. Ideally, when there is high work morale amongst the employees, they can work with minimal supervision and this leads to an increase in productivity. From the results, wage cuts had a huge effect on the productivity decreasing the overall output by almost 20%. However, the research also found out that high wages did not increase productivity (Kube, Marechal Pupe, 2013). The models used in this research are the model of reciprocity and the model of inequality aversion. The model of equality aversion faces challenges when trying to balance between the maximization of their income as well as the equality in income distributions. By using the standard laboratory exchange game, it is highly likely that a workers payoff can exceed the employers payoff (Kube, Marechal Pupe, 2013). However, exerting costly effort makes workers increase the payoff of the employer thus reducing inequalities. This means that if workers become sufficiently inequality averse, then higher wages will lead to the higher effort while working. It is also true that a workers payoff is always lower than the firms payoff. Therefore, an inequality-averse worker will; choose to use minimal effort in their work irrespective of the actual wages (Kube, Marechal Pupe, 2013). The reciprocity model, model is in line with the explanations from the study. The assumptions of the model are that the workers will always choose minimal effort because costly effort always results in reduced workers payoff while increasing the firms payoff. Both of these are responsible for the decrease in the overall workers utility (Kube, Marechal Pupe, 2013). A pay cut is always considered as an unkind action and a pay increase as a kind action. From the above assumptions, it is therefore highly likely that workers in the reciprocity model will engage with other firms that are more ahead in their pay-offs. Strengths and the weaknesses While the study only uses action-based reciprocity models in the gift-exchange field, additional information needs to be researched on the other models. In addition, the study does not provide the specific effort costs for the workers and perceptions of the output value. This is because output value could be induced or elicited. Further studies are needed to examine the determinants of the emotional state of workers as the study does not provide how wage cuts and increases affect the workers mentally and therefore have an effect on the output. For example, during periods such as recessions, the perception of workers might change as compared to other times. This is because they are likely to understand that wage cuts are necessary for the company to remain operational on weekends and for longer periods. Also, the study does not provide an insight on how the employees deal with managing their negative reactions and fearing for job loss. Furthermore, research should be conducted to show how self-reflection might mitigate the negative effects of wage cuts. The strength of the research used is in the model used; the reciprocity model. The model is essential as it gives information on how wage cuts lead to a reduction in output and productivity while pay rises had no effect on productivity. Also, the research provides the reasons why the reciprocity model was used instead of the inequality aversion model. Debate and analysis of the findings From the article, it can be seen that wage cuts have negative effects on productivity. However, even though wage cuts damage the morale of workers, there was no evidence that an increase in wages leads to an increase in productivity. This is because wages are not tied to employee performance. The results also reveal that the firm is always ahead of the worker in the payoff and nothing that the worker does will change their payoff. In addition, in the reciprocity models, individuals behave independently to the kind or unkind actions on their wages. In this instance, a pay increase is considered as a kind action while a pay cut is considered an unkind action. As pointed out earlier, there are adverse effects on the employer to considering that the decision does not emanate from the employer (Chemin Kurmann 2014). This is the fact that makes the whole pay cut action unethical since the union is making a decision that affects a large pool of stakeholders without allowing them to weigh i n on the issue. Pay cuts also impact on employee morale. This explains the reason why many organizations do not opt for reducing the wages of their employees, a fact that Chemin Kurmann (2014) asserts pointing out if the losses were weighed, all stakeholders would be negatively affected. Work morale is an essential component in employee work rate which has a direct effect on the overall productivity. This is reinforced by the fact that the study found out that productivity increased with an increase in the morale of the employees (Kube, Marechal Pupe, 2013). The contracts of employees reveal the relationships that exist between them and the employers and this explains why a wage cut damages the relationship between the two parties. In conclusion, there are numerous points of view in trying to establish whether the recommendation by the Australian commission to cut pay is ethical or not. As demonstrated by the reviews above. Some of the arising issues that need keen consideration include, the effects the implementation of the recommendation would have and the impact the recommendation would have on work-related aspects such as morale and reciprocity. References Peetz, D., Townsend, K., Russell, B., Houghton, C. (2003). Race against time: Extended hours in Australia. Australian Bulletin of Labour, 29(2), 126. Chemin, M., Kurmann, A. (2014). Do workers feel entitled to high wages? evidence from a field experiment. Mimeo. Kube, S., Marchal, M. A., Puppe, C. (2013). Do wage cuts damage work morale? Evidence from a natural field experiment. Journal of the European Economic Association, 11(4), 853-870.

The Differences between the Chinese Guanxi (Connections) and Australians

Table of Contents Introduction How business is conducted in Guanxi How to establish a relationship in Guanxi Differences of Australian’s networking with guanxi Conclusion Bibliography Footnotes Introduction Guanxi is Chinese word that means relationships, any kind of relationships. In the business culture, it simply refers to the network relationships that exist among business partners that cooperate and support each other. Guanxi networks are borne of the Chinese mentality that could be understood as â€Å"you scratch my back, I’ll scratch yours.† 1 In this spirit, parties are expected to exchange favors regularly and voluntarily.Advertising We will write a custom essay sample on The Differences between the Chinese Guanxi (Connections) and Australian’s specifically for you for only $16.05 $11/page Learn More In doing business successfully in China, acquiring the right Guanxi is very important in that the risks, frustratio ns and disappointments that easily discourage foreigners are minimized. Acquiring a Guanxi with the relevant authorities in regard to ones business will put your business into a long time competitive advantage2. Moreover, for any business enterprise in China a series of risks, barriers, and setups it experiences can be discouraging or render it unable to survive in the market but with the correct Guanxi working for your business, these barriers are eliminated 3. This fact has been refuted by4 who says that benefits of Guanxi in business performance have been exaggerated and cannot be proven since there is not enough data due to the secrecy that shrouds the practice. Establishing and nurturing a guanxi is a taxing investment in terms of resources and time but in the long run, these investments pay from the favors a person receives from partners especially when they are needed. A common phenomenon in domestic businesses, in the country, is where a strong network of suppliers, retailer s, banks and local government official are working together. In this circle, a common culture is where members visit each other’s residence on social visits and brings gifts to the hosts in terms of wine, cigarettes etc. In the western culture, this may be viewed as intrusion, but in China, this is another arena for furthering business interests as 5 observes. Australian networking takes the western route. This means creating an opportunity to meet and build rapport with people who can help in career development if one is looking for a job, chances of meeting new people and exchanging ideas if one is interested in social networking and chances of connecting businesses for business owners and entrepreneurs 6. This is done through networking events, groups or online.Advertising Looking for essay on business communication? Let's see if we can help you! Get your first paper with 15% OFF Learn More Networking organizations such as Networking World in Australia are bu siness organizations that offer networking services for businesses to join networking groups or events. Business networking is built over time through sharing information and building trust though this is done in a more formal way than in Guanxi. Businesses networking is done as a long term strategy for people mainly want to judge others professionalism, expertise and confidence. The major focus of networking is gaining contacts, leads and referrals without any personal gifts expected7. How business is conducted in Guanxi The way business is conducted in china is different in many ways from how the western world conducts theirs8. First Chinese businesses prefer to the transaction with people they know and trust relying on relationships, as opposed to who offers the best deal. For an organization that wishes to do business with the Chinese, it has to establish a relationship with the necessary parties who will get to know them first before any business deal is sealed. These relations hips do not simply mean companies getting to know each other but also the individuals involved at a personal level through visits, participating in activities together such as sports and informal meetings among others. These are not one off affair that is done before deals are signed, but an ongoing proces9. This means this relationship has to be maintained if more business relations are expected. How to establish a relationship in Guanxi Guanxi is established first by treating someone with decency and then showing trustworthiness whether on individual or company level10. If a Chinese establishes you can be trusted, he/she is likely to do more business with you. In order to strengthen this relationship, dependability and reliability are very crucial where you can be counted on in good and hard times. Finally, making regular contacts with each other cultivates understanding and emotional bonding and at this level, you are already friends and the Chinese will feel compelled to do busi ness with you first. In another aspect of Guanxi, is the relationships with high rank officials which is still of paramount importance in conducting successful business in China though this culture of political and administrative interference is reducing11. Companies that do business with government subsidiaries still find this important but for those that do not need help from the government it is of less importance.Advertising We will write a custom essay sample on The Differences between the Chinese Guanxi (Connections) and Australian’s specifically for you for only $16.05 $11/page Learn More Guanxi at another form function as information resources network and for companies that have a wide relationship web, they are able to achieve much better results than those that have little or no relationship with Chinese12. Differences of Australian’s networking with guanxi Australian networking in business takes the form of marketing relationshi ps or business networks that those involved have nothing to do with each other at a personal level. On the other hand, Guanxi in China involves personal relationships where business is all about individuals involved and interact at a personal level even before they conduct any form of business13. In Australian, business networks involves companies and goods in the industry that are being traded with, and the relationships they create at the business level, as opposed to a single employee being the center of the relationship. In China, however, Guanxi is seen as property of an individual working at a personal level; therefore, the company is utilizing the Guanxi assets of its employees. This means that when the person leaves the company, this asset of the networks he/she had created is lost to the organization14. In Australia business networks or relationships are between parties who are exchanging products or ideas in their transactions and money is involved. In the Guanxi, the pers ons involved often do not have goods or services they are exchanging and, therefore, are neither buyers or sellers or even business partners. These are often exchanging connections and other favors as it may involve a businessman or an employee of a company with a government official or a person with a connection to a government official. Example as described by15 is of an executive of an overseas company who has a friend in close to a key government official, and is constantly fed information on an upcoming project and the executive gives appropriate presentation based on this information and gets the tender. In the western business networks, customers and the companies or business partners are all part of the network which does not extend beyond business while, in guanxi customers, business partners or even the organization may not be part of it since it involves private contacts that relate at a personal, informal and clandestine exchanges. In the above example, the executive of the overseas company and his informant friend in the government have a personal relationship and exchange information secretary and informally without the involvement of the organizations they work for16.Advertising Looking for essay on business communication? Let's see if we can help you! Get your first paper with 15% OFF Learn More In Australia, the form of information exchanged between the executive and the Chinese government officials, obviously with a reward, is unethical and constitutes to bribery. Law is broken and this can lead to serious actions taken against the participants, but in China, this is perfectly alright, it is an example of Guanxi at work17. Conclusion Chinese networking (Guanxi) and Australian networking are clearly very different from each other. This is in terms of the level of involvement where in Australia businesses relate at the organization level while in china personal relationships are involved. Relationships are also viewed as a personal property in Guanxi while this is not the case in Australia. In Guanxi, also personal gifts exchange hands between parties while this is not the case in Australian networks and finally, Guanxi will be viewed as bribery and law breaking in Australia while, in China, this is perfectly legal. Bibliography Coopes, Amy. â€Å"Australia is social netwo rking capital of the world.† The Telegraph, 2010. Fan, Ying. â€Å"Guanxi’s Conseguences: personal gains at social cost.† Journal of  Business Ethics, 2002: 371-380. Gao, Hongmei. â€Å"Comparing Chinese guanxi with American networking for foreign-born Chinese job seekers in the U.S.† Business Library, 2007. Web. Hinner, Michael. Chinese and Western business cultures: A comparison and contrast.  Australia: Peter lang Publishing, Inc, 2005. Lo, Vincent. â€Å"Chinese Business Culture: Guanxi, An Important Chinese Business Element.† Los Angeles Chinese Learning Center.  Web. Mungenast, Hannes. Chinese Business Culture. Germany: GRIN Verlag, 2007. Reuvid, Jonathan. Doing Business with China. United States of America: GMB Publishing, 2005. Sun, Ted. Inside the Chinese business mind: a tactical guide for managers. United States of America: ABC-CLIO, 2010. Vanhonacker, Wilfried. â€Å"Guanxi Networks in China: how to be the spider not the fly.†Ã‚  The China Business Review, 2004: 48-60. Wray, Richard, and Heather Stewart. â€Å"Western business struggles to break Chinese barriers.† The Guardian, March 28, 2010: 8. Footnotes 1 Lo, Vincent. â€Å"Chinese Business Culture: Guanxi, An Important Chinese Business Element.† Los Angeles Chinese Learning Center. 2 Sun, Ted. Inside the Chinese business mind: a tactical guide for managers. United States of America: ABC-CLIO, 2010. 3 Gao, Hongmei. â€Å"Comparing Chinese guanxi with American networking for foreign-born Chinese job seekers in the U.S.† Busioness Library, 2007. 4 Vanhonacker, Wilfried. â€Å"Guanxi Networks in China: how to be the spider not the fly.†Ã‚  The China Business Review, 2004: 48-60. 5 Fan, Ying. â€Å"Guanxi’s Conseguences: personal gains at social cost.† Journal of  Businesss Ethics, 2002: 371-380. 6 Coopes, Amy. â€Å"Australia is social networking capital of the world.† The Telegraph, 2010. 7 Hinner, Mi chael. Chinese and Western business cultures: A comparison and contrast.  Australia: Peter lang Publishing, Inc, 2005. 8 Gao, Hongmei. â€Å"Comparing Chinese guanxi with American networking for foreign-born Chinese job seekers in the U.S.† Busioness Library, 2007. 9 Hinner, Michael. Chinese and Western business cultures: A comparison and contrast.  Australia: Peter lang Publishing, Inc, 2005. 10 Wray, Richard, and Heather Stewart. â€Å"Western business struggles to break Chinese barriers.† The Guardian, March 28, 2010: 8. 11 Hinner, Michael. Chinese and Western business cultures: A comparison and contrast.  Australia: Peter lang Publishing, Inc, 2005. 12 Mungenast, Hannes. Chinese Business Culture. Germany: GRIN Verlag, 2007. 13 Reuvid, Jonathan. Doing Business with China. United States of America: GMB Publishing, 2005. 14 Sun, Ted. Inside the Chinese business mind: a tactical guide for managers. United States of America: ABC-CLIO, 2010. 15 Vanhonacker, Wilfrie d. â€Å"Guanxi Networks in China: how to be the spider not the fly.†Ã‚  The China Business Review, 2004: 48-60. 16 Gao, Hongmei. â€Å"Comparing Chinese guanxi with American networking for foreign- born Chinese job seekers in the U.S.† Busioness Library, 2007. 17 Fan, Ying. â€Å"Guanxi’s Conseguences: personal gains at social cost.† Journal of  Businesss Ethics, 2002: 371-380. This essay on The Differences between the Chinese Guanxi (Connections) and Australian’s was written and submitted by user Farrah Rodgers to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

65 Compound Words Ending in Stone

65 Compound Words Ending in Stone 65 Compound Words Ending in Stone 65 Compound Words Ending in Stone By Mark Nichol Dozens of compound words, all but a few closed, end with the word stone, though some of the terms have figurative senses stemming from the original meaning and a few do not refer to actual types of rock at all. Here’s a list of most if not all compound words in which stone is the second element, with accompanying definitions. 1. birthstone: a gem symbolically associated with the month of one’s birth 2. bloodstone: a type of quartz with red spots that resemble drops of blood 3. bluestone: a bluish stone used in building 4. bondstone: a stone whose length is equal to the thickness of a wall that is placed in the wall to help strengthen it 5. brimstone: a traditional word for sulfur, chiefly used in the phrase â€Å"fire and brimstone,† referring to sermons in which churchgoers are dramatically warned about hell 6. brownstone: a building stone, and a type of house commonly clad with a layer of the stone 7. capstone: a slanted stone used on the top layer of a wall to allow water to drain off the top; also, figuratively refers to a high point in one’s experience or life 8. cherrystone: a type of clam 9. clingstone: a type of fruit with flesh connected to the stone, or pit 10. cobblestone: a round stone used to pave streets 11. copestone: see capstone 12. cornerstone: a stone placed on the corner of a building, including one traditionally inscribed with the date the building was constructed; also, figuratively refers to something of fundamental importance 13. coverstone: an aggregate of minerals used to cover treated pavement 14. curbstone: a stone, or concrete, used to form a curb 15. dripstone: a stone that projects over a door or window as an awning, or a stalactite or stalagmite made of calcium carbonate 16. drystone: in British English, an adjective describing a wall constructed of stone without mortar 17. fieldstone: a stone found in a field and used for some purpose without alteration 18. firestone: another word for flint (a type of quartz once used to start fires by sparking), or any stone impervious to high heat 19. flagstone: a flat, hard stone used to make paths 20. flintstone: pieces of flint used in construction 21. flowstone: a deposit of calcite formed by water running along or over a cave’s walls or floor 22. footstone: a stone placed at the foot of a grave 23. freestone: a stone able to be cut without splitting, or a stone, or pit, of a fruit not attached to the flesh or fruit with such a pit 24. gallstone: a hard object that forms in the gallbladder 25. gemstone: a stone of such quality that it can be used in jewelry 26. gladstone: a type of suitcase 27. goldstone: a type of glass to which particles of gold-colored material are applied 28. gravestone: a stone that marks the location of a grave and is often engraved with information about that person 29. greenstone: any of various greenish stones, such as a type of jade 30. grindstone: a turning stone wheel against which hard objects such as tools are smoothed or sharpened 31. hailstone: a piece of hail 32. headstone: see gravestone 33. hearthstone: a stone forming part of a hearth, or the floor or interior of a fireplace; also, figuratively, the home 34. holystone: a sandstone used to scrub a ship’s wooden decks 35. hornstone: a type of quartz resembling brittle flint 36. inkstone: a flat stone used as a palette in Chinese art and calligraphy 37. ironstone: a type of rock in which iron is found, or a type of pottery 38. keystone: a large stone at the apex of an arch used to hold the other stones in place; also, figuratively, something on which other things depend 39. lightstone: a grayish yellow 40. limestone: a white building stone 41. lodestone: a magnetic rock 42. merestone: a stone marking a boundary or serving as a landmark 43. milestone: a stone, inscribed with the distance to a specific place, located at the side of a road; also, figuratively, an important event or point of progress 44. millstone: one of two large, round, flat stones sandwiched together and rotated to grind grain; also, figuratively, a burdensome problem or responsibility 45. moonstone: feldspar used as a gem 46. mudstone: a shale formed from consolidated mud 47. oilstone: a whetstone for use with oil 48. philosopher’s stone: an imaginary substance supposedly able to transmute metals into gold 49. pipestone: a stone used for carving into objects (including pipes for smoking tobacco) 50. potstone: a mineral used by prehistoric humans to make cooking vessels 51. rhinestone: a stone resembling a diamond used in decoration and jewelry 52. rolling stone: a figurative term for an itinerant person 53. sandstone: a soft stone made of compacted sand 54. siltstone: a rock made of compacted silt 55. snakestone: any of several types of stones said to help heal a snakebite, a type of stone used in whetstones or for polishing, or a prehistoric shelled animal also known as an ammonite 56. soapstone: a soft stone formed mostly of talc 57. stepping stone: a large, flat stone in a shallow stream that one can step on to cross the water; also, figuratively, something that one can use to achieve a goal 58. toadstone: a stone, supposedly formed inside a toad, used as a charm or as an amulet against poison 59. tombstone: see gravestone 60. touchstone: originally, a small slab of dark stone on which a soft precious metal alloy would leave a trace when the alloy was rubbed against the stone, enabling assayers to evaluate the quality of the alloy; also, figuratively, something used as the basis for judging the quality of something else 61. turnstone: one of several types of birds 62. waterstone: a grindstone or millstone moistened with water instead of oil 63. whetstone: a stone used for sharpening blades 64. whinstone: basaltic rock or similar types of rocks 65. whitestone: an imitation gemstone such as a rhinestone Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:75 Contronyms (Words with Contradictory Meanings)5 Lessons for Mixing Past and Present TenseStarting a Business Letter with Dear Mr.

Citing Primary Sources in OSCOLA Referencing

Citing Primary Sources in OSCOLA Referencing Citing Primary Sources in OSCOLA Referencing citation systems as well. In the UK, the most common form of legal referencing is OSCOLA (or the Oxford Standard for Citation of Legal Authorities). And in this post, we look at how to cite primary sources with OSCOLA. First, though, what exactly is a primary source? Primary and Secondary Sources OSCOLA classes sources as either â€Å"primary† or â€Å"secondary.† Primary sources are legal sources, such as cases and legislative documents. Secondary sources cover everything else, including books, journal articles, and websites. In either case, you will use superscript numbers (e.g., 1, 2, 3) to indicate a citation, with details of the source given in a footnote. But the information you give here will depend on the source in question. For primary sources, this usually means either a case report or a legislative act. Citing Case Reports in OSCOLA When citing a UK case with a neutral citation, you will need to provide the following information in the accompanying footnote: Case Name | [Year] | Court | Number,| [Year] | Volume | Report Abbreviation | First Page However, you only need to include the case name in the footnote if it is not used in the text. And as shown, the neutral citation should be separated from the law report citation by a comma. Cases from before 2001 will not have a neutral citation, so footnotes for older cases should only include the following details: Case Name | [Year] | Volume | Report Abbreviation | First Page | (Court) Examples of the above would thus appear as follows in footnote citations: Neutral Citation: PI vs Walls [2008] UKHL 15, [2008] 4 AC 1284 No Neutral Citation: GM vs Nissan [1983] 1 AC 154 (UKHL) Citing Legislation in OSCOLA Other than cases, the main primary sources in OSCOLA referencing are legislative acts and statutory instruments. When citing a UK legislative act, all you need is the short title and year. For instance: Act of Supremacy 1558 To reference a particular section, meanwhile, simply add it after the year: Human Rights Act 1998 s 7 The â€Å"s† before the â€Å"7† above is short for â€Å"section.† However, the correct abbreviation here may depend on what you’re citing: part/parts pt/pts section/sections s/ss subsection/subsections sub-s/sub-ss paragraph/paragraphs para/paras subparagraph/subparagraphs subpara/subparas schedule/schedules sch/schs You may also need to cite a statutory instrument at some point. To do this, the footnote should include the title, year and the SI number (after a comma). So, for instance, we could cite a statutory instrument as follows: The Deregulation Act 2015 (Commencement No. 4) Order 2015, SI 2015  2074 (C.  130) Cases and Legislation in an OSCOLA Bibliography As well as footnote citations, you will need to list all primary sources in a bibliography at the end of your document. For primary sources, the general rules in an OSCOLA bibliography are: Provide full information for each source. Divide primary sources into a Table of Cases and a Table of Legislation (you may also want to separate acts of legislation from legislative instruments). Sort cases/acts into separate sections by jurisdiction (unless you have not cited many sources, in which case they can be combined). List sources within their categories alphabetically by case name/title. List secondary sources separately under the heading â€Å"Bibliography.† This will make it easy for readers to find the various primary sources you have used in your work. And if you’d like someone to double check your referencing when youve finished writing, we’re always happy to help.

Finance,measurement.procurement in construction Coursework

Finance,measurement.procurement in construction - Coursework Example on boards on the listed contractors, which will indicate the projects they have accomplished, and the experience in terms of duration of engagement in similar projects. During the invitation to bid, contractors are provided with the questionnaires to fill in information relating to business details, technical competence and ability, financial ability to accomplish the project depending on the value, environmental issues, insurance cover and previous work experience to accomplish similar scope of work. The potential contractors will fill in these details and provide information from their perspective and records as to the expected potential to accomplish the project. As the consultant for the client, I will be able to verify the information provided by the contractors after reading through their respective questionnaires. Financial position of the contracting firm will be revealed from the bank statements while the existence of the business can be found from the list of registration of such companies. Technical ability of the contracting firm is revealed by inspection of their equipment and machinery for the intended work. Representatives do the inspection from the consultants firm visiting the premises of the bidders while listed assets of the contractor can also provide such information. UEL project for L & H is to provide procurement services require high technical ability as well as financial strength. Based on these requirements, the most effective tendering procedure would be restricted tender. Capable contractors can be identified then invited to bid for the works (Amos 2004). Through this process, they will be able to find bids only from contractors with the technical ability, financial backing and previous work experience to successfully accomplish and deliver the works according to the scope of work. The construction of the subway requires technical knowledge and the necessary machine for excavation and setting of the three rail lines required as well

Development Administration Coursework Example | Topics and Well Written Essays - 1000 words

Development Administration - Coursework Example â€Å"This type of administration or management adapted for the particular needs of developing countries has been referred to interchangeably as development administration or development management†¦Ã¢â‚¬  GSAPS-2008 www.ginandjar.com Some standard processes in development consist of planning, implementation , monitoring of projects. However, the question that one may ask is how well the role of monitoring is done as regards development processes. Phil Bartle expounds on the monitoring aspect in planning and implementation of projects. He emphasized the following: â€Å"A project is a series of activities (investments) that aim at solving particular problems within a given time frame and in a particular location The investments include time, money, human and material resources, Before achieving the objectives, a project goes through several stages: Monitoring should be executed by all individuals and institutions which have an interest (stake holders ) in the project. To effectively implement a project, the people planning and implementing it should plan for all the interrelated stages from the beginning.† As defined by World Bank, an NGO is a non-profit making, voluntary, service-oriented /development oriented organization , either for the for the benefit of members ( a grassroots organization) or of other members of the population (or

James Hurst’s short story “The Scarlet Ibis” Essay Example for Free

James Hurst’s short story â€Å"The Scarlet Ibis† Essay People with pride always do the right things. Sometimes they can make they pride better, but they are cover with a sorrow in their mind for what they have done. These people often have a happy life, but they are holding sadness. In James Hurst’s short story â€Å"The Scarlet Ibis† Brother helps Doodle because it makes Brother feel good about himself. Helping Doodle makes Brother feel good because he was embarrass for having a handicap brother. For instance, bother was ashamed for â€Å"having a brother of that age who couldn’t walk. †(557).This shows that brother hates Doodle because Doodle cannot walk. This also shows that brother did not want Doodle to be alive because he was embarrassed for having a cripple brother. An example of Brother embarrassed because of Doodle was when he â€Å"having a cripple brother.†(559).This show that Brother was mad about Doodle could not walk. This also shows that people could kill someone for their pride. Another example of Brother was embarrass for having a handicap brother was when Brother taught Doodle how to walk and saying that the people â€Å" did not know that I did it for myself.†(558). This shows that brother was helping Doodle to walk. When Doodle started walking, he was not embarrassed anymore because he having a normal brother now. This also shows that Brother take his own hand to help Doodle, but he did it for his pride. Brother was a bad person for what he had done for his pride, but not for Doodle. Brother was selfish for what he had done for himself. This visualized how Doodle had trying hard to learn to walk for Brother pride. Brother help Doodle to do thing and it makes him feel good because the other people were happy for what he had done. For instance, the family was happy because Brother â€Å" had taught him how to walk.†(559).This shows that Doodle start walking makes the family and Brother really happy. This also shows that Doodle was not thinks that Brother taught him how to walk because of Brother pride. Another example about the family was happy about what brother had done was when the family hugs Brother, so he â€Å"began to cry.†(559).this shows that brother was happy to have a normal brother, he was happy because everyone thought he was a hero. This also show that Brother was ashamed because of what he did it for himself, but not for Doodle, so he cried. Furthermore, the family was happy about What brother had done, and the family â€Å" Dance together quite well†¦Ã¢â‚¬ (559). This show that the family is celebrating for Doodle and cheering for Brother, so brother was really happy. This also shows that Bother is proud of himself, he realize that Doodle is really special for him because Doodle make him happy. Brother was happy and also sad for what he had done for Doodle Helping Doodle makes Brother feel good because he wants Doodle to be normal like other kids. For instance, Bother was happy to teach Doodle â€Å"to run, to swim, to climb trees, and to fight.†(559). This shows that brother have faith in Doodle to do other things beside walking. This also shows that brother believed himself and Doodle ability. He knows that he could done more for Doodle. In the same way, Brother wants Doodle to be normal so he gave Doodle â€Å"swimming lesson or showed him how to row a boat.†(560). This shows that Brother begin to teach Doodle how to do things, so Doodle does not have any problem later. This also shows that Brother cares more about Doodle more than his pride. He pushed Doodle to be normal like other kids. Furthermore, Brother wants Doodle to be normal and Brother made Doodle to â€Å"swim until he turned blue and row until he couldn’t lift an oar.†(560).This shows that Brother pushes Doodle over the limit to make him to do things. This also shows that Brother makes Doodle tired even if Doodle has physical problem. It is too much for Doodle to handle. Brother was pushing Doodle too much to learn stuff even if Doodle is tired. Doodle could be dead because he was sick. Pride makes life meaningful for people, but sometime their pride can be bad because of what people did I life. Like Brother, people can take advantage to make their pride better. Sometime these people care about their pride, but not the other.

Influences in the Teaching Environment Essay -- Psychology, Behavioral

Influences in the Teaching Environment In this country, many rookie teachers do not succeed in the first two years of teaching due to poor classroom management. They have forgotten the essentials of running a smooth classroom, maintaining appropriate and consistent discipline and the overall pressures of teaching. Worst-case scenario, they never learned the essentials of classroom management. Since behavior management is one of the primary areas of concern for classroom teachers each year, it is important to learn if only the basics of classroom management and how to deal with typical behavioral issues as they arise. Learning these basics may eliminate job burnout and increase teacher survival. Harry Wong’s CD, How to Improve Student Achievement, addresses classroom management in a way that most haven’t done before. According to Wong, â€Å"all of the things that a teacher does to organize students, space, time, and materials so that instruction in content and student learning can take place† (Wong, 2003), includes appropriate classroom management, not just appearances. Wong goes into further detail of four principles in which classroom management is premised upon – communicating clear expectations to students, having an established discipline plan that states behaviors that are expected, having consequences and rewards, and having daily routines or procedures (Wong, 2003). For this assignment, I will identify ten possible negative classroom behaviors, how they influence the classroom, and how they might be changed by different applications. Negative Behavior 1. Lack of organization, order, or overall structure within the classroom. 2. Poor communication between the students and the teacher. 3. Student behavior is pre-empte... ... receive no sense of acceptance. Reference Charles, C. M. (2008). Building classroom discipline (10th ed.). Boston: Allyn & Bacon Rosas, C., & West, M. (2009). Teachers Beliefs about Classroom Management: Pre- Service and Inservice Teachers' Beliefs about Classroom Management. International Journal of Applied Educational Studies, 5(1), 54-61. Rosene, D., et. al., (2009, Summer) Would you like to be a student in your classroom? Science Scope, 32 (9) 6-7 http://library.gcu.edu:2048/login?url=http://vnweb.hwwilsonweb.com/hww/jumps tart.jhtml?recid=0bc05f7a67b1790e05ffc7b82686c1ca7acd468603eceb398af35e5 a69f3ca0f3cf48932421f8401&fmt=H Wong, H. K. (Speaker). (2003). How to improve student achievement [CD]. New York: Harry K. Wong Publications, Inc. Influences in the Teaching Environment Essay -- Psychology, Behavioral Influences in the Teaching Environment In this country, many rookie teachers do not succeed in the first two years of teaching due to poor classroom management. They have forgotten the essentials of running a smooth classroom, maintaining appropriate and consistent discipline and the overall pressures of teaching. Worst-case scenario, they never learned the essentials of classroom management. Since behavior management is one of the primary areas of concern for classroom teachers each year, it is important to learn if only the basics of classroom management and how to deal with typical behavioral issues as they arise. Learning these basics may eliminate job burnout and increase teacher survival. Harry Wong’s CD, How to Improve Student Achievement, addresses classroom management in a way that most haven’t done before. According to Wong, â€Å"all of the things that a teacher does to organize students, space, time, and materials so that instruction in content and student learning can take place† (Wong, 2003), includes appropriate classroom management, not just appearances. Wong goes into further detail of four principles in which classroom management is premised upon – communicating clear expectations to students, having an established discipline plan that states behaviors that are expected, having consequences and rewards, and having daily routines or procedures (Wong, 2003). For this assignment, I will identify ten possible negative classroom behaviors, how they influence the classroom, and how they might be changed by different applications. Negative Behavior 1. Lack of organization, order, or overall structure within the classroom. 2. Poor communication between the students and the teacher. 3. Student behavior is pre-empte... ... receive no sense of acceptance. Reference Charles, C. M. (2008). Building classroom discipline (10th ed.). Boston: Allyn & Bacon Rosas, C., & West, M. (2009). Teachers Beliefs about Classroom Management: Pre- Service and Inservice Teachers' Beliefs about Classroom Management. International Journal of Applied Educational Studies, 5(1), 54-61. Rosene, D., et. al., (2009, Summer) Would you like to be a student in your classroom? Science Scope, 32 (9) 6-7 http://library.gcu.edu:2048/login?url=http://vnweb.hwwilsonweb.com/hww/jumps tart.jhtml?recid=0bc05f7a67b1790e05ffc7b82686c1ca7acd468603eceb398af35e5 a69f3ca0f3cf48932421f8401&fmt=H Wong, H. K. (Speaker). (2003). How to improve student achievement [CD]. New York: Harry K. Wong Publications, Inc.

English Paper One Example Essay

Furthermore the actions and emotions of the protagonist and his sister demonstrates the immense fright and thankfulness experienced throughout the text. In this passage, the description of characters plays and extremely important role since it throws light upon the evil character of the attackers and the kind and helpful nature of Mr. Bapu the millionaire who rescues the protagonist and his sister Deepa. Since this story is told from a first person perspective the other characters are experienced through the mind of the protagonist. By giving a very precise description of these characters, the author has conjured up a very believable understanding of the way that these characters are perceived by the protagonist, which in term, makes the fear felt by these characters much more real to the reader. An example of this is the â€Å"terrifying, unearthly squeal† (6) that is heard by the siblings as the attackers surround them. This description of sound gives a very wild and primitive idea of the attackers. Furthermore, the â€Å"howling of wild dogs† (8) also adds on this terrifying image of the aggressors. This in term makes the terror undergone by the protagonists very understandable and real to the reader. On the other hand, the character of Mr. Bapu is described in a completely different manner which highlights his benign personality. He is described as a millionaire who does not mind talking to his staff (28), but also â€Å"cut for Deepa a red rose. †(29), an act which induces the feeling of adoration for Mr. Bapu by both the reader and the protagonists. It is the contrast in description of Mr. Bapu and the muggers that invokes the idea of friends and enemies which is later addressed at the end of the passage. The setting in this extract plays a primary role setting up the mood. This in term greatly aids the reader’s understanding of the protagonists fear and relieve. The passage starts off with the description of a â€Å"mosque stood towering in all its grandeur† with â€Å"a brilliant series of decorative lights† (3). This setting brings forward an uneasy mood since the building was â€Å"towering† over the two siblings. With this comes the feeling of vulnerability which is later demonstrated when they are attacked. The setting further attributes to the feeling of confusion and being surrounded when Deepa and her brother try to run â€Å"backwards, sideways, forwards again† (12) like running through a maze without an exit. Which is described as a â€Å"horrifying checkmate† (13), also adding onto the feeling of being trapped, making is very understandable that the protagonists are panicking. Later in the passage, the setting is again used to give a clear understanding of the character Mr. Bapu. The morning after the siblings were rescued by him they wake up in the house of the millionaire and walk through his garden. This is described as being â€Å"quite wonderful† (27) and seems to have red roses, these both clearly oppose the nocturnal setting of the night before. This deepens the contrast between the attackers and Mr. Bapu since both settings bring up completely different moods. The nightly setting of the streets add of the wild like persona of the muggers, while the rose garden emphasizes the kindhearted nature of Mr. Bapu. This again adds onto the idea of the difference between friends and enemies and the way that these are shaped in the mind. Lastly, another aspect that greatly enhances the experience of the reader is the behavior and emotions expressed by the protagonist and his sister. The text starts off with â€Å"a tremor in my sister’s arm. † (1). This sentence is emphasized by its shortness and it being on a separate line. This immediately conjures up a tense mood and grabs the attention of the reader. When the two siblings first face their attackers they â€Å"froze in our tracks† (7), this betrays their shock and fear to the reader. The two then run for their lives like a prey trying to escape its hunter. This episode both adds tension and excitement to the story. The protagonists are then relieved and surprised by the arrival of the â€Å"white Mercedes† (14) of Mr. Bapu. The whiteness Mercedes being a stark contrast to the nocturnal nature of the attackers. After the actual attack, the story very much relies on the thoughts of the protagonists. He describes the attack as a â€Å"terror-filled eternity† (32). This clarifies the contempt of the protagonists towards the attackers. He then later describes Mr. Bapu as â€Å"preserved in amber†, giving the reader an understanding of the protagonist’s kind image of the millionaire. These are examples of the emotions and thoughts of the protagonist, helping the reader understand other characters in the text. This is also done by giving a bit of background on the protagonists giving an understanding of the attackers’ reasons. This also adds a theme of discrimination between social groups. Since the muggers seem to attack due to the protagonists background. In conclusion, with the use of the setting, character description and the thoughts of the protagonists a very clear contrast between the attackers and Mr. Bapu has been established. One being seen as the the personification of evil and the other as pure kindness. This contrast is very important to understand when reading the last part of the passage in which the central theme is explained. Here the protagonist’s uncle explains how enemies and friends are shaped in the mind. Here, the reader can understand that the protagonists was looking back at a past event throughout the passage and it becomes very clear why the attackers have been described in a very evil fashion as opposed to Mr. Bapu. This story is therefore an excellent example of how the mind can form its own image of enemies and friends only including the negative or positive instead of both.

Discuss The Impacts of Taxation

When a firm faces new investment opportunities (or to keep its functioning) which have positive net present values, financing needs come along. The options range from using cash generated from operations to simply forego the projects. If the company wants to take its projects, when its cash is not enough, it can raise new funds from equity or debt. This combination of equity and debt which a company decides to use is known as its capital structure. This paper is about how a firm ought to establish its debt/equity ratio, focusing in the advantages and disadvantages of taxes’ impact on this ratio. Capital StructureWhen referring to the capital structure of a firm, it is impossible to avoid Modigliani-Miller’s (MM) influential paper â€Å"The Cost of Capital, Corporation Finance and the Theory of Investment† (1958). Later, they published several â€Å"follow-up† papers discussing these topics. MM set the foundations of the modern theory of capital structure. MM first hypothesis was that, under certain assumptions, the firm’s value is invariable despite relative changes in its capital structure, thus â€Å"a firm cannot change the total value of its outstanding securities by changing the proportions of its capital structure. † (Ross, Westerfield and Jaffe, 2001.p. 401).This is known as MM proposition I. In a general way this proposition is saying that a company cannot do something for its stockholders that they cannot do by themselves. The MM second proposition implies that the use of debt for financing increase the expected future earnings, but this increase is coupled with an increase in the risk to equity holders, thus the discount rate used to value these future earnings also increases. As Fabozzi and Patterson state â€Å"the increased expected earnings have on the value of equity is offset by the increased discount rate applied to these riskier earnings. †(2003)Mathematically the propositions can be stated: Pro position I: VU=VL where VU is the value of an unlevered firm and VL is the value of a levered firm. Proposition II: rs = r0 + B/S (r0 – rb) where rS is the cost of equity, r0 is the cost of capital for an all equity firm, rB is the cost of debt and, B / S is the debt-to-equity ratio. But these hypotheses rely on a â€Å"perfect market† assumption. When imperfections are present into a certain market this hypothesis is misleading. Changes in a firm’s capital structure could change the firm value. One of the most important market imperfections is the presence of taxes.Capital Structure and the Presence of Corporate Taxes In the previous sections is stated that the firm value is unrelated to its capital structure, i. e. it does not depend on its debt/equity ratio. But when taxes are incorporated into the analysis this affirmation is not true, â€Å"in the presence of corporate taxes, the firm’s value is positively related to its debt. † (Ross et al. 2 001. ) Thus, the use of debt has an advantage over financing with equity. The Internal Revenue Code (IRC) â€Å"allows interest paid on debt to be deducted by the paying corporation in determining its taxable income† (IRC code 1963 qt.in Fabozzi and Patterson. 2003. P. 598) This benefit is known as Interest Tax Shield, due to the fact that â€Å"interest expense shields income from taxation† (p. 602). This is TaxShield=(TaxRate)(InterestExpense) Now is necessary to value this shield and see how this changes the firm value. Taking account of the expression above it can be said that whatever the taxable income of a company is without debt, the taxable income is now less in an amount equal to the Tax Shield in the presence of debt. This idea is also based in MM ideas.In other words, the firm value is: Firm Value = Unleveraged Firm Value + Tax Shield Value Going deeply, this statement implies that all companies should choose maximum debt, something that can not be seen int o the real world. This is due to the presence of bankruptcy and other distress related costs that reduce the value of a levered firm. As a firm increases its leverage position these costs increase. There is a point when the present value of â€Å"these costs from an additional dollar of debt equals the increase in the present value of the tax shield.† (Ross et al. 2001. p. 432)This is the debt level which maximizes the firm value. Beyond this point the distress associated costs increase faster than the firm value due to additional debt. Therefore, there is a trade off between tax benefits and the financial distress costs. There is an optimal amount of debt for each firm, and this must be its debt objective level. Presence of Personal Taxes In presence of personal income taxes could decrease, or even eliminate, the advantage of corporate taxes associated with debt financing.Despite this, if the yields due to debt and stocks cause taxes at the same rate that the personal taxes, there is still an advantage coming from corporate taxes(Van Horne, 1997). Merton Miller proposed that, in presence of both, personal and corporate taxes, the decisions about capital structure of a firm were irrelevant (Miller, 1977). Despite this, personal taxes have different rates; therefore, with constant risk, individuals who are in the lower rate bracket must prefer debt and those who are at the upper part of the scale must prefer stocks.Fabozzi and Patterson summarize this point as follow: 1. If debt income (interest) and equity income (dividends and capital appreciation) are taxed at the same rate, the interest tax shield increases the value of the firm. 2. If debt income is taxed at rates higher than equity income, some of the tax advantage to debt is offset by a tax disadvantage to debt income. 3. If investors can use the tax laws effectively to reduce to zero their tax on equity income, firms will take on debt up to the point where the tax advantage to debt is just offset by the tax disadvantage to debt income.The bottom line from incorporating personal taxes is that there is a benefit from using debt. (p. 603) Small Literature Survey In this section it will be summarized some opinions and findings about capital structure decisions and taxes. Panteghini in a work about multinationals capital structure found that â€Å"optimal leverage is reached when the marginal benefit of debt financing (which is due to the deductibility of interest expenses) equates its marginal cost (which is related to the expected cost of default).A strategy used is â€Å"Income shifting† which â€Å"raises the tax benefit of debt financing, thereby stimulating debt financing, and delays default. † (2006) Verschueren research about Belgian companies strategies showed that â€Å"The hypothesis that firms for which the tax advantage of debt financing is higher have higher debt tax shielding ratios gets only meager support: more profitable firms have lower debt ta x shielding ratios. † She found â€Å"no indications that avoiding agency conflicts of any type plays a significant role in the determination of debt tax shielding. † (2002, p.22)She states that these results are quite close to international research also. Graham and Tucker found a similar result â€Å"Firms that use tax shelters use less debt on average than do non-shelter firms. † There is also a potential problem which is that â€Å"under-levered firms may have â€Å"off balance sheet† tax deductions that are not easily observable, and which are therefore often ignored in empirical analyses. † (2005 p. 1) Irina Stefanescu arrives to a comparable conclusion â€Å"There is a general consensus that significant tax incentives are associated with corporate borrowing.Nevertheless, many large and profitable companies with a low risk of financial distress have relatively low debt ratios. † (2006) Stewart Myers, explaining Miller’s paper â⠂¬Å"Debt and Taxes†, theorizes about why firms are not â€Å"awash in debt†Ã‚ · An interesting point he states is that Miller’s model â€Å"allow us to explain the dispersion of actual debt policies without having to introduce non-value-maximizing managers. In the other hand he states also that â€Å"Firms have good reasons to avoid having to finance real investment by issuing common stock or other risky securities.They do not want to run the risk of falling into the dilemma of either passing by positive NPV projects or issuing stock at a price they think is too low†. (1980) Conclusion It seems that several researches have been performed in capital structure decisions. Although not all of them arrive to the same conclusion it gives the impression that the tax shields have positive impacts on firms value; and the presence of personal taxes do not eliminate this fact.In the other hand, findings that companies have not larges amounts of debt indicates that t hey might obtain some advantages from other sources, e. g. off balance sheet benefits. After 48 years since Modigliani and Miller’s paper appeared, it can be said that â€Å"however, much remains to be done before the cost of capital can be put away on the shelf among the solved problems. † (Modigliani-Miller 1958)

A pot of oil

A pot of oil IntroductionOil this dark thing is one of the world's most valuable sources of energy. It is called "black gold". This essay will discuss the importance of oil to the national economy and world economy. This text will show an in-depth description about how the oil influences the economy. The emphasis in the text is understands the supply and demand theory to explain this questions appropriately. Oils are extremely useful for our daily activities, but extracting and using oils has a damaging effect on the environment and also if we are not careful, oil will soon become rare and very expensive. In this essay, it also will talk about environmental and ethical aspects of use of oil. Besides, the substitutions of oils are important to human.BackgroundOil plays an important part in our lives. Many million of years ago, oil comes from the remains if tiny water plants and animals.English: Supply and demand market curvesWhen there organisms die, they settle in the land and are slowly buried b y mud and sand. After million of years, the oil was formed (Mercer, 2003: 14). As we know, oil is one if the world's most valuable resources and our most necessary source of energy. The oil processed into petrol, diesel and other important things. Without the oil, millions of trucks, planes, cars, power station, furnaces heating systems and so on will stop work. Human life will back to remote antiquity. The oil also is a raw material for plastics, paint and countless other products (Parker, 2002:5). It plays an important part in our lives. It dominates our modern world. However, the oil is fossil fuels and it is not renewable. We consume them fast but they are not being replaced. If we keep using oil at today's rates, the oil may run out in perhaps less than...

Twelve Tribes of Israel

Twelve Tribes of Israel The Twelve Tribes of Israel represent the traditional divisions of the Jewish people in the biblical era. The tribes were Reuben, Simeon, Judah, Issachar, Zebulun, Benjamin, Dan, Naphtali, Gad, Asher, Ephraim and Manasseh. The Torah, the Jewish Bible, teaches that each tribe was descended from a son of Jacob, the Hebrew forefather who became known as Israel. Modern scholars disagree. The Twelve Tribes in the Torah Jacob had two wives, Rachel and Leah, and two concubines, by whom he had 12 sons and a daughter. Jacobs favorite wife was Rachel, who bore him Joseph. Jacob was quite open about his preference for Joseph, the prophetic dreamer, above all others. Josephs brothers were jealous and sold Joseph into slavery in Egypt. Josephs rise in Egypt- he became a trusted vizier of the pharaoh- encouraged the sons of Jacob to move there, where they prospered and became the Israelite nation. After Josephs death, an unnamed Pharaoh makes slaves of the Israelites; their escape from Egypt is the subject of the Book of Exodus. Under Moses and then Joshua, the Israelites capture the land of Canaan, which is divided up by tribe. Of the remaining ten tribes, Levi was scattered throughout the region of ancient Israel. The Levites became the priestly class of Judaism. A portion of the territory was given to each of Josephs sons, Ephraim and Menasseh. The tribal period endured from the conquest of Canaan through the period of Judges until the kingship of Saul, whose monarchy brought the tribes together as one unit, the Kingdom of Israel. Conflict between Sauls line and David created a rift in the kingdom, and the tribal lines reasserted themselves. Historical View Modern historians consider the notion of the twelve tribes as descendants of a dozen brothers to be simplistic. It is more likely that the story of the tribes was one created to explain affiliations between groups inhabiting the land of Canaan subsequent to the writing of the Torah. One school of thought suggests that the tribes and their story arose in the period of the Judges. Another holds that the federation of the tribal groups happened after the flight from Egypt, but that this united group didnt conquer Canaan at any one time, but rather occupied the country bit by bit. Some scholars see the tribes supposedly descended from the sons born to Jacob by Leah- Reuben, Simeon, Levi, Judah, Zebulun and Issachar- to represent an earlier political grouping of six that was expanded by later arrivals to twelve. Why Twelve Tribes? The flexibility of the twelve tribes- the absorption of Levi; the expansion of Josephs sons into two territories- suggests that the number twelve itself was an important part of the way the Israelites saw themselves. In fact, biblical figures including Ishmael, Nahor, and Esau were assigned twelve sons and subsequently nations divisible by twelve. The Greeks also organized themselves around groups of twelve (called amphictyony) for sacred purposes. As the unifying factor of the Israelite tribes was their dedication to a single god, Yahweh, some scholars argue that the twelve tribes are simply an imported social organization from Asia Minor. The Tribes and Territories Eastern  · Judah · Issachar · Zebulun Southern  · Reuben · Simeon · Gad Western  · Ephraim · Manesseh · Benjamin Northern  · Dan · Asher · Naphtali Although Levi was dishonored by being denied territory, the tribe of Levi became the highly honored priestly tribe of Israel. It won this honor because of its reverence for Yahweh during the Exodus.

Managing Information 2 Essay Example | Topics and Well Written Essays - 1500 words

Managing Information 2 - Essay Example As a result there are a number of IT-related issues that have arisen in the recent past; some of them are discussed herein after. IT-related Issues Protecting information confidentiality certainly ranks among the most pressing IT-related issues. This relates to how an information professional or any other person who has access to privileged information should treat it and handle it to ensure it does not get into the wrong hands and become detrimental to others (Strassman, 2000). It is therefore logical that information presented as confidential should be treated as such. A lot of people are required to provide their personal information such as full names, residence, age, gender, social security number, personal identification card numbers and a lot of other private information when applying for credit cards, visas and other legal documents; if not handled with the required confidentiality this information can be used by fraudsters and impersonators to siphon cash from the unsuspecti ng public. An information technology professional should ensure that confidential information is handled with confidentiality. For instance, by not tapping other peoples’ phones or conducting surveillance that intrudes the privacy of others. The other issue is privacy. Traditionally, everyone is legally entitled to reasonable privacy. Under the privacy rights a person is entitled to reasonable secrecy, anonymity and solitude (Payne and Landry, 2006). Anonymity guarantees that the person is not subjected to undesired attention; secrecy ensures that personalized information is not distributed to other people who are not privy to it while solitude allows one to physically be away from other people. This has not changed even in the face of the fast changing technological environment. These days, with the closed circuit television cameras, one can gain access into another person’s private life and know every little detail of it. The dilemma arises when determining whether i t is ethical and legal to do so (Davis, 2010). The determination is however not easy as the subject is complex and multifaceted and depends on the circumstances or the environment. For example, there are countries that will allow the infringement of privacy rights for the purpose of national security. At the same time there are proponents that argue that one’s’ privacy rights should never be violated for any reason. Information professionals are mandated to handle privileged information. With this privilege comes a responsibility; that of ensuring that that information does not cause harms in their way of creation, organization, dissemination and use (Jana, 1998). The ethical and moral codes governing human conduct should be observed. This information need not necessarily affect individuals directly; they may affect a country’s security or economy. A case in point is that of Julian Assange, the editor of WikiLeaks who released classified information of different countries to the public. Assange is an informational technologist and an accomplished computer programmer. He got in possession of some sensitive information, some that directly impact on the national security of the US yet he went ahead to disseminate that information without considering the harm it could do (Burstein, 2012). IT innovation has enabled rapid dissemination of

Undertake an examination of the Marketing Environment of the UK book Essay

Undertake an examination of the Marketing Environment of the UK book retailing market - Essay Example y, being a highly competitive sector, also seems to have taken the cues and is bracing itself up in order to comply with the phenomenal rate of globalisation. According to the findings of Miyamoto and Whittaker (2005), â€Å"major UK publishers have been absorbed to huge media conglomerates, for instance, which pursue strategies to maximise profit through leveraging synergy effects of the publishing business and other media businesses on a global scale† (Miyamoto & Whittaker, 2005, P. 1). Owing to the basic fact that most business interests are centred on the need to maximise stakeholders’ value as well as corporate profit, British publishers are inclined towards inculcating this philosophy into their corporate goals. It is interesting to note that the UK market has gradually transformed from being cooperative to one that is predominantly free and competitive (Miyamoto & Whittaker, 2005, P. 3), and as a result the market characteristics have also changed. In the present business context, the British publishing industry is driven by corporate philosophy, its primary objective being the pursuit of individual profit. The British publishing industry has been observed to have a rich heritage as â€Å"publishing guilds were formed in London by the 14th century, and developed with the progress of the printing techniques in the middle of the 15th century† (Miyamoto & Whittaker, 2005, P. 3). London plays an important role in shaping the course of business for this industry as far as the UK is concerned as most of the functions that are associated with this industry are concentrated in this area. The UK also precedes most other economies in terms of crucial developments that were made to this profitable industry and this may be justified by the fact that â€Å"the division of firms in the value chain of the publishing industry was formed in the UK by the middle of the 19th century† (Miyamoto & Whittaker, 2005, P. 4). The UK publishing as well as book retail industry has gone

Human rights issues Essay Example | Topics and Well Written Essays - 1500 words

Human rights issues - Essay Example The human rights declaration in 1948 was a major achievement for the United Nations. This was because, from different regions in the world, the human rights documents included values which were to be applied globally to all citizens across the world irrespective of gender, race or ethnicity. Moreover, the basic functions in which human rights were created to serve were to ensure equality among men in different spheres of life, and endowed individuals with an opportunity to have life, liberty and happiness in all corners of the planet. Human rights apply in all major contexts which characterized daily human activities around the planet. They are social, physical, emotional, and economical amongst others. What this simply means is that the values stated in the human rights document are applicable in all aspects of life. An example is when trading, there are human rights values which both parties must abide to exercise equality. The topic of human rights is of extreme importance to me b ecause in my understating it has made my world a better place. Unlike before where the world was full insecurities, today I know with course I can travel to anywhere within my country and to freely interact with any individuals whosoever I wish without developing fear or being discriminated because of gender, race or ethnicity. In addition, to other individuals, human rights is of extreme importance because in a century or year, characterized by globalization

Financial Ratio Analysis And Industry Averages Finance Essay

Financial Ratio Analysis And Industry Averages Finance Essay The price earning P/E ratio shows how attractive a firms stock is for investment. The P/E of Etisalat has increased from previous year 2009 which shows that in 2010 Etisalat has become more attractive for investments. Profitability Ratios Return on Common Equity (ROCE or ROE) ROE = Earnings after Tax à · Equity Shareholders fund x 100 This ratio shows the rate of return of the risk takers also referred to as the stockholders (Sinha, 2009). The ratio shows the stockholders or investors the rate of return of their investments in stocks of Etisalat. The following table shows the ROE ratio for Etisalat: Financial Ratios 2010 2009 Profitability ROE 20.41 22.17 The above table clearly shows that the rate of return for the shareholders of Etisalat has reduced from 22.17% in 2009 to 20.41% in 2010. Therefore the risk of investment in stocks of Etisalat has increased in 2010 comparing with the ratio of 2009. ROA (Return on Total Assets) Return on Total Assets (ROA) = (Net Income à · Total Assets) x 100 Higher ROA indicates the higher return on Assets, this ratio must be above the industry average to show greater returns on Assets (Brigham Houston, 2009). Note: another reason for a low ROA could also indicate the intentional use of debt for financing activities of a firm. The following table shows the ROA calculated for Etisalat. Financial Ratios 2010 2009 Profitability ROA 9.74 12.40 The ROA for Etisalat has reduced in 2010 to 9.74% from 12.40% in 2009, which shows the reduced rate of return on assets, indicating the poor performance of Etisalat also showing the use of debt by the firm. Liquidity Ratios: Current ratio Current Ratio = Current Assets à · Current Liabilities The ratio shows the weak or stronger liquidity position of a firm, higher the current liabilities lower the current ratio and vice versa. The calculated ratios of Etisalat are shown in the following table: Financial Ratios 2010 2009 Liquidity Current Ratio 0.79 0.83 The liquidity position of Etisalat has reduce negatively when comparing current ratio of 0.79x in 2010 with 0.83x in 2009, consequently the ability of Etisalat to convert its assets into cash has reduced. Quick Ratio Quick, or acid test, ratio = (Current assets Inventories) à · Current Liabilities Quick Ratio also depicts the liquidity position of the firm to pay off short-term liabilities without relying on sales (inventories). The following table shows the calculated Quick Ratio for Etisalat. Financial Ratios 2010 2009 Liquidity Quick Ratio 0.78 0.82 Acid test of Etisalat revealed that the liquidity of the firm to pay shot-term liabilities has reduced from 0.82x in 2009 to 0.78x in 2010. Asset Management Ratios Inventory Turnover Ratio Inventory Turnover Ratio = Sales à · Inventories This ratio shows the number of times inventories are turned over into sales, and higher value shows that the inventories are being held for longer times. The Inventory turnover ratio of Etisalat is shown by the following table. Financial Ratios 2010 2009 Asset Management Inventory Turnover Ratio 100.96 115.03 The ratios in the table clearly show the ability of Etisalat to convert inventories into sales has increased shown by declining Inventory Turnover Ratio of 100.96x in 2010 from 115.03x in 2009. Debt Management Ratios Total Debt to Total Assets Debt ratio = Total Debt à · Total Assets This ratio shows in percentage the risk level faced by the firm, the debt ratio of Etisalat is shown with the help of following table: Financial Ratios 2010 2009 Debt Management Total Debt to Total Assets Ratio 6.34 4.52 The values in the table above show that the risk of investing in Etisalat has increased from 4.52% in 2009 to 6.34% in 2010. Financial Profile Emirates Integrated Telecommunications Company PJSC and its Subsidiary The financial profile of Emirates Telecommunication is presented by the data retrieved from financial statements of the firm. Financial Ratio Analysis Emirates Integrated Telecommunications Company PJSC and its Subsidiary 2010 and 2009 Data retrieved from the Financial Statements 2010 2009 AED000 AED000 Current Assets 4,671,779 2,224,887 Total Assets 12,519,678 9,531,905 Current Liabilities 6,441,462 3,676,842 Total Liabilities 7,423,911 6,740,365 Inventories 47,300 38,931 Sales Revenue 7,074,097 5,338,699 Interest 102,199 12,998 EPS AED 0.31 AED 0.06 N.I. 1,310,431 264,124 Market Value Per Share AED 2.72 AED 2.79 Total Shareholder Equity 5,095,767 2,791,540 Total Debt 904,735 3,000,000 The ratio analysis is conducted on the basis of data retrieved in the table bove. Ratio Analysis of Emirates Integrated Telecommunications Company PJSC and its Subsidiary: Market Value Ratios: P/E Ratio (P/E) Price/Earnings Ratio = Market Price Per Common Share à · Earnings Per Share The share price of Emirates Integrated Telecommunications for the year ended 31 December, 2009 was AED 2.786 and 31 December, 2010 AED 2.72 (Bloomberg, 2013). The following table shows the calculated P/E for Etisalat. Financial Ratios 2010 2009 Market Value P/E 8.77 46.43 The price earning P/E ratio shows how attractive a firms stock is for investment. The P/E of Emirates Telecommunication has reduced drastically from previous year 46.43x in 2009 to 8.77x in 2010 which shows that in 2010 Emirates Telecommunication has become less attractive for investments. Profitability Ratios Return on Common Equity (ROCE or ROE) ROE = Earnings after Tax à · Equity Shareholders fund x 100 This ratio shows the stockholders or investors the rate of return of their investments in stocks of Emirates Telecommunication. The following table shows the ROE ratio for Emirates Telecommunication: Financial Ratios 2010 2009 Profitability ROE 25.72 9.46 The above table clearly shows that the rate of return for the shareholders of Emirates Telecommunication has increased from 9.46% in 2009 to 25.72% in 2010. Therefore the risk of investment in stocks of Emirates has reduced in 2010 comparing with the ratio of 2009. ROA (Return on Total Assets) Return on Total Assets (ROA) = (Net Income à · Total Assets) x 100 The following table shows the ROA calculated for Emirates Telecommunication. Financial Ratios 2010 2009 Profitability ROA 10.47 2.77 The ROA for Emirates Telecommunication has increased in 2010 to 10.47% from 2.77% in 2009, which shows the increased rate of return on assets. Liquidity Ratios: Current ratio Current Ratio = Current Assets à · Current Liabilities The calculated current ratio for Emirates Telecommunication are shown in the following table: Financial Ratios 2010 2009 Liquidity Current Ratio 0.73 0.61 The liquidity position of Emirates Telecommunication has reduce negatively when comparing current ratio of 0.73x in 2010 with 0.61x in 2009, consequently the ability of Emirates Telecommunication to convert its assets into cash has reduced. Quick Ratio Quick, or acid test, ratio = (Current assets Inventories) à · Current Liabilities The following table shows the calculated Quick Ratio for Emirates Telecommunication. Financial Ratios 2010 2009 Liquidity Quick Ratio 0.72 0.59 Acid test of Emirates Telecommunication revealed that the liquidity position of the firm to pay shot-term liabilities has increased from 0.59x in 2009 to 0.72x in 2010, which shows that Emirates Telecommunication is more liquid in 2010. Asset Management Ratios Inventory Turnover Ratio Inventory Turnover Ratio = Sales à · Inventories The Inventory turnover ratio of Emirates Telecommunication is shown by the following table. Financial Ratios 2010 2009 Asset Management Inventory Turnover Ratio 149.56 137.13 The ratios in the table clearly show the ability of Emirates Telecommunication to convert inventories into sales has decreased shown by increasing Inventory Turnover Ratio of 149.56x in 2010 from 137.13x in 2009. Debt Management Ratios Total Debt to Total Assets Debt ratio = Total Debt à · Total Assets The debt ratio of Emirates Telecommunication is shown with the help of following table: Financial Ratios 2010 2009 Debt Management Total Debt to Total Assets Ratio 0.07 0.31 The values in the table above show that the risk of investing in Emirates Telecommunication has reduced from 0.31% in 2009 to 0.07% in 2010. Industry Averages in Telecommunication Industry UAE The industry averages of the telecommunication for P/E, ROE, ROA, Debt Ratio and Current Ratio are: P/E P/E Industry Average Telecommunication Industry UAE 2009 2010 P/E Etisalat 9.69 10.31 P/E Emirates 46.43 8.77 2009 2010 P/E Industry Average 28.06 9.54 ROE ROE 2009 2010 Etisalat 22.17 20.41 Emirates 9.46 25.72 2009 2010 ROE Industry Average 15.815 23.065 ROA ROA 2009 2010 Etisalat 12.4 9.74 Emirates 2.77 10.47 2009 2010 ROA Industry Average 7.585 10.105 Debt Ratio Debt Ratio 2009 2010 Etisalat 4.52 6.34 Emirates 0.31 0.07 2009 2010 Industry Average 2.415 3.205 Current Ratio Current Ratio 2009 2010 Etisalat 0.83 0.79 Emirates 0.61 0.73 2009 2010 Industry Average 0.72 0.76