All Truth About Worlds Most Powerful Universities

All Truth About Worlds Most Powerful Universities All Truth About Worlds Most Powerful Universities Each individual who needs to be fruitful comprehends that one of the fundamental preconditions is decent instruction. It may not generally be fundamental, since self-instruction in the time of Internet is of a gigantic significance, however it most likely assumes a critical job in everyone’s life. That’s why in the secondary school we intend to enter one of the most esteemed colleges. We long for concentrating in Ivy League schools or other tip top universities and request application articles from research paper composing administrations to show signs of improvement opportunity to enter. We have accumulated some intriguing data about most impressive colleges of the world. Number 1 school on the planet since 2003 is Harvard. It is arranged in Cambridge, Massachusetts. They are the best in Social Science, Biology, History, Mathematics and History. In any case, their acknowledgment rate is just 6%, so you need to buckle down so as to concentrate in Harvard. Be that as it may, it’s unquestionably justified, despite all the trouble. They have the greatest number of Nobel champs (151), fortune 500 CEO’s (25) and degrees (31). Among their graduated class there are Barack Obama, Franklin D. Roosevelt, John F. Kennedy, Bill Gates, Mark Zuckerberg and Lloyd Blankfein. The world’s â„â€"1 school in the yearly QS world college rankings list 2013 is Massachusetts Institute of Technology (MIT). It is the best spot to contemplate Engineering, Physical Science, Economics, Biology or Linguistics. Their acknowledgment rate is 8.2% and undergrad charges are $43,720. Simply the best understudies learn at this school, that’s why their absolute enlistment isn't immense †11,331. Furthermore, we can always remember about the most established college in the English-talking world †University of Oxford. They acknowledge 17.2% of the considerable number of candidates and you can examine Politics, Economics, Science, Mathematics, Literature and Philosophy. Among their alumni there are David Cameron, Tony Blair, Bill Clinton, Margaret Thatcher, J.R.R. Tolkien and 58 Nobel victors. College of Cambridge is the third most seasoned college on the planet and â„â€"3 in college rankings list 2013. With an all out enlistment of 19.938 their acknowledgment rate is 21% and undergrad educational cost and expenses are  £9000. They offer after projects: Mathematics, Science, Humanities Science, Computer Science and Biology. Among their most persuasive graduated class †Isaac Newton, John Milton, Charles Darwin, Francis Bacon, Henry Cavendish and Salman Rushdie. Another college that made a tremendous commitment to science is University of California. It is additionally an author of American Universities Association. 69 of their graduated class are Nobel champs and their majors are Science, Literature/Art, Chemistry, Engineering, and Economics. On the off chance that you need to consider biological systems and ionosphere you should pick the best college in these fields †Stanford University. It is likewise partnered with the Hoover Institution. That’s where Larry Page met Sergey Brin and afterward established Google, William Hewlett became companions and joins forces with David Packard, and gratitude to the way that Mike Krieger concentrated with Kevin Systrom in Stanford University we have Instagram. Another of the Ivy League schools arranged in New Haven, Connecticut, is Yale University. It affects American governmental issues. It additionally offers programs in Arts/Humanities, Science/Medicine, Natural Sciences, Engineering/Technology, Social Science Management. One of the most youthful first class colleges is the University of Chicago. It’s in the main 10 of the world’s schools since 2004. Since 1890 89 Nobel victors moved on from this college and you have unquestionably caught wind of their celebrated graduated class †Kurt Vonnegut Jr., John Ashcroft, Jesse Jackson and John Paul Stevens. The selective Ivy League Research foundation is Princeton University. It is the fourth most seasoned and probably the most extravagant school on the planet. Their acknowledgment rate is just 7.4% with an all out enlistment of 8,138. Here you can contemplate Humanities, Natural Sciences and Social Science, as 37 Nobel champs did in their occasions. In any case, not the entirety of the world’s most remarkable colleges are arranged in the USA and UK. Another incredible college is ETH Zã ¼rich, Switzerland. It’s the eighth world’s best innovation school and the top college in Continental Europe. On the off chance that you need to contemplate Mathematics, Engineering/Technology or Science and need to concentrate in Europe you should enter this college like Albert Einstein did. As should be obvious these colleges are unquestionably the most powerful ones and assume a tremendous job in science and governmental issues advancement. For additional subtleties and valuable information look at the infographic given beneath.

Interaction Design Assignment Example | Topics and Well Written Essays - 1000 words

Collaboration Design - Assignment Example 9. No, framework should focus on specialized issues. Reaction Sheet for Gardener # 2 1. Indeed, I might want to have a decent framework set up help me in planting. 2. I might want the framework to be my best guide in cultivating. 3. Indeed, obviously I can impart my encounters to my framework. 4. Indeed, the framework should disclose to me the ideal time to grow a particular time. 5. No, I might want framework to enlighten me concerning pesticide. 6. Truly, framework should give me climate update. 7. No, I will design next yield myself. 8. I might want to have a few custom and some prebuilt reports from the framework. 9. No, framework should focus on specialized issues. Reaction Sheet for Gardener # 3 1. Indeed, I figure framework can help me in planting. 2. I might want the framework to be my best guide in planting. 3. Indeed, I might want to include insight in my framework. 4. Indeed, the framework should reveal to me the opportune time to grow a particular time. 5. No, I might wan t framework to inform me regarding pesticide. 6. Truly, framework should give me climate update. 7. No, I will design next harvest myself. 8. I might want to have a few custom and some prebuilt reports from the framework. 9. It is acceptable I framework can anticipate my arrangements. Reaction Sheet for Gardener # 4 1. Indeed, I might want to have a decent framework set up help me in cultivating. 2. I might want the framework to be my best advocate in planting. 3. Indeed, obviously I can impart my encounters to my framework. 4. ... Archive Trail In request to solidify the discoveries of poll and reaction of interviewees on different part of the framework, right now is an ideal opportunity to consolidate some inquired about based semantic substance into this report. There is a ton of material accessible in planting books composed by space specialists. In addition, there are online discussions, sites that can give some great understanding into the practices that cultivators follow, and that can be used to upgrade the substance of the proposed Blossom Gardening System (BGS). The significance and utility of home planting is far more noteworthy than it is normally seen just like a side interest and inventive side interest. It can even be used for formative purposes. Ehui, John, Okike and Rockefeller (2004, p. 158) have called attention to a similar truth, â€Å"The contribution of governments on the side of planting has been insignificant, and for the most part just the wellbeing and nourishment divisions get inclu ded. Services of Agriculture (MoAs) will in general markdown the real or potential significance of home planting as a formative system. † Home planting likewise upgrade the stylish feeling of the nursery worker and also can be useful in spanning the gorge among urban and country ways of life. Besides, cultivating can realize the harmony and solace in close to home and public activity. (Zimmerer, p. 137) Blossom Gardening System (BGS) will be intended to expand the skill of plant specialists of each level. It will give helpful hints and methods generally utilized by these cultivators. This area is the most significant section of BGS as a large portion of the cultivators will love to have most recent updates in the field, as new plants getting in, new fixes and deceives, climate impact refreshes, garden arrangements for new season et cetera. The program can

Free Academic Essay Writing Samples PDF

Free Academic Essay Writing Samples PDFAcademic essay writing samples PDF is a paper template that is really useful for writing your essay. It contains everything you need to do a well-written essay. You can put the samples to work for you and help your academic skills grow. You can study the templates and know what to include in your essay.The templates are designed to help students in their efforts to finish their course content. This is a paper template that is used as a substitute to start your paper when you are lacking in writing skills. You can also use it to polish your skills of writing essays.When you begin to write an academic paper, you will find a whole lot of assignments available in the library. You will need some tips to get started. This will be your guide as you proceed and practice.You may have downloaded a bunch of these papers from the library or read about them online. You should be able to get a general idea of how to format a paper. The templates will help you write the document in a professional manner.When you are writing an academic paper, you will require strong typing skills. There is no point in writing if you cannot remember the right words. This is where the templates come in handy. They are designed to teach you how to write better and increase your vocabulary.You can download these academic paper templates online. Once you have downloaded them, you need to open them up in a word processing program such as Word or Publisher. Most people find that they get distracted when reading paper templates on the internet.Formatting your paper for formatting a paper PDF is all about the font size, line spacing, and margins. This is really an easy process and you can learn by following instructions. You do not have to be an expert to learn this skill.These academic paper templates will give you something to get started with and they are free. So try them out. Learn how to make your document look professional. You can continue to practice you r skills and build up your knowledge.

Tragedy And The Modern Man By Arthur Miller Essay

In the reading â€Å"Tragedy and the Modern Man† written by author Arthur Miller, it states, â€Å"I believe that the common man is as apt a subject for tragedy in its highest sense as kings were.† Arthur Miller describes what the true meaning of a tragic hero is throughout his reading. This quote that Miller includes shows us that any human being can suffer a tragedy as because we are a human being. To suffer through a tragedy, no matter how big or small, is what makes you truly a hero and successful. No matter what your social class may be, whether you are a common man or a king, when exposed to any circumstances, one can suffer a tragedy. Miller believes that facing a tragedy is pro rather than a con. Although, to suffer through the pain may be difficult for some, the experience and knowledge of how to overcome the situation in the future is more powerful than avoiding the pain. â€Å"†¦the tale always reveals what has been called his tragic flaw, a failing that is not peculiar to grand or elevated characters. Nor is it necessarily a weakness.† Miller mentions this in his reading as he explains that to have a flaw is not always something bad, but something good and something you should accept, rather than believing you are someone you truly are not. A great example of this comes from the novel â€Å"Things Fall Apart† by Chinua Achebe. Throughout this novel, the main character, Okonkwo, is known to be the complete opposite of his father just because he was not successful like the rest of theShow MoreRelatedWilly Loman, the Modern Hero in Arthur Millers Death of a Salesman1739 Words   |  7 Pages In Arthur Miller’s essay â€Å"Tragedy and the Common Man†, a picture is painted of a â€Å"flaw-full† man, known as the modern hero of tragedies. Miller describes what characteristics the modern tragic hero possesses and how he differs from the heroes depicted by classic Greek playwrights such as Sophocles and Aristotle. In order to understand how drastically the modern hero has evolved, one must first understand the basic characteristics that the heroes created by Sophocles and Aristotle encompass. TheRead MoreConventions of Tragedy in A View From The Bridge By Arthur Miller1100 Words   |  5 PagesConventions of Tragedy in A View From The Bridge By Arthur Miller Arthur Miller manipulates his characters and uses literary devices to effectively convey to the audience the trajectory of Eddie Carbone and his flaws of misconduct in the play, A View From The Bridge. He uses all the conventions of a modern tragedy adequately to help arouse sympathy, suspense and fear from the audience at significant intervals of the playRead MoreA Survey of Tragedy984 Words   |  4 PagesA Survey of Tragedy A modern tragedy of today and a tragedy of ancient Greece are two very different concepts, but ironically, both are linked by many similarities. In â€Å"Poetics†, Aristotle defines and outlines tragedy for theatre in a way that displays his genius, but raises questions and creates controversy. Aristotle’s famous definition of tragedy states: â€Å"A tragedy is the imitation of an action that is serious, and also as having magnitude, complete in itself in language with pleasurable accessoriesRead MoreQuest For Literary Form : The Greeks Believed That The Tragedy1742 Words   |  7 PagesGreeks believed that the tragedy was the greatest form of drama, and Aristotle’s concept of tragedy followed this belief. In the modern times, there has been a change in this view with various authors abandoning the classical form to follow more liberal forms of literacy. (Kennedy Gioia, Pp. 1203) Aristotle s Concept of Tragedy The analysis of Aristotle on tragedy formed the guideline for later poets in the Western civilization. Aristotle defined tragedy as â€Å"the simulation ofRead MoreExamples Of Everyday Tragedy732 Words   |  3 PagesEveryday Tragedy When a person thinks of tragedy the thing that flows to mind is death and destruction. Even though this way of thinking is valid, there are several ways to analyze the concept of tragedy. Tragedy is when one suffers an unexpected punishment that has merged together through ones actions. Arthur Miller believes that tragedy can happen to any type of person if youre rich or if youre poor, no matter what, it can happen to all of us. Arthur shows this to us in the book Death of aRead More Common Man as Tragic Hero in Death of a Salesman Essay1518 Words   |  7 PagesCommon Man as Tragic Hero in Death of a Salesman What is tragedy? While the literal definition may have changed over the centuries, one man believed he knew the true meaning of a tragic performance. Aristotle belonged to the culture that first invented tragic drama – the ancient Greeks. Through this, he gave himself credibility enough to illustrate the universally necessary elements of tragic drama. In The Poetics, Aristotle gives a clear definition of a tragedy, writing that it is â€Å"an imitationRead More Willy Loman as Tragic Hero of Death of a Salesman Essay1519 Words   |  7 PagesSalesman, exhibits all the characteristics of a modern tragic hero. This essay will support this thesis by drawing on examples from Medea by Euripedes, Poetics by Aristotle, Oedipus Rex by Sophocles, and Shakespeares Julius Caesar, while comments by Moss, Gordon, and Nourse reinforce the thesis.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Death of Salesman, by Arthur Miller, fits the characteristics of classic tragedy. ?.... this is, first of all, a play about a mans death. And tragedy has from the beginning dealt with this awesomeRead MoreWilly Loman as a Tragic Hero in Arthur Millers Death of a Salesman1218 Words   |  5 PagesTragic Hero in Arthur Millers Death of a Salesman Should Willy Loman of Arthur Millers classic, Death of a Salesman be regarded as a tragic hero, or merely a working-class, socially inadequate failure? Described by Miller as a self-destructive, insecure anti-hero, it seems almost impossible for Loman to be what is known as a tragic hero in the classical sense, but with the inclusion of other factors he maybe a tragic hero, at least in the modern context, or partiallyRead More Arthur Millers Death of a Salesman is A Modern Tragedy Essay1044 Words   |  5 PagesArthur Millers Death of a Salesman is A Modern Tragedy  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚      In the fourth century B.C., Aristotle set forth his description of dramatic tragedy, and for centuries after, tragedy continued to be defined by his basic observations. It was not until the modern age that playwrights began to deviate somewhat from the basic tenets of Aristotelian tragedy and, in doing so, began to create plays more recognizable to the common people and, thereby, less traditional. Even so, upon examinationRead MoreAnalysis Of Arthur Millers Death Of Salesman 1548 Words   |  7 Pages Research paper on death of salesman Arthur Miller created stories that express the deepest meanings of struggle. Miller is the most prominent twentieth-century American playwrights. He based his works on his own life, and his observations of the American scene. Arthur Asher Miller was born 17 October 1915 in Manhattan, New York city. He was the son of Jewish immigrants from Poland. His parents had a prosperous clothing company. Unfortunately when the stock market crashed, because his family

Forensic Nursing Codes Of Ethics - 1382 Words

The profession of nursing has many vast specialties. Although every specialty, including forensic nursing, has its unique population and scope of practice, every field of nursing can and should utilize the Codes of Ethics from the American Nurses Association. The 2015 Code â€Å"addresses individual as well as collective nursing intentions and actions; it requires each nurse to demonstrate ethical competence in professional life† (ANA, 2015, p. 7). This code can be broken down into nine provisions which highlight the main focuses every nurse should strive to abide by in practice. Because forensic nursing is a field that intersects the legal system and healthcare (ANA IAFN, 2015, p. 3), it has its own variation of codes of ethics that differ†¦show more content†¦8) of all patients and communities. Each segment of the Vision of Ethical Practice can be broken down and compared to different provisions of the ANA code of ethics. Fidelity to Patients and Clients Forensic nurses assist patients â€Å"faithfully and incorruptibly† (IAFN, 2008, p.1). The first provision of the ANA Code of Ethics states, â€Å"the nurse practices with compassion and respect for the inherent dignity, worth, and unique attributes of every person† (ANA, 2015, p. 8). Much like the ANA code, the forensic nursing code of ethics established by the IAFN states: The belief that human worth is the philosophical foundation on which forensic nursing is based, the practice of forensic nursing is consistent with the Vision of Ethical Practice (IAFN, 2008), the International Council of Nurses (ICN) Code of Ethics for Nurses (ICN, 2012), and the Code of Ethics for Nurses with Interpretative Statements (ANA, 2015). (ANA IAFN, 2015, p. 18). Especially as a forensic nurse, dealing with a vulnerable and marginalized population that have been victims of some type of violence or trauma, it is crucial to â€Å"deliver services in a non-judgmental and non-discriminatory manner that is sensitive to the diversity of the patient and the community† (ANA IAFN, 2015, p. 18). These nurses work with the homeless, domestic violence victims, transgendered individuals, individuals suffering from mental illness, offenders who are incarcerated, and alcohol and drug abusers.Show MoreRelatedRoles And Responsibilities Of The Nursing Profession891 Words   |  4 PagesNursing Today Did you know that nursing did not start out like how it is today? Yes, that’s correct! There has been numerous changes in the nursing field over the last hundred years. Let’s take a look at the factors that influenced the development of the nursing profession, the roles and responsibilities of nurses, and different career opportunities. These changes are what played a vital role in my desire to become a nurse. Development of the nursing profession War was a major influence on theRead MorePersonal Narrative : My Third Year Essay1102 Words   |  5 Pagessince there is no name for them. Nursing is all I ever wanted to do. I can’t quite remember how I caught the bug but I do remember making the decision to pursue this career and never looking back. I have pushed through so many obstacles while still in school and since starting as a professional working nurse, it’s a wonder how I managed to stay committed to nursing these past three years. I will admit there was a dark time about a year ago where I just felt that nursing was letting me down and I wasRead MoreCritical Incident Analysis Essay3770 Words   |  16 PagesAssignment word count: 3000 Actual word count: 2967 Contents 1. Assignment 2. 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This piece of reflection will focusRead MoreEthical Dilemmas for Nurses on End of Life Issues5633 Words   |  23 PagesEND-OF-LIFE ISSUES BASED ON CONFERENCE PROCEEDINGS HELD IN ELDORET, KENYA Author: Kamau S. Macharia: BScN (Moi), MSc (studying) Nursing Leadership Health Care Systems Management (University of Colorado, Denver), Higher Dip. Critical Care Nursing (Nbi). Graduate Assistant, School of Nursing Biomedical Sciences, Kabianga University College (A Constituent College of Moi University), . P 0 Box 2030 20200 Kericho, Kenya , Tel +254 722224577, Email: symomash@gmailRead MoreCase : Odom V. State Department Of Health And Hospital1474 Words   |  6 PagesOdom in 1994 against the State of Louisiana through the Department of Health and Hospitals. They lost their fourteen year old adopted son named Joseph Paul Odom (Jojo), who died of hypoxia at the Pinecrest Development Center in Louisiana, due to nursing negligence, on August 19, 1994. Description of the Case Joseph was born twelve weeks prematurely in Pineville, Louisiana on June 14, 1979 with a congenital birth defect of hyaline membrane syndrome. He had first episode of seizure when he was sixRead MoreCodes of Ethics in Nursing3690 Words   |  15 PagesCODE OF ETHICS IN NURSING * The fundamental responsibility of the nurse is fourfold: to promote health, to prevent illness, to restore health and to alleviate suffering. * The need for nursing is universal. Inherent in nursing is respect for life, dignity and the rights of man. It is unrestricted by consideration of nationality, race, creed, color, age sex, politics, or social status. * Nurses render health services to the individual, the family and the community and coordinate theirRead MoreIncarceration of The Mentally Ill Essay1771 Words   |  8 Pagesthe federal governments housing regulations resulted in an increase of homelessness within the mentally ill population. Changes in the Medicare and Medicaid systems made it cheaper to release psychiatric patients to less strict facilities such as nursing homes (Grob, 1994, Mechanic Rochefort, 1992, as cited in Litschge Vaughn, 2009). Because of large releases from institutions, substantial numbers of those living with mental illness stopped receiving treatment and the rates of incarceration beganRead MoreLegal and Professional Issues in Nursing4141 Words   |  17 Pagesï » ¿Legal and Professional Issues in Nursing Introduction Nursing involves forming relationships with patients on many different levels, which will depend on unique sets of circumstances and individual personalities. Illnesses which are considered life-threatening in particular can really require treatment that is complex and physical nevertheless, more tellingly, can awaken compound emotional, mental and spiritual issues for both patient, family and nurse. Experiencing such situations helps nursesRead MoreThe Death With Dignity Act1763 Words   |  8 Pagesthey have been dealt. When something of this magnitude occurs in ones life, doctor assisted suicide should never be an option, or even a thought on their mind. Human euthanasia is ethically, and morally wrong. It violates the principles of medical ethics that doctors take, it costs less to keep a person alive, rather than die, and if this medication falls into the wrong hands, a murder could come about from it. In the 19th century, there was an uprising in anesthesia use (Emanuel 1). In 1846, Dr.

Cyber Security The Security Of The Nation s Computer...

Cyber Security can be defined as â€Å"The security of the nation’s computer and telecommunications infrastructure that include military, all forms of communications networking, electrical grids and power plants.† (Dhillon, 2013) The attacks can involve both public and private sectors including: †¢ Government Agencies †¢ Banks †¢ Power Companies †¢ Any other companies that utilizes computer and telecommunication systems. Very little research exists regarding power in information system (IS) security. However, with new policies promulgated over the past 12 years resistance is bound to occur, which makes a fantastic breeding ground for research on how effective the IS policy can be. Threats: Threats to the security of the country and its citizens can†¦show more content†¦Ã¢â‚¬ ¢ The application of the theory leads to a complete political appraisal of the organization. †¢ The theory describes power in three different circuits. o Episodic: Describes day-day interaction, work, and outcomes. o Social Integration: Views how social structures affect power relationships and focusses on memberships and focusses on memberships and relationships. This has 2 subunits: ï‚ § Membership ï‚ § Shared Norms o System Integration: Looks at the technological means of control of an organization over the social and physical environment, this has two sub elements: ï‚ § Production ï‚ § Discipline Episodic Circuit of Power: †¢ The episodic circuit of power describes how events can shape policy. †¢ The events of 9/11 demonstrated how the lack of communication left the nation in a vulnerable state. †¢ The creation of department of homeland security illustrates the episodic power of an organization. †¢ Redirecting funds and resources, implementing personal policy oversight and other functions were placed under the control of a single person. †¢ The Creation of DHS also affected congressional functions. †¢ This resulted in the redirection of funds to certain areas of the country under the pretense of protection from terrorism. †¢ Terrorism is a grave threat to the nation but attacks are waged against organizations every single day that are not affiliated with a terrorist organization.

Project Management Collaborative Enterprise

Question: Discuss about the case study Project Management for Collaborative Enterprise. Answer: Introduction: By definition, project could be termed as the collaborative enterprise that is being planned carefully and designed for a certain aim (Lock, 2013). Therefore, since projects is a collaborative enterprise there is the need of coming up with strategies that could be effective in managing them (PMI, 2013). Therefore, the act of processing, knowledge, skill, experience and methods tend to be the referred in general as project management. In our course study our main focus of study is project management for large assets. Therefore, since project is a special transient endeavour that is undertaken for the purpose of achieving planned objectives, which could be defined in terms of output, project management of large assets in such of our case involves assets with a higher range scale of assets (Lock, 2013). Therefore, we could deem project as successful once it has achieved its objective in regards to the acceptance criteria based on the set timescale and budget. Hence, knowledge attained from this course in terms of core components of project management for large assets include: Definition of the reason why a project for large assets is deemed to be necessary. Ensuring that you have captures project requirements. Preparation of business case so as to justify the investment. Securing corporate agreement as well as funding. Development and implementation of management plan for the project. Ensuring that you manage risks, changes and issues in regards to project. Monitoring of process against plan. Managing project budget to avoid overspending. Providing management. Ensuring that when closing a project, it is in a controlled fashion that feels appropriate. Based on this course study, it also provides us with the idea of when to use project management. Since, project of large asset firms is made up of separate to business usual activities, it requires that people converge and for the purpose of attaining certain objective. Therefore, such effective teamwork tends to be key for successful projects completion (Tennyson Ordo nez, 2013). At times project management in large asset firm pertained from our class notes shows that it requires discrete packages for the purpose of objective achievement. Therefore, this shows that the way work is managed in project management of large assets depends on a wide variety of factors. Since, large asset firm project are hard to deal with, it is expected that there will be significance, high scale operations and complexity. For instance, take the case of relocating a small office, and organizing the Olympic or software development in a large firm, they share the same principles but there are a lot of different managerial challenges that should be considered. Therefore, this course study provides us with adequate knowledge that distinguishes factors that look at the nature of objectives. Objectives can be distinguished in terms of levels of output, outcomes benefits or strategic objectives (Finnerty, 2013). Therefore, this course provides us with efficient skills that would ensure greater likelihood of desired results, satisfaction of differing needs by large asset, and ensuring efficient and best value of large asset resources. References Project Management Institute. (2013).A guide to the project management body of knowledge (PMBOK guide). Lock, D. (2013).Project management. International Conference on Informatics and Management Science, Du, W. (2013).Informatics and management science IV. London: Springer. Tennyson, R. D., Ordo nez, . P. P. (2013).Best practices and new perspectives in service science and management. Hershey, Pa: IGI Global (701 E. Chocolate Avenue, Hershey, Pennsylvania, 17033, USA. In Kostka, G., In Fiedler, J. (2016).Large infrastructure projects in Germany: Between ambition and realities. Finnerty, J. D. (2013).Project financing: Asset-based financial engineering.

World War One an Example by

World War One World War One in Europe was a defeating accomplishment because of the overall death toll. This paper will focus on why there were so many deaths during this wars, both civilian and military, by bringing a discussion about weapons technology to the forefront of the paper and how modern technology clashed with old tactics. In order to have a grasp of the world wars in Europe, a short history of communication and rivalry in Europe will be discussed in order for a clear picture of why so many countries were involved in these world wars. A focus on the daily lives of countrymen, especially Germans and especially the women left to fend for themselves while the men fought in the war will be dissected since Germany was a country who suffered financially after each war and the cruel reality that the country itself made their own people suffer with hunger in order to win the war (because funds were being transferred to developing weapons and not to the people of the country). Need essay sample on "World War One" topic? We will write a custom essay sample specifically for you Proceed Our Customers Usually Tell EssayLab professionals: I attempted to work on that type essay by myself and it was a failure. Go To The Order Button And Prepare Yourself To Be Impressed Buy Essays Online College Papers Online Website To Write Papers Write My Essay For Me Cheap However, once the treaty was finalized, it met great resistance in the American Congress. There were many factors that divided the American Congress of the treaty. One of these factors was the seemingly light punishment that Wilson detailed against Germany. Partly because the United States had only been on the war for a short time, and partly because Wilson wanted to end the US involvement in European politics, he drafted the Fourteen Points against Germany. The next problem came from the congressmen who still opposed any US involvement in Europe. Since before the United States entered World War I, many Americans felt that US involvement was a waste of time and life. The Europe that emerged after the war was seen as much the same as it had been before the war began. Between these two main groups of opposition, there was not enough support, therefore, Wilsons treaty failed to be ratified by the United States congress. Wilson felt this was a great failure; it plagued him throughout the remainder of his presidency. Europes Wars and Revolutions: A Brief History Throughout Europe, the 17th and 18th centuries were a turbulent time. Among the many wars that were fought in this age, the War of Spanish Succession and the Seven Years War were particularly important. During the reign of The Sun King, Louis XIV, of France, the Kingdom of Spain fought to break away from the hegemonic rule of the Hapsburgs. Following the death of the last Hapsburg king of Spain, the new king, Phillip V slowly began to break away from French domination. Though he was a grandson of Frances King Louis XIV, Phillip V wanted a sovereign Spain, while Louis XIV desired a Spain that would serve France. The Holy Roman Empire saw the succession of Spain and the expansions of France as a threat. Therefore, Britain, the Danish kingdoms and the HRE joined into an alliance to stem this tide. Britains General, John Churchill, brought the greatest victories against France as he outmaneuvered Louis XIV, by securing the Netherlands, and the British foothold in Northern Europe. A few decades later, the next Great War, The Seven Years War, engulfed Europe again. The pressing of French interests in the North American regions was seen as a threat to other European nations. Prussia and Great Britain allied against France and fought for (actually) nine years. The resulting outcome saw a weakened France on the American continent, and in Europe, and a more powerful Prussia Europe, and a dominant Great Britain in North America. World War One This war entailed the Allied powers of Britain, France and America (triple entente) against the central powers, Germany, Austria-Hungary and the Ottoman Empire (triple alliance) from August 1924- November 11, 1918. This war led to the eventual collapse of four major empires and a new power structure in Europe that would eventually be tested with the Second World War. The war tactic that was infamous during World War One was trench warfare, as Solar Navigator (1999) states. Advances in military technology meant that defensive firepower out-weighed offensive capabilities, making the war particularly murderous, as tactics had failed to keep up. Barbed wire was a significant hindrance to massed infantry advances; artillery, now vastly more lethal than in the 1870s, coupled with machine guns, made crossing open ground a nightmarish prospect. By 1915 both sides were using poison gas. Neither side ever won a battle with gas, but it made life even more miserable in the trenches and became one of the most feared, and longest remembered, horrors of the war. Between the trenches of opposing forces was what is commonly defined as no man's land which accounted for a great percentage of deaths in this war. Not only were troops mobilized in the sea, which is common practice for war, but for the first time in history, a battle commenced in the sky. The death rate of this war was tremendous due to numerous factors, as Solar Navigator, states, the Battle of St. Mihel in 1918. Here, within a matter of one day, American troops, supported by tanks, airplanes, and artillery, advanced over 20 miles, clearing a salient that had been a thorn in the side of the French army since 1914. More than 9 million soldiers died on the various battlefields, and nearly that many more in the participating countries' home fronts on account of food shortages and genocide committed under the cover of various civil wars and internal conflicts. In World War I, only some 5% of the casualties (directly caused by the war) were civilian - in World War II, this figure approached 50%. These devastating facts highlight the true gruesome reality of World War One and its dramatic increase in deaths. The end of World War one saw the demise of many empires and the eventual creation of different countries. These included the end of the Russian Empire but the birth of the Union of Soviet Socialist Republics which would become a world power. The destruction of the Ottoman Empire led to the Republic of Turkey and other middle east states. Central Europe saw the rise of Czechoslovakia, Finland, Latvia, Lithuania, Estonia and Yugoslavia while other states were reestablished such as Austria, Hungary and Poland. Not only did World War One create new states of power and conflicting issues between these state would eventually lead to World War Two. In 1923 for example Fascists came into power in Italy and as Solar Navigator states, in 1933, 14 years after the war, Nazism took over Germany. Problems unresolved or created by the war would be highly important factors in the outbreak, within 20 years, of World War II. Causes: Why so many countries involved As most wars began, the First World War was the nascent war after an assassination. This assassination took place on June 28, 1914 (unofficially the beginning of the war). Gavrilo Princip, who was part of the Black Hand Gang assassinated Archduke Franz Ferdinand in Sarajevo. The reason for the Archdukes visit was to take imperial rule over a province (Solar Navigator). It must also be stated that this was not the sole contributor to the war, but it was one factor of many. Other causes of the war were included in the treaty of Versailles and the Treaty of Trianon. Austria, along with Berlin essentially acted first in its invasion of Serbia on July 29 that is one cause of the war. Also, Germany who on August 3, attacked Belgium, in accordance to the Schlieffen Plan (Solar Navigator). It was in these acts that the war began and it was in the above mentioned treaties that the Second World War may be found, as Solar Navigator states, Though drastically simplified, such an overview clearly portrays Germany and Austria-Hungary as the aggressors, and therefore, those bearing responsibility. Not surprisingly, this resulted in the humiliation of Germany, which included the demand that Germany pay all the war costs (including pensions) of the Allies. This directly affected the global economy and indirectly contributed to the Great Depression. Weapons The First World War was a race for advance weapons technology; essentially it was an arms race. For example, the HMS Dreadnought made obsolete all other previous war ships. This introduction of a weapon only incited other countries to build bigger and better warships to outrival Britains HMS Dreadnought. Between Britain and Germany there was an extreme arms race to discover and build a better war ship. One country was ever trying to out build the other. In view of this war ship other weapons were either introduced or being used with slight modifications during World War One which included the following: armored cars, grenades and mill bombs, Mark 1 (Mother; a tank), smokeless gunpowder, torpedo, and wireless communication (Spartacus). Why So Many Deaths In the face of technology is the reflection of deaths of not only soldiers but citizenry. World War One was a war fought with 19th century tactics and 29th century weaponry and technology which explains the high death rate of the war, in the trenches alone it is reported that one man died for every meter of land gained (Solar Navigator). Many of historys deadliest battles were fought in World War One, for example, Ypres, Vimy Ridge, Marne, Cmbrai, Somme, Verdun, and Gallipoli (Solar Navigator). There were so many deaths in the First World War because of artillery. Mass amounts of machine gun fire far outweighed the 19th century musket, and tanks as well as grenades and other bombs were used in exorbitant amounts, more so than any other war had been witness. Explosives alone amounted to a great majority of the death percentage reported at the end of the war. Also, During the war, the [Haber process] of nitrogen fixation was employed to provide the German forces with a continuing suppl y of powder for the ongoing conflict in the face of Brittish naval control over the trade routes for naturally occurring nitrates (Solar Navigator). Chemical warfare, such as the use of mustard gas, tear gas, etc. was highly used in the trenches and accounted for the disabling of soldiers and their eventual demise from artillery, or phosgene gas used to directly kill an opponent. Of these wars it is apparent that the death rate among civilians was greatest in World War Two, but the military advances in technology and trench warfares gruesome military death rate was overpowering. The advances in technology during World War One were more prominent because the military was still using tactics of a previous century while incorporating technology that was far more advanced than either side was prepared. While World War One saw the sights of tanks, machine guns, and gas, World War Two had more civilians die due to genocide, hunger, and homelessness. World War Two also saw the beginnings of germ warfare; although war in itself is barbaric, it is with civilian deaths, those who did not make a choice to go to war that this barbarism is truly portrayed. Work Cited Burleigh, Michael. The Third Reich: A New History. Hill and Wang, New York, 2000. Caplan, Jane & Thomas Childers. Reevaluating the Third Reich.Holmes and Meier, 1993. Cosner, Shaaron & Victoria Cosner. Women Under the Third Reich Greenwood Press, 1998. Mosse, George L. Two World Wars and the Myth of the War Experience. Journal of Contemporary History. Vol. 23, No. 1. pp.491-513. Oct. 1986. Speer, Albert. Inside the Third Reich: Memoirs.Trans. Richard and Clara Winston. The MacMillan Company, New York, 1970. Streib, Gordon F. Idealism and War Bonds: Comparative Study of the Two World Wars. The Public Opinion Quarterly. Vol. 12, No. 2. pp.272-279. 1948.

Biography of Annie Jump Cannon, Classifier of Stars

Biography of Annie Jump Cannon, Classifier of Stars Annie Jump Cannon (December 11, 1863–April 13, 1941) was an American astronomer whose work in star cataloging led to the development of modern star classification systems. Along with her groundbreaking work in astronomy, Cannon was a suffragist and activist for women’s rights. Fast Facts: Annie Jump Cannon Known For: American astronomer who created the modern star classification system and broke ground for women in astronomyBorn: December 11, 1863 in Dover, DelawareDied: April 13, 1941 in Cambridge, MassachusettsSelected Honors: Honorary doctorates from University of Groningen (1921) and Oxford University (1925), Henry Draper Medal (1931), Ellen Richards Prize (1932), National Womens Hall of Fame (1994)Notable Quote: Teaching man his relatively small sphere in the creation, it also encourages him by its lessons of the unity of Nature and shows him that his power of comprehension allies him with the great intelligence over-reaching all. Early Life Annie Jump Cannon was the eldest of three daughters born to Wilson Cannon and his wife Mary (neà ¨ Jump). Wilson Cannon was a state senator in Delaware, as well as a ship builder. It was Mary who encouraged Annie’s education from the very start, teaching her the constellations and encouraging her to pursue her interests in science and math. Throughout Annie’s childhood, mother and daughter stargazed together, using old textbooks to identify and map out the stars they could see from their own attic. Sometime during her childhood or young adulthood, Annie suffered major hearing loss, possibly due to scarlet fever. Some historians believe she was hard of hearing from childhood onward, while others suggest that she was already a young adult in her post-college years when she lost her hearing. Her hearing loss reportedly made it difficult for her to socialize, so Annie immersed herself more completely in her work. She never married, had children, or had publicly known romantic attachments. Annie attended Wilmington Conference Academy (known today as Wesley College) and excelled, particularly in math. In 1880, she began studying as Wellesley College, one of the best American colleges for women, where she studied astronomy and physics. She graduated as valedictorian in 1884, then returned home to Delaware. Teacher, Assistant, Astronomer In 1894, Annie Jump Cannon suffered a major loss when her mother Mary died. With home life in Delaware becoming more difficult, Annie wrote to her former professor at Wellesley, the physicist and astronomer Sarah Frances Whiting, to ask if she had any job openings. Whiting obliged and hired her as a junior-level physics teacher- which also enabled Annie to continue her education, taking graduate-level courses in physics, spectroscopy, and astronomy. To continue pursuing her interests, Annie needed access to a better telescope, so she enrolled at Radcliffe College, which had a special arrangement with nearby Harvard to have professors give their lectures both at Harvard and Radcliffe. Annie gained access to the Harvard Observatory, and in 1896, she was hired by its director, Edward C. Pickering, as an assistant. Pickering hired several women to assist him on his major project: completing the Henry Draper Catalogue, an extensive catalogue with the goal of mapping and defining every star in the sky (up to a photographic magnitude of 9). Funded by Anna Draper, Henry Draper’s widow, the project took up significant manpower and resources. Creating a Classification System Soon into the project, a disagreement arose over how to classify the stars they were observing. One woman on the project, Antonia Maury (who was Draper’s niece) argued for a complex system, while another colleague, Williamina Fleming (who was Pickering’s chosen supervisor) wanted a simple system. It was Annie Jump Cannon who figured out a third system as a compromise. She divided stars into the spectral classes O, B, A, F, G, K, M- a system which is still taught to astronomy students today. Annie’s first catalog of stellar spectra was published in 1901, and her career accelerated from that point on. She received a master’s degree in 1907 from Wellesley College, completing her studies from years earlier. In 1911, she became the Curator of Astronomical Photographs at Harvard, and three years later, she became an honorary member of the Royal Astronomical Society in the U.K. Despite these honors, Annie and her female colleagues were often criticized for working, rather than being housewives, and were often underpaid for long hours and tedious work. Regardless of criticism, Annie persisted, and her career flourished. In 1921, she was among the first women to receive an honorary doctorate from a European university when the Dutch university Groningen University awarded her an honorary degree in math and astronomy. Four years later, she was awarded an honorary doctorate by Oxford – making her the first woman to receive an honorary doctorate of science from the elite university. Annie also joined the suffragist movement, advocating for women’s rights and, specifically, the extension of the right to vote; the right to vote for all women was finally won in 1928, eight years after the Nineteenth Amendment in 1920. Annie’s work was noted for being incredibly rapid and accurate. At her peak, she could classify 3 stars per minute, and she classified around 350,000 over the course of her career. She also discovered 300 variable stars, five novas, and one spectroscopic binary star. In 1922, the International Astronomical Union officially adopted Cannons stellar classification system; it is still used, with only minor changes, to this day. In addition to her work on classifications, she served as a sort of ambassador within the astronomy field, helping forge partnerships among colleagues. She assumed a similar role for the astronomy field’s public-facing work: she wrote books presenting astronomy for public consumption, and she represented professional women at the 1933 World’s Fair. Retirement and Later Life Annie Jump Cannon was named the William C. Bond Astronomer at Harvard University in 1938. She remained in that position before retiring in 1940 at the age of 76. Despite being officially retired, however, Annie continued to work in the observatory. In 1935, she created the Annie J. Cannon Prize to honor women’s contributions to the field of astronomy. She continued to help women gain a foothold and gain respect in the scientific community, leading by example while also lifting up the work of fellow women in science. Annie’s work was continued by some of her colleagues. Most notably, the famous astronomer Cecilia Payne was one of Annie’s collaborators, and she used some of Annie’s data to support her groundbreaking work that determined that stars are composed primarily of hydrogen and helium. Annie Jump Cannon died on April 13, 1941. Her death came after a long illness and hospitalization. In honor of her countless contributions to astronomy, the American Astronomical Society presents an annual award named for her- the Annie Jump Cannon Award- to female astronomers whose work has been especially distinguished. Sources Des Jardins, Julie.  The Madame Curie Complex- The Hidden History of Women in Science. New York: Feminist Press, 2010.Mack, Pamela (1990).  Straying from their orbits: Women in astronomy in America. In Kass-Simon, G.; Farnes, Patricia; Nash, Deborah.  Women of Science: Righting the Record. Bloomington: Indiana University Press, 1990.Sobel, Dava.  The Glass Universe: How the Ladies of the Harvard Observatory Took the Measure of the Stars. Penguin: 2016.

IFRS ( international financial reporting standards) Essay

IFRS ( international financial reporting standards) - Essay Example Resulting from this difference, IFRS gives the management flexibility and discretion in preparing the financial statements of a company. In the recent past, most nations have moved towards adopting a common globalized accounting standard. As such, use of IFRS in many parts of the world has gained widespread prominence and popularity. Regions such as the European Union, Australia, Hong Kong, Singapore and Russia, and other countries have adopted the use of IFRS. In January 2011, Canada adopted the use of IFRS officially; consequently, many countries switched from their accounting standards and adopted the IFRS standard of Canada. The widespread acceptance of International Financial Reporting Standards portrays a fundamental change in the accounting profession. This stems from the fact that the use of IFRS has become a common phenomenon in the accounting profession (Nandakumar et al 2011, p. 3). About 100 countries either allow or require publicly held companies to use IFRS while preparing their financial statements. The Securities and Exchange Commission (SEC) in America has considered setting a date in order to allow U.S. public companies to adopt the use of IFRS. The process of setting international standards started several decades back. Industrialized nations saw the need to devise standards, which could be adopted by small and developing nations unable to come up with their own standards for accounting. With the globalization of business, investors, regulators, auditing firms and large companies realized the vitality of adopting common standards that could apply in all aspects of financial reporting (Kirk 2008, p. 2). The adoption of IFRS has some considerable benefits to the company and the investors who adopt these standards. The adoption of international standards allows the governments, and investors and organizations to have a comparison of the financial statements

Cakes case study on ops & supply chain management - 1

Cakes on ops & supply chain management - Case Study Example nufacturing industry, the manner in which resources are handled, among them time, provides a measure of how productive the business model is and how much it is able to make use of 100% of the resources to result to 100% value and quality management. On the other hand, the retail industry which provides final consumers with consumer products makes use of the lean concept through the consideration of factors such as the channels of ordering, the human resource required, and the number of other factors to be considered between the time of order placement to the time of delivery to the consumer (Maleyeff, 2012). In the application of the lean concept, several factors are considered. Among these are resources that are directly in control of the business model at hand. This means that internal operations are the only operations the business model can control. However, it is observed that various considerations have to be considered when handling internal operations. For instance, it is observed that the number of factors affecting the productivity within a business model include time management. Time management and the utilization of other resources go hand in hand. The lean concept points that the operations of a company or a business model can be manipulated in manner that processes use the optimal resources under a defined and well strategized timeframe. In this case, while processes such as those involved in a bakery or confectionary companies, require various inputs aimed at bringing out one outcome. Under this example, it is observed that processes such as the ordering of ingredients fr om the companies’ inventories must ensure that orders are on time and dispatch of the ingredients is at par with other processes’ schedules. While processes such as the cleanup of equipment as well as the preparation of the next batch make use of time management and material management (Barrad, & Sipper, 1988). On the other hand, while inventory is a major component of the

Magnolia - sequence review Essay Example for Free

Magnolia sequence review Essay But the sky is cloudy, still I would like to assume that Stanley likes arriving at his school. The second sequence focuses on a different character the Grown up ex-boy genius Donnie Smith. Just as in the first sequence from this clip we have a fast tracking shot into a television, which then fills and becomes the screen. This is to show this next sequence is a TV show. The same game show What Do Kids Know? is shown but as is the room in a distinctly dated style. They are wearing light blue graduation robes and graduation hats suggesting the young children are knowledgeable beyond there years. The editing in this sequence is distinctly old-fashioned long takes. This adds to the authenticity of the piece it stays true to the 60s game show style. The sequence is set in the Studio and uses a young Jimmy Gator shown previously as the host. I get the impression Donnie wants to be on the game show a lot more than Stanley as he shows a desire to regain his lost youth to go back to the time he knew his parents loved him. His success and fame have become a substitute. There is no very fast editing to show eagerness. Hes clever and he pausing increases the audiences anticipation. Hes very much playing for the crowd and at this point he wants to be famous and seemingly understands the business more than Stanley. The fact that the same room in different time periods is used shows the superficial relationship between them, that they are very similar at this point. The sequence uses superimposed graphics to show the exact year. Donnie serves as a comparison to what Stanley could become if hes successful in the game show and things continue on their course. Once this comparison is made the correlation between them is cemented, the camera shows an almost perfect graphic match into the future, Donnie wearing the same grin. Hes wearing a cheap brown suit with cheap national heath style glasses (suggesting that hes obviously not rich anymore). Hes in a dentist being readied for surgery; hes getting braces. Donnies seemingly happy but I think this is just a cover as his visit to the dentist is needless and shows he has a need for self-improvement. Donnie Rushes off clearly used to the attention given to him by the nurses and even the doctor. The bright lighting inside the room reflects Donnies projected mood. Donnie is happy because his teeth, which are fine, are going to be straighter. The doctor is interested in Donnies celebrity the doctor follows Donnie out from the surgery room trying to talk to him trying to make him stay longer, as if Donnies celebrity could rub off no him, but Donnie seems board, used to this kind of attention. This is a constant reminder to him of all hes lost. Hes not rich, clever or on television anymore. Donnie rushes off brushing them aside making excuses and rushes off to work. After he smashes up the seven-eleven in his car, we notice how the car is very small and weedy by American standards. The car is white and reflects his mood when hes in it because of the music he listens to while inside. As soon as he crashes, he and the car into the storefront, the car goes into shadow as Donnie seems to wake from his daydream. His car also shows, along with the suits, hes apparently not rich anymore. Hes also obviously well known local personality because a man comes running up and shouts Its quiz kid Donnie Smith! Donnie seems used to being recognized. The EX-Boy genus is confused even though hes just blatantly ran the car into the store he didnt do it deliberately and is taken aback by the fact hes forgotten to stop his car. He looks like he was daydreaming. Maybe hes recently fallen in love. Hes getting braces, he clearly doesnt need. This is to make himself look better. He thinks that this person would want him to change to be better even in this superficial way; Donnie feels that hes not good enough. Hes daydreaming about this person hes fallen in love with. The thing that makes me think this is the music its Dreams by Gabrielle. This combined with his actions shows hes thinking about his daydream coming true about his love and its reciprocation by this person. This short sequence in the film seems to be packed with different types of imagery relating to the characters which over time has given me a good understanding of the narrative, the relationships between the characters are clear contrasting elements like these two characters are readily apparent and within five minutes each character and there part of the narrative has been shown, making apparent the skill of the Writer/Director P. T Anderson.

The History of Human Evolution Essay -- Exploratory Essays Research Pa

The History of Human Evolution By definition, human evolution is the development, both biological and cultural, of humans. Human ideologies of how the evolution of man came to be is determined by cultural beliefs that have been adopted by societies going back as far as the Upper Paleolithic era, some 40,000 years ago. Through the study of paleoanthropology, we have come to determine that a human is any member belonging to the species of Homo Sapiens. Paleoanthropologists, while studying the evolution of humans, identify and explain evolutionary changes that occur throughout time that aid in the development of the human species. It will be through the examination of human physical traits, human origins from pre-humans to modern humans, and major discoveries that we will be able to understand the history of human evolution. The Hominidae, or hominids are a group of upright walking primates with relatively large brains. The only existing representative of this family is the Homo sapiens. We can declare that all humans are part of the hominid family, yet not all hominids can be considered humans. However all humans are primates; although humans have developed very distinct traits from its genetically similar primate, the chimpanzees, such as bipedalism, meaning walking on two legs. â€Å"Bipedalism seems to be one of the earliest of the major hominine characteristics to have evolved.†(Microsoft Encarta) Bipedalism enabled humans to develop specific physical traits to accommodate their upright posture, such as a specialized pelvis, hip and leg muscles, and an S-shaped vertebral column. These traits, specific to humans, can be detected in fossil records therefore making bipedalism the defining factor in the physica... ...o could even have lived side by side†.(Lawson) This discovery just proves how human evolution can be understood more in depth with continuous fossil findings and how we can never truly be sure how human evolution began because it would be impossible to be 100% positive that all fossil records have been analyzed. The Kenyanthropus discovery may prove that two lineages of human evolution may exist but that does not necessarily mean that others do not.   WORK CITED Gallagher, Richard B., Michael Murphy, and Luke O’Neill. "What Are We? Where Did We Come From? Where Are We Going?" Science 14 Jan. 1994: 181-183 "Human Evolution." Microsoft Encarta. 1996 ed. [CD-ROM] Lawson, Willow, â€Å"A New Face Joins the Family.† ABCNEWS 2001. Leaky, Meave G., â€Å"New hominin genus from eastern Africa shows diverse middle Pliocene lineages.† Nature 2001:433-440  

Untrustworthy President Example Essay

Matthew Hart 09/18/12 An Untrustworthy President â€Å"The true test of the American ideal is whether we’re able to recognize our failings and then rise together to meet the challenges of our time. Whether we allow ourselves to be shaped by events and history, or whether we act to shape them. †- Our current president. The U. S. president has been untrustworthy on more than one occasion. Our president is unreliable when it comes to foreign and domestic issues, as well as being all around untrustworthy. Our president is untrustworthy to us, U. S. citizens.Our borders are overflowing with illegal immigrants who have no intensions of legalizing or paying taxes but are willing to take our jobs and take our money back to their country where it does not belong. Our president has been persecuting Arizona for enforcing illegal immigration laws when his administration will not do the job. At the White House, the president held a joint press conference with Mexico’s preside nt that featured both of them criticizing Arizona's immigration law. I only wish there were someone there to represent America that day.That is a matter of national security where we cannot trust our president to protect us. We depend on our president to provide us with jobs when the job market is suffering and this president is providing us with a slow increase in jobs when we need a quick and large increase, again our president expresses untrustworthiness in the face of a crisis. The very first thing our president did after he was elected was push through the largest and most wasteful spending bill in human history. The cost of the bill was attested to be 800 billion to 1. trillion dollars. The purpose of the bill was to create jobs and the government claimed the bill would keep unemployment below 8%. We've now had 38 straight months of above 8% unemployment, the longest streak since the Great Depression. Keeping our country and government operating smoothly is another area where uncertainty surrounds our president’s capabilities. That is an example of our tax money being insecure in the hands of our president. We pay more money a year than anyone can fathom and it is squandered in this country and around the world n ways that do not help solve our problems we face here at home or around the world. As all presidents are, this president has been unreliable from the beginning, when he ran for office. Every president to be must tweak the truth of where they stand on certain topics of interest, creating a false sense of security which later makes us insecure as a country. Despite the fact that our government assured us that there was â€Å"no risk† America would lose its AAA credit rating, America did indeed lose its rating for the first time since 1917 because of our president’s refusal to cut spending.Election Day for our president, with his soon to be half fulfilled promises to better this country and the world, is a memorable example of our president acting untrustworthy. Never before in the history of our country has one party pushed through a massive entitlement program that was wildly unpopular with the American people, the Affordable Health Care Act. This year’s convention where the president makes unreliable statements about what he has or has not accomplished is another example.The recent speeches on foreign policy and national security provide extensional evidence of how trustless our president is to us. Putting a man on the moon is one of America's greatest accomplishments and our Space Shuttle program was ended, under our current president. When a U. S. president wants to be reelected to office, he must rethink his first set of unfulfilled promises and decide which to change and which to keep. Foreign policy is a major area where he has become untrustworthy with.Foreign leaders of allied nations around the world cannot trust our president when they need his help. American’s think of our presi dent as being untrustworthy when it comes to the current crisis in the middle-east. The President has wasted a ton of time, energy and money on things like nationalizing our health care system which doesn't really rise to the level of being a true national emergency. Meantime, he has spent almost no time dealing with real national emergencies, such as the emergence of a nuclear Iran. They feel as though he is not acting in the best interest of our country.Look at our president, when faced with multiple countries in the middle-east burning our flag, he does not take action in the best interest of the citizens of the United States. As the president of the United States of America it is his duty to act in best interest of this country’s citizens and there is no evidence where he has asked us what we would want him to do about this crisis. But he took action in the best interest of those countries citizens and that is untrustworthy from an American citizen’s point of view. The U. S. resident shows us just how unreliable he is at protecting our good country’s name around the world when he does nothing after four Americans are murdered, an American embassy is set on fire, and an American school is burned to the ground in a foreign country. Our president is unreliable when it comes to foreign and domestic issues as well as being all around untrustworthy. As all presidents are, this president has been unreliable from the beginning, when he ran for office. Foreign policy is a major area where he has become untrustworthy with. Foreign policy is a major area where he has become untrustworthy with.

Clinical Data Manager And Compensation And Benefits Managers

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Finance Dissertations - Corporate Payout Policy - Free Essay Example

Sample details Pages: 33 Words: 9775 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? 1. Introduction: The market system in the UK and the US has emphasized the role of the stock market in the Anglo-American capitalist system. Shares and bonds have become very common tools of investment in the capital system. Don’t waste time! Our writers will create an original "Finance Dissertations Corporate Payout Policy" essay for you Create order Investors buy shares and bonds in the hope of getting capital gains plus income from their investments. Shares offer investors capital gains/losses and dividends, share are very attractive investment tools for people who are prepared to risk their principle and get less than the amount that they have invested. Bonds offer limited return on investments, Bonds offer investors the same principle. Financial managers usually pay off their shareholders using two methods: Dividends: dividends are share of the capital that investors receive in return for investing their money in the company. Share repurchase/buyback: some financial managers choose to buyback the shares of the company if they feel that they company’s shares are undervalued, buying part of the shares will boost the remaining outstanding share prices. Over the last twenty five years, companies have become less prone to distribute funds to shareholders. This noticeable increase in dividends is accompanies by share repurchases in the US. Since Margaret Thatcher came to the power in the UK, the United Kingdom has adapted a very similar economic path to the US. These developments in the US have been followed by very similar developments in the UK. British companies are trying to concentrate on share buyback rather than pay dividends. In this assignment, we will try to find out why companies are heading towards share buyback. 2. What determines the payout policy of the company?: Miller and Modigliani (1961) were the first two scientists to challenge that fact that high dividends payout leads to higher value of a company. It is apparent that companies’ payout policy does not affect the value of the company. The reason that made Miller and Modigliani think that the payout policy of the firm does not af fect the value of the firm is that fact that in a frictionless economy investors could make their decisions rationally with no or minimum stochastic factors. Investors will be able to see that distributing too much dividends means that the company is missing investment opportunities and that its future cash flows will be substantially less than now. While if the company retained its earnings in order to invest into projects, investors will think that the company has over invested and so that the return on its capital will be substantially less than the market average. Miller and Modigliani thought that companies could not create the impression that they are better than what they are in reality. For several reasons, there are many people nowadays that do not believe in Miller and Modigliani, one of the possible reasons for that is the fact that financial markets are not frictionless and investors are not totally rational. In the financial markets, there are many short- sighted investors that prefer to get profit as soon as possible without paying any real value to the future cash flow of the firm. But the supporter of Miller and Modigliani argue that institutional investors watch the payout policy of the firm very carefully and analyze the activities of the firm in a very good way so institutional investors do know the value of the firm exactly. Although Miller and Modigliani do not see any difference in the value of the firm no matter what payout policy the firm follows; there are many people who think that having high payout policy is much better than retaining funds because high payout policy attracts institutional investors who are able to monitor the company and give a more precise valuation to the value of the company and its credit quality. Trojanowski, G(2004) thinks that the company is really in typical type I error and type II error dilemma, if the company adapted high payout policy towards so it became cash constraint the compa ny might miss profitable investment opportunity( type II error), but if the company retained cash and invested in unprofitable projects this will be type I error. Trojanowski, G(2004) thinks that this high payout policy is considered the price that should be paid to institutional investors in order to get things right and be able to give precise valuation to the company. There are several factors that determine the payout policy of a firm; we can summarize these factors as: Valuation of the company’s value, taxes, information asymmetries and contract incompleteness. 2.1 Valuation of the Firm’s shares: The value of the firm itself play a substantial role in the payout policy for any company, if the firm’s shares are undervalued, companies’ tend to buyback their share prices in order to make use of the undervalued share price, this will improve the share price and encourage investors to invest more in the shares of the particular company. Sha re buyback play the merger acquisition impact on share prices, in the case of merger and acquisition, a company comes forward to buy the shares of an undervalued company, this normally leads to a hike in the share prices of both companies. In the case of share buyback, the company itself comes forward to buy its own shares, this leads as well to a hike in the share price. The rise in share prices resulting from share repurchases will make it more difficult to other companies to buy the shares of the undervalued company because buying the shares of the undervalued company will require additional premium. The success of the share buyback process is directly related to the number of investors who come forward to sell their shares. The number of investors who come forward to sell their shares is related to the price at which the shares were bought. If the price of the bought shares was high and then fell dramatically, the buyback process will not be enough to compensate f or the full loss of the invested money; Investors will rather prefer to change the management and hold it accountable for the poor results of the company. If the fall in the price of the shares was modest and share buyback compensated the loss that investors have incurred and/or made capital gains, many investors will prefer to sell their shares and that is how the buyback process becomes successful. 2.2 Tax: According to Miller and Modigliani (1961): dividends do not affect the value of the firm: This result is based on many assumptions: taxes, The tax system of any country will affect the payout policy of most of the companies in the world. The research that has been done on this issue refers to two facts: The first one is that companies tend to change their payout policy if the tax law changed. The second one is that: according to Kalay (1982) and Stiglitz, J, E (1983) individual investors do rebalance their portfolios quickly enough in response to tax law changes; this school of thought thinks that investors always try to follow tax avoidance strategies in order to maximize their wealth by â€Å"dividend laundering† In other words, investors will try to put pressure on their company in order to pay them in the most tax efficient way that maximizes their wealth and the value of the company. Share repurchases are very attractive way of distributing the profits of the company because they could happen at any time of the year; investors try to put pressure on the company to choose a suitable time for most of them. Share repurchases give investors the flexibility and the choice in participations, investors might choose to participate in the share repurchase if they feel that their overall tax liabilities will become less. Investors could defer their tax payments to make their own decision of when to sell in order to maximize their total wealth. Of course, shareholders can sell their shares in the market if they want cash as a tax Advantaged substitute for either share repurchases or cash dividends. In the law, the tax paid on capital gains is deferred until the shares are sold whereas any income tax on dividends is paid annually. The deferral of the capital gains tax reduces its present value. Broadly speaking dividends in the UK enjoy a less favourable tax regime than share repurchases which may give rise to something of a Dividend Policy Puzzle. Although dividends do not enjoy the same tax treatment that share repurchases have, most of the companies in the UK are still paying dividends because most of the investors are tax-exempt and companies listen to their shareholders in the UK. This point will be researched in more detail in the coming sections 2.3 Financial Structure: When companies decide to buyback their shares, they change their financial structure. Share buyback is accompanied with significant debt/equity ratio. Share repurchase does not only reduce equity but also increases debt. The leverage ratio will increase after the buyback period. The financial structure of the company has a profound impact on the payout policy. In order to understand how the financial structure affects the payout policy we need to understand the concept pf â€Å"block holders†. Block Holders are few numbers of investors who own the majority of the shares of the company. The economic literature is increasingly enforcing the fact that block holders could play a positive role in monitoring the performance of the companies that they invest in because they have a big interest in preserving and growing the capital that they have invested. Unlike small investors, block holders power is very important in keeping the management of the company doing the best it can in order to maximize the wealth of the shareholders. When companies use share buyback, it is expected that minority shareholders will sell their shares to the issuing company and no t the block holders. When that happens, small shareholders numbers will decrease and there power will be less. This will open the door for bloke shareholders to use their power in imposing what they want without listening to the minority shareholders who have less power in the board room than bloke shareholder. In that sense, we can say that changing the financial structure of the company can have a negative impact on the minority shareholders who choose to sell some of their shares to the issuing company. In many countries such as Germany, France, Italy and Hong Kong, the volume of shares to be repurchased must not exceed 10% of total shares outstanding. Firms from such countries can therefore not use repurchase programs to increase their debt-to-capital ratio dramatically and to transfer value from debt holders to shareholders. 2.4 Cash Flow: Public companies have shares that could be traded on the stock exchange, as illustrated above; investors expect return on their investments in the shape of dividends. If the company did not meet investors’ expectations, share prices will go down. Share buyback happens when the company has cash that is in excess of the company’s needs. If the company cannot pay its investors good return on their investments, it is better to return the money to the investors in the shape of share buyback. Jagannathan, Stephens and Weisbach (2000) showed that companies with excessive operating cash flows tend to distribute dividends while companies with limited operating cash flow tend to repurchase their shares. Companies with temporary excessive cash flow tend to repurchase its shares in order to distribute the excess cash flow. Companies with temporary excess cash flow tend to distribute its excess cash because the company wants to smooth its dividends policy, it is not in the company’s best interests to increase the volatility of its dividends because dividends are very important signaling tools that the market use in valuing the shares of the company, when dividends increase because of temporary excess cash and them decrease later one, share prices will become volatile and investors will try to avoid the shares of that particular company. 2.5 Agency Problem: The industrial revolution has contributed significantly to the separation of management from ownership. There is a constant crisis of trust between management and the shareholders of any public company. Under perfect conditions, the management is supposed to be working for the best interests of the shareholders, but what happens in reality is something different, the management is constantly trying to maximize its own benefits and wealth on the expense of the shareholders. The relationship between management and shareholders is not always a cooperative relationship; the relationship might well prove to be a competitive relationship. Managers and company directors might misuse the fund s of the shareholders; directors might use the money of the shareholders in increasing their salaries, pensions and other allowances instead of paying this money to the shareholders in the form of dividends or share buyback. When company directors choose to use the excess funds that they have in buying back the shares of the investors or in other words returning their money, the trust between the investors and the company directors increases significantly. Share buyback proves that there is a wise management in that particular organization; investors will see this move as maintenance to the resources of the investors. Company directors that choose to invest the excess cash that they have in non-profitable projects will be seen in the financial markets as not reliable; investors will know that the top management of that company is not sound. Some school of thoughts claim that share buybacks are bad for the minority shareholders if they are not accompanied with the selling of the shares of the directors. The reason for that is the fact that company directors own shares and share options in the company and if the company made a share buyback, the share of directors and managers in the company will increase and this will open the door for possible misuses. Many economists recommend that share buyback has to be accompanied by the selling of the shares of the directors in order to keep a sound management system in the corporation, Siu, J Weston, F(2002). Finally, Share repurchases can violate the interests of the last majority of uninformed shareholders when only inside shareholders have information about the exact timing of repurchase transactions and the amount that the issuing company will purchase. Insiders could use that knowledge to dispose of their shares at a higher price than under normal market conditions, IKENBERRY/VERMAELEN 1996. This illegal action would cause a wealth transfer from outside shareholders to inside shareholders and if anticipated by outside shareholders should lead to a negative announcement effect. 2.6 Signaling: Share buyback are used a signaling tool, dividends convey information about the future cash flow of the company. Motivations are normally in line with shareholders’ interests; this includes the attempt by management to convey to investors that the true value of their corporation’s equity exceeds its current market value. Such a signal might be based on management’s believe that the true mean of the probability distribution of the firm’s future cash flows is actually higher than perceived by the market or alternatively, that the true variance of future returns is higher than expected, holding the distribution mean constant, DANN (1981) We have two cases depending on the prices of the financial assets of the company: In the first case, all of the firm’s risky securities appear to be undervalued. In the latter case, only equity c laims appear to be undervalued, whereas claims in the form of risky debt might in fact be overvalued. Share repurchases could actually lead to a re-distribution of debt holders’ wealth to the benefit of shareholders. It is typically assumed that insiders which are the company’s management and directors know a lot more information about the company’s cash flow situation than insiders. However, any straight public announcement by the board of directors that it considers its firm’s shares to be undervalued generally lacks credibility because there might be other hidden motives to the management. Outside investors cannot distinguish between true and misleading announcements because they do not have all the information about the company. They will perceive of all undervaluation announcements as try to hide the truth about share repurchases unless the company produces evidence that undervaluation is the real motivation for share repurchases. S hare repurchase announcements cause two types of costs to overvalued firms. Firstly, firms that repurchase overvalued shares must understand that the share price will decline to its true intrinsic value as soon as possible, so that the company would have paid too much for its shares. Secondly, firms that announce to repurchase shares but then decide not to do so might see their general reputation for honest capital market communication deteriorate because the company’s public relations status with the company will be shaken. Depending on the legal and regulatory restrictions for share repurchase programs, such firms also risk that authorities initiate investigations of price manipulation. Given these potential costs, share repurchase announcements can be used as a clear signal to enhance the reputation and the credibility of an undervaluation signal. Such credible signals should then lead to an appreciation in stock price and benefit the investors who are welling to sell their shares. Share buyback will convey a message to investors that the company has few good projects (NPV0) and in turn less cash flow and that is why the company is returning its money to investors. Share buyback indicate that the financial situation of the company is not strong enough in order to meet the expectations of the investors. When the company chooses to pay its investors by distributing dividends, it gives the signal that it has many good projects (NPV0), and the company believes that it could create capital gains to investors without seeking refuge to share buyback. 2.7 Employee incentive plans: The company might seek to purchase its own shares in order to finance its employee incentive plans. In the current capitalist system, many companies realized that empowering employees is the best way to align the interests of the employees with the interest of the company. Through the history, the management and the employees were always at odds and t hat caused many strikes and struggle within the company. Many companies found out that the future organizations of the companies should depend on giving employees the initiative and turning them into an asset rather than looking at them as a liability or an expense. This process has been triggered by the introduction of new technologies that enabled top managements to cut the middle management and give the authorities of the middle management to the employees that the technology will help them to perform their tasks in a more efficient way without the direct supervision of the middle management. This process could not be achieved without giving employees shares in the company and make them real partners in the organizations. When employees get share of the profit they will work harder than before and that will benefit the whole organization and the society. Share repurchases are one of the best ways to turn the employees into an asset since share repurchases happen wh en the share price is relatively cheap, share repurchases provide a very cheap way to finance the employee share scheme and create a wholly new organization that depends on mutual trust between management and employees rather than struggle between them. 2.8 Convertible bonds execution: Convertible bonds are defined as bonds that pay a regular coupon for their buyer, the price of bonds will depend on two main things: interest rates and credit quality of the issuer. Convertible bonds combine the feature of bonds and shares at the same time. We all know that companies give their investors the option to convert their bonds into common shares at any time they want in order to make their bonds more attractive to investors and give investors the flexibility in choosing the investment tools that they foresee suitable to their investment strategy. We all know that shares and bonds are two different products that offer two different profit and loss opportunities. Most of the times, shares and bonds markets work at odds. When interest rates are low share prices seem to be a better investment opportunity than bonds because they offer better return on investment. When interest rates are high bonds seem to be a better investment opportunity than shares because they offer better return on capital. Many companies encourage investors to invest with them by giving them the option( this option is called call option) to convert their bonds to shares. When the company has a shortage of shares the company will have to buy them directly from the market in order to meet its investor’s requirements of converting bonds into shares. 2.9 Trade shares: Trading shares might be the motive for share repurchases in the UK and elsewhere in the developed world. When the market is depressed and the share prices reflect less than their fair value many companies will resort to buying their own shares in order to sell them later at a higher price. When big companies believe that their shares are under-estimated, they invest the excess cash that they have in themselves in order to encourage more investors to buy their shares and when the market prices of the shares goes up the issuing companies will resell them at profit. Investors will benefit from this share repurchase by two ways: Investors will be able to sell some of their shares at higher price and make profit from that. Investors will benefit from the higher dividends that their company will pay them as a result of re-selling the shares at higher price. Share repurchase might aim as well to reduce the volatility of the share and stabilize its price. Share trading s not as easy as it might seem, there are regulations that govern the ability of the company to buy/sell its own stocks. 2.10 Destroy shares: There are two reasons to destroying shares: The first one is to change the ownership structure and the second one is to increase the wealth of the shar eholders. Change the ownership structure: When the company buys its own shares in order to destroy them, it destroy with the shares the voting right, we all know that owning one share means owning one vote, this means that destroying one share means destroying one vote. According to Pindur, D Lucke, M (no date given) the management might find it very cost effective to have homogenous shareholders rather than heterogeneous shareholders, that’s why the company offers share repurchases and destroys shares. In that case, the company will offer investors what is called a â€Å"controlled premium†, which is a premium that is paid above the market price in order to lure investors to sell their shares. Wealth creation for investors: The best measure to wealth creation is the Economic Value Added; Economic Value Added is defined as the operating after tax profit minus a charge for the opportunity cost of the invested capital. When the company wants to maxi mize its shareholders wealth by buying and destroying the shares directly from the market the company will resort to the following measures: Decrease the weighted average cost of capital (WACC): we all know that the weighted average cost of capital depends on two major elements which are shares and bonds: the average cost of bonds is the interest rate that is paid to the bondholder, the average cost of shares will depend on the risk premium that is required by shareholders to compensate them for the risk of losing their invested principle; when the company buys its own stock it reduces the weight of equity in the mix of capital, so the weighted average cost of capital will be less and that is how the wealth of the shareholders will increase if the company bought the shares from the market and destroyed them; reducing the weighted average cost of capital means that producing the same profits or more with less costs of capital, this is a real sign of improvement in the situation of the company, the issuing company has to be careful that reducing the number of outstanding shares might mean that share prices will go up in ord er to satisfy the demand on the shares of the company, especially when shares get less, the dividends get better, this might increase the demand on shares, that is why management is always advised to reduce the amount of shares and debt in the same percentage in order to leave prices of shares and bonds relatively stable, the opposition to share buyback comes from debt holders especially those with unsecured debt, the reason for that is the fact that when shares decreases this means that capital has decreased and this means that if the company went bankrupt there will be no enough capital to cover the value of the debt, while shareholders will be the least losers from bankruptcy, again that is another reason why companies are advised to buy shares and bonds at the same time and keep its leverage ratio stable during the time, A third and final reason for advising companies to buy shares and bonds at the same time is the reason that many companies offer convertible bonds which could b e converted at any time to certain number of shares, if the company did not buy shares and bonds at the same time and share prices went up, convertible bond investors might find it more profitable to convert their bonds to shares and in this situation the company will find itself in front of two options the first one wither buying more shares to convertible bond investors from the market and that would mean paying high prices for them or issuing new shares again and that would make share repurchases pointless. Increase the return on invested capital (ROIC): this idea is very related to what we explained before about type I error and type II error, in other words the company will take decisions regarding the best investment opportunities that are available, it is assumed that the company will select the projects that maximize the return on invested capital and return the excess cash to the investors in the shape of share repurchases, this process will maximize the return on equity to the maximum, we all know that the marginal propensity to capital will increase rapidly at the beginning of the investment and after that the amount of increase will de-accelerate until it the marginal propensity to capital reaches zero and then it starts to decline. Increase the growth rate: when the right amount of capital has been allocated to the most profitable projects the growth rate of the company should be maximum. 2.11 Legislative reasons: Sometimes companies in a particular country find very difficult to repurchase their stocks even if there is tax benefit from repurchasing the stock rather than distributing dividends. In the US for example, companies did not repurchase their shares until after the mid-eighties. According to Grullon, G Michaely, R(2000:PDF page 5), one of the possible reasons for that is â€Å"the risk of violating the anti-manipulative provisions of the Securities Exchange Act of 1934, Indeed, after the SEC adopted a safe–harbor rule (Rule 10b-18) in 1982 that guarantees that, under certain conditions, this agency will not file manipulation charges against companies repurchasing shares on the open market, repurchase activity experienced an upward structural shift†. Grullon, G Michaely, R(2000) says that one year after the change of the SEC rule the amount of earnings that have been distributed as share repurchases tripled. In Germany for exampl e, share repurchases are still very difficult because they need the approval of the shareholders that should be got in the Annual General Meeting. We can see clearly that regulation is a very important too in encouraging and discouraging share repurchases. 2.12 Dilute earnings: Many analysts think that share options have helped in aliening the directors’ interests with the interests of the shareholders but few people investigated how stock options change the behavior and choice of directors to distributing earnings. There is increasing evidence that executive compensation that is usually granted in the form of stock option has a lot to do with share repurchases in the UK and the US. Accounting rules make compulsory on companies to reflect the value of the stock options that are given to directors and managers. We all know that writing an option on the shares of the company is equivalent to increasing the number of the outstanding shares. When company dire ctors want to exercise their options, there need to acquire actual shares of the company and that would make Earnings per Share less for everybody; that is called â€Å"diluting the earnings†. Earnings per Share are the total earnings divided by the number of outstanding common shares and common shares equivalents. When earnings per share become actually less; the company will try to repurchase the shares from the market. Earnings per share will not only be less but also will cause a decline in share prices later on because EPS is used in valuing the shares. The cash that is actually used to repurchase the shares will not be deducted from the total earnings and that the company will keep its total earnings unchanged after the repurchase of the shares from the market. In order to illustrate this point further, there is a difference between EPS and diluted EPS. Diluted EPS is the total earnings of the company subtracted from the cost of share options and warra nts divided by the number of outstanding common shares and equivalents. When analysts value shares they look at EPS but not diluted EPS. After share repurchases, EPS will be the same as before share repurchase EPS. So companies try to repurchase their own shares because they try to hideout the cost of share option costs. If we look at the empirical studies that have been done in this area we find that most of the studies found a correlation between stock repurchases and executive’s share options. According to Lambert, Lanen, and Larcker (1989), Option grants in general are associated with increased payouts and decreased earnings retention. The larger is the executives’ holding of stock options, the more apt the firm is to retain more earnings and curtail cash distributions. This finding is consistent with Fenn and Liang (2000) that   there is a well-documented finding of negative relationship between dividends and managerial stock options and. The relationship does not appear to be explained by differences in investment opportunities across firms. This result supports the agency hypothesis, namely that the distribution decision of a firm is influenced by executive compensation. It also suggests that any option-induced dividend reductions to enhance the value of executives’ options have primarily been used to retain more earnings. 3. Share Buybacks vs. Dividends: There is an argument for dividends and there is an argument against dividends. The argument for dividends is that: Dividends create discipline in the company: when the company issue shares, it becomes owned by the shareholders that monitor the work of the company and its managers. The shareholders participate in the annual meetings of the company and put the managers and the directors accountable for their actions and ask the directors to set new targets that would achieve sufficient level of return to the stockholders. Having shareholder s means more discipline by the managers and the directors of that particular company. If the company decided to buyback its shares this means that the company will have fewer shareholders monitoring the company’s actions. Dividends attract long-term investors; investors who invest in share in order to get paid an income from dividends are long-term and committed investors. It is important for every company to have long-term investors, committed investors stand by the company in the good and bad times. If the company is in bad situations, investors will try to support the company in re-correcting its mistakes and re-drawing its strategy. Uncommitted investors increase the volatility of the share price because they sell at high prices and buy at low prices, and they always try to push the company to pay them by stock buyback, so they are not committed to the long-term future of the company. Dividends are preferred to share repurchases because share repurchases involve a large amount of expenses that have to be paid to investment bankers and brokers in order to make the share repurchase successful. Many analysts argue that dividends are more efficient than share repurchases because they do not waste the money of the investors so they go directly to the investors. Share repurchases are criticized because they often benefit short-term investors rather than long-term investors. According to Barclay and Smith (1988), in their paper ‘Corporate Payout Policy: Cash Dividends versus Open Market Repurchases, the two researchersargued that there is a cost associated with open market repurchases which may outweigh any tax disadvantage of dividends. Managers’ repurchase activity will be governed by managers’ superior information. Market makers, recognising that they are at a disadvantage in regard to information, will set the share’s bid-ask spread at such a level as will compensate them for the risk of dealing with the better informed. This raises the company’s cost of capital and reduces firm value. Empirical support for the theory is mixed. However, Brockman and Chung, the two researchers find in Hong Kong the fact that bid-ask spreads usually widen during repurchase periods as market participants respond to the presence of informed managerial trading. Hong Kong has a very similar economic system to Britain so what is true for Hong Kong is likely to be true for Britain. Moreover,   Ginglinger and Hamon, in their article ‘Actual share repurchases and corporate liquidity’, (2003) find that for the French market share repurchases have an adverse effect on liquidity on the trading day concerned as measured by bid-ask spread and depth. Moreover, In the current capitalist system, many investors buy and sell shares quite often, stock repurchases will benefit this type of short term investors who have not stood by the company long enough to deserve this money t hat easily. Share repurchases are criticized that they might cause re-distribution of earnings between investors. There are always investors who want to sell and get their money back but there are investors who want to hold to their shares, this means that these investors will get less earnings than the ones who accepted selling their shares to the issuing company. While dividends create justice to the investors because every investor get the same amount of dividend for each share they hold. The argument against dividends: The tax on dividends is higher than the tax on share buyback, tax makes share less attractive to investors and push them to ask the company to pay them by share buybacks. Dividends are criticized because they cause confusion in the market especially when the amount of profits goes down and the dividends that each share gets down as well. In order to explain more about this point we have to look at what happens to the share price when dividends g o down: When dividends come out to be lower than expected the market will react negatively to the news, and share prices will go down. Share repurchases are always interpreted positively, because investors do get rewarded and they do not feel negatively towards the company so share repurchase are always good news for the market. 3.1 Dividends, Share repurchases and Cash flow: According to Jagannathan, Stephens and Weisbach found that, for US companies, repurchase and dividends are used at different times from one another by different kinds of firm. Firms buy its shares when its share prices are undervalued and there is an excess cash that would be distributed. While companies distribute dividends when there is a stable steady stream of earnings to the company. In other words, shares are repurchased when the company wants to smooth dividends and share price, this usually sends the wrong message to small investors. What is the alternative? Some large UK comp anies found the alternatives to the share repurchasing problem by issuing redeemable ‘B’ shares on a pro-rata basis as an alternative to a repurchase or a one-off special dividend. For example, in the year 2002 MS announced that it will restructure its share capital, and that would involve the creation of a new holding company (www.marksandspencercom). Existing shareholders were given a the choice of a mixture of new ordinary shares and redeemable B’ shares, The redeemable shares can be claimed for cash at certain dates in the future. The amount of money that the company pays out to investors is treated as a capital gain, so this method gives investors the freedom in choosing the tax brackets that they want to be into. Offering more than one redemption date gives shareholders the ability to spread their capital gains over a certain time. 3.2 Payout policy and taxes in the UK: The tax system in every country justifies the choice of the payout channel in the company. The difference in the tax system between the US and the UK explains the discrepancies in the observed patterns of payout between the US and the UK. 3.3 Dividends and Taxes: In the US, dividends are subject to two taxes: Dividends are taxed before the company distributes them to investors via corporate tax; dividends are taxed again after the distribution of the dividends to investors via income tax. This system of taxing dividends twice is the reason behind the rise in cash buyback in the US. In the UK, it is a slightly different story: The UK has an imputation tax system; the imputation tax system tries to avoid the drawbacks of the classical tax system. The difference between the classical tax system and the imputation tax system is that the imputation tax system avoids the double taxation that the classical tax system has. The imputation tax system repays part of the tax back to share investors in the shape of tax credit. Acco rding to Renneboog, L Trojanowski,G(2005: P 8): â€Å"The UK has used a partial imputation tax system since 1973, In that system, part of the firm’s payment of corporation tax is taken into account when calculating shareholder’s liability to income tax on company dividends. Hence, that tax treatment of dividends is more favorable than in a classical tax system†. According to the British imputation tax system, corporations pay their share investors dividends net of the imputed amount, companies pay to the Inland Revenue Advance Corporation Tax, Renneboog, L Trojanowski,G(2005). Normally, the shareholders receive his net cash dividends in addition to his tax credit. The tax credit is equivalent to the basic rate of income tax on dividends; these tax credits are normally used to offset income tax liabilities. Tax laws gave full tax refund to charities and pension funds until 1997. After 1997, tax authorities cancelled the full tax refund clause of th e corporate tax law, this has made many institutional and personal investors indifferent between receiving tax in dividends or share repurchases. This explains the difference between shares repurchases in the UK and the US, in the UK the motivation to be paid by share repurchases is much less than the US. Compared to the US, the vast majority of UK firms pay dividends, Fama, E and French, K (2001). 3.4 Share repurchases tax treatment in the US: Regarding the US tax treatment of share repurchases, as compared with cash dividends, which are subject to the tax rates for individuals. Share repurchase profits in the US are subject to capital gains tax system. Capital gains tax in the US have seen gradual decline in the recent year. For example, in the year 2001, capital gains tax declined from 39.6% to 39.1%( https://www.kssmallbiz.com/articles/article_127.asp). The tax law of the year 2001 makes clear that capital gains tax will be reduced gradually to 35% by the year 2006. Capital gains tax can be charged at a rate of 20% if the gains qualify for long term capital gains tax, the long term capital gains tax save investors about 19%, which is 39%-20%(inland revenue website). 3.5 Share repurchases tax treatment in the UK: The UK imputation system has its impact on share buybacks; in order to understand how we need to explain the following two ideas: The first one is the off-market repurchase: this is the case when the share investor knowingly sells his shares to the same company that has issued them. The second one is the open market repurchase: the second case when the investor sells his shares to other entities or bodies that are separate from the issuing firm. In the open market repurchase case, investors get their realized profits taxed at the prevailing UK capital gains tax law. In the Off-market repurchase case; investors get tax credit for the â€Å"distribution element†. The â€Å"distribution elementâ €  is defined as the difference between market value of the share repurchase and the book value of corresponding paid-in capital. According to Renneboog, L Trojanowski,G(2005: P10) â€Å"the difference between the original subscription fee and the and the investor cost base which is the price at which he purchased the share plus inflation allowance is considered a capital loss†. This capital loss can only be set off against capital gains. It is natural to conclude that small investors would prefer share buybacks should they make capital gains from selling to the issuing company. 3.6 Ways of Share Repurchase Activities: Companies usually use three methods in share repurchasing: Fixed price tender offers (FPT) give shareholders an in- the-money put option. Fixed price tender could be defined as well as a one-time offer announced for a specific period of time to purchase a stated number of shares at a price above the stock’s current market price, sa y at a tender premium. Put option is the right but not the obligation to sell an underlying at a pre-agreed price; investors will exercise their put option if they could make profit from exercising their put option. If the company wanted its fixed price tender offer to be successful the strike price should be high enough in order to lure as many investors as possible to sell their shares to the issuing company. If the strike price was not high enough some investors might not find it profitable to sell their shares and that is how the Fixed Price Tender Offer fails. When setting the exercise price, the issuing company should take into its consideration the price that investors have bought the share for. The issuing company should make investors make profits when setting the exercise price. That is what we mean by in-the-money put option, an in-the-money put option makes profit to its owners. The reason for using put option is to give the investors the right to re alize their profits in a way that suit their tax liabilities (as mentioned above). Normally, companies will extend their repurchase offer if it did not find a satisfactory response from investors to the tender. The fixed price tender offer might be done either by deciding in advance the number of shares that the company wants to buy or the amount of money that they company is prepared to spend. If the company decides to buy a certain number of shares and that the tender did not look appealing to too many investors, the company might try to increase the tender price in order to buy the number of shares that it wants to buy. Dutch auctions (DA) is designed to give shareholders a put at a range of prices, some of them are in-the-money. Dutch auctions are a very flexible way of luring investors into selling their shares to the issuing company. The difference between Dutch auctions and Fixed Price Tender is the fact that Dutch auctions give investors a range of exercise prices. The reason for giving investors a range of exercise prices is again suit the investors’ varying tax needs. As we have already shown that investors differ from each other in terms of their tax liabilities and the price that they purchased their shares at, so having different exercise prices will lure more investors to selling their shares to the issuing company. Open market share repurchase (OMR) announcements create a valuable exchange option which permits a firm to exchange cash for the market value of its shares at times selected by management. 3.7 More recent motives for stock repurchase: In the above paragraphs, we have explained the traditional reasons for stock repurchases, in this section I will try to explain more recent trends that stand behind stock repurchase, most of these reasons are immoral and I tried to sum most of them up here in this section: According to a study done by Comment and Jarrell (1991), share repurchase are significantl y lower when companies’ directors and managers are not at risk of being ousted by share holders. This is a very significant finding; I think that the opposite is true as well which means that when companies’ directors and managers are at risk of being ousted by shareholders they try to buy the company’s stocks in order to create an exit for the unsatisfied shareholders. In that sense, share repurchases are a very good way to get rid of the responsibility of the decline of many companies. This might cause a crisis and prejudice against small shareholders that are unaware of the real purpose of share buyback. In this case, share buybacks are immoral way of lifting share prices because they might create a false sense of improvement in the financial position of the company to many small and unprofessional investors. 3.8 Increase stock options values: Most company directors are offered massive salaries every year and most of them are offered share o ptions. Some companies’ directors might be reluctant to repurchase the shares of the company in order to increase the price of shares of their companies so they can exercise their options and make profits. In fact, this is difficult to happen in the actual world because most of the companies are monitored by institutional investors and analysts from all over the world but of course, there are some exceptions from time to time and illegal things do happen in big and small companies. This could only happen if the institutional investors are engaged in the same way as the issuing company that is when analysts collaborate with some companies in order to cover these facts Moreover, some companies’ directors who have shares in the companies that they manage might use share repurchases in order to dilute the control rights of other shareholder groups. Even if these other shareholders are not willing to sell their shares to the firm the transaction costs associa ted with such an attempt might have a negative value impact. 3.9 The response of the market to share repurchases: Market response to share repurchases news is always mixed and depends on the understanding of the market to the reason or the motivation of the management to share repurchases: If the market thinks that share repurchases intend to improve the overall position of the company and it is in the best interests of the shareholders, the stock prices will go up. What happened if the company repurchased its shares in the intension of increasing its EPS (Earnings per Share)? If the market is aware of the fact that the company’s shares are undervalued and that the company intends to increase its EPS, the market will buy the shares of that company so the price of the shares will go up and the move will lose its effectiveness. In this case, that total earnings will decline by the same percentage value as the number of shares outstanding because the company wi ll use the earnings in order to buy the shares. Earnings per share (EPS) will therefore remain unchanged. As a consequence, firms that solely buy back shares to increase their EPS ratio should not be able to achieve this goal. This means that the company will use its assets (earnings) to buy its liabilities and that the relative position of the assets and liabilities will remain the same. In the second case, when the market is not aware of the fact that the company want to buy its shares to increase its EPS, market participants will not rush to buy the shares of the company and that means that share prices will remain unchanged and that the company will buy them undervalued and that will increase EPS for all the remaining outstanding shares. The second case is an ideal case in perfect financial markets where there are no insiders and there is no leak of information to outsiders. 4. The difference between share repurchases in the US, UK, France and Germany: I have c hosen to compare between the US and German laws regarding stock repurchases; the US represents the Anglo-American system and Germany stands for the Franco-Germanic system. This comparison will allow us to understand the differences between the two competing systems and will help us expect and/or speculate on the new motivations of stock repurchases in the UK because the UK model is very much like the US model: The German laws regarding share repurchase plans differ significantly from the laws and regulations that govern share repurchase transactions in the US For example, managers of German firms are required first under the law to obtain approval for a specified share repurchase program on their annual shareholder meeting and must then publicly announce any coming share repurchase, the company has to announce the number of shares that it wants to buy, the annual general meeting has to decide the duration of the repurchase and the way of the repurchase and the repurchasing dur ation that should be a maximum of eighteen months, Hackethal, A Zdantchouk,A(2005). After the share repurchase and exactly on the shareholder meeting that is after the share repurchase, management should justify to its shareholders the reason of the share repurchase, its volume and the price paid per share. In contrast, US firms need only obtain an approval from their company board and are only required to publicly announce the establishment of a repurchase program. Under the US laws and regulations, US firms are not required to announce the details of the proposed or actual share repurchase transactions to the financial authorities or to shareholders, Hackethal, A Zdantchouk,A(2005). This means that the door is open for the board of directors to decide for itself the reasons for the share repurchase; this means that share repurchases are subject as illustrated above to the way that the directors are rewarded. Most of the few studies that have been made before about the motivations of US open market share repurchases reveals strong evidence that many US firms announce repurchasing programs to convey a message to investors that the share are undervalued and that it is the right time to buy them for cheaper than their real value. Most of the analysts used to think that tax issues are the most important driver for share repurchases; now its is widely believed that share repurchases are increasing because of director rewards issues; the next generation of the studies is coming to shed the light about directors rewards issues. In the UK, the purchase of shares means that the shares will be cancelled automatically and that these shares will not be banked or be put in the treasury. France has very similar laws to Germany the French do not give freedom to the directors of the company to decide on the duration and the amount of the share repurchase in France. Like Germany, French shareholders have to agree on the share repurchase in the gen eral meeting. â€Å"The French law n ° 98-546 of July 2, 1998,† authorized open market stock repurchases for public firms. Shares can be sold, bought or kept within the limit of 10% of the capital of the firm for a maximum period of 18 months. With the authorization given at the special meeting of shareholders, shares may be cancelled within a 10 % limit of existing capital for a 24-month period†, Reference number 20 In France, the motivation of the share repurchase is known because the issue will be discussed with the share holders before the share holders approve it and that what makes the classification of the share repurchases motivations easier than in the Anglo-American System. 5. Propensity to pay in the UK: I have talked about the work of Renneboog, L Trojanowski,G because they have tested the substitution hypothesis and rejected. According to Renneboog, L Trojanowski,G( 2005: PDF page 23) : â€Å"The overwhelming majority of UK firms (85%) d o pay dividends over the 1990s Moreover, the proportion of dividend payers in the UK does not decrease over 1992-1998 (if anything, a modestly increasing trend can be observed). In any of the sample years, approximately five out of every six firms pay cash dividends. This result contrasts with the existing US evidence for the same period: only less than 24% of the American firms paid dividends† Again according to Renneboog, L Trojanowski,G( 2005) companies in the UK pay their earnings in the form of dividends rather than share repurchases because that is consistent with the wish of the shareholders that the fast majority of them are tax-exempt. On average less than 6 % of the analyzed firms repurchase their shares. According to Renneboog, L Trojanowski,G( 2005) â€Å"In the US the proportion of share repurchasing companies has increased from 70% to 90% over the 1990s†. According to Renneboog, L Trojanowski,G( 2005), In the first half of the 1990s, If we look a t the frequency of the share repurchases in the UK market, we find the frequency to be very low for those companies which chose to repurchase their shares before. According to Renneboog, L Trojanowski,G( 2005), In the second half of the 1990s, we witnessed an increase in the number of share repurchases but the number of companies who repurchase shares is really small compared to the number of shares that distribute dividends. The two economists, Renneboog, L Trojanowski,G, rejected the substitute hypothesis. 6. Payout policy and Investment policy: I would like to show the relationship between the payout policies of the firm with its investment decisions. In the Anglo-American system companies tend to payout more earnings to its investors; this could affect the level of investment in the company because investors want their money in the quickest possible way with no consideration to the long-term future of the company. From what we have seen above, company directo rs and managers of the Anglo-American system want to protect themselves by buying their companies’ shares in a defensive move to prevent any MA. This means that company directors in the Anglo-American system are more likely to waist the money of their share-holders on fruitless issues rather than spend the money in the right place. The overall result of this way in distributing earnings would be less investment in the whole economy in the long-run if that trend persisted. If we look at the Franco-Germanic model we see easily that the share repurchase issue is well regulated and the directors of any company cannot take the decision of buying its own shares without discussing the issue with most of its shareholders in order to get their approval. When a company takes a decision in this way, it uses its funds in the best way because it gives equal opportunity to all the shareholders to participate and reach a compromise about the share repurchase. The shareholders of the company, in the Franco-Germanic model, will not approve a share buyback if the purpose of the share buyback is to save the bad-performing directors or to dilute earnings. In turn, this makes investment in the whole economy healthier because the funds of the shareholders are not wasted. 7. Conclusion: From the above research, we can easily find that stock repurchases happen because of a variety of reasons such as signaling, cash flow, stock options, taxes, diluting, when company’s directors are at risk of being ousted. The most important factors that contribute to the movement of stock repurchases are taxation, stock options, diluting and taxes. 8. Reference: Barclay and Smith, ‘Corporate Payout Policy: Cash Dividends versus Open Market Repurchases, Journal of Financial Economics, (1988) pp61-82 Brockman and Chung, Journal of Financial Economics, 61(3)2001 pp417-448 Comment, Robert, and Gregg A. Jarrell, 1991 â€Å"The Relative Signaling Power of Dutch- Auction and Fixed-Price Self-Tender Offers and Open-Market Share Repurchases Journal of Finance, 46, (No. 4, September), PP 1243-1272. DANN, L. (1981): Common stock repurchases: an analysis of return to bondholders and stockholders, Journal of Financial Economics, VOL 9, pp. 113-138. Fama, E and French, K(2001): Disappearing dividends: Changing firm Characteristics or Lower propensity to pay?, Journal of Financial Economics VOL.60, PP. 3-43. Fenn, G and Liang, N (2000):† corporate payout policy and managerial stock incentives† Journal of Financial Economics, Vol 60, PP 45-72. Ginglinger and Hamon, ‘Actual share repurchases and corporate liquidity’, ssrn.com (2003) Grullon, G Michaely, R(2000): â€Å" Dividends Share Repurchases and the Substitution Hypothesis†, journal of finance, August 2002 Hackethal, A Zdantchouk,A(2005): â€Å"signaling power of open market share repurchases in Germany† URL: www.ebs.de/fileadmin/redakteur/funkt.dept.finance/ hackethal/WP/Signaling_Power_of_OMR_Germany_Feb_2005.pdf IKENBERRY, D. VERMAELEN, T. 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Renneboog, L Trojanowski,G(2005:p8 p10): patterns in payout policy and payout channel choice of UK firms in the 1990s, finance Working Paper number 70/2005: publisher: European Corporate Governance Institute. Siu, J Weston, F(2002): Changing motives for share repurchases, https://www.anderson.ucla.edu/documents/areas/fac/finance/3-03.pdf Stiglitz, J, E (1983): ‘some aspects of the taxation of capital gains’ journal of public Economics, Vol.21, PP.257-296. Trojanowski, G(2004): ownership structure and payout policy in the UK, department of finance and center graduate school, Tilburg University, Netherland URL: papers.ssrn.com/sol3/papers.cfm?abstract_id=498023 20k No author name(2003): the use of Open-Market Repurchase Programs in France, internet document URL: https://207.36.165.114/Zurich/Papers/160013.pdf