Stalin vs. Hitler Essay Example For Students

Stalin versus Hitler Essay Josef Stalin, a legislator from the most punctual beginnings of his life, endeavored to accomplish a national feeling of intensity during his rule over the residents of Russia. Adolf Hitler, be that as it may, a brought into the world secondary school dropout fairly ached for a spot throughout everyday life. He fairly fell into his job as a government official, after his concise deficiencies in expressions and sciences. These two people created shifting plans to give their controlling personalities something to do to lead their ideological groups toward all out mastery of the state. In the first place Josef Stalin was an admirer of his cherished Vladimir Lenin. He followed everything he might do and did as he said to help build up and lead the Bolshevik party. A great part of the early piece of his political vocation was lost because of his outcast to Siberia for the greater part of World War I. It wasnt until 1928, when he expected unlimited oversight of the nation were he made the majority of his prosperity. After Lenins demise in January 1924, Stalin advanced his own religion followings alongside the faction followings of the perished pioneer. He assumed control over most of the Socialists now, and quickly started to change agribusiness and industry. We will compose a custom exposition on Stalin versus Hitler explicitly for you for just $16.38 $13.9/page Request now He accepted that the Soviet Union was one hundred years behind the West and needed to make up for lost time as fast as could reasonably be expected. First however he needed to seal up total coalition to himself and his motivation. Stalin saw a need to sure up the loyalty to him by all who were under him. Accordingly, he expected to battle out against the individuals who restricted him. So for the remainder of 1924, the Politburo kept on argueing about the eventual fate of the Soviet economy. The fiercest contention was among Stalin and Trotsky over Trotskys hypothesis of lasting Revolution. Trotsky believed that Communism couldn't make due in the USSR alone. He contended that the industrialist nations of the West dreaded Communism and would attempt to decimate it. Consequently, he stated, it was important to spread Communism to the nations of Western Europe and to their abroad provinces. This would be finished by offering assistance to progressive gatherings and gatherings in Western Europe. Stalin set forward a contrary hypothesis the hypothesis of Socialism in One Country. He contended that the USSR should consistently start things out in the administrations plans. The remainder of the world must come in just short of the leader. The Communists should focus on working up the economy of the USSR, not squander cash on helping progressive gatherings abroad. With a solid, present day, and prosperous economy, the industrialist nations could never set out to assault the USSR. Trotskys hypothesis was not famous among Party individuals. The Russians had set up an association to help progressives in different nations in 1919. Its name was Comintern, short for Communist International. Comintern had just supported a few endeavors at upheaval in European nations in the course of recent years, and all had fizzled. Trotskys hypothesis consequently looked unworkable. Confronted with mounting analysis from Party individuals, he left his administration post as Commissar for War in 1925. During his contention with Trotsky, Stalin united with the Rightists: Bukharin, Rykov and Tomsky; who needed to proceed with Lenins New Economic Policy. Stalin went along with them not on the grounds that he concurred with NEP, but since he trusted they would assist him with driving Trotsky, Zinoviev and Kamenev out of the Politburo. Sufficiently sure, with the assistance of the Rightists, Stalin ensured that Trotsky was constantly opposed in the Politburo. He likewise organized his supporters to cast a ballot against Trotsky in gatherings of the Party Central Committee. He even made sure that his supporters booed Trotskys supporters in open gatherings. Toward the finish of 1925 Stalins position was fortified when the Party Congress chose three of his old companions for the Politburo. With their assistance, Stalin had the option to make sure about the excusal of Trotsky, Kamenev and Zinoviev from the Politburo. In 1927, Trotsky and Zinoviev were likewise ousted from the Party. Since Stalin had disposed of Trotsky and his supporters, he betrayed the Rightists who needed to proceed with NEP. In 1928, Stalin contended for closure NEP, and extending industry as quick as could be expected under the circumstances. Bukharin and the Rightists attempted to contend against him. In any case, since Stalin had a greater part of supporters in the Politburo, their contentions failed to attract anyone's attention. Toward the beginning of 1929, Bukharin, Rykov and Tomsky left the Politburo. In the interim, in 1928, Trotsky had been ousted to Alma Ata in Soviet Central Asia. In 1929, he was banished from the USSR all together. Stalin was presently preeminent pioneer of the USSR. Trotsky, in any case, had not heard the remainder of the contention, for Stalin was resolved to clear him out of political life all together. While Trotsky went to live in Turkey, and afterward in France lastly in Mexico, Stalin ensured that all hints of his life in the USSR were cleared out. Trotskys name was expelled from every official distribution and photos of him were decimated. As we will see, his supporters in the USSR were cleansed from the Party and, by and large, detained or murdered. At last, in 1940, the NKVD, the mystery police, orchestrated Trotsky to be killed. Acting like a supporter of Trotsky, one of their specialists talked his way into Trotskys intensely monitored house, pulled out an ice-hatchet from underneath his jacket and covered its point in Trotskys skull. Trotsky kicked the bucket of his injuries daily later, on 21 August 1940. .ue825ba49966abd4ca835c93f97637b2a , .ue825ba49966abd4ca835c93f97637b2a .postImageUrl , .ue825ba49966abd4ca835c93f97637b2a .focused content zone { min-stature: 80px; position: relative; } .ue825ba49966abd4ca835c93f97637b2a , .ue825ba49966abd4ca835c93f97637b2a:hover , .ue825ba49966abd4ca835c93f97637b2a:visited , .ue825ba49966abd4ca835c93f97637b2a:active { border:0!important; } .ue825ba49966abd4ca835c93f97637b2a .clearfix:after { content: ; show: table; clear: both; } .ue825ba49966abd4ca835c93f97637b2a { show: square; change: foundation shading 250ms; webkit-progress: foundation shading 250ms; width: 100%; darkness: 1; progress: murkiness 250ms; webkit-progress: mistiness 250ms; foundation shading: #95A5A6; } .ue825ba49966abd4ca835c93f97637b2a:active , .ue825ba49966abd4ca835c93f97637b2a:hover { haziness: 1; progress: obscurity 250ms; webkit-progress: darkness 250ms; foundation shading: #2C3E50; } .ue825ba49966abd4ca835c93f97637b2a .focused content zone { width: 100%; position: relative ; } .ue825ba49966abd4ca835c93f97637b2a .ctaText { outskirt base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: intense; edge: 0; cushioning: 0; content enrichment: underline; } .ue825ba49966abd4ca835c93f97637b2a .postTitle { shading: #FFFFFF; text dimension: 16px; text style weight: 600; edge: 0; cushioning: 0; width: 100%; } .ue825ba49966abd4ca835c93f97637b2a .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; fringe: none; outskirt sweep: 3px; box-shadow: none; text dimension: 14px; textual style weight: striking; line-tallness: 26px; moz-fringe span: 3px; content adjust: focus; content design: none; content shadow: none; width: 80px; min-tallness: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/straightforward arrow.png)no-rehash; position: supreme; right: 0; top: 0; } .ue825ba49966abd4ca835c93f97637b2a:hover .ctaButton { foundation shading: #34495E!important; } .ue825ba499 66abd4ca835c93f97637b2a .focused content { show: table; tallness: 80px; cushioning left: 18px; top: 0; } .ue825ba49966abd4ca835c93f97637b2a-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .ue825ba49966abd4ca835c93f97637b2a:after { content: ; show: square; clear: both; } READ: Adam Reres EssayAs Stalin battled to guarantee a sound political establishment, he was keen on pivoting the economy to make Russia a world monetary influence. His first plan was to impart his initial five-year plan. The Soviet economy at the time was amassed in farming. Stalin accepted that Russia needed to modernize and turn out to be increasingly industrialized. He accepted this must be accomplished by making an order economy and driving ranchers and the business to modernize. Stalin set significant standards for the business and continuously year of his arrangement he had a development pace of half. Collectivization was likewise part of his arrangement. This was an endeavor to modernize the business by assuming control over all organizations and organizations. Every business or production line was given an objective that it needed to meet each year for a five-year time frame. Discipline for neglecting to meet targets was merciless, and the outrageous degree was the execution of the production line supervisors. One of the significant aftereffects of the five-year plans was the great mechanical and horticultural advancement all through Russia. Adolf Hitler, began in an unexpected setting in comparison to his capacity hungry partner Josef Stalin. Hitler was conceived in a totally unexpected nation in comparison to which he decide to order power in. Since there are solid comparative ties in bloodlines among Austrians and Germans, Hitlers father had a couple of family members who were of German OK. He burned through the greater part of his youth bombing out of sentence structure school and dreaming to turn into a celebrated craftsman. Upon his moms demise he authoritatively moved to Vienna, where he attempted to go to the Academy for the Arts. His portfolio was not the guidelines of the Academy for his place to be conceded as an understudy; so for a great part of the rest of his time in Vienna, Hitler sold his works of art and went to shows and shows as an individual from the white collar class would. He set up this front living off of the annuity from his dad to help his expensive way of life as a fake. Adolf Hitler later moved to Munich and after a short endeavor to escape from the drafted administration into the Austrian armed force, Hitler joined the German armed force to battle on the bleeding edge in World War I. He was an interchanges hea

Engineer is Essay

Designer is An individual who plans, fabricates, or looks after motors, machines, or structures and a certified individual in a part of building, particularly as an expert designer. Architects make sense of better approaches to configuration, make, or improve nearly everything around you. It may sound muddled, yet you have in all probability went about as an architect before without knowing it! On the off chance that you like math and science, taking care of issues, thinking imaginatively or are interested about your general surroundings and how things work, you are as of now on your approach to turning into an architect and they can take care of issues and spotlight on making things work all the more productively and viably. Designers apply the hypotheses and standards of science and arithmetic to explore and create conservative answers for specialized issues. Their work is the connection between saw social needs and business applications. Specialists structure items, hardware to assemble those items, plants in which those items are made, and the frameworks that guarantee the nature of the items and the effectiveness of the workforce and assembling process. Architects configuration, plan, and manage the development of structures, parkways, and travel frameworks. They create and execute improved approaches to concentrate, procedure, and utilize crude materials, for example, oil and flammable gas. They grow new materials that both improve the presentation of items and exploit propels in innovation. They bridle the intensity of the sun, the Earth, molecules, and power for use in providing the Nation’s power needs, and make a great many items utilizing power. They investigate the effect of the items they create or the frameworks they structure on the earth and on individuals utilizing them. Designing information is applied to improving numerous things, including the nature of medicinal services, the security of food items, and the activity of monetary frameworks. The specialist adjusts the discoveries to Human being use. He is the focal association between science and culture So as to make an advanced Engineer there are numerous primary concerns to be drawn nearer so as to arrive at that, much the same as the dynamic and quick changing world requests a progressively mind boggling job for an architect. Additionally, specialized aptitudes must be acceptable in non-specialized abilities like Communication Critical thinking The executives To be aced in Engineering there are the Main Skills as: Sensible reasoning Critical thinking abilities Relational abilities Structure abilities Hierarchical, the board and managerial abilities References 1. William E. Wickenden, A Professional Guide for Young Engineers, G. R. Henninger (Ed. ), Engineers’ Council for Professional Development, New York, 1967 2. T. K. G. Namboodhiri, Engineering Education in India, J. Inst. Engg. (India), Vol. 66, IDP, 3, 1985 3. Duyen Q. Nguen, The basic Skills and Attributes of an Engineer, Global J. of Engg. Educ. Vol. 2, No. 1, 1998

Dividend Policy And Share Price Finance Essay - Free Essay Example

This section highlights the relationship between dividend policy and share price with the views of various researchers in order to specifyconsiderateregarding the related studies. The next following part will feature the intense research by financial academic on company dividend policy to determine a link between dividend policy and value of firm. This section will get sum up after showing different researchers outlook over Indian Scenario. Dividend Policy and Share Price When year 1980s numerous share market literatures saw the present value of dividends to be prevailing determinant of market return on stocks. As per LeRoy and Porter and Shiller (1981), they reasoned that under surmise of consistent discount component, stock costs were excessively volatile to be steady with the movement of future dividends. Wohar and Mark (2006) stated that the corrosion of stock price movement is quit sensitive to real dividend growth as well. Though, Cochrane (1992) and Timmerman (1995) contended that stock price changes might be described by time- varying markdown rate and future abundance return. The founding build by Cochrane (1992) on variability of abundance return is to be more essential than the variability of dividend growth. Nishat and Irfan (2003) investigated the dividend policy and stock price movement in Pakistan. Both the dividend policy measures, dividend yield any payout proportion, have noteworthy effect on the share price movement. Moreover, their outcome also upkeep the arbitrage realization effect, duration effect and information effect in Pakistan. The approachability of dividend yield toward stock price movement expanded but payout ratio is having noteworthy effect at a lower level if importance only. An auspicious firm earns income. The profit spread to shareholder as dividends. In this way, the link between companys profit and dividend payout is explored by Amidu and Abor (2006) in Ghana. They thought that dividend payout proportion furnished firm with no usually accepted recommendation for the level of dividend payment that will boost share value. In this sense, share price movement is act contrariwise with the dividend payout ratio. Amidu and Abor (2006) believe is reinforced by the recognizing that they done in Ghana, in which their examination consequences demonstrated a statistically meaningful and positive connection between profitability and dividend pay out ratio. In the interim, the theory on the negative connection between share value and dividend payout ratio is affirmed as well. As per Graham and Dodd (1951) and Gordon (1959), they contended that an increase in dividend payout advances to higher stock price (companys value) and bring down the cost of equity. Though, some experimental indicated the inverse position. Peterson (1985) reported that with high-elevated dividend payout ratio, heightened returns are needed by firms shareholder, and this is lead to lower share price. Baker, Powell and Veit (2002) have researched the link between dividend policy, firm value and share price movement. They found an optimal dividend policy strikes an offset in middle of present dividends and future growth that maximize stock price. They also found that stock price volatility is low if dividend approach is stable. Additionally, the smoothing theory suggest that the dividend determination is the outcome of past and current earning which manager modifies firms dividend payout to some target level. In the mean time, the indicating speculation indicates that dividend have projecting power of future earning and share prices (Goddard, McMillan and Wilson, 2006). In different statement, there is a positive relationship between dividend, earning and share price. Dividend decisions are joined to companys future anticipated income, and dividend updates ought to indicate future earning updates and price changes as well. This moreover upheld by the consequence of the study work of Goddard, McMillan and Wilson (2006) in which there is a strong proof of a contemporaneous connection between share price, dividend and profit for 137 United Kingdom Production and Utility groups. Amidu and Abor (2006) analysis infer that, profitable firms will almost always pay high dividend. The outcome additionally demonstrates negative relationship between dividend payout and risk. Firm which encountering earning volatility identify, its difficulty to pay dividend, along these line, the firm may pay less or no dividend to their shareholders. In this sense, the outcome indicates the vital relationship between dividends and earning and this connection could straight control that movement in share price. The firm may encountered high share price volatility if the firms earning volatility is influenced the decrease of dividend payment. Selective review of Literature After highlighting the correlation between dividend policy and share price, this part feature the review from various researchers over the subject: Experimental researches led to see the impact of dividend policy on stock price first incorporate the work of Linter. Linter (1956) reviewed the different determinants of corporate dividend policy and its impact on firms market value by managing the interview of top management of 28 firms. Effect of his investigation indicates that Firm Market Value relies on the Dividend Payout. His outcome further demonstrate that firms wish to follow the stable dividend payout policies and for this reason they need to alter their profit. Baskin (1989) thought about the effect of dividend policy on stock price volatility and found converse connection between stock price and dividend strategy. Further in his study, he demonstrated that there is noteworthy connection among Dividend Yield and price volatility. Profit, Firms size, Debt Level, Growth level and Dividend Payout in addition have a noteworthy effect on stock returns and dividend yield. Gordan(1963) gave the notion of dividend relevance and outcome of his research demonstrate that dividend policy have huge positive influence on stock price. Further he determines that the firm those pay higher amount of dividend to their shareholders, encounters less risk in terms of stock price volatility. Allen Rachim (1996) likewise focused the connection between dividend policy and stock price but found no connection in the middle of Dividend yield and stock prices. Fama and French (2001) analyses the issue of lower dividend paid by corporate firm over the period 1973-1999 and the components answerable for the downfall. Specially they examine whether lower dividend were the outcome of changing companys characteristics or lower tendency to pay on the part of the company. They recognize that proportion of firm paying dividend has dropped from a crest of 66.5 percent in 1978 to 20.8 percent in 1999. They ascribe this decay to the modifying characteristics of firms: the decline in the incidence of dividend payer is in part due to an increasing tilt of publicly traded firms toward the characteristics small size, low earnings, and high growth of firms that typically have never paid dividends Baker, Veit and Powell (2001) analysis the reasons that are supporting dividend policy decisions of corporate firms traded on the Nasdaq. The investigation, is grounded on the sample survey (1999) response of 188 firms out of the total of 630 firms that dividends in every quarter of calendar years 1996 and 1997, considers that the following four factors have a noteworthy effect on the dividend determination: pattern of past dividends, stability of earning and the level of present and future projected earning. The research project additionally identifies statistically important difference in the importance that managers connect to dividend policy in different businesses for example financial vs. non-financial. Travlos, Trigeorgos Vafeas (2001), analyzed the conduct of Cyprus stock Market toward the declaration of dividends. Consequences of their academic work demonstrated that the declaration of cash or stock dividends has positive impact on stock price. An analysis led by Ho (2002) applicable to the dividend policy indicated the positive connection in middle of Dividend policy and size of Australian firm and liquidity of Japanese firms. He further found negative connection in middle of dividend policy and risk, which occurred in case of Japanese firm only. Pradhan (2003) illustrated the impact of dividend payment and retained earning on Stock Market of Nepalese firms. His consequences indicated that dividend payment has convincing connection with stock price whereas retained earning has quit weak connection with stock price. Nepalese stockholders give additional weight to dividend income than capital gain. Adefila, Oladipo Adeoti (2004) thought about the reasons that can influence the dividend policy of Nigerian firms and its influence on stock price and companies value. Outcome of their investigation demonstrated that Nigerian shareholder do not utilize their stock for hypothetical purpose. They purchase stock for prestigious explanation and for get credit from banks. Their outcome in addition inferred that there is no connection between dividend payment, net earning and stock price. Nigerian firm pay dividends to their stakeholders paying little respect to their level of benefit for satisfaction of their shareholders. Additional anal ysis directed by Raballe Hedensted (2008) in Denmark for the period of 1988 to 2004 distinguished the position connection between cash dividend and return o equity, retained earning, size of firm and the previous year profit. They were unable to recognize any connection in middle of debt equity ratio and dividend decision of firm. Chen, Huang Cheng (2009) studied the impact of cash dividend on share price for the period of 2000-2004 in china. They discovered that cash dividend has quite positive impact on stock prices. When cash dividend expands stock price also increase and when the cash dividend decrease, share price decreases. Al-Kuwari (2010) studied that payout decision of the companies catalogued at GCC (Gulf Cooperation Council) stock exchange, his outcome indicated that payout decision have positive impact on company size, profitability and ownership but have negative effect on Growth Opportunities. Ali Chowdhury (2010) investigated the price movement of private commercial banks catalogued at Dhaka Stock Exchange towards the dividend announcement. The took a sample of 25 banks and their outcome indicated that stock price for 11 bank diminished, 6 bank stock price increases, whereas 8 banks stock price remained unchanged when dividend were declared. In all sum outcome of their study indicated that there is insignificant connection among stock prices and dividends. Hussainey, Mgbame Chijoke-Mgbame (2011) examined the effect of dividend policy on stake price. Consequences of their investigation demonstrated a positive connection between Dividend Yield and stock price change and negative connection between Dividend Payout ratio and stock price changes. Their outcome further showed that the firms earning, Growth rate, level of debt and size also causes the change in stock prices of UK. Indian Scenario There are vey few researchers who gave their studies in India over dividend behavior. This section summaries briefly some of these studies: In Indian connection, a few findings have examined the dividend behavior of corporate firms. Among all the researchers the main contribution in Indian studies was given by Bhattacharya (1979).Bhattacharya (1979) develop a two-period model. His model determine that it is rash for bad-prospects firms to promise high level dividends, and just good-prospects firm can promise high level dividend without hurting log-term operation. Signaling hypothesis and asymmetric information holds an essential implication that is, unanticipated dividend updates ought to be gone with by stock price change in the same direction. Krishmurty and Sastry (1971) examined dividend behavior of Indian Chemical Industry for the period of 1962-1967 and undertook crossectional information of 40 Public Limited companies. The outcome disclosed that Linter model gives exceptional demonstration of dividend behavior. Dhameja (1978) in his research tested the dividend behavior of Indian companies by ordering them into s ize group, industry group, growth group and control group. The research found there was no statistically noteworthy connection between dividend payout, on the other hand and industry and size on the other. Growth was contrariwise related to dividend payout and was found to be noteworthy. The prevailing finish was that dividend decisions are preferable described by Lintners model with current profit and lagged dividend as informative variable. Mahapatra and Sahu (1993) found cash flow as a major determinant of dividend emulated by net earning.Bhat and Pandey (1994) undertook a review (survey) of managers view to dividend determination and found that manager notice current profit as the most noteworthy variable. Narsimhan and Asha (1997) recognized that the uniform tax rate of 10% on dividend as recommended by union budget 1997-98, adjust the interest of investor in favor of high payouts. Mohanty (1999) found that the firm, which issued bonus shares, have either upheld the payout at t he pre bonus level or just diminished it marginally thereby expanding the payout to shareholders. Narsimhan and Vijaylakshmi (2002) investigated the impact of ownership structure on dividend payout of 189 production firms. Regression analysis demonstrate that promoters holding Sujata Kapoor, JBS, JIIT, Dec 2009 of September 2001 has no impact on average dividend payout for the period 1997-2000. Anand Manoj (2002) examined the outcomes of 2001 survey of 81 CFOs of Business today-500 companies in India to figure out the determinants of the dividend policy decisions of the corporate India. He used factor analytic framework on the CFOs reaction to catch the determinants of the dividend policy of corporate India. The findings uncovered that large no. of firms have target dividend payout proportion and were in agreement with Lintners study of dividend policy. CFOs utilize dividend policy as an indicating tool to pass on qualified information on the current and future prospects of the firm and therefore influence its market value. The managers outline dividend policy following thinking seriously about the investors preference of dividend and clientele effect. Sen and Ray (2003) have illustrated a noteworthy phenomenon observing the key determinants of stock price in India. The research work is based upon the stocks covering BSE index over a period 1988-2000. The experimental resea rch uncovered dividend payout is clearly the single essential factor affecting stock price. The second factor comes earning per share, which has particularly powerless effect on stock price. So the research investigated one of the important factor dividend payout ratios having effect on Indian stock price. Reddy Y.Subba and Rath Subhrendu (2005) examined Dividend trends for huge samples of stocks traded on Indian market showed that the rate of firms paying dividend declined from over 57% in 1991 to 32% 2001, and that just a few firms paid customary dividends. Dividend paying companies were less likely to be larger and additional profitable than non-paying communities, however growth opportunities do not appear to have essentially influenced the dividend policies of Indian firms. The ascent of the number of firms not paying dividend is not supported by the necessities of cash for investments. Sharma Dhiraj (2007) observationally examined the dividend behavior of select Indian firms listed on BSE from 1990 to 2005. The study investigated whether or not the dividend are still in trend in India and attempted to judge the applicability of one of the two extremely inverse schools of thoughts relevance and irrelevance of dividend decision. The study also examined the applicability of tax structure in the Indian perspective. The finding offered mixed and uncertain outcomes about tax theory showing that the alteration in the tax structure does not have a significant impact on dividend behavior of firm. Thirumalvan Sunita (2005) analyzed the effect of share repurchases Dividend announcement on stock price in the connection of Indian corporate sector throughout the period (2002-2004). They examined the signaling effect of stock repurchases and dividend announcements. The research studied examined abnormal returns across various repurchase level. They have taken the firms recorded in the BSE index for the motivation behind experimental studies. The study blankets the effect on stock price five days prior and after the dividend declaration. The outcome displays the upward trend of share price movement after the dividend declaration. The essential purpose of their finding is that existed just for a day following the declaration. After which the degree of positivism of allotment begins declining. Their conclusion indicates the market reaction in the Indian context to events or declaration for example share repurchases and dividends for the most part vary around day or a few. Various clashing theoretical models, all needing strong experimental support, outline latest attempts by examiners in finance to describe the dividend phenomenon. However to come with strong result an serious study of all theoretical models together with experimental evidence is required. The noteworthy literary work on dividend policy have been unable to get a accord on study on the general dividend hypothesis in the last five year that can either illustrate the method of dividend decision making or foresee an optimal dividend policy. Consequently it ends up being essential to study dividend behavior of Indian companies utilizing the outline of empirical models. The main objective of this study is to compare the study done by different researchers in Indian context over the impact of dividend policy on market value of firm. The next chapter will demonstrates the different methodologies used by these researchers in order to study. Chapter 4: Research Methodology This chapter highlights the methodology adopted in the research has been discussed here. It frame out the different measurements of the research and the method keep on for the comparison of researches of different researchers in the reference of Dividend Policy and Share value for the study. For this purpose the study has collected the data from the research paper of the researchers and demonstrated the different methodologies by different researchers. Further tools and techniques followed by the researchers for understanding the subject are also bought in this part. The main approach followed in this paper is qualitative research in which comparison has been done between the researches of three researchers. The comparison is basis on availability of data through website and journals. The comparison study has been performed because of the expensiveness and free unavailability of data of different sectors, which led to approach a qualitative research rather than quantitative. By follo wing comparative study this paper aim to find out the most favorable research among three. The data used in this research is all secondary data. Introduction of Research Methodology Research Methodology is a way to discover the consequence of a given situation on a particular matter or situation that is likewise pointed as research problem. In Methodology, researchers utilizes distinctive criteria for solving/searching the given study problem. Diverse origins utilize distinctive sort of techniques for tackling the problem. Assuming that we consider the expression Methodology, it is the way of looking or tackling the study difficulty. But every research is incomplete without designing it. This research design is conducted on two approaches: Qualitative and Quantitative. Qualitative research: Qualitative research is the methodology for the most part connected with the social constructivist standard, which highlights the socially built nature of actuality. It is in regards to recording, examining and endeavoring to reveal the deeper importance and meaning. Quantitative research: Quantitative research is usually connected with the positivist/post positivist paradigm. It normally includes gathering and changing over information into numerical shape with the intention that statistical figuring could be made and result drawn. Research Paradigm means a purpose by which researchers think about how they develop knowledge. The terminologies of research paradigm are positivism, interpretivism and realism.The main components of a paradigm are ontology, epistemology and methodology. Mainly the researches are done on the basis of certain collective data. These data are of 2 types: primary data and collective data. Primary data are those data that are collected from questionnaires, observations, interviews, data processing and so on. Whereas secondary data are those, which are collected from journals, internet, government publication, published books, newspapers and magazines etc. The data collected for this research is mainly basis on secondary data, which are gathered from journals and websites. Research Strategy by Different Researchers The research is comparative study of different researchers over different sectors of Indian firms. The study compared the different methodologies used by Pani (2008), Sujata Kapoor (2009), R. Azhagaiah Sabari Priya (2008). The studies of these researchers are chosen because of availability of their data and they have given revolutionary results in this reference. These researchers have contributed a lot in the research of dividend policy and share value over Indian firms. Following are outline of the different dimensions used by these researchers: Pani (2008) Pani (2008) in his research discussed the classical linear regression model and other tests. In his research he represents the hypothesis that dividends affect stock price or market value of the firm. The market value of the firm can be represented as: Market value of the Firm = f net profit, Dividends . Retained Earning The market value of the firm here is essentially acted for on the core of accounting Earning Analysis. Net profit in this equation is determined from the current investment of the firm. As higher the net profit the higher can be the stock price. The ratio of dividends to retained earnings is the factors on which market value of the firm also depends for the reason that the profit is mainly discriminated either dividend or retained earnings. In his research, he focuses over the context-specific Panel-Data models including the control variable like leverage ratio and the size of the firm. He has observed firm effect and time effect through the panel data estimation during the sample period. For his research purpose he derived the proposed model to analyze the impact of dividends on stock return. He has analyzed the issue over his proposed derived model. Instantaneously he has discussed other option, which were available for the analysis. He has analyzed the result of different industry aggregately in his study. The proposed Model is here: Macintosh HD:Users:rahul:Desktop:Screen shot 2012-09-18 at 9.54.18 PM.png Where, SZ = Ln (total Assets)  µi = Firm Specific component Eit= Disturbance Term Then he divided the null hypothesis or D/R ratio affects stock returns i.e. Ho: D/R affects Vit. Firstly he examined the result of the classical linear regression model and secondly panel data estimation. He defined four basic models, which he has estimated earlier continuing toward final examination. yit= ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±+ Eit(No group effect or xs) yit=ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±i +Eit(Group dummies only) yit =ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²Xit + Eit(Repressors only) yit =ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±i+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²Xit +Eit(Xs and group effects) Model 1 on 2: H0: (no group effects on the mean of y) Model 1 on 3: H0: (no fit in the regression of y on xs) Model 1 on 4: H0: (no group effects or fit in regression) Model 2 on 4: H0: (group effects but no fit in regression) Model 3 on 4: H0: (fit in regression but no group effects) He has examined the set of data for using the panel data models with the help of above five different hypotheses. For the Food and Beverage, Mining Industry and Non-metallic Industry, the LR, F and LM test along with Hausman Specification Test supports the use of fixed effect models however for other services, Textile Industry and Mining Industry, the diagnostic test rejects the use of fixed effect models. Data Gathering In study he gathered all the data to achieve his objective from Prowess database of the CMIE (Centre for Monitoring on Indian Economy) in India. A sample of 500 companies from A1 and B1 groups of shares is chosen for experimental analysis. These samples were dividend into six different industries namely Electricity, Food and Beverage, Mining, Non-metallic, textile and service sector. His motive behind choosing these companies is the consistency with the dividend payment history for the study period 1996-2006. Though, his study has theorized the dependent variable(market value of firm) and the descriptive variables for example size of the firm, dividend to retain earning ratio and debt to equity ratio. The stock return is reflected as proxy for the market value of the firm as dependent variable and Ln (total assets of the firm) have been occupied as a proxy for rest of following variable. Sujata Kapoor (2009) Sujata Kapoor (2009) in her research has utilized several different tool and techniques and models namely Lintner model and event study to accomplishresearch objectives. Linter Model Linter(1956) introduced a model to concentrate on the determinant of the dividend behavior of American corporation considering that the dividend payout is a role of net current earning after tax(PAT) and dividend paid during the previous year i.e. lagged dividend (Div t-1). Companies choose to payout a settled proportion of their net profit as dividend to regular stakeholders; however in the view of their well known preference for constant dividends may attempt to succeed the target level just by a fraction of the amount demonstrated by the target payout ratio whenever profit changes. The above speculative definition of Lintner has been utilized as an estimating equation for corporate dividend in her study, which is as follow: D*it = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±iEit Dit -Di(t-1) = ai + Ci {D*it -Di(t-1)}+uit Where, D*it = desired dividend payment during period t Dit = Actual dividend payment during period t ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±i = target payout ratio Eit = earning of firm during period t ai = a constant related to dividend growth Ci = partial adjustment factor uit = error term Dit Di(t-1) = ai + Ci{ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±iEit Di(t-1)} + uit Dit = a + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±iCitEit + (1-Ci)Di(t-1) + uit Simplified further in the form of multiple regression equation, Dt=a+ ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±iEit + Ci D (t-1) +uit To comprehend the connection between dividend and earning (PAT) a Multiple Regression Analysis was performed in respect of companies, which are constituent of CNX IT file, CNX FMCG file and CNX service Sector Index individually, for the panel data of 9 years i.e. from 2000 to 2008. Lintner Model Used: Y=ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1X1+ ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2X2 + uit + ÃÆ'Ã… ½Ãƒâ€šÃ‚ µit Where, Y= dependent variable (equity dividend in Rs. crore during period t) X1= independent variable (PAT) in Rs. Crore ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± = Constant ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1= regression coefficient of PAT (target payout ratio) X2= Equity dividend during period t-1 ÃÆ'Ã… ½Ãƒâ€šÃ‚ ² 2= regression coefficient of dividend during period t-1 i.e. (1-c) and c is the adjustment factor. uit = firm specific components ÃÆ'Ã… ½Ãƒâ€šÃ‚ µit = disturbance term Therefore, Target Payout ratio * adjustment factor = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±i* Ci = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±i*(1-ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2) = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 This implies ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±I = target payout ratio = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1/(1-ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2) Speed of adjustment factor=(1-ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2) Hence, the regression results structures the groundwork of testing the applicability of Lintner model, which is a finance classic in each of he sectors. Event study To examine the impact of dividend announcement on shareholders wealth in the prescribed sectors in India Event Study approach has been utilized. Firstly, find the announcement date in each of the industries for the sample period from 2001 to 2008. Thus, 168-announcement date were taken from IT sector, 199 dates from FMCG and 202 from service sector. Secondly, 41 days has been taken which include 20 days before the events and 20 days after the events. Thirdly, daily-adjusted closing prices were taken for estimatingpredictable returns as per Market model. Fourthly, the aggregate abnormal returns were calculated with the help of average abnormal return to watch the reaction over a period of time. Finally, standard deviation of abnormal return has been used to calculate t-statistic to cross sectional. To evaluate the stock price reaction to dividend announcements, Return (Rit), which is the time t return on security i were figured as (Pit-Pit-1)/Pit-1 where Pit is the balanced closing price of the stock I on day t. Pit-1 is the balanced closing price of stock i on day t 1 Rit = (Pit Pit-1)/Pit-1 Likewise, the following formula were used to calculate return on Market Index, Rmt =(It -It-1)/It-1 After that following equation will be use to calculate abnormal return for each of the day in the event window: ARit = Rit -E (Ri,t) , t=(-20,-19ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦20) Then, market model is used to estimate expected return. Estimation window of 150 days have been used, according to following equation: E(Rit) = ai + bi Rm,t+ei,t In which,Rm,t is the return on the market portfolio on day t substitute specific sector indices, ei,t is the random error term and ai and bi are market model parameter. According to the following formula the abnormal returns (ARs) averaged across the sample of firm: AARs =Avg(ARt) = (1/N) ARit Where, N is the number of sample observations. Therefore, to find out daily average abnormal returns, the abnormal return must divide by the number of days. The cumulative abnormal returns from day t1 through t2 ,CARt , are : CAARt = ÃÆ'Ã… ½Ãƒâ€šÃ‚ £ Avg (ARt) where t = t1 to t2 CAAR can be positive and negative. Assuming that CAAR is negative in periods following dividend announcements, this intimates dividend announcements do not convey information about future earning and cash flows of the firm. A positive CAAR demonstrate allocation of dividend adds to shareholder value by passing on good news to the market. We utilize a 41day event window period beginning from -20 to +20 days relative to dividend announcement day (0 day). For the motive of analysis both interim and final dividend announcements has been taken. To calculate the t-statistic, to start with, all abnormal returns identical as: SAR it= ARit / Si (AR) Where, Si (AR) represents the standard deviation of the abnormal returns of stock i in the estimation period. For the sample of N observation for every day t in the window the t-statistic is calculated as: t(SAR) = (ÃÆ'Ã… ½Ãƒâ€šÃ‚ £i=1 to N SAR it) .1/ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒâ€¦Ã‚ ¡N Data Gathering Sujata Kapoor (2009) has gathered the secondary data for methodical and experimental study from Prowess database of CMIE (Centre for Monitoring Indian Economy). The analysis has been done on panel data in Lintner model. In this analysis the sample period is taken from 2000 to 2008. R. Azhagaiah Sabari Priya .N (2008) In their research, they haveanalyzed the impact of dividend policy on shareholder wealth over the organic and inorganic chemical industry of India. In that the have used multiple regression method and stepwise regression models by taking DPSit (Dividend per Share), RE it (Retained Earnings per Share), Pet-1 (Lagged Price Earning Ratio) and MPSit-1 (Lagged Market Price) (MVit-1) as independent variable, and MPSit (Market Price Per Share) as dependent variables. With the help of F value the co-efficient of determination (R2) has been tested, to determine the proportion of explained variation in the dependent variable. The tool used by them for analyzing data is following: MPSit = a + b DPSit + c REit + eit (1) MPSit = a + b DPSit + c REit + (PE)t-1 + eit (2) MPSit = a + b DPSit + c REit + (MPS)it-1 + eit (3) Where, MPSit Market price per share DPSit Dividend per share REit Retained Earning per share PEt-1 Lagged Price Earning Ratio MPSit-1 Lagged Market Price (MVit-1) The i denotes the ith company in the sample of n companies chosen from individual industry and every variable are measured in the ith time period. Closing price of share for year is used as a market price of a share. Mean, Standard Deviation, Multiple Regression Model and Stepwise technique has been used to analyze the data. Data Gathering Priya Azhagaiah (2008) also collected their data from PROWESS database of CMIE. The sample of 28 companies has been taken, which are registered in BSE (Bombay Stock Exchange) among them 19 were of organic and 9 were of inorganic using Multi-Stage Random Sampling Technique for the sample period of 1996-1997 to 2005 -2006. In this chapter it was easily shown that which method have they used to represent their research. This chapter has analyzed the various method, models, tools techniques utilized by Pani (2008), Sujata (2009) R. Azhagaiah Priya (2008). The table 4.1 will summarize this whole chapter in he tabular form: Table 4.1: showing the area of research and models used by three different researchers Researchers Pani (2008) Sujata Kapoor (2009) R. Azhagaiah Sabari Priya. N(2009) Area of Research Electricity industry, Food and Beverage, Non-metallic, Other industry Textile Mining IT Sector, FMCG (fast moving consumer goods), Service Sector Organic chemical companies, Inorganic chemical companies Sample Period 1996 to 2006 2000 to 2008 1997 to 2006 Models Adopted Classical linear regression model using panel data model Lintner Model Event study Multiple regression model Stepwise regression model

Marijuana as a Subculture Essay - 1356 Words

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Ethic Essay - 651 Words

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Corporate Governance and Social Responsibility 60 Countries

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Philippine Peso Essay Example

Philippine Peso Essay Philippine Peso is the currency of the Philippines. The Central Bank of the Philippines, the Bangko Sentral ny Pilipinas (BSP) administers foreign exchange controls and all other currency problems in the Philippines. The former Marcos government of Philippines, known for its corruption, always aimed at retaining the foreign exchange earnings from traditional exporters. From 1970 to 1984, the Philippines had an intermittent history of multiple rate structure with different rates to foreign exchange transactions for exports, imports and foreign debts, on the basis of a daily Guided Rate.From 1970 till 1973, traditional exporters were required to surrender 80% of the foreign exchange earning at a Official Rate fixed at 3. 9, which is more disadvantageous to exporters than other rates. This requirement was later replaced by a stabilization tax on traditional exports, which also worked to siphon off the gains of traditional exports. (Bautista, 1987) In mid 1980s, with the economic takeoff of the neighbouring Asia-Pacific area, the Philippines witnessed the importance of removing distortions in its economic regimes and opening up the highly protected economy.Read also The Philippine Peso Us Dollar Exchange RateAlso partly due to the 1983 financial crisis, in 1984 the multiple rate structure was abolished. Ever since then, the Philippines has maintained a floating exchange rate regime. An Inter-bank Rate, determined on the basis of supply and demand in the exchange market, has governed all transactions. The authorities intervene in the medium to maintain orderly market conditions and the political objectives. In addition, the Bankers Association maintains a Reference Rate as the Peso-U. S. Dollar convention rate for customs valuation purposes and for computation of import duties/taxies.Major sources of reference include: 1. World Currency Yearbook. (WCY) 2. Annual Report on Exchange Arrangement and Exchange Restriction. (IMF)Â   3. Romeo M. Bautista (1987): Productio n Incentives in Philippine Agriculture: Effects of Trade and Exchange Policies. | Â  | Â  | | Date| Changes to the exchange rate regime| Peso per U. S. Dollar| 8 November 1965| The fluctuating free rate was abolished. (WCY, 1984, p. 614)Â  | 3. 900Â  | 21 February 1970| A multiple rate structure with a Mixed Rate (not explained in WCY) was reinstated based on a controlled, floating Official Free Flucturating Guided Rate. WCY, 1984, p. 614) . The daily Guided Rate was establishedby the Bankers Association. (IMF 1976, p. 369). 80% of foreign exchange earnings from some traditional exports (including copra, sugar, logs, and copper concentrates) were to be surrendered to the Central Bank at the Official Rate of P3. 90 per U. S. Dollar, while the remaining 20% could be sold at the free market rate. (Bautista, 1987, p. 24)Â  | 5. 500Â  | May 1970| The requirement of surrender 80% of export earnings was replaced by a stabilization tax on traditional exports. (Bautista, 1987, p. 4)Â  | Â  | 22 September 1970| Â  | 6. 435Â  | 20 December 1970|The gold content of the Peso was cut 7. 89%, paralleling the U. S. Dollar devaluation. | Â  | 26 April 1972| Â  | 6. 780Â  | 13 February 1973| The gold content of the Peso was cut 10%, in the aftermath of the U. S. Dollar devaluation. (WCY 1984, p. 614)Â  | Â  | 31 December 1974| Â  | 7. 070Â  | 1975| In spot transactions between commercial banks and customers, the maximum and minimum spot buying rates are 0. 5% and 1% below the guiding rate, respectively. The minimum and maximum spot selling rates are 0. 75% and 1. 5 % above the guiding rate, respectively. (IMF 1976, p. 369)Â  | Â  | 31 December 1975| Â  | 7. 510Â  | 31 December 1976| Â  | 7. 440Â  | 1977| For spot transactions in excess of US$100,000 between banks and their customers, the margins are competitively determined. (IMF 1978, p. 331)Â  | Â  | 31 December 1977| Â  | 7. 380Â  | 31 December 1978| Â  | 7. 380Â  | 31 December 1979| Â  | 7. 420 Â  | 31 December 1980| Â  | 7. 600Â  | 31 December 1981| Â  | 8. 200Â  | 31 December 1982| Â  | 9. 170Â  | 23 June 1983| Â  | 11. 000Â  | 5 October 1983| Inter-bank trading in foreign exchange was suspended.The Guided Rate was phased out in favor of a controlled, floating Effective Rate. (WCY 1984, p. 614)Â  | 14. 000Â  | 31 December 1983| Â  | 14. 000Â  | 1984| All spot buying and selling margins were to be determined on a competitive basis. (IMF 1985, p. 400)Â  | Â  | 6 June 1984| The exchange rate system was revised into a de facto multiple rate structure as follows: The Effective Rate applied only to essential imports and interest on the foreign debt. Based on a 10% tax on the purchase of foreign exchange, an exchange for other transactions.An exchange rate for export proceeds. The Black Market Rate was officially recognized as the major source of foreign exchange. (The exchange rate for purchase of exchange in other transactions: 19. 80; Export proceeds were exch anged at P16. 20 per U. S. dollar; The Black Market Rate: P20. 00-P24. 00) (WCY 1985, p. 669)Â  | 18. 000Â  | 10 October 1984| The multiple rate structure was abolished. Inter-bank trading in foreign exchange was resumed. An Interbank Rate, determined on the basis of supply and demand in the exchange market, was to govern all transactions.Authorities intervene when necessary to maintain orderly conditions. (WCY 1990-1993, p. 510) Â  | Â  | 13 December 1984| The Peso-U. S. Dollar guiding rate was abolished. (IMF. 1986. p. 422) Â  | Â  | 31 December 1984| Â  | 19. 760Â  | 29 March 1985| The Central Bank announced that, the reference rate of the Bankers Association should be the Peso-U. S. Dollar conversion rate for customs valuation purposes and for computation of import duties/taxies. (IMF. 1986. p. 422)Â  | Â  | 31 December 1985| Â  | 19. 030Â  | 31 December 1986| Â  | 20. 530Â  | 31 December 1987| Â  | 20. 800Â  | 1 December 1988| Â  | 21. 340Â  | 31 December 1989 | Â  | 22. 440Â  | 13 September 1990| Guidelines were issued that the buying rate for spot transactions must not be less than 1% below the reference rate of the Bankers Association, while the spot selling rate must not be more than 2% above the reference rate.For transactions other than spot, the buying rate must not be less than 1% below the spot buying rate, while the selling rate must not be more than 1% above the spot selling rate. (IMF. 1991, p. 398)Â  | Â  | 31 October 1990| Â  | 28. 000Â  | 31 December 1990| Â  | 28. 000Â  | 8 January 1991| The margins for spot buying and selling rates for commercial reference transactions around the official reference rate were eliminated. (IMF. 1991, p. 400)Â  | Â  | 31 December 1991| Â  | 26. 650Â  | 30 July 1992| A system of eight-hour continuous interbank foreign exchange trading under the Philippine Dealing System (PDS) was introduced. (IMF. 1993, p. 405)Â  | Â  | 31 December 1994| Â  | 24. 418Â  | 31 December 1995| Â   | 26. 214Â  | 15 March 1998| The authorities allowed the Peso to float more freely against the dollar by lifting the volatility bank system.The band include a 6% limit around the exchange rate of the previous day, with trading being suspended for the remainder of the day if the limit was reached. (IMF 1999, p. 683)Â  | Â  | Notes:Throughout the course, the Philippine authority posted an Official Rate of P3. 90 per U. S. Dollar. This rate was originally used for exporters to surrender their exchange earnings to the Central Bank since 1965. However, this rate is now left inoperative since the exporters are not required to render their export earnings any more. (WCY 1986-1987, p. 511)|

No Topic Example

No Topic Example No Topic – Coursework Example I totally agree with the that MIS becomes very vital to any business MIS as a is very vital forany business student. It will give the business student the background they need to understand, assess, evaluate, and even apply emerging business information systems technology. The key highlight of the author’s convincing opinion is that MIS course to any business school student is the epitome of expansion of business information and empowering any student in handling individual research and enhance their marketability in the job market in the future. The World has become very dynamic and competitive and one would agree with the author the increased international competition due to rapid technological transformation that place the spotlight on the business skills or preparation of the student to the job market, specifically the ability of the business to adapt to dynamic technological environment. This makes MIS thus becomes very relevant to any business student in acquiring skill s necessary in this the nature of organizations.Additionally, through critical analysis, the future business professionals require to be capable to understand, assess, analysis, and apply the dynamic and emerging business information technology to business. This makes MIS class the most important class an undergraduate business student will take. A student would thus need the knowledge of MIS as a course to attain the required skills. MIS majors are uniquely able to understand how information technology may contribute to an industry success, and how to create and apply business information technology focused business solutions.Work citedKroenke, David. "Chapter 1: The Importance of MIS."Â  Using MIS. Upper Saddle River, NJ: Prentice Hall, 2011. 1-23. Print

Infant observation Essay Example | Topics and Well Written Essays - 500 words

Infant observation - Essay Example As I watched the child, after he had taken the yogurt, I could observe that he was able to wave at me and this is a sign of trust as explained by Erik Erikson in the first stage of development where there is either trust or mistrust. Trust occurs when the child is able to have faith in people around him and relate with well without fear that they could be harmful to him, while mistrust occurs when the child is unable to relate with people around him feeling that they have ill will on him. In addition, under Maslow hierarchy of needs where one seeks security and love after his basic needs such as food, clothes and shelter have been satisfied, i was able to observe that he only waved at me after taking yogurt, a sign to show hat he was satisfied with food and now needed love and protection. In this case, yogurt served as food. He moved his head up and down when music played as a way of dancing; this could be as result of classical conditioning in the theory of behaviorism. Classical co nditioning in behaviorism occurs when one is able to associate certain object or incidents that frequently happen with something familiar to ones immediate environment. This child learnt to associate music with dancing. He grabbed his friends’ hair and pulled it, stood by himself and walked across the room by holding the cribs. Additionally, he was able to make the ball roll round, shake the rattle, stretch out in the floor, and act like as if he was talking on the phone. The child is able to do this during infant development stage according to cognitive theory (Douglas 35). In his sensory development, I could observe that he was able to touch his friend’s hair and pull it, see me, and wave towards my direction when we first met. According to attachment theory, the child at infant stage is able to relate well with people close to him especially his caregiver. Therefore, from the above observation, it appears that he is already attached to his

Compare and contrast two works Essay Example | Topics and Well Written Essays - 1750 words

Compare and contrast two works - Essay Example on the way to Canterbury and two stories on the way back, but either Chaucer never finished the journey or the entire collection has never been found. What is unique about the tales is that each character has a different voice and a different perspective on life. As a result, many of these characters and stories represent the dominant ideals of the age because the characters tell stories that relate closely to their personalities and life station. In many cases, these stories can be juxtaposed against each other to show two different views of the same concept such as the issue of deceit. While deceit is the backbone of much medieval, and modern, humor, it can also be quite harmful with the only difference being in how it is practiced. An example of this kind of juxtaposition can be found when one works to compare the Miller’s prologue and tale with that of the Pardoner. The Miller tells a comic story of a man, his young wife and her exploits with the young men of the town whil e the Pardoner tells a story of three young men who set out to kill Death and are merely able to find him through their own greed and depravity. While people are hurt in the Miller’s tale, the story focuses more upon the comedy of the situation as opposed to the Pardoner’s tale, which is full of moral warning for the danger deceit brings to the soul. Comparing these two stories reveals a sort of mirror image between the Miller, an honest man who tells a story of comic deceit, and the Pardoner, a dishonest man who tell a story of deceit as damnation. The differences between these two characters are perhaps among the first things to stand out in such a comparison. The Miller is introduced as a drunken loudmouth who cannot be silenced once he decides to speak. The host has called up on the Monk to tell the next story, but it is the Miller who speaks up, first insisting he be allowed to tell his story, â€Å"Either I’ll speak, or go on my own way† (124), then refusing to alter

Art Appreciation Essay Example | Topics and Well Written Essays - 750 words - 3

Art Appreciation - Essay Example A spiral design can be seen throughout the work. The spiral design was used by the artist with a view of presenting perseverance. The artist seems to have found a number of examples regarding the spiral design as petroglyphs, which is common to many tribes. Each tree surface is covered using images as well as text, which chronicle the Indians history. Regarding the themes of each tree, they seem to be presented roughly in a chronological order. Tree One is the starting point of the artwork and it depicts imagery mainly from Ancestral Puebloans (Denver Art Museum). This comes out as a way of representing ancient times. Tree Two, on the other hand, shows the history of Bent’s Fort. It further explores the themes of coexistence. This exploration is specifically the relationships that are based on trade between the various nations presented. Bent’s Fort has a tepee and shows the existence of a close relationship between the tribes and Fort. On this tree, question marks are indicated in reverse form. These marks indicate the impression of the non-existence of peaceful trade relationships (Denver Art Museum). Tree Three deals with the tribes of Cheyenne and Arapaho. These two tribes occupied the eastern side of Colorado. Besides, two historic massacres that point to the destructive effect of the United States Amy as well as the expansion of railroad on the native people. The tracks, in this case, are read in terms of the railway’s wounds approaching the native communities.

The Major Catalysts in the Formation of the Internet and Digital World :: Internet Digital Essays

The Major Catalysts in the Formation of the Internet and Digital World Introduction There exisits two schools of thought concerning which components have been the major catalysts in the forming of the internet and digital world as we know it today. Both entertain stimulating and valid arguments. Manovich stipulates that the visual format of the internet is purely based on the visual reasoning that erupted out of the late nineteenth century as a result of constructivist principles and the tremendous introduction of the cinema, while Cook provides a good argument that although the assertions made by Manovich are true, Manovich overlooks an important component to the aesthetics and organization of the digital internet. Cook describes the importance of late Victorian logic in the form of diagrammatical information put forth by visual reasoning and mathematical pioneers such as Venn, Marshall, and Carroll. It is my opinion that a combination of certain elements of both Manovich's and Cook's arguments creates a visual reasoning amalgam of why the internet looks like it does today. Each school of thought represents a portion of what we see when we click on the little blue link called "e" and escape into a world of dazzling, creative expressions of information and interpretation. I believe that the methods of Victorian logic are the vehicles in which information is organized and made easily accessible to the interactive users; while Victorian logic has adapted into the utilitarian aspect of the internet, the principles of constructivism which had originally sprung out of the art historical movement called soviet constructivism (early twentieth century) have formed the aesthetic and more directly interactive part of the internet. Manovich's Argument "The techniques developed by the artistic avant-garde of the 1920's became embedded in the commands and interface metaphors of computer software. In short, the avant-garde vision became materialized in a computer."(1) Manovich declares that there are three main developmental stages in the historical context of visual reasoning; I believe Cook's description of these three stages is very clear and succinct, and generally gives overall essence of Manovich's basis for his argument: "First of all he outlines an early period between 1870 and the 1920's, during which there occurred 'a profound change in the cultural attitude toward vision.' This initial cultural shift paved the way for a second stage in the modern history of vision, a stage which arrived around or soon after the Second World

Mgt 311 Learning Team Reflection Week 4

Organizational Development Team D Learning Team Reflection December 3, 2012 This week we learned about the influence of how organizational structure is on behavior. Also we learned how to analyze and influence an organizational culture on behavior. Then there is how power and politics influence people’s behavior. We talked about mechanistic structure and organic structure. When talking about mechanistic structure, the employees know how to present themselves, why there is no room for them to mess up. (Robbins & Judge, 2011).When people are at work they have to act one way compared to the way they act at home. If the business does not put into place a strong organizational culture, then there could be a lot of unethical behavior in the place of business. This would show the people that work at the place of business and the customers that there is a low organizational structure. All work places of some kind of influence of power and politics. Without the right kind of power and politics in the place of business this could cause discord for people that work in the business.If this kind of behavior is not watched it could cause other people in the business to feel left out or not appreciated in the right way. In week four we took a look at power and leadership, here we contrasted the two. Power is the influence someone has over another person and leadership uses power to attain goals. It is important that one does not have to be a leader to have power. Many people have the power to coerce others without having the leadership role. We could relate to formal power and compare it to the workplace. We use the different formal powers; coercive, reward, and legitimate powers every day.When our employees fail to comply with company goals they can get written up which could result in termination. We also use rewards for employees who exceed goals. Exhibit 13-2 in chapter 13 was very humorous; it gave political labels and compared it to effective management. For exam ple, the political label ‘passing the buck' is known as ‘delegating authority' for effective management. The things we learned that made us think more was about virtual organizations. Some of us did not know what the full term meant and now we can say that the company one of us works for is one of the utsourcing companies from a virtual organization. Some of the leading companies have the profit that they do because of the flexibility and low overhead. Organizational behavior is here for the people to have a better understanding of the people they work with. The more that we know our surroundings and the people that work in the place we are able to know how to influence the individual or group. This will help each person to feel a part of the team and in return the business will run better because the people working there will not mind doing the work.

American History Timeline 1783-1800

The first two decades after the establishment of the independence of the United States from England were times of great turmoil, with American leaders struggling to form a working constitution that would accommodate the multiple viewpoints of its people. Slavery, taxation and states rights were hot-button issues that needed to be addressed. At the same time, the new United States, as well as its allied and competitor nations around the world, struggled with finding a way to fit into the established trade and diplomatic circles. 1783 February 4: Great Britain officially states that hostilities have ended in America on February 4th. Congress agrees on April 11, 1783.   March 10–15: Major John Armstrong (1717–1795) writes a fiery petition from the Continental Army, calling for Congress to honor their agreements to pay them and warning that the soldiers might mutiny. Washington responds with the Newburgh Address, sympathizing with the men but denouncing the plans for mutiny. The men are moved, and Washington sends several letters to Congress on their behalf. Eventually, Congress agrees to pay the officers a lump sum for five years worth of pay.   April: John Adams, Benjamin Franklin, John Jay, and Henry Laurens travel to Paris to negotiate a preliminary peace treaty with the British which Congress then ratifies. May 13: The Society of the Cincinnati is founded with George Washington as its first president. This is a fraternal order of Continental Army officers.   April 20: In Massachusetts, the third court case over Quock Walker, a man treated as a slave and beaten by his owner, is resolved finding the owner guilty of slavery, effectively abolishing slavery in the state. September 3: The Treaty of Paris is signed, and Spain recognizes American Independence, followed quickly by Sweden and Denmark. Russia will also recognize Americas independence before the year is out.   November 23: George Washington officially issues a Farewell Address to the Army in November and formally discharges the Army. He later resigns as Commander in Chief.   Before the year ends, the importation of African slaves is banned in Pennsylvania, New Hampshire, and Massachusetts.   1784 January 14th: The Treaty of Paris is officially ratified after being signed the previous year.   Spring: Congress creates a Treasury Board to be governed by three commissioners: Samuel Osgood, Walter Livingston, and Arthur Lee.   June: Spain closes the lower half of the Mississippi River to America.   Summer and Fall: Thomas Jefferson, John Adams, and Benjamin Franklin are stationed in Paris and authorized to negotiate commercial treaties.   August: The Empress of China, the first American merchant ship, reaches Canton, China and will return in May 1785 with goods including tea and silks. Many American merchants would soon follow.   October 22: In the Treaty of Fort Stanwix, the Six Nations of the Iroquois give up all claims to territory west of the Niagara River. The Creek Indians also sign a treaty expanding Georgias territory.   1785 20 June: James Madison (1751–1836) publishes Remonstrances Against Religious Assessments advocating the separation of church and state.   January 21: In the Treaty of Fort McIntosh, the Chippewa, Delaware, Ottawa, and Wyandot Indians sign a treaty where they give America all their land in present-day Ohio.   February 24: John Adams (1735–1826) is appointed as the ambassador to England. He fails at negotiating commerce treaties and ensuring that the terms of the Treaty of Paris are enforced including the abandoning of their military posts along the Great Lakes. He returns back from England in 1788.   March 8: Former military officer Henry Knox (1750–1806) is appointed as the first Secretary of War.   March 10: Thomas Jefferson is made the minister to France.   March 28: George Washington hosts a conference at Mount Vernon where Virginia and Maryland create a commercial pact on how to deal with navigation on the Chesapeake Bay and the Potomac River. They show the willingness of states to cooperate.   May 25: The Constitutional Convention opens in Philadelphia and Massachusetts is the first to call for a revision of the Articles of Confederation. However, this will actually not be considered until 1787. July 13: The Land Ordinance of 1785 is passed providing for the division of the northwestern territories into townships with lots to be sold for $640 each.   November 28: According to the first Treaty of Hopewell, the Cherokee Indians are ensured of the right to their land in the Tennessee area.   1786 January 16: Virginia adopts Thomas Jeffersons Ordinance of Religious Freedom which guarantees freedom of religion.   June 15: New Jersey refuses to pay their share of money requisitioned for the national government and offers the New Jersey Plan identifying weaknesses in the Articles of Confederation.   August 8: Congress establishes a standard coinage system as proposed by Thomas Jefferson, the adopted Spanish dollar, with a silver weight of 375 64/100s grains of fine silver. August: Small incidences of violence erupt in Massachusetts and New Hampshire because of the economic debt crisis being experienced in the individual states. States begin issuing unstable paper currency.   September: Shays Rebellion occurs in Massachusetts. Daniel Shays is a former Revolutionary War captain who went bankrupt and led a group of armed individuals in protest. His Army will continue to grow and make attacks in the state, which are not stopped until February 4, 1787. However, this rebellion reveals the weakness of the articles to provide military protection across state lines.   1787 May 14: Congress agrees to hold a constitutional convention in Philadelphia to deal with the weaknesses of the Articles of Confederation.   May 25–September 17: The Constitutional Convention meets and results in the creation of the US Constitution. It needs to be ratified by nine states before it comes into effect.   July 13: The Northwest Ordinance of 1787 was enacted by Congress, including policies for creating new states, accelerated westward expansion, and fundamental rights of citizens. Arthur St. Clair (1737–1818) is made the first governor of the Northwest Territory.   October 27: The first of 77 essays called collectively The Federalist Papers is published in New Yorks The Independent Journal. These articles are written to persuade individuals in the state to ratify the new Constitution.   Before the end of the year, Delaware, Pennsylvania, and New Jersey ratify the Constitution.   1788 November 1: The Congress officially adjourned. The United States would have no official government until April 1789.   December 23: The Maryland General Assembly passes an act proposing ceding to the national government the area of land that would become the District of Columbia.   December 28: Losantiville is established on the Ohio and Licking Rivers in the Ohio Territory. It will be renamed Cincinnati in 1790.   Before the end of 1788, eight more of the 13 states will have ratified the Constitution: Georgia, Connecticut, Massachusetts, Maryland, South Carolina, New Hampshire, Virginia, and New York. The fight has been hard fought with opposing Federalist and Anti-Federalist forces. Many states will not agree until a bill of rights is added protecting civil liberties and ensuring that the states powers have been preserved.  Once nine states have ratified, the Constitution is formally adopted.   1789 January 23: Georgetown University becomes the first Catholic university founded in the United States.   April 30: George Washington is inaugurated in New York as the first President. He is sworn in by Robert Livingston and then delivers his inaugural address to Congress. A week later, the first inaugural ball is held.   July 14: The French Revolution begins when revolutionaries stormed the Bastille Prison, events witnessed by the American minister Thomas Jefferson.   July 27: The Department of State (called the Department of Foreign Affairs at first) is established with Thomas Jefferson as his head. August 7: The War Department is also established with Henry Knox as its head. September 2: The new Treasury Department is headed by Alexander Hamilton. Samuel Osgood is named the first Postmaster General under the new constitution. September 24: The Federal Judiciary Act creates a six-man Supreme Court. John Jay is named the Chief Justice. September 29: Congress establishes the US Army before adjourning.   November 26: The first national Thanksgiving Day is proclaimed by George Washington at the request of Congress.   1790 February 12–15: Benjamin Franklin sends an anti-slavery petition to Congress on behalf of the Quakers asking for the abolition of slavery.   March 26: The Naturalization Act passes and requires a two-year residency for new citizens and their children, but limiting it to free white people. April 17: Benjamin Franklin dies at the age of 84.   May 29: Rhode Island is the last state to ratify the Constitution but only after being threatened to tax its exports by other New England states.   June 20: Congress agrees to assume the states Revolutionary War debts. However, this is opposed by Patrick Henry (1736–1799) as detailed in the Virginia Resolutions.   July 16: Washington signs into law the Permanent Seat of Government Act, or Residence Act, establishing the location of the permanent federal capital.   August 2: The first census is completed. The total population of the United States is 3,929,625.   August 4: The Coast Guard is created.   1791 January 27: The Whiskey Act is signed putting a tax on whiskey. This is opposed by farmers and many states pass laws protesting the tax, eventually leading to the Whiskey Rebellion. February 25: The First Bank of the United States is officially chartered after President Washington signs it into law. ​ March 4: Vermont becomes the 14th state, the first to enter the United States after the 13 original colonies. March: President Washington chooses the site for the District of Columbia on the Potomac River. Benjamin Banneker (1731–1806), a black mathematician and scientist, is named one of three individuals appointed to survey the site for the federal capital.   Summer: Thomas Jefferson and James Madison join forces to oppose Washingtons federalist programs.   Fall: Violence repeatedly breaks in the Northwest Territory with repeated attacks by Ohio Indians on settlements along the frontier, culminating in the Battle of the Wabash in November.   December 15: The first 10 amendments are added to the US Constitution as the Bill of Rights.   1792 February 20: The Presidential Succession Act is passed detailing the line of succession in the case of the death of the president and vice president.   Spring: Thomas Pinckney (1750–1828) is named as the first diplomat to be sent from the United States to Great Britain.   April 2: The national mint is established in Philadelphia.   May 17: The New York Stock Exchange is organized when a group of stockbrokers sign the Buttonwood Agreement.   June 1: Kentucky enters the Union as the 15th state.     December 5: George Washington is reelected as president in the second presidential election.   1793 Over the year, Frances revolutionary movement loses a lot of American support upon the execution of Louis XVI (January 21) and Marie Antoinette (October 16) along with the declaration of war against Great Britain, Spain, and the Netherlands.   February 12: A Fugitive Slave Act is passed allowing slave owners to recapture runaway slaves.   April: The Citizen Genà ªt scandal occurs, after the French minister Edmond Charles Genà ªt (1763–1834) arrived in the U.S. and passed out letters authorizing the attack on British commercial vessels and the city of Spanish New Orleans, what Washington saw as a clear violation of American neutrality. As a result, Washington proclaims Americas neutrality in the wars that are occurring in Europe. Despite this, Great Britain orders all neutral vessels to be seized if they are traveling to French ports. In addition, the British begin to seize neutral vessels that are traveling to the French West Indies which means that British begin to capture, imprison, and impress American sailors.   December 31: Thomas Jefferson resigns as Secretary of State. Edmund Randolph (1753–1813) will become secretary of State in his stead.   1794 March 22: The Slave Trade Act is passed that bans the slave trade with foreign nations.   March 27: The Act  to Provide a  Naval  Armament (or Naval Act) is passed, authorizing construction of what would become the first ships in the US Navy.   Summer: John Jay (1745–1829) is sent to Great Britain to negotiate a trade treaty which he does (signed November 19). James Monroe (1758–1831) is sent to France as the American minister, and John Quincy Adams (1767–1848) is sent to the Netherlands.   Summer: Congress passes an act denying American citizens the right to join foreign military service or help foreign armed vessels.   August 7: The Whiskey Rebellion is ended in Pennsylvania when Washington sends a huge militia force to put down the insurrection. The rebels return home quietly.   August 20: The Battle of Fallen Timbers occurs in northwest Ohio where General Anthony Wayne (745–1796) defeated Indian insurgents ending hostilities in the region.   1795 January 31: Washington resigned as Secretary of the Treasury and was replaced by Oliver Wolcott, Jr. (1760–1833). June 24: The Senate ratifies the Treaty  of Amity, Commerce, and Navigation, commonly known as Jays Treaty, between the United States and Great Britain. Washington later signs it into law.  The acceptance of Jays Treaty means that America and France will come close to war.   August 3: The Treaty of Greenville is signed with the 12 Ohio Indian tribes who had been defeated at the Battle of Fallen Timbers. They give large amounts of land to America.   September 5: America signs the Treaty of Tripoli with Algiers agreeing to pay money to the Barbary pirates in exchange for the release of prisoners along with a yearly tribute to protect their shipping interests in the Mediterranean Sea.   October 27: Thomas Pinckney signs the Treaty of San Lorenzo with Spain that sets the Spanish-American border and allows free travel along the length of the Mississippi River. He later gets appointed as Secretary of State.   1796 March 3: Oliver Ellsworth (1745–1807) is nominated by George Washington to replace John Jay as the Chief Justice of the Supreme Court.   June 1: Tennessee is admitted to the Union as the 16th state. Andrew Jackson (1767–1845) will be sent to Congress as its first Representative.   November: After having rejected Americas new foreign minister Thomas Pinckney because of Jays Treaty., France announces it is suspending all diplomatic ties with America.   December 7: John Adams wins the presidential election with 71 electoral votes. His opponent, Democratic-Republican Thomas Jefferson, comes in second with 68 votes and wins the vice presidency. 1797 March 27: The United States, the first US naval ship, is launched. The French-American crisis increases throughout this year. In June, it is announced that 300 U.S. ships have been captured by France. President Adams sends three men to negotiate with France, but instead they are approached by three agents (known as X, Y, and Z) of the French Foreign Minister Charles Maurice de Tallyrand (1754–1838). The agents tell the Americans that in order to agree to a treaty, the U.S. will have to pay money to France and a huge bribe to Talleyrand; which the three ministers refuse to do. The so-called XYZ Affair leads to an unofficial naval war with France that lasts from 1798–1800.   August 19: The U.S.S. Constitution (Old Ironsides) is launched.   August 28: The U.S. signs the Treaty of Peace and Friendship with Tunis to pay tribute in order to stop the Barbary pirate attacks.   1798 March 4: The 11th Amendment to the Constitution, which restricts the rights of citizens to bring suit against states in federal court, is ratified.   April 7: The Mississippi Territory is created by Congress.   May 1: The Department of the Navy is created with Benjamin Stoddert (1744–1813) as its Secretary.   July: Congress suspends all commerce with France, and treaties are also repealed.   Summer: The Alien and Sedition Acts are passed to silence political opposition and signed into law by President Adams. In response, the Kentucky and Virginia Resolutions are passed at Thomas Jeffersons and James Madisons behest.   July 13: George Washington is named Commander-in-Chief of the U.S. Army.   1799 Spring: Tensions between France and the U.S. ease to the point where ministers are allowed back into France.   June 6: Patrick Henry dies.   November 11: Napoleon Bonaparte (1769–1821) becomes the first consul of France.   December 14: George Washington dies suddenly of a throat infection. He is mourned in the United States, given honors in England, and a week of mourning begins in France.   1800 April 24: The Library of Congress is created, with a beginning budget of $5,000 for books for the use of Congress.   September 30: The Convention of 1800, the Treaty of Morfontaine, is signed by the French and American diplomats ending the undeclared war.   October 1: In the Third Treaty of San Ildefonso, Spain cedes Louisiana back to France.   Fall: Johnny Appleseed (John Chapman, 1774–1845) begins distributing apple trees and seeds to new settlers in Ohio.     Sources: Schlesinger, Jr., Arthur M., ed. The Almanac of American History. Barnes Nobles Books: Greenwich, CT, 1993.