How to Do a Flame Test for Qualitative Analysis

Step by step instructions to Do a Flame Test for Qualitative Analysis The fire test is utilized to outwardly decide the personality of an obscure metal or metalloid particle dependent on the trademark shading the salt turns the fire of a Bunsen burner. The warmth of the fire energizes the electrons of the metals particles, making them produce obvious light. Each component has a mark emanation range that can be utilized to separate between one component and another. The most effective method to Do the Flame Test Exemplary Wire Loop MethodFirst, you need a perfect wire circle. Platinum or nickel-chromium circles are generally normal. They might be cleaned by plunging in hydrochloric or nitric corrosive, trailed by washing with refined or deionized water. Test the tidiness of the circle by embeddings it into a gas fire. In the event that an explosion of shading is created, the circle isn't adequately perfect. The circle must be cleaned between tests. The perfect circle is plunged in either a powder or arrangement of an ionic (metal) salt. The circle with test is put free or blue piece of the fire and the subsequent shading is watched. Wooden Splint or Cotton Swab MethodWooden supports or q-tips offer a cheap choice to wire circles. To utilize wooden supports, drench them short-term in refined water. Spill out the water and wash the braces with clean water, being mindful so as to abstain from tainting the water with sodium (as from sweat on your hands). Take a moist brace or q-tip that has been dampened in water, dunk it in the example to be tried, and wave the support or swab through the fire. Try not to hold the example in the fire as this would make the brace or swab touch off. Utilize another brace or swab for each test. The most effective method to Interpret Flame Test Results The example is recognized by looking at the watched fire shading against known qualities from a table or diagram. RedCarmine to Magenta: Lithium mixes. Conceal by barium or sodium.Scarlet or Crimson: Strontium mixes. Conceal by barium.Red: Rubidium (unfiltered flame)Yellow-Red: Calcium mixes. Covered by barium. YellowGold: IronIntense Yellow: Sodium mixes, even in follow sums. A yellow fire isn't characteristic of sodium except if it perseveres and isn't strengthened by anâ addition of 1% NaCl to the dry compound. WhiteBright White: MagnesiumWhite-Green: Zinc GreenEmerald: Copper mixes, other than halides. Thallium.Bright Green: BoronBlue-Green: Phosphates, when soaked with H2SO4 or B2O3.Faint Green: Antimony and NH4 compounds.Yellow-Green: Barium, manganese(II), molybdenum. BlueAzure: Lead, selenium, bismuth, cesium, copper(I), CuCl2 and other copper mixes soaked with hydrochloric corrosive, indium, lead.Light Blue: Arsenic and a portion of its compounds.Greenish Blue: CuBr2, antimony PurpleViolet: Potassium mixes other than borates, phosphates, and silicates. Conceal by sodium or lithium.Lilac to Purple-Red: Potassium, rubidium, as well as cesium within the sight of sodium when seen through a blue glass. Confinements of the Flame Test The test can't identify low convergences of most ions.The brilliance of the sign shifts starting with one example then onto the next. For instance, the yellow discharge from sodium is a lot more brilliant than the red outflow from a similar measure of lithium.Impurities or contaminants influence the test outcomes. Sodium, specifically, is available in many mixes and will shading the fire. Here and there a blue glass is utilized to sift through the yellow of sodium.The test can't separate between all components. A few metals produce a similar fire shading. A few mixes don't change the shade of the fire by any stretch of the imagination. As a result of the restriction, the fire test may be utilized to preclude the personality of a component in an example, as opposed to authoritatively distinguish it. Other scientific strategies ought to be directed notwithstanding this test. Fire Test Colors This table records the normal hues for components in the fire test. Clearly, the names of the hues are emotional, so the most ideal approach to figure out how to perceive close-shaded components is to test known arrangements so you recognize what's in store. Image Component Shading As Arsenic Blue B Boron Brilliant green Ba Barium Pale/Yellowish Green Ca Calcium Orange to red Cs Cesium Blue Cu(I Copper(I) Blue Cu(II) Copper(II) non-halide Green Cu(II) Copper(II) halide Blue-green Fe Iron Gold In Indium Blue K Potassium Lilac to red Li Lithium Fuchsia to carmine Mg Magnesium Brilliant white Mn(II) Manganese(II) Yellowish green Mo Molybdenum Yellowish green Na Sodium Extraordinary yellow P Phosphorus Pale somewhat blue green Pb Lead Blue Rb Rubidium Red to purple-red Sb Antimony Light green Se Selenium Purplish blue Sr Strontium Ruby Te Tellurium Light green Tl Thallium Unadulterated green Zn Zinc Somewhat blue green to whitish green Source Langes Handbook of Chemistry, eighth Edition, Handbook Publishers Inc., 1952.

Triumph of the Will Point of View Essays

Triumph of the Will Point of View Essays Triumph of the Will Point of View Essay Triumph of the Will Point of View Essay Toward the start of the film, we see the scene from the perspective of a pilot, who is flying over the city of Nuremburg, demonstrating the huge measure of officers and structures inside it. The shadow of Hitler’s plane could likewise be seen. The attention is on Hitler as he leaves his plane, be that as it may, we see Hitler from the perspective of the group. Numerous over-the-shoulder shots are utilized, investigating the groups, as Hitler’s plane shows up. The eagerness of the group is accentuated by the utilization of close-up shots, to show the energy and grins on their appearances and in their activities, and wide-edge long shots, to show the fervor of the groups overall. Scene 2 (Driving to the inn): What gives off an impression of being a non-diegetic soundtrack is played as we follow Hitler in his vehicle. This soundtrack underscores and tells the watcher of the significance of Hitler and of his capacity and authority, as the soundtrack is exceptionally triumphant utilizing numerous trumpets. Following shots are utilized to follow a set good ways from Hitler and hopes to be arranged in the vehicle before Hitler’s, as a dolly can't be utilized in this circumstance for the watchers would see the tracks. This scene, we see everything from Hitler’s perspective, where more often than not the camera is utilizing an over-the-shoulder shot, so we can again observe the crowd’s energy towards Hitler. Later in the scene a couple of high-edge shots are utilized both to show the giganticness of the group, just as Hitler’s gathering of vehicles with himself in the number one spot. At a certain point, a low edge shot is utilized, gazing upward towards a structure (probably from Hitler’s general territory) to show the majority of individuals at the windows and edges of the structure. This equivalent shot likewise shows us the very enormous Nazi banner dangling from the highest point of the structure, representing the significance and significance of Hitler and his gathering. There are really numerous situations where the following low-edge shot is utilized, gradually turning upward, as though somebody in one of the vehicles were gazing toward an item passing by and tailing it with their head. A large number of these ‘things’ that were gazed toward, took after extraordinary significance to the nation of Germany, for example, the Nazi banner and the sculpture of who gives off an impression of being a President von Hindenburg. Scene 3 (Hitler’s first discourse to his laborers): Here we get the perspective of the work/servicemen, as Hitler gives his discourse to them. We reliably observe the countenances and articulations of the men. At whatever point Hitler is in the edge, a low-edge shot is utilized, to accentuate his significance and rule over all the 52,000 men. The consistent utilization of these low-point shots, ensure the way that we realize Hitler is somebody that ought to be tuned in to by his men. The short timespan in which the trumpets play †not long before Hitler gets up to do his discourse †means that something significant will occur and that we ought to tune in or pay heed to whatever is said after the trumpets. Extraordinary close-up shots of Hitler again accentuates the significance of what he’s saying.

How to Cope With Natural Disasters

How to Cope With Natural Disasters PTSD Coping Print How to Cope With Natural Disasters By Matthew Tull, PhD twitter Matthew Tull, PhD is a professor of psychology at the University of Toledo, specializing in post-traumatic stress disorder. Learn about our editorial policy Matthew Tull, PhD Medically reviewed by Medically reviewed by Steven Gans, MD on August 05, 2016 Steven Gans, MD is board-certified in psychiatry and is an active supervisor, teacher, and mentor at Massachusetts General Hospital. Learn about our Medical Review Board Steven Gans, MD Updated on January 27, 2020 Post-Traumatic Stress Disorder Overview Symptoms & Diagnosis Causes & Risk Factors Treatment Living With In Children Scott Olson/Getty Images News/Getty Images If you have experienced a natural disaster (such as a tornado or hurricane), it is very important to learn ways of coping with the impact these events can have. Natural disasters have the potential to produce high levels of stress, anxiety, and anger in those who are affected. They are considered to be traumatic events that can increase the risk of post-traumatic stress disorder (PTSD) in survivors. Unlike other traumatic events, natural disasters can result in tremendous destruction of property and financial loss, which further contributes to stress levels and disrupts coping efforts.?? For example, a tornado or hurricane can destroy and disperse an entire community, thwarting their attempts to connect with social support. Ways to Cope With Natural Disasters Though the effects of natural disasters can be severe and far-reaching, there are steps you can take to cope. Here are some ways you may be able to reduce the trauma of a natural disaster. Seek out and connect with social support. Research has consistently found that early intervention, resources, and support from others can be a major factor in helping people overcome the negative effects of a traumatic event.?? Given that a natural disaster can impact an entire community, your support system may be weakened by a natural disaster. However, even connecting with one person can make a difference.Identify local support groups or available crisis counselors to talk to. After a natural disaster, crisis counselors may be brought in to offer support and help you come up with ways of coping with the impact of a natural disaster. Take advantage of these opportunities.Try to establish a schedule. For example, set regular times for meals, waking up in the morning, or talking with family and friends. A natural disaster can greatly disrupt your regular schedule  increasing the extent to which your life feels chaotic and out of control. Coming up with a daily, structured schedule ca n help you establish a sense of predictability and control.??Talk about the effect of the natural disaster. Share your feelings with others, or at the very least, find some way to express your emotions. A natural disaster can result in strong feelings of anger, anxiety, and sadness. These emotions need to be expressed. If you hold them in, they may get more intense.Focus on self-care. A natural disaster can deplete you physically as well as emotionally. It is very important that you make time to care for yourself. Self-care is integral to emotional and physical health. Caring for your body, mind, and spirit can increase your ability to cope with trauma. Make sure you eat well, get enough sleep, and exercise. Mindfulness practice has also been shown to help survivors cope with PTSD.??Practice healthy coping strategies. Following a natural disaster, you will experience a number of intense negative emotions. Therefore, it is very important to identify healthy ways of managing these emo tions. Alcohol or substance use, excessive sleep, and seeking comfort in food can be effective short-term strategies for managing emotional distress, but in the long-term, these behaviors dont address the root issue and often increase distress.??Try to limit other sources of stress in your life. Although you may have little control over other sources of stress in your life, try to limit the extent to which you make major decisions or life changes. Your most important task following a natural disaster is getting your life and emotions back in order. Therefore, it is important to put yourself in a place where it is going to be easier to do this.Find ways to help others. Helping others can provide you with a sense of agency, purpose, control, and empowerment.?? Symptoms of PTSD It is important to recognize that it is very normal to experience PTSD-like symptoms in the aftermath of a traumatic event. You may experience intrusive thoughts or memories of the traumatic event, feel on edge, or have difficulty sleeping.?? These symptoms are, in many ways, the bodys natural reaction to being exposed to (and surviving) a highly stressful event. Coping With Upsetting Memories Healthy Coping Strategies Symptoms naturally dissipate over time for most people who experience a traumatic event such as a natural disaster. Coping in a healthy manner further increases the likelihood that these symptoms will improve.?? However, engaging in unhealthy coping strategies (for example, drinking alcohol or other methods of avoidance) can increase the possibility that these symptoms will linger and potentially get worseâ€"eventually resulting in a PTSD diagnosis. Healthy coping strategies are key to recovering from a natural disaster. Getting Help If you notice that your symptoms are not getting better and are beginning to interfere with aspects of your day-to-day life, it may be time to get help. If you decide to start therapy, finding a qualified mental health provider can be an overwhelming and stressful task. Fortunately, there are websites with free search tools that can help you find therapists in your area who are trained to treat PTSD. Even if you dont feel as though your symptoms are interfering with your life, it can still be beneficial to talk with someone. A qualified and compassionate mental health professional can offer support and resources while you work through the stress of the aftermath of a natural disaster.?? A therapist can also help you develop problem-solving skills to help you get your life back in order after the event, which takes some of the strain off you. The additional support and tools may prevent the development of PTSD or another trauma-related condition.

Cash Flow And Profitability Of Dividend Payout - Free Essay Example

Sample details Pages: 15 Words: 4533 Downloads: 9 Date added: 2017/06/26 Category Statistics Essay Did you like this example? CHAPTER 1: INTRODUCTION Overview The issue of dividend has been studied comprehensively in last few decades. Still it remained as one of the most debatable issue in the field of Finance. The contradictory nature and massive importance 0f dividend in finance had made it one of the most discussable topics for researchers. Researchers in the past enclosed many aspects of dividend; few among them are views about dividend, dividend payment effects on firm value, dynamics and determinants of dividend policy, and dividend movement of different markets. Lintner (1956) study the allocation of income of corporations among dividends, retained earnings and taxes by taking data from the years 1918 to 1941 as a training period and data from the years 1942 to 1951 as the testing period. Researchconcluded that the basic origin of dividend changes werenet earning and preceding year dividends. In addition, firms attempt to continue a constant stream of dividend and influence to make a regularly partial adjustment to a target payout ratio relatively hysterically changing their payout when a change in income occurs. In the short run, dividends are consistent to avoid frequent changes. This dispute is rooted back to the significant effort of Miller and Modigliani (1961), in which it was challenged in a perfect market condition dividend policy did not affect the value of firm. In contrast, Lintner (1962) and Gordon (1963) based à ¢Ã¢â€š ¬Ã…“Bird-in-handà ¢Ã¢â€š ¬? theory and argued that in the world of ambiguity and imperfect information, hig h dividend payment is linked with high firm value. In addition, Black (1976) called dividend as great puzzle which need extensive researched. Furthermore, the Brealey and Myers (2005) listed dividend as one of the top ten significantvague topic in advance corporate finance. According to Anil and Sujjata(2008) emerging consensus was that no individual factor alone can describe dividend behavior. Don’t waste time! Our writers will create an original "Cash Flow And Profitability Of Dividend Payout" essay for you Create order The existing corporate theories supported that cash flow and profitability have significant impact on dividend. The aim of this study was to know the impact of cash flow and profitability on dividend payout of non financial firms in Pakistan market. This study considered free cash flow and profitability was most important for non financial firm in Pakistan market. Talat and Mirza(2010) conducted research related to ownership structure and cash flow as predictor of dividend payout policy. According to that personal ownership, cash flow delicacy, size, and leverage were negatively associated with dividend payout policy. In contrast, profitability and operating cash flow was found as determinants of cash dividend. In addition, Researcher concluded that executive ownership, personal ownership, operating cash flow, and size were important determinants of dividend while, leverage and cash flow delicacy did not contribute considerably in determining the level of corporate dividend payment. DeAngelo and DeAngelo (1990) found significant relation between cash flow and dividend changes. Problem Statement In the field of corporate finance, the dividend was considered as one of the most noteworthy issues. The main purpose to study the impact of cash flow and profitability on dividend payout of non financial firm in Pakistani market was to analyze the cash dividend behavior of developing countries firm. In addition, study was conducted to find out how strongly these two variables free cash flow and profitability have impact on the dividend payout because, profitability was most likely used as determinants of dividend payout in most of the previous researchesà ¢Ã¢â€š ¬Ã¢â€ž ¢ but free cash flow was not taken too much in previous research. Furthermore, how these two variables serve as an indicator for dividend payout. Hypothesis This research study has tested the following hypothesis to fulfill the objective of the research. H1: There is significant impact of free cash flow on dividend payout. H2: There is significant impact of return on assets on dividend payout. H3: There is significant impact of return on equity on dividend payout. H4: There is significant impact of earning per share on dividend payout. H5: There is significant impact of net profit margin on dividend payout. Outline of the Study The research structured follows. Chapter one was consist on the introduction of the thesis, it is essential to review the views and theoretical background of dividend, the statement o problem, scope and objective, hypothesis. Chapter two consisted of literature review given by various authors, theories on dividend and impact of cash flow and profitability on dividend payout. Chapter three explained methodology, it consisted of explanation of the selection of the variables, the sampling and research design, the data technique and hypothesis. Chapter four represents the analysis of results after processing the data. Chapter five composed of final result, conclusion and recommendation. Chapter six consisted of references. CHAPTER 2: LITERATURE REVIEW Since 1956, dividend has always considered one of the most interested and investigated topic in world of finance.Lintner (1956) analyzed the allocation of earning of corporation among dividends, retained earnings, and taxes by taken data into consideration for years 1918 to 1941. It was found the basic determinants of dividend change are net earning and preceding year dividends. In addition, firms tried to continue a stable flow of dividend and likely made a regularly limited adjustment to a target payout ratio instead radically changing payout when earning changed. Jensen and Meckling (1976) paid attention toward agency cost hypothesis and described that dividend restricted the funds under management control, as a result putting them under strict capital market examination. Ownerà ¢Ã¢â€š ¬Ã¢â€ž ¢ responsibility was reduced to deal with the quality of investment and to handle the expenditure on manager prerequisites. Marke, Langrehr, and Hexter(1998) conducted research on dividend policy determinants. Researchers had taken focus of firm, natural log of sales of firm, inside ownership for firm, no of common shareholder for firm, free cash flow for firm, sales growth of firm, and standard deviation of returns o f firm as determinants of dividend policy. Authors concluded that corporate focus has negative impact on dividend payout. While inside ownership had also negative impact, according to researcher the firms have greater inside ownership have small dividend payout. In addition, the firms with higher free cash flow have higher dividend payout and lower payout ratio of firms with higher standard deviation of returns. William and Nanda (1994) conducted research on free cash flow, shareholder value, and the unallocated profits after tax of 1936 and 1937. In this study researcher tried to explore the investor reaction toward the anticipated decrease in free cash flow presented to corporate managers. In addition, researchers suggested agency costs as partial determinants of dividend policy. To avoid the agency problem corporate have to pay higher dividend and imposed higher tax on undistributed profit so the problem of agency cost handled efficiently. The study conducted on determinants of dividend payout ratio in GhannabyAmidu and Abor (2006). In this study 20 listed firms of Ghana Stock Exchange were used as a sample which shows 76% of the total listed firm in Ghana Stock Exchange. Researchers have taken the Payout Ratio as controlled variable and explanatory variables includes risk, profitability, cash flow, corporate tax, institutional holding, sales growth, and market to book value. It was foundthat more profitable firms paid more dividends and profitability is positively related to dividend payout. In addition, cash flow and taxes are also positively related to dividend payout. Further, they also concluded there is a positive relationship between increase in liquidity and dividend payout. Results suggested negative relationship of dividend payout with growth, market to book value, risk, and institutional holding. The firms with the earning instability found hard to pay low and no dividends. Al-Malkawi (2007) worked on determinants of corporate dividend payout policy in Jordan. Researcher used a firm level panel data of all publicly traded firms on the Amman Stock Exchange for the year 1989-2000. Researcher used dividend payout as a depended variable and agency cost, Ownership, annual share turnover, market to book ratio, market capitalization of common equity, financial leverage ratio, profitability ratio, and taxes as independent variables. By using Tobit specification researcher concluded that positive relationship between size, age, and profitability with dividend payout and negative relationship between signaling device, ownership, and taxes in Jordan. Fairchild (2010) worked on Dividend policy, signaling and free cash flow: an integrated approach. Researcher has tried to examine the dividend policy by taking only two hypothesis signaling and free cash flow. In order to understand the composite environment of dividend policy, signaling game is developed in which most of the information possesses by managers than investors about the quality of the firms. The signaling hypothesis shows that asymmetric information between managers and investor, dividend work as signal regarding current performance and future prospect. The study found that high dividend has positive effect on the firm performance, in term of providing a positive signal for current performance and as will as future scenario. In addition, dividend payout reduces the free cash flow problem, which may attract the manager to invest in negative NPV project for personal interest. But if the project shows positive NPV so investment opportunities are available which lead toward the higher dividend in future. Gill, Nahum, and Rajendra (2010) worked on determinants of dividend payout ratio in United States. In this study researcher extend the Amidu and Joshua, and Anil and Kapoor finding for the American service and manufacturing firms. Researcher took same variables into account such as profitability, tax, market to book value, cash flow, and sale growth. The sample size was 266 out of 500 financial reports. According to the researcher dividend payout ratio of manufacturing firms is the function of profit margin, tax, and market to book value ratio. It was also found that result differ when the dividend payout ratio was defined as the ratio between after tax cash flow and cash dividend, not considering after tax earning of the companies. Reddy (2006), studied the dividend behavior of Indian companies, movement, and determinants and struggled to decide the behavior of the companies listed at Bombay Stock Exchange with theassist of trade off theory and signaling theory hypothesis. According to researcher analysis of dividend trend depicted that stock traded on New York Stock Exchange and Bombay Stock Exchange indicated that percentage of companies paying dividend has declined from 60.5% in 1990 to 32.1% in 2001 and there is only few companies paying dividend constantly. Beside that firms paying dividend are more profitable, large in size, and having enough growth. Indian context did not represent corporate tax and ax preference theory. Lastly the dividend change indicated signal to current and lagged earning performance rather than future earning performance. Baker, Farrelly and Edelman (1986) studied New York Stock Exchange 318 firms. According to the researchers main determinants of dividend payments were expected future earning and picture of past dividend. Gitman and Pruitt (1991) asked 1000 largest US firms financial managers and concluded present and precedent year earning were significant determinants effect dividend payment. According to Baker and Powell (2000) survey companies listed on New York Stock Exchange were industry explicit and predicted level of future income was the main factor of dividend payout Anil and Kapoor (2008) studies Indian information technology sector for determinants of dividend payout ratio. The phase for study 2000-2006 encompass both recessionary and booming phase of Indian information technology sector. Researcher concluded that beta and liquidity was discovered a notable determinant of dividend payout ratio. In addition, authors concluded that due to recession from 2003 onwards IT sector observed exponential growth, and it was anticipated linear growth in IT sector after 2006. Recently in Pakistani perspective, Ahmed and Attiya (2009) investigated sample of 320 non-financial firms listed on Karachi Stock Exchange from 2001 to2006.Researchers concluded Pakistani companies dependent more on current earning than past dividend. In addition, authors highlighted few predictors that may affect payout policies. Firstly, the finding demonstrated companies containing high profit with consistent earning can manage larger amount of free cash flow as a result to payout larger dividend. The firms having larger investment chance can easily affect and have a significant role in determinants of dividend payout policy in Pakistan. The companies paid more dividends to shareholders where inside ownership exist. Ownership structure has considered major factor in determining dividend policy in Pakistan. Beside that dividend payout was not affected pay growth of the firms and market liquidity has a significant impact on dividend payout. Furthermore, size was significant determin ants for dividend payout that means companies invest in assets relatively paying dividends to its stockholders. 2.1 Dividend irrelevance theory: Miller and Modigliani (1961) proposed that dividend policy is irrelevant to the shareholder and stockholder wealth was constant in the world of perfect market condition and any growth in the current payout is financed by literally priced stock sales. The basic assumption was that management paid 100 percent payout in every period. Other assumptions were as follow. First, market is perfect capital market that means there were no taxes on transaction cost, single buyer and seller not influenced price and everyone have free access to information. Second, investors are rational and value of securities was based on the discounted future cash flow to investor. Third, manager act as a agent of shareholders, and there was no uncertainty about the investment policy of the firm. 2.2 Bird-in-hand theory: Al-Malkawi (2007) emphasized that dividend valued differently from retained earnings (capital gains) in world of ambiguity and irregularity information. à ¢Ã¢â€š ¬Ã…“A bird in hand (dividend) is valued more than two in the bush (capital gain)à ¢Ã¢â€š ¬?. Investors always preferred dividends to retained earnings due to uncertainty of future cash flow. Although, this controversy has been extensively condemned and has not get strong empirical base, but, it was supported by Gordon and Shapiro (1956), Lintner (1962), and Walter (1963). The basic assumptions were as followed Firstly, investors have inadequate information regarding the profitability of a firm. Secondly, cash dividend was taxed at a higher rate when capital gain was realized on the sale of share. Thirdly, dividend serves as a signal of expected cash flow. 2.3 Agency cost and free cash flow theory: Ross (2008) define agency cost is the cost of the conflict of interest that exists among shareholders and management. It was happened when management act for own interest rather than shareholders interest who own the firm. This could be direct and indirect. It was in contrast to assumption of Millar and Modigliani (1961) that mangers act as an agent of shareholders. This is somewhat dubious, as the owners of the firm are different from the management. Managers are bound to carry out some activities, which could be costly to shareholders, such as undertaking unprofitable investments that would yield excessive returns to them, and unnecessarily high management compensation (Al-Malkawi, 2007). These costs are borne by shareholders; therefore, shareholders of firms with excess free cash flow would require high dividend payments instead. Agency cost may also arise between shareholders and bondholders: while shareholders require more dividends, bondholders require fewer dividends than shar eholders by putting in place a debt covenant to ensure availability of cash for their debt repayment. Easterbrook (1984) also identified two agency costs: the cost of monitoring managers and the cost of risk reluctance on the part of managers. Jensenà ¢Ã¢â€š ¬Ã¢â€ž ¢s free cash flow/overinvestment hypothesis (1988) provides a surrogate description for the positive association between the direction of the dividend change and the stock price reaction. Jensen argues that managers tend to hold cash to invest in negative NPV projects for their own utility maximization. The agency costs that result from this overinvestment decrease the value of the firm. Like the signaling hypothesis, the FCF argument suggests there should be a positive relationship is the direction of the dividend policy change and the stock price reaction. However, the FCF argument differentiates itself with respect to the level of growth opportunities faced by the firm. If a firm initiated a cash dividend, FCF argumen ts postulate there are fewer funds available for costly overinvestment. Likewise, if company didnà ¢Ã¢â€š ¬Ã¢â€ž ¢t pay dividend, the strongest form of a decrease would reduce the value of the firm because there are more funds available to invest in less present value projects. The FCF hypothesis assumes larger stock price volatility for the firms who have few growth opportunities as compared to the firms with many growth opportunities. There is disagreement between different researchers on dividend policy. Allen and Rachim (1996) in Australia found no significant association between stock price volatility and divided policy. According to Gordon (1963) the stock price volatility is influenced by dividend payout. The firms who pay large dividend have minimum risks in terms of stock price value. Some of hypothetical mechanism also suggests the universal relationship of dividend yield and dividend payout ratio with stock price volatility. Jensenà ¢Ã¢â€š ¬Ã¢â€ž ¢s and Meckling (1976) developed Agency cost argument which proposed that dividend payout lower the cost of funds and increase the cash flows for the company. The company after paying cash dividends to stock holders would have less cash in hands of the managers to invest at below the cost of capital. According to Asquith and Mullin (1983), Born, Moser, and Officer (1984) and Miller and Rock (1985) dividend declaration provide information to the share holders to forecast the financial position of the company and the present firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s earnings. This also depends on the source of information that either it is doubtful or not to respond on announcement of dividend. Hence, there remains disagreement till yet, the relation of dividend yield and stock price volatility and it is still unexplained and is considered as debatable in corporate CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Required data was collected from Karachi Stock Exchange as given by State Bank of Pakistan in publication of Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2005-2009). The period of study covered five years, 2005-09. The sample size of 100 non-financial firms was taken from all non financial firm listed at KSE. The required sample was chosen on the basis of cash dividend paid by firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ at-least for two years. The sample represents major industry. 3.2 Sample Size Sample of 100 non-financial firms was collected from KSE. Sample consisted of firms which paid cash dividend for at least two years. Firms that was selected for study represented all major industries functioning in Pakistan and listed at KSE from 2005-2009. The impact of the cash flow and profitability on dividend payout was examined on selected sample of 100 non-financial firms. 3.3 Research Model Developed There were various financial factors of the non-financial firms which affected the Dividend payout of the firms. This research study investigated the impact of free cash flow and profitability on the dividend payout. 3.3.1 Dividend payout Dividend payout and dividend amount are taken as the dependent variables. Since dividend payout is the generally used alternative for dividend policy, almost every financial researcher has used payout as a proxy for corporate dividend policy (See for example Gugler, 2003; Reddy and Rath, 2005; Papadopoulos, 2007; Al-Malkawi, 2007; Ahmed Attiya, 2009). In order to calculate dividend payout was calculated as cash dividend per share divided by earning per share. 3.3.2 Earning per share According to Hafeez and Attiya (2009) high profitability with constant earnings can manage to pay for larger free cash flows as a result to pay out larger dividends. The earnings per share after tax were used as independent variable. Earning per share after tax was used because dividend has been paid after interest, taxes and after depreciation and calculated as net earnings divided by number of shares. H1: There is significant impact of earning per share on dividend payout 3.3.3 Return on Equity This variable is used in different previous studies such as: Abor (2005), Miller (2007), Al-Ajmi et al. (2009), and Ebaid (2009) etc. Some authors measured profitability or performance by three measurements such Gross profit margin (GPM), Return on Equity (ROE), and Return on Assets (ROA) and same predictors Ebaid (2009). Likely results with this variable are same as revealed by Abor (2005) and Ebaid (2009) such as: Significance and positive relationship with dividend payout. Return on Equity is considered best measure of firm profitability. Return on Equity (ROE) is one measure of how efficiently a company uses its assets to produce earnings. ROE was calculated by dividing Net Income minus preferred dividend by Share holder equity H2: There is significant impact of Return on Equity on dividend payout. 3.3.4 Free Cash flow According to Jensenà ¢Ã¢â€š ¬Ã¢â€ž ¢s (1986) free cash flow hypothesis, companies choose to use their cash resources to invest in profitable projects first; dividend is paid out of residual. From a companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s point of view, cash generated from operations plays an important role in deciding the level of payout, among all three sources of cash flows i.e. operating; investing and financing, cash generated from operations is considered as most desirable source of funds for the company for distribution of dividends. Anil and Sujjata (2008) also found cash flow from operations as the most significant determinant of dividend policy in Indian IT industry. A  measure of financial performance calculated as Net income minus depreciation minus change in working capital minus change in capital expenditure. Free cash flow (FCF) represents the cash that a company is able to generate after  placing out the money required to maintain or expand its asset base.  Fr ee  cash flow is important because it  allows a company to  pursue opportunities that enhance shareholder value. H3: There is a significant impact of free cash flow on dividend payout. The model developed was a linear model and its specifications are provided below: Div payout = a0 a1EPS + a2ROE + a3FCF + ц Dividend payout = Dividend per share divided by earning per share EPS = Net income divided by number of share outstanding ROE =Net income minus preferred dividend divided by common shareholder equity FCF =Net income minus Depreciation minus change in working capital minus change in Capital expenditure à Ã¢â‚¬Å¾ = error term 3.4 Statistical Technique Multiple Linear Regression Analysis (MLR) technique was used for this research study to examine the impact of the distinctive financial characteristics of the non-financial firms on their dividend payout of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. CHAPTER 4: RESULT The sample of 100 non-financial firms from Karachi Stock Exchange was taken into consideration. This research study used multiple regression analysis (MLR). Researcher examined the behavior of non-financial firms of KSE about dividend payout. The selected technique was used to study the impact of cash flow and profitability on dividend payout. 4.1 Finding and Interpretation of the results In the beginning, the regression technique was applied on collected data by using SPSS, and there was no single variable was significant. It was clear from the result that there was the high co-linearity among the independent variables of the dividend payout and this means there was strong interrelationship present among the predictors. Return on assets and net profit margin was omitted from the data, thus, the issue of co-linearity was resolved. Now, proceeding with the analysis of the results because issue of co-linearity was addressed. The interpretation and analysis is presented in the next sections of this research study. Table 4.1: Model Summary Mod R R Sq. Adj. R Sq. 1 .289 .084 .078 Tables 4.1 depict the summary about the regression model. The R square of 8.4% showed that all the predictors of dividend payout together explained 8.4% variation in the dependent variable and the remaining variation was unexplained or hidden predictor were not included in the model. TABLE 4.2:ANOVA Model Sum of Squares df Mean Square F Sig. 1 Regression 31503.936 3 10501.312 15.236 .000a Residual 345316.428 501 689.254 Total 376820.364 504 The table 4.2 checked the significance of the linear regression model in such a way that the reliability of the data file regarding the applicability of the regression technique can be understood from the above table; however, ANOVA table was reliable test of checking the linear regression modelà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to explain any variation in the dependent variable of liquidity. This was perfectly obvious from the sig value of .000 that meant that the linear regression model was highly significant for the data collected for the research study conducted. In addition, ANOVA explained that all means are not equal. In table4.3 the final model of regression included only three independent variable that were free cash flow, earning per share, and return on equity These variables were included in the model due to highly significantly describing the relation with dependent variable dividend payout. Returns on equity and free cash flow have positive impact on dividend, while earning per share has negative impact on dividend payout. 4.2 Hypothesis Assessment Summary The hypothesis of research was unique financial factors had significant impact on the non-financial firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ dividend payout decision. These financial characteristics were cash flow taken as free cash flow of firms and profitability taken as earning per share and return on Equity of firms. This research tasted individual financial characteristics and concluded the result as follow. TABLE 4.4: Hypothesis Assessment Summary S.No. Hypothesis ÃŽÂ ² SIG. RESULT H1 There is significant impact of free cash flow on dividend payout. .001 .005 Accepted H2 There is significant impact of Return on equity on dividend payout. .216 000 Accepted H3 There is significant impact of Earning per Share on dividend payout. -.123 .016 Accepted H4 There is significant impact of Return on Assets on dividend payout. .340 .170 Rejected H5 There is significant impact of Net profit margin on dividend payout. -.034 .530 Rejected CHAPTER 5: DISCUSSIONS, IMLICATION, FUTURE RESEARCH AND CONCLUSION 5.1Conclusion It was concluded with support of results of this research study return on equity, earning per share, and free cash flow were significant independent variables in Pakistani market. These result were matching with the study under taken by Hafeez and Attiya (2009) in Pakistani context, Researchers concluded firms with high profitability and with stable earning can afford larger free cash flow therefore pay out larger dividends to its shareholder. In addition, Talat and Hammad (2010) examined the ownership structure and cash flow as determinants of dividend policy. Researchers concluded that companies in which high proportion of share were occupied by managers and individual were more reluctant of pay high dividends. In contrast, companies in which managerial and individual ownership is low paid less dividends. It was also concluded that companies having high operating cash flow increase companies potential to pay high dividend and it was considered cash flow sensitivity reduce the compa nies payout but still it was not determined as potential determinants of corporate payout in Pakistan. 5.2 Discussions Profitability and free cash flow could lay significant impact on dividend payout in Pakistani context. Hafeez and Attiya(2009) was also considered profitability as significant determinant of dividend payout, But study conducted by Talat and Hammad (2010) concluded operating cash flow cannot consider significant determinant of dividend payout in Pakistani market.This research considered that free cash flow and profitability measured through earning per share and returns on equity have significant impact on dividend payout of the companies. 5.3 Implication and Recommendations This research was encompasses non-financial companies listed on Karachi Stock Exchange Pakistan. The required data collected from 100 non-financial firms listed at KES for the period of 2005 t0 2009. Only firms were included in samples which were paid cash dividend for atleast two years. It is recommended that such type of study should be carried out in other countries of Asia. Further, it also recommended that other determinants except one analyzed in this study should be researched in more extensive manner so the dividend payout policy and its dynamics became clearer. 5.4 Future Research This research addressed the problems of investor, management and other researcher conductor in examining and observing the behavior of firm regarding their payout decisions. Research students who want to work further on dividend payout could be benefited by this study. In addition, all non financial firms will get benefit from this study because this research study taken all major sectors into the consideration and study clarified the impact of free cash flow and profitability on dividend payout.

Edna Pontellier as a Feminist in Kate Chopin’s The Awakening

Since the beginning of time social constrictions have always retained a firm grasp on the ideas and actions of humanity. While it remains a formidable foe, still some choose to fight back against the norm. This never-ending war is responsible for major advancements in the social order, but not every story is so successful. In Kate Chopin’s â€Å"The Awakening†, Edna Pontellier finds herself fighting this very battle that, although begins with a positive outlook, ultimately ends in her demise. Throughout â€Å"The Awakening†, Edna is immersed in a constant clash with society over the significance of the difference between her life and her self. To Edna, the question of whether or not she would die for her children is somewhat simple. Edna attempts to explain this concept to her good friend, Adele Ratignolle, but to no avail, â€Å"I would give up the unessential; I would give my money, I would give my life for my children; but I wouldn’t give myself† (Chopin 62). Not only does Edna consider her life unessential, she categorizes it as equal with material objects such as money. The idea of self, on the other hand, lies on a completely different level in Edna’s mind. The most important goal to Edna in her life is the journey to discover her true character. The idea that her inner self is more essential than life or even her children causes Edna to stray farther from the social constraints of the typical domestic woman. Kathleen M. Streater weighs in on Edna’s situation and placement inShow MoreRelatedEssay about Feminism in The Awakening986 Words   |  4 PagesIn the novel The Awakening, by Kate Chopin the critical approach feminism is a major aspect of the novel. According to dictionary.reference.com the word feminism means, â€Å"The doctrine advocating social, political, and all other rights of women equal to those of men.† The Awakening takes place during the late eighteen hundreds to early nineteen hund reds, in New Orleans. The novel is about Edna Pontellier and her family on a summer vacation. Edna, who is a wife and mother, is inferior to her husbandRead MoreThe Awakening: An Emergence of Womens RIghts in the Late Nineteenth Century1330 Words   |  6 PagesThe Awakening: An Emergence of Women’s Rights in the Late Nineteenth Century Kate Chopin’s The Awakening addresses the role of women within society during the late nineteenth century. The novel is set in South Louisiana, a place where tradition and culture also play a vital role in societal expectations. The novel’s protagonist, Edna Pontellier, initially fulfills her position in society as a wife and as a mother while suppressing her urges to live a life of passion and freedom. Edna’s relationshipRead MoreThe Awakening : Evaluating The Core Values Of The Nineteenth Century1203 Words   |  5 PagesThe Awakening: Evaluating The Core Values of the Nineteenth Century In Kate Chopin’s novel, The Awakening, the main protagonist Edna Pontellier exists as the embodiment of the feminist ideas that stand as outliers in the midst of the more traditional nineteenth century beliefs. Set in 1899 near the end of this generation, Chopin’s work explores the shared attitudes of most of the novel’s cast as they respond to Edna’s search for independence and freedom, an action that challenges her conservativeRead MoreThe Awakening, By Kate Chopin887 Words   |  4 Pagesuse it. 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One of these main motifs that Chopin’s works kept bringing up were feminism and equality. In The Awakening, Edna Pontellier, a radicalRead MoreWolffs Analysis of Chopins The Awakening647 Words   |  3 PagesWolff’s Analysis of Chopin’s The Awakening In her essay Un-Utterable Longing: The Discourse of Feminine Sexuality in Kate Chopins The Awakening, Cynthia Griffin Wolff creates what Ross Murfin describes as a critical whole that is greater than the sum of its parts. (376) By employing a variety of critical approaches (including feminist, gender, cultural, new historicism, psychoanalytic and deconstruction) Wolff offers the reader a more complete (albeit complex) explanation of Edna PontelliersRead More Margit Stange’s Literary Criticism of Chopin’s The Awakening1350 Words   |  6 PagesMargit Stange’s Literary Criticism of Chopin’s The Awakening Kate Chopin created Edna Pontellier, but neither the character nor her creator was divorced from the world in which Chopin lived. As a means to understand the choices Chopin gave Edna, Margit Stange evaluates The Awakening in the context of the feminist ideology of the late nineteenth century. Specifically, she argues that Edna is seeking what Chopin’s contemporaries denoted self-ownership, a notion that pivoted on sexual choice andRead MoreFemale Empowerment in Kate Chopins The Awakening7915 Words   |  32 Pages16.04.2011 Female Empowerment in Kate Chopin’s â€Å"The Awakening† Anjana Dhir BA Englisch KF, Geschichte NF 3. Semester Table of Contents 1. Introduction 3 2. The French – Creole society of Louisiana 4 2.1 Cultural background 4 2.2 French-Creole women 5 3. The Role of Women 6 4.1 Edna vs. Madame Ratignolle 7 3.1.1 â€Å"ARead MoreKate Chopin: A Woman Ahead of Her Time Essay1390 Words   |  6 Pages Kate Chopin a Woman Ahead of Time In the 1800s married women had to submit to their husbands. Woman who got married had no voice with law. This meant their husbands would have to take legal action for them. Wives did not have any rights to their own property, and they would not have right to wages they earn. But these started to change through feminist women who raised their voice against men. Even though the feminist movement started in the 1960s, there were women ahead of this time thatRead More Kate Chopin’s The Awakening - The Feminist Awakening Essay2094 Words   |  9 PagesThe Feminist Awakening    Women’s rights have evolved over time; beginning with being homemakers and evolving to obtaining professions, acquiring an education, and gaining the right to vote. The movement that created all these revolutionary changes was called the feminist movement. The feminist movement occurred in the twentieth century. Many people are not aware of the purpose of the feminist movement. The movement was political and social and it sought to set up equality for women. Women’s groups

The Host Chapter 15 Guarded Free Essays

string(38) " but the flavor was wonderfully rich\." When I came to, there was no disorientation. I knew exactly where I was, roughly speaking, and I kept my eyes closed and my breathing even. I tried to learn as much as I could about my exact situation without giving away the fact that I was conscious again. We will write a custom essay sample on The Host Chapter 15: Guarded or any similar topic only for you Order Now I was hungry. My stomach knotted and clenched and made angry noises. I doubted these noises would betray me-I was sure it had gurgled and complained as I slept. My head ached fiercely. It was impossible to know how much of this was from fatigue and how much was from the knocks I’d taken. I was lying on a hard surface. It was rough and†¦ pocked. It was not flat, but oddly curved, as though I was lying in a shallow bowl. It was not comfortable. My back and hips throbbed from being curled into this position. That pain was probably what had woken me; I felt far from rested. It was dark-I could tell that without opening my eyes. Not pitch-black, but very dark. The air was even mustier than before-humid and corroded, with a peculiar acrid bite that seemed to cling to the back of my throat. The temperature was cooler than it had been in the desert, but the incongruous moisture made it almost as uncomfortable. I was sweating again, the water Jeb had given me finding its way out through my pores. I could hear my breathing echo back to me from a few feet away. It could be that I was only close to one wall, but I guessed that I was in a very small space. I listened as hard as I could, and it sounded like my breathing echoed back from the other side as well. Knowing that I was probably still somewhere in the cavern system Jeb had brought me to, I was fairly sure what I would see when I opened my eyes. I must be in some small hole in the rock, dark purple brown and riddled with holes like cheese. It was silent except for the sounds my body made. Afraid to open my eyes, I relied on my ears, straining harder and harder against the silence. I couldn’t hear anyone else, and this made no sense. They wouldn’t have left me without a warden, would they? Uncle Jeb and his omnipresent rifle, or someone less sympathetic. To leave me alone†¦ that wouldn’t be in character with their brutality, their natural fear and hatred of what I was. Unless†¦ I tried to swallow, but terror closed my throat. They wouldn’t leave me alone. Not unless they thought I was dead, or had made sure that I would be. Not unless there were places in these caves that no one came back from. The picture I’d been forming of my surroundings shifted dizzyingly in my head. I saw myself now at the bottom of a deep shaft or walled into a cramped tomb. My breathing sped up, tasting the air for staleness, for some sign that my oxygen was running low. The muscles around my lungs pulled outward, filling with air for the scream that was on the way. I clenched my teeth to keep it from escaping. Sharp and close, something grated across the ground beside my head. I shrieked, and the sound of it was piercing in the small space. My eyes flew open. I jerked away from the sinister noise, throwing myself against a jagged rock wall. My hands swung up to protect my face as my head thunked painfully against the low ceiling. A dim light illuminated the perfectly round exit to the tiny bubble of a cave I was curled in. Jared’s face was half lit as he leaned into the opening, one arm reaching toward me. His lips were tight with anger. A vein in his forehead pulsed as he watched my panicked reaction. He didn’t move; he just stared furiously while my heart restarted and my breathing evened out. I met his glare, remembering how quiet he had always been-like a wraith when he wanted. No wonder I hadn’t heard him sitting guard outside my cell. But I had heard something. As I remembered that, Jared shoved his extended arm closer, and the grating noise repeated. I looked down. At my feet was a broken sheet of plastic serving as a tray. And on it†¦ I lunged for the open bottle of water. I was barely aware that Jared’s mouth twisted with disgust as I jerked the bottle to my lips. I was sure that would bother me later, but all I cared about now was the water. I wondered if ever in my life I would take the liquid for granted again. Given that my life was not likely to be prolonged here, the answer was probably no. Jared had disappeared, back through the circular entry. I could see a piece of his sleeve and nothing more. The dull light came from somewhere beside him. It was an artificial bluish color. I’d gulped half the water down when a new scent caught my attention, informing me that water was not the only gift. I looked down at the tray again. Food. They were feeding me? It was the bread-a dark, unevenly shaped roll-that I smelled first, but there was also a bowl of some clear liquid with the tang of onions. As I leaned closer, I could see darker chunks on the bottom. Beside this were three stubby white tubes. I guessed they were vegetables, but I didn’t recognize the variety. It took only seconds for me to make these discoveries, but even in that short time, my stomach nearly jumped through my mouth trying to reach the food. I ripped into the bread. It was very dense, studded with whole-grain kernels that caught in my teeth. The texture was gritty, but the flavor was wonderfully rich. You read "The Host Chapter 15: Guarded" in category "Essay examples" I couldn’t remember anything tasting more delicious to me, not even my mushed-up Twinkies. My jaw worked as fast as it could, but I swallowed most of the mouthfuls of tough bread half-chewed. I could hear each mouthful hit my stomach with a gurgle. It didn’t feel as good as I thought it would. Too long empty, my stomach reacted to the food with discomfort. I ignored that and moved on to the liquid-it was soup. This went down easier. Aside from the onions I’d smelled, the taste was mild. The green chunks were soft and spongy. I drank it straight from the bowl and wished the bowl were deeper. I tipped it back to make sure I’d gotten every drop. The white vegetables were crunchy in texture, woody in taste. Some kind of root. They weren’t as satisfying as the soup or as tasty as the bread, but I was grateful for their bulk. I wasn’t full-not close-and I probably would have started on the tray next if I thought I’d be able to chew through it. It didn’t occur to me until I was finished that they shouldn’t be feeding me. Not unless Jared had lost the confrontation with the doctor. Though why would Jared be my guard if that were the case? I slid the tray away when it was empty, cringing at the noise it made. I stayed pressed against the back wall of my bubble as Jared reached in to retrieve it. This time he didn’t look at me. â€Å"Thank you,† I whispered as he disappeared again. He said nothing; there was no change in his face. Even the bit of his sleeve did not show this time, but I was sure he was there. I can’t believe he hit me, Melanie mused, her thought incredulous rather than resentful. She was not over the surprise of it yet. I hadn’t been surprised in the first place. Of course he had hit me. I wondered where you were, I answered. It would be poor manners to get me into this mess and then abandon me. She ignored my sour tone. I wouldn’t have thought he’d be able to do it, no matter what. I don’t think I could hit him. Sure you could. If he’d come at you with reflective eyes, you’d have done the same. You’re naturally violent. I remembered her daydreams of strangling the Seeker. That seemed like months ago, though I knew it was only days. It would make sense if it had been longer. It ought to take time to get oneself stuck in such a disastrous mire as the one I was in now. Melanie tried to consider it impartially. I don’t think so. Not Jared†¦ and Jamie, there’s no way I could hurt Jamie, even if he was†¦ She trailed off, hating that line of thought. I considered this and found it true. Even if the child had become something or someone else, neither she nor I could ever raise a hand to him. That’s different. You’re like†¦ a mother. Mothers are irrational here. Too many emotions involved. Motherhood is always emotional-even for you souls. I didn’t answer that. What do you think is going to happen now? You’re the expert on humans, I reminded her. It’s probably not a good thing that they’re giving me food. I can think of only one reason they’d want me strong. The few specifics I remembered of historical human brutalities tangled in my head with the stories in the old newspaper we’d read the other day. Fire-that was a bad one. Melanie had burned all the fingerprints off her right hand once in a stupid accident, grabbing a pan she hadn’t realized was hot. I remembered how the pain had shocked her-it was so unexpectedly sharp and demanding. It was just an accident, though. Quickly treated with ice, salves, medicine. No one had done it on purpose, continued on from the first sickening pain, drawing it out longer and longer†¦ I’d never lived on a planet where such atrocities could happen, even before the souls came. This place was truly the highest and the lowest of all worlds-the most beautiful senses, the most exquisite emotions†¦ the most malevolent desires, the darkest deeds. Perhaps it was meant to be so. Perhaps without the lows, the highs could not be reached. Were the souls the exception to that rule? Could they have the light without the darkness of this world? I†¦ felt something when he hit you, Melanie interrupted. The words came slowly, one by one, as if she didn’t want to think them. I felt something, too. It was amazing how natural it was to use sarcasm now, after spending so much time with Melanie. He’s got quite a backhand, doesn’t he? That’s not what I meant. I mean†¦ She hesitated for a long moment, and then the rest of the words came in a rush. I thought it was all me-the way we feel about him. I thought I was†¦ in control of that. The thoughts behind her words were clearer than the words themselves. You thought you were able to bring me here because you wanted it so much. That you were controlling me instead of the other way around. I tried not to be annoyed. You thought you were manipulating me. Yes. The chagrin in her tone was not because I was upset, but because she did not like being wrong. But†¦ I waited. It came in a rush once more. You’re in love with him, too, separately from me. It feels different from the way I feel. Other. I didn’t see that until he was there with us, until you saw him for the first time. How did that happen? How does a three-inch-long worm fall in love with a human being? Worm? Sorry. I guess you sort of have†¦ limbs. Not really. They’re more like antennae. And I’m quite a bit longer than three inches when they’re extended. My point is, he’s not your species. My body is human, I told her. While I’m attached to it, I’m human, too. And the way you see Jared in your memories†¦ Well, it’s all your fault. She considered that for a moment. She didn’t like it much. So if you had gone to Tucson and gotten a new body, you wouldn’t love him anymore now? I really, really hope that’s true. Neither of us was happy with my answer. I leaned my head against the top of my knees. Melanie changed the subject. At least Jamie is safe. I knew Jared would take care of him. If I had to leave him, I couldn’t have left him in better hands†¦ I wish I could see him. I’m not asking that! I cringed at the thought of the response that request would receive. At the same time, I yearned to see the boy’s face for myself. I wanted to be sure that he was really here, really safe-that they were feeding him and caring for him the way Melanie never could again. The way I, mother to no one, wanted to care for him. Did he have someone to sing to him at night? To tell him stories? Would this new, angry Jared think of little things like that? Did he have someone to curl up against when he was frightened? Do you think they will tell him that I’m here? Melanie asked. Would that help or hurt him? I asked back. Her thought was a whisper. I don’t know†¦ I wish I could tell him that I kept my promise. You certainly did. I shook my head, amazed. No one can say that you didn’t come back, just like always. Thanks for that. Her voice was faint. I couldn’t tell if she meant for my words now, or if she meant the bigger picture, bringing her here. I was suddenly exhausted, and I could feel that she was, too. Now that my stomach had settled a bit and felt almost halfway full, the rest of my pains were not sharp enough to keep me awake. I hesitated before moving, afraid to make any noise, but my body wanted to uncurl and stretch out. I did so as silently as I could, trying to find a piece of the bubble long enough for me. Finally, I had to stick my feet almost out the round opening. I didn’t like doing it, worried that Jared would hear the movement close to him and think I was trying to escape, but he didn’t react in any way. I pillowed the good side of my face against my arm, tried to ignore the way the curve of the floor cramped my spine, and closed my eyes. I think I slept, but if I did, it wasn’t deeply. The sound of footsteps was still very far away when I came fully awake. This time I opened my eyes at once. Nothing had changed-I still could see the dull blue light through the round hole; I still could not see if Jared was outside it. Someone was coming this way-it was easy to hear that the footsteps were coming closer. I pulled my legs away from the opening, moving as quietly as I could, and curled up against the back wall again. I would have liked to be able to stand; it would have made me feel less vulnerable, more prepared to face whatever was coming. The low ceiling of the cave bubble would barely have allowed me to kneel. There was a flash of movement outside my prison. I saw part of Jared’s foot as he rose silently to his feet. â€Å"Ah. Here you are,† a man said. The words were so loud after all the empty silence that I jumped. I recognized the voice. One of the brothers I’d seen in the desert-the one with the machete, Kyle. Jared didn’t speak. â€Å"We’re not going to allow this, Jared.† It was a different speaker, a more reasonable voice. Probably the younger brother, Ian. The brothers’ voices were very similar-or they would have been, if Kyle weren’t always half shouting, his tone always twisted with anger. â€Å"We’ve all lost somebody-hell, we’ve all lost everybody. But this is ridiculous.† â€Å"If you won’t let Doc have it, then it’s got to die,† Kyle added, his voice a growl. â€Å"You can’t keep it prisoner here,† Ian continued. â€Å"Eventually, it will escape and we’ll all be exposed.† Jared didn’t speak, but he took one side step that put him directly in front of the opening to my cell. My heart pumped hard and fast as I understood what the brothers were saying. Jared had won. I was not to be tortured. I was not to be killed-not immediately, anyway. Jared was keeping me prisoner. It seemed a beautiful word under the circumstances. I told you he would protect us. â€Å"Don’t make this difficult, Jared,† said a new male voice I didn’t recognize. â€Å"It has to be done.† Jared said nothing. â€Å"We don’t want to hurt you, Jared. We’re all brothers here. But we will if you make us.† There was no bluff in Kyle’s tone. â€Å"Move aside.† Jared stood rock still. My heart started thumping faster than before, jerking against my ribs so hard that the hammering disrupted the rhythm of my lungs, made it difficult to breathe. Melanie was incapacitated with fear, unable to think in coherent words. They were going to hurt him. Those lunatic humans were going to attack one of their own. â€Å"Jared†¦ please,† Ian said. Jared didn’t answer. A heavy footfall-a lunge-and the sound of something heavy hitting something solid. A gasp, a choking gurgle – â€Å"No!† I cried, and launched myself through the round hole. How to cite The Host Chapter 15: Guarded, Essay examples

Accounting Standard Setting Essay Example

Accounting Standard Setting Essay Chapter 7 SHD Learning Outcomes At the At the end of this lecture, students should be able to explain: ? The three theories proposed to understand the process of regulation – public interest, regulatory capture and private-interest theory ? a comparison of the free market and regulatory approaches to standard setting ? International standard setting ? Standard setting in Malaysia Introduction †¢ Since 1960s, accounting profession has been criticized for its weakness. Failures to solve problem faced by practitioners accountant remains unresolved and lack of independence of financial information. †¢ This has led the profession to seek a legitimizing procedure for standard setting process (standard back up by regulatory bodies) †¢ Q: Should accounting standards be formulated mainly by authoritative bodies or left to the free market? †¢ Q: Why do we need government intervention in developing the standards Nature of Accounting Standards †¢ Provide practical and handy rules for the conduct of accountant’s work †¢ Standards dominate the accountant’s work Constantly changed, deleted, and/or added †¢ Generally accepted as firm rules, backed by sanctions for nonconformity (peculiarity) †¢ Generally consist of three parts: A description of the problem to be tackled A reasoned discussion (possibly exploring fundamental theory) or ways of solving problem Then, in line of decision or theory, the prescribed so lutions †¢ Some reasons to establish standards: Provide users of accounting information with information about the financial position, performance, and conduct of a firm. We will write a custom essay sample on Accounting Standard Setting specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Accounting Standard Setting specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Accounting Standard Setting specifically for you FOR ONLY $16.38 $13.9/page Hire Writer This information is assumed to be clear, consistent, reliable, and comparable Provide public accountants with guidelines and rules of action to enable them to exercise due care and independence in selling their expertise and integrity in auditing firm’s reports and in attesting the validity of these reports Provide the government with data bases on various variables that are deemed essential to the conduct of taxation, regulation of enterprises, planning, and regulation of the economy, and enhancement of economic efficiency and other social goals Generate interest in principles and theories among all those interested in the accounting disciplines. The mere promulgation of a standard generates a lot of controversy and debate both in practice and in academic circles Standard Setting Approaches – Why Accounting is Regulated? Theories of Regulation: †¢ What was the reason for government intervention in the market for accounting information? Answer: Three major categories of theories regulation: Public-interest (market failure theory): accounting standard setting is regulated because of the perception that the market is characterized by departures from the competitive ideal in ways that reduce benefits to society, so the government intervenes to nurtures the public interest Regulatory capture theory: although the standard setting process was originally to be regulated to protect the public interest, those roups affected by accounting information battled for control of the political process to increase their wealth and/or prestige. Results shown accounting profession captured the process, where they wanted the benefits of regulation for themselves Private-interest Theory: regulation of the process was sought by the producer group as a device for transferring profits to them, the favor then being returned in the form of votes and contribution to politicians †¢ The three theories provide insight into the differences in regulatory activity in different justification and the evaluation of suggestions for the reform of accounting regulation i- Public-interest (market failure theory) Justifies the mandatory requirement of accounting standards as a means of reducing the likelihood of market failures in response to public demands for the control of accounting information †¢ Regulation is supplied in response to the demand of the public for the correction of inefficient or inequitable market prices †¢ Constituted primarily for the protection and benefit of the general public †¢ Among potential market failures: Lack of competition (monopoly, oligopoly) Barriers to entry Imperfect information gaps (information asymmetry) between buyers sellers or certain market signals The public goods nature of so me products where the provision of the product to a single individual makes it equally and costless available to other individuals. Market failures occur since other individuals can receive the product free of charge, the normal pricing system in the market cannot function †¢ The theory was justified as a result of failures in the market for accounting information evidenced by significant number of corporate collapse, even after auditors had certified accounts as ‘true fair† †¢ Calls for stricter accounting standards or for changes in standard setting processes following major corporate collapse †¢ The theory present the reason for or the origin of government intervention in the accounting standard-setting processes being the rectification of failures in the market for accounting information Ii Regulatory capture theory Regulation is supplied in response to the demands of special interest groups, in order to maximize the income of their members †¢ Assumption: (1) all members of society are economically rational; each person will pursue his/her self-interest to the point where the private marginal benefit from lobbying regulators just equals the private marginal cost †¢ Regulations, therefore, have the potential to redistribute wealth †¢ People lobby for regulations that increase their wealth, or lobby to ensure that regulations are ineffective in decreasing their wealth †¢ (2) The government has no independent role to play in the regulatory process, that interest groups battle for control of the government’s coercive powers to achieve their desired wealth distribution †¢ Purpose of protecting the public interest is not achieved as the regulatee comes to control/dominate the regulator †¢ Captures occurs, if regulated entities: Control the regulation the regulatory agency Succeed in coordinating the regulatory body’s activities with their activities so that their private interest is satisfied Neutralize or ensure non-performance by the regulating body In a subtle process of interaction with the regulators, succeed in co-opting the regulators into mutually shared perspective, thus giving them regulation t hey seek †¢ Reasons for capturing – regulatory decisions have major effects on the interests of regulated industries. For example, the permission to operate a business or to provide a particular product or service may be granted or denied by regulatory agencies, and the level and structure of prices charged for the industry’s output. †¢ Non-industry groups i. e. the public + consumers find themselves in a different situation with each person’s individual stake in a regulatory decision very small, perhaps imperceptible †¢ Accounting standard setting? The board was successfully captured by the accounting profession. Accounting profession were claimed as successfully control the regulatory output of the standard as a result of various factors: The existence of a complex industry product which was under the control of accounting profession The majority of the board members having accounting backgrounds and/or future employment opportunities in the accounting industry The geographical dispersion, organization costs lack of pre-existing communication channels of non-industry groups The regulatory agency having minimal resources compared with the accounting profession iii- Private-interest theory †¢ Regulation hence standard setting, is regulated by the relative political power of various interest groups †¢ Power to coerce, as with its power to prohibit or compel and/or to provide or withdraw taxes subsidies, the government can and does selectively help or hurt many businesses †¢ There are many bidders (in the political market), but only one group will be successful, the group th at makes the highest bid †¢ Producer groups are most often the highest bidders Regulation, therefore, does not arise as a result of government’s response to public demands but is sought by the ‘producer’ private-interest group is designed operated mainly for its benefit †¢ Producer private-interest groups can supply these resources by providing campaign contributions political advertising to elected officials lucrative opportunities for post-government employment †¢ Regulation was seen as a device for transferring profits to well organized groups in the form of subsidies, price fixing, control of entry of political competitors suppression of the production of substitutes, if the group will return the favor with votes contributions to politicians †¢ Eventually, the supply of government intervention in the accounting standard-setting process was the result of its demand by corporate managers directors who wanted to protect themselves from the possibility of over-regulation following the media the shareholders backlash associated with the spate of corporate crashes Approach to Standard Setting: Accounting can be seen as an information industry ie. the business of accounting is to produce information.