Climate Change Effects On Water Resources Environmental Sciences Essay

The last two decennaries climate alteration is increasing due to the alteration of human activity such as autos, planes, mill and other beginnings we use that adds nursery gases to the ambiance. Because of these human causes the Earth is heating up. One consequence that clime alteration has is the consequence the alteration will hold upon human H2O fresh water resources. I believe that clime alteration will hold an consequence on human H2O resources because of the close connexions with the hydrological rhythm, the raising temperature will increase in inundations and drouths that will take to the demand on more freshwater resources. Climate alteration has close connexions with the hydrological rhythm. The hydrological rhythm is located in the Earths hydrosphere this is the country in around Earth which holds all the H2O. The H2O is moved around the Earths hydrosphere in a rhythm. The hydrological rhythm is moved in five different stairss – vaporization, precipitation, condensation, overflow, aggregation and infiltration. The as you can see in Figure 1 the hydrologival rhythm all starts of with vaporization this is the alteration of liquid H2O to H2O vapor. The following measure is condensation this is the procedure of altering H2O vapor, from a liquid and so to organize clouds as you can see from the clouds in figure 1. This procedure can be notice for illustration when you look out for dew on the land in the forenoon. As the clouds you see in the sky move around Earth distributing the H2O vapor from topographic point to topographic point. The clouds become over laden with wet so they have to let go of th e overladen wet. They release the wet by a procedure called by precipitation which is normally rain, hail or snow. Infiltration occurs they when all the precipitations lay on the land. If there is to much precipitation on the land this becomes overflow. Runoff stays on the Earth land and runs into watercourses, rivers, lakes and oceans. So when the precipitation run into the these watercourses, rivers, lakes and oceans this procedure is called aggregation. As infiltration, overflow and aggregation are being processed, the Sun is doing a the rhythm to return back to the begaining of the rhythm to the procedure called evaporation.Sunlight heats up the liquid in watercourses, rivers, lakes and oceans. The warm air rises upwards into the ambiance and becomes the vapor involved in condensation. Without this procedure life on Earth would be impossible. Fresh water that we use in or twenty-four hours to twenty-four hours lifes normally comes from Aquifer, Streams, Rivers, Lakes. Aquifer are constructed when stones of the upper portion of the Earth ‘s crust contain holes or pores. Thesiss holes are large or joined together so that H2O can flux through them easy. This is a portion of stone that is easy for H2O to go through through known as permeable. Streams normally get most of its H2O from overflow, rain and thaw snow. A watercourse is formed when the rain and runing snow met at the same topographic point and acquire into a line of channel. Streams usely flows into lakes, rivers, aquifer and seas. Rivers are a natural watercourse of fresh water resource. Water within the river is by and large collected from precipitation through surface overflow, groundwater recharge, springs and the release of stored H2O in ice and runing glaciers. Lakes are normally filled with deep fresh water or salt H2O. Lakes are inland usly on mountains countries and are non portion of the Ocean. They are filled by rivers or watercourses that connect to them. Some Lakes can be adult male made and are constructed for industrial or agricultural usage and even for hydro- electric power or domestic H2O supply. Water is one of the most importent inputs the human organic structure demands for us worlds to get by with mundane life. We need it for so many things e.g. wellness, turning nutrient, irrigation, industry. Despite the importance of Freshwater Resources decreasing, we are get downing to take the fresh water resources for granted. Most of the fresh water we use is wasted and polluted. Because the hydrological rhythm temperature is lifting it will take to a alteration in the horological rhythm, This will hold an impact on the conditions. The dry seasons will go alot more drier and the wet seasons will go alot more wetter. Leaving us with more inundations and drouths. This alteration will therefore will leave the handiness and quality of H2O. Some of the states on this Earth already hold a difficult enouch clip acquiring H2O because of increaseing industrial pollution and population growing. Climate alteration merely adds to the job to the quality of H2O, which in some parts of the universe the cut down rainfall and lifting temperatures decrease the fresh water. By the twelvemonth 2025 most of worlds populating in states with hapless H2O quality degrees will increase from about 34 per centum ( in 1995 ) to 63 percent.R K Pachauri ( 2005 ) The alteration in accessing H2O stressed countries will hold a possible struggle. As there will be a pressured demand on fresh water because of family, agricultural and industrial utilizations. These struggles will happen in H2O stressed countries contending against countries of natural springs and rivers every bit good as this it will take to conflict on boundary countries for illustration the part of Northern Kenya and the Samburu is holding to get by with the altering forms of rainfall and dry periods which with other force per unit areas on the natural resources are taking to increasing struggle among tribal groups over entree to scarce water.Smith ( 2006 ) 2 Discussion Most of the Earth has 70 % of ocean. While merely 30 % of the Earth is land. Around 84 % of the universes population is populating on dry land. Worlds are seeking to repair this by Reconstruction the hydrological rhythm system by constructing dikes and making waste H2O intervention workss etc. These elements will supply H2O for agribusiness, family, Industrial, environmental and other utilizations. But these alterations will besides take to some defects in old ages to come. India is one of the most effected by clime alteration. The snow ice caps of the Himalayas is sing less snow because of snow thaw. The glaciers is runing and there is marks of addition implosion therapy. The increasing rise temperatures is get downing to dry up the rivers. The Himalayas holds the largest sum ice on the Earth. Research workers have figure out that there is a strong combination between snow and the temperature. In recent old ages the Himalayas have experienced warm periods in the old ages between 1960- 1990, doing a decrease in snow autumn. Glaciers has been watched by research workers in the the past old ages. The United Nations clime study predicts by 2035 some Himalayan glaciers will vanish with the lifting temperatures. Because of the glaciers runing the thaw ice will run off into rivers such as the Indus, Ganges and Brahmaputra rivers and some feeders coming from the Himalayan ice field. This will do deluging to riverside citations e.g. Varanasi, Kanpur and Patna. These metropolis ‘s have a population of 1000000s and have already see inundations during high monsoon season and it will be ongoing. Deluging will besides do break for the farming countries in northern parts of India and cause harm to the roads and rail manner line. The dikes such as the dike in Kosi autonomic nervous systems Sutlej could over flux doing more devastation to corn fields and colonies. When the point of no ice is reached by 2035 the ice thaw will hold either stopped because of a solution to climate alteration or be dried up because of the continued temperature lifting. If the ice does get down to understate the river will go weaker and drier during the monsoon oral cavities and summer. As the earths temperatures rises from about 14 grades C based in 2000 to a estimated 19 grades C in 2100 the undermentioned effects will be cause by the addition ; Agricultural, Household, Industrial, Environmental and wellness sea degrees will lift to an estimated 3.9 in to estimated 35 by 2100. Some parts of the coastal citations around India e.g. Mumbai, Chennai, Kolkata and other parts of the universe will be submerged. Even most of the island around India will be covered in H2O. The island of Lohachara is the first island in the universe to be covered in H2O due to climate alteration. The island is located on the southern border of the Ganges delta in the bay of Bengal. Its 10,000 occupants became the first refugees created because of clime alteration. There is a group of 27 island called Lakhadweep around the Arabian sea off the seashore of south Indian province Kraal. They have a population of about 61,000 people populating on them. The low prevarication islands are in immense danger of being covered in H2O every bit good. India is one of the universe biggest state that effects the nursery consequence. With the increased temperatures they will make a addition in precipitation. Rising the procedure of vaporization ensuing from warmer sea temperatures in the Indian ocean and Arabian Sea will increase that destroy procedure around the West Indian Rajasthan Desert Equally good as the H2O resources being shorten because of clime alteration there is besides another job and that is that normally boundary states sometime portion the same H2O resource. There is some indenture that there has been conflict over fresh water shared by two or more states. Freshwater is really of import to all the universes Humans activity, including the Agricultural, Household, Industrial and Environmental. But bad direction and the impact of clime alteration can take to tenseness ‘s between different states. For some old ages the counties such as India and Bangladesh have encountered struggle on river resources. It all started In 1993 when India and Bangladesh came under force per unit area when the Ganges River started to make its record depressions. Because the H2O degree was low it affected Bangladesh agricultural and killed most of its harvests. In October 1995, The Prime Minister of Bangladesh addressed the United Nations ( UN ) .The premier curate called Indiais portion of river H2O resources ia gross misdemeanor of human rights and justice.i Indiais constitution of the Farrakka Barrage which is a bombardment built near the boundary line of Bangladesh. The bombardment was build was to separate H2O for the Calcutta port. But Bangladesh says that because of this separation it has resulted in falling H2O tabular arraies and greater H2O resources for Bangladesh. India has a different position of the issue. Indian leaders says that Bangladesh was incorrect in depicting this issue. Bangladesh has asked India for a iminimum guaranteei understanding which will give Bangladesh a minimal flow of H2O. In 1996 India and Bangladesh agreed in the understanding so the iTreaty on the Sharing of the Waters of the Gangi was signed. Some political leader were unhappy about the understanding. But it was accepted my most political leaders. Since the pact Bangladesh continues to hold a figure of jobs. Some of the understandings that was agreed in the pact have non been met. How are we traveling to repair this job is the inquiry we need to inquire ourselfs I can see from my research that some attempts are being made to better direction in freshwater resources. Different organiseions have been developed to assist the mather of clime alteration for illustration, the United Nation ( UN ) have organised the first H2O conference to take topographic point in 1977 and developed an action program to take action on the improved direction and development of H2O resources and the UN designated 2003 as the international twelvemonth of freshwater resources. The mission of the organision is to increase consciousness of the importance of fresh water usage, direction and protection, provide an chance to alter the execution of the rules of incorporate H2O resources direction, utilize the twelvemonth as a platform for advancing bing activity and spearheading new enterprises in H2O resources at the international, regional and national degrees, and Launch the universe H2O d evelopment study at the 3rd universe H2O forum in Kyoto. The World Summit on Sustainable Development ( WSSD ) 2002 has emphasised on the development of an incorporate H2O resources direction and H2O efficiency plan.DEVELOPMENT ( 2003 ) . Global Water Partnership ( GWP ) Is a web of bureaus and intuitions to advance iintegrated H2O resource managementi in developing states. It facilitates the exchange of cognition, experience and practise related to H2O resources management.Partnership ‘s ( 2010 ) . World Water Council ( WWC ) is an international think-tank for H2O issues. It nonsubjective is to iincrease protagonism for improved H2O resources managementi . WWC has been organizing the World Water Forum ( WWF ) bi-annually. The 3rd Forum was held in Japan in March 2003.Council ( 2010 ) . European Water Association Act as a focal point for the exchange of information related to H2O and H2O activities.Association ( 2010 ) 3 Decision I can reason that because of clime alteration and the hydrological rhythm it is holding a little long term consequence on human H2O resources. I can see that it has close connexions with the hydrological rhythm. Because of this it will increases implosion therapy, create dry lands and brush struggle within states. More acceleration to the hydrological rhythm may ensue in more terrible conditions and utmost conditions.Anne E. Egger ( 2003 ) If we do n't turn to this issue there will be farther more jobs in the hereafter and lead to even more drouths and implosion therapy. Harmonizing to the Comprehensive Assessment Of Water Manage in Agriculture, one in three people are already facing H2O deficits ( 2007 ) . Almost one-fifth of the worldis population, live in countries of physical scarceness. Climate alteration has a close connexion between hydrological rhythm. Rising temperatures will increase the altering liquid to vapour and take to the additions in rainfall and snowfall. Because of this the overall supply of freshwater resources will increase, Droughts and inundations will go on more often and alterations in snowfall and snow thaw are expected in cragged countries more often. Reading about clime alteration has made me let go of that we take our fresh water for granted and do n't believe about what will go on if we lose the fresh water. Will we hold to present H2O charges maintain better H2O systems.

Ava Wrestles the Alligator

Three Dimensions Museo del Prado in Madrid, Spain houses an unconventional triptych called The Garden of Earthly Delight painted by Hieronymus Bosch in 1504. A triptych works by combining three different panels and forming one picture, world, or scene. In the case of The Garden of Earthly Delight we are presented with a triptych that, not only has three complete scenes of Eden, Ecclesia’s Paradise, and Hell present when opened but when closed the viewer can see creation as a whole. In â€Å"Ava Wrestles the Alligator† the triptych given is Swamplandia!In this red neck fairytale the dimensions of Swamplandia! are parallel to the famous Bosch work due the ideas of Earth, Heaven, Hell, and Swamplandia! the kingdom. In Swamplandia! the idea of Earth is known as everyday activities; the running of the park, feeding the alligators. Ava and Ossie have pet lizards and giggle at night in the room they share. â€Å"We keep giggling, happy and nervous, tickled by an incomplete in nocence† (Russell 4). During these simple, earthly times of normality Ossie also begins to experiment with her newly formed womanly body.In The Garden of Earthly Delight the images of smiling, naked men and women cover the center panel. The figures in the painting are seen experiencing life as naturally as possible. Even the lives of two young girls can be represented in art painted hundreds of years before their time. This gives the reader and the avid art viewer the idea that it is human nature to experience, laugh, and dream about the world above and beyond the shell that is the human body. Ossie yearns to feel alive. With the use of her own body and her imagination she takes her kingdom and makes it her own.Far above the kingdom of Swamplandia! the spirits of past Swamplandians hover; most importantly the deceased mother of Ava and Ossie. Ava tells the reader â€Å"summer rain is still the most comforting sound I know. I like to pretend that it’s our dead motherâ⠂¬â„¢s fingers, drumming on the ceiling above us† (Russell 3). In The Garden of Earthly Delight the idea of Heaven is represented by animals, including alligators, relaxing by a pool of water and the lack of humans, comforted only by a single cloaked figure. In the ase of Ava and Ossie the cloaked figure is the thought of their mother’s spirit encasing their house with each drop of rain. One of the most focal points of The Garden of Earthly Delight is shown in the bottom right corner of the right hand panel. The image of a Bird Beast, or Prince of Hell, ruling over the Underworld is most prominent to the scene. The Prince lures in his prey and uses them for his benefit, whether it is food, pleasure, or manual labor. Like Ossie is a slave to her own pleasure and even attempts suicide to become one with her own twisted sense of desire.The women of The Garden of Earthly Delight are trapped by sex and pleasure, emotions commonly mistaken for love. Though the similarities ar e obvious between the two â€Å"men† of each story; the most striking common feature of â€Å"Ava Wrestles the Alligator† and The Garden of Earthly Delight comes from the Prince shown devouring a woman, much like how the Bird Man rapes Ava. As obvious as the painting, Ava identifies the Bird Man as â€Å"†¦no Prince Charming. He’s covered in feathers and bird shit† (Russell 11). With these three dimensions the idea of a kingdom is more apparent than the simple highway passing of Swamplandia!The reader is presented with a complex and mysterious gateway through the mind of a twelve year old and to the world of diamond lizards, grief, and the realistic notion that magic is above, below, and surrounding each human being that decides to open the doors of their own triptych. With a glance into Ava’s world and a single glance at a classic work of art each person can discover a fairytale. Works Cited Russell, Karen. â€Å"Ava Wrestles the Alligator. † St. Lucy’s Home for Girls Raised by Wolves. New York: Vintage Books, 2006. 3-25.

Good Night and Good Luck and Belonging

How has the film Good Night and Good Luck contributed to your understanding the experience of belonging? In your response identify 3 observations about belonging and analyse 3 techniques used to convey this experience. ————————————————————————————————————————————————————————————- The 2005 black and white film Good Night and Good Luck is able to present multiple views and perspective of belonging through the threats of communism and the sense of belonging that is associated by this context. The three most prominent ideas placed forth throughout the film about belonging are that belonging comes at the price of conformity, that fear can be used to silence those who choose to challenge the authority of the group and that choosing not to belong requires great courage and the acceptance of ostracism. The idea of Belonging comes at a price of conformity is strongly represented throughout the film as McCarthyism is presenting the idea that to belong or fit in one must believe what everyone else must believe in and act likewise. At the beginning of the film no one is prepared to confront or disobey what is considered the ‘right’ thing by McCarthy and his committee as they were too afraid of being accused themselves. Those that did not oppose McCarthyism and their leaders felt that they could belong as they shared a common belief and all acted in the same way to keep their sense of belonging intact and preserved. Edward Murrow uses a metaphor to display this idea of belonging through the statement, â€Å"I see a chain reaction that has no end. This quote displays that if people are pressured to conform to the majority, it will be a never ending cycle with all choice and freedom taken from the individual. A second observation of belonging I observed in the film, Good Night and Good Luck, was that fear can be used to silence those who choose to challenge the authority of the group. Joseph McCarthy uses fear to control the country by accusing anyone that opposes him by declaring them to be communis ts themselves. This fear prevents people from speaking up against McCarthy as they are afraid of being ostracised and from not belonging. This is shown when Edward Murrow stands up to McCarthy and speaks against him, and in response McCarthy discredits Murrow by claiming he is a communist and cannot be believed. Throughout the film, particularly towards the end we get the sense that choosing not to belong requires great courage and the acceptance of ostracism. At the beginning of the story we see that McCarthy has everyone under his control and he has the power of the country. However as the movie progresses we see that Murrow and the CBS news team begin to rebel against McCarthyism and are required to show great courage to do what everyone else is too afraid to pursue. Also we see that as their movement persists, Murrow is framed by McCarthy as he attempts to be ostracised from the mainstream society and not allowed to belong. Good Night and Good Luck has altered my understanding of belonging as it has opened my eyes to the negative aspects of belonging and the harmful consequences that result from belonging. The film is a strong text to be able to create awareness of belonging requiring courage as it can bring fear and conformity among those in the group.

Discuss the differential roles of the left and the right hemispheres Essay

Discuss the differential roles of the left and the right hemispheres and individual differences in functional lateralisation - Essay Example Therefore men are more lateralized and women are considered to utilize both the hemispheres to a larger extent while performing various tasks. It is claimed that certain skills like spatial and mathematical capability improves with lateralization while women enjoy advantage for verbal test because they use both the hemispheres equally (Lee 2005 p.138). Despite gender differences, lateralisation also involves individual differences due to the difference in the composition of the brain cells. Hemispheric specialization is a classic dichotomy that suggests that the right hemisphere concerns visuo-spatial abilities and the left hemisphere is associated with linguistic abilities. However, this does not mean that the distribution of hemispheric functions does not make the right hemisphere irrelevant to language or the left hemisphere ignorant of processing non-linguistic data. Novelty-routinisation continuum is an approach that explains hemispheric specialization of functions that argues the basic reasons for the lateralisation of cerebral responsibilities. The theory proposes that the left hemisphere is crucial for the processing of routinised cognitive decisions and pre-existing representations and the right hemisphere is crucial for the processing of new cognitive situations that has no pre-existing strategies or codes. The traditional assumption thus becomes an extraordinary case of this basic principle (Malloy & Duffy 2001 p.83) The novelty routinisation approach gives emphasis to individual differences with the theory that the cognitive novelty of one may be a familiar concept to another that can be explained through a dynamic approach instead of a static theory that details hemispheric specialization or laterlisation. Hemispheric specialization tends to vary with individuals at varying stages of skill development. The dominance of left hemisphere is not uniformly strong for all factors of

Film Essay Example | Topics and Well Written Essays - 250 words - 6

Film - Essay Example Eventually the two get married and there is reconciliation between the father and the daughter. The second film is Rebel without a cause, which is a story of a young man who feels disappointed by his dad’s weakness at home. Jim is only 17 years and he feels depressed especially by the constant wars at home (Stark). Due to this, a bad company that eventually leads to a loss of his comrade influences him. The film ends with Plato is friend dying. The two films show a similarity of the daddy influence on their children. The teenage age requires critical love and care from parents especially due to the confusion that teenagers undergo at this stage since they struggle to identify themselves. At the end of both films, we also experience the re-union of both Jim and Ellie with their respective fathers. However there is a slight difference in Rebel without a cause in the dads failure to influence his sons decision leading to his son Jim falling in the hands of thugs. In contrary to it happened one night, Ellie’s father has complete direction against her daughter’s life to the extent of convincing her on whom to

Marcia's Identity Statuses Movie Review Example | Topics and Well Written Essays - 250 words

Marcia's Identity Statuses - Movie Review Example At such status, audience may likely assess that his significant attribute develops from growing aspirations for which he gets determined to challenge the utmost of his potentials as embodied in ‘to live deep and suck out all the marrow of life’ by Thoreau which Neil himself read at the opening of a club patterned after the Dead Poets Society. While it is stimulating to watch Neil unfold a position that seeks wild truth of itself, the conflict raised by his father’s interference on getting him to abide by the conventions which Mr. Perry believes would suit his son eventually manifests Neil’s weakness of confronting the reality. Indeed, he gave his father a brief capture of his opposing decision during the play yet he appears to not have gotten out of the momentary soliloquy and chooses to escape beyond the world of the living, thinking that only by giving in to this tragedy would he come to attain peace with the utter well-being of his passion. What is Todd Anderson's status? Please use examples from the movie to support your answer. Todd Anderson is a type who at first seems afraid of breaking into a dimension Mr. Keating rather describes as possessing elements that make human beings alive.

War in Syria Essay Example | Topics and Well Written Essays - 1500 words

War in Syria - Essay Example The uprising is believed to be caused by dictatorship, corruption and human rights violations among other grievances (Rosiny, 2). Syrian war is a prolonged conflict that is currently taking place in Syria between the military and those opposed to the regime of Baa’thist government led by Bashar al-Assad. It started during the Arab spring. Syrian Arab republic was established in 1920 as a French colony in Western Asia. It has its headquarters in Damascus. The country borders Israel, Turkey, Lebanon, Iraq and the Mediterranean Sea. At the time of the Arab spring Syrian president Bashar al Assad enjoyed a relatively good support from the citizens. Bashar al Assad took the reign of power from his father, Hafez al- Assad in 2000 when the father died. Hafez became president in 1970 through a coup de tat. After taking power, Hafez set up an authoritarian regime that didn’t tolerate activities of the Muslim brotherhood which was the main opposition to the ruling regime at that time. He encouraged the idea of divide and rule. He enjoyed the support of the Sunni Arabs who made up almost 60% of the entire Syrian population and that of Christians. He also had the support of his minority group of the Alawis. He excluded those who were perceived not to be in support of his policies like the Kurds. When his son took power in 2000, he introduced political and economical reform measures in Syria. He released scores of political prisoners and initiated a number of economic reforms that made him popular with the people. According to Assad Al-Saleh (2014), the period known as the Damascus spring which was during the earlier days of Bashar al- Assad tenure in office shows that the opposition and political activities were tolerated. But this did not last for long. Bashar al Assad regime was characterized by corruption and alienated other communities. The regime was also oppressive and arrested opposition leaders. The people

A short story Essay Example | Topics and Well Written Essays - 500 words

A short story - Essay Example In those days messages were received and delivered through telegram. Joe learns that his wife is very ill and would not be able to make it till the end of the day. On receiving another telegram he refuses to open it. He later tears the telegram off without reading it because he is afraid to receive bad news. He wants his wife to stay alive. Such is the emotional torture of the short story The Little Wife. Set in an imaginary place in Alabama called Reedyville, The Little Wife, is a lyrical account of the human afflictions. It is reasonably a thespian start when Joe learns of his wife’s sickness. When he receives the telegram and is told that it was waiting for him for two hours, he is not only unable to overcome the news of his wife’s ill-health but also the fact that he was laughing away sharing old stories with the buyer when it must have been waiting for him. This disbelief creates a sense of guilt even in the reader but with an aspect of accusation for Joe. March describes the moment of the arrival of the second telegram rather dramatically. Joe feels â€Å"weak and slightly nauseated† while the unopened telegram is clenched in his hand (March, 1935). The suspense gets on the readers nerves while March allows Joe’s situation to settle in. He hides his fears but he is noticeable by the brakeman who inquires if he is doing fine. March’s candid sty le and the illusory precision of theme give the story an edge over any other writer of his time. He is capable of reflecting the emotions of a heart-wrenched man who is resisting discovering the truth knowing that it may be a strong possibility. As he sees Mrs. Thompkins dressed in black on the other side of the fence, he is still in the denial phase. He waves at her vivaciously acting against his will, trying his best to win cards with nature. March portrays a one-sided picture of a man struggling to reach out to his soul mate who is

Contract and tort Essay Example | Topics and Well Written Essays - 2000 words

Contract and tort - Essay Example In the past, liability was automatically imposed for causing injury to another, and this was the province of tort. On the other hand, contract law applied liability, only if there was consent among the parties. However, there is some commonality between the contract and tort laws. This has induced some plaintiffs to proceed against the defendant, under one of these laws. Although, it is not permissible to recover damages twice for the same injury, claimants have taken an active interest in exploring the possibilities offered by these two bodies of law. In fact, a plaintiff may recover by suing in contract, in order to circumvent some difficulty presented by the tort law to his action.3 The situation obtaining in this regard has been clearly described in their Lordships ruling in Henderson v Merrett Syndicates Ltd. In this case the House of Lords held that the defendant company was concurrently liable.4 As such, the defendants in this case were held liable under both contract and tort law. ... Syndicates Ltd directed that irrespective of the relevant nature of the damage,5 concurrent liability betwixt contract and the tort of negligence was to be conceded.6 The situation prevailing, on account of the tort law has no bearing upon the law of restitution, which remains independent of the tort law. However, the tort committed does not inescapably constitute the basis of the recovery. It is the enrichment that results from the invasion or appropriation of the protected interest of the plaintiff that constitutes the basis of recovery.7 Not surprisingly, establishing the elements of the tort of interference is not indispensable for permitting recovery. It is an incontrovertible fact that new needs have arisen, which have not been adequately addressed by the traditional concepts that emerged from tort law.8 This serves to unequivocally demonstrate the independence of restitutionary claims. The principle of concurrent liability in contract and tort was recognised with Hedley Byrne & Co Ltd v Heller & Partners. In this case, it was held by the court that there could be a claim in tort, despite the existence of a contractual remedy.9 The ruling in Hedley Byrne states that assuming responsibility does not place the defendant under a duty of reasonable care to benefit the plaintiff. Jane Stapleton, an eminent legal scholar, has contended that the tort of negligence usually comes into play, with regard to a negligent failure to benefit. In such cases, it is the general practice to impose liability under the tort of negligence. As a consequence, it would be incorrect to consider such cases under contractual liability. 10 This stance is based on the notion that the commencement of the performance of a beneficial service by the defendant immediately places him in a

Divorce Case Study Example | Topics and Well Written Essays - 1000 words

Divorce - Case Study Example Judge: Let this not be a discourse, but I advocate divorce mediation as an eminent step to be taken as a marriage buttress before a couple comes to court. Often marriages are saved when divorce mediators arbitrate and collaborate to get couples back together. So rather than making divorce mediation sound as a defect in the system, I would insist the lawyer to cohere to the specific case. Please divulge the details endemic to the case. Lawyer: Yes, your honour. As you state, the issue of divorce mediation is an arbitrary one. My client seeks a divorce from her husband, after their five year marriage as a dire resort. The basis for the divorce is that her marriage is devoid of the main ingredients: trust and love. Her mental and physical torture has been chronic and justice has been dilatory. The distraught lady deferred divorce till now and lived with the fear of physical attack. She went through physical abuse for simple reasons like not setting the plate right or for bungling up cooking. Kim put her through hell and all she wants is an affable life and equitable justice, which the mediation firm failed to provide. Lawyer: Jackie is a victim of the system, and we have all the evidence the court needs to prove the case. However, let me delineate from the issue and take you to the time of Kim's schooling. School reports constantly emulate Kim to be a rough child. He records show a delinquent affectation through his college days also. He had been denounced by his affluent parents on account of his drug addiction and other vices. Moreover Kim is constantly in and out of clandestine love affairs. I put forth the court an assimilation of his anomalies. Judge: Please also pass the details to the jury so that they can check that there is no disparity and the facts cohere together. Also I would suggest you as a lawyer to abstain from such strong statements. Judge: (After viewing the documents with a discriminate eye) A circumspect view of the records of violence does appall me. However, Kim's records also show that he was quite dextrous and diligent at his work as a mechanic. But let me not deviate from the issue. Was Jackie aware at the time of her marriage that the situation was askew and Kim was a charlatan husband Did she know the situation she would get herself into, with the marriage Lawyer: Jackie's marriage to Kim was more of an arrangement by Kim's parents, who sought a bride from an affluent family. His agile nature led no clue in the first year of marriage. She soon knew about his duplicity and drug abuse, a caustic issue, but thought marriage would cure it. After the first happy year, there was anarchy especially when Kim tried to curb her academic pursuits. Jackie is a devout catholic, and tried to circumvent the situation by attempting to talk to Kim about the issues their marriage was facing. But his behaviour just became increasingly cantankerous and her life was effete with physical and moral abuse. I thus elicit the court to apprehend Kim not just for divorce but also rendering circuitous moral and personal injury to my client. Judge: Jackie could you articulate the

Boeing and Mcdonnell Douglas Merger Essay Example for Free

Boeing and Mcdonnell Douglas Merger Essay Boeing and Airbus; two longtime rivals fighting over market share in an extremely volatile market due to high research and development costs and constant changes in market demand was the cause for Boeing to take drastic protective measures. Boeing which at the time was one of the largest commercial aircraft manufacturer and third largest aerospace defense contractor decided to merge with McDonnell Douglas. McDonnell Douglas also produces commercial aircraft but held much less of the market share than Boeing. The intent of this paper is to describe the search and screening process Boeing used which is broken down in to three categories: legal, financial and operational, discuss the valuation criteria, analyze the negotiation and bidding process and determine what kind of financing Boeing used to secure McDonnell Douglas. Legal Issues When Boeing announced they were planning on purchasing rival McDonnell Douglas, this sparked a great deal of concern not only with the Federal Trade Commission but with anti-trust authorities in Europe as well. â€Å"The belief was that by reducing the markets to only two players, such a merger would so reduce the competition that consumers would be forced to pay more for airline tickets and tax payers would be forced to pay more for jet fighters and space vehicles† (http://www.washingtonpost.com/wp-srv/business/longterm/boeing/boeingtoo.htm). The goal addressing these concerns was to prevent Boeing and McDonnell Douglas from creating a monopoly of the aircraft and aerospace market. A monopoly is a situation in which a single company owns all or nearly all of the market for a given product or service (â€Å"Monopoly†, 2012). The concern in Europe was due to Boeing’s Practice of negotiating exclusive supply deals with major airlines such as Delta Airlines, American Airlines and Continental Airlines that prohibited purchases of Airbus planes (European Union Objects To Just About Everything In Boeing-Mcdonnell Merger, 1997). In the end, Boeing was forced to make concessions to ensure the merger would be allowed to go through. Andrews (1997) â€Å"Boeing agreed not to enforce the exclusive-supplier provisions of those deals, though analysts said that would have little effect on Boeings bottom line† (para. 3). Financial Status The commercial and defense aircraft market is extremely volatile and will change from extreme high demand in one or both commercial and defense to a decline in demand in one or both areas. At the time of this merger, Boeing had seen huge changes in defense spending that caused growth on the commercial side of the aircraft market. For Boeing this was a favorable change due to the fact that eighty percent of their products were for commercial aircraft rather than defense. Rolinitis (1997) â€Å"Although these factors heavily favored Boeing’s make-up, Boeing was still concerned with the severe cyclical swings that the commercial market faces† (Boeing’s View). Boeing’s main concern was to gain market share to better compete with the Airbus which was the second largest commercial aircraft manufacture that held most of its operations in Europe. At this time, McDonnell Douglas was structured exactly the opposite; two thirds of its revenue generated from defense products. Due to severe cuts in defense spending, McDonnell Douglas was consistently losing market share. This situation made an attractive opportunity for Boeing to merge with McDonnell Douglas and seemed that it would work out for both parties; Boeing would gain more market share in European markets and McDonnell Douglas would in essence not have to suffer large losses waiting for defense spending to increase. Operational Status The merger between Boeing and McDonnell Douglas was viewed by most a perfect match. The new company would have operations in the United States and Europe; maintain market share in both commercial and defense aircraft production markets. For Boeing, the only downside is they were forced to give up exclusive supplier relations with three airlines; however that did not seem to have that large of a negative effect on the new organization. Rolinitis (1997) â€Å"The merged company will have approximately 200,000 employees which included the recent Boeing merger of Rockwell aerospace and defense units. It will operate with estimated 1997 revenues in excess of $48 billion, making it the largest integrated aerospace company in the world† (The Deal). Valuation Criteria Negotiations Financing Conclusion The air craft production industry is one of the most volatile industries due to ever changing supply and demand and high research and development costs. As the air craft market changed moving towards more commercial demand and declining defense demand, it became in the best interest for Boeing and McDonnell Douglas to merge into one joint company making them the largest commercial and defense air craft production company. There can be quite a bit of issues concerning the merger of two companies; some concern what is in the best interest of one company and others may include the concern of not violating trade laws. The purpose of this paper was to describe the search and screen process and issues; specifically legal, financial, and operational status, discuss the valuation criteria, valuation and negotiation and bidding processes of the merger between McDonnell Douglas and Boeing. References Andrews, E. L. (1997). Boeing Concession Averts Trade War With Eurpe. The New York Times. Retrieved from http://www.nytimes.com/1997/07/24/business/boeing-concession-averts-trade-war-with-europe.html European Union Objects to Just About Everything in Boeing-McDonnell Merger. (1997). Retrieved from http://www.prenhall.com/divisions/bp/app/phblaw/html/august/august5.html Monopoly. (2012). Retrieved from http://www.investorwords.com/3112/monopoly.html Rolinitis, S. (1997). The Boeing McDonnell Douglas Merger. Retrieved from http://economics.illinoisstate.edu/dloomis/eco320/downloads/papers/steve.PDF

The romantic period and the poems of Blake Essay Example for Free

The romantic period and the poems of Blake Essay The Romantic Period which lasted 1785 to 1830 was a significant period that made a paramount contribution to the growth of English language and literature. The writers of the Romantic period were influenced by historical events such as the French revolution. Thus the Romantic period was shaped by a multitude of political, social, and economic changes. Many writers of the period were aware of a pervasive intellectual and imaginative climate which some called as Zeitgeist: Spirit of the age. Some poets call themselves as visionary bards who had the capability to prognosticate the future. There are six major writers that represent in the concepts of the Romantic period by names: Wordsworth, Keats, Percy Shelly, Byron, Coleridge and Blake. The work of these writes can be categorized under different themes. William Blake was a poet who lashed out against repression in all its many forms. The plight of the oppressed, be it the wretched child condemned to the drudgery of chimney sweeping, the hapless soldier, the youthful harlot or the robin redbreast in a cage moved him to a furious advocacy of liberty and the repudiation of reason which was seen as having a tyrannical hold on man preventing him from breaking out of the bonds that held him. Blakes Chimney sweeper in the songs of experience, crying weep, weep in notes of woe that his parents oblivious to the poor creatures suffering are gone to praise God and his priest and king/ who make a heaven of our misery. According to the boys words it is possible to deduce that it is their false reasoning that blinds them to the chimney sweepers plight; And because I am happy, dance and sing / they think they have done me no injury. Thus while openly criticizing and rejecting the traditionally accepted figures of authority the poet subtly shows that the tyrannical system is maintained by reason. Blakes Garden of Love clearly exhibits how the church has become a harmful to the people while creating disillusionment in the poets mind. The church is openly criticized by Blake for not being truly religious but being a pernicious institution The Garden indicates the romantic symbols of joy and innocence. But in the middle of the garden A chapel has been built. The graves indicate the death of that joy and innocence. Among Blakes work the poem which manifests this theme best is London. The poet is looking at the marks of weakness, marks of woe plainly etched on the faces of the passes by. As the poem develops the causes for the suffering of the Londoners are made clear. Blake accuses the blackening church for the sorrow of the innocent chimney sweepers. The hapless soldiers life is frittered away by the rulers and the young women with no means of sustenance are forced into eking out a meager living through the dangerous trade of harlotry. London echoes and resounds with cries of suffering and marks of weakness, marks of woe apparent on every face the bard encounters manifest the complete permeation of suffering in London society. However, this is also a society where there not only exists Institutionalized religion and governance but these very authority figures suppress the growth of the society by burdening it with manifold sufferings and turning a deaf ear to the protests of the people. Unfortunately, the troubles of London are not limited to a socio-political sphere. If so they could have been righted by revolution. The greatest enemy the Londoners face is the mind forged manacles which prevent them from moving on to a better life. How does one fight a foe firmly wedged in ones mind, restraining growth? Blakes songs of innocence are peopled with children, rural folk and harmless animals like lambs. They are characteristically joyful and innocent enjoying all they see and experience. Their state is one filled with unsophisticated spirituality and optimism. The Lamb is written in the form of a childs monologue with a sheep. The innocence of the child, its simple enjoyment of the beauty of nature and the close communion it has with nature is apparent in the guileless act of speaking to an animal. The child finds delight in the sheeps soft and bright fleece, and its tender voice. The child in its innocence poses one of the most profound questions that have been troubling humanity for millennia: that of origin, Little lamb who made thee? / Dost thou know who made thee? However, the child answers its own question with a strong simple belief in the Christian teachings, He is called by thy name / for he calls himself a lamb Enjoying the simple beauty and safety of un-fallen nature the child finds it possible to connect Jesus and God the creator with the world around itself. The state of innocence inherent in the child coupled with his lack of experience in evil prevents him from questioning the existence of cruel powers as the adult persona of The Tiger does, Did he who make the lamb make thee (tiger)? Another poem of Blakes which manifests the innocent spirituality of children and the noble savage is The Little Black Boy. Seated under a tree shading them from the tropical sun the mother teaches spirituality and Gods Infinite love to her little Negro son. The boy is taught to regard sun shine as a part of Gods love giving off light and heat to the flowers and trees and beasts and men. Thus the boy learns to view all things in nature as a part of Gods kingdom, receiving his love and protection. The colour of the skin is viewed as a temporary covering to be shed when souls have learnt to bear Gods love. The Negro boy sees spiritual love as a force common to all, transcending barriers of color and race. Therefore he is ready to teach this lesson of eternal love and grace to the white boy of whom the poet gives the impression as not being so innocent and worthy of Gods love as the black boy who will shade from the heat till the former is spiritually developed and capable of facing Gods love. Thus drawing on the objects of nature such as the sun, clouds, flora and fauna the little black boy builds up a spiritual message on unconditional love in the afterlife. The antithetical states of innocence and experience, their relative merits and demerits were of deep concern to Blake as portrayed through his songs of innocence and experience. The state of innocence abounds with joy, optimism and love but is sullied by its nai ve, rose tinted outlook on life. In The Little Black Boy the innocent purity of the little boys belief in divine love and the promise of a better life in the world hereafter are endearing. With a great deal of tender maternal love his mother teachers him the greater lesson of divine love. The poet draws a touching and interesting picture of the mother and the son engaged in their lessons under a tree. The boys belief and practice of love surpasses barriers of race and color as he will look after the English boy, shading him from the heat, till he can bear / to lean in joy upon our fathers knee. It is a touching and moving picture of humanity and piety but although the little back boy discards racial barriers due to his inexperience, the negative effects of racial discrimination are nevertheless apparent through his words. The little black boys attitude towards the English boy appears to be rather subservient throughout despite the fact that the former seems fuller of Christian virtues. It is a society where fairness is clearly associated with goodness and darkness with its opposite. This becomes apparent in the lines, White as an angel is the English child, / But I am black, as if bereaved of light. These lines are innocently uttered by the boy with no bitterness but the connotations of racial discrimination are present in them. The black boy persisting in his belief that in the after life both black and white will be equal, phrases this view in a manner which once again brings out the effects of the color bar, And be like him (the white boy) and he will love me. This gives rise to several questions such as, why cannot the white boy be like the black boy and not vice versa? Is the white boy only capable of loving the God? Even though Blake was added to the romantic period after poetry his poetry make a huge contribution to the Romantic ideas and views.

The Punishment Of Murder In The Uk Criminology Essay

The Punishment Of Murder In The Uk Criminology Essay A crime specifies that there are constantly changing ideas, perceptions, and conceptions regarding what constitutes criminal behaviour. The topic that is a constant treat to the United Kingdom is what generates a murder to form, what kind of people be liable to perform these unlawful acts and furthermore other characteristics that may be the causation of the crime. Theses are the questions that the UK is prompt with at the moment and looking at these through a criminologist prospective we shall reveal what are the characteristics of unlawful crime of murder and furthermore the if capital punishment that should be indulged upon a murder. Murder is defined as The unlawful killing of another human being under the queens peace with malice forethought  [1]  . This definition provides an understanding of what the law states of murder; and furthermore shows that a person needs to have intention of committing murder. But the issue that constitutes is what makes a murderer to commit violent and unlawful acts. A criminologist would state that the background of the murderers comprise in a murder killing, but there is mainly a combination of factors that help perform these unlawful acts and they are biological, psychological, social, and economic. A criminologist would state that a lower class group or an lower class individual at the age of 16 20 tend to commit murders outstanding to the monetary or the social backgrounds and society they perpetrate in but issues are taken into account for mandate is the background reasons that build up unlawful acts of a murderer are a result in a combination of anger, jealously, revenge, pride or greed. But furthermore some murderers of a lower class mandate are a desire for control, revenge, and power. Frequently these factors when endorse is a potential of criminal activities of an individual. A criminologist would state that an incorporation of these factors is behind a person who has the mens rea in committing a crime. Also a murderer shall be classe d in accordance to the manner of how the murder was performed and inflicted upon another human being. The categorical area a murderer is put into is a serial killer, mass murder and spree killer. A serial killer is defined as individuals who have a history of multiple killing of victims who were usually unknown to them beforehand. Their crimes are committed as a result of a pressure that consistently has roots in the killers; a serial killer tends to commit a murder crime in one location and it was stated by Holmes and De Burger  [2]  .  [3]  Whereas a mass murderer commits murder of multiple numbers of people, this may be performed by a one person or a group of people.  [4]  The last form of murder killing is spree killing, spree killing is stated as a killing of two or more killing and commit murder in more that one location unlike serial killing and furthermore there is no break between the murders.  [5]  A murderer tends to commit crimes against a certain individuals for purposeful reasons. The types of people a murderer would target to victimisation of murder are pensioners for valuable items, it is mainly a sociological reason being money and the reason they may be murdered as they can not be seen as fighting back for they life. A lowers class person between an age group of 16-20 year old are likely to commit crimes and are helpless to getting murdered depending on the crimes they are committing and babies are a constant treat as the current British official statistics on babies changeability increasing from a total of 15% in the period of 2008 and 2009  [6]  . This shows that babies are targeted as vulnerable victims. Furthermore The British crime statistics show that homicide has been at a high but is dramatically dropping, through out the period of that 2000-2009. The official statistics illustrates the figures decreasing from 1,047 to 615 homicides this shows that most murders have decreased but the factor that needs to be taken into account is that capital pu nishments were at a high death ratio within that period and the punishments of death penalties have changed dramatically as there are more helping public bodies providing support towards the police stopping a crime of murder before it transpires. Looking at the homicide statistics of crime it is categorised into manslaughter, murder and infanticide, so this does not provide an understanding on how murders tend to be committed without the two categories and does not distinguish how much murders are happening each year. The other factor that is raised from the statistics state that men are mainly being killed at a high level that women as the percentage of men being killed for homicide is 39 % whereas female victims homicide are at a percentage of 11%  [7]  . This illustrates that men are more likely to be killed than women regarding to murder. Some theorist would state that the results of these deaths come from sociological, biological functionalism theories. The history of theor ies helps distinguish what is the causation of crime and furthermore the performance of crime. The theory of functionalism is a theoretical perspective of sociology.   Sociology examines the situations in which people live and how these situations affect them. Some writers may state that the way a person lives should not affect the way a person reacts towards a high crime of murder. Sociology examines the question of why the world is the way that it is.  Functionalism looks at society through a functional framework which stresses on everything; the functionalism method is an objective social world with similarity between the individual human being and society. Functionalisms look at the positivity of the society and always see the good in everything  [8]  . Some theorist may look at the point at looking at society as a positive way, this quote may not please peoples views towards positivity depending on what problematic issues people have been through in the past and furthermore people may not like the way society as treated an individual. The biological positivist looks at the offenders persons characteristics, this was popularised by the work of Lombroso  [9]  . Lombroso attempted to distinguish between different types of human individuals with classification of racial and biological differences. Lombroso wanted to establish a link between criminality by particular traits which correspond to various stages of human evolution. Lombroso stated that a criminal can be identified through a stigma of physical attributes such as, low intellect, high cheekbones and large ears, extra nipples, fingers or toes, an asymmetric jaw and finally tattoos, Lombroso had also stated that these criminals behaved in a different way for example low inability in the following factors, no social and moral issues, no differentiate between right and wrong, no guilt or remorse, no feelings towards other people and no form of any relationship.  [10]  So if a criminologist would look at Lombroso factors, there would be disagreements to th e issues raised by the theorist as the physical features of a human should not be predicted or labeled when born of them physical attributes. This may amount to people being sentences do death without the need of any evidence enclosure. Furthermore people may get the physical features of what was stated by Lombroso as to accidents, which may label a person as being a criminal. So it was tested by Goring  [11]  on a group and there was no significant behavior but it was criticised that Goring did not have a proper control group and the criminal samples contained mostly mentally disturbed people but he also accepted the fact that the environment does contribute to the growth of criminal behaviour.  [12]  the legal theorist basically stated that the attributes lead to murder killers, as a result the tattoos where seen has being a issue that was raised and it shows that it as a affect on murders as it provided a understanding of how society use tattoos telling how much murders t hey have committed and what gang culture they are from for example, the Thailand gangs tend to use tattoos as a symbol for distinguishing what gangs they are from and furthermore the gang reputation. In conclusion, after looking at the approaches of theorist and why people commit such crimes, it should be considered in real cases on whether or not punishment in the UK is effective or should consider using more fatal punishment similar to Capital punishment. Q2. Robert Mochrie was a middle class worker, whose occupation was taking family photograph, taken when his wife Cathy was awarded a degree at Cardiff University, and also had four children in school. Robert Mochrie had realised that his Mrs Cathy was having another affair with another male sex named David Osborne from south Wales. He had stated that he had an intimate and sexual relationship with Mrs Mochrie. This caused the murders to result in murdering the family as it emotionally and mentally affected Mr. Mochrie to commit an unlawful act of murder. Mochrie himself, killed the whole family in a hotel, Haverford west in South Wales because he hanged himself after murdering his wife, Cathy, along with Bethan, 10, Luke, 14, Sian, 16, and James, 18, in July last year. It shows that Mr Mochrie had affected the mental thinking which resulted in the actus rea of the crime  [13]  . Looking at a criminologist prospective this case distinguishes that Robert Mochrie falls in the definition of a mass murder as an individual committed multiple killing one and if a theorist was to approach this scenario he or she would look at various theories to see what the causation of the crime. A theorist would firstly look at it form the prospective of functionalism theory as it states that as a couple they should stay together and work together, it shows relating back to the scenario that the situation that Robert Mochrie was the issue of Mrs Cathy indulging with someone else whilst in the presences of Mr. Roberts. This had an affect on the mental state has it resulted in committing the brutality of the family annihilation. It shows from the theory that it should look at things in a positive way, but in relation to the scenario Mr. Robert in this case could not take the issue that had happen in a positive way as it affect the thinking of what his wife had done and the mental t hinking of Mr. Robert had not been take it into account that his wife would ever sleep with another man after being married and having four children which resulted in not allowing is wife to sleep with another man and in stopping this he committed the unlawful act. Whereas looking at another killer like Roaul moat who was a serial killer, Raoul Moat, was 37-year-old man and his occupation was a tree surgeon, bouncer and panel beater but it furthermore stated that Roaul Moat had injected himself with steroids which produced anger problems and had issues with old wife. He was from Newcastle upon Tyne, shot three people with a shot gun after two days after his release from Durham prison for previous convictions he had killed, his ex-girlfriend Samantha Stobbart, her new partner Chris Brown, and police officer David Rath band. Brown was killed after a man hunt was taken out in Roth bury after and the police tasered Roaul Moat which resulted in him committing suicide with his shotgun.  [14]  . If a theorist was to examine Roaul Moat scenario it would be looked at the prospective of biologist as it mainly complies with the theory of Lombroso has the murderer Roaul Moat had the physical characteristics of low intellect, high cheek bones as he was a bodybuilder, who had taken steroids which resulted in him having anger management problems to influence a murder or commit a crime. Hes suitable in the terms of the theory and furthermore Roaul Moat also is adequate with the functionalism theory as there was lack of positivity in Roaul Moat as a criminal record from previous shows and furthermore a previous relationship may have started the chain of causations. Having looked at what may have caused the chain of causation, it should be suggested on whether or not they should be given an imprisonment for life or capital punishment to death. Capital punishment is a punishment to death and since ancient times it has been used for a wide variety of offences. In England, only major offences carried the death penalty treason, murder, larceny, burglary, rape, and arson and it was stated in Waltham Black Acts, where it increase in the number of people being put to death each year. The statistics the peak year was 1785 with 307 people given a death penalty and furthermore in the year 1800 the population was just 9 million. The reform of death penalty was criticised in Europe 1750s, by French philosopher Cesare Beccaria and the English law reformer argued that the punishment of death was needlessly cruel has it was irrelevant to crimes like rapes has rehabilitation or other forms of method may have mentally have changed on committing unlawful crimes and looked at a more rational alternative a life imprisonment. But some writers would state that capital punishment was a preferable way in removing the worst criminals forever from society and helps provide a much safer place for other society users of Britain. Furthermore the dead criminals cannot commit any further crimes. Furthermore the issue that arise towards death penalty is the issue on monetary being spent on murders and the concern that are raised is the UK does not have an unlimited service, furthermore the government is exploiting money on murder killers rather that people with bigger issues like helping old, young and other people with a illness like cancer, rather than on the long term imprisonment of murderers. Spending money for life time imprisoned murders is not seen has being a real punishment whereas an execution is seen acceptable as retribution is seen by many member states of other countries after seeing the results of the death penalty has had a deterrence on the criminal activity. Issuing a death penalty is much more likely to be a deterrent and it shall have an impact on potential criminality has time to think about the possible consequences. But when a crime is committed on a stand still there is no likelihood that any punishment will act as a deterrent. A criminologist would specify from the statistics that death penalty really affected Britain economically as a whole, as the death penalty reduced the population of Britain which affects productivity, human kind and furthermore socially but on the other the statistics shows when the act of parliament abolished capital punishment it had a dramatic impact on the numerical people given life on imprisonment. The official statistics show unlawful killings in Britain have more than doubled since abolition of capital punishment the figure for homicides in 2007 was 734 and 6,300 people are currently serving sentences of life in prison for murder. From the statistics it shows that life in prison does not really deter people from committing murder as the figures tend to be rising but looking at the reform act it looks at the people closeness between the family and friends taking the impact. Having Looked at the for arguments towards capital punishment for unlawful killing, some writers would state that there are validated consequences on why a state should not provide capital punishments but more rational punishment. The first issue that a writer may constitute is a person may be innocent and may be executed and there is no possible way of compensating them for this wrongfulness of justice. There is also another significant, a person convicted of the murder may have actually killed the victim but does not admit it is a murder charge it then comes down to the skill of the prosecution and defence lawyers as to whether there will be a conviction for murder or for manslaughter. A second reason, that is often overlooked, is family and friends of criminals are the time leading up bring of the execution. It is often very difficult for people to come to terms with the fact that their loved one could be guilty of a serious crime and no doubt even more difficult to come to terms with their death in this form. The family should not be affected for the crime someone else committed and should further look at the prospective of the criminals as they are real people too who have right to life and furthermore they incorporate pain, fear and the loss of their loved ones.  [15]  . Relating back to the two scenarios of the murderers it can be stated that Roaul Moat should be given capital punishment having killed innocent people of the public and showed no remorse as he carried his criminal activity and furthermore as Roaul moat had already served an prison sentences for previous convictions for a period of couple of years, it shows that Roaul Moat is person who is not changeable if being sent to life in imprisonment, so it would be preferable for a murder of his caliber to be sentenced to death. Looking at the mass murder Mr Mochrie it can would not be relevant to send a person like him to capital punishment as he had a issue of domestic and the life of imprisonment would have rehabilitation his mental stability but him getting a charge of life it could.

Religion as a Gothic Element in American Romanticism Essay -- Romantici

Religion as a Gothic Element in American Romanticism American Romanticism can be strongly defined through its use of Gothic elements. Webster’s defines gothic as "of or relating to a style of fiction characterized by the use of desolate or remote settings and macabre, mysterious, or violent incidents" (529). Pre-American Romantic writers, such as Anne Bradstreet and Jonathan Edwards, do not tend towards the gothic in their writings of religion and religious elements. Although God is mysterious to both writers, they maintain certain characteristics and aspects expected of them and their religion. They keep their texts true to their beliefs. However, Mary Rowlandson begins a transition phase for the writers of this period. She begins to view God and religion in a darker and /more mysterious manner. By the time James Fenimore Cooper is writing, he blurs religion between two different religions. The Christian and the Indian God becomes mixed, along with their heaven. Whereas the earlier writers tend to understand and accept their Go d, the writers in the American Romantic period re-create their God adding a gothic twist to their religion and beliefs. Anne Bradstreet believes if she lives her life the way God meant her to live it, things will work out fine for her. She writes, "About 16, the Lord laid His hand sore upon me and smote me with the smallpox. When I was in my affliction, I besought the Lord and confessed my pride and vanity, and He was entreated of me and again restored me" (145). Bradstreet has a traditional view about God. She believes if she lives her life as a good person, she will be rewarded for it. If she lives her life full of pride and vanity, then she will pay the consequences. The good and just are rewarded ... ...us. Cora and Uncas end up together. There is the traditional romantic ending of riding off into the sunset, but into a Heaven which accepts both Indians and whites equally, adding elements of the gothic. Works Cited Bradstreet, Anne. "To My Dear Children." The Norton Anthology of American Literature. Ed. Nina Baym. New York: Norton & Company, 1999. 144-147. Cooper, James Fenimore. The Last of the Mohicans. New York: Viking Penguin Inc, 1986. Edwards, Jonathan. "Sinners in the Hands of an Angry God." The Norton Anthology of American Literature. Ed. Nina Baym. New York: Norton & Company, 1999. 200-211. "Gothic." Webster’s Ninth New Collegiate Dictionary. 1991 ed. Rowlandson, Mary. "A Narrative of the Captivity and Restoration of Mrs. Mary Rowlandson." The Norton Anthology of American Literature. Ed. Nina Baym. New York: Norton & Company, 1999. 148-164.

ASTEROIDS :: essays research papers fc

Asteroids Sixty-Five million years ago, 70 percent of life on Earth died. The most reasonable and possible reason this happened was an asteroid. An asteroid hit the Earth very hard, and in doing this, dirt and dust from the impact stayed in the air and it blocked out sunlight, that’s why the dinosaurs died. An asteroid is a rock from outer space. Asteroids have orbited the Sun along with the planets since the solar system formed about 4.6 billion years ago, but it’s only been 200 years since we first discovered them. Meteorites are small pieces of asteroids broken off on impact with other asteroids. Most meteorites are rusty brown on the outside, have rounded edges from melting as they go through Earth’s atmosphere, and contain iron. There are 3 different types of meteorites: stony, metallic, and stony metallic.92 percents of all asteroids are stone, 6 percent are made of iron and nickel, and the rest are a combination. Some meteorites also contain gold, copper, platinum, and carbon. Scientists get a good idea of what asteroids are made of by studying them through telescopes. They can tell what an asteroid is made of by the color and brightness of the asteroid. A lot of asteroids that we have discovered are very dark and made of stone, but there are shiny ones that are made of nickel and iron. Most big asteroids are ball shaped. Smaller asteroids, which are usually broken off of a larger asteroid, come in a lot of different shapes. All asteroids have craters that form when they bump or crash into other asteroids. The older the asteroid, the more times it has been hit and the more craters it has. Asteroids can be found orbiting the Sun in a belt between Mars and Jupiter; this is called the Asteroid belt or Main belt. The asteroid belt has been said to probably contain millions of asteroids that are all different. There are more than 20,000 numbered asteroids. Some times asteroids get knocked off the asteroid belt. As asteroids revolve around the Sun in elliptical orbits, Jupiter’s gravity and getting to close to Mars or another asteroid can change an asteroids path, this could send an asteroid out of the asteroid belt and into space across the orbits of other planets. An example of asteroid orbits changing is Mar’s moons Phobos and Deimos. These were asteroids that went to close to Mars and got caught in its orbit.

Analyzation of Southern Arizona Folk Arts :: Essays Papers

Analyzation of Southern Arizona Folk Arts Tucson, Arizona is a place of warmth and place of desert and most of all a place influenced by the traditions of Mexico and its people. It is especially influenced by the Folk Art traditions. But Folk arts what are they? Folk pertains to a subgroups object that fulfills a purpose of their own or for export for society. Art pertains to the aspect of an object that gives pleasure to the constructor of object or to the viewer in some way or another. Folk art in some way or another serves the purpose of community. Two principle aspects of folk art are Community, and Tradition. A Folk artists purpose is to show This is who I am It is important to view the folk arts more closely and to analyze how the author of the web exhibit portrays them to the audience. Two extremely different and non-related folk arts, yet excellent and important representations of the Hispanic culture are low rider vehicles and food. Easy comprehension ,unique organization, and friendly and humorous tone are used to present the folk arts. The author also uses ethos and pathos to appeal to the reader and portray the Hispanic culture better. These tactics are all used to provide an informal atmosphere. The author, Dr. James S. Griffith, uses an informal style in representing these two folk arts to better portray to the audience the Hispanic culture. The author to be informal, and show the Hispanic culture makes his essay on Mexican food easily comprehensible. Because this essay is done informally readers are able to connect with paper and believe its contents more easily. The author does not try to sound too educated and push people form wanting to read it. . This text is obviously intended for the general audience. Its easy comprehension explains this. For example, the first sentence says that, Mexican food is wonderful, fascinating stuff. One would not put this in a world magazine or time magazine because the language is not as advanced for such the educated readers that read Time magazine. Also the language is not advanced yet it is descriptive. For example, the author explains about the Tortilla and its origin. He says tortillas are flat cakes of masa and corn that has been soaked, cooked with lime or ashes, and then ground. This is very descriptive yet not too overwhelming.

Recruitment and Selection Strategies Essay

Summary: The recruitment and selection strategies that a company chooses are vital to the success of a business. Recruitment and selection strategies just thrown together are likely to fail. This is why a new business, such as Landslide Limousine must define the necessary criteria for recruitment and selection processes that will support its employee selections. This criterion will include hiring an adequate and qualified staff, a commitment to fair employment practices, and pre-employment standards to include background and reference checks. To determine the criteria for these requirements, the company’s organizational goals, the forecasted demographic changes, analyze workforce needs, workforce diversity objectives, organizational branding, and the methods needed for recruiting, screening, and selecting the proper candidates will be looked at. By assessing these areas we will be able to provide Landslide Limousine effective strategies for the recruitment and selection of personnel to provide a high quality and reliable service to its customers. We will also need to take into account that Landslide Limousine is a new company moving into Austin, Texas, and will need to follow local, state, and federal laws for the area in the employment processes. Organizational Goals Mr. Stonefield has set a goal for his company Landslide Limousine to be the  best limo service in Austin, Texas. He plans on hiring up to 25 employees within the first year with only a 10% turnover rate. He does expect to have a net annual revenue of -$50,000 for the first year, but an annual expected revenue growth of -5% for future years. To meet these goals there needs to be the right employees in place that will â€Å"buy in† to the company. These employees will understand the vision that Mr. Stonefield wishes for his company and want to help him reach it. Forecasted Demographic Changes Landslide Limousine is expecting to have a high turnover rate the first year. To keep the business going successfully it is necessary for the individuals hired to help out in other areas when needed. For this to be accomplished, the applicants need to be qualified in a variety of areas. The company will also need to think ahead and hire individuals who might be bilingual because of the proximity of Austin, Texas, to the Mexico border. An applicant who is not bilingual should not be dissuaded from applying, it would just be an added benefit for the company. Analysis of Workforce Needs Landslide Limousine will employ up to 25 people within the first year these employees will include customer service representatives, dispatchers, drivers, HR assistants, and managers. Customer service representatives will handle the calls from customers and potential customers. They will be the frontline to the business and must have high customer service qualities. Dispatchers will convey information that the customer service representative gathers to the drivers about where and when to pick up and drop off clients. Drivers will drive the customers to their locations in an efficient professional manner. HR assistants will help the manager in making sure that the company is following the applicable local, state, and federal employment laws and help handle any HR related issues with the employees. A manager will oversee the rest of the employees and ensure that the company is maintaining its perspective on the company’s goals and objectives. Workforce Diversity Objectives Landslide Limousine’s success will depend on its ability to hire qualified  candidates from a diverse pool of applicants. For this reason the hiring individual must be familiar with equal employment opportunity laws, fair employment practices related to the recruiting and hiring processes, and employment eligibility that allow an individual to work in the United States. The last is especially important with Austin, Texas, close to the Mexico border the immigration laws must be strictly adhered to (â€Å"Do your applicants,† n.d.). This will ensure that the employees have the proper credentials necessary for employment in the United States. Organizational Branding Mr. Stonefield wants his company to be the best there is in Austin, Texas. To do this he must ensure that his goals and visions for the company meet the needs of his consumers. He will also need to ensure that the employees hired are a good fit for the company and the image that he wishes to portray. In this type of industry, the contact made with the customer is a big influence on how he or she perceives the company. If there is a choice between attitude and skills, the individual with the correct attitude toward customer service should win out every time. Work skills are something that can be taught with training, customer service skills have to do with the attitude that an individual has and how he or she can handle situations with customers effectively. Methods for Recruiting Candidates This will be a key component in an effective recruitment and selection process. The methods for recruiting candidates will be from several sources. We cannot use internal sources at this time because the company is just starting up in the Austin, Texas, area. This is something that will be considered for future job openings in the company. For the initial job openings the sources will be external, and the areas to consider are newspaper advertisements, state employment services, job fairs, and using word of mouth. These methods will bring in applicants who may have the experience needed for the line of work the company is looking to fill. Another area to consider would be online job-related sites such as carreerbuilder.com and monster.com. Networking through professional organizations and keeping an eye out for changes among the competition as  also very useful. The company must know exactly what type of applicant they are looking for before advertising the positions and accepting resumes (Richason IV, n.d.). One last area to consider would be a temp service agency that specializes in providing other companies employees who will work for them on a temporary basis. These employees are hired by the temp service agency to meet the requirements requested by the company. By hiring through a temp agency, the screening and selecting of candidates is completed by them. Employees hired by this type of agency do have the opportunity to be hired as a permanent employee of the company. Methods for Screening Candidates The company needs to ensure the individual doing the hiring is knowledgeable in equal employment opportunity laws and affirmative action provisions pertaining to the position. This is the first opportunity in the recruitment and selection processes that an employer can express his or her commitment to equal opportunity. This is a critical part of any effective recruitment and selection process. When screening applicants for a position the reviewer must look for suitable qualifications. These are the experience of the applicant, his or her credentials, educational requirements for the position, and the presentation of his or her qualifications. A quick review of applications and resumes can help a company identify qualified applicants by looking for key words. Interview Methods Once the applicants have been narrowed down, the individual doing the hiring can conduct preliminary phone interviews. These phone interviews or screening interviews will describe to the applicant in more detail the job position and requirements, assess the applicants communication skills, review his or her work history, and to determine if he or she is interested in a face-to-face interview. The face-to-face interview is the most common interview method, which involves the applicant and the interviewer meeting face-to-face in an office. These interviews can be behavioral, situational, structured, and  unstructured or a combination thereof. A behavioral interview will typically ask an applicant to explain his or her work experience, skills, and activities as examples of his or her past behavior. A situational interview will ask questions about hypothetical events. The applicant is asked how he or she would react in a particular situation. A structured interview has a standard set of questions that are asked of every applicant. An unstructured interview adapts the questions based on the applicant’s intelligence, understanding and answers. It is recommended that these different types of face-to-face interviews be melded into one for Landslide Limousine. The interviewer should have some structured questions to ask of all applicants, unstructured questions based on the interviewees understanding and answers. Behavioral and situational questions will ask the interviewee questions based on his or her past behavior and questions based on hypothetical events. Testing Procedures There are several types of tests that can be administered. Cognitive tests will test reasoning, memory, math skills, reading comprehension, and knowledge of a job or function. Personality and integrity tests will determine if an individual has certain traits or dispositions and will predict if the individual will engage in certain types of conduct. Medical examinations are required by the Department of Transportation to carry a commercial drivers license (CDL) and in Austin, Texas, a CDL is required to drive a limousine. Drug testing required for every employee before and during employment. Also criminal background checks are recommended because of the nature of business the company does. These tests should be administered without regard to color, race, sex, national origin, age, religion, or disability (â€Å"Employment tests and,† 2010). Before giving a test for pre-employment there are a few things that need to established to ensure that the test is legally defensible. These things are to make sure that the right tests are given and that the company has certified the tests validity and reliability. A valid test must measure the criteria needed for predicting job performances. It also must be reliable, which means that the test must measure an item consistently or that an individual’s score should be close to the same every time it is  taken. Because employment testing can be challenged in court, the company needs to make sure that the tests do not violate any local, state, or federal Equal Employment Opportunity Laws, including Title VII (Quast, 2011). There are several laws that need to be considered when administering these tests. They are the Age Discrimination in Employment Act of 1967 (ADEA), the Americans with Disabilities Act of 1990 (ADA), and the Title VII of the Civil Rights Act of 1964 (Title VII). The use of these tests and applicant selection procedures are prohibited if they are discriminatory. Avoid questions of a personal nature or ones that may be considered offensive. Also the company should not just rely on these test results to choose the right candidate for the position (â€Å"Employment tests and,† 2010). Interview Process Considerations Interviews are scheduled when the hiring individual has free uninterrupted time. This allows them the opportunity to review the resume and conduct an informational interview with the applicant. Refrain from focusing on his or her credentials or experience. The interviewer needs to present hypothetical scenarios to the applicant and ask how he or she would evaluate and solve the problem. Listen to his or her responses without interrupting and make notes on the key points of the conversation (Richason IV, n.d.). Methods for Selecting Candidates The methods used for selecting the right candidates for the positions will be varied, depending on the position applied for. The interviews and tests will be a consideration for positions needing filled. The notes taken during the interview process will be compared to the applicants resume to see if anything was missed. The selections will be based on how competently he or she answered the questions and the questions that were asked by him or her during the interview. The limousine driver position needs a valid commercial driver’s license for the state of Texas, and is a requirement for working in the Austin, Texas, area. Applicants who do not ask questions are either uninterested in working for the company or shy and therefore might not be a good fit for the company (Richason IV, n.d.). Conclusion The recommendations that have been made will ensure the continued success of the company. The company’s organizational goals, forecasted demographic changes, workforce needs and diversity objectives, organizational branding, and the methods needed for recruiting, screening, and selecting candidates have been considered in the development of this plan. The recruitment and selection process must adhere to local, state, and federal laws to ensure compliance and avoid legal issues. By following these recommendations Landslide Limousine will hire an adequate and qualified staff while ensuring a commitment to fair employment practices and pre-employment standards. References Do your applicants have the right to work in the u.s.?. (n.d.). Retrieved from http://www.firstchoiceresearch.com/docs/I-9 Employment Eligibility.pdf Quast, L. (2011, September 13). [Web log message]. Retrieved from http://www.forbes.com/sites/lisaquast/2011/09/13/pre-employment-testing-a-helpful-way-for-companies-to-screen-applicants/2/ Richason IV, O. E. (n.d.). Methods of recruitmant and selection. Retrieved from http://smallbusiness.chron.com/methods-recruitment-selection-2532.html The U.S. Equal Employment Opportunity Commission, (2010). Employment tests and selection procedures. Retrieved from website: http://www.eeoc.gov/policy/docs/factemployment_procedures.html

Dividend Policy

Stability of dividend policy. There may be three types of dividend policy (1)Strict or Conservative dividend Policy which envisages the retention of profits on the cost of dividend pay-out. It helps in strengthening the financial position of the company; (2) Lenient Dividend Policy which views the payment of dividend at the maximum rate possible taking in view the current earing of the company. Under such policy company retains the minimum possible earnings; (3)Stable Dividend Policy suggests a mid-way of the above two views. Under this policy, stable or almost stable rate of dividend is maintained.Company maintains reserves in the years of prosperity and uses them in paying dividend in lean year. If company follows stable dividend policy, the market price of tis shares shall be higher. There are reasons why investors prefer stable dividend policy. Main reasons are:- 1. Confidence Among Shareholders. A regular and stable dividend payment may serve to resolve uncertainty in the minds of shareholders. The company resorts not to cut the dividend rate even if its profits are lower. It maintains the rate of dividends by appropriating the funds from its reserves.Stable dividend presents a bright future of the company and thus gains the confidence of the shareholders an the goodwill of the company increases in the eyes of the general investors. 2. Income Conscious Investors. The second factor favoring stable dividend policy is that some investors are income conscious and favor a stable rate of dividend. They too, never favour an unstable rte of dividend. A Stable dividend policy may also satisfy such investors. 3. Stability in Market Price of Shares. Other things beings equal, the market price very with the rate of dividend the company declares on its equity shares.The value of shares of a company having a stable dividend policy fluctuates not widely even if the earnings of the company turn down. Thus, this policy buffer the market price of the stock. 4. Encouragement to Institutional Investors. A stable dividend policy attracts investments from institutional investors such institutional investors generally prepare a list of securities, mainly incorporating the securities of the companies having stable dividend policy in which they invest their surpluses or their long term funds such as pensions or provident funds etc.In this way, stability and regularity of dividends not only affects the market price of shares but also increases the general credit of the company that pays the company in the long run. Factors Affecting Dividend Policy A number of considerations affect the dividend policy of company. The major factors are 1. Stability of Earnings. The nature of business has an important bearing on the dividend policy. Industrial units having stability of earnings may formulate a more consistent dividend policy than those having an uneven flow of incomes because they can predict easily their savings and earnings.Usually, enterprises dealing in nec essities suffer less from oscillating earnings than those dealing in luxuries or fancy goods. 2. Age of corporation. Age of the corporation counts much in deciding the dividend policy. A newly established company may require much of its earnings for expansion and plant improvement and may adopt a rigid dividend policy while, on the other hand, an older company can formulate a clear cut and more consistent policy regarding dividend. 3. Liquidity of Funds.Availability of cash and sound financial position is also an important factor in dividend decisions. A dividend represents a cash outflow, the greater the funds and the liquidity of the firm the better the ability to pay dividend. The liquidity of a firm depends very much on the investment and financial decisions of the firm which in turn determines the rate of expansion and the manner of financing. If cash position is weak, stock dividend will be distributed and if cash position is good, company can distribute the cash dividend. 4. Extent of share Distribution.Nature of ownership also affects the dividend decisions. A closely held company is likely to get the assent of the shareholders for the suspension of dividend or for following a conservative dividend policy. On the other hand, a company having a good number of shareholders widely distributed and forming low or medium income group, would face a great difficulty in securing such assent because they will emphasise to distribute higher dividend. 5. Needs for Additional Capital. Companies retain a part of their profits for strengthening their financial position.The income may be conserved for meeting the increased requirements of working capital or of future expansion. Small companies usually find difficulties in raising finance for their needs of increased working capital for expansion programmes. They having no other alternative, use their ploughed back profits. Thus, such Companies distribute dividend at low rates and retain a big part of profits. 6. Trade Cycles. Business cycles also exercise influence upon dividend Policy. Dividend policy is adjusted according to the business oscillations.During the boom, prudent management creates food reserves for contingencies which follow the inflationary period. Higher rates of dividend can be used as a tool for marketing the securities in an otherwise depressed market. The financial solvency can be proved and maintained by the companies in dull years if the adequate reserves have been built up. 7. Government Policies. The earnings capacity of the enterprise is widely affected by the change in fiscal, industrial, labour, control and other government policies.Sometimes government restricts the distribution of dividend beyond a certain percentage in a particular industry or in all spheres of business activity as was done in emergency. The dividend policy has to be modified or formulated accordingly in those enterprises. 8. Taxation Policy. High taxation reduces the earnings of he companies and c onsequently the rate of dividend is lowered down. Sometimes government levies dividend-tax of distribution of dividend beyond a certain limit. It also affects the capital formation. N India, dividends beyond 10 % of aid-up capital are subject to dividend tax at 7. 5 %. 9. Legal Requirements. In deciding on the dividend, the directors take the legal requirements too into consideration. In order to protect the interests of creditors an outsiders, the companies Act 1956 prescribes certain guidelines in respect of the distribution and payment of dividend. Moreover, a company is required to provide for depreciation on its fixed and tangible assets before declaring dividend on shares. It proposes that Dividend should not be distributed out of capita, in any case.Likewise, contractual obligation should also be fulfilled, for example, payment of dividend on preference shares in priority over ordinary dividend. 10. Past dividend Rates. While formulating the Dividend Policy, the directors mus t keep in mind the dividend paid in past years. The current rate should be around the average past rat. If it has been abnormally increased the shares will be subjected to speculation. In a new concern, the company should consider the dividend policy of the rival organisation. 11. Ability to Borrow.Well established and large firms have better access to the capital market than the new Companies and may borrow funds from the external sources if there arises any need. Such Companies may have a better dividend pay-out ratio. Whereas smaller firms have to depend on their internal sources and therefore they will have to built up good reserves by reducing the dividend pay out ratio for meeting any obligation requiring heavy funds. 12. Policy of Control. Policy of control is another determining factor is so far as dividends are concerned.If the directors want to have control on company, they would not like to add new shareholders and therefore, declare a dividend at low rate. Because by add ing new shareholders they fear dilution of control and diversion of policies and programmes of the existing management. So they prefer to meet the needs through retained earing. If the directors do not bother about the control of affairs they will follow a liberal dividend policy. Thus control is an influencing factor in framing the dividend policy. 13. Repayments of Loan. A company having loan indebtedness are vowed to a igh rate of retention earnings, unless one other arrangements are made for the redemption of debt on maturity. It will naturally lower down the rate of dividend. Sometimes, the lenders (mostly institutional lenders) put restrictions on the dividend distribution still such time their loan is outstanding. Formal loan contracts generally provide a certain standard of liquidity and solvency to be maintained. Management is bound to hour such restrictions and to limit the rate of dividend payout. 14. Time for Payment of Dividend. When should the dividend be paid is anoth er consideration.Payment of dividend means outflow of cash. It is, therefore, desirable to distribute dividend at a time when is least needed by the company because there are peak times as well as lean periods of expenditure. Wise management should plan the payment of dividend in such a manner that there is no cash outflow at a time when the undertaking is already in need of urgent finances. 15. Regularity and stability in Dividend Payment. Dividends should be paid regularly because each investor is interested in the regular payment of dividend.The management should, inspite of regular payment of dividend, consider that the rate of dividend should be all the most constant. For this purpose sometimes companies maintain dividend Meaning and Types of Dividend The profits of a company when made available for the distribution among its shareholders are called dividend. The dividend may be as a fixed annual percentage of paid up capital as in the case of preference shares or it may vary a ccording to the prosperity of the company as in the case of ordinary shares.The decision for distributing or paying a dividend is taken in the meeting of Board of Directors and in confirmed generally by the annual general meeting of the shareholders. The dividend can be declared only out of divisible profits, remained after setting of all the expenses, transferring the reasonable amount of profit to reserve fund and providing for depreciation and taxation for the year. It means if in any year, there is not profits, no dividend shall be distributed that year.The shareholders cannot insist upon the company to declared the dividend. It is solely the discretion of the directors. Aunt hinted that the dividend was an income of the owners of the corporation which they received in the capacity of the owner. Distribution of dividend involves reduction of current assets (cash) but not always. Stock dividend or bonus shares is an exception to it Basic Issues Involved in Dividend Policy There a re certain basic questions which are Involved in determining the sound dividend policy. Such questions are:- 1.Cost of Capital. Cost of capital is one of the considerations for taking a decision whether to distribute dividend or not. As decision making tool, the Board calculates the ratio of rupee profits that the business expects to earn (Ra) to the rupee, profits that the shareholders can expect to earn outside (Rc) i. e. , Rs. /Rc. If the ratio is less than one, it is a signal to distribute dividend and if it is more than one, the distribution of dividend will be discontinued. 2. realisation of Objectives. The main objectives of the firm i. e. maximization of wealth for shareholders including there current rate of dividend-should also be aimed at in formulating the dividend policy. 3. Shareholders' Group. Dividend policy affects the shareholders group. It means a company with low pay-out an heavy reinvestment attracts shareholders interested in capital gains rather than n current income whereas a company with high dividend pay-out attracts those who are interested in current income. 4. Release of Corporate earnings. Dividend distribution is taking as a mens of distributing unused funds.Dividend policy affects the shareholders wealth by varying its dividend pay = out ratio. In Dividend policy, the financial manager decides whether to release Corporate earnings or not. These are certain basic issues Involved in formulating a Dividend policy. Dividend policy to a large extent affects the financial structure, the flow of funds, liquidity, stock prices and in the last shareholders' satisfaction. That is why management exercises a high degree of judgment establishing a sound dividend pattern. Dividend Policy Dividend Policy Vinod Kothari Corporations earn profits – they do not distribute all of it. Part of profit is ploughed back or held back as retained earnings. Part of the profit gets distributed to the shareholders. The part that is distributed is the dividend. The ratio of the actual distribution or dividend, and the total distributable profits, is called dividend payout ratio. How much of its profits should a corporation distribute? There are several considerations that apply in answering this question. Hence, companies have to frame and work on a definitive policy of dividend payout ratio.Of course, no corporate management can afford to stick to a fixed dividend payout ratio year after year – neither is such fixity of dividend payout ratio required or expected. However, management has to broadly decide its policy on its broad attitude towards distribution – liberal dividend payout ratio, or conservative dividend payout ratio, etc. If one were to ask this quest ion in context of debt sources of capital – for example, how much interest should a corporation pay to its bankers, the answer is straight forward. As interest paid is the cost of the borrowing, the lesser the interest a corporation pays, the better it is.Besides, companies do not have choice on paying of interest to lenders – as the rate of interest is contractually fixed. Rate of dividends may be fixed in case of preference shares too. However, in case of equity shares, there is no fixed rate of dividends. It cannot be said that the dividend paid is the cost of equity capital – if that was the case, corporations may try to minimize the dividend distribution. Hence, the following points emerge as regards the dividend distribution policy: †¢ The cost of equity is defined as the rate at which the corporation must earn on its equity to keep the market price of the equity shares constant.Let us further suppose that the market price of the shares is obtained by capitalizing the earnings of the corporation at a certain capitalization rate – the capitalization rate itself depending on the riskiness or beta of the industry. Suppose the corporation does not earn any profit. Shareholders were expecting a certain rate of return on their shareholding – hence, share prices will fall at the expected return on equity. On the other hand, if just the expected rate of return is earned by the corporation, the price of equity shares remains constant if the earnings are entirely distributed, and xactly grows by the expected rate of return if the earnings are entirely retained. The above discussion leads to the conclusion that the cost of equity is not the dividends but the return on equity – hence, a corporation cannot work on the objective of minimizing dividends. Equity shareholders are the owners of the corporation – hence, retained earnings ultimately belong to the shareholders. Supposing a company earns return on equity o f 10%, and retains the whole of it, the retained earnings increase the net asset value (NAV) of the equity shares exactly at the rate of 10%.Assuming there are no other factors affecting the equity price of the company, the market price of †¢ †¢ †¢ †¢ †¢ †¢ the shares should exactly go up by 10% commensurate with the increase in the NAV of the shares. That is to say, shareholders gain by way of appreciation in market price to the extent of 10%. On the other hand, if the company distributes the entire earnings, shareholders earn a cash return of 10%, and there is no impact on the NAV of the shares, hence, the same should remain unchanged.Therefore, in both the cases, the shareholders earned a return of 10% – in the first case, by way of growth or capital appreciation, and in the second case, by way of income. In other words, merely because the corporation is not distributing profits does not mean it is depriving shareholders of the rate of return on equity. The above two points reflect the indifference, sometimes referred to as irrelevance of dividend policy (see Modigliani and Miller approach later in this Chapter) from the viewpoint of either the company or its shareholders. Supposing the corporation decides to retain the entire earning.Obviously, the corporation would earn on this retained profit at the applicable return on equity. Note that the return on equity is relevant, as retained earnings would be leveraged and would, therefore, benefit from the impact of leverage too. On the other hand, if the corporation were to distribute the entire profits, shareholders reinvest/consume the income so distributed at their own rate of return. Hence, it may be contended that whether the company retains or distributes the earnings depends on whose reinvestment rate is higher – that of the company or that of the shareholders?Quite clearly, the rate of reinvestment in the hands of the corporation is higher than that in the han ds of the shareholders, (a) because of leverage which shareholders may not be able to garner; and (b) intuitively, that is the very reason for the shareholders to invest in the company in the first place. This argument generally favors retention of profits by the company rather than distribution. [As we discuss later, this argument is the basis of the Walter formula] As a counter argument to this, it is contended that shareholders do not need growth only – they need current income too.Many investors may sustain their livelihood on dividend earnings. Of what avail is the increase in market value of shares, if I need cash to spend for my expenses? However, in the age of demat securities and liquid stock markets, growth and income are almost equivalent. For example, if I am holding equity shares worth $ 100, which appreciate in value to $ 110 due to retention, I can dispose off 10/110% of my shareholding, earn cash equal to $ 10, and still be left with stock worth $ 100, which i s exactly the same as earning cash dividend of $ 10 with no retention at all.While the above argument may point to indifference between growth and income, the reality of the marketplace is that investors do have varying preferences for growth and income. There are investors who are growth-inclined, and there are those who are income-inclined. Majority of retail investors insist on balance between growth and income, as they do not see an exact equivalence between appreciation in market value and current cashflows. Hence, the conclusion that emerges is that companies do have to strike a balance between shareholders’ need for current income, and growth opportunities by retained earnings.Hence, dividend policy still remains an important consideration. While making the above points, there are certain special points that affect particular situation that need to be borne in mind: †¢ Company’s reinvestment rate lower than that of shareholders: Sometimes, there are compani es that do not have significant reinvestment opportunities. More precisely, we say the reinvestment rate of the company is lesser than the reinvestment rate of shareholders. In such cases, obviously, it is better to pay earnings out than to retain them.As the classic theories of impact of dividends on market value of a share (see Walter’s formula below) suggest, or what is anyway intuitively understandable, retention of earnings makes sense only where the reinvestment rate of the company is higher than that of shareholders. †¢ Tax disparities between current dividends and growth: In our discussion on indifference between current dividends and share price appreciation, we have assumed that taxes do not play a spoilsport. In fact, quite often, they do.For example, if a company distributes dividends, the same may be taxed (either as income in the hands of shareholders, or by way of tax on distribution – like dividend distribution tax in India). Alternatively, if the shareholders have a capital appreciation, which they encash by partial liquidation of holdings, shareholders have a capital gain. Taxability of a capital gain may not be the same as that of dividends. Hence, taxes may differentiate between current dividends and share price appreciation. Shares with fixed returns: Needless to say, there is no relevance of dividend policy where dividends are payable as per terms of issue – for example, in case of preference shares. †¢ Entities requiring minimum distribution: There might also be situations where entities are required to do a minimum distribution under regulations. For example, in case of real estate investment trusts, a certain minimum distribution is required to attain tax transparent status. There might be other regulations or regulatory motivations for companies to distribute their profits.These regulations may impact our discussion on relevance of dividend policy on price of equity shares. †¢ Unlisted companies: Fi nally, one must also note that discussion above on the parity between distributed earnings and retained earnings – the latter leading to market price appreciation – will have relevance only in case of listed firms. Technically speaking, in case of unlisted firms too, retained earnings belong to the shareholders, as shareholders after all are the owners of the residual wealth of the company. However, that residual ownership may be a myth as companies do not istribute assets except in event of winding, and winding up is a rarity. The discussion in this chapter on dividend policy, as far is relates to market price of equity shares, is keeping in mind listed firms. In case of unlisted firms, classical models such as Walter’s model or Gordon Growth model discussed below may hold relevance than market price-based models. From dividends to market value of equity: Dividend capitalisation approach: If, for a second, we were to ignore the stock market capitalisation of a company, what is the market value of an equity share?Say, we take the case of an unlisted company. We know from our discussion on present values that the value of any asset is the value of its cashflows. What is the cashflow a shareholder gets from his equity? As long as the company is not wound up, and the shareholder does not sell the stock, the only cashflow of the shareholder is the dividends he gets. It is easy to understand that if we are not envisaging either a sale of the shares or a liquidation of the company, then the stream of dividends may be assumed to continue in perpetuity. Hence, VE = ? ? (1 + K i =1 Di E )i (1)Where VE : Value of equity K E : Cost of equity Di : dividends in paid in year i Equation (1) is easy to understand. Shareholders continue to receive dividends year after year, and these dividends are discounted by the shareholders at the cost of equity, that is, the required return of the shareholders. If the stream of dividends is constant, then Equation (1) is actually a geometric progression. We can manipulate Equation (1) either to compute the price of equity, if the constant stream of dividends is known, or to compute the cost of equity, if the dividend rate and market price of the shares is known.Applying the geographical progression formula for adding up perpetual progressions, assuming constant dividends equal to D, Equation (1) above becomes: VE = = D (1 + K E ) ? (1 ? 1 ) 1+ KE (2) D KE Example: Supposing a company the nominal value equity were $ 100, and the dividends at the rate of 10 % were $ 10, if the cost of equity is 8%, then the market price of the shares will given by 10/8%, or $ 125. Incorporating growth in dividends:In our over-simplified example above, we have taken dividends to be constant. It would be unusual to expect that dividends will be constant, particularly where the company is not distributing all its earnings. That is to say, with the retained earnings, the company has increasing profits in successive ye ars, and therefore, it continues to distribute more. If dividends grow at a certain compounded rate, say g, then, Equation (2) above becomes: VE = D (1 + g ) (1 + K E ) = ? (1 ? 1+ g ) 1+ KE (3) D (1 + g ) KE ? gNote that we have assumed here that even the first dividend will have grown at g rate, that is, the historical dividend has been D, but we are expecting the current year’s dividend to have increased at the constant rate. If we assume the current year’s dividend will not show the growth, and the growth will come from the forthcoming year, then we can remove (1+g) in the numerator above. The formula as it stands is also referred as Gordon’s dividend growth formula, discussed below. Example: Supposing a company the nominal value equity were $ 100, and the dividends at the rate of 10 % were historically $10.Going forward, we expect that the dividends will continue to grow at a rate of 5% per annum. If the cost of equity is 8%, what is the market value? We pu t the numbers in the formula and get a value of $350. Note that we can also test the valuation above on Excel. If we take sufficient number of dividends, say, 1000, successively growing at the rate of 5%, and we discount the entire stream at 8%, we will get the same value. Example: Supposing a company the nominal value equity were $ 100, and the dividends at the rate of 10 % were historically $10.Going forward, we expect that the dividends will continue to grow at a rate of 12% per annum. If the cost of equity is 8%, what is the market value? This is a case where the growth in dividends is higher than the discounting rate. The growth in dividends is a multiplier; the discounting rate is a divisor. If the multiplier is higher than the divisor, then the present value of each successive dividend will be higher than the previous one, and hence a perpetual series will have infinite value. There is yet another notable point – the growth rate g above may be also be visualised as the appreciation in the market value of the share.That is, shareholders are rewarded in form of current earnings as well as growth in the value of their investment. Dividend-based equity models: Walter Approach: The Walter formula belongs to James E Walter, and is based on a simple argument that where the reinvestment rate, that is, rate of return that the company may earn on retained earnings, is higher than cost of equity (which, as we have discussed before, the expected returns of the shareholders, or rate of return of the shareholders), then, it would be in the interest of the firm to retain the earnings.If the company’s reinvestment rate on retained earnings is the less than shareholders’ rate of return, the company should not retain earnings. If the two rates are the same, then the company should be indifferent between retaining and distributing. The Walter formula is based on a simple analysis that the market value of equity is the capitalisation of the current ear nings and growth in price (g in our formula in equation 3 above). Hence, the basis of Walter formula is: VE = D +g KE (4) Here, the growth factor occurs because the rate of return on retention done by the company is higher than the cost of equity.That is to say, the company continues to earn at r rate of return on the retained earnings, and this is what causes growth g. Hence, g= r (E-D)/ K E Inserting equations (5) into (4), we have VE = (5) D KE + r (E – D)/K E KE (6) Where r = rate of return on retained earnings of the company E = earnings rate D = dividend rate Example: Supposing a company the nominal value equity is $ 100, and the dividends at the rate of 10 % are $10. Supposing the company earns at the rate of 12% , what is the market value of equity if the the cost of equity is 8%?The market value of the share comes to $ 162. 50. This is explainable easily. As the company is earning $12, and distributing $10, it retains $ 2 every year, on which it earns at 12%. The cap italised value of 0. 24 at 8% will be the expected growth. Therefore, the sustainable earnings of the shareholders will be $ 10 +3, which, when capitalised at 8%, produces the value $ 162. 50. Of course, the key learning from Walter’s approach is not what the market value of equity is, but how the market value of equity can be maximised by following a proper distribution policy.For instance, in the present case, it is not advisable for the company to distribute any dividend at all, as the company earns more than the shareholders’ opportunity rate. If the company was not to distribute anything, the market value of the share may increase to $ 225. Gordon growth model: Gordon’s growth model is simply Equation (3) above, that is, VE = D (1 + g ) KE ? g This is, as we have seen above, derived from perpetual sum of a geometric progression, under the assumption that the growth rate is less than the cost of equity. Modigliani and Miller approach:Franco Modigliani was aw arded Nobel prize in 1985 and Merton Miller in 1990 (along with Markowitz and Sharpe). M&M have theorised on the irrelevance of the capital structure, and a corollary, irrelevance of the dividend payout ratio to the value of the firm. Like several financial theories, M&M hypothesis is based on the argument of efficient capital markets. In addition, we believe that a firm has two options: (a) It retains earnings and finances its new investment plans with such retained earnings; (b) It distributes dividends, and finances its new investment plans by issuing new shares.The intuitive background of the M&M approach is extremely simple, and in fact, almost selfexplanatory. It is based on the following propositions: †¢ Why would a company retain earnings? Only tenable reason is that the company has investment opportunities. If the company does not retain earnings, where does it finance those investment opportunities from? We may assume a debt issuance, but then as M&M otherwise propoun ded irrelevance of the capital structure, they see a parity between debt and equity, and hence, it does not make a difference whether the new investments are funded by equity or debt.So, let us assume that the new growth plans are funded by equity. Shareholders price the equity shares of the company to take into account the earnings and the retentions of the company. If the company distributes dividends, the shareholders take into account that fact in pricing of the shares; if the company does not distribute dividends, that is also reflected in the pricing of the shares. If dividends are distributed, the financing needs of the company will be funded by issuing new shares. The issue price of these shares will compensate for the fact that the dividends have been distributed.That is to say, the market price of the share will remain unaffected by whether the dividends have been distributed or not. †¢ †¢ Let us take a one year time horizon to understand the indifference argumen t of M&M. We use the following new notations: Po P1 D1 n m I X : Price of the equity share at point 0 : Price of the equity share at point 1, that is, end of period 1 : Dividend per share being paid in period 1 : existing number of issued shares : new shares to be issued : Investment needs of the company in year 1 : Profits of the firm year in 1 The relation between the price at the beginning of the year (Po), and that at he end of the year (P1) is the simple question of discounted value at the shareholders’ expected rate of return (KE). Hence, Po = (P1 +D1) / (1+(KE) (7) Equation (7) is quite easy to understand. Shareholders have got a cash return equal to D1 at the end of Year 1, and the share is still worth P1. Hence, discounted at the cost of equity, the discounted value is the price at the beginning of the period. Alternatively, it may also be stated that the P1 = (P0 )* (1+(KE) – D1 (8) That is to say, if the company declares dividends, the price the end of year 1 comes down to the effect of the distribution.Equation (7) can be manipulated. By multiplying both sides by n, and adding a self-cancelling number m, we may write (7) as follows: nPo = [(n+m)P1 -mP1 +nD1)]/(1+(KE) (9) Note that we have multiplied both sides by n, and the added number m along with m is cancelled by deducting the same outside the brackets. mP1 represents the new share capital raised by the company to finance its investment needs. How much share capital would the company need to raise? Given the investment needs I and the profits X, the new capital issued will be given by the following: mP1 = I – (X – nD1) (10)Again, this is not difficult to understand, as the total amount of profit of the company is X, and the total amount distributed as dividends is nD1. Hence, the company is left with a funding gap as shown by equation (10). If the value of mP1 is substituted in Equation (9), we have the following: nPo = [(n+m)P1 – {I – (X – nD1)} +nD1)]/(1+(KE) (11) As nD1 would cancel out, we will be left with the following: nPo = [(n+m)P1 – I + X] /(1+(KE) (12) Since nPo is total value of the stock at point 0, it is seen from Equation (12) that dividend is not a factor in that valuation at all.