Types of culture

Organizational cultureOrganizational culture is beliefs and assumptions, which are shared by all members of an organization (Seymour, 2013).Charles Handy researched four types of organizational culture, which may be accepted by companies. The first type is â€Å"the power culture†, which means that the power is concentrated in one person and dominated by one person in the company (Greener, 2010). One person influences all decision-making. A type of organization with this cultural type is able to solve problems and provide solutions easily, however solutions depend on the central person for their success. The fact is that with this cultural type it is difficult to connect activities together, because of group sizes (Greener, 2010).The performance in the companies, which use this cultural type, can be examined by their results. The second type, according to Handy, is â€Å"the role culture†. In this type of culture each person has his or her own well-detailed job position (Greener, 2010). The influence comes from rules and procedures, which are very well-established. In addition, this type of culture can be a good choice in a resistant type of market. This type of culture can provide security and reward promotions for employees. The third type of culture, which Handy explained, is â€Å"the task culture†.This type of culture is activityoriented; the main focus is on task outcome (Greener, 2010). This is a team culture, which is oriented on the completion of a project. This culture is appropriate on the competitive market. The main difficulty is a control in this type of organizations, however there is a control in each type of project. The fourth and last type of culture is â€Å"Person culture†. This type of culture that is not used by many companies, because it is very unusual (Greener, 2010). In such organizations employees prefer to do a job in which they have efficient skills and can perform successfully.Furthermore, employees ten d to do a job, which they wish to do. In addition, these are standard types of culture and the majority of companies do not have only one cultural type. Moreover, most of the companies prefer to choose the culture type, which can become appropriate to the organization policy, in most cases they choose a mix of culture types. Furthermore, Quinn et al. decided to describe type of culture with the help of environment, which can be flexible or controlled, and with two types of focuses: internal and external.Internal means the environment inside the organization, while external environment means factors outside the organization, which organization can’t change. Quinn et al. proposed four different types of culture: the first type is called â€Å"clan†, which is based on human relations; this culture type is internal and flexible (Cameron and Quinn, 2005). There is a friendly atmosphere in such organizations. The second type of Quinn et al. culture is called â€Å"hierarchy †, which is based on control; this type of culture is internal and controlled (Cameron and Quinn, 2005).The work area is very formal and leaders play a role of the representatives of a company (Angel, 2003). The third type of Quinn et al. type of culture is called â€Å"adhocracy†, which is based on innovations; this type of culture is external and flexible (Cameron and Quinn, 2005). Work areas in such organizations are very positive, which have a vital energy (Angel, 2003). The last type of Quinn et al. type of culture is â€Å"market†, which is based on control; this type of organizational culture is external and controlled (Cameron and Quinn, 2005). The work atmosphere is a competitive place (Angel, 2003).In addition, Geert Hofstede research showed that a type of organizational culture depends on national values and vary from country to country (Hofstede G. , 2001; Hofstede G. et al. , 2010). The research found out that â€Å"the Organizational Cultural model consists of six autonomous dimensions (variables) and two semi-autonomous dimensions†(Hofstede G. , 2001:1; Hofstede G. et al. , 2010).For instance, there are several measurements for organizational culture: â€Å"oriented vs. goal oriented, internally driven vs. externally driven, easy going work discipline vs. strict work discipline, local vs.  professional, open system vs. closed system, employee oriented vs. work oriented, degree of acceptance of leadership style and degree of identification with your organization† (Hofstede G. , 2001:2; Hofstede G. et al. , 2010). Furthermore, depending on the goals of a business some of these dimensions or combinations of these dimensions may be more suitable for the company then others are. Organizational performance directly depends on the type of organizational culture. Organizational performance is a way in which employees present the results of their tasks.

Cesar Chavez A Great Leader Essay

Cesar Chavez, union leader and farm worker advocate, was born near Yuma Arizona on March 31, 1927. On March 23, 1993 this great man died in San Luis, Arizona. It is said that his hunger strike contributed to his death. Cesar’s commitment to farm workers was shaped by his own experience in the farm industry and his parent that taught him how imperative it was to help others. As a child, Cesar worked restlessly in his family’s farm. Later the family had to move to California because their farm was taken away for lack of money. They worked very hard in farms for very long hours and helped their coworkers there. A few years later Chavez volunteered to serve the US Navy. Cesar later came home to marry his girlfriend and transformed his life as a community leader and labor organizer. Chavez founded the United Farm Workers Association in 1950 after community service. Chavez engaged in nonviolent acts to bring attention to the farm workers. Others before him tried and tried to commit to the union but later gave up and turned to violent acts. He faced many challenges through the years. This however did not stop him. He was willing to give his own life so that the union could continue and that violence was not used. Cesar made the struggles of the farmers known to the country. The terrible sufferings of the farm workers and their children, the crushing of farm workers dignity, the dangers of pesticides, and the denial of election for the workers is what kept Chavez going. One of his first successes was getting grape workers to sign union contracts. Cesar went on marches, boycotts, pickets, and strikes. He sought to train others and send them to other cities so they could also use these same tactics. His peaceful strategies brought attention to numerous friends and supporters like Robert Kennedy and Jesse Jackson. This great man proved that with self-sacrifice and without violence one could get justice for the people. He was an efficient leader with determination and clear goals. He always let people know that it was for them â€Å"Si Se Puede† was his saying â€Å"It Can Be Done†. This humble man fought for what he believed for and till today his organization is abundantly thriving with freedom.

Literal/ Golden/ Mischief Rules Essay

The literal rule is the primary rule which takes precedence over the others. Words and phrases should be construed by the courts in their ordinary sense, and the ordinary rules of grammar and punctuation should be applied. If, applying this rule, a clear meaning appears, then this must be applied, and the courts will not inquire whether what the statute says represents the intention of the legislature: ‘The intention of Parliament is not to be judged by what is in its mind, but by the expression of that mind in the statute itself’. The literal rule is strongly criticised by many lawyers. It has been said to be ‘†¦.a rule against using intelligence in understanding language. Anyone who in ordinary life interpreted words literally, being indifferent to what the speaker or writer meant, would be regarded as a pedant, a mischief-maker or an idiot’. Such criticism, it is submitted, is misguided. For example, the Hotel Proprietors Act 1956 provides that in certain circumstances an hotel proprietor is liable for loss of or damage to guests’ property, but that this liability does not usually extend to guests’ motor vehicles or property left ‘therein’. The question arises – is the hotel proprietor liable for property left on, rather than in, a vehicle, for example, on a roof rack. On a literal interpretation, the hotel proprietor is liable, because if Parliament had intended to exclude property left on a vehicle, the Act would have said ‘therein or thereon’. The ‘common-sense’ school would say that it is ridiculous to make a distinction between property left in or on a vehicle. That may be so in the admittedly trivial example given, but if this line of argument is accepted, it means that the courts would have power to rewrite Acts of Parliament, which many people would consider to be highly dangerous, particularly where it takes the form of assuming that Parliament ‘intended’ something, when in truth it is more than likely that Parliament never gave that matter a moments’ thought. It is better that the courts interpret statutes strictly, and if this leads to unsatisfactory or inequitable results, then Parliament should pass amending legislation to indicate clearly what its intention was. The full force of the literal rule was demonstrated in the case of Whitely v, Chappell (1869). The defendant had voted in the name of a person who had died, but was found not guilty of the offence of personating ‘any person entitled to vote’: a dead person is not entitled to vote. Golden Rule Where the meaning of words in a statute, if strictly applied, would lead to an absurdity, the golden rule is that the courts are entitled to assume that Parliament did not intend such absurdity, and they will construe the Act to give it the meaning which Parliament intended. So, for example, the Offences Against the Person Act 1861 provided that ‘whosoever being married shall marry another person during the life of the former husband or wife’ is guilty of bigamy. Re Sigsworth 1935 provided that the Defendant was not entitled to inherit because it would be manifestly repugnant to allow a murderer to reap the benefit of his crime even if the Defendant is the only inheritor. Interpreted literally, this definition is absurd on two counts. First, the phrase ‘shall marry another person’ is meaningless in the context, as the essence of bigamy is that a married person cannot marry again while his first marriage subsists. Secondly, the reference to a ‘former’ husband or wife is quite inappropriate. The word ‘former’ suggests that the original marriage no longer exists, but if that were the case the person marrying again would not be guilty of bigamy. Despite the slipshod draftsmanship of the Act, however, the intention was clear, and the courts have interpreted the relevant section as meaning that a person who purports to marry another while his or wife or husband is still alive is guilty of bigamy. Mischief Rule When it is not clear whether an act falls within what is prohibited by a particular piece of legislation, the judges can apply the mischief rule. This means that the courts can take into account the reasons why the legislation was passed; what ‘mischief’ the legislation was designed to cure, and whether the act in question fell within the ‘mischief’. For example, the Street Offences Act 1959 made it an offence for a prostitute to solicit men ‘in a street or public place’. In Smith v. Hughes the question was whether a woman who had tapped on a balcony and hissed at men passing by was guilty of an offence under the Act. Parker, L.C.J., found her guilty: ‘I approach the matter by considering what is the mischief aimed at by this Act. Everybody (sic) knows that this was an Act intended to clean up the streets, to enable people to walk along the streets without being molested or solicited by common prostitutes. Viewed in that way, it can matter little  whether the prostitute is soliciting while in the street or standing in a doorway or on a balcony’. In the case mentioned, it was comparatively easy to apply the mischief rule as the circumstances which caused the passing of the Act were well known. The rule does, however, have limitations as it is by no means always easy to discover the ‘mischief’ at which particular Act was aimed. The rules of interpretation discussed above do not apply to the interpretation of EEC legislation. The European Communities Act 1972 provides that questions of interpretation of EEC law must be decided in accordance with the principles laid down by any relevant decision of the European Court. Therefore, although EEC legislation has the force of law in England and thus becomes part of English law, the courts cannot interpret it by the methods which they apply to the main body of English law. In interpreting statutes, the courts make certain presumptions: (a) that the statute is not intended to have retrospective effect; (b) that it applies only to the United Kingdom; (c) that it is not intended to interfere with existing vested rights; (d) that the property of any person will not be confiscated without compensation; (e) that there is no intention to interfere with existing contractual rights; (f) that there is no intention to interfere with personal liberty; (g) that any person to whom judicial or quasi-judicial power is given will exercise such power in accordance with the rules of natural justice; (h) that the statute is not intended to derogate from the requirements of international law. Any of these presumptions may be overruled by the precise words of the statute. Private Acts (but not public Acts) always have a preamble which sets out the objects of the legislation. Preambles can on occasion be of considerable assistance to the courts in interpreting the Acts.

The Alliance between General Motors and PSU Peugeot Citroen Essay

The Alliance between General Motors and PSU Peugeot Citroen - Essay Example This paper illustrates that competition is forcing rival firms to join hands for developing a better position in the market and also enhance their resource base. The number of alliances, partnerships, ventures, and mergers have increased in the last decade in the corporate sector. However, Hoffmann mentioned that creating alliances is a complex process which can also result in negative outcomes if the allies do not measure the variables of the process in a proper manner. General Motors and PSU Peugeot Citroen have created a customized approach for following up with their alliance plan and created a separate committee for members by selecting key personnel of both the organizations to manage the alliance activities. The researcher is a member of the committee and hence will reflect on the plans and activities being performed within the alliance.The alliance between General Motors and PSU Peugeot Citroen was formed mainly with the view of developing a better resource base for the opera tions of both the companies on the global scale. The strategic alliance between the companies is expected to build their organizational capabilities in response to the challenges faced by the firms in the global marketplace. One of the most crucial considerations which urge firms to engage in mergers and alliances is to reduce the cost of operations. The organizational processes related to the formation of an alliance are structured by the top management of the companies. In the case of GM and PSU Peugeot Citroen, Weinmann and Thomas mentioned that this alliance will lead to the union of the American and European automobile industry and enhance the scope of a production process for the firms as well as will create more options for the customers in all the marketing zones of the concerned organizations. In the context of specific objectives, GM is focused on designing new and innovative production process whereas PSU Peugeot Citroen will utilize the market base of GM for entering the major markets of Asia and America.   The planning stage of the alliance as reported in various media means has highlighted that organizational needs of the allies have been accurately shared and balanced by the firms. This has reduced the liability of the allies and also boosted the level of trust among the partners.  

Social Work Nursing Case Study Example | Topics and Well Written Essays - 1500 words

Social Work Nursing - Case Study Example Nursing is a profession which really teaches you beside other professional knowledge as to how to become more patient and serve the humanity with all your heart and soul. It not only provides you a chance to be more caring and considerate but also give you an opportunity to grow as a person. Further Nursing as a profession has evolved over the period of time and has now emerged one of the highly respectable and demanding professions of the world. With these aims in my mind, I chose to consider nursing as my professionNursing, as a profession, need to have a balanced view where the new entrants into the profession must also know about the academic knowledge of their profession however, they must possess the knowledge of the practical realities of the profession also. However, this can only be done if people who train them should have practical as well as academic knowledge.Since mental health is also related with the psychology of a person therefore I believe this aspect of the profes sion has also allowed me to consider this as a profession which is worthwhile to be pursued. It is believed the psychology emerged on its modern footings almost a century ago however its influence is still considered to be current in terms of its impact on the overall sciences related with mental and physical health of a person. What was most fascinating about this emergence of the psychology is the fact that it had radically changed the way we use to perceive and view life at large. However no science can play a constructive and positive role in society until and unless it is not ethically practiced. It also must be noted that traditionally psychologists have relied on the principles of value avoiding and value neutral model where it was believed that in order to get the truth- the truth about the person, moral values could not be taken into account. (Lowen, 1993). One of the most important reasons that I wish to study to study for this profession is the fact that it provides a very accurate and true picture of how a person evolve over the period of time. Every person’s life carries a distinct plot, a different set of characteristics which distinguish each of us from others. (Hockbury, 1996,375). It is important in the sense that it provides you a better look at how the life unfolds itself and how we as professionals can contribute towards the overall

Consumer Rights and Protection Essay Example | Topics and Well Written Essays - 1250 words

Consumer Rights and Protection - Essay Example Moreover, the US Federal Trade Commission helps in the passage of the bill by creating the software â€Å"Do Not Track,† which prevents advertisers from monitoring the online activity of web users. The US Consumer privacy bill of rights was formulated after several alleged sharing of consumer information among companies that sell video games and gadgets. This information was randomly solicited and was even just casually asked from visitors who would occasionally visit the sites. The privacy bill will therefore strictly enforce companies to make sure that collected data should not be used for another company, and that disclosures must be presented t consumers at all times. Moreover, the efforts of the United States government in executing the privacy bill of rights is somehow also based on the fact that European governments have done the same with their web companies, email providers and social networking sites. Summary #2 Based on the article, big US banks have been increasing their rates when it comes to the handling of checking accounts. Among these banks include Wells Fargo, Bank of America, Citibank and JPMorgan Chase. Changes involve the introduction of fees ranging from $7 to $25 a month, which translates to around $300 a year. Aside from these, the big banks have their own way of charging hidden fees and interchange fees anytime their services are used by their clients, such as in the use of debit cards while making purchases. In fact, consumers have reacted to these changes with anger and resentment especially because they knew how expensively these banks would normally pay their top executives, like Jamie Dimon of JPMorgan Chase who received a salary of $20 million in 2011. The aforementioned big US banks used to charge only small fees for their checking account maintenance. However, there have been amendments in the bank regulations that caused banks to maximize the number of overdrafts, increasing the number of charges and manipulating purchas e sequences so that the customer will have to pay higher fees. The higher fees were in fact viewed by the public as a part of a â€Å"regressive and unfair system† and was something that these banks would strategically employ in order to prey on human weaknesses. However, although consumers will surely suffer from having to handle these charges, there is a solution – resorting to credit unions and smaller banks that are friendlier when it comes to fees. This explains the jolly but somewhat paradoxical nature of the article’s title: â€Å"Higher Fees? Let’s Celebrate!† The jolly tone means that the author seems to be telling consumers that had the big banks not overly abused them, they would not have found better options on where to put their money. Now, since bank clients have been transferring their money from the big banks to the small ones, the greedy and inefficient big banks have to suffer as a consequence. This natural effect is explained by the idea that American capitalism usually does not favor the companies who are greedy and inefficient. Nevertheless, last year only 1 out of 14 Americans were able to make a decision to transfer their checking accounts from the big banks to the smaller banks and credit unions. Thanks to the formulation and passage of many regulations that benefited the consumer: the Dodd-Frank Wall Street Reform Act as well as the Consumer Protection Act,

Discretion Granted to National Courts in Relation to the EU Legal Essay

Discretion Granted to National Courts in Relation to the EU Legal Order - Essay Example The body that was named as the European Court of Justice (ECJ) that enables the national courts to refer to it. The preliminary reference procedure has been essential in designing the fundamental principles of the national legal system, the unity of the member countries, and the development and maintenance of the national laws. In Article 234, the Court has the powers to give preliminary rulings in a request from the national courts. The preliminary rulings might be about the interpretation of the Treaty, the legality and the interpretation of the actions of the member countries and the European Central Bank. The national courts have therefore a vital role to play in the administration and how the community law is implemented. However, the European Union Treaty does not precisely define â€Å"the national court or tribunal†. Nevertheless, it is vital to know that the national laws of the member states do not depend upon the definition of the tribunal or national courts by the European Court of Justice. The Court has the role to define the national laws of a given community. ... Moreover, different cases shall be looked upon in the preliminary ruling procedure (Arnull, 1989). The Right and Obligation to Refer Cases The case of Vaasen- Gobbel came up with the decision to define the national court in order to find a way to refer to the ECJ. The case was held by stating that any body making a reference to the European Court of Justice must satisfy a number of criteria: It first need to be established by law, must have a permanent existence, it must be in a position to practice a lasting jurisdiction, must work under the rules of the Community law and its procedures and should apply the rule of law. The Court therefore had to extend the stated criteria to apply to the national courts so that they would be independent (Komarek, 2005). Several other cases including the De Coster Case, enabled the college which previously had the powers concerning the local tax proceedings and never operated on its own nor made its own decisions regarding the process later satisfie d the criteria to operate as an independent body. The De Coster and CLIFIT cases demonstrate the national courts that have the powers to give judgment in relation to article 234 of the European Court of Justice (Komarek, 2007). Even though the case regarding the definition of the court or tribunal that satisfies the previously defined criteria for an independent body is at times inconsistent and therefore provides a room for some critics to disagree on which bodies are to refer cases to the ECJ. However, in order to solve this problem of disagreements, the European Court is coming up with the preliminary reference procedure that would be used by all judicial bodies while they might be dealing with cases involving the Community law (Maher, 1994). On the facts of the case, the De Coster and

Charismatic and Transformational Leadership Research Paper - 1

Charismatic and Transformational Leadership - Research Paper Example This essay stresses that charismatic leadership can be defined as a leadership that is characterized by exceptional devotion, exemplary traits and heroism of the leader. The term â€Å"charismatic leadership† is conventionally used for such great leaders as prophets, though it can also be used for famous political leaders. One such political leader whose style of leadership is frequently identified as charismatic is Mahatma Gandhi. There are other leaders who may not be entirely popular for their positive traits, yet are known to have certain charismatic features that have had great influence on their followers. One such leader is Adolf Hitler. The charm of such leaders reflects in the fact that followers tend to comply with their instructions unarguably. There has been a lot of research upon the psychological attributes of leaders that make them charismatic in their leadership style. This paper makes a conclusion that the process of charismatic leadership is governed by three prime factors, namely the traits of the leader, the social situation that imparts need of a charismatic leader, and the bondage between the followers and the leader. There are six steps that explain the process of charismatic leadership from the start till end. These six steps are identification, activity arousal, commitment, disenchantment, depersonalization, and alienation. The identification step occurs as a result of the composition of the three factors that have been discussed before.

The Hard Lessons f Katrina Essay Example | Topics and Well Written Essays - 2250 words

The Hard Lessons f Katrina - Essay Example According to book, numerous amounts ÃŽ ¿f people were left unemployed, which has affected the economy, since fewer taxes have been paid to the local government. Several loved ones, families, friends, and relatives were separated and lost because ÃŽ ¿f this disaster. The Bush Administration has already spent over $105 billion dollars for repairs and reconstruction in the region. Katrina also destroyed over thirty oil platforms and caused the closure ÃŽ ¿f nine refineries, adding to the economic crises.The forestry industry in Mississippi was also affected, as 1.3 million acres ÃŽ ¿f forest land were destroyed. The total loss to the forestry industry from Katrina is calculated to rise to about five billion dollars. Hospitals relied on bus companies and ambalance services for evacuation, but weren’t able to evacuate their charges. Many forms ÃŽ ¿f transportation had been shut-down, and fuel and rental cars were in short supply before the storm arrived.Brinkley criticized the gove rnment and said that the failure ÃŽ ¿f communication from government, caused a slow response to the storm. Several problems that came up developed from poor planning, and the failure ÃŽ ¿f back-up communications systems at various levels. Many telephones, including most cell phones and internet access, weren’t working due to line breaks, destruction ÃŽ ¿f base stations, or power failures, even though some stations had their own back-up generators. Many people were unprepared for such a disaster.Being unprepared has caused many deaths.

Management Strategy Assignment Example | Topics and Well Written Essays - 250 words

Management Strategy - Assignment Example Lynch (2003) asserts that resource based strategy of the firm uses unique knowledge base that is creatively applied on all tangible and intangible assets to above average return. Thus, various business processes, innovative products and services, human capital etc. become strong elements of RBC. Apple, Huawei, GM, Wal-Mart etc. are exemplary examples that have been able to maintain their market position through innovative products and services across the globe. Apple and Huawei have creatively evolved new features and techniques in mobile devices to suit the changing requirements of the new generation. The technology driven resource based strategy that exploits the information to give distinct differentiation to its products and gain leverage. GM has innovated green technologies to make its cars environment friendly. Wal-Mart, on other hand, has judiciously used I/O framework to enhance efficiency of its business processes. The information vis-Ã  -vis customers’ changing preferences are used both in new product develop and value addition as well as in logistics to give quality services to its customers and maintain its niche market

Science and Society Essay Example for Free

Science and Society Essay Science has come a long way since the existence of man. It made several breakthroughs that made life on earth more convenient and profitable. Science has advanced knowledge and applications in medicine, transportation, environment, space, technology and others. More so, it has provided solutions to many problems of mankind as well as offered opportunities that have enhanced the purpose of man on earth. But all of these would not be possible if humans have not utilized their capability to innovate and discover new things. In the modern society, majority of the people became highly dependent on science to help them navigate their lives. Without science, people would be at lost in the complexities of the world Moreover, it is a fact that science has influenced how humans live, interact and think. It has become an indicator of a countrys power and wealth. Because of this, global leaders strive to develop science in their own territory to gain worldwide status as a powerhouse nation. More so, having citizens who are well versed in science would be very advantageous for any country in achieving development and success. Also, in the saying â€Å"two heads are better than one,† suggests that the greater the number of people who are involved in the process, the more likely that the result would be notable and substantial. In this case, many minds can contribute to the amplification of scientific knowledge that can be of general significance. As a result, their outputs can deliver a contemporary understanding of the relationship between science and society and cultivate a superior quality of existence and a

The role of emotion in racial prejudice Essay Example for Free

The role of emotion in racial prejudice Essay Racial prejudice was defined by Allport , one of the first researchers in psychology to investigate the issue, as an aversive or hostile attitude towards a person who belongs to a group, simply because he or she belongs to that group, and is therefore presumed to have the objectionable qualities ascribed to that group. It is an antipathy based on a faulty and inflexible generalization (Allport, 1954). Racial prejudice exists on 3 levels: behavioral, cognitive and affective. The actual discrimination or unequal treatment towards a particular group based on their race is the behavioral component of racial prejudice. The cognitive component is made up of stereotypes. Stereotypes are categories of cognitions concerning the members of a particular group. These cognitions are usually simple, often over generalized, and frequently inaccurate. Stereotypes are not simply abstractions about group categories. They can act as cognitive filters through which we select what information to use, what to ignore, and how to interpret it. Stereotypes do not exist in isolation. They are accompanied by emotions, which are usually expressed in terms that can be distributed along a continuum ranging from the intensely negative to the very positive. (Simpson and Yinger, 1972) The emotional level is a major element of racism, because it serves as the motivation for stereotyping. Stereotypes would not be so powerful without affective links. After the cognitive level has been challenged and undermined, one continues to maintain stereotypes at the emotional or affective level. As the intensity of emotion increases, so does the level of prejudice. This paper will explore the influence of emotions on ones unconscious and conscious inclinations towards stereotyping and racism. Fear, anxiety, disgust and anger are all emotions that exist at the root of racism. According to an evolutionary perspective, fear is one of the most motivational emotions humans have in their bodies to keep them alive. It protects humans from danger, by motivating them to fight back when they are being threatened. This fight manifests itself in many different ways, but in the context of racism it is in the form of discrimination towards an out-group. This explains racism as a means of fighting back when an individuals fear has been aroused due to perceived threat to an ones fundamental needs by the out-group. Fear exists in the reptilian brain, the very basic area of the brain and it can sometimes be aroused unconsciously. Fear can cause neurotransmitters to fill the brain, bringing an individual to such a heightened state of arousal that the cause of fear becomes internalized. (Le Doux, 2002) In the context of racism, if an individual or group is identified with that arousal, an association is made that is not easily removed. This evolutionary logic leads to many thoughts about factors in modern day society leading to the acquisition of new stereotypes and prejudices, as well as the endurance existing stereotypes and prejudices. For example, a recent study conducted by Schaller, Park and Mueller investigated the effect of ambient darkness and thoughts about danger on stereotypes about Blacks. The participants were placed in either a well lit or dark room, then they were presented photographs of black males and asked to rate how much they represented the cultural stereotype. The study also included a separate questionnaire to assess each participants thoughts of living in a dangerous world. The results showed that when the participants were in the well lit room, their level of perceived danger in the world did not have an effect on the intensity of their stereotypes of blacks. However, when the participants were in the dark room, stereotypes of blacks were more intense in association with their level of perceived danger in the world. To people everywhere darkness is a threat, it presents danger due to vulnerability and has evil connotations. This study clearly illustrates the relationship between racism and fear. (Schaller, Park Mueller, 2002). Inter-group anxiety has been proven to be another motivator for racial prejudice. High levels of intergroup anxiety may amplify normative behavioral patterns, cause cognitive and motivational information processing biases, intensify self-awareness, and augment emotional reactions (Stephan Stephan, 1985). Stephan and Stephan proposed that intergroup anxiety stems mainly from the anticipation of negative consequences for oneself during contact. Much of the intergroup anxiety may be caused by minimal previous contact with the outgroup, the existence of large status differentials, and a high ratio of outgroup to ingroup members. Stephan and Stephans own study of Hispanic Americans perceptions of Anglos showed that high voluntary contact was negatively associated, and that high believed dissimilarity and stereotyping were positively associated, with intergroup anxiety. It was predicted that increased contact (under appropriate conditions) would be associated with decreased intergroup anxiety and that, in the context of our field study of minority and majority religious groups, intergroup anxiety would be higher for minority group members. (Stephan Stephan, 1985) The Social-identity theory is widely used as an explanation for prejudice. According to Social-Identity theory, an individual attains self-concept and self-esteem through membership to a particular group. A high need for esteem and belonging are often associated with racism because of the psychological need it fulfill it to feel superior, (which in actuality is a state of inferiority). In order for individuals to feel as though their group is meaningful and has status, it is unconsciously necessary for them to place others below them. In applying emotion to this model of prejudice, it is evident that fear of rejection acts as a motivator for out-group discrimination in order to protect ones own ego. A newer model of prejudice; Intergroup Emotions Theory, combines this social identity perspective with the assumptions of appraisal theories of emotion. Intergroup Emotions Theory claims that emotions are caused by the collective aspect of the self. For example, when an outgroup is appraised as threatening an ingroup, negative intergroup emotions such as fear or anger may result, and become part of a general prejudice against the outgroup that may motivate discriminatory behavior. Thus, Intergroup Emotions Theory holds that emotions experienced by individuals with respect to their group memberships make a unique contribution to prejudice and intergroup relations. In association with the Intergroup Emotion Theory which recognizes the appraisals and attribution process in racial motives. Esses, Haddock and Zanna point out that there is more to prejudice than merely the attribution of stereotypes to groups. Their research suggests that the emotions elicited by a particular group are important in determining ones level of prejudice. When one is in a good mood, he or she is likely to evaluate members of out-groups more favorably than when he or she is in a bad mood. (Esses, Haddock Zanna, 1993) Another example of the role emotion plays in predicting racial prejudice is illustrated in a study by Esses and Dovidio. They found that when white students were shown a videotape of a black man experiencing discrimination in several situations and asked to focus on their feelings about each situation, they felt more positive toward blacks and were more willing to interact with blacks in the future than students who were told to pay attention to their thoughts in this regard. Aversive racism is yet another way in which emotion is seen as a factor in racism. Aversive racism is accompanied by feelings of anxiety, which are caused by intergroup expectancies and by the contribution of ignorance that often coexists with fear. Gaertner and Dovidio state that aversive racism is excluded from conscious awareness and amplifies positive behaviours toward a minority group. Negative feelings follow these overly positive behaviours. Gaertner and Dovidio indicate that there are several possible negative emotions involved such as discomfort, anxiety, uneasiness, disgust and even fear. These emotions occur because of the extreme cognitive exercise necessary to avoid expressing unacceptable racist comments. Once again it is being suggested that negative emotions mediate the relationship between stereotypes, which are unavoidable, and prejudice that includes affect. (Gaertner and Dovidio, 1986) The studies mentioned throughout this paper prove that emotions play a significant role in human tendencies towards racial prejudices. It is also evident that these tendencies can be in many ways unconscious. However, much of this research has also shown that if humans are made more aware of the role that their emotions play in these prejudice thoughts and actions, they can learn to monitor them consciously. Also other research has noted that by increasing intergroup contact racism between groups will decrease. Racial prejudice is a major social problem that must be alleviated and more research in this area will always be beneficial in helping society become more unified. Works Cited Allport, The Nature of Prejudice, Doubleday, 1958 Esses, V. Dovidio, J. (2002). The role of emotions in determining willingness to engage in intergroup contact. Personality and Social Psychology Bulletin, 29, 637-649. Esses, V. M. , Haddock, G. , Zanna, M. P. (1993). Values, stereotypes, and emotions as determinants of intergroup attitudes. In D. M. Mackie D. L. Hamilton (Eds. ), Affect, cognition and stereotyping: Interactive processes in group perception (pp. 137-166). San Diego: Academic Press. Gaertner, S. L. , Dovidio, J. F. (1986). The aversive form of racism. In J. F. Dovidio S. L. Gaertner (Eds. ), Prejudice, Discrimination, and Racism. Orlando, FL: Academic Press. LeDoux, Joseph. The Synaptic Self: How Our Brains Become Who We Are. Viking, 2002. Schaller, M. , Park, J. , Mueller, A. (2002). Fear of the dark: Interactive effects of beliefs about dander and ambient darkness on ethnic stereotypes. Personality and Social Bulletin, 28, 1242-1254. Simpson G. E. Yinger J. M, Racial and Cultural Minorities. An Analysis of Prejudice and Discrimination, New York 1972, p. 24. Stephan, W. G. , Stephan, C. W. (1985). Intergroup anxiety. Journal of Social Issues, 41(3), 157-175.

The Dividend Policy at Linear Technology

The Dividend Policy at Linear Technology Linear Technoloy(LT) is a company founded in 1981 by Robert Swanson. Its area of actvity is development, production and marketing for semiconductors used in various electronic applications used by the communication industry to the automotive industry. It mainly focuses on the analog segment within the integrated circuits industry and, by market capitalization, it is the seventh-largest company listed on the Philadelphia Stock Exchange Semiconductor Index (SOX). Regarding its customer portfolio, the communication industry accounted for 33% of Linears sales, computers 27%, automotive 6% and the rest of 34% was divided by the rest of the industries. Linear Technologys Payout Policy Linears payout policy is comprised out of two elements: dividend payout and stock repurchase. In general companies decide to payout dividends after transitioning from a high growth stage to mature and stable stage. (Grullon Michaely, 2004). Linear started paying dividends in 1992. This decision was based on good expectations regarding the analog circuits market and the fact that Linear had a top position in the industry. Also the CFO of the company points out that, since the IPO, the company had positive cash flows. Thus paying out dividends would signal a strong position in a risky market and the transition to a more mature state of the company. As observed by some investors the technological companies had been just reaching that stage when paying out dividends was possible. The initial price for a share was set at US$0.05. This amounted for 15% of the total earnings of the company in the fiscal year of 1994. The relative low level was based on two principles. The first principle w as that dividend payout demands a certain respect from investors so in order to send the right signal into the market and attract new investors, the company had to pay dividends. This in turn would mean a thoughtful payout ratio that the company could sustain over time thus leading to the second principle. This states that a low level for dividends would better suit the company in the event of less than expected earnings. In this case the company would not have to cut down or even stop paying dividends. Thus a bad signal to the investors is avoided. Since 1992, the payout ratio has been growing steadily, getting close to 25% in 2003. Considering that 2002 meant a decline in sales and earnings, the company board and its management is debating on whether to increase the ratio or to keep it into accordance with company earnings. The CFO of Linear is confident that the business prospects and the cost structure can support an increase and he expects that this increase will send a good si gnal to investors. From the repurchase point of view, as stated by Paul Coghlan, CFO of Linear, one primary reason that we buy back the stock is to offset the exercise of employee stock options. Another reason was also the market conditions. The low interest rates offered by Linears high-grade security investments encouraged the company to use the cash-at-hand to buy back shares thus making a better use of the cash balance. A third reason was that, despite a large cash balance the company did not have any acquisition plans. The company repurchased shares sporadically between 1993 and 2001, and quarterly since then but again without any obvious pattern. Considering both elements, the companys mixed payout policy attends to all shareholder requirements by increasing the level of dividends quarterly and by managing in a conservative way a large cash balance. What are Linears financing needs? LTs income statement and revenue growth seems to be relatively stable over the past 11 years (1992-2002) with the exception of the boom during the peak(2000-2001) of the IT bubble and the bust after the burst of this bubble(2002). However even in economic downfall LT still managed to obtain a positive net income and net cash flow. This is due to LTs limited costs set up and relatively low financing needs. It is stated that in the semiconductor industry, research development investments, capital investment in new fabrication facilities, and retaining top engineers are of crucial importance. LT focuses on analog semiconductors and as such has stable and modest research and development costs. The analog fabrication facilities investments are more durable and account to a relative investment of approximately 20million per year. Finally LT uses a bonus structure for its executive compensation, keeping salary expenses lower when sales revenues decline. Additionally LT expresses little des ire in excessive investments, cash is handled very conservative with investment strategy in predominantly short-term debt securities, however LT is looking at potential business opportunities in the Asian markets, , if LT was to proceed with this plan this would increase its financing needs substantially. All in all resulting in a relatively low financing need for LT with regards to internal factors. With regards to external factors LT could endure financing needs resulting from market risks and the unclear effect of the Iraq war on the American economy, this results in the need for LT to hold a higher cash reserve. We will address this issue more in depth in the subsequent part. Should Linear return cash to its shareholders? Some shareholders have recently expressed the desire for LT to return its cash, however this desire is not necessarily shared by all shareholders. Theoretically returning Cash to the shareholders can reduce agency conflicts because it reduces cash in hands of the firm which can be invested in bad projects. It also reduces the costs of underinvestment if LT decides not to invest this cash it holds. The agency conflict seems relatively small considering LTs investment behavior and thus would be of relatively little importance when considering if LT should return cash to its shareholders. However asymmetric information exists and shareholders are unaware whether or not LT will remand its current investment policy. Additionally returning cash to the shareholders can give positive signals to the market about the future prospects of the firm. This could be of great potential importance considering the industry in which LT operates and the recent economic downturn this industry experienced. Conversely, if LT was to hold on to the cash this would preserve their liquidity levels which would both allow the firm to invest in positive NPV projects without entering the capital market, and additionally create a cushion against potential economic or financial distress. Regarding the financial cushion aspect of holding cash, if LT returns cash to its shareholders it should not return the full 1,5billion, but considering the current economic situation should preserve at least $200mto cover unexpected expenses. In the past LT has not shown great interest in investing other than in short-term securities, however, LT has been looking for business opportunities in the Asian market, holding cash in the firm increases the firms potential to respond to such an opportunity when it comes along. Bearing in mind LTs sales earnings, cash flows, and investment practices, it becomes evident that current dividend payments are not at the level they could potentially be. As observed by Janus Ca pital, the largest single holder of LT stock, current dividend payments are merely a token relative to the level of cash LT holds, therefore it would be possible for LT to increase its current dividend level. The problem with dividend payments its inflexibility, once LT decides to increase its dividend payments it will be hard for them to return this to its current level at a later stage. Currently LTs dividend payments is at a competitive level with respect to its peers on the Philadelphia Stock Exchange Semiconductor Index (SOX) and other technology companies. As stated in the case even a penny increase in dividend level will move the payout ratio to a level above most other technology levels. This brings us to the question why a company would decide to payout dividends. Commonly corporations at a mature stage without many growth opportunities and a stable positive cash flow. As discussed earlier LT can be identified as a relatively stable and mature company with stable costs and relatively stable growth. However as a technology company, LT is sensitive to the market, which has become evident in its 2000-2003 results. During the IT bubble LT performed exceptionally well, but after the burst sales dropped with 47% relative to the year prior. However, looking at the figures of 2003 we can see that LTs sales recover quite quickly, ending 2003 with approximately $602m in sales, which is in line with 5 year sale average ($636m). It could therefore both be argued that growth is not stable for LT and thus dividend payments are relatively risky for LT with regards to market reaction when dividend payments are reduced. However, growth has always (with the exception of 2002) been positive and LT could thus be deemed relatively safe. (Graham et al, 2005) Usually repurchases are used when the firm holds an excess in cash e.g. to reduce agency conflicts and underinvestment. Dividend increases relate more to an excess in free cash flow. In the case of LT, the firm holds a n excess in cash but due to economic situation over the past two years does not have a relative high free cash flow. In this respect LT is looking to reduce excess cash, thus cash returns via repurchase would be more in line with firm performance. When considering how to return cash to the shareholder tax matters but in a second-order manner (Brav et al (2005)). This is due to the fact that value return to shareholders is financed after tax payments and thus the manner of returning value to shareholders with respect to taxes affects predominantly shareholders. Shareholders, under current tax system, pay relatively more tax on dividend than on repurchases. However, the tax argument is only applicable for those shareholders who are indifferent towards holding or selling their share, long term shareholders would prefer dividend payments regardless of tax difference. If new tax proposal would pass there would be no tax difference with capital gain for shareholders thus with regard to ta xes they would most likely prefer dividend payments. However repurchases reduce the number of outstanding shares and thus increase EPS and share prices. Even though share prices will increase with dividend increases also, when dividend payments are increased and the firm at a later stage, cannot pay these dividends or reduces them this results in a decrease of share price, where a non-continuum of repurchasing practices has no effect on later share prices. Additionally if the firm does not want to reduce or cancel dividend payments for this reason they might decide to split the stock, increasing the number of outstanding shares and thus decreasing the EPS. Therefore both shareholders and firms should only prefer an increase in dividend payments over repurchases when cash flows and growth rates are stable for the firm with little or no expected future change, even when tax rates are set to be equal. With regard to the option compensation for executives, the repurchases would induce m ore value than would dividend increase, which should be considered in an industry where there is talent competition. Concluding, LT should return some of its cash to its shareholder, however, not all cash should be returned, and preferably not through an increase of common dividend payouts. This will be further discussed in section 5 of this report. What are the tax consequences of keeping cash inside the firm? In the event that LT would decide to keep the cash within the company instead of paying out to its shareholders LT will endure certain costs with respect to taxes. The benefit of keeping the cash in the company means that LT will have the liquidity needed to enter in NPV projects when opportunities arise without needing to access the capital market for costly funding. However, with respect to taxes, not entering the capital market for funding can be deemed inefficient due to the tax deductibility of debt and interest payments on levering. At a 30% corporate tax rate the marginal value of a dollar is thus lower for a firm not using debt financing (Martà ­nez-Sola et al (2009)). This can be identified as an opportunity costs of keeping cash within the company instead of returning this to its shareholders. Being identified as a cost of returning cash to the shareholder and a benefit of keeping the cash in the company, liquidity allows LT to invest and thus potentially earn interest on the cash. LT maintains a conservative investment strategy and predominantly invests in short-term debt securities. This, as identified in the case, in recent years resulted in a low interest return to LT, encouraging LT to return more cash to its shareholders. However, considering that only capital gains are taxed, this at any positive interest rate assumed the gain achieved by interest payment will be higher than the reduction in tax rates. Taxes can only be effectively reduced by increasing the payments to employees or research development with the use of sales revenue (thus reducing free cash flow), not existing cash, or by the use of debt financing. If Linear were to pay out its entire cash balance as a special dividend, what would be the effect on value? One significant target of the dividend distribution is to show investors that Linear has a good position on the market, and to buy shares from Linear Technology is not comparable with the risk which is usually associated with the purchase of shares from technology companies. With a dividend Linear Technology wants to reach investors that have income goals besides of growth goals. In case of a dividend distribution demand for shares will rise. If investors know that a dividend from a certain amount will be paid, the share price increases by the dividend that will be paid. In case of a share price of $30,87 and a dividend of $5,01 the new share price will rise to $35,88. As the dividend will be paid at a certain point of time investors are ready to pay the amount of the dividend additionally to the share price of $30,87, as the dividend will be paid out. Depending on the time until the dividend is paid not the whole amount of dividend is added to the share price. If there is still a certain period of time until the dividend will be paid, only the net present value of the dividend, which is announced will be added to the share price. It also can be said that the closer the payment of the dividend gets, the more the amount of the total dividend payment is added to the normal share price. That also means that consequently the market value of equity also will rise. At the day ex-dividend the share price will drop below the level of the pre-announcement day, as the dividend as driver of the rising demand had been paid. The additional value of $5,01 that were relied to the dividend is not part of the share value any more. The dividend, as part of the equity, is paid to the shareholder. The EBT will go down now as interest income decreases. Because of the decreasing interest income also taxes are declining. As the reduction on interest income is higher this does not play such a decisive role. Special Dividend Repurchase Nr of outstanding shares 312,4 312,4 Share value 30,87 30,87 Market Value 9643,788 9643,788 Special Dividend Paid 5,01 New Shareprice 1 35,88 Nr of Shares repurchased 50,70 New outstanding shares 261,70 Loss of interest income 46,96 EBT 273,44 Earnings 189,49 Earnings Per share $ 0,72 Figure Effects of repurchase or special dividend What if Linear repurchases shares instead?. The repurchase of shares is another option besides of a dividend distribution. Advantages of repurchasing shares is the reduction of systematic risk and cost of capital. Information and rumours about repurchase of shares will increase the demand before the repurchase date and therefore makes the repurchase more expensive. Usually a premium of one until ten per cent has to be calculated. To calculate the number of new shares that can be purchased the cash balance has to be divided by the new share price. To calculate the new market value the new share price with the total number of shares has to be multiplied. Therefore also the earnings per share would increase. On the other hand it should be taken in mind that normally the increase in share price is not from a long-term perspective. Primarily firms in low concentrated industries can benefit from an increase of the share price from a long-term perspective and can outperform the market. In more concentrated industries there will be no statistically significant change. In general the repurchase of shares has a negative effect on the share prices of competitors. Therefore often competitors mimic the behaviour and also do a repurchase of shares. (Massa, Rehman, Vermaelen, 2007) In the study of Grullon and Michaely it is shown that within a 6-year period the repurchasing firm benefits from an essential reduction in systematic risk in comparison to non-repurchasing firms. A negative effect of repurchasing are decreasing investment opportunities. This does not play a decisive role in this case, as in both options there would be a reduction of cash flow. Also in case of stock options for employees the repurchase of shares is an efficient possibility to control the market. To repurchase shares at the point of time when employees sell their rights of stock options makes it neutral from a trading perspective. As Mr. Coghlan stated that Linear Technology wants to offset the exercise of employees stock options with the repurchase of stocks. From the company and management side flexibility is the main advantage for repurchasing in comparison to dividend distribution (Brav, Graham, Harvey, Michaely, 2005). The flexibility can be used to increase repurchases when stock prices are low. Also the higher tax burden in case of dividends can be taken as an argument for repurchasing instead of paying dividends, although in the study it is shown that taxes do not play a primary role and that repurchasing does not change the investors clientele. This point which is also taken as an argument for paying out a dividend by Linear Technology can therefore be de-emphasised. Why do firms pay dividends? When a firm generates free cash flows it has to decide what to do with them. It can reinvest in positive NPV projects, if they are present, and increase the value of the firm. This practice is very common for young firms that pursue rapid growth and sometimes invest 100 per cent of their cash in this way. More mature firms, that operate in more mature market, however, do not always have these opportunities and hold more cash than there are potential positive NPV-projects to exploit. Such a firm with excess cash can either retain it in reserves or pay it out to shareholders. Two payout choices are: repurchases and dividends. When firms pay-out they have several reasons for it. Although not entirely proven, dividends are a possible tool to signal good news to the market and to prevent managers from exploiting free cash flows for their own benefits. The most important reason why dividends are paid, however, is the firms dividend history. Furthermore some firms issue dividends to get acc ess to a new set of investors. Each of these reasons will be discussed next. With asymmetric information in the market, meaning that mangers hold better information regarding future prospects of the firm than investors, payout decisions may signal information. The common practice for dividend paying firms is to smooth dividends and only cut them under extreme cases, which are addressed later, will cause the market to also believe the company is not able to rebound its earnings in the near term. It also implies that once the company increases dividends it signals that the company is able to afford the higher dividend with increased earnings (Berk DeMarzo, 2007). Although most managers no longer see payout policy as a tool to separate its company from competitors, it could be a reason for some to initiate dividends (Brav, Graham, Campbell, Harvey, and Michely, 2005). Especially when dividends are already part of historical business practice in these firms, and as management is very reluctant to cut dividends they will keep them in place. Another reason for man agers to pay out dividends is its ability to prevent agency conflicts as the otherwise free cash flow is no longer in the hands of management. Most managers, however, do not view payout policy as a means to self-imposed discipline. Access to new set of investors is also a reason why management will issue dividends (CASE). As different clienteles hold different preferences in income and in taxes to be paid, some have a stronger preference for dividends than others (Berk DeMarzo, 2007). To attract for instance mutual funds and European investors companies have more success when they issue dividends. Dividends are also more likely to attract retail investors as they prefer dividends over repurchases (Brav, Graham, Campbell, Harvey, and Michely, 2005). Why has the rate of dividend initiations changed over time? There has been a general trend away from dividends from the late 1970s through the rest of the twentieth century. In 1978, over 66 percent of the AMEX, NYSE, and NASDAQ firms paid a regular dividend. By 1999, only 21 percent were dividend payers. Below several reasons are listed for this trend, including: changing firm characteristics, more stock option compensation, US tax law, and dividends inflexibility. Besides, in the late 1950s the starting point for most payout decisions was the payout ratio (Lintner, 1956), while recently this is no longer a common practice for most firms. Firms that were going public in the 1980s and 1990s were early in their lifecycle, with considerable more growth opportunities than current profits (CASE). There tend to be fewer firms in this lifecycle that issue dividends (Graham et al, 2004). In a large part, technology firms, as Linear Technology, were driving this trend. Many of these firms were just about to reach the stage at which they were able to pay dividends, the stage where they began to earn regular and more predictable cash flows (CASE). But even large technology firms, that held stable cash flows, tended to restrain from dividends. One reason for this was the heavy use of stock option compensation. With the majority of their pay in options, managers are not likely to pay dividends as it does not benefit them that much. Furthermore when dividends are issued instead of repurchases, the outstanding amount of stock is increased once options are exercised, resulting in a decrease in the earnings per share (CASE). Although US tax law changed in 2003, making it more attractive to issue dividends, they still are at a tax disadvantage compared to capital gains that can be deferred. Until 2003 issuing dividends was thus even at an even bigger disadvantage to other forms of pay-out (Brav, Graham, Campbell, Harvey, and Michely, 2005). This, however, does not explain the downward trend in dividends, but it does explain why dividend s have never risen in popularity amongst managers. Unlike repurchases, managers are very reluctant to cut dividends and tend to smooth dividends. Among others, they are in most cases even more willing to forgo positive NPV projects, raise external funds, sell assets, or lay off sincere amounts of employees before cutting dividends. The asymmetry between dividend increases and decreases probably leads firms to restrain from issuing before having to resolve to the previously described in general unfavorable practices. Today managers are not so strict on payout ratios anymore. Furthermore, the speed of adjustment, by correcting dividends to their target, is not as high as it once was. This could be a result of the declined benefits of being close to the target or the higher cost of adjustment (Brav, Graham, Campbell, Harvey, and Michely, 2005). What should Paul Coghlan recommend to the board? All in all, if LT pursues to maximize shareholder value, it would not be advisable to increase dividends. Considering the current economic turmoil and the inflexible nature of dividend payments, dividend payments become undesirable. Additionally investing in new business opportunities would be beneficial for both the firm and the current shareholders. Although LT has not identified any positive NPV projects yet, there are opportunities in Asia, and therefore it would be wise for LT to return only part of its cash to the shareholders. They can best do this via a more flexible way such as special dividend or repurchases. Holding cash in the firm allows for a better credit rating when entering the capital market, when LT encounters a positive NPV project it wishes to invest in it can finance it partly by cash held and partly by debt financing. There is no ideal set up for cash returns but deriving from the advice of Rollins given in the case, it could be beneficial for LT to hold 1/4 of its cash as a cushion for economic turmoil, invest 1/4 of its cash in short-term securities to generate interest, hold 1/4 to be used in case of encountering good business opportunities, and return 1/4 to its shareholders via repurchases or a special dividend. This would still result in a $375m return for its shareholders.

Stopping By Woods On A Snowy Evening :: essays research papers

Interpretation of Stopping by Woods on a Snowy Evening First Response My first response to this poem was that it seemed simple. To me, the speaker is simply stopping by the woods on snowy evening and enjoying the peaceful scenery. His senses are heightened and he is taking in the sounds of the falling snow and the winter wind. However, he cannot ignore urgency that calls him to keep going. He wants to stay in the woods, but realizes how many miles he must travel before he can sleep for the night. As I thought about the simplicity of this poem, I knew that there had to be more to a Robert Frost poem. I began to compare this poem with the way that Robert Frost usually writes. He is known for writing about death and darkness. I decided to reexamine the poem and look for evidence of death. It actually became quite apparent. He describes the woods as lovely, dark, and deep. Death, to some, is lovely. It is definitely dark, and the grave is deep. When he is in the woods he is far away from the city. The city can be considered a symbol of life. There is alway s a lot going on in a city. He knows that it is not his time to die, and he cannot stay in the peaceful woods. His horse reminds him that it is not his time to die by making noise and disturbing the tranquility of his moment or death. At the end of the poem the line referring to miles before he can sleep lets the reader know that the speaker has a lot more life left before his death. Speaker and Tone I think the speaker in this poem is a man for two reasons. First, I picture this poem to take place many years ago. He refers to a village and that his transportation is a horse and carriage. Also, I think it is a man because during this time period a woman would not be alone in the woods. The overall tone of this poem is peaceful. The speaker sets the mood of serenity and total enjoyment with his surroundings. Structure and Form The poem consists of four almost identically structured stanzas. Each line is iambic. Within each stanza the first, second, and fourth lines rhyme. The third line does not, but it sets up the rhyme for the next.

Polar Bears :: essays research papers

Polar Bears Life Span It is believed that polar bears live an average of 15 to 18 years, though some bears have tagged in their early 30s. In some zoo’s bears have been known to live up to the mid 30s. There is only one individual bear that has been known to have lived up to the age of 40. Biologists believe that starvation is the leading cause of death for sub adult bears, which is probably the reason that when bears are in captivity (a zoo) they live longer. Population Polar bears live in Russia, Alaska, and Canada to Greenland. There is no exact number of a population estimate, but biologists believe there is an estimated figure of 22,000 to 25,000 bears, of which 60% of bears are living in Canada. Habitat It all begins in late autumn. The short summer is over, and it gets colder every day as the sun slowly disappears a pregnant polar bears starts looking for place to give birth to its cubs. She walks around until she finds a deep snowdrift. There she starts digging her winter den. The female polar bear uses her claws as shovels to move away the snow this can take a few hours and even up to a couple of days. These dens are thirty to fifty feet long. At the bottom of the tunnel, she makes a small cave. When she is finished digging, she lies down to rest. The drifting snow will close the entrance of the cave and the thick snow will protect her the harsh Artic nights. Then around Christmas or New Year’s she will give birth to her cubs. These bears remain in their habitat for about 6 months, by then the cubs are ready to slowly come to play. The mother will soon start looking for food and will rove the area as the new bears follow. Range A polar bear’s home range can be enormous, much bigger than any other species of bears. It is believed that a single polar bear can rove across an area as twice as big as the country of Iceland. An Alaskan polar bear was found a home range 45 times the size of Tennessee. Food The diet of polar bears is: walruses, seal, and whale carcasses. Ringed seal is their main food. Polar bears are true carnivores, which mean that they feed mainly of meat. Sometimes these bears walk around for days and weeks without finding any food.

Could a Computer Feel Pain? :: Technology Feelings Papers

Could a Computer Feel Pain? I define pain as a continuously and purposely optimizing input to a feedback system. I proceed by clarifying and restricting the defining terms to the given context. I then prove the robustness of this definition by demonstrating its compatibility with a biologically-acceptable intuitive and philosophical viewpoint. I conclude that if a computational device were to be designed to meet the definition of the requirements for pain, the computer could be said, then, to feel pain. I further note this definition of pain does not completely integrate with higher-order life forms which are capable of beliefs and intentions which I label representations. I then conclude with a rough sketch of what the requirements would be to define a representational system for the purpose of understanding how a computer could have a mind akin to our own. Function A function maps a set of inputs to a single output. To see this, consider the definitions of "function" which follow. 5. Math. a. A variable so related to one another that for each value assumed by one there is a value determined for the other. b. A rule of correspondence between two sets such that there is a unique element in one set assigned to each element in the other. (Morris 1982:539) From the above, it becomes apparent that a function simply maps one set of points to another such as in the equation of line where we consider x to be the input and y to be the output: y is a function of x = f(x) = y = m*x + b. Note that we can remap the output to the input if we take x as a function of y = f(y) = x = ( y - b ) / m. If we examine definition b of "function", we note that, for each value in the input set x, there is one and only one corresponding value of the output y. Thus, the equation of a circle would not qualify as a function since for many values of x there are two values for y such as a point on the top of the circle and a point directly below on the bottom of the circle. A deterministic, or non-random, function will give the same output y every time a given input x is presented. That is, the input x completely "determines" the output y.

Evaluation of Differential Research Methods Essay

In this essay we will look at the positive and negative aspects of the group presentation of remit 1. We will also look into the different research methods we took on to gather relevant information that we needed. Then recommendations we want to include for improvement from our verbal feedback alongside with any constraining factors we, as a group encountered. The essay will then look into the use and analysis of theory that we used that assisted us in making our final campaign. Once our group was given the idea of the university application we began to group ideas together as to what will work most effectively. We chose to use the campaign idea of viral marketing. To do this we took on a semantic and semiotic approach, whereby used signified linguistics to identify what we wanted to communicate and how. Semantic is better defined as ‘the study of linguistic development by classifying and examining changes in meaning and form’ [Semantics 2, 1994] our campaign idea was developed around the concept of transferring different meanings, for example in our campaign we developed the idea from the message we wanted to transfer across, which was the ease of use of the application along with the ability to make the video viral. Taking a semantic approach can allow the user to interpret form and meaning for them, the implementation of the meaning is posed but is left entirely to the user to self-interpret. Our campaign did however briefly touch over on semantic advertising, as we aimed the campaign as an viral video aimed at the social networking side of things we implemented the thoughts of just how effective it can be to specific target audiences to advertise on particular mediums. Our campaign idea could of better utilised the semantic concepts by identifying key phrases or words and adapting those words to create alternate meanings. Many semantic campaigns today are internet based, with a high increase of internet cookie tracking data being used by companies to then forward on products to consumers with similar search data. We decided to stay away from this concept as it falls into the category of anonymity and as an academic foundation we felt it more reputable to remain known. Semiotics is better defined as ‘The study of signs and symbols and their use or interpretation’ [U, Eco, 1979] in our campaign we used many semiotic concepts and in fact it is arguably what our final idea was based around. In our storyboard campaign we decided to use the cartoon to real like to cartoon to real life effect which we used to indicate different scenarios, for example when the person first starts off he is a real life person standing with the application in his hand representing real life. The user then enters the University College Birmingham application whereby he is taken into another dimension and we see the use of different symbols and signs to recreate a fictional dimension. The use of this was to indicate exciting ways to being able to receive the information you need. In the cartoon storyboards the use of colours that we used were primary colours, which were used to indicate simplicity while portraying the ability to enjoy the application. It is also important to mention the signified and signifier model which we briefly used in the construction of our campaign, using key word associations it quickly gave us access to relevant wording which tied in with the possible campaign ideas. Finally to talk about the last concept that was used in the campaign we chose is rhetoric, better defined as ‘Language designed to have a persuasive or impressive effect on its audience’ [G,Tom & Eves, A 1999] in our campaign we opted for the viral video, in hope that this would tap into our target market which were young students. In the campaign with the concepts we used by interacting on social networking sites we intending to create a persuasive advertising campaign that attempted to eliminate any preconceived ideas that university information was complicated and hard to get a hold of. The use of language we used in the campaign was simplistic while informative; we left no vital pieces of information out of the campaign while also making the thought of this information entertaining. The overall effect we intended to make on our target audience was to leave a lasting impressive imprint that the viral video we had created was informative, fun and appealing to our audience. In a highly competitive market it is essential for students to understand exactly what they seek and for it to be easily accessible, by creating the viral campaign with the use of social networking sites it allows the audience to access the information they need directly or through friends. To conclude, with the campaign we ran with and the concepts we took on board to get to the final decision we used a variety of different models, in particular the semiotic model whereby we used a variety of different colours, forms and meanings to portray different emotions to the user to engage them. We then took on board some semantic concepts by allowing the campaign to become a viral video and publishing this online it acted not only as a source of information but in turn an advertisement of the application and university. To recommend what could have changed with the campaign final idea or what could have been done instead to better our chances of the campaign idea being successful there would be a few recommendations. The implication further of semantic concepts could have been implemented in to the campaign idea of using social networking. The application draft idea picked up little criticism other than the presentation of the application and its data. If the project was to be undertaken again the use of rhetoric alongside semantic would be heavily prevalent to tap into the internet advertising market alongside the use of websites which creating platforms to share videos, blogs and articles.

Disadvantages Early Marriage

Many people are marrying early these days. They would like to get into matrimony as soon as their courtship is over. Tying the knot is important to strengthen their relationship. They feel settling down in life early would help them set up their independent home. Whatever may be the advantages of settling down early in life, the fact remains there are problems to be faced if one gets into matrimony too quickly. Examples are:1. Responsibility has to be shouldered at a very young age. One has to take on household responsibilities, child rearing responsibility etc. There is no adult to guide or help out. 2. Missing out on the fun of teenage life and being young. The drudgeries of married life can get to you. They deprive you of your youth. 3. Health also can get affected as early pregnancy can have a negative impact on overall health. 4. Breakdown of marriage is possible. Often the young couple is immature to shoulder major responsibility and end up fighting with each other. Adjustment problems may arise. 5. Education also gets affected. The young couple may not be able to pursue higher education as they have to take on the responsibilities of family budget. 6. Work opportunities are limited for the youngsters. Since their education levels are low, they cannot get highly paid jobs. 7. Bringing up children may be difficult. Their knowledge of child care may be limited and parental guidance is also not there. They may not be able to provide the appropriate care for their child.Marrying early may seem very romantic and convenient, but it has its problems. Couples need to get to know each other better and this takes time. Rushing into a marriage, which may not last long does not appear the right thing to do. In some countries, where child marriage is prevalent, efforts are on by respective Governments to dissuade such a practice.

Mathematics Educational Theories Essay

My investigation has led me to think about lots of ideas that can be used with children in Early Years classroom as well as with KS1. Numbers displayed on telephone sets and remote controls are probably the first form of numbers in an order that young children come across with. Primarily, number lines 0 – 10 & 0 – 20, as a part of the 100 square can be used where children familiarise themselves with numbers and recognise the correct order of numbers. Number lines are very versatile. They can be of any size, for individual or whole- class use. They can start on any number. Blank number lines are infinitely adaptable; they can be used for counting calculations using all four number operations. They are a good way to practice and overlearn the number bonds to 20 that children need to be able to remember fluently. Visual counting pattern on number lines can help children to understand relative numbers and number sequences. Moving a step forward from the correct order of numbers, the children can identify and colour all the odd and even numbers and establish rules for recognition. When children are confident with bigger numbers, a large 100 square is ideal to work with the whole class to learn timetables, addition & subtraction of larger numbers by counting numbers above it or below it. Children can also identify multiples of 2,3, 5, 10 and others by highlighting numbers in different colours and demonstrate sequential patterns. They can reverse the two digit numbers, read them and make new numbers. Problem solving activities such as pick a number between 0-10 or 0-20, double it and add 1, is very exciting as children manipulate with numbers at their own pace. Lots of different games can be introduced. Snakes & Ladders, number dominions, dice games, dot to dot, finding the difference between two dices; place value cards are few examples. By playing and replaying a selection of games, children can practice to grapple ideas, number facts and concepts in a way that they can enjoy and strengthen skills at the same time. Active involvement aids their learning and enhances their attitude towards the subject. But it is important to focus on the particular learning target that the game is reinforcing. Hundred squares can be cut into several parts to form a jigsaw and children can be challenged to put the pieces together again. (See some activity ideas in the appendix)

The Kite Runner Journal Responses

Journal Responses 11/2/12 The passage â€Å"†¦ they in turn opened into an extension of the driveway into my father’s estate† uses a key word in the phrase, â€Å"estate†. Some synonyms of the word estate are; land, park, parkland, manor. The connotation we could make is that the author used this word to sound elegant and give the Hassan’s family a rich outlook on what they are compared to other families in afghan. The passage â€Å"†¦ a new and affluent neighborhood in the northern part of Kabul. Some thought it was the prettiest house in all of Kabul. Can present how Amir and his father are very proud of themselves. The author wanted to show that Amir and his father were one of the richer and wealthier in the city. He may also wanted to show that they stand out from the rest of the people of the city. Therefore Amir and his Father are characterized as the upper class of Kabul. â€Å"you! The hazara! † what I further remember from the mo vie afghan star is that all the ethnic groups were fighting back where they were from. But all of the 4 different ethnics singing it had seemed to bring them together in a sense of unity.Yes, The Hazaras are disrespected more than the other ethnic groups. This is almost like them picking on the most weakest person which in this case is hazara. The passage â€Å"†¦ they in turn opened into an extension of the driveway into my father’s estate† uses a key word in the phrase, â€Å"estate†. Some synonyms of the word estate are; land, park, parkland, manor. The connotation we could make is that the author used this word to sound elegant and give the Hassan’s family a rich outlook on what they are compared to other families in afghan.Eric Richardson Ms. Pierce Journal Responses 11/2/12 Chapter four response. Why doesn’t Amir accept Hassan as a good friend? What doesn’t make sense to me is why does Hassan do all this stiff for Amir and not get anything in return even tho he is always there for him. For example when Hassan read Amir a story then he asked a question, when Amir was thinking about something mean to say about Hassan being a hazara. Amir doesn’t seem to have respect for anyone and I think it will come back to haunt him.

Li & Fung Introduction

Introduction: â€Å"Globalization†, the word everybody has heard of and which Is literally spread everywhere. Either In school, university or In the news. People are constantly discussing about this term and its consequences. But what does globalization actually mean? There are thousands of deflations and It Is hard to find one which covers all areas of globalization. In short words Globalization considers the process of the world becoming more and more interdependent and linked concerning politics, economy, environment and technology. It is not possible anymore to see our economy as a single unit.Instead the whole world is connected and linked through cash or trading flows or commodities that are being shipped for instance from Hong Kong to the US. This process has significantly influenced multinational companies and their strategic development in order to gain more wealth and growth from an international point of view. In the following assignment I am going to analyses the i nternationalization strategy of Lie & Fun, a Hong Kong based multinational company which targets on a unique supply- chain management system and also covers logistics.We span a range of such as toys, home furnishings, sporting goods, footwear, and health and beauty products. Our services cover all aspects of the supply chain from product design, raw material sourcing and production management to quality control, logistics, and shipping. We operate one of the world's most extensive global networks across our trading and logistics businesses. More than 28,000 colleagues work across some 300 offices and distribution centers in more than 40 different markets. We have access to a sourcing network encompassing over 1 5,000 suppliers around the world.The Trading business provides sourcing services to retailers, brand owners and wholesalers to support their brands on both an agency (commission margin) and a principal (product margin) basis. It also offers design and products to retailers on a wholesale basis. The Logistics business is a leading player for logistics in distinct verticals across Greater China and Southeast Asia, and interacts with our trading business to provide comprehensive in-country logistics solutions and international freight forwarding services. )

Ethics Essay Example | Topics and Well Written Essays - 1750 words - 1

Ethics - Essay Example Nor is computer ethics the rote application of ethical principles to a value-free technology. Computer ethics requires us to think anew about the nature of computer technology and our values. Although computer ethics is a field between science and ethics and depends on them, it is also a discipline in its own right which provides both conceptualizations for understanding and policies for using computer technology.† (Moor, 1985) To evaluate this current ethical issue a recent (not more than four weeks old) article form the Brimbank Weekly Newspaper was evaluated. A summary of the core idea behind the article is represented as under: The basic ethical issue that has been highlighted in the article is that Web security is the right of every individual. Ethically it becomes the responsibility of every individual who is an Information and Communications Technology Professional to safeguard privacy and security of others’ interests. Any violation in doing so is not in line with the ethical boundaries to which every ICT related individual is bound. The article further proceeds as follows: The article highlights that schools often propagate the pictures and some personal information of their students without the permission of their parents. The personal information may involve the name of the child or the grade in which he studies etc. It emphasizes the fact that schools themselves do not permit students to put up their pictures in their school uniform on the internet so that the school’s image may not get associated in any inappropriate manner. On the contrary, however the school administrative itself does not practice the same for its students who should be their most valued assets. On the contrary, if the parents try to search their child’s name on any reputable on-line search engine like Google they are shocked to find repeated entries of the child’s name in various documents. This is without the acquisition of any permission from them. Entries for

(Criminal Justice) Ethics, Justice, and Law Assignment

(Criminal Justice) Ethics, Justice, and Law - Assignment Example There are different ways in which such distribution can be conducted (Pollock, 2008). Egalitarian distribution calls for all participants to receive equal shares. Marxism, though, contends that the resources should be shared based on need. That means that those citizens with the greatest need will receive more with few needs. Libertarianism supports the notion that resources should be distributed on merit. This means that those who meet a pre-determined standard of values are the ones most likely to have the greatest number of resources. Lastly, utilitarianism supports the notion that resources should be distributed on the basis of a mixture of need and merit. In the criminal justice system, distributive justice can be realized by ensuring that all classes of prisoners, who commit the same crime, are handed the same sentence. For instance, the nephew of a powerful politician who commits embezzlement and is caught, should be forced to face the same punishment as a homeless man who steals from an unmanned shop. In all areas of life, the lack of distributive justice results in feelings of aggrievement in the parties who feel that they are held up to a standard that others are excused from for one reason or another. This can then result in violent protests, and other criminal behavior. What is the purpose of corrective justice? Compare and contrast the different forms of substantive justice, including remedial, retributive, and utilitarian. Which form of substantive justice should the criminal justice system pursue? Corrective justice seeks to deal with criminals by handing down punishment for the crimes they commit. In substantive judgement, the criminal is handed a punishment that correlates with the level of crime he has commited. In retributive justice, the judge seeks to restore the balance by correcting what the criminal has done to society. In regards to utilitarianism, a stiff punishment is handed to the offender in the hopes of deterring others from

Persuasive Speech Essay Example | Topics and Well Written Essays - 1000 words - 1

Persuasive Speech - Essay Example Bright packing, celebrities advertising these or those goods, enormous list of ingredients, higher prices, lower prices, discounts- all the means are justified in achieving this goal. It seemed that food producers suffered and struggled seriously until the concept of organic food was invented. However, it is possible to state that organic food existed as long as humanity itself but only in our time it became trendy when people understood that it can bring money. Selling organic producers play on our subconscious desire to buy best product, the most nutritious and the least harmful, however, in reality it is only the way to buy old goods under new names in new packing. So it is important to find out what organic food is basically and why it has become so popular. Because it turns out that third part of American consumers prefer organic products to conventional products and are ready to spend extra money buying them despite the fact that the crucial difference between these two kinds of products was not established (Warner, 2005). In this essay I will try to outline the difference between organic and inorganic food and prove that organic food is just another method of selling products for higher prices. This will be done to make readers understand that the label â€Å"organic† must be perceived as additional advertisement not as absolute mark of quality (Blair, 2012). First of all organic products are those products which are grown without any chemicals, such as synthetic pesticides, artificial fertilizers, radiation aimed to kill bacteria. As for the animals the label organic signifies that animals were fed organic food only and were treate d without antibiotics and hormones (Blair, 2012). These chemicals became popular in the 20th century as they allow protecting crops from pests. In the United States of America farmers must adhere to certain rules and regulation to be allowed to call their products organic. USDA regulates adherence to these regulations.

Health implications related to the personal health and wellbeing of Essay

Health implications related to the personal health and wellbeing of individual patients in hospital and domestic settings - Essay Example My immediate guess was that both chemotherapy and laser therapy had affected his body metabolism to a certain extent. He was a patient very concerned about his appearance. Being just 27 years of age and unmarried, he wanted to look smart all the time. He recalled the fact that he had a very stylish hair style prior to undergoing chemotherapy. He lamented stroking the few remaining strands of hair remaining in his otherwise bald head. The patient said he used to look in the mirror often and was very proud of his neatly combed hair earlier, but now he was devastated by the figure looking back at him when looking in the mirror. According to him his hair style enhanced his personality and every one used to comment on it. I knew that he was visibly shaken by his hair loss and this was affecting him psychologically. He asked me whether his hair would grow again. Due to his hair loss he told me that his confidence was shattered and did not know how to face society once he was discharged from hospital. Chemotherapy treatment often causes hair loss basically because the cells in the hair follicles grow fast (Baker, 1996). Hair loss would not be a permanent issue and the hair will grow back once the patient's treatment has ended. In fact chemotherapy damages fast growing cells, however all drugs will not cause hair loss and in some scenarios it just cause thinning and others cause dramatic hair loss including the body hair and eye brows (Bandura, 1998). Moreover, different people have different tolerances to the drugs and occasionally, some people lose their hair when it is not expected and sometimes in other cases no hair loss occurs when it is expected. The patient did not understand how certain drugs produced negative side effects in the long run, when I told him that certain chemical combinations coming from different drugs would have caused his hair roots to destabilize he thought that I was talking about some alien disease. When I explained this to him and said that his hair loss was temporarily he was much relieved and satisfied. Finally a smile appeared on his hitherto gloomy face. He thanked me a lot for enlightening him about his hair loss. I was much satisfied when a smile finally appeared on his face. Entry two This week I had an encounter with a patient who complained of a swelling in the neck and in the groin and the legs. But he was experiencing no pain. He also complained of an early feeling of fullness of the stomach and recurrent abdominal pain. He was sixteen years of age and had been an active member of the school soccer team and other sports sometime back. But now he was thin and frail and has been under medication for some time. He lamented that he was unable to go to school and take part in soccer practices which he loved so much. He had been a boy of robust build but of late has lost a lot of weight and said he was having a feeling of 'lack of energy'. This apart he experienced chills, fevers and night sweats on a regular basis. Being the only child in the family, he was the apple in the eye of his parents. He wanted to do all that he can to make his parents proud. Though not a very bright student in his studies, he was very keen on sports and said that his ambition was to

Auditing Theory And Practice Essay Example | Topics and Well Written Essays - 2500 words

Auditing Theory And Practice - Essay Example Maybe owing to your big size, the previous audit company needed additional resources in terms of man and woman power and facilities to meet your needs. When the previous audit company held a meeting with the directors in which their responsibilities and the responsibilities of Krypton were discussed in details. The Audit Company and krypton agreed to the terms of the audit engagement. The terms of engagement which they agreed upon were documented in a form of a letter of engagement. They then discussed and agreed on the basis on which the audit fee was to be computed and any billing arrangements. We then do not understand why this is still a problem yet to be solved The last audited accounts were those for the period ended 31st December 2003. As we conduct this audit, making comparatives to the year 2004, it will make good sense if we first conduct an audit for the year 2004. To determine the implications of the figures, analytical procedures are usually performed on the financial in formation. Analytical procedures consist of mainly trend and ratio analysis with information being inferred from the resulting figures. From the financial statements of the company, the following was established. Ordinarily, a 10.16% increase in the cost of sales should lead to a corresponding decrease in stocks. Yet in this case, stocks have increased by 58.20%. The stock turnover ratio has also declined from 15.60 in 2004 to 10.86 in 2005. The stocks were expected to decrease and their increase might imply that employees could be selling their own goods brought from outside. The audit shall then focus on the existence of the stocks and their condition. In order to ascertain the genuineness of the stock figure, a revaluation test of the stocks will have to be performed to see whether their increase was as a result of a revaluation.