Micro Assignment Example | Topics and Well Written Essays - 1000 words

Micro - Assignment Example According to Samuelson and Temin the opportunity cost of a choice is determined by the next best choice, and for many allocations, opportunity cost is measured by monetary value (Samuelson and Temin, 1976, p.20). Hubbard and Brien write that choices are costly thus the need for an alternative that will incorporate the scarce resources (Hubbard and Brien, 2006, p.8). Choices have both the implicit and explicit. Explicit costs are which monetary value is lost i.e. the sacrifice of the choice is paid out in monetary value. On the other hand, implicit costs are costs for which there is no monetary value in the choice made. The principal forfeit in this cost is time. According to Douglas the cost of production of any product is estimated in terms of what is foregone (Douglas, 1994, p.171). The concept of opportunity cost is best illustrated by production possibility frontiers. A PPF demonstrates the probable combination of two products e.g. let us consider a firm in UK producing computers and mobile phones. When it uses all its resources, it can produce 6.8 million computers and 50 million mobile phones. Computer (m) Mobile Phones (m) 84 0 80 1 70 3 60 5 50 6.8 40 8.2 35 8.8 20 10 5 11 Production Possibility Frontier Opportunity cost will lead to trade off in the choices of consumers and a comparative advantage in countries. A trade off entails a forfeit made to obtain a certain good. The output increases when countries specialize in the goods and services they have absolute advantage. For example let us consider UK and country B-producing motor cars and trucks. Maximum production Max Output U.K. Country B Cars 60 45 Truck 40 20 Employing all the resources U.K. can produce 60 million cars and 25 million trucks, while country B can produce 45 million cars and 20 million trucks. It is therefore right to say that U.K. has an absolute advantage in producing both goods, but it has comparative advantage in producing trucks since it is 2 times better at producing them than country B, whereas it is 1.3 times better in producing cars. The concept of opportunity comes in production of products by countries. Countries that produce goods using few resources at low opportunity cost have a high comparative advantage in producing those goods. However, comparative advantage ignores costs and assumes there are no diminishing returns (Hubbard, p.101). Effect of change in price of disposable hospital gowns in U.K Change in demand Price P=p* p=p1 DD 2 DD 1 output A decrease in the price of disposable hospital gown in the United Kingdom results to an increase in demand from DD 1 to DD 2. Supply remains the same in this case. Change in demand and supply due to change in market SS 1 p SS 2 P=p* DD 2 DD 1 Y1 Y2 Y3 Quantity A change in the price of hospital gowns will result to an increase in demand. An increase in demand results to more production as firms try to meet the increased demand. This result to change in the equilibrium price (McGraw-Hill, p.58). Market equ ilibrium shows the relationship between market demand and market supply. There is competitive and Nash equilibrium. Profit is the variation between revenue and costs. In economics profit denoted as П is the differentiation of marginal revenue and marginal cost i.e. П = TR-TC. High revenues translate to high profits if the production cost is low. Usually a company tries to maximize profits

Visa Company Essay Example for Free

Visa Company Essay Internet shopping is just one of the many types of â€Å"Shopping from Home† (Trading Standards Service, New Jersey, p. 1). The convenience of shopping online had encouraged shopping for airline tickets, computer hardware, books and even stocks and mutual funds. In the United States studies in 1997 showed that Americans spend as much as $5 trillion annually (Strategies Group Inc. , 1998). In another study, Visa Company estimates that 30% of Internet users, corresponding to 18.3 million shoppers will have to shop online in 2002, which mean that it will triple the 1997 figures (Visa, 1996). Visa also found that 25% of Internet users in 2002 have visited websites for shopping purposes while 12% have undergone banking transactions. Relative to percentage of internet shoppers by age group, Strategies Group Inc. estimates that 77% of consumers ages 25 years and below are willing to shop online while 67% pertains to consumers ages 26 to 34 (Strategies Group Inc. 1997). Technology and the globalization trend has made even shopping more convenient to people. These factors have influenced much of the shopping behaviors of consumers and Internet shopping is not an exemption. Several other factors include the following: (1) experience in conventional in-home shopping methods, (2) internet experience, (3) work in the computer branch, (4) convenience factors, (5) uniqueness of the product sold in the Internet, (6) perceived risk and (7) the desire of consumers to experiment (Yankelovich Partners 1996). Aside from these factors, there are studies that show some other factors that are somehow related to the consumer’s Internet shopping behaviors. Time and internet experience according to Network Wizards influence internet shopping behaviors stating that online shoppers are frequently people who spend more time over the Internet or those people who regard Internet surfing as a habit (Network Wizards, 1996). TAKING THE RISKS OF INTERNET SHOPPING The convenience and fun of Internet shopping have corresponding risks that consumers must take and must seriously consider. Because Internet shoppers are required to give their personal information such as name, address, phone numbers, credit card numbers and even Social Security Number (SSN), shoppers are at risk of fraud and identity theft. Our main concern in this paper is to trace back the processes that Internet shoppers undergo before the actual purchase of the product in order to find out where is the loophole located. There have been studies and surveys including criminal records that prove fraud and identity theft to be true. Surveys provided by the Privacy Rights Organization revealed that there are about nine million victims of this crime each year. Studies also show that there are various ways criminals have been using in order to steel one’s identity. They can acquire personal information such as SSNs, driver’s licenses, credit card and ATM numbers including birthdates, addresses and phone numbers that they use to spend the victims’ money without permission. This is done through the process of impersonation. There are two types of identity theft: Account takeover and application fraud (Privacy Rights Clearing House, 2007). Account Takeover happens when the criminal â€Å"acquires your existing credit account information and purchases products and services using either the actual credit card or simply the account number and expiration date. † On the other hand, Application Fraud (true name fraud) happens when the criminal opens new account in your name using your personal information he acquired somewhere. There are several ways by which personal identifications are stolen by these criminals. The website of the Privacy Rights Clearinghouse has provided the following information relative to the most common methods by which one’ identity is stolen. One way is called Dumpster Diving wherein criminals may come as scavengers who fish for unshredded credit cards, loan applications and other documents containing personal information such as SSNs in trash bins. Criminals may also steal mails by unlocking mailboxes. They may also other documents in the mailboxes such as issued credit cards and other documents containing vital information relative to one’s identity. Shoulder Surfing can also be one way wherein criminals can acquire PINs by looking over your shoulders while doing business on ATM booths. Finding identifying information on Internet sources, via public records sites and fee-based information broker sites are ways wherein criminals acquire personal data but they remained unnoticed. Criminals also send email messages that look like they are from your bank, asking you to visit a web site that looks like the banks’ in order to confirm account information. This is called phishing. Take note that of the five methods enumerated above, two are related to the use of the Internet. This therefore suggests that Internet shopping, using the fact that the process requires the use of personal identification numbers, is risky. It is therefore important that each Internet user, especially shoppers, have knowledge on the risks of Internet shopping. Moreover it is important that they too have at least the basic knowledge of Internet and email security information. WHAT SHOPPERS SHOULD KNOW ABOUT INTERNET SECURITY There is basic security information that every shopper should be aware about the Internet. Take note that this information is required by websites who are into the business of online retailing. The terminologies that we are going to discuss are defined and described based on the information provided by the Office of the E-Envoy (Security Tips: Beginners’ Guide to Computer Security). One should learn the importance of a password. A password is a code which the website asks in order to have an individual and exclusive access of the site and the account you have created. Passwords may either be a series of numbers, letters or a combination of both. It is basic and a requirement that such password is a secret code that should be exclusively revealed between the user and the company and therefore should not be disclosed or shared to anyone else. A Security Lock Layer (SSL) is a software tool which ensures that information sent to or from a website cannot be viewed during transmission. It uses a public and private key encryption system. Another security tool common in the Internet is the Padlock. There are cases wherein the Internet user comes across with a padlock (a figure displayed as in a real padlock) displayed in the browser. A padlock in the browser suggests that the website is secure since they are using the SSL software. A site in the padlock therefore means that the information you are transferring from your computer to the operating system of the website offers the assurance that they cannot be intercepted by anyone during the transferring process. Each shopper is also advised to look consider only secure browser when doing online shopping. A secure web browser complies with the standard technical security protocols. This compliance gives the website visitors the assurance that the information they provide to the site cannot be viewed by unauthorized persons. Secure web browsers necessarily has the padlock symbol which when double clicked will reveal a â€Å"digital certificate† which confirms that the site is authentic. Needless to say, Internet shoppers should always shop only on authentic websites. Remember that â€Å"phising† is one of the many ways you can be fooled by imposters.

Role of Institutional Investors in Corporate Governance

Role of Institutional Investors in Corporate Governance CHAPTER II REVIEW OF LITERATURE Corporate governance paradigm is based on the argument of Berle and Means (1932) that separation of ownership and control leads to the problems associated with agency theory so that the managers of a company may not act in the best interest of owners. Throughout the twentieth century, the pattern of ownership continued to change from declining individual ownership to increasing institutional ownership. So, it is not surprising that institutional investors are increasingly looking more carefully at the corporate governance of companies because good governance goes hand in hand with increased transparency and accountability. Many studies have been conducted to see the impact of institutional holdings on corporate governance. Some researchers contend that substantial holdings by institutional investors and corporate governance are significantly correlated while others argue the absence of such a relationship. Evidences are also inconclusive on whether institutional investors invest in good governed companies or their holdings improve the governance practices. The role of institutional investors is visualized in two perspectives, the corporate governance and the firm performance. The present chapter covers the empirical studies on the above issues as institutional holdings and corporate governance, institutional holdings and firm performance, corporate governance and firm performance with special emphasis on the studies conducted in India on the above aspects. The present submission seeks to evaluate the impact of institutional holdings over corporate governance and firm performance by constructing governance score and taking various measures for firm performance. Various studies have focused on different aspects/levels of ownership and their effects on firm performance. As a result, various arguments have been put forward both in support and against the notion of the effects of ownership structure on the firm performance. While some researchers denied the direct correlation between ownership structure and firms economic performance while the others argued that there exists such a relationship for certain. Amongst those who establish such causality, some provide evidence that there is a negative relationship, while others plead a positive relationship between the two. Studies have also been carried to determine a link between varied aspects of corporate governance and firm performance; evidence in this regard too appears fairly mixed. There has been extensive literature to document a positive relationship between the two, based on identified individual aspects of corporate governance and firm performance whereas others do not find any conclusive evidence in this regard. Prepositions put forwarded by the researchers in this context are being reviewed here as under in the perspectives identified above: 2.1 Institutional Holdings and Corporate Governance Coombes and Watson (2000)1 on the basis of a survey of more than 200 institutional investors with investments across the world showed that governance is a significant factor in their investment decision. Three-quarters of the investors say that board practices are at least as important as financial performance. In fact, over 80% of the investors in the survey stated that they would pay more for the shares of a well-governed firm than a poorly governed firm with comparable financial performance. The survey indicated that the premium these institutional investors would be willing to pay varied by country, with premiums being higher in Asia and Latin America (where financial reporting is less reliable) than in Europe or the U.S. Bradshaw, Bushee and Miller (2004)2 indicated that firms whose accounting methods conform to U.S. Generally Accepted Accounting Principles have a greater level of investment by U.S. institutional investors. They found further that increases in conformity with U.S. GAAP are positively associated with future increases in U.S. institutional investment, but that the reverse does not hold (i.e., increases in U.S. institutional ownership are not associated with later changes in accounting methods). The authors attributed this relation to home bias rather than better transparency (and corporate governance) however; their results are also consistent with the latter interpretation. Chung, Firth, and Kim (2002)3 hypothesized that there will be less opportunistic earnings management in firms with more institutional investor ownership because the institutions will either put pressure on the firms to adopt better accounting policies or they will be able to unravel the earnings management rule so it will not benefit the managers. They found that when institutional investors own a large percentage of a firms outstanding shares, there is less opportunistic earnings management (i.e., less use of discretionary accruals). Hartzell and Starks (2003)4 provided empirical evidence suggesting institutional investors serve a monitoring role with regard to executive compensation contracts. First, they found a positive association between institutional ownership concentration and the pay-for-performance sensitivity of a firms executive compensation. Second, they reported a negative association between institutional ownership concentration and excess salary. One implication of these results, consistent with the theoretical literature regarding the role of the large shareholder, is that institutions have greater influence when they have larger proportional stakes in firms. Parrino, Sias and Starks (2003)5 indicated that those firms that fired their top executives had a significantly greater decline in institutional ownership in the year prior to the CEO turnover than firms experiencing voluntary CEO turnover (even after controlling for differences in performance). These results support the hypothesis that institutional selling influences decisions by the board of directors-increasing the likelihood a CEO is forced from office. This implies that boards care about institutional trading and ownership activity in their firms. Further, the authors found that larger decreases in institutional ownership are associated with a higher probability of an outsider being appointed to succeed the CEO. This result suggests that directors are more willing to break with the current corporate management and institute change. They also noted that there are several potential effects when institutions sell shares. First, heavy institutional selling can put downward pressure on the stock price. Alternatively, institutional selling might be interpreted as bad news, thus triggering sales by other investors and further depressing the stock price. Finally, the composition of shareholder base might change, for example, from institutional investors with a long-term focus to investors with a more myopic view. This last effect might be important to directors if the types of institutions holding the stock affect share value or the management of the company. Cremers and Nair (2005)6 stated that the interaction between shareholder activism on behalf of institutional investors and the market for corporate control is important in explaining developments in abnormal equity returns and accounting measures of profitability. Davis and Kim (2007)7 found that mutual funds with conflicts of interest (based on management of pension assets) more often vote with management in general. On the other hand, mutual funds have more incentive and power to oppose management in firms in which they have a larger stake. McCahery, Sautner and Starks (2008)8 have relied on the survey data to investigate governance preference of 118 institutional investors in U.S. and Netherlands. The study found that the majority of institutions that responded to the survey take into account firm governance in portfolio weighting decisions and are willing to engage in activities that can improve the governance of their portfolio firms. Brickley, Lease and Smith (1988)9 found evidence supporting the hypothesis that firms with greater holdings by pressure-sensitive shareholders (banks and insurance companies) have more proxy votes cast in favor of managements recommendations. Moreover, firms with greater holdings by pressure-insensitive shareholders (pension funds and mutual funds) have more proxy votes against managements recommendations. The authors differentiated between the different types of institutional investors, noting the difference between pressure-sensitive and pressure-insensitive institutional shareholders and arguing that pressure-sensitive institutions are more likely to â€Å"go along† with management decisions. The rationale is that pressure-sensitive investors might have current or potential business relations with the firm that they do not want to jeopardize. Maug (1998)10 noted that institutions use their ability to influence corporate decisions are partially a function of the size of their shareholdings. If institutional investor shareholdings are high, shares are less marketable and are thus held for longer periods. In this case, there is greater incentive to monitor a firms management. However, when institutional investors hold relatively few shares in a firm, they can easily liquidate their investments if the firm performs poorly, and therefore have less incentive to monitor firm performance. Almazan, Hartzell and Starks (2003)11 provided evidence both theoretical and empirical that the monitoring influence of institutional investors on executive compensation can depend on the current or prospective business relation between the institution and the corporation. They concluded that the monitoring influence of institutions is associated more with potentially active institutions (investment companies and pension fund managers who would be less sensitive to pressure from corporate management due to lack of potential business relations) than with potentially passive institutions (banks and insurance companies who would be more pressure-sensitive). Marsh (1997)12 has argued that short-term performance measurement does work against the active monitoring by institutional investors. The performance of fund managers is evaluated over a shorter time period. Hence, they act under tremendous pressure to beat some index. So, when they find a case of bad governance, they find it economical to sell the stock rather than interfere in the functioning of the company and incur monitoring costs. Denis and Denis (1994)13 found no evidence to suggest that there is any relationship between institutional holdings and corporate governance. They stated that if companies that create shareholders wealth are the ones with poor corporate governance practices, and then one really cannot blame the institutional investors for having invested in such companies. For, after all, a fund manager will be evaluated on the basis of stock returns he creates for the unit holders and not on the basis of the corporate governance records of the company he invests the money in. If however, one finds that companies with poor corporate governance practices are the ones, which have consistently destroyed shareholders wealth, then the contention that the institutional investors need not look at corporate governance records cannot be justified. David and Kochhar (1996)14, provided empirical evidence regarding impact of institutional investors on firm behaviour and performance is mixed and that no definite conclusions can be drawn. They argued that various institutional obstacles, such as barriers stemming from business relationships, the regulatory environment and information processing limitations, might prevent institutional investors from effectively exercising their corporate governance function. Agrawal and Knoeber (1996)15 found little evidence of an association between total institutional ownership and other possible control mechanisms (e.g., insider ownership, block holders, outside directors, CEO human capital, and leverage). Payne, Millar, and Glezen (1996)16 focussed on banks as one type of institutional investor that would be expected to have business relations with the firms in which they invest. They examined interlocking directorships and income-related relationships, and noticed that when such relations exist; banks tend to vote in favor of management anti-takeover amendment proposals. When such relations dont exist, banks tend to vote against the management proposals. Leech (2002)17 is of the view that many institutional shareholders do not seek control of a company for a variety of reasons, which include the fear of obtaining price sensitive information, and that it is more likely that institutional investors seek only influence rather than complete control. Moreover, it has also been argued, in line with the â€Å"passive monitoring† view, that institutional investors may not be keen to â€Å"exit† on their investments â€Å"i.e. sell their equity stakes when the firm is not performing optimally, mainly because they hold large investments and thus selling may lower the price and further increase any potential loss. Woidtke (2002)18 concluded by comparing the relative value of firms held for public versus private pension fund that relative firm value is positively related to private pension fund ownership and negatively related to (activist) public pension fund ownership. These results supported the view that the actions of public pension fund managers might be motivated more by political or social influences than by firm performance. Ashraf and Jayaman (2007)19 examined mutual funds trading behavior after the release of voting records. The study found that funds that support shareholder proposals reduce holdings after the release of voting records. Since the time of releasing voting records could be very far from the shareholder meeting date, mutual funds trading behavior after the release of voting records may be unrelated to the votes cast in the meeting. Dahlquist et al. (2003)20 analyzed foreign ownership and firm characteristics for the Swedish market. The study found that foreigners have greater presence in large firms, firms paying low dividends and in firms with large cash holdings and explained that firm size is driven by liquidity. It reiterated that foreigners tend to underweight the firms with a dominant owner. Leuz, Nanda and Wysocki (2003)21 asserted that the information problems cause foreigners to hold fewer assets in firms. Firm level characteristics can be expected to contribute to the information asymmetry problems. Concentrated family control makes it more likely that information is communicated via private channels. Informative insiders have incentives to hide the benefits from outside investors by providing opaque financial statements and managing earnings. Haw, Hu, Hwang and Wu (2004)22 found that firm level factors cause information asymmetry problems to FII. It found evidence that US investment is lower in firms where managers do not have effective control. Foreign investment in firms that appear to engage in more earnings management is lower in countries with poor information framework. Choe, Kho, Stulz (2005)23 found that US investors do indeed hold fewer shares in firms with ownership structures that are more conducive to expropriation by controlling insiders. In companies where insiders are dominating information access and availability to the shareholders will be limited. With less information, foreign investors face an adverse selection problem. So they under invest in such stocks. Covirg et al. (2008)24 concluded that foreign fund managers have less information about the domestic stocks than the domestic fund managers. They found that ownership by foreign funds is related to size of foreign sales, index memberships and stocks with foreign listing. Leuz, Lins, and Warnock (2009)25 found that foreign institutional investors prefer to invest in firms with â€Å"better† governance practices. This literature assumes that firm level corporate governance mechanisms substitute for weak country level legal protections of minority shareholders. Aggarwal, Klapper and Wysocki (2005)26 found that U.S. mutual funds tend to invest greater amounts in countries with stronger shareholder rights and legal frameworks (controlling for the countrys economic development). In addition, within the countries, the mutual funds also discriminate on the basis of governance in that they allocate more of their assets to firms with better corporate governance structures. Resume After reviewing the literature on the above sub-section, it is concluded that the results are inconclusive regarding the association between institutional holdings and corporate governance as some studies invariably support the hypothesis that institutional holdings and corporate governance are significantly related while the others reject it. But the results are uniform on one issue that there is positive relation between the foreign institutional holdings and corporate governance as foreign institutional investors are relatively more concerned about the governance practices of companies and countries as well. They prefer to invest more in the countries with stronger shareholder rights and legal frameworks. Similarly, they do invest in the companies with good disclosure and transparency measures. A group of studies contend that institutional investors consider governance practices of companies as an important consideration for investment decision. They not only care for financial performance of target companies, but also put great emphasis on the board practices. They are ready to pay premium for good governance. Institutional investors can put pressure on firms improve their governance practices if they have substantial stake in the target companies and do not have business relations with them. Moreover, if they dont involve themselves actively in governance but only vote with their feet it serves as a deterrent for the management in practicing bad governance. As it will send bad signal to the stock market leading to further decline in the stock prices and may be changing the shareholder base from dynamic institutional investors with long-term focus to myopic investors. Whereas in other studies, it has been observed that institutional investors prefer to remain passive and concentrate on their own business objectives, rather than look into the governance practices of companies. They do not involve themselves actively in the governance of firms for variety of reasons as short-term performance measurement, business relationships, regulatory environment, information processing limitations, free-rider problem etc. Moreover, they may not be interested in selling the shares of poor firms as they have large holdings and selling may aggravate their potential loss. 2.2 Institutional Holdings and Firm Performance Pound (1988)27 explored the influence of institutional ownerships on firm performance and proposed three hypotheses on the relation between institutional shareholders and firm performance: efficient-monitoring hypothesis, conflict-of-interest hypothesis, and strategic-alignment hypothesis. The efficient-monitoring hypothesis says that institutional investors have greater expertise and can monitor management at lower cost than the small atomistic shareholders. Consequently, this argument predicts a positive relationship between institutional shareholding and firm performance. The conflict-of-interest proposition suggests that in view of other profitable business relationships with the firm, institutional investors are coerced into voting their shares with management. The strategic-alignment hypothesis states that institutional owners and managers find it mutually advantageous to cooperate. Holderness and Sheehan (1988)28 found that for a sample of 114 US firms controlled by a majority shareholder with more than 50% of shares, both Tobins Q and accounting profits are significantly lower for firms with individual majority owners than for firms with corporate majority owners. Hermalin and Weisbach (1988)29 further stated that the managerial ownership is positively related to performance between 0-1% of managerial ownership, negatively related thereafter up to 5%, and again positively related from 5-20% and negatively related thereafter. Boardman and Vining (1989)30 compared the performance of state owned enterprises, joint enterprises, and private corporations among the 500 largest non-US industrial firms, and found that mixed enterprises and state owned enterprises perform substantially worse than similar private enterprises. McConnell and Servaes (1990)31 found a strong positive relationship between the value of the firm and the fraction of shares held by institutional investors. They found that performance increases significantly with institutional ownership. Han and Suk (1998)32 found (for a sample of US firms) that stock returns are positively related to ownership by institutional investors, thus implying that these corporate owners are actively involved in the monitoring of incumbent management. They also found that alignment effect dominates if the managers own up to 41.8% of the share capital. They further evidenced that beyond the limit of 41.8%, the mangers are able to control the Board of directors and so the entrenchment effect dominates the alignment effect. Majumdar and Nagarajan (1994)33 found that levels of institutional investment are positively related to the current performance levels of firms. However, a less-stronger, though positive, effect is established between changes in performance levels and changes in institutional ownership. The results are based on a study investigating U.S. institutional investors investment strategy. Bethel et al. (1998)34 consistent with the view that market for partial corporate control identifies and rectifies problems of poor corporate performance, found that activist investors typically target poorly performing and diversified firms for block share purchases, and thereby assert disciplinary effect on target companies plans in mergers and acquisitions. Douma, Rejie and Kabir (2006)35 investigated the impact of foreign institutional investment on the performance of emerging market firms and found that there is positive effect of foreign ownership on firm performance. They also found impact of foreign investment on the business group affiliation of firms. Investor protection is poor in case of firms with controlling shareholders who have ability to expropriate assets. The block shareholders affect the value of the firm and influence the private benefits they receive from the firm. Companies with such shareholders find it expensive to raise external funds. Bhattacharya and Graham (2007)36 investigated the relationship between different classes of institutional investors (pressure-sensitive and pressure-resistant) and firm performance in Finland. It documented evidence that these institutional owners own stakes in multiple firms across industries, leading to a possible two-way causality or endogenous problem between firm performance and ownership structure. It was also evidenced that institutional investors with likely investment and business ties with firms have negative effect on firm performance and the impact is very significant in comparison to the negative effect of firm performance on institutional ownership. Wiwattanakantang (2001)37 investigated the effects of controlling shareholders on corporate performance and found that presence of controlling shareholders is associated with higher performance, when measured by accounting measures such as return on assets and the sales-asset ratio. However, the controlling shareholders involvement in management has a negative effect on the performance and it is more pronounced when the controlling shareholder and managers ownership is at the 25-50 percent. The evidence also revealed that family controlled firms display significantly higher performance. Foreign controlled firms as well as firms with more than one controlling shareholder also have higher return on assets, relative to firms with no controlling shareholder. Abdul Wahab et al. (2007)38 examined the relationship between corporate governance structures, institutional ownership and firm performance for 440 Bursa Malaysia listed firms from 1999 to 2002 and found that institutional investors have a positive impact on firms corporate governance practices. Qiet et al. (2000)39 found that firm performance is positively related to the proportion of shares owned by the state. In addition, they found little evidence in support of a positive correlation between corporate performance and the proportion of tradable shares owned by either domestic or foreign investors. Wahal (1996)40 observed that although institutional investors, particularly, activist institutions, have been successful in their efforts to affect the governance of targeted firms, these same firms have not demonstrated performance improvements. Studies examining the relationship between institutional holdings and firm performance in different countries (mainly OECD countries) have produced mixed results. Chaganti and Damanpour (1991)41 and Lowenstein (1991)42, for instance, find little evidence that institutional ownership is correlated with firm performance. Seifert, Gonenc and Wright (2005)43 study does not find a consistent relationship across countries. They conclude that their inconsistent results may reflect the fact that the influence of institutional investors on firm performance is location specific. The above studies generally consider institutional investors as a monolithic group. However, Shleifer and Vishnys (1997)44 as well as Pounds (1988)45 theorizations and later empirical examinations by McConnell and Servaes (1990)46 suggest that shareholders are differentiable and pursue different agendas. Jensen and Merkling (1976)47 also show that equity ownerships by different groups have different effects on the firm performance. Agrawal and Knoeber (1996)48, Duggal and Miller (1999)49 find no such significant relation between institutional holdings and firm performance. Resume Various studies on relationship between institutional holdings and firm performance have been reviewed in the above sub-section and the results are mixed. Different researchers have taken different performance measures as some of them have considered accounting measures but others have taken stock market indicators.Some of the observations contend that institutional investors are more expert in monitoring the affairs of companies as compared to individual investors; their holdings improve the financial performance of target companies. The results are more significant, where managers also have some ownership stake so as to have alignment effect. Moreover, if their stake is substantial, they can also assert disciplinary action against the poorly performing firms. Similarly, foreign institutional investors have also positive impact on the firm performance. But the results of other observations state otherwise. They state that if institutional investors have business ties with the firms, they would go along with the management and it may have negative impact on the firm performance. The studies have revealed out an interesting observation that Institutional holdings have positive effect on firm performance but their active involvement in management has negative effect. Some of the observations state that institutional investors may have significant impact on the governance practices of companies but do not improve financial performance. 2.3 Corporate Governance and Firm Performance Lipton and Lorsch (1992)50 found that limiting board size improves firm performance because the benefits by larger boards of increased monitoring are outweighed by the poorer communication and decision-making of larger groups. Millstein and MacAvoy (1998)51 studied 154 large publicly traded US corporations over a five-year period and found that corporations with active and independent boards appear to have performed much better in the 1990s than those with passive, non-independent boards. Eisenberg et al. (1998)52 found negative correlation between board size and profitability when using sample of small and midsize Finnish firms, which suggests that board-size effects can exist even when there is less separation of ownership and control in these smaller firms. Vafeas (1999)53 found that the annual number of board meeting increases following share price declines and operating performance of firms improves following years of increased board meetings. This suggests meeting frequency is an important dimension of an effective board. Core, Holthausen and Larcker (1999)54 observed that CEO compensation is lower when the CEO and board chair positions are separate. It is further shown that firms are more valuable when the CEO and board chair positions are separate. Botosan and Plumlee (2001)55 found a material effect of expensing stock options on return on assets. They used Fortunes list of the 100 fastest growing companies and obtained the effect of expensing stock options on firms operating performance. Morgan and Poulsen (2001)56 found that pay-for-performance plan generally helps to reduce agency problems in the firm as the votes approving the plan are positively related to firms that have high investment or high growth opportunities. On the other hand, votes approving the plan are inversely related to negative features in some of the plans such as dilution of shareholder stakes. Mitton (2002)57 examined the stock performance of a sample of listed companies from Indonesia, Korea, Malaysia, the Philippines and Thailand. It reported that performance is better in firms with higher accounting disclosure quality (proxied by the use of Big Six auditors) and higher outside ownership concentration. This provides firm-level evidence consistent with the view that corporate governance helps explain firm performance during a financial crisis. Claessens et al. (2002b)58 observed that firm value increases with the cash-flow ownership (right to receive dividends) of the largest and controlling shareholder, consistent with â€Å"incentive† effects. But when the control rights (arising from pyramid structure, cross-holding and dual-class shares) of the controlling shareholder exceed its cash-flow rights, firm value falls, which is consistent with â€Å"entrenchment† effects. Deutsche Bank AG (2004a and 2004b)59 explored the implications of corporate governance for portfolio management and concluded that corporate governance standards are an important component of equity risk. Their analysis also showed that for South Africa, Eastern Europe, and the Middle East, the performance differential favored those companies with stronger corporate governance. Fich and Shivdasani (2004)60 based on Fortune 1000 firms, asserted that firms with director stock option plans have higher market to book ratios, higher profitability (as proxied by operating return on assets, return on sales and asset turnover), and they document a positive stock market reaction when firms announce stock option plans for their directors. Gompers et al. (2003)61 examined the ways in which shareholder rights vary across firms. They constructed a ‘Governance Index to proxy for the level of shareholder rights in approximately 1500 large firms during the 1990s. An investment strategy that bought firms in the lowest decile of the index (strongest rights) and sold firms in the highest decile of the index (weakest rights) would have earned abnormal returns of 8.5% per year during the sample period. They found that firms with stronger shareholder rights had higher firm value, higher profits, higher sales growth, lower capital expenditures, and made fewer corporate acquisitions. Brown, Robinson and Caylor (2004)62 created a broad measure of corporate governance, Gov-Score, based on a new dataset provided by Institutional Shareholder Services. Gov-Score is a composite meas

Evaluation of Soap :: Papers

Evaluation of Soap For this soap assignment I was supposed to make my own soap. I was supposed to target it at different type of people. I was also supposed to make it as if it would be aired on TV. From this assignment I have understood that target audience is when you target an audience of any age that you choose. You would need to choose to target a specific age group or a group of people. I also think that the target audience is the most vital part of planning as you wouldn't have a script to write if you didn't have a target audience. I also think that you need to right the script for a specific audience. For my soap I have targeted people that are aged thirteen and above, but mainly teenagers and young adults would be watching. So I tried to make the audience broad so that I would be targeting everyone. I have targeted mainly teens and young adults as they would appeal to the main storylines. But there are other storylines for elder people. My soaps image would be very street. There would be a night club and would have a lot of thugs and litter on the streets. There would also be a chip shop and local newsagents. The houses will all be semi-detached and the houses will be very close together. The decisions which I made when deciding on the settings was that I lived in Birminghamand there was a place called the Broadway. I decided on the characters to be very formal and most of them had to have brummie accents. I also decided that there should be Asians, black and whites as Birminghamis a multicultural society. For the storylines I asked people what things they thought would appeal to them and how they would. I combined the people's ideas and my ideas and came up with the storylines. When designing the front cover of my magazine I decided that it had to have a big impact on the readers.

Old Wise Men Essay

Do all old men truly possess wisdom because they can see their death on the horizon? Wisdom is a valued trait in our society today. In both King Lear by William Shakespeare and Tuesdays with Morrie by Mitch Albom, the main characters were able to acquire wisdom after undergoing trials and tribulations. However, both of these men began their quest as completely different people. Morrie always emphasized the value of family and of love, while King Lear saw these qualities that could be used to boot his ego. Morrie was disappointed by the way things were in society, while King Lear did not care much about it and accepted it the way it was. Morrie viewed death as a natural thing and an ideal way to live, while King Lear still wanted to live life as a King despite giving and dividing his land between his daughters. Regardless of being very different character wise and beliefs, both King Lear and Morrie came to achieve wisdom by experiencing the fact of life; otherwise known as death. Both of these men differed in their values when it came to the life concept. Morrie believed that it was better to perish than to live a life without love, where he quoted â€Å"If you don’t have the support and love  and caring and concern that you get from a family, you don’t have much at all. Love is so supremely important. As our great poet Auden spoke â€Å"Love each other or perish†Ã¢â‚¬ (Albom 91). This quote shows Morrie’s view of love and has the opinion that it is better to die than to live a life without love. Although Morrie grew up with little love in his life, this is the reason why he emphasized the importance of love and family to him. Contrarily, King Lear believed that family only existed to serve his needs. â€Å"Tell me, my daughters, since now we will divest us both of rule, interest of territory, cares of state which of you shall we say doth love us most that we out  largest bounty may extend where nature doth with merit challenge?† (I.I.47-53). This quote illustrates King Lear’s feeling towards family. He set against his daughters against each other for his benefit. His love was conditional, even though Cordelia was his known favourite between his daughters he warned her. â€Å" How, how, Cordelia? Mend your speech a little, lest you may mar your fortunes.† (I.I.94-95). This quote shows the fact that he believed that love in a family that is one-sided, he should only receive love but should not give any. On the contrary, Morrie’s love for this family was unconditional and a two-way street. However, Lear realized the value of unconditional love when Cordelia returned despite after disowning and cursing her but he was too late. While Morrie learned the value of love through the lack of having it earlier o in his life, King Lear  would learn it through the death of his daughter. Both cherish family and life more after coming to terms with the concept of death, and realize the trouble of their society. Both King Lear and Morrie Schwartz also had different perspectives on life and society. King Lear accepted the ranking of his society, of course, since he was the peak of the â€Å"great chain of being†. â€Å"All I ask is that you provide me with a hundred knights for my own entourage. I’ll keep only the title of king†¦Ã¢â‚¬  (I.I.136-138). This quote depicts King Lear’s view of society and that he comes before the rest of society, depriving 100 knights form society for his benefit. Morrie, on the other hand, was disgusted with how his society was so materialistic. A quote from Tuesdays with Morrie, â€Å"Do you know how they brainwash people? They repeat something over and over again. And that’s what we do in this country. Owning things is good. More money is good. More property is good. More commercialism is good†¦we repeat it and have it repeated to us-over and over until nobody bother to even think other wise† (Albom 124). This quote demonstrates the disgust Morrie has with society and how it constantly promotes materialism rather than important values such as love, which is showed in this quote â€Å"You know how I always interpreted that? These people were so hungry for love that they were accepting substitutes† (Albom 125). This quote shows that Morrie believes that people are  materialistic because of a lack of love within their lives. Furthermore, King Lear realizes the disorder of his society during his hardships. â€Å"Thou rascal beadle, hold thy bloody hand. Why dost thou lash that whore? Strip thine own back Thou hotly lust’st to use her in that kind for which thou whipp’st her. The usurer hangs the cozener. ( IV.VI.152-57). This shows both his disgust of the social customs of his time and how it favors the rich and frowns upon the poor. Lear regrets not being a just king and mistreating the poor people because he was too greedy. He bawled â€Å"Poor naked wretches, whereso’er you are, that bide the pelting of this pitiless storm, how shall your houseless heads and unfed sides, your looped and windowed raggedness, defend you from seasons such as these? Oh, I have ta’en too little care of this!† (III.IV.30-34). Although Morrie was aware of the problems within his society and always fought against them, Lear only came to this conclusion and earn this wisdom through these tribulations. Morrie and Lear had contradicting views of death before they acquired their wisdom. First of all, Lear believed that he would die as a king and even with his old age he believed death was far in the distance, proven in the quote â€Å"All I ask is that you provide me with hundred knights for my own entourage. I’ll keep only the title of king†¦Ã¢â‚¬  (I.I.136-138). Lear did not believe in preparing for his death or saying goodbye to loved ones, as he still wanted to live like a king even after diving his kingdom  and wealth. On the contrary, Morrie believed that death should be accepted in life. â€Å"Oh yes, you strip away all that stuff and you focus on the essentials. When you realize you are going o die, you see everything much differently†¦Learn how to die, and you learn how to live†(Albom 83). This quote shows that Morrie though if more people lived as if they were going to die at any moment, then the world could be a more positive place. Morrie was also very optimistic and grateful for his disease and how long he had to say goodbye to everyone he cherished. â€Å"It’s horrible to watch my body wilt away to nothing. But it’s also wonderful because of all the time I get to say  good-bye.† (Albom 57) On the other hand, King Lear was coming to terms with his mortality. When Gloucester asked to kiss his hand he replied â€Å"Let me wipe it first, it smells of mortality.† (IV.VI.125-126). It shows that Lear found his new humbleness and acceptance through death. Morrie and Lear both achieved wisdom by coming to terms with their deaths. King Lear and Morrie Schwartz are very much alike, although they were completely different people before they acquired their wisdom. They were both able to attain insight and satisfaction through difficult hardships and becoming aware of the problems that are in their society. They have learned that if more people are aware of death and live everyday as if they were to die tomorrow, they would have more fulfilling  and satisfying lives. Through acquiring wisdom they realized the importance of their family, and love. They only differed in respect where Lear is filled with regret while Morrie gains a higher appreciation for it. Death is something that we all must accept and Lear and Morrie finally embrace it.

Creating a Plan for a Culturally Diverse Essay

In the classrooms and schools today, cultural diversity is rising. The biggest challenge for teachers in our schools today and within the classrooms is how to amend their curriculum to meet all the needs of the students in the relation of culture. For a teacher in a multicultural diverse classroom, a teacher needs to augment their cultural understanding, shape their curriculum so that it is culturally related to all their students in the classroom, and to use supportive learning education. With these practices in place and along with other structural planning, it is important for the precise connection between multicultural teachings of students in a classroom (Merlino, 2007). The first step to accommodating students is to enhance cultural sensitivity from diverse cultural in the classroom. This requires teachers to interpret their multicultural diverse student’s behaviors within the cultural perspective of the child (Merlino, 2007). The environment in a classroom is an essent ial part to learning. The atmosphere in the classroom helps determine the accomplishment of the lessons being taught and the student’s behavior. All students are different, and therefore it is important for all students to respect one another in order for the efficiency of a classroom to be optimized (Ganly, 2008). The importance for a teacher is that they are able to create an atmosphere of tolerance, acceptance, and caring within the classroom. This is in order to provide for all the diversified needs for all students. Living in Melbourne which is located in Florida. Melbourne is about two hours from Orlando on the east coast. The population in Melbourne is Caucasian, Hispanic, Latino, African American, German, and Asian. In Melbourne, we have Christian and Baptist churches throughout the city. We also have Catholic, Islam, and Jewish churches as well. The people who live in Melbourne are of low, high, and middle class economic status, but many of the people who live here are middle to low working class. Melbourne seems like a quite little city outside of the busy, bigger city of Orlando, which have many tourists, but we are also diverse in several ways. Practicing tolerance and acceptance in classroom provides all students with the ability to be at ease with themselves. It will also help all students to release predetermined biases and teach the students to learn more about what is within another student instead of judging the student by their appearance. The use of tolerance, acceptance, and caring provides a nice, comfortable  classroom environment for all students that can be productive for their learning experience. This will help encourage teamwork, confidence, and respect that are all a part of the key factors for a flourishing classroom environment (Ganly, 2008). To construct a tolerate, accepting, and caring classroom atmosphere for my students in my classroom, there are many things I can do as a teacher. As a teacher in Melbourne, Florida, I would make sure to discuss diversity to my students and explain why it is an important, positive lesson in the classroom. I can create lesson plans that discuss the cultures of all my students in my classroom and the cultures within in our community. I would also discuss the different religious beliefs of our community. Discussing different religious beliefs in our community to my students lets us discuss their beliefs as well from the different cultures within my classroom. Discussing to my students about students with disabilities and students who are at risk, is a very important, necessary lesson that I would teach my students. The lesson would be to help my students comprehend that these differences do not make a person less of a person; but these differences make the person just as important as all students. Discussing with my students about socioeconomic issues and how they affect all students in many ways and the differences in gender is important. I believe teaching my students about gender issues is very important because of many gender stereotypes pressure how both females and males learn, and it is important for both genders to be given equal opportunities to learn inside the classroom. Discussing these issues is to help show all of my students that every person has needs, and I would stress that it is important for all students to recognize and help each other in order to benefit themselves along with the cultures that surround them. Being a teacher, I would want to discuss and teach that the differences in people make them interesting, and by creating lesson plans that would help show my students how their own distinctive differences that will help my classroom function appropriately. My lesson plans will be in place to help my students recognize and overcome their biases. During these lessons, I would also make sure to tell all of the students what I have learned from them by understanding their culture and their beliefs, and that they can find out about themselves and improve themselves. I feel that this is important for students to be conscious of the inequalities that  exist so that they can receive the education they deserve, and they can fulfill their educational goals. For me, being a teacher, it is important to make sure that my classroom atmosphere is comfortable to ensure the productivity of all my students. Teaching my students that differences learned from, is a way to help ensure a positive, comfo rtable, caring, and successful classroom. As a teacher, I will help all my students understand biases, and I will help them be able to accept the differences of the people and the cultures around them. I believe there are many ways a teacher can incorporate diversity lessons into their classroom. Getting to know your students is important to the understanding of their individual needs. I can learn about my students by working to assemble information about my students in the beginning of the course so that I can better meet their learning needs and their goals for learning, I can incorporate the experiences of nontraditional aged students into the classroom to develop classroom discussions and learning activities, I can recognize and provide assistance for my students with any physical and learning disabilities that they may have, such as test taking accommodations, supplemental class instruction, and reading (Stanley, n.d). Other ways to help me teach my diverse classroom are to: †¢Learn about my students’ different cultural backgrounds. This can be done by informally asking them about weekend plans or as simply reading historical books about their culture. †¢Giving all of my student’s equal amounts of respect. Avoid giving privileged treatment to anyone in the class, as this can easily be misinterpreted as discrimination. †¢Realizing that a student’s sexual preference has nothing to do with his or her ability to master material and contribute to classroom discussions. I would want to play it safe and do not ask about their private lives. †¢Avoid making assumptions about students’ attentiveness based on their physical appearance and behavior. Different cultures emphasize different ways of showing respect and attention. †¢Being sensitive to the students’ lives at home. A rough or distracting home environment can affect a child’s performance in school. Giving students the benefit of the doubt an d being as understanding as I can be is important. †¢Use a wide variety of teaching strategies that accommodate different learning styles. †¢Encouraging my students to respect and enjoy their diverse cultural heritages. Creating Food days and festivals is a way to celebrate diversity and also having fun  with all students in every culture (Stanley, n.d). In order to incorporate multicultural diversity in my classroom, I will create a bulletin board that will display multicultural diversity. The bulletin board will display the different cultures and religions in my geographic area. The bulletin board will also display many occupations that the student’s parents are currently involved in throughout the surrounding areas. I will also be sure to create an atmosphere of tolerance, acceptance, and caring in my classroom. This is important because I want all of my students to feel welcomed, and valued which I believe will promote fewer impulses to act out. With the atmosphere set for my classroom, it will make my students feel accepted, they will have no reasons to worry. I want my students to feel comfortable in their environment. After all, my classroom will be their learning environment for almost a year. For my bulletin board, I want to display the different ethnic backgrounds. I will make sure that the bulletin’s border will consist of different flags from around the world. In my area, there are many different cultures but the six main cultures are African American, Caucasian, Asian, Hispanic, Latino, and German. I will make sure that these flags are displayed on the border that and will be hung around the edges of my bulletin board. To display many different religions in my classroom, I will make sure that the different symbols will be displayed throughout the board. I will make sure that Christianity, Catholic, Islam, Baptist, and Jewish symbols are displayed correctly to district guidelines regarding religion in school. For my classroom bulletin board, it will also contain fun information for all of my students to learn from. This bulletin board will change every month, and it will contain all of the different cultural holidays that we as a class can celebrate each month. The bulletin board will also contain different images that are associated with these different holidays with information that describes these holidays. Within my bulletin board, I will also include the birthdays of each of my students to remind them that they are all special (Ganly, 2008). The challenge as a teacher, I will encounter in the increasingly diverse society that we have in our country today. It will require me to use many of the best practices that I know to accommodate all of my students. A culturally diverse curriculum is the necessity no matter who is sitting at the desks in my classroom. The humanity that our children  will enter when they leave my classroom will be different, by being more complex and considerably more diverse than it is today. Students that are taught to respect and be inquisitive about different cultures will eventually develop a better understanding of the cultural differences that exist all around them. With this understanding, it will help them to be enhanced citizens and be more productive members of their culture. Both teachers and students need to embrace cultural diversity. Professional, reflective practitioners need to lead the way by ensuring all students learn the suitable content within the context of their own culture and every culture (Merlino, 2007). References Ganly, S. (2008). The Benefits of Diversity in the Classroom on the Teaching Environment. Associated Content, Inc. Retrieved March 24, 2011 from www.associatedcontent.org Merlino, R. (2007). Addressing Cultural Diversity in the Classroom. Helium.com. Retrieved March 26, 2011 from www.helium.com Stanley, C. (n.d.). Teaching Tips for the Success of All Students in a Diverse Classroom. Retrieved March 30, 2011 from www.cte.tamu.edu

Proving the lens formula Essay Example

Proving the lens formula Essay Example Proving the lens formula Essay Proving the lens formula Essay When light passes from air to a denser material it slows down. In a concave lens the light has to travel further through the middle then through the sides. This has the affect of pushing the waves back in the middle and forward around the edge therefore effectively adding curvature to the wave. A similar thing happens when passing through a concave lens but obviously vice-versa, taking away curvature of the wave. The curvature that the lens adds or takes away is the Power of the lens, measured in dioptres. P=1/f, P is the power of the lens and f is the focal length. The focal length of a lens is the distance from a lens to its focal point, which is where the image of a distant object is formed. The shorter the focal length the more powerful the lens. The following formula is what I am going to attempt to prove that it is valid. It is used to give the focal length, and hence where the image is focused. 1/v+1/u=1/f Where v is the distance from the lens to its focal point, u is the distance from the object to the lens and 1/f is the power of the lens. This follows from the above, the power shows how much curvature is added to the wave. As a wave moves further away from an object the curvature of it decreases. This formula may also help me with my progress, as I can use it to calculate the magnification of the lens. m=v/u (when in focus) Where m is the magnification, v is the distance from the lens to the image and u is the distance from the lens to the object. The further away the image is from the lens the lower the magnification, and the closer the image is to the lens the higher the magnification. Hypothesis The lens formula for a convex lens valid. Apparatus I will use the following equipment during me experiment. A Convex lens and lens holder Small convex lens used to focus the image on the screen. Small plastic holder used to keep the lens in place. A Metre rule Will be used to measure both the object distance (U) and the image distance (V). It has millimetre units, although large and hard to take a precise measurement in mm. A 30 cm rule Will be used to increase the accuracy of the measurements, where the metre rule proves difficult to use to get an accurate result. A Small screen Flat white screen on a stand, used for the image to focus on. Image distance measured from the front of the screen. A Light source (Mains or Low Voltage) small Lamp, 40-watt bulb. Used to emit light and is part of the object. A wire mesh on a stand Used to create a clear, sharp focus-able image that I can take measurements from. Placed in front of the light source. Jack Webdale 02/05/2007 Page 2 Most of the apparatus I will use are self explanatory due to the background information. I will use the Wire mesh on a stand as part of the object, as I am satisfied that it will be easy to produce a clear, sharp image with it. If I was to use A light bulb with text printed on it, it may be harder to get a clear image as if I used ink, it may smudge or become blurred due to the heat of the lamp. I have also chosen to use a 30cm rule as well as a metre rule, as the metre rule may be inaccurate or cause problems when trying to measure to mm. A 30cm rule could be used to do this easily and to a better degree of accuracy. Prediction I would choose to predict that the formula is valid. Avoiding the fact that people have used the formula for years, especially opticians, and I gather it must work as they still use it! However, my task is to prove that it works. The diagram below shows what occurs when light travels through a converging lens. It shows where the focal points image and object distances are represented. Due to the proportions of the diagrams I have studied, it would seem logical that two reciprocals added together would produce a reciprocal which its decimal value would be less, which confirms the diagrams. Therefore, I believe that my experiment, if done accurately, should prove that the lens equation is true. Diagram of apparatus Consideration of the variables This Experiment relies heavily on accuracy of measurements and distances. Therefore, it is imperative that these are not affected while measurements are taken. I will take 2 measurements of Jack Webdale 02/05/2007 Page 3 Each required distance to ensure I should not have made an error. Ideally, if I would have time, I could do an average of results for one distance to ensure a reliable result each time. However, I feel checking twice, taking the distances where the image appears focused, and taking a middle value, will give reliable results. Another Variable that could affect the point where the image is focussed is exterior light not emitted from the object (lamp and mesh). Therefore, I will compose my experiment in a dark room, so that sunlight will not affect the image, and this should also help me to get a clearer focus of the image on the sheet. I will stick all apparatus to the bench when they are not being used, so that the non-variables are not affected or altered. Method Before I begin the real experiment, I have chosen to perform a preliminary experiment to discover a suitable range of distances I will get results from. I will also have an idea of the power of the lens, so I can judge its minimum and maximum distances to get a clear image on the sheet. To do this I will set-up the apparatus as shown in the diagram of apparatus, And I have chosen to make the Object and the lamp a constant position, due to the wires etc and difficulty of shifting it about all the time. Therefore, the Lens and the image sheet are the elements that I will move to focus the image. Preliminary research I began with a crude test, to get an approximate result for the focal length of the lens. I simply got a piece of paper, put it against a ruler, and with the lens; I placed it in front of a window, and focussed the image on the paper. I then had a measurement of approximately 15 cm. This would help me greatly in my experiment, as it would indicate immediately any results way off the mark, considering the variables and errors. I then also set up the apparatus as shown in the diagram, and used them to determine what distances I would use in my experiment. I placed a metre rule on the bench, and put on one end, the screen that the image would focus, and at the other, the object. I decided that I would not exceed this Object to Image (U V) distance, as measuring over a metre would cause problems, as I would need to have to metre rules, increasing the chance of making the results inaccurate. I then discovered how close I could put the lens to the object, until I could not get a focus on the screen (Where The focal length equals the object distance, and the image distance = ?). This was in between 13-18 cm for the object distance. Preliminary research Summery Part 1 * Collect all of the equipment displayed in the diagram of apparatus. * Check that the lamp works, and that the lens is not cracked or dented. * Place the lens on a flat surface, facing a window so that light from outside travels through the lens. Place the screen at the opposite end, so that it looks similar to the diagram above, but using the outside as the image. Move the screen until an image (Real, inverted) is focussed on the paper. * Measure the image distance, using a 30 cm ruler. (This is the approximate focal length). Part 2 * Collect all of the equipment displayed in the diagram of apparatus. * Check that the lamp works, and that the lens is not cracked or dented. * Set-up the equipment as shown in the diagram of apparatus, placing the object at one end of the metre rule, and the screen at the other (this is the maximum object to image distance). * Move the lens close to the object, and experiment with the lens and the screen until it is Jack Webdale 02/05/2007 Page 4 Impossible to get a focussed image on the screen. * Find the bounds which this occurs, and record the results (This is the area where the focal length is approximately the same as the object distance). There is no need for a table of results for this preliminary experiment, as not many results are taken, they are merely to give an idea of the expected results in the real experiment. Real Experiment * Collect all of the equipment displayed in the diagram of apparatus. * Check that the lamp works, and that the lens is not cracked or dented. * Set-up the equipment as shown in the diagram of apparatus, placing the object at one end of the metre rule, and the screen at the other (this is the maximum object to image distance). * Turn on the lamp; line it up with the mesh so that the lens, screen and the object line up against the metre rule. * Keeping the Screen and the Object stationary, move the lens up and down the metre rule until a clear, focused image of the mesh can be seen on the screen. * Measure the object distance to the lens, using the white mid-point line on the lens holder as a marker, then measure the Image distance, using the front of the screen as the marker. Use the 30cm rule so that the mm can be measured as accurately as possible. * The lens can move around 5 mm and still produce a clear and focussed image on the screen. This is merely due to the sensitivity of our eyes. For the following results, keep the object stationary, and move the screen 10 cm down the metre rule, decreasing the distance to the object each time. Measure the distances. For the Image distance, you will need to record two results, where the image beings to lose focus between the 5mm focus gap. These results can be used to obtain a midpoint, where the real focus is occurring. * Repeat this so 8 records have been taken. For each, be-aware of the results been recorded, and be aware that the focal length is approximately 15mm, and repeat any result that appears irregular. * As the experiment goes on, eventually a focused image will be impossible to obtain. This is where the image distance is equal to the focal length. You should not try and record results at this point and beyond. Table of results example My table will take this form: U (object distance) cm Min. V (Image distance) cm Max. V (image distance) cm Avg. V (image distance) cm 1/U + 1/V = 1/F F (Focal length) cm . . . . . . Risk Assessment All things considered, there are little risks presented with this experiment. I feel confident no special precautions need to be taken to ensure the safety of people partaking, or working near the experiment. The are few dangers which in extreme circumstances could cause a problem is the Light bulb. First because of the heat and the risk of burning a hand, which can be avoided by using a metal cover, not touching the bulb, and a cap over the cover to expose little of the lamp. The electricity supply could also be a danger, but I will ensure the wires are out of the way of tripping over, pulling the plug and causing any problems. Jack Webdale 02/05/2007 Page 5 The Second is the possibility of a dropped lens, leaving shards of glass on the floor, and in extreme circumstances these shards going into someones eye. To avoid this as much as possible, the lens will be placed in its holder, away from the edge of the bench. Also, if the lens is dropped, it is to be swept up immediately and a new lens to be used. The Results The experiment worked out sufficiently, although one result, where the object distance was 20.6cm, the Avg. V Distance was around 60.4 cm. I knew this must be an error due to the pattern of the decreasing V distance, and the Focal Length of this result would have worked out to be 15.361 cm, which is quite far out from the other results. Due to this I repeated the experiment for this result, using the same apparatus, which I had numbered in case this occurred. The Graphs of these results are on a separate sheet of graph paper. To be precise, I performed each measurement twice to ensure I hit the mark each time. The second measurement was basically a check for the first. I could not take results more than two decimal places for accuracy, as I merely used my own vision and judgement. If however, I had Specialised measuring equipment, this could have been more accurate. Evaluation and Conclusion For plotting the graph, I also needed the separate data for 1/V and 1/U. So I put them in the following table to allow me to successfully draw the graph. After analysing the graph, it can be seen that a strait line can be drawn through the points. This means that the Object distance (U) is Inversely proportional to the Image distance (V). Thus we can say that when any result is taken for say U, put in its reciprocal form, and then added to the reciprocal of V, the result is always the reciprocal of the focal length of the converging lens being used (discarding errors and inaccuracy in this statement). On my graph, it can be seen that the line doesnt travel exactly through every point, but in all cases travels through the error box. This shows that if the results were perfectly calculated without any chance of error, all the points would lie on a strait line. It also shows that although I conducted my experiment as accurately as possible, small errors did occur. With the graph, I have determined that the equation of the line is 1/v = (-1)1/u+1/f. From this statement the gradient of the line is always -1, and this is always the case wha tever the reciprocal of the focal length. Also, due to the -1 gradient, the X-axis intercept is also the reciprocal of the focal length. With the graph, I can determine the experiment was successful, as the straight line travels through both axis and at almost the same points. On the Y-Axis 1.167cm and on the X-axis 0.066cm. They both give a focal length of approximately 14.9cm Knowing that the focal length is approximately 15cm, I can conclude that my experiment was successful, and thus proves that the lens formula 1/U + 1/V = 1/F is valid. I decided not to put error bars on my graph, as I was not using the whole values of v and u, where I knew the errors spread over a 0.5cm distance for each measurement taken. However, even though I took middle values of v, it is still evident that errors took place. If I were to repeat the experiment, I would choose to take two values of u, the object distance as well as v then take the middle value. This may also reduce the chance of inaccuracy due to the human eye. There are little ways in which I could improve this experiment, except take many readings of a result, then take an average value. Doing this for every measurement taken, however, would be very time consuming, and if one reading happened to be far out, the average would not be that accurate.

IT Guru of India essays

IT Guru of India essays Nagavara Ramarao Narayana Murthy comes across as a very simple human being. But beneath his simplicity lies the heavy persona of a man who is today one of the most powerful man in the Indian IT circles. The company he set up, along with six other professionals in 1981, became the first Indian company to be listed on the U.S. stock exchange. Infosys is an IT consulting and service provider, providing end-to-end solutions for global corporations. Today, Infosys is acknowledged by its clients, its employees, its vendor-partners, and its investors and by society-at-large as a highly respected, dynamic and innovative company. Narayana Moorthy remains an inspiration to youngsters, and his simple living and intellectual thinking instill values and dreams in the minds of many budding entrepreneurs. Narayana Murthy's upbringing has been from the best of value systems. Simplicity and humility percolate within him. By his own admission, there are perhaps hundreds and millions of Indians who are smarter than him. He considers himself very lucky. He believes that if one realizes that whatever one has received is an act of God, then it will help in getting better and better. He quotes someone having said, "If God is shy to announce His presence, He comes in the form of Luck." Not surprising that he leads not too ostentatious a life. He says, "If you lead a simple life, then you are not a victim of wealth. You are on top of it. Murthy is often described as a man of simple tastes. He does not drive expensive cars and works from early in the morning until late at night, even now. Soft-spoken, Murthy does not possess the air of arrogance that highly successful people often have. He says, "In business management, it is more important to earn respect than to increase profits. I want to stress the nobility of labor". Murthy, who picked up ethics in his adolescence, adventure in his youth and business acumen in his later years, ...

UPenns Acceptance Rate: What Does It Take to Get In?

Only 8.4% of students get into UPenn. How can you stand out in the college admissions process? The University of Pennsylvania is one of the oldest and most prestigious universities in the nation. A member of the Ivy League, UPenn was founded by none other than Benjamin Franklin, who wanted to create a culture that â€Å"well-done is better than well-said.† Located in Philadelphia, UPenn provides numerous opportunities for its students to put into practice what they are learning and become leaders in their fields. Here’s what you need to know to get in. When you apply to UPenn, you will apply to one of the following—the College of Arts and Sciences, the School of Engineering and Applied Science (Penn Engineering), the School of Nursing, or the Wharton School. It’s not easier or harder to get into one school over the other; just choose the one that matches your academic and professional interests. There are some important dates and deadlines to keep in mind: Early Decision applicants should submit all the requisite materials by November 1. For Regular Decision, the deadline is January 5. If you’re unsure about whether or not you should apply early, check out our post that explains the difference between early action, early decision, and regular decision . Be sure to submit all of the following components by the date required: For students with significant financial need, they may substitute the QuestBridge Application instead of the Common or Coalition Application. Last year, UPenn received a total of 44,491 applications. Of those, only 3,740 students were admitted, meaning they have an 8.4% acceptance rate. Out of the admitted students, 2,518 enrolled this year. That means that UPenn has a yield of 67%, meaning that most students who are accepted into UPenn choose to attend. 8.4% may sound daunting or nearly impossible to get in, but it is important to remember that your chances of acceptance depend on the strength of your application profile. There are a few things you can do to increase your chances of being admitted, including talking to people who have been through the UPenn admissions process, whether an alumni in your community, or a third-party college admissions consulting team like . Estimating your chance of getting into a college is not easy in today’s competitive environment. Thankfully, with our state-of-the-art software and data, we can analyze your academic and extracurricular profile and estimate your chances. Our profile analysis tool can also help you identify the improvement you need to make to enter your dream school. UPenn looks for students who embody Benjamin Franklin’s ideal of people who want to be in service to society. As one of the â€Å"elites†, UPenn factors every part of your application, from your essays to your test scores into their admissions decision, so you’ll want to showcase how your passion and talents serve or impact your community. In terms of academics, UPenn requires that students consistently take classes in core subject areas (English, Social Studies, Math, Science, and foreign language). You should aim to take at least one course in each of those subjects every year you are in high school, or as close to every year possible, and excel in each. In the class of 2022, 96% of applicants were in the top 10% of their high school. When taking the SAT or ACT, aim for a score in the range of the middle 50% of applicants to increase your chances of being admitted: UPenn is similar to Brown and Columbia in that it heavily values academics, but with more of an explicit focus on intellectual diversity and service to society. UPenn wants to admit scholarly students with a clear passion to impact community backed by quantifiable action and leadership. When you apply to one of UPenn’s four schools, you need to demonstrate how you would fit the type of student that school is looking for in each component of the application. Showcase your intellectual diversity. It’s not enough to just get good grades in your classes. If you want to receive an acceptance letter from UPenn, you need to make sure you are taking (and excelling in) the most rigorous high school curriculum. Additionally, your course load should reflect diversity. So, if STEM courses dominate your transcript, you should make sure you are balancing it out with humanities classes (or vice versa). Tell your story. UPenn approaches applications holistically and with great care. All students are required to tell the university how they will explore their intellectual and academic interests and there are additional essays specific to the program you choose. Use these opportunities to tell UPenn what you’re like as a student, friend, family member, innovator, and future world-changer – all the intangible qualities that make you unique.

Did strategy drive war or did war drive strategy in early modern and Essay

Did strategy drive war or did war drive strategy in early modern and modern France - Essay Example ue Protestants in France while helping Protestant organizations abroad— so as well did strategy turned out to be restrained.iii The bloodbath of the Thirty Years’ War gave way to wars fought for ‘reason’, to enlarge the ruler’s interests and through him the entire stateiv: hence the birth of strategy in early modern and modern France. While scholars analyzed old Roman literatures to unearth the element that made the legion indestructible mechanisms of strategy, so too did strategy practitioners revisit the Classical period where in the premise of foreign policy influenced the waging of war.v For some time, the growth of the newly centralized government and the creation of gunpowder seemed to destroy the formidability of fortifications: medieval defenses failed to endure the thrashing of late 15th- or early 16th-century weaponry.vi However, the creation of thoroughly devised geometric buttresses brought back a great deal of the balance. A well-defended kingdom was yet again a strong barrier to attacks, one that would entail a considerable amount of time and energy to weaken. The building of series of fortified towns along an empire’s border was the major peacetime ideas of strategists.vii Strategy started to look more like science than ability, method rather than art. Practitioners, like Sebastien Le Prestre de Vauban, a 17th-century French engineer, and baron de Jomini, an 18th-century French military historian and general, pioneered in making war a business of principles, guidelines, and laws.viii Expectedly, these developments overlapped with the construction of military academies and an ever more reforming and scientific inclination--- officers took lessons in military engineering and artillerists took lessons in trigonometry.ix Literature on military strategy mushroomed. Jacques Antoine Hippolyte’s Essai general de tactique, was one of the most insightful works that organized military philosophy, even though Guibert had inclinations of bigger

Undertaking the Analysis of a House and a Unit Essay - 1

Undertaking the Analysis of a House and a Unit - Essay Example Clayton is located at the middle of Liverpool City Centre. The house consists of three bedrooms, two bathrooms, and has got a garage and is pet friendly as the unit discussed above. The furniture is not sold together with the house and the person interested should incur extra costs to buy furniture or to pay for those which he or she will get in the house. Anyone wishing to rent the house should as well pay the house deposit together with the rent for the month of entry into the house. The house is spacious and comfortable and is close to the Clayton Station as it takes less than five minutes to reach the station from the house (Jeanette, 2012). There are essentials which have to be considered when it comes to the inspection of a house or a unit that one may want to purchase or rent. Some of them are the details of how the house has been constructed or built, the coverings of the floor and the walls, and finally the convenience of the house setting. However, the process of inspection starts with inspecting the overall appearance of the house or the unit. This means that a person has to identify the location of the house, whether the location is strategic and safe. One has to look at the houses of similar or almost the same age so as to see the difference or the similarity that these houses have. This will help in determining the best kind of houses and that which is according to the standards that one wants to buy or rent from. The general inspection of the house will help the client come up with an idea of how they can be come up with ways of ensuring cleanliness and tidiness within and outside the house (Koulizos, 2012). After the inspection has been done on the nature of the hose and the unit, the client would look at the exterior front of that particular house. This is done in order to have a complete view of the house on each face of that house. This will help in

Obesity Essay Example | Topics and Well Written Essays - 750 words - 7

Obesity - Essay Example Apart from the social stigma that one may have to suffer, the health implications of obesity are much more expensive. According to Crawford (para, 2), 20% of population of all but fifteen states in the USA are obese and this number is increasing by the day. We all need to protect ourselves from obesity. B. Reason for listening: Obesity is becoming more and more common in the society and most of us have had or will have to deal with this issue either in ourselves or in people we love and care about. According to Childhood Obesity Facts (Para 1) obesity among children has doubled over the last thirty years. Obesity is not just a cultural issue, it is not just about the physical looks but rather it is a matter health. C. Credibility: Credibility: I have had some of my friends who have been affected by this issue. I can confidently say that I have experienced firsthand (or at least second had) the issues affecting obesity. Obesity is a cruel thing to deal with (Maureen). D. Enumerated Preview: Obesity is a serious issue with so many factors surrounding it. In this forum though, I wish to discuss three major issues which are pertinent with regard to the issue of obesity. These issues include, poor eating habit (fast food culture), laziness (lack of physical activities), and poverty which makes it harder for poor families to afford healthy food. II. The human body has its natural mechanisms of dealing with various issues. As disused above, when an individual takes in carbohydrates (energy-giving-foods), the extra energy is converted and stored in the form of fat thus resulting in fat accumulation. This means that people can reduce fat accumulation through exercise to burn the stored fats. There are vicarious ways of exercising which include; III. Poverty is probably at the apex of the issues influencing increasing rates of obesity in the United States as statistics show that poorer families are at a higher risk of obesity than those which are economically

Valuation of Biodiversity in Economics Essay Example | Topics and Well Written Essays - 500 words

Valuation of Biodiversity in Economics - Essay Example Genetic biodiversity associates with the level of inconsistency within the species. It involves the information signified by genes in the DNA of individual living things. Species diversity is concerned with a range of species.On ecosystem point of view, a low degree of ecosystem flexibility can lead to a sudden degrade in the biological output, which in turn cause a loss that cannot be reversed of roles for both the present and the expected generations. Functional diversity articulates a variety of roles produced by ecosystems, including the roles that support the life of ecosystem such as management of nature’s basic phases. Given these four levels of diversity, there are different perspectives in which the value of biodiversity can be understood. Some of these ways are instrumental and intrinsic values, the monetary and the biological indicators, the direct and the indirect values, biodiversity and the biological resources among others. The assigning value to biodiversity be gins from the hypothesis that social values are asserted on values of the individuals.When a person takes part in the conservation of the environment, he or she immediately discovers that it is sincerely an activity involving several disciplines. There are changes that have been experienced in the function and the significance of conservation. These changes are caused by the fast rise in environmental issues, and the realization that biological diversity is an important resource for the survival of human beings.

Annotated bibliography Example | Topics and Well Written Essays - 500 words - 12

Annotated Bibliography Example The current economic climate and fast- paced world of journalism has resulted to a lot of pressure while many of the journalists face trauma incidents. Few graduates are prepared by journalism schools to face trauma instead wait until they learn on their workplace. Lack enough practice results to interpersonal conflicts during war reporting. Therefore, the article encourages training sessions at workplace with support and recognition to improve productivity and resilience and is very relevant to the case study. The researcher’s interests are largely concerned with the role of journalism and its function in a democratic society. The department includes faculty individuals who are professionals in communication studies, media studies English literature and science. The article describes the challenging times faced by journalist as professions changes with time. As the journalist undergoes cataclysmic change, reporting becomes more pressurized due to the widespread of use of mobile devices that converts the newsgathering process to being instantaneous. Journalist along with their editors  considers  new ways of dealing with community trauma. Therefore, the journal provides different tactics to deal with interpersonal conflict in war reporting by having a professional reflective practice to provide space to improve practice serving both profession of journalism and public good. The article will be used in the case study. Cait McMahon is a managing director of Trauma-Australasia and the Dart Centre for journalism in Australia. Cait experience in  the  journalism industry is evident in his well-researched opinion on war reporting. The article highlights psychological duty care and self-care plans for not only war reporters, but all media experts who face any form of work-related trauma subjection. They explain that most reporters are very resilient and

Obesity Essay Example | Topics and Well Written Essays - 750 words - 7

Obesity - Essay Example Apart from the social stigma that one may have to suffer, the health implications of obesity are much more expensive. According to Crawford (para, 2), 20% of population of all but fifteen states in the USA are obese and this number is increasing by the day. We all need to protect ourselves from obesity. B. Reason for listening: Obesity is becoming more and more common in the society and most of us have had or will have to deal with this issue either in ourselves or in people we love and care about. According to Childhood Obesity Facts (Para 1) obesity among children has doubled over the last thirty years. Obesity is not just a cultural issue, it is not just about the physical looks but rather it is a matter health. C. Credibility: Credibility: I have had some of my friends who have been affected by this issue. I can confidently say that I have experienced firsthand (or at least second had) the issues affecting obesity. Obesity is a cruel thing to deal with (Maureen). D. Enumerated Preview: Obesity is a serious issue with so many factors surrounding it. In this forum though, I wish to discuss three major issues which are pertinent with regard to the issue of obesity. These issues include, poor eating habit (fast food culture), laziness (lack of physical activities), and poverty which makes it harder for poor families to afford healthy food. II. The human body has its natural mechanisms of dealing with various issues. As disused above, when an individual takes in carbohydrates (energy-giving-foods), the extra energy is converted and stored in the form of fat thus resulting in fat accumulation. This means that people can reduce fat accumulation through exercise to burn the stored fats. There are vicarious ways of exercising which include; III. Poverty is probably at the apex of the issues influencing increasing rates of obesity in the United States as statistics show that poorer families are at a higher risk of obesity than those which are economically

Annotated bibliography Example | Topics and Well Written Essays - 500 words - 12

Annotated Bibliography Example The current economic climate and fast- paced world of journalism has resulted to a lot of pressure while many of the journalists face trauma incidents. Few graduates are prepared by journalism schools to face trauma instead wait until they learn on their workplace. Lack enough practice results to interpersonal conflicts during war reporting. Therefore, the article encourages training sessions at workplace with support and recognition to improve productivity and resilience and is very relevant to the case study. The researcher’s interests are largely concerned with the role of journalism and its function in a democratic society. The department includes faculty individuals who are professionals in communication studies, media studies English literature and science. The article describes the challenging times faced by journalist as professions changes with time. As the journalist undergoes cataclysmic change, reporting becomes more pressurized due to the widespread of use of mobile devices that converts the newsgathering process to being instantaneous. Journalist along with their editors  considers  new ways of dealing with community trauma. Therefore, the journal provides different tactics to deal with interpersonal conflict in war reporting by having a professional reflective practice to provide space to improve practice serving both profession of journalism and public good. The article will be used in the case study. Cait McMahon is a managing director of Trauma-Australasia and the Dart Centre for journalism in Australia. Cait experience in  the  journalism industry is evident in his well-researched opinion on war reporting. The article highlights psychological duty care and self-care plans for not only war reporters, but all media experts who face any form of work-related trauma subjection. They explain that most reporters are very resilient and