Saturday, June 6, 2020

Factors in capital structuring - Free Essay Example

1. Introduction The structuring of corporate finance is an issue of vital importance for all companies engaged in business. These companies require capital to start and run their businesses and while they are primarily guided in their decisions by financial and profit objectives, they also remain constrained by the uncertain risks which arise from remaining in the marketplace. Companies are financed by three avenues, equity funds provided by shareholders, internal profit generation and debt funds provided by outside lenders. Funding by way of equity and debt consists of different alternatives, for example equity funding could come from the promoters, or from sale of authorised stock to the public, to individual large investors like Venture Capital companies, Mutual Funds or to other high net worth investors. Similarly debt can be raised in many ways, e.g. through loans, debentures, bonds and other debt instruments from various lending sources. In the case of funding th rough internal accruals, very obviously this avenue is not available at the commencement of business. For profitable companies it is dependent, apart from the quantum of accruals, upon their dividend payout and earning retention policies. Debt, being in the nature of outside funds that necessarily need repayment, carries with it, elements of risk of default, bankruptcy and asset seizure. These have to be accordingly weighed while deciding upon its quantum. On the other hand debt funds also have the attraction of availability, low interest costs and tax deductibility with consequent positive effects upon company profitability. Equity funds, while being limited in some cases are theoretically safe, do not have to be repaid and do not entail a compulsory interest load. In actual fact shareholders expect much higher returns than lenders. They can also destabilise ownership patterns and effect changes in ownership and management. Furthermore, they need to be paid out of tax deducted r esidual profits, thus imposing a charge on corporate profits, which is much higher than the cost of servicing debt. This dilemma is further compounded by practical considerations like access to equity and debt fund as well as objectives of the shareholders, the corporate managements who are the agents of the shareholders, and the debt holders. As such, despite progress in theories of corporate finance during the last twenty odd years, our understanding of the issue remains largely incomplete and continues to be shaped by newer thought on various issues including the effect of various levels of gearing on corporate efficiency, information asymmetry and costs of agency. It is the objective of this essay to study the various theories of corporate finance that govern capital structuring, the interplay of corporate management objectives and the effect of various other factors that determine decision making in the area. 2. Commentary Four major theories, the Modigliani-Miller mod el, the trade-off theory, the pecking order approach and the effects of symmetric information and agency costs comprise current thought on capital structuring. These theories are not mutually exclusive. Most companies are influenced by interplay of different facets of these theories resulting in a hybridised financing structure wherein different theories overlap and influence the final decision. The Modigliani-Miller approach is widely accepted as the theoretical base for the development of theories in capital structure. Developed in 1961 by Modigliani and Miller, it states that in a situation free of taxes, bankruptcy costs and asymmetric information, and in an environment of efficient markets, the value of a firm is independent of its mode of financing. It states that the market value of a firm is determined by its earning power and the risk of its underlying assets, and as such, is independent of the route chosen to finance investments or distribute dividends. The argument is uncomplicated. The theorem states that if the total cash flows a company earns are the same regardless of its capital structure, changing of structure will not affect cash flows. The total value of assets that provide ownership to these cash flows will also not change. While it is obvious that the assumptions of the MM theory regarding taxes, bankruptcy costs and asymmetric information are not possible in actuality, the theory becomes all the more relevant by inferring that disturbance of assumptions will necessarily lead to situations where capital structuring will depend upon debt and equity components in financing companies. In the years that have passed since the emergence of MM theory, while research into the reasons behind capital structuring decisions have led to a great amount of literature, much of the questions still remain. According to the trade off theory, the decision to limit debt to a certain level of total capital employed is a simple function of the firm to trad e off the risks of profiting from higher debt and the consequences of default and bankruptcy. Capital structuring, as per this theory is thus ruled by trade offs between the tax shield provided by debt and the financial distress costs of bankruptcy. This will vary from firm to firm because while costs of financial distress will vary with the type of the asset, the benefit of the tax shield will change with the extent of profitability. At the optimal debt level the marginal benefit of the tax shield will equal the marginal cost of financial distress. The trade off theory does appear to provide some answers to the rationale behind capital structuring; its logic explains the differences in capital structure across industries with different profitability parameters and asset profiles. The trade-off theory, while logical, falls short of explaining the apparent unpredictability behind corporate financial structuring. It is unable, for example, to describe why profitable firms constantl y underutilise debt. Some analysts have thought of this apparent shying away from debt, owing to fears of bankruptcy, to unnecessary conservatism that could cause harm to the company. The consensus view underlying this vast literature is that bankruptcy costs alone are too small to offset the value of tax shields and. thus, other factors, such as agency costs, must be introduced into the cost-benefit analysis to explain observed capital structures. Miller ((1977). p. 264) memorably characterizes the discrepancy by comparing the trade-off between tax gains and bankruptcy costs as like the recipe for the fabled horse-and rabbit stewà ¢Ã¢â€š ¬Ã¢â‚¬ one horse and one rabbit. (Ju, Parrino, Poteshman and Weisbach, 2005) A significant number of firms follow a financing structure that is inconsistent with the trade off theory, and use significantly lower levels of debt than their target debt level. Under leveraging results in underutilization of tax shields and there does not appear to be a valid answer to the reasons à ¢Ã¢â€š ¬Ã…“whether observed capital structures represent a value maximizing choice or whether firms throw away value by substantially under leveraging their assets.à ¢Ã¢â€š ¬Ã‚  (Perrino, Poteshman and Weisbach, 2005) The use of the Pecking Order theory, the impact of asymmetric information and that of agency costs possibly provide the answers to these apparent incongruities. The Pecking Order theory stipulates that asymmetry in information availability exists between internal management represented by CEOs and external shareholders, i.e. corporate managements generally hold significant information unavailable to external shareholders and are thus often able to take decisions affecting the choice of internal and external funds that are seemingly at odds with corporate objectives. In the Pecking Order, profitable companies first look for internal funds, obtained from retained earnings, to finance investments. Companies are reluctant t o go to the market to look for borrowings even though their managements have full confidence in debt servicing ability, because of apprehensions of giving out wrong signals to the market and the possible undermining of their own position. This obviously has an effect on dividend policy and the tailoring of dividend payout to meet investment is common practice. In case of requirement of further funds, managements, who for all practical purposes are the agents of the stockholders, resort to debt instruments that send the least adverse signals to the stock market. The third and final choice for finance finally falls on the issue of further stock. In many cases, managements try to increase financial slack by increasing retained earnings, avoiding available debt, and smoothing dividend payouts. Financial slack is valuable and Debt Equity ratios respond mainly to changes in imbalances between funds retained after dividend payouts and investment opportunities. The use of interest tax shiel ds and raising debt to maximize value thus becomes secondary. The Pecking Order theory implies that retained funds stay at the top of the preferred financing heap and external equity remains the last choice. The choice of debt comes up not in order to increase value but because of exhaustion of internal funds. 3. Conclusion Capital structuring depends upon a number of factors and is not as complex an issue as it appears to be. Modes of capital structuring primarily depend upon availability of capital. Start up corporations as well companies with weak profitability or irregular cash flows are often constrained by unavailability of external equity as well as of debt. These companies have to perforce manage with internal accruals and loans from the unorganized sector until their financial credibility becomes strong enough to attract external equity and debt. In the case of profitable companies that are able to access debt, maximization of firm value vis-ÃÆ'  -vis capital st ructuring requires the incorporation of debt until the achievement of a target debt figure, which in turn represents the optimum balance between the financial benefit of the interest tax shield and the cost of financial distress, because of bankruptcy. While this logic applies to capital structuring decisions in many companies, decision making in a number of firms also works on the Pecking Order theory, enabled by asymmetric information availability and the occurrence of agency costs. Managements of such companies, which are distinct from stockholders, tend to use their position to use funds from retained earnings for investment decisions due to their own considerations. Their desire not to create ripples in the outside market leads them to treat debt as a second choice. The benefits of the tax shield are not inducement enough to overrule their desire to create financial slack and keep buffers that would enable them to operate with some element of comfort. While this attitude is possibly inevitable to a certain extent, it becomes a matter of concern when it acts as a precursor to other decisions and becomes an indicator of the managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s decision to place their own interests before that of the stockholders. Bibliography Brown, C. M. 2005, Borrowing from Dad: Financing from Relatives and Friends Has Risks and Rewards. Black Enterprise, 35, 44. Chew, D. H. (Ed.). 1986,. Six Roundtable Discussions of Corporate Finance with Joel Stern. New York: Quorum Books. Ju, N, Parrino, R, Poteshman, A, Weisbach, M, 2005, Horses and rabbits? Trade-off theory and optimal capital structure, Journal of Financial and Quantitative Analysis, Vol. 40, No.2, University of Washington Mansi, S. A., Reeb, D. M.,2002, Corporate International Activity and Debt Financing. Journal of International Business Studies, 33(1), 129+. Read, L. 1998, The Financing of Small Business: A Comparative Study of Male and Female Business Owners. London: Routledge. Roe, M. J. ,1994, Strong Managers, Weak Owners: The Political Roots of American Corporate Finance. Princeton, NJ: Princeton University Press.

Sunday, May 17, 2020

Gender Stereotyping And The Influence Of Race Essay

Hannon, J., Soohoo, S., Reel, J., Ratliffe, T. (2009). Gender stereotyping and the influence of race in sport among adolescents. Research quarterly for exercise and sport, 80(3), 676-684. 1) James Hannon utilized the stratified sampling method to conduct his study. This method allows you to make the sample as representative as possible. For instance individuals would be divided into groups or strata this allows the sample to show an accurate representation and reflection of the population being studied. Hannon’s method consisted of the involvement of 178 students who were in 9th and 10th grade. 90 of the students were boys and 88 were girls, they all enrolled in six physical education classes. Due to the method of this experiment and the diversity of race in this urban southeastern high school, the students were divided in terms of their race. There were 47.84% Caucasian, 46.44% African American, 2.96% Hispanic, 1.24% Asian, 1.10% Multicultural and 0.14% American Indian. 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Wednesday, May 6, 2020

A Brave New World by Aldous Huxley - 588 Words

The novel takes place in the Central London Hatchery and Conditioning Centre in A.F. 632, about 600 years in the future. The novel opens with the Director of Hatchery giving a tour to a group of boys. He explains the processes by which human beings are created, conditioned and decanted. After fertilization, the embryo went on through the gestation period, where the embryos travel in bottles along a conveyor belt for 267 days before being â€Å"decanted.† Different chemical conditionings are given during the gestation period to ensure the individuals accept their â€Å"inescapable social destiny.† The society consists of five different castes- Alpha, Beta, Gamma, Delta, and Epsilon, and each receives different conditionings during gestation and development periods. The Alpha is the most superior, having the most individuality, intelligence and physical fitness. The Epsilons are stunted and stupefied by various chemical treatments, and are destined to perform menial labor . 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Cloning Human Beings Essay Research Paper The free essay sample

Cloning Human Beings Essay, Research Paper The cloning of human existences has been an issue that many people believe strongly in. The cloning of animate beings such as cattles and sheep have already been successful, and many people think that the cloning of human existences is merely the following measure. This, nevertheless, has non gone over good with the authorities of the United States. Recently, a hearing has been underway to make up ones mind whether cloning should be legal in the United States. In fact, President George W. Bush has said that he will make everything possible to censor human cloning. The issue here should non be whether human cloning should be legal, because it should. The authorities should alternatively implement regulations and ordinances to modulate and patrol cloning research and development. Cloning is non a atrocious scientific discipline experiment, but a monumental scientific development. Many people look upon the thought of human cloning with fright and contempt. Many do non recognize that the cloning of human existences could be good to the human race. Many research workers involved in cloning experiments believe that cloning could offer a manner for sterile twosomes and other twosomes a manner to reproduce, when they otherwise could non. Cloning could offer the gift of life to those who might non be able to obtain it by other agencies. No 1 is stating that this would be the best manner to reproduce, but it could be a valid option to those who wish. Another instance in which human cloning may be acceptable could affect a kid who needed an organ such as a kidney, or bone-marrow graft. If cloning were an option, the parents could take to clone the kid in order to bring forth another who could donate whatever is needed. This is a possible option and does non intend that it would be an existent deduction of cloning. Human cloning besides offers a possibility that until really late seemed really far fetched. Cloning offers the possibility of leting those who are dead, in a sense, be born once more. In fact, many people believe that this may be the best manner human cloning engineering could be used. Families could convey back a dead household member or relation. This thought already entreaties to many households who have invested money and clip into this new possibility. One twosome who lost their babe in a bungled surgery, has already donated $ 200,000 to the Clonaid company in order to clone their dead babe. This is non the lone instance ; many households are salvaging the cells of their dead household members in hopes that one twenty-four hours that may be able to see them one time once more. There is besides an facet which may stand as middle-ground between the two resistances. Though people may believe that human cloning is incorrect, many scientists believe that human cloning research should go on because scientists might be able to develop new interventions for diseases based on cloning techniques. For case, Dr. Harold Varmus, caput of the National Institute of Health, states that cloning research might be able to assist remedy diseases and salvage lives. Research workers do non hold to needfully clone worlds, but could alternatively utilize the new developments and techniques to assist those already alive. The deductions of cloning engineering have sparked the argument. Many inquiry the moral and ethical facets of cloning. Many ask if it is ethical to convey a kid in to this universe to replace person else. This the same inquiry of whether it is right to hold another babe after one has died. No 1 is say that the kid # 8217 ; s sole intent is to replace some one else ; the kid is brought into the universe to be loved. There besides have been defects in carnal ringers and some wonder if the weight of a human life is less that that of a scientific discipline experiment. Life is cherished and defects could happen, that is exactly the ground the authorities should modulate and supervise all cloning research and development. With ordinances possibly cloning experiments may non be as harmful, and safety steps and safeguards can be taken before any experimentation could be done on worlds. This would besides guarantee that the engineering is advanced plenty to guarantee that no injury is done. Baning cloning could perchance do it more unsafe by doing such work illegal authoritiess would lose their ability to modulate it. Daniel J. Kevles, the manager of the Program in Science, Ethics and Public Policy at the California Institute of Technology in Pasadena, Calif. , made that point in the February 26, 1997 New York Timess: As the engineering evolves to ask for human experimentation, it would be better to watch and modulate instead than prohibit. Outlaw the geographic expedition of human cloning and it will certainly travel offshore, merely to turn into black scientific discipline that will happen its manner back to our boundary lines merely because people want it. It would be far better to hold control over human cloning so to hold perfectly no power to modulate what can and can non be done. Human cloning is a engineering that can non be avoided. There are many ways in which people may be able to profit from this new engineering. With authorities ordinance possibly this engineering can be put to good usage and we can avoid and command jobs that may originate. Human cloning is now the hereafter in scientific discipline, and the hereafter and can non be avoided. With cooperation and ordinance we can confront the hereafter safely and benefit from it.

Monday, April 20, 2020

The Theme of Violence in the Poem Hawk Roosting by Ted Hughes Essay Example For Students

The Theme of Violence in the Poem Hawk Roosting by Ted Hughes Essay Animals are living things that we see in our everyday lives yet we dont seem to give them any importance. Very few people give them the respect they deserve. The poems I am going to compare are based on animals. The animals are given human qualities, which are done purposely by Ted Hughes to make us realize what we really are. Very few poets have chosen animals to take the lead roles in their poems. Ted Hughes is one of those few poets who have taken animals to play the lead role in his poems. Many of Ted Hughes poems have their subjects on predatory animals and birds. We will write a custom essay on The Theme of Violence in the Poem Hawk Roosting by Ted Hughes specifically for you for only $16.38 $13.9/page Order now The latent feeling of violence and power in untamed creatures fascinated Hughes. In his poems, animals and birds are not decorative or incidental but central symbols of vitality. Pike and Hawk Roosting are the two poems of Ted Hughes, which I am going to compare. These two poems convey the theme of violence and power very clearly. The selfishness and self-centered attitude of the animals is another prominent theme in the play. These themes are brought out in various ways and various lines, Pike ted hughes. Both animals, the Hawk and the Pike make it very clear that they want to be the dominant creatures in their respected habitat. Ted Hughes always has most of the most of the poems he writes with the name of the animal as the title. He tries to convey messages through his title but few can understand the titles meaning without first reading the poem. The title of the first poem that is Pike is very straightforward. Through the title we know that the poem is based on a pike, which is a fish and on its life. But to understand the real meaning of the poem we have to read the first stanza of the poem. The repetition of the word pike in the very first line shows us the importance the pike gives to himself. We now know that the poem is going to be on the pikes lust for power and the path it will take to achieve it. The title of the second poem I am doing is Hawk Roosting. It is quite a good title. It deceives the reader because when we first read the title we get an impression that it is going to be a poem about a hawk that is resting. We are completely unprepared for what is going to be present in the poem. The title prepares us for a still life study of the bird that is supposed to be one of the most feared predatory birds in flight. But only after we read the poem we realize that the title has a different meaning. The hawk is only pretending to be asleep or at rest so that it could try to catch its prey by surprise. This shows us how devious and intellectual the hawk can be. The title is very deceptive and is able to surprise the reader. Hawk Roosting is a more interesting title than Pike which is very straightforward. In the first stanza of the poem Pike we see that the poet shows us the description of the Pike. Perfect, Pike in all parts, green triggering gold. Killers from the egg: the malevolent aged grin. The first line reveals to us the beauty of the pike. We now think that the pike is a good and beautiful fish. But that image is broken from our minds when we read the next line. This line killers from the egg completely changes our judgment towards the pike. We question ourselves, how could such a beautiful creature be so ruthless? We get the answer from the phrase Killers from the egg. Then the word malevolent also makes us feel ill of the pike just, as the pike likes to injury to others. The image of the good and beautiful fish is completely destroyed by the sudden contrast, and we are filled with the image of a ruthless murderer. Ted Hughes applies the same method in Hawk Roosting. From the title we get a picture of a hawk resting which is posing no threat to other animals. But when we read the last three lines of the first stanza this image we built up of the hawk suddenly changes. In action, no falsifying dream Between my hooked head and hooked feet: Or in sleep rehearse perfect kills and eats. These words are a complete contrast of what we understood from the title. We see that the hawk has no falsifying dream. The hawk must have a lot of mental power to keep false dreams away from his mind. This gives us the image that the hawk is a strong bird not only physically but also mentally strong as well. The hawks hooked head and hooked feet symbolize the hawks lust for power. The repletion of the word hooked emphasizes the deadly nature of the hawk showing that from top to bottom the hawk is completely filled with violence. The hawk also makes it clear of knowing what he wants even in his sleep. In sleep the hawk practiced perfect kills and eats. This shows us that the hawks mind is completely preoccupied with the thoughts of killing other animals. The first line I sit in the top of the wood shows us that the hawk is symbolizing the power that it has over the surroundings. The hawk and pike both have physical power. They use these powers to the full extent. The pikes life is subdued to instruments, its jaws hooked clamp and fangs. These lines show the killing instruments the pike has. Just as the hawk has a hooked head and hooked feet so to the pike has hooked jaws. These jaws are very handy in killing other pikes because pikes eat only other pikes. The fangs of the pike are so important to him that you can say that it was created just to kill. The hawk also uses its hooked head and hooked feet to kill its prey. The word hooked has a very forceful sound. The hawk uses its hooked head to kill its prey. The hooked feet are not only used to kill but to maintain its glory. My feet are locked upon the rough bark. This line very clearly portrays that the hawk has power over its surroundings. We see that the hawk is keeping everything under him. Through the words rough bark we see that even though the bark is tough to go through the hawk can easily penetrate through it. This is a sort of warning to show that any animal, which tries to oppose the hawk, will have to face the wrath of the hawk, something that can be very painful. We see that both animals use their killing instruments to the full capacity in order to maintain power and glory. In the poem Pike we see that the pike kills its own kind so that it can survive without any threat to its power. Three were kept behind glass, Suddenly there were two, finally one. These lines tell us that the pikes fought against each other so that in the end only the strongest will emerge as the winner. We see here that it is turning out to be the survival of the fittest. Only the best can live. The line kept behind glass refers to the pikes being kept in an aquarium. The aquarium is supposed to be a small world where there is little to gain and everything to lose. But the pike still kills the other two without any remorse. We see the pikes self-centered attitude. The poet gives us an even more vivid picture of the pikes brutality through the following phrase. One jammed passed its gill down the others gullet The outside eyes stared. These lines reveal to us the cruelty of the pike. The pike was slowly learning that in killing others he was slowly killing himself. The first line gives us a picture that the pike was squeezing the other pike down its own throat. Though the pike was choking to death, it wanted to kill the other pike and then die so that it would have the satisfaction of victory even though it might have died a few seconds later. This shows us that the pike has no feelings not for itself and not for others as well. In Hawk Roosting Ted Hughes uses forceful words such as tearing, death, etc. the cruelty of the hawk is brought out in the poem. .u97967a5ca29efc6d12e1a4515700d1f5 , .u97967a5ca29efc6d12e1a4515700d1f5 .postImageUrl , .u97967a5ca29efc6d12e1a4515700d1f5 .centered-text-area { min-height: 80px; position: relative; } .u97967a5ca29efc6d12e1a4515700d1f5 , .u97967a5ca29efc6d12e1a4515700d1f5:hover , .u97967a5ca29efc6d12e1a4515700d1f5:visited , .u97967a5ca29efc6d12e1a4515700d1f5:active { border:0!important; } .u97967a5ca29efc6d12e1a4515700d1f5 .clearfix:after { content: ""; display: table; clear: both; } .u97967a5ca29efc6d12e1a4515700d1f5 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u97967a5ca29efc6d12e1a4515700d1f5:active , .u97967a5ca29efc6d12e1a4515700d1f5:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u97967a5ca29efc6d12e1a4515700d1f5 .centered-text-area { width: 100%; position: relative ; } .u97967a5ca29efc6d12e1a4515700d1f5 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u97967a5ca29efc6d12e1a4515700d1f5 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u97967a5ca29efc6d12e1a4515700d1f5 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(; position: absolute; right: 0; top: 0; } .u97967a5ca29efc6d12e1a4515700d1f5:hover .ctaButton { background-color: #34495E!important; } .u97967a5ca29efc6d12e1a4515700d1f5 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u97967a5ca29efc6d12e1a4515700d1f5 .u97967a5ca29efc6d12e1a4515700d1f5-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u97967a5ca29efc6d12e1a4515700d1f5:after { content: ""; display: block; clear: both; } READ: I am going to explore conflict and violence between two families Montague Capulet EssayThe poem is a very strong one. The cruelty the two animals bring out in each poem is shown from the description of the way they kill. But in Hawk Roosting the killing is more effective and realistic because it is the hawks own narration we are witnessing. This enables us to get a clearer picture of the cruelty the hawk shows. We know the hawks procedure of killing through the quote: My manners are tearing off heads- The allotment of death For one path of my flight is direct Through the bones of the living. These lines clearly and vividly bring out the violent way in which the hawk kill s its prey. The word manners has a different meaning. It helps to intensify the cruelty of the hawk. Manners is a word that is used only to the good qualities of a person or in this case an animal. But in this case the word manners is used to bring out the cruelty of the hawk. The violence and cruelty of the hawk is further emphasized through the lines one path of my flight is direct through the bones of the living. These lines show us that when the hawk wants to kill it will kill without making mistakes. It is like torturing its prey because once you drive through the flesh the prey wont die immediately. It will be a slow and painful death. It will not give its prey a chance to escape. In these four lines the way the hawk kills is very powerfully emphasized. There is the use of alliteration by the repetition of the letter t. This can be showed through the words tearing, allotment, death, path, flight, and direct. The repetition of the letter t makes the character of the hawk seem more powerful. The words show that the hawk is an unmerciful and ruthless creature. Both animals the pike and the hawk show that they have no remorse at all while killing other animals. The poet Ted Hughes has brought out the lack of remorse the animals feel in each poem in a different way. In Pike the pike shows no remorse for killing fellow pikes because from birth itself it has been doing this and if it was killing from birth then it would not know the meaning of remorse. Whereas in Hawk Roosting the hawk feels that it has the right to kill other animals and if it has the right to kill other animals then it should not feel any remorse. In Pike the lack of remorse is brought out through these lines. With a sag belly and grin it was born with. And indeed they spare nobody. These lines show us that the lack of remorse is a part of the pike. It is like the pike has a gene, which prevents it from showing any remorse. The pike is grinning because it has killed another pike. So the pike is mocking the other pike for not being able to defend itself. The poet shows us that the pike may be powerful mentally as well because the grin could have been an outward appearance just to attack its victim. The line And indeed they spare nobody show us the cruelty the pike has and the way it kills any fish of its own species because it is afraid of losing its powerful position as leader of the place it lives in. his shows us that the pike is afraid of losing its position so he is not all powerful and fearless. The pike may lose its position anytime without even noticing it but this does not happen in the poem. It also shows that the pike is jealous because it is not willing to share its leadership with any other fish. In Pike the lack of remorse of killing others is shown directly but in Hawk Roosting the hawks lack of remorse is brought out by the hawks impression that it was born with the right to kill. So the hawk can kill anyone and anything and if it has the right then why show remorse. This is meaningless because if anyone was given the right to kill he/she would go on killing and there would be no way of stopping them because they have the right to kill. The hawk reveals his right to kill through the lines: I kill where I please because it is all mine. No arguments assert my right. These lines show the impression the hawk has. This is the reason why the hawk kills without mercy. The fact that no arguments can declare his rights shows that the hawk has a lot of power with nothing more powerful than it not even Creation. We know this when the hawk says, Now I hold Creation in my foot. The hawks violent power is not subject to any check or hesitation. The one path of the hawks flight is through the bones of the living. It is like an arrow or a bullet that destroys when leaving the weapon. Might is right and the hawk needs no arguments to justify its actions. The lines make the hawks philosophy of life very clear. Other creatures must die in order for it to live. The tone in both poems is very effective in bringing out the major themes, which are power and violence. The major role the tone plays is in the way the poems are being narrated. In Pike the narration of the poem is being portrayed by the poet and not by the pike. The poet may have been observing pikes before writing the poem and upon learning that pikes resemble humans in their violent nature he found a way to write the poem. He is comparing the pike to humans. In Hawk Roosting however the hawk itself is the speaker of the poem. It gives us the feeling that the hawk is speaking directly to us which is a very good technique used by the poet because the hawk itself is telling us that it has become like us, it has the same lust for power which, we have. Its monologue of plain, forceful words matches the arrogant frankness of the speaker. The hawk is arrogant because it is blowing its own trumpet on how powerful it is and on its right to kill. In one stanza we see the poet keeps three pikes behind glass. They are in an aquarium. Three we kept behind glass, Jungled in the weed: three inches, four, And four and a half: fed fry to them. Suddenly there were two. Finally one. The pike that is the character of the poem is three inches long. The other two pikes are bigger than it. The fact that the poet mentioned the size of the pikes clearly indicate that the poet was struck by the fact that the pike was able to kill and eat both the other pikes in quick succession. He is stunned by the fact that the smallest of the pikes would commit such a cruel thing as eating two other pikes bigger than itself. This shows us that size doesnt matter. Even small people may be strong enough to overcome and kill a person who is bigger. So the poet is trying to tell us never to rely on outward appearances. In Hawk Roosting the tone can more easily be recognized because the hawk himself is the speaker. The poem is in the form of an interior monologue so the tone can be more easily recognized through certain lines, which are there in the poem. It took the whole of Creation To produce my foot, my each feather: Now I hold Creation in my foot. We can easily make out the arrogant tone of the hawk through these lines. The hawk says that it took the whole of Creation to produce his foot and feathers yet instead of being grateful and being under the patronage of Creation for making him so beautiful, the hawk takes it for granted. The hawk thinks that Creation was there only to create him. The hawks gloating tone is pronounced in this stanza. .u6e51fed97d7b4306c050c4193575d008 , .u6e51fed97d7b4306c050c4193575d008 .postImageUrl , .u6e51fed97d7b4306c050c4193575d008 .centered-text-area { min-height: 80px; position: relative; } .u6e51fed97d7b4306c050c4193575d008 , .u6e51fed97d7b4306c050c4193575d008:hover , .u6e51fed97d7b4306c050c4193575d008:visited , .u6e51fed97d7b4306c050c4193575d008:active { border:0!important; } .u6e51fed97d7b4306c050c4193575d008 .clearfix:after { content: ""; display: table; clear: both; } .u6e51fed97d7b4306c050c4193575d008 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u6e51fed97d7b4306c050c4193575d008:active , .u6e51fed97d7b4306c050c4193575d008:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u6e51fed97d7b4306c050c4193575d008 .centered-text-area { width: 100%; position: relative ; } .u6e51fed97d7b4306c050c4193575d008 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u6e51fed97d7b4306c050c4193575d008 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u6e51fed97d7b4306c050c4193575d008 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(; position: absolute; right: 0; top: 0; } .u6e51fed97d7b4306c050c4193575d008:hover .ctaButton { background-color: #34495E!important; } .u6e51fed97d7b4306c050c4193575d008 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u6e51fed97d7b4306c050c4193575d008 .u6e51fed97d7b4306c050c4193575d008-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u6e51fed97d7b4306c050c4193575d008:after { content: ""; display: block; clear: both; } READ: media violence EssayCreation has produced its feet and feathers but instead of showing gratitude, the hawk gloats over its seeming ability to dominate Creation itself. In the fourth stanza the hawk arrogantly senses that in flight Creation revolves for it because it is all mine. Creation is only a killing ground for the hawk and like the air and sun simply exist as a tool that the hawk will use just to fulfill its destiny. But what the hawk does not know is that just as Creation created the hawk it can reduce to him to nothing as well but instead Creation let him get on with his life. The arrogant tone of the hawk is brought out through these lines as well. The convenience of the high trees! The airs buoyancy and the suns ray Are advantage to me And the earths face upward for my inspection. In this stanza there is a change in emphasis from the hawk itself to its surroundings. The hawk does not take pleasure in the high trees, the airs buoyancy, or the suns ray. They are there for the hawks convenience and advantage. Even the scene spread before the hawk is subject to the cold word inspection. This last line shows that the earth is under the inspection of the hawk because the hawk wants it to stay loyal to him. Then arrogance is shown in killing through the line: I kill where I please because it is all mine. The arrogance of the hawk is visible here where the hawk says that it can kill wherever it wants to. The hawk shows its arrogance because it feels that the earth is just a hunting ground for him. The tone of Hawk Roosting is arrogant. The arrogant tone gives is the picture of a bird sitting on the highest tree at the top and overlooking everything below him. He acts like he is a God who rules these creatures and can take their life whenever he pleases. Both poems were used to bring out the bad characteristics of human beings. People have always had the lust to have power and glory. Even now people still compete against each other to be the best and sometimes may go to any extent to be the best. They are even willing to break the rules not caring who they hurt as long as they are most powerful just as the hawk and pike want to be. The outer appearance of a person is what makes other people think either good or ill about him/her. A good looking and seemingly nice person may be cruel and malicious on the inside and a sinister looking man who is seemingly bad may have a good heart. Many people have been misjudged in this particular way. It is only when we know a person really well do we realize his inner personality and we still may be mistaken. In Pike and Hawk Roosting we witness two beautiful creatures on the outside but who are evil and violent on the inside. Both creatures like man show that they can deceive. The hawk appears to be asleep when he isnt and the pike has a grin on its face, which is a contrast to his real personality. There are people who are like this. They put on a fake outward appearance and then when you least expect it they stab you in the back. Another characteristic the hawk brings out that we humans have too is the tendency to take everything for granted. This is seen in Hawk Roosting where the hawk takes everything for granted. The poem tells how the hawk takes its body parts for granted just as we do. The hawk says, It took the whole of Creation to produce my foot, to produce my each feather. Like the hawk we feel that just because we have all our body parts we are perfect. We take them for granted never once thinking that we may lose one of these parts some time or another. Not only do we take our body for granted but we take our life as well. Everyday we wake up thinking that it is just another day but we must be happy because we are alive. But one thing is that we can lose this life anytime. Creation created us and if it wants to it can destroy us. The hawk also takes its life for granted. He feels he was created to rule over others, which is our thought too. We like the idea of being superior towards others but we dont like others to order us. But the most important aspect in human nature that is brought out by the pike and the hawk is on how the animals have so much brutality that they kill anyone who is a threat to its power and glory. This pint very clearly describes us humans. Some of us may go to any extent to get what we want. In Hawk Roosting the hawk does not care to hide the fact that it will kill or harm other animals and birds because he has the right to kill. No human has the right to kill so I feel the hawk cannot depict the real nature of humans. Pike however has the upper hand in depicting mans cruel nature. In Pike we see that he kills two other pike. Only the strongest will survive and only the strongest will have glory. Though most of us will not kill we will go to any extent to remove a person from coming between glory and us. If we know that he might achieve glory before us we may harm him in some way to remove the threat. Like R. L. Stevenson showed in Dr. Jekyll And Mr. Hyde, Man is not truly one, but truly two. This shows that we may have a good attitude to others but we can become evil if we want to. Outward appearances are very deceptive. The strongest pike will only win. This is a direct revelation of mans nature. Only the strongest, fastest, or smartest can win. There is no other way. Now also we see that men quarrel with each other to share power and glory that we can get in this materialistic world. What they dont realize is that the real riches are in the next world and not this. An example of being materialistic is the fight between India and Pakistan over Kashmir. If they held a plebiscite for people living in it they could vote for the country they want. But this cannot work because either country cannot bear defeat and so they will continue on fighting. This is just our nature. Just as the pike was born to kill so to are some men born in this way. Pike and Hawk Roosting are two poems, which very vividly displayed the violent nature and cruelty in wild animals. Ted Hughes conveys his message very clearly to those who can understand what he meant while writing the poems. Though Hawk Roosting used forceful words and was more violent, Pike still was the poem, which brought out the bad characteristics of man very well. Ted Hughes is a very good poet who wrote his poems really well. Though the poems have been written and people have read them they still dont understand the message he is trying to convey or they do understand but dont bother t o listen to it. The hawk and pike are two animals known for their violence and Ted Hughes portrays this violence very well in his poems.

Sunday, March 15, 2020

Strategy Analysis Shell Essays

Strategy Analysis Shell Essays Strategy Analysis Shell Paper Strategy Analysis Shell Paper The Downstream business manufactures petroleum products for retail throughout Australia. [2] The purpose of this report is to analyses the business strategy of Royal Dutch Shell. The report will address three main questions: What Is Shells business strategy? How Is Shells business strategy developed and articulated? Is Shells strategy appropriate for success? The answers to the first two questions will be brief and descriptive in nature. To answer the fall question, the report will analyses the Shells strategy using a framework of the four common elements of successful strategy, as detailed by Robert M. Grant; simple, consistent, long-term goals; a profound understanding of he competitive environment; an objective appraisal of resources; and effective implementation. [3] Shells strategy Is outlined In Its 2009 Annual Report. In analyzing the third element of a successful strategy?the objective appraisal of resources?this report contends that this is an area of strength in Shells strategy. In evaluating its resources, the Company has recognized that there are regions or market sectors that are operationally ineffective. The strategy detailed in the Annual Report recommends exiting those regions or sectors. Their appraisal acknowledges the companys strengths; notably in the development and application of technology, financial and project-management skills, and the management of integrated value chains. 11] It is clear that Shell has conducted an objective appraisal of its resources and more importantly, it has used the findings in the development of its strategy. Shell has applied the strengths and weaknesses of its resource-base in the layers of strategy development detailed earlier in this report. The best-laid strategies are of little use without the fourth element of a successful strategy; effective im plementation. Considering the intended (external) audience, it is not surprising that there is little guidance regarding the implementation of strategy in the 2009 Annual Report. Whilst the GAP provides guidance on the manner in which the Company should conduct its business, the guidance is more about values and principles than it is about executing strategy. The core guidance for the effective implementation of Shells strategy is contained within internal communications; tarring with the Coos strategy message to the Company executive. Peter Poser sees improved performance in the implementation of company strategy as one of the keys for addressing Shells competitive performance. He reiterates the Companys position and stresses the need to work together to meet our targets. The CEO moves beyond merely stating what a successful strategy is and he communicates how to make the strategy successful. He states the importance of speed in the implementation of strategy, to ensure that Shell is operating inside the decision-making cycle of its monitors. Furthermore, the CEO calls for sharper delivery, with a focus on the precise implementation of strategy. He proposes a culture of continuous Improvement, particularly In ten areas AT estate, operational excellence, cost Ana profitability. 12] There is a notable consistency in his message and a clear link to Shells stated long-term goals. It is an important observation that Shells objective, goals and strategy are recurring messages in communication at all levels in the Company. Furthermore, Peter Posers ideas and emphasis on the swift and precise implementation of strategy are also prevalent at all levels. In analyzing the appropriateness of Shells strategy, this report firstly stated what the strategy is and how it is communicated. The report concludes that Shells strategy contains a clear objective, or mission statement, and the GAP provides excellent values and principles to guide the business. Shells stated goals are simple, consistent and enduring, satisfying the first of Grants elements of a successful strategy. Shells strategy has fulfilled the second and third elements of a successful tragedy through the understanding of its competitive environment and the objective appraisal of its resources.

Friday, February 28, 2020

The Exclusion of Women from Criminal Studies During the Victorian Era Dissertation

The Exclusion of Women from Criminal Studies During the Victorian Era in England - Dissertation Example In introducing the topic, its importance, the methodology for conducting the study, the first part of my dissertation explains that crime and criminality was first introduced during the Victorian Era. Previously crime was attributed to either the forces of nature, the devil or the supernatural. Thus the Victorian Era is presented as an important milestone in crime and criminality studies as it rejected previous explanations of crime and offending. The first part of my dissertation therefore introduces the reader to the fact that as criminologists turned attention to crime and offending, women were not factored in and when they were, it was by attributed to factors that supported concepts and attitudes relative to the idealization of women during the Victorian Era. The first part of my dissertation touches on the prevailing school of thought influencing crime and criminality studies and the rather dismissive approach to female offending. Cesare Lombroso, a 19th century criminologists is introduced as the father of criminology. It is revealed that Lombroso influenced much of the criminology studies and he in turn was influenced by Darwin’s theory of evolution, arguing that crime was biological in nature (Tibbets 2011, p. 80). The first part of my dissertation thus sets the conceptual framework for conducting the study. It is essentially revealed that Lombroso’s work during the 19th century set the bar for the neglect of women in crime and criminality studies. For Lombroso, women crime was unnatural for women and women who offended were either masculine or mentally deficient. Even the occasional normal women who committed crimes were described by Lombroso as essentially male-like. Based on this conceptual framework, the remainder of the dissertation seeks to explain why women were neglected in Victorian Era crime and criminality studies. Women were regulated so as to keep them at home and out of the work place. Part II This part of my dissertation fo cuses on the role and treatment of women in Victorian England and explains that the laws, practices and policies of Victorian England commanded that women were both domestic and subordinate. Shanley (1993) informs that these practices and laws were calculated to ensure that women remained at home â€Å"bearing and raising children† (p. 79). Women were thus categorized and relegated to a purely biological function connected to their â€Å"sexual and reproductive capacities† (Shanley 1993, pp. 79-80). This part of my dissertation looks more directly at the laws that marginalized women based on this prevailing view of women. The laws examined are the Matrimonial Causes Act 1857 in which men could obtain a divorce on the grounds of adultery per se, but a woman had to prove cruelty or desertion together with adultery. Thus men and women were treated quite differently with men receiving greater rights and authority than women. Other 19th century laws reflecting the gender di fferentiations were the Contagious Diseases Acts, Infant Life Protection Act and the Factory Acts. These Acts are examined as a means of substantiating the claim that women were subjected to a prescribed domestic role and segregated from men and the public life. Part II of my dissertation examines the influence of science and nature during the Victorian Era