Homers The Odyssey Essay

Homer’s The Odyssey is one of the most valued and highly regarded classic stories in the world of literature. Coming from the grandiose and mysterious world and era of the Greek mythology, The Odyssey has been seen to be one of the greatest stories that dealt about heroes, tragedies, gods and goddesses and adventurous journeys. Over the years, this work of the great writer Homer has also been regarded to be one of the most significant works the world has ever had (â€Å"The Odyssey† n. p. ). The Odyssey, because of its undeniable value and significance in the world of literature has been one of the most studied classic stories in the academe. Its characters as well are some of the most admired and explored personalities in the world of literature. And one of these great and gallant characters is the chief Odysseus himself. Odysseus was depicted in the story as a great man who led a group of warriors and voyagers in the great feat to the sea which was popularly called the Odyssey. He was presented in the story to be the brain and the great decision maker of the group. If there is one thing remarkable in the story when it comes to its intellectual aspect, it would be more on Odysseus analytical and very intelligent abilities. Throughout the entire adventure of the troupe, several challenges and trials were put to them at sea. During these times, Odysseus could be seen to be an indestructible hero of his team who never did back out and give up. He would analyze situations very deeply and carefully, and he would device solutions and remedies right then and there depending on his radical and objective observations (Woodnutt 1). Thus aside from being a chief and a captain, Odysseus was also portrayed as the total representation of intelligent and just decisions that are solely based on radical observations and not on mere judgments and biases. But aside from this portrayal of Odysseus, an impeccable intellectual content can also be observable on how Homer created such terrible disasters that appeared inescapable to men, yet he was also able to device impeccable solutions to it. On the other hand, when it comes to the aesthetic appeal, The Odyssey also did not fall short. This work by Homer has been highly acclaimed by critics because of the grandiose and spectacular mixture of being poems, prose and hymns. It has also been commendable through time because of the sample of poetry found in its text that leads its readers to a peak of aesthetic experience paving the way for more insightful thoughts (Chessik n. p. ). The narration was impeccable as it exposed the secrets and the wonders behind each characters and events. The characters and the command of language also played an important part as they were so strong that the characters of this classic have been etched in the minds of readers for years. Also, Homer’s use of metaphors and his choice of tone and rhythm were also impeccable. His ability to mold an amazing story was undeniable throughout the entire story. But most especially, this classic by Homer also did not fall short of relevant morals and lessons that can be valued for generations. Above everything else, The Odyssey is a story of heroes and heroic acts. It reflects the value of authority and respect for authority as something close to how people regard their gods (Johnston n. p. ). Also, The Odyssey also holds that particular magnificence as it celebrated history and the arts that it also teaches people how significant history and the arts are for their lives. It also talks about inferno, its realities and nature; that if only people would try to veer away from bad things and believe that they can be good and straight people, then they can escape this miserable place after death and enjoy a feast and a banquet with gods in Olympus instead (Johnston n. p. ).

Culture and World Wide Web Essay

Basis ternet has changed our lives, before the internet, Life was completely different. In early times, people sent letters for communication, but now a day, The World Wide Web has changed the world in more than one way. The Internet has suddenly changed politics, business, and culture. Now today, there is no need to sent letters, it is the modern era, the information technology time, in which information can take not more than half second to be sent. ternet has changed our lives, before the internet, Life was completely different. In early times, people sent letters for communication, but now a day, The World Wide Web has changed the world in more than one way. The Internet has suddenly changed politics, business, and culture. Now today, there is no need to sent letters, it is the modern era, the information technology time, in which information can taternet has changed our lives, before the internet, Life was completely different. In early times, people sent letters for communication, but now a day, The World Wide Web has changed the world in more than one way. The Internet has suddenly changed politics, business, and culture. Now today, there is no need to sent letters, it is the modern era, the information technology time, in which information can take not more than half second to be sent. The technologies are growing, developing, but did the culture changed and turned iternet has changed our lives, before the internet, Life was completely different. In early times, people sent letters for communication, but now a day, The World Wide Web has changed the world in more than one way. The Internet has suddenly changed politics, busiternet has changed our lives, before the internet, Life was completely different. In early times, people sent letters for communication, but now a day, The World Wide Web has changed the world in more than one way. The Internet has suddenly changed politics, business, and culture. Now today, there is no need to sent letters, it is the modern era, the information technology time, in which information can take not more than half second to be sent. The technologies are growing, developing, but did the culture changed and turned into a single culture, not at all. Discovery of computers and internet has come like a miracle to mankind. Through this the worldwide communication has increased. People are gaining knowledge about other cultures, but this does not mean that they are fully adopting the other culture and this is because soness, and culture. Now today, there is no need to sent letters, it is the modern era, the  information technology time, in which information can take not more than half second to be sent. The technologies are growing, developing, but did the culture changed and turned into a single culture, not at all. Discovery of computers and internet has come like a miracle to mankind. Through this the worldwide communication has increased. People are gaining knowledge about other cultures, but this does not mean that they are fully adopting the other culture and this is because sonto a single culture, not at all. Discovery of computers and internet has come like a miracle to mankind. Through this the worldwide communication has increased. People are gaining knowledge about other cultures, but this does not mean that they are fully adopting the other culture and this is because soke not more than half second to be sent. The technologies are growing, developing, but did the culture changed and turned into a single culture, not at all. Discovery of computers and internet has come like a miracle to mankind. Through this the worldwide communication has increased. People are gaining knowledge about other cultures, but this does not mean that they are fully adopting the other culture and this is because so The technologies are growing, developing, but did the culture changed and turned into a single culture, not at all. Discovery of computers and internet has come like a miracle to mankind. Through this the worldwide communication has increased. People are gaining knowledge about other cultures, but this does not mean that they are fully adopting the other culture and this is because so

Oil Industry Master Essay Example | Topics and Well Written Essays - 3000 words

Oil Industry Master - Essay Example This hike in price of oil comes with several causes as well as consequences. There are many factors that lead to a significant rise in oil price when the cost of producing it remains constant. Also, a rise in price brings with it several challenges to the economies of net importing countries and opportunities for exporting countries. The factors affecting the oil price in an international scenario tend to be on the demand as well on the supply side in both short and long run. The effects of oil price happen to be on the business side, consumer side and pure macroeconomic side. This paper investigates into the major factors that bring about a change in the price of oil, in particular, in the recent scenario of oil price hikes. It emphasises what actually has led to such unexpected oil price shocks in the recent years. The paper also sheds light on the effects of changes in oil price on businesses and economies around the world by way of affecting production, consumption, investment and major macroeconomic indicators. The recent dramatic rise in oil price has led the scholars to investigate into the factors affecting the price of oil in short and long term. ... The major demand-side factors that affect the price of oil are economic growth and increased consumption etc. On the other hand, the major supply-side factors playing a role in increasing oil prices are incapability of OPEC to produce more, inability to gauge future demand and political factors etc. Other important factors influencing the price of oil are speculation and futures trading. The point that is important here is that both the demand and supply related factors as well as some apparently uncontrollable factors combine to cause such unexpected hike in international oil price as witnessed in the last few years. In the beginning of last century when oil was considered to be sufficient for world consumption, the economic growth was limited to a few countries. Most of the oil was imported to the highly developed countries of that time to fuel their industries and transportation etc and the consumption of oil was also limited as compared to present times. As the time passed, major changes in the world economy began to mark their presence. More and more countries entered the race of economic growth with certain prominent countries like the United States, Britain, and other European countries accelerated their economic growth. Barrell and Pomerantz also propound that "changes in oil prices have been associated with major developments in the world economy" (2004, p152) This economic growth came about through obviously a thorough industrialisation process in these countries enhancing the demand for more and more oil. Thus, a rapid economic progression of already developed countries has led to ever rising consumption of oil, causing a deterioration of world

Conflicts of interest between media Assignment Example | Topics and Well Written Essays - 250 words

Conflicts of interest between media - Assignment Example Brownsville, Texas PBS affiliate KMBH, which is owned by the Roman Catholic Diocese of Brownsville, refused to air the frontline documentary Hand of God because the documentary contained a subject, which was inflammatory to the church: catholic priest molestation scandals. There is interlocking directorates between media companies and other corporation. Some of the directors of ABC and Disney media companies also direct other companies. In addition, the same directors found in CBS and Viacom Media Corporation directs other companies such as, Amazon.com, Bank One, American Express, MBIA, and Genuity. To emphasise on this point it can be seen that there is interlocking directorate between CNN and Time Warner and the following companies: Community Health System, Colgate-Palmolive, American Express, Chevron, and Dell Computers. If the media directors also direct other companies, it can lead to diverted interest. Disney Company is famous concerning providing family entertainment, numerous films, cartoons and animation movies. However the company’s stations are linked with sexist, racist, gender and class bias evidenced in their programs which is linked to the media ownership, who are interested with making enormous profits. The Wall Street Journal failed to publicize some of the issues of its parent firm thus inability to effectively report. Media companies hold many other holdings, as an example General Electric owns television holdings, GE power system and others. DISNEY Company, which contributed a significant amount of cash to Bush campaign, has the following television holdings, ABC, ABC Network News, and Disney Channel among others. Politics also influence media houses, forcing them to create ties with politicians for mutual benefits. For example, Disney Company supported Bush in 2000 election. This was meant to create friendly tie, which come with

Regent Park Mosque Coursework Example | Topics and Well Written Essays - 750 words

Regent Park Mosque - Coursework Example The Muslim community in the United Kingdom was officially presented with the Masjid as a gift from the government of Britain. This was aimed at enabling Muslims in London to create a centre for Islamic culture and build a mosque with an aim of providing an opportunity to carry out affairs related to their Islamic faith (Hodges, 2009, p. 57). This gift was greatly accepted by a mosque committee which comprised distinguished Islamic diplomats and Islamic residents living in the United Kingdom. This gift was presented to the Muslim community with the intent of paying tribute to thousands of Indian Islamic soldiers who had passed on while fighting for the British Empire. The British Empire at this time had more Muslims than Christians. In 1947, the London Central Mosque was registered by the mosque committee as a trust corporation named London Central Mosque Trust Limited. To date, the board members of the trust committee comprise Muslim countries’ diplomatic representatives whom the Court of St. James’s has accredited. The main objectives of the mosque committee included: first, to build a mosque on the provided site and secondly, to establish a cultural and religious centre for Muslims who resided in the United Kingdom at that time, and future generations. ... The cost of building the mosque was partly covered by Saudi Arabia’s King Faisal’s contribution of â‚ ¬2 million. In 1977, the mosque was finally completed with a total cost of â‚ ¬ 6.5 million. According to Hodges (2009), Regent’s Park Mosque is the United Kingdom’s centre for Islamic focus for Muslims and Islam. Apart from the mosque being a place where Muslims offer daily prayers, it also provides several services that include offering education to children located in central London and its environs. It provides conference facilities and serves as a convention centre. The centre also offers counseling and wedding halls for hire as well as fairs among other services. Regent’s Park Mosque symbolizes the presence of Islam and Muslims in London and the United Kingdom as a whole. The mosque is distinct from other buildings in London due its golden dome shape and the minaret (Hodges, 2009, p. 62). The prayer hall is designed in such a way that it is facing Mecca. It also has a distinguishing red carpet feature with a vast mosaic decorated dome as well as a huge chandelier located at the centre. In one prayer session, the mosque has the capacity to accommodate up to 1400 worshippers. The mosque can be extended to accommodate additional 4,000 worshippers during festivals and even more when the worshippers overcrowd in the main court yard (Hodges, 2009, p. 79). The London Central Mosque receives up to fifty thousand Muslim visitors during the two main Islamic festivals. During these periods, the mosque is overflown with Islamic worshippers from within London and outside. The central mosque of London is an active place receiving visitors and worshippers on a daily basis (Hodges, 2009, p. 79). The

Film--Fog Of War Essay Example | Topics and Well Written Essays - 500 words

Film--Fog Of War - Essay Example The first pointer involves the role of the U.S in the Vietnam War. McNamara was one of the principal U.S leaders that orchestrated the war which resulted in the deaths of 3 million Vietnamese and 58,000 Americans. In the documentary, 85 year old McNamara (playing himself), speaks about the Congressional resolution that gave credence and legality to the Vietnam War. It was later learnt that the U.S Congress, Kennedy and McNamara himself all wrongly interpreted the torpedo incident in the Gulf of Tonkin, which never took place in the exaggerated fashion it was reported (Petrakis). The second pointer to the film’s theme involves the firebombing of 67 Japanese cities by the U.S in 1945 that killed nearly 1 million Japanese (Turan), including a single event in which about 100,000 Japanese were scorched to death in Tokyo. Colonel Curtis Le May, who directed the military operations, along with McNamara (his assistant at that time), were both convinced that the firebombing would bring about a speedy end to World War II. McNamara supports the decision of LeMay and himself that led to so many horrific Japanese deaths by exemplifying it to one of the 11 lessons he learnt in life, namely, â€Å"In Order to Do Good, You May Have to Engage in Evil† (Petrakis). The last pointer to the documentary’s theme involves the Cuban missile crisis in 1962. Colonel Curtis LeMay and McNamara actively featured in it. This time however, the two leaders managed to pull back inches from the brink of what would have been an outright nuclear war between the U.S and the Soviet Union. Leaders of both superpowers were certain of their individual interpretations of the crisis that did not deserve such certitude, and if it were not for Nikita Khrushev’s backing down and withdrawing Soviet missiles from Cuba, and Kennedy’s decision to take the advice of Tommy Thompson who had an acute insight into

Mechanical testing of cancellous bone (Bio-mechanics) Essay

Mechanical testing of cancellous bone (Bio-mechanics) - Essay Example Therefore, the plotting of stress curves was done. Basing on the intercept and the slope of the graph obtained in this experiment, compressive strength, the stiffness, the zero strain point, as well as the failure strain were then calculated. It was found that density was in directly proportion with the three mechanical properties (stiffness, strength, and failure strain) for samples from porcine, as well as bovine bone. Following these results, it was concluded therefore, that the mechanical behaviour of cancerous bone in both pig and the cow is almost similar although it was somewhat lower in the cow samples relative to that from porcine. Trabecular bone or the cancerous bone is the porous material that often represent a type of osseous tissue forming bones (Jee, 1996). Research indicates that trabecular bone has a higher surface area relative to other types of osseous tissues (Foss, 1992). Contrary, it has been found to have less density and stiffness (Currey, 1987). Arguably, the cancerous bone mechanical behaviour is somewhat similar to the other related cellular materials including the polymeric. This is because of its possessing a cellular structure consisting of the connected network of plates and rods (Bursten, & Frankel, 1999). There are contributing factors to the cancerous bone strength with bone density identified as one such factor. According to WHO (1994) there is need to determine the fracture risks using bone mineral density. It is also worth noting that other than the density of the bone, testing conditions, as well as the species of the animal are essential factors affecting the stiffness and strengt h of cancerous bones (Bell, Olive & Grabb, 1988). From the explored body of literature, it is evident that there are numerous experiments that have been conducted with a view of evaluating the density, and strength of a bone. However, there are limited research conducted on dependent of the strength of the cancerous bone on either

Family Assessment and Substance Abuse Assignment

Family Assessment and Substance Abuse - Assignment Example Violence here can be physical, verbal, or sexual. This can be attributed to the impaired reasoning state that a person assumes after using drugs. Drugs have been known to interfere with one’s perception of things and so tend to think illogically and irrationally. Those who suffer here are spouses of drug addicts as well as their children. In addition to this, the physical state of drug addicts is also affected. Psychologically, drug addicts are affected, as they appear mentally deranged (Thombs et. al., 1997. Their thinking and reasoning is impaired, and as a result, their decisions affect their families. The resultant effect of drug abuse in a family includes denial and keeping of that issue secretive. As a result, the family makes changes in the ways it deals with the substance abuse problem. Some of the rules that have been documented to exist in families where substance abuse is an issue include; all family members are encouraged not to feel the painful effects that drug u se cause a family member to do. These changes include emotional and behavioral changes. Children and spouses affected here do not talk about or express their emotions in public, but in case this happens, the reaction is always violent and abusive. In such families, there is lack of trust since many promises made are always cancelled or forgotten. This erodes the trust of family members, especially children who grow up with this notion. If anyone abuses drugs while expectant, then there are chances that they will give birth to babies with low birth weight. In addition to this, babies born by addictive mothers suffer from withdrawal syndrome soon after birth or acquire fetal alcohol syndrome. Substance abuse... This essay stresses that organizations that are responsible for drug trafficking should be dismantled and their leaders arrested and prosecuted in international courts. However, this method has not been effective as much, probably due to the high rate of corruption and presence of rogue law enforcers and top government officials who benefit from drug sales. Also, fundamental is the enhancement of policies that will control the sale of prescription drugs so that they are not abused. The government has put in place some acts and legislations that are aimed at controlling the vice. For example, the Drug abuse Control amendments of 1965. This was formed to act as a modification of the Food, drug, and cosmetics act. Through this act, some drugs were labeled as stimulants, depressants, hallucinogens, required licenses, and control in terms of distribution and sales. The bureau of narcotics and dangerous drugs was also formed, and handles control of marijuana and narcotics, as well as other drugs. Finally yet importantly in control of substance abuse and addiction is the online counseling services that help drug users. This paper makes a conclusion that substance abuse is without a doubt a major problem that has affected all and sundry in the world, be it directly or indirectly. Even though there are measures in place to curb this problem, it is evident that a lot more has to be done if total eradication is to be achieved. This will bring normalcy to families and the society as whole.

The Code of Silence Essay Example for Free

The Code of Silence Essay The code of silence within minority communities contributes to more violence and crime.The code of silence runs so deep that many blacks, who snitch, morally struggle with their decisions. No-snitching culture is engrained into our everyday life in these communities through music, television, and personal relationships. Not snitching on criminals and a violent act can lead into injustice for the victims and unsafe environment. The code of silence can and will affect individuals, families, and communities if it doesn’t be broken. Crime and violence will never seem to cease if they won’t break the code of silence because the violators will not be rightfully serve. When we are silent, as opposed to assisting with arresting the criminals, it perpetuates the situation. They are not caught, and feel invincible, which allows them to rein terror in our communities!! The earliest experience with injustice I have had was the murder Of Terrell Banks, a family member of mines. The injustice comes in the fact that his murder has gone unsolved for two years, due to the fact that witnesses have refused to come forward because of the ‘no snitching,’ ‘in the hood. The code of silence enables people to commit crimes with no regard of getting caught. The case is more solid with a witness, therefore the State will ask for more time. There is less of a chance of a plea if caught when the State has a solid witness. In a society with lack of morals as we live, the best deterrent to crime is the removal of freedom. If an offender feels they can get away with minimum time, they are more likely to commit that crime. The code of silence works not out of fear, but because of lack of trust in the police. First, some community members fear that the police cannot protect them from retaliation; second, some believe a blue wall of silence exists in police departments, and that it is hypocritical to ask citizens to snitch on each other when officers will not do the same. there were is routine to relocate witnesses, but is not option because victims or witnesses have extended families they do not wish to leave behind because they become targets of retaliation. If the governing officials straighten out the system and build trust and the code will disappear. Individuals’ personal safety is a stake and when it’s public known that you have snitch, that’s when you are ridicule and have the fear of being hurt. In conclusion, the code of silence within minority communities contributes to more violence and crime. The code of silence can and will affect individuals, families, and  communities if it doesn’t be broken. Crime and violence will never seem to cease if they won’t break the code of silence because the violators will not be rightfully serve.

Tokugawa Period (Edo Period) Essay Example for Free

Tokugawa Period (Edo Period) Essay The relevance of the Tokugawa Period (Edo Period) to the development of Modern Japan is based on the fact that it marked the restoration of imperial rule and ushered in the beginning of the development of early modern Japan (Bryant 2005).   The innovations that were introduced during this period included the increase in commerce through the encouragement of the shipping of commodities.   This resulted in the economic expansion of Japan on a domestic scale initially and eventually foreign commerce. This also saw the flourishing of construction trades as well as banking facilities and merchant guilds (Bryant 2005).    Through these economic developments, Japan quickly saw the urbanization of its society and the rising economic independence through the increase in agricultural production and the spread of rural handicrafts which greatly revitalized the economy and helped convert a population that was comprised of 80 percent (80%) peasants into a more mercantile population.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The Qing Dynasty (Manchu Dynasty) was the last ruling imperial dynasty of China.   The fall of traditional China was caused by the weakened military power during the 1800’s and the massive rebellions that shook China during the same period.   By the early 20th century, the death of Ci Xi and the Guangxu emperor had left the imperial family relatively powerless and unstable against the mass civil disorder that had begun (Bartlett 1991). The ultimate humiliation for the Qing dynasty was the loss of imperial power that it had when it relinquished control over the military to Yuan Shi-kai and his Beiyang commanders and the establishment of a Republican constitutional reform.   This led to installation of Yuan Shi-kai as the president of the Republic pursuant to the negotiations with Sun Yat-Sen.   Finally, in 1912, after 12 rounds of negotiations, Longyu issued the Imperial Edict bringing about the abdication of the child emperor Puyi and thus marking the fall of traditional imperial China (Bartlett 1991). References: Beatrice S. Bartlett. Monarchs and Ministers: The Grand Council in Mid-Ching China, 1723–1820. Berkeley, CA: University of California Press, 1991. Anthony J. Bryant Sekigahara 1600: The Final Struggle for Power, Praeger Publishers; September, 2005

Impact of Capital Structure on Profitability

Impact of Capital Structure on Profitability Introduction A capital structure concerns the composition of the liability of a company or, more specifically, which is the relative participation of the several financing sources in the composition of the total obligations (Brealey and Myers, 1992; Gitman, 1997 and Weston Brigham, 2000). Capital structure decision is very vital for any organization; every organization wants a mix or arrangements that eventually achieves or increases its profitability and overall value. Different alternatives available to companies to finance its self sometimes through issuing shares securities, or some time from debt, organizations achieve different combinations huge or small amount of debt. An organization takes the combinations, which increase their efficiency and profitability and its market value. These types of decisions are very difficult in an uncertain economy. Such as; In Pakistani scenario existence of the macro environment factors such as lofty interest rates in double figures and volatility in economy and in political situations are big factors for the combination of capital structure. Consequently, the financing decisions experienced a significant rise of costs, in addition the diminution of the economic activity, which also raise the uncertainty. However, many theories and practical approaches contributed on capital structure, which ultimately give abundant literature: Target Capital Struture For the establishment of a target capital structure, the firm should analyze certain factors such as; mix of debt, preferred stock and common equity. The specific capital structure may be changed accordingly to conditions. The change in capital structure occurs due to the debt ratio. If the debt ratio is below the target level, the debt should be issued to raise the capital. If the conditions are in reverse, visa versa; the debt ratio is above the target the expansion capital should be raised by issuing equity. The firm, in its structure policy, involves a balance between risk and return in order to achieve the best combination to maximize the firms value. There are four primary factors, which influence capital structure decisions, they are: Business risk The firms tax position Financial flexibility Managerial conservatism or aggressiveness The above four factors largely determine the target capital structure. If no debt is used in the firms operations, it is at greater business risk while its favourable debt ratio is lower. If the firm uses the debt, the interest is deducted and the effective cost of the debt is lowered that is the major reason for using debt in the firms capital structure policy. If the firms income is sheltered from certain taxes such as; depreciation tax shields, interest on currently outstanding debt, tax loss carry-forwards. In such conditions, the firms tax rate will be low and in that condition additional debt will not be as advantageous as with a higher effective tax rate. If the conditions are adverse the firm should raise the capital on reasonable terms as steady supply of the capital is necessary for long run success it is in the knowledge of treasurer that at the time of tight economy or operating difficulties the suppliers of capital provide the funds with strong financial statements. It has, therefore observed that need for funds and the results of the fund shorted influence the capital structure. Hence, if the future need for capital is greater the consequences of capital shorted become worse. Therefore the financial statements should be stronger. The managerial conservatism or aggressiveness also influences the capital structure, managers of different firms possess different nature and observations or approaches some are aggressive than others and some are inclined to use the debt to get more profits. Though this factor is in effective to the favorable is value maximizing capital structure, yet it has great influence on the managerial target capital structure. On the whole the target capital structure is much influenced by the above four factors, due to which operational conditions can cause the actual capital structure to vary from the target capital structure. Optimal Capital Struture Most favorable capital is a capital which maximizes the worth of the companys stock it is also with a minimum weighted-average cost of capital generally known WACC. It does not necessary increases or maximizes earnings per share (EPS). Maximum earning per share (EPS) is not always achieved by attainment of the greater stock prices. With higher debt ratio may result in maximum earning per share (EPS), but may also increases firms risk level. Some debt employed by in optimal capital structure, but does not hundred percent (100%) debt employed. Some firms try to achieve different combinations of optimal capital structure; but they could not achieve this optimal capital structure or optimal point. There are many ways of the estimation of required rate of return on equity capital (RROE); through accumulating companys long-term cost of debt. Theories Of Capital Structure It has been observed that the capital structure of different industries vary form each other it is due to different reasons. If we observe two different companies from two different companies such as; pharmaceutical companies and airline companies the capital structure of the both companies quite different from each other. The reasons of the different capital structure of the different firms and industries are given in the theories, which are subjected to empirical tests. Modern capital structure theories are based on the published articles of professors Fransco Modigliani and Marton Miller (1958), generally known as (MM). According to MM the firms value is not affected by its capital structure and they further contributed were that the capital structure is irrelevant to a firms operations hence; MM has presented some unrealistic assumptions such: There are no brokerage costs There are no taxes There are no bankruptcy costs Investors can borrow at the same rate as corporations All the investors have the same information as management about the firms future investment opportunities EBIT in not affected by the use of debt Though some of the above assumptions are quite unrealistic yet; they are important as they indicate the conditions under which capital structure is irrelevant. MM have not only given unrealistic assumptions but they have also provided different clues, which show the required relevant capital structure and also affect a firms value. Thus MM assumptions gave the way to modern capital structure research and helped to develop more realistic theories of capital structure. The Trade-Off Theory The trade-off theory is very important theory; because it deals with the finance and equity. Which ultimately, elucidate how firms finance their venture for a time by equity and debt, theory also discuss the pros and cons of both ways. Companies best possible leverage change is inclined by firms adjustment toward an optimal leverage is inclined by three features such as: taxes, costs of financial distress and agency costs. Taxes And Bankruptcy Costs Tax rate and leverage are positively related; markup is a tax deductible, it reduces tax liability and enhances the after tax cash flows being a tax subtracts expense. Companies get on elevate point of debt if the tax charge is higher because Firms wants in their endeavor to enlarge cash flows and market value. Taxes Chance of defaulting enhances when the level of debt away from best possible point. When firm failure to pay loan than power of the firm will be transferred from shareholders to bondholders who will strive to recover their venture throughout the practice of bankruptcy. With financial distress company may incur two natures of bankruptcy costs. Direct and indirect costs direct cost comprise of administrative costs of bankruptcy practice. These costs will be lower proportion of the total cost when the firm size is large and vice versa with small size firm and may important variable in choosing the level of the debt. When investment policies of the company change which results in occurring of indirect costs. Firm can reduce the chance of bankruptcy with cutting down expenses on training, advertisement, research, and development etc. It also increases the customers reservations about companys offerings, which result in lower sales, market share, customer loyalty, and market share price et c. This entails that the prospective benefits from utilizing leverage are outlined by the latent costs of bankruptcy. Miller And Modigliani Theory Modigliani and Miller (1958) give you an idea about that the value of the firm does not change when any change occur in the capital structure. Firms build total cash flows for all investors are unchanged despite the consequences of capital structure. Altering the capital structure does not amend the total cash flows. Consequently the overall assets value provides ownership of these cash flows should not change. MM argue if worth of the firm depends on capital structure; which may be result in arbitrage opportunity in the perfect capital market. In addition, capital structure decision may be counteract when investors and firm can have access to at same rate. Despite the fact that MM theory is stands on numerous impractical assumptions, yet it presents the essentials theoretical background for further research. Agency Theory Jensen and Meckling (1976) discuss about the potential disagreement or relationship between companys executives and shareholders, according to theory managers do not have 100% interests in firm. Executives are the representatives of the shareholders and strive to assets away from bondholders to shareholders through captivating more loans and empowering in risky assets. Information Costs And Signaling Effects Capital structure can also be elucidate when disparity in information have available to stockholders and stranger regarding the investment opportunities and income allocation of the firm. This information parity may consequence in two separate results for capital structure, it is known as signaling with percentage of debt. Ross (1977) contributed that manager always familiar about the financial position of the company and its return allocation. When executives take debt decisions, it produce affirmative signal to stakeholders; about the financial position of the organizations and its ability to retire its debts and truthful allocation of return of the company. Managers always try to increase stakeholders or investors confidence, consequently with increasing equity value as result in also using significance amount in the capital structure. Pecking Order Theory Myers and Majluf (1984) state that shareholders always think executives employ confidential information when they offer risky securities and also overpriced. This observation guides under pricing of fresh equity offerings, this also may result in significance loss of present shareholders. For these reason organizations keep away from offering new projects through equity financing and use its internal funds if further financing is required they issue debt last option is equity financing. Factors Affect Capital Structure Decisions Capital structure decisions are very important for companies to make so there are certain factors which firms take in view when making capital structure decisions and they are: Sales stability: A firm takes this factor under consideration at the time of capital structure decisions. If compare two firms, one having stable sales and other having unstable sales, the firm whose sales is relatively stable can safely take on more debt and incur fixed charge in comparison to the company with unstable sales. For instance, the utilities companies use more financial leverage than industrial firms because they have stable sales Operating structure: This is another factor which is involved in making capital structure decisions. A firm having less operating leverage can imply financial leverage in better way as it will have less business risk. Assets structure: This factor may affect the capital structure decisions; there are two types of assets-general purpose assets and special purpose assets. The real state companies usually use general purpose assets as it makes good collateral. While the companies which are involves in technological research use special purpose assets, as they are not highly leveraged. Profitability: The factor of profitability also plays an important role in capital structure decisions; because the firms which get high rates of return on investment do not use high debt, but they use relatively little debt, as high rates of return on investment make them able to do financing with internally generated funds. Growth rate: This factor plays an important role in capital structure decision making. It has been observed that faster growing firms mostly rely on external capital as the flotation costs exceeds those incurred when selling debt this is the reason that rapidly growing firms rely more heavily on debt. It is also possible that the firms relying on external capital may often face greater uncertainty due to which those firms reduce their willingness to use debt. Control: there is great affect of control situation on capital structure decisions, because in such a situation when management has 50% voting control between the debt and equity. If the management is not in a position to buy or purchase any more stock, the other option for it is to use debt for new financing. But in the situation when the firms financial position is so week that the use of debt may be the cause of serious risk of default. In this situation the control considerations could lead to use either debt or equity. Taxes: As far as interest is concerned it is, no doubt a deductible expense which is much valuable to firms with high tax rates. It is therefore the firms use much debt because if firms tax rate is higher the advantage is also greater. Management attitudes: different management attitudes may bring different changes in capital structure decisions. Some managements are conservatives and others are aggressive these both managerial styles exercise accordingly to their own judgments and analytical approaches about the proper capital structure. If the management attitude is conservative it uses less debt, where is the management having aggressive approach uses more debt to get higher profits Lender and rating agency attitudes: A part from managers analysis of the factors lenders and rating agencies also plays an important role in financial structure decisions. The corporations give much importance to the lenders and rating agencies and make discussions with them about the capital structure and mostly act accordingly to their advice. Market conditions: Capital structure also depends on market conditions, a firms optimal capital structure or favorable capital structure depends on long-term and short-term changes. Low rated companies which are in need of capital either go for the stock market or to the short-term debt market without taking consideration of target capital structure. Financial flexibility: financial flexibility has also a bearing on capital structure decision. Affirm or company makes the decision according to its financial flexibility, if a company is financially good it can raise capital with either stock or bond. But; when its financial position is week the suppliers of capital make funds available, if that company gives them a secure position in shape of debt. Seeking all above thoughts in mind it can be said that the companies should maintain the financial flexibility or adequate reserve borrowing capacity because it depends on the factors which are necessary in making capital structure decisions. Firms internal conditions: this is also one of the factors which affect the capital structure decisions. If a firm succeeds in completing any project than the probability of higher returns increase in the near future. Due to such internal conditions a company would not issue stock because the new earnings are neither anticipated nor reflected in the stock prices. So in such condition the company or firm would give preference to finance with debt and till the higher earnings are materialized and or reflected in the stock prices. Statement Of The Problem Capital structure decision is very crucial and important for any organization in any sector or economy. It is always very much difficult for organizations to identify or gets the right combination of debt and equity (Capital Structure), which ultimately satisfies them or brings favorable and profitable results for the organizations. So; eventually this report mainly focusing on right combination of â€Å"Debt and Equity (Capital Structure) in the characteristic of Short-term Debt (SDA), Long-term Debt (LDA) and Total Debt (LA)† for any organization in Pakistan. In Pakistan modest research has done on such problem. It is important to work on such problem and come up with information, which gives some comfort level to investors and organizations to take correct financing decisions. Objective It is very important in Pakistani scenario to evaluate or investigate the impact or the influence of capital structure over the firm profitability. In this way the objective of this study is to investigate or evaluate the relationship among the rates of return of the listed non-financial firms on Karachi Stock Exchange (KSE-100) index related to composition of the capital structure. More exclusively, this is based on the assertion that whether short-term debt divided by total capital (SDA), long-term debt divided by total capital (LDA), and Total debt divided by total capital (TD) has positive or negative relationship with profitability. Research Scope/Limitations The scope of study to analyze impact of capital structure on profitability, also promotes as an aim for future research. Few limitations fixed up in this study: This research would just cramp to secondary data. The admittance would restrict to public information, all organizations would not share information that would confidential in nature. This study would not get into the details concerning factors that lead to capital structure or the reasons due to which capital structure comes in different combinations. Thesis Structure The report is systematized as follows. Phase one (1) introduction of the thesis, which includes the statement of problem, scope and limitations objectives hypothesis etc, this phase, also contains the some of the theoretical perspective regarding the capital structure. In phase 2 we describe Methodology that is constitutes the data and we justify the choice of the variables used in our analysis sample, technique and also estimate model used in analysis. In phase 3 we presents and analysis the results which taken after the data processing. The phase 4 contains the results and conclusions and recommendations. Literature Review Pakistan has not yet got much development in the bond market; therefore, many firms of Pakistan give preference to equity or internal financing in comparison to debt, but one day when this negative relationship between profitability and leverage of the firm will be removed, the Pakistani firms will realize the importance of debt financing, because it is the debt financing which increases the value of the firm and the wealth of the share holders (Ilyas. 2000). Study conducted (Rafiq, et al., 2008); it has been observed that the chemical sector of Pakistan gives preference to equity over debt and large firms borrow more debt because they have no fear of bankruptcy whereas small firms are afraid of more debt because of the fear of bankruptcy. In chemical sector huge cash flows are needed, therefore, the chemical industry of Pakistan uses more debt than equity to finance the new projects because the internal sources are not enough for a new firm, therefore, it depends on the debt because the fixed direct costs of bankruptcy constitutes a smaller portion of the total value the firm. The other reason for which most of Pakistani firms prefer to equity or internal financing over debt is that the bankruptcy process is slow an ineffective in Pakistan due to which firms face no or low bankruptcy costs. Study conducted (Hijazi and Tariq, 2006); study reveals that as for as the firm size is concerned, the Static Tradeoff Theory suggests that if the firm size is bigger, more debt will be used, but in Pakistan, the case is in reverse, here, the firm size is negatively correlated with leverage and the bigger firm size use less debt which supports the Pecking Order Approach and rejects the Static Tradeoff approach. After the deep observation of Asset structure, it has been concluded that asset structure of Pakistani firms does not depend on their capital structure. As the large firms of Pakistan have no fear of bankruptcy and have less chances to fall into financial distress or in other words, they are strong enough to bear shocks, so they employ more debt in comparison to smaller firms which have fear of bankruptcy because large firms face lower bankruptcy costs, therefore, there is, in large firms, strong relationship between profitability and leverage. The profitability, in large Paki stani firms, supports the Pecking Order Theory which is measured by net profit before taxes divided by total assets. Research conducted by Abor (2005) supports or investigates the relationship between the capital structure and profitability of listed firms on GSE. Data taken for this between 1998/02, twenty-five listed firms qualified for this study. Regression analysis methodology used in the assessment of functions involving the return on equity (ROE) with measure of capital structure. Capital structure is the combination of debt and equity used in the firms operations. Capital structure is related to the marketing, because different firms issue different securities in many different combinations, which maximize the market value. The impact of capital structure on profitability had been accounted in a considerable number of studies weather experimental or theoretical perspectives. Capital structure decision is very important for any organization to get higher return and profits and meet with the competition, different combinations of capital structure available to organizations; they select one w hich eventually satisfies or maximizes the firms market value. Huge return and profitable firms always use more short-term debt, short term is important part of total debt, and usually firms use 85% of short-term loan against long-term debt. Long-term debt and return on equity have negative relationship; total debt and return on equity are positively related. Coleman (2007) conducted study to find out the impact of debt policy on the performance of microfinance firms. Findings of the study demonstrate positive relationship between debt and firms performance. Long-term debt has positive relationship with outreach but not significant where as; short-term debt exercise force on management to extend a MFIs outreach. Long-term debt helps management through the time, so that the pressure of refund decreased which ultimately; give management flexibility to improve their profitability or returns by manipulating their operations. In microfinance organizations the leverage is positively related with outreach stage; when the leverage increase which also result in the increase of outreach level; credit advance leads to higher premium. This premium further converted into companys profitability and income flow which can also be employed to examine the debt. Higher outreach lowers the cost of operation by enabling firms to enjoy the economies of scale. Size is insignificant variable and outreach is negatively affected by it. Long-term debt and short-term debt are insignificant basically describe that maturity may not essentially be of spirit with default charge employee as performance variable though; total debt ratio determine significant relationship between leverage and default rates. Microfinance organizations which want to improve firms profitability and want to retire its debt obligations management can achieve these results by reducing the annual default rates especially for largely leverage microfinance organizations. Default rate has negative relationship with the size of microfinance organizations; for the reason that firms make sure refund of loans advanced and also become aware for future transactions this all happens when firms expands their sizes. There is negative relationship between debt and default rate, greater mean variation result in lower default rate. Though management of the firms try to reduce default rate s with the higher mean deviation found in risk level. So ultimate findings of the study reveals that microfinance institutions in Ghana finance their operations through the long-term debt as compare to short-term financing and they tend to be highly leveraged. Microfinance organizations benefit from scale of economies, additional customers when they are significantly leveraged; and also understand and increase ability to deal with risk and other alternatives easily and importantly. Study conducted by (Chen et al., 2009) in insurance industry Taiwan, to know the relationship among capital structure, operational risk, and profitability. Factor analysis and path analysis methodologies used to examine correlation among the capital structure, operational risk, and profitability sample of listed insurance companies in America was also taken. Result of research was firms values is not related with capital structure, a close relationship shown among operational risk, profitability, capital structure. Capital structure is negatively related with profitability if equity ratio increases or reserve-to-liability ratio decreases which result in higher profits. Capital structure has negative relationship with operational risk, same relationship between the operational risk and firms profitability. Research conducted by Carpentier (2006) Quebec Canada. Objective of study was to investigate the changes in capital structure do not affect the firm value. The bivariate tests and multivariate regression analysis methodologies are used for this study. Sample size of 243 French firms has taken for this study during the time period 1987-96. If all other things equal, then capital structure dont define any changes in the value of business organizations. Investors take debt in the considerations in order to determine the stock prices. Cross-sectional relationship found between the value of firm and debt exists, many factors affect firm value in long run the debt-value relationship. The static trade-off theory posits that the firm value increase (decrease) as the financial structure moves closer to (away from) the target. French companies tend to use a higher proportion of total debt and a higher proportion of institutional debt (non spontaneous funds) than US companies. Study was conducted by (Groth Anderson, 1997). Study explains capital structure and investigates its influence on the cost of capital and the value of company. This study sketches practical concerning the choices and management of capital structure. A theoretical and practical understanding of these relationships will support the professional manager in his or her efforts to gather added value for shareholders and stakeholders. Firms value and its stock prices does not affected by capital structure, optimal way to finance the firm exists. Capital structure theory is of value even if the arrays of assumptions in the theory do not hold. If an economic variable changes for example: interest rates, recessions, and the price of bearing risk affect the management decision of capital structure. Capital structure offer prospect of enhancing value for shareholders, it also time reduction in cost of capital to the economy and the standard of living. Research conducted by Rocca (2007) Italy, main purpose of this research to scrutinize the relationship between capital structure and firm value. Capital structure represents a corporate governance device that can protect corporate governance competence and protect its ability to create value. Methodology or approach used for this study is theoretical approach that can contribute in clearing up the relationship between capital structure and corporate governance. Descriptive, model also used which provides a research proposition and some suggestions, which would be used for future empirical research and precise design given for empirical analysis. Finding of this study is that, relation between capital structure and a firms value needs to take directly into account the role of moderation and/or mediation of the corporate governance. It is also necessary that presence of complimentary between capital structure and corporate governance variables such as: managerial ownership; ownership c oncentration; role of board of directors, etc. Study conducted (Ebaid, 2009) study mainly focus on relationship between the different debt-equity combinations with companys performance. Multiple regression technique used to find out the impact of debt policy on companys performance. Enormous studies conducted on debt policy alternative on firms performance; among them majority of researches conducted in developed countries; just few studies performed in emerging countries or economies one of them is Egypt. The research mainly focus on the relationship between alternative debt policy with firms firms performance data taken from listed Egyptian companies; performance is measured through accounting-based perspective such as: Return on Assets, Gross Profit Margin, and Return on Equity generally known as (ROA, GPM, and ROE), capital structure is measured with short-term debt and long-term dent and total debt abbreviation as (STD, LTD and TTD). Findings of the study reveal that both (STD and TTD) are negatively related by ROA. Alternat ively capital structure including total debt (TTD) in not significantly related with Return on Equity and Gross profit margin (ROE and ROA). Results of the study suggest that the performance of the Egyptian listed companies in not controlled (weak-to-no influence) by capital structure alternatives. Though; particularly in emerging markets debt policy remains debatable and mystery. Further research might observe determinants of Egyptian firms capital structure such as growth, business risk size and also evaluated with developed economies. The impact of capital structure on Egyptian firms value as well necessitates analyzing empirically. Findings of the study reveal that ROA and firm performance negatively related. It can also be investigated the impact of the maturity structure on its performance and capital structure decisions. Firms performance can jointly be by both ownership structure and capital structure in further studies in listed Egyptian firms. Study conducted (Eriotis et al, 2007) to investigate the firm characteristics that affect debt-equity combination. Data has been taken from 129 Greek listed firms at Athens Stock Exchange five (5) years time have taken under observation from 1997-2001, it is the 63% of listed companies in 1996. Through diverse theories companys characteristics are investigated as determinants of capital structure. The firms which employed debt ratio of 50% or more are also categorized in this research with a dummy variable. Results of the research reveal that firms debt ratio is negatively related with its growth rate and also its interest coverage ratio and quick r

The Mathematical Connections in the De Stijl movement Essays -- Essays

The Mathematical Connections in the De Stijl movement De Stijl or â€Å"The Style† is a movement that originated in Holland with the first publication of the periodical De Stijl in 1917. The works produced took art to a whole new level, pushing creativity to the new modern era. The emergence of the De Stijl movement coincided with constructivism in Russia, with influences from Cubism and the artist Kadinsky. However, the movement was not confined to just one art form. Similar to the Blue Rider and Bauhaus movements, De Stijl spanned to other forms of art like sculpture, furniture design, architecture, and graphic design. The movement continued up until the last published issue of De Stijl in 1931. Major contributors to the group include Piet Mondrian, Theo van Doesburg, and Georges Vantongerloo. These artists helped to define the De Stijl through their use of form and geometry inspired by mathematics. The De Stijl movement is recognizable in the simplistic use of forms on a plane. Pieces produced during the period of the periodical’s production are distinguished from other abstract work of the time in this use of geometry. Unlike Cubism, De Stijl is more structured and less interested in conveying a particular object through analysis of the different perspectives. The De Stijl went beyond such an interpretation and headed towards a more utopian goal of perfect balance. Paul Overy explains, â€Å"The single element, perceived as separate, and the configuration of elements, perceived as a whole, were intended to symbolize the relationship between the individual and the collective (or the universal)† (8). This idea can be described as almost mysticism in that they were concerned with the overall symboli... ...ple, their exploration with simple forms, planes, axis, and grids resulted in a balance. This balance, in turn, was part of the utopian idea of the De Stijl. The utopia represented the new age arising with technology and the future. It is no surprise that the De Stijl movement is one of the major forerunners of modern art, setting its own â€Å"formula† for inspiration. Works Cited Jaffe, H.C.L. The De Stijl Group: Dutch Plastic Art. Trans. Roy Edwards. J.M. Meulenhoff, Amsterdam. Joosten, Joop. â€Å"Paint and Sculpture in the Context of De Stijl.† De Stijl: 1917-1931 Visions of Utopia, pp. 50-67. Phaidon, Oxford: 1982. Overy, Paul. De Stijl. Thames and Hudson, London: 1991. Troy, Nancy J. The De Stijl Environment. The MIT Press, London: 1983. Warncke, Carsten-Peter. The Ideal as Art De Stijl 1917-1931. Benedikt Taschen, Germany: 1991.

Beyond Good and Evil: Nietzsches Philosophy on Good and Evil Essay exa

Friedrich Nietzsche was a philosopher in the 1800’s. His work has since influenced, impacted, and brought forth new questions for many philosophers to follow. One of Nietzsche’s famous writings Beyond Good and Evil expresses his views on society and the two different classes it holds, slave and master. He expresses his belief that the two are in warfare with one another, the strong (master) fighting for the will to power, while the weak (slave) tries to pull the master down to their level using clandestine forms of revenge. Nietzsche believed the slave morality was one that included humility, obedience, and submission, and was the destructive choice and attribute of Christianity, while the master morality was full of arrogance and pride and that power of man himself is what needs to be attained. Nietzsche sought to prove that the master morality was the only true way to success in life and this was to come at any cost, even the cost of another weaker individual. Nietzsc he’s theories do not hold true against the ultimate truth of the Bible, where in which all has been tried and proven true, time and time again. Master Morality To Nietzsche the master morality was the attribute of the ultimate race, a race not of color or ethnicity, but one that fought for power. The masters were those who by force and power sought after what was good, which included anything that would be helpful. Not concerning them selves with society as a whole, only with rising to power and the responsibility of self. The masters he believed were to dominate the slaves and the slaves should just willingly submit. The master morality was often attributed with qualities such as power, nobility, and independence, placing them beyond good and evil. Striving t... ...God came to give us life but that the enemy comes to kill steal and destroy, so it appears in Nietzsche’s case the enemy won. God made His choices clear and told us what choice to make in Deuteronomy 30:19 where He says chose Him, choose life! Choosing life is choosing God’s way, and His way includes nothing of the master morality Nietzsche claimed so much passion about. I am however saddened about the choice Nietzsche made and angry about the deception of the devil, but I am happy about one thing, that is that I do not have to choose a master or slave morality, rather I choose God, who is the Author and perfector of my faith and we be the Ruler of me and my house for evermore. Work Cited The New Oxford Annotated Bible: With the Apocryphal/Deuterocanonical Books, New Revised Standard Version. Michael D. Coogan, editor. New York: Oxford UP, 2001. Print.