Importance of English Essay

In today global world, English is already became the most common communication tool used among foreign language speakers and more than two billion people all over the world speak English. There are so many advantages to be an English speaker and reasons to learn English. It is so important for a job seeker to be able to communicate well in English. This is due to the fact of increasing amounts of worldwide business are being conducted in English, in job such as sales, marketing and customer service. Usually a job interview is conducted by English and the first impression a job seeker should give in order to get a job is to answer in English fluently. In contrast, chances to getting a job are very tiny if you shutter when interviewing. Moreover, good command in English will also has a great help in the job especially for those companies are actively involved in international trade. It can help the employees to have a good performance in their job and more easily to get a promotional opportunity . There are several ways to improve English skills. First of all is read anything and everything in English such as story books, newspapers, magazines, etc. Watch English movies with subtitles is another ways to learn English fun. This is the way to learn new words and known how to pronounce them at the same time. Next, buy a dictionary and keep it all the time with you. Lastly, try to communicate in English with friends and family and sing along to English. Don’t be shy to make mistake, it was another ways to learn from mistake. In the nut shell, a good knowledge in English belongs to the most important requirements in many professions. A person that speaks English would have a better chance of finding a good job a. Let’s start to improve our English language skills from today onwards!

The Modal Cosmological Argument

THE REASONABLENESS OF ACCEPTING OR REJECTING THE MODAL COSMOLOGICAL ARGUMENT: In this essay I shall explain why it is reasonable to accept â€Å"The Modal Cosmological Argument† as a rational explanation for the existence of God. The modal cosmological argument makes use of â€Å"modal† elements such as possibility, necessary existence and contingent existence to prove that a necessary being – namely God – exists. It also applies to the entire cosmos and all possible cosmoi and therefore deemed to be â€Å"cosmological†. Medieval theologians and philosophers of different religious views have developed the MCA over time. Examples include; the Christian Thomas Aquinas, the Islamic Al Kindi Ibn Sina and the Jewish Moses Mainmonides. * The argument begins with the notion that every existing being or being which existed can either be a contingent being (something that depends on something other than itself for it's existence) or self-existent. The second premise argues that if every being were dependent one would find that no being at all would ever exist or even come into existence. However, it is clear that some being does in fact exist even if it is only myself and therefore there MUST be at least one being who is independent, necessary and self-existing. * It is this being that we take to be God. This denial of universal dependancy stated in the second premise is known as the â€Å"Cosmological Insight†. The logic behind the cosmological insight can be illustrated using a simple analogy involving train coaches. A coach by nature relies on something else in order to move. If there was a system in which there were only train coaches present, one would find that there would be no motion. It would not matter whether there are an infinite series of coaches attached to one another or if they formed a complex loop. In order to introduce motion, one needs to add something radically different to the system which moves of its own accord. In this case it would be a locomotive. The same logic can be applied to the theory of existence. Contingent beings are unable to â€Å"generate† their own existence and require some sort of force to do this for them- a necessary being or God. * There are a number of possible alternatives to the Cosmological Insight that can be argued. However one finds that all these different notions result in inexplicable brute facts which are defined as facts that have â€Å"no explanation†. * If all beings are contingent then a set of them would have had to at some stage simply â€Å"pop† * into existence causing all the other beings in the cosmos. This idea results in complete and utter mystery as there isn't anything to explain how the first few contingent beings came about. Before they apparently â€Å"popped into existence†*, there would have to have been a state of absolute metaphysical nothingness which raises the question as to how these beings appeared, since there would have been no resources available to them. One could choose to argue that perhaps contingent beings never had to â€Å"pop into existence† but instead have always simply been. At first this notion appears logical yet upon closer examination one finds it too leads to another brute fact as there is nothing to explain why these beings existed when they need not have done so in the first place. The same reasoning applies to the presence of an infinite series in which every contingent being was caused to exist by another. One could claim that If all contingent beings within this series has a cause and explanation in terms of its existence, then it isn't necessary for the entire series to also have a cause and explanation- there is no further explanation required and therefore no mystery involved. But the catch here is that one still can't explain why the infinite series exists when it need not have and so another brute fact arises. Another reason why this alternative is unsuitable is the fact that an infinite series may not even be possible. William Lane Craig demonstrates this idea using the example of â€Å"Hilbert's Hotel†. * We are asked to Imagine that this particular hotel has an infinite number of rooms and that all these rooms are full. * When a new guest arrives requesting a room the hotel should in theory, be able to accomodate him by shifting each current guest next door until room no. 1 is vacant. * However e are reminded that before this new guest arrived, all the rooms were full thus showing that it isn't possible for an infinite series to exist. * All these contingency only options result in brute fact. One could argue that there is actually nothing wrong with accepting this and that a brute fact shouldn't be considered a weakness in the theories stated above. My response to this would be that unexplainable facts violate Principle of Sufficient Reason and are therefore are unacceptable. The Principle of Sufficient Reason claims that anything that happens does so for a specific purpose. In other words, there is an explanation as to why things are the way things are, as opposed to some other way they might have been. PSR therefore serves to support the Modal Cosmological Argument by making brute facts seem insufficient and inconclusive through use of the cosmological insight. It is important to note that accepting the existence of God is not the same as accepting a brute fact because God is the only possible reason as to why there is a contingent order. In order to violate PSR there would have to be another option other than God's existence that is true and this is not the case. The Big Bang theory, the idea that the universe amounted from nothing and the notion that the universe has simply always existed all fail to explain why contingent beings exist. Therefore the presence of a necessary being is the only feasible option. In â€Å"Why I am not a Christian† Betrand Russell claims that the Modal Cosmological argument is unreasonable as it doesn't account for where God himself comes from, â€Å"If everything must have a cause, then God must have a cause†. Similarly Richard Dawkins argues that the cosmological argument makes the â€Å"entirely unwarranted assumption† that God himself is i†mmune to regress†. * However it is these objections that are unwarranted simply because God is not in the same explanatory predicament as dependent beings. He is a necessary and radically different being who halts in finite regress of explanation ex hypothesi. Thus the MCA still stands. Upon review of the modal cosmological argument one can see that the conclusion of argument is logical and follows from the premises in a understandable manner. Intuitively the premises themselves can be said to be reasonable. The crux of the matter is the fact that the MCA depends on accepting the Principle of Sufficient Reason and thus if one refuses to do so, the entire argument collapses. In my opinion, it is rational to accept PSR because it is precisely what causes us to keep searching for explanations behind contingent facts until we find sufficient reason to doubt that there is an explanation. Decartes stated, â€Å"I think, therefore I am. * and it seems to me, that it is simply human nature to question the reasons behind the way things are. If we didn't accept PSR life would be filled with unbearable uncertainty and one would find that science and philosophy itself would cease to exist because there would be no motivation whatsoever to broaden our understanding of how things work, their purposes and what causes them. The human race would be far less advanced in terms of knowledge and awareness. Therefore it is undoubtedly more rea sonable to accept the modal cosmological argument than it would be to deny it. â€Å"

Case Analysis Essay Example | Topics and Well Written Essays - 250 words - 1

Case Analysis - Essay Example ith the bank for the sole purpose of availing of the home loan, he should have been made aware that applying for a loan does not necessarily indicate that he could immediately be approved just because he has an account with the bank. As stipulated, the home loans at low interest rates were offered for account holders; meaning, those who have had established a historical experience as an account holder for a considerable amount of time could avail of the home loan (but does not guarantee approval). As he was an account holder and assuming he met all the requirements needed to avail of the home loan within the two-month period, his application could still have been processed, as promised and he could follow up with the loan officer the decision on his home loan application. Still, it does not guarantee that his application would be approved. In this regard, Sam could not sue the bank simply on the premise that the bank withdrew the offer toward the end of the second month, since there could also be valid reasons for this. Taking it from the perspective of the bank, their legal department is sure to have covered all the rules and laws pertinent to making the promotional offer and must have stipulated that they have to option to withdraw the offer for reasons beyond their control (like a bad turn of the economy; stipulations from the government, like what happened with sub-prime mortgage loans; and no account holder qualified to avail of the home

Mythology Essay Example | Topics and Well Written Essays - 500 words

Mythology - Essay Example The beliefs and traditions that I can trace to my own ancestry are related to marriage, burial and roaming out at late night. The marriages that are conducted between two individuals are to be adjusted by elders, as it is believed that a marriage that is not arranged by elders will bring misfortune to the family. In addition, it is considered that the bride should be in white dress compulsorily as any other dress is not suitable for a bride and can bring disastrous results for the future lives of bride and groom. As far as burial is concerned, it is essential that all people should be dressed in black to indicate that they are sorrowful. For a death ceremony, black color is regarded as appropriate as it shows that everybody will be deprived of any color when death will come to him/her. Due to the beliefs that my family keeps, my family always regards that elders should be involved in all kind of decision making to avoid any kind of misfortune for the whole family. Misfortune can be related to the gods of fortune. My family never allows anyone to go out at late nights because it is regarded that evil and witchcraft are common at nights and can be harmful for anyone. This can be associated to gods of evil and witchcraft. 2. Are myths true? Literally? Whether true or not, do they have metaphoric truth to them? What is the relationship between myth and religion? Can on myth be more true than another? Can anyone claim absolute truth, and if so, how? Mostly myths are not true. However, those, which are associated to religion such as birth of Adam and Eve and their forced departure from heaven on the basis of their disobedience cannot be considered wrong as this is a true myth. Those myths that talk about gods and goddess such as sun god, goddess of love, goddess of evil, etc. are not true and are the outcome of those beliefs that ancient people used to keep because of their lack of knowledge concerning the phenomena of the universe. Metaphors and myths are related

The Healing Power of Music Essay Example | Topics and Well Written Essays - 1250 words

The Healing Power of Music - Essay Example There are still other favorable aspects of music to people aside from the Mozart effect. This one aspect is the capability of music to heal people. This area does not have a certain approach or a definitive description. It plainly proposes that the wonderful creation of music can improve and enhance the condition of individuals in their physical and mental levels for a more holistic growth (Mount, 2004). This statement of music having healing powers has been demonstrated in various fields and areas like the bible, arts and literary forms. For example, in the Bible, the story of David depicted how the young boy alleviated and appeased the heart and soul of King Saul. The Greeks were also known for using lyres and flutes. The music created by such instruments is capable of healing. It was even suggested that Alexander the Great was restored to having a sound mind when he was made to listen to the music created by the lyre. Egyptian writings that already have more than two millenniums of existence illustrate how chants and charms were able to treat predicaments like barrenness (Heather, 2002). Evidently, these events in early history attest to the healing capabilities of music. Yet, it is still imperative to prove today the mechanism of how music can have healing powers and to establish whether or not this will really work. Dr. Balfour Mount, a professor at McGill University and specializing in palliative medicine, puts forth that this healing aspect of music can be associated with the life condition of the person. In an article, he discussed how this condition or quality of life is given a subjective interpretation. Thus, the meaning and value will vary from one person to another. Still, two common factors among different individuals are highlighted, that is 'satisfaction in life' and 'emotional well being' (Mount, 2004). In this regard, it is evident that there are inherent qualities in every individual that make them value the same thing despite their differences in situations and attributes. This can be gleaned from the fact that life is seen as a continuity or journe y that has to be traversed, and music, as proposed by Dr. Mount, can aid in supplicating energy to the person at whatever state he or she may be, be it of joy or sadness (Mount, 2004). Furthermore, people also experience different states. It is not as simple as having one or the other, just like how the statue of Buddha with three heads embodies this idea. The Buddha statue has three heads going into varying directions. The one heads to the right, the good path. The head at the other side leans to the left side minding the evil. The one in the middle and facing forward has a serene disposition, suggesting a state that resembles the disposition of the mind of God. Such representations propose that in life, there really is an option to find a peaceful and calming state of mind that is beyond merely choosing the good and evil. This is the exact state where a therapeutic music can lead a person (Oliver). Music heals by allowing the person to work on whatever he or she is confronted with at present. One must not worry at what happened in the past nor stress out on planning for the future. The whole process entails a 'letting go' of any 'literal or rational patterns of thought' and it also requires recognition of what happens in reality in a more 'imaginary, intuitive and metaphoric way' (Mount, 2004).

Suicide of Megan Meier Research Paper Example | Topics and Well Written Essays - 1250 words

Suicide of Megan Meier - Research Paper Example It was on October 15, 2006 that Megan Meier received really unexpected and harsh messages from her boyfriend Josh, who ended the conversation by saying that â€Å"The world would be a better place without you†. Megan had been talking to Josh for quite some while. They met on MySpace and Megan instantly fell for this person, who surprisingly enough, did not have a cell phone or landline and had just moved into town. She loved talking to such a handsome boy as she had faced problems of obesity, depression and attention deficit disorder but this friendship was really boosting her self-esteem, something, which promoted her mother from allowing her daughter to spend her time on MySpace (Long, p. 28). When this relationship boosted, her self-esteem, those messages and then subsequent leakage of those messages to her friends, lowered her self-esteem to such a point where she decided to take her life by hanging herself. In the aftermath of events, it became apparent that â€Å"Josh† was the mother of a former female friend of Megan and that this family only lived four blocks away from Megan. A few months back, Megan and her friend had a quarrel and Lori Drew, her mother, decided to teach Megan a lesson by adding her through a fake MySpace profile (Tokunaga, p. 277). In the aftermath of Megan’s suicide, cyber bullying emerged as a serious issue and educational institutions, parents, teachers and even the law enforcement agencies felt the need to play their part in ensuring that such sad news does not come into the limelight ever again. However, naturally, many people felt disgusted and sickened at the actions of Lori Drew called that she should be prosecuted for her actions. The same led to a nation-wide debate on whether or not Lori Drew’s actions deserved prosecution. Many people shocked and perplexed by the actions of Lori began to raise their voice for Lori Drew prosecution. On the other hand, several critics began to question such demands and raised their concern that such calls would lead the nation to a slippery slope. According to its definition, prosecution refers to the process of a government attorney getting involved, charging, and trying the case against the accused. This paper is an attempt to explore and analyze the s ame question mentioned above. Discussion For charging someone with a particular crime, misdemeanor, felony, or offense, it is imperative that the court should find that person guilt of those actions. Furthermore, in case of serious crimes and convictions, people cannot be convicted in the absence of malice aforethought. This is the reason why people with mental illness, children, and minors do not receive strict punishments even for the most serious crimes since they are less likely to have malice aforethought and more likely not to understand or foresee the consequences of this action. The first and the foremost argument in favor of Lori Drew’s conviction or prosecution is that she, being an adult and mother or a daughter of the age of Megan, knew and understood the full weight of her decisions and went onto to bully and torture a young girl (Brenner & Megan, p. 15). The problem with cyber bullies is that in most occasions, it is almost impossible to prove that they foresaw or understood the implications or consequences of their actions. For example, in the case of Megan Meier, the cyber bully could only be prosecuted for bullying and could not be blamed for suicide. Nevertheless, the fact is that in this case, the cyber bully, the mom of Megan’s former friend, knew all about the consequences of her actions. That woman was well aware of the fact that Megan suffers from low self-esteem due to her previous obesity and has a history of depression (Bhat, p. 53). Furthermore, she also suffers from attention deficit disorder. That woman was well aware of all these facts and it would be apparent, even to a nonprofessional that any attempt at pushing the back of this girl against the wall

Case study Example | Topics and Well Written Essays - 750 words - 3

Case Study Example This desk is responsible for giving out news reports, press release, handling media, approvals for advertisements, etc. The one window operation of interacting with media is what has been identified as a successful strategy by various marketing gurus. Consider the example of Barclays; the bank has a single media management window policy, whereby, the department is responsible for handling media related issues from press release to press conferences, from giving an employment ad in the newspaper to a product ad, everything from any department has to come to this media desk, and from there, it gets dispersed to the media. This not just ensures consistency of media management practices but also ensures that there is no misquotation of any management word in the media, since everything channelizes through this department, the statements prior to appearing in media are well modified to ensure that it complies with the given set of rules of the media desk. Another classical example is that of the FMCG firms like Unilever and P&G; if observed closely, it can be seen that the vacancy ads of these firms are highly standardized no matter which job it is for. Additionally, the product advertisements are also very standardized for the fact that the points that they should cover, the disclaimers, etc. This clearly indicates that the firm has a specialized advertising desk that is responsible for ensuring that certain particular ingredients are present in all ads that are given out by the respective firms. For any newer firm entering a particular business, it should be known media is a tremendous resource if utilized appropriately. Its utilization truly depends on how it is tackled by the firm. A business should establish a media desk whereby it is responsible for tackling all media affairs. As mentioned in the example of Barclays, a specialized media desk is effective for businesses because they create a relationship with media activities and their constant

Rewright this paper Essay Example | Topics and Well Written Essays - 500 words - 1

Rewright this paper - Essay Example For instance, in general, young ones are much more respectful to elders than they are to peers. This, I believe, is not so much a part of their intrinsic personality than something that is expected from them in social environment. I disagree with Goffman’s argument on the differentiation of roles and identities. I do not think these need to be differentiated since both – the person one really is, and the person he aims to be perceived as – are fundamentally derived from the person’s original identity. Human identity is a complex entity and is made up of a variety of things like one’s history, experiences, character, interests, etc. People may not just have two sides to them- one with a mask and one without. I believe that people have several different characteristics in them, and in an attempt to relate to others and not feel isolated, they bring out different sides of themselves in different social situations. Impression management is essential as it aids people in gaining a sense of respect and familiarity in foreign surroundings. On the whole, it provides society with order and structure. Though self-expression individualism and important qualities, I believe that these need to be kept under control in certain environments, especially those which require professionalism from a person. Even if it is an interaction with one’s parents or close friends, a certain socially acceptable behaviour is required of everyone. Impression management is a technique that is always at work, except for the times when a person is completely by himself. A common example of conscious impression management in a social environment is boarding school. When every year, a small group of new students enter the school, they interact with seniors who have already formed a closed community amongst themselves. In order to be accepted to this closed community, the freshmen change their mentalities and

The Importance of Music Essay Example for Free

The Importance of Music Essay Music has infiltrated every aspect of our society and culture during the course of thousands of years. In ancient Greece, music where everywhere from the slums to the palaces, today is no different. Music exists everywhere in our society and culture today and does an excellent job of reflecting it. Looking through the history of music, one can learn a lot since it reflects the time in which it was produced; the hardships of the slaves in early America, the economic success of the 20’s, the worldwide conflicts and peacekeeping movements of the cold war and the difficulties and acceptance of homosexuals in the 80’s. My question is; how does music influence us on a personal and global level? Music is an excellent medium to express oneself due to the wide variety of relevant subject matters available, every person in the world will relate to at least one song one way or the other. Music can help us express how we feel when words are not enough or just won’t come to us, this can be seen in the novel ‘Perks of being a wallflower’ where the protagonist Charlie has a hard time explaining himself to the people around him. He uses music to reflect his feelings, an example of this can be the making of mix tapes that he makes to his friends to convoy a message to them or simply to give them a brief view into his mind. Music means a lot to me and I have developed a very broad musical taste over the years. I listen to music every day and use it to calm down, get hyped, and blow off steam or to simply pass time. In today’s society, music is used to regulate moods, market products and spread messages. Most people come in contact with music every day and each one of us have a unique musical taste; this makes music a billion dollar industry and a huge part of society. Throughout history, music has spread entire cultures around the globe such as punk, hippie and rap. This makes music enormously relevant in the context of globally spread subcultures. Music also reflects nationality and heritage; it can help us understand more about ourselves, our heritage as well as how others live, in different cultures even. Music is an effective and widespread medium to spread ideals and ideas, about the past, present and the future. Music is in the end something that binds us all together as a culture, ever since pre-historic tribes developed proto-instruments and chanting around the campfire, this has been the case. People can come together and share music with each other, completely different individuals can still socialize and interact due to a common musical interest, this is the case in the novel per example.  Music enables us to share and interact on a different level, music has always existed in some form, and I believe it always will. Alicia’s comments: I think Felix did a very well written essay about the importance of music. He shows that he has thought about how the music has evolved through the years and how it affects us. He explains what music means to him and what kind of symbolic importance music have to many people. He also does a comparison to the novel The perks of being a wallflower and explains what kind of importance music have in the novel and for the main character Charlie. To support his thoughts of the importance of music in â€Å"The perks of being a wallflower† even more, he could have given examples from certain situations in the novel. He could have referenced from the novel or written quotes to support his thoughts. To make a comparison I think he should have mentioned another novel or film where music is a central theme.

Enforcement of Anti-trust Laws and Regulations in the US Essay Example for Free

Enforcement of Anti-trust Laws and Regulations in the US Essay Monopoly has been defined as a progressive situation in the market wherein only one service or product provider exists. Sole ownership and management of this production ensures no competition in the industry in which the firm is involved. The powers are being concentrated in a single individual or groups of people managing the single existing firm. Such case leads to various legal controversies impregnating different reactions especially in the public and legal conducts. The law-conscious community is reviewing ethical issues about this controversy searching for any factors of abuse that might be occurring. Such conditions apply the law of Anti-trust. Enforcement of this kind of law accompanies complicated procedures and different processes. For companies to experience such interruptions is really a big deal of sales lost. In the United States, there are millions of establishments and not all of them are big and already established firmly. Some of this company are still gaining their phase and trying to make a break in the market competition. If their competitors are commercially big and has been established for quite long already, the monopoly of this competitor company is at high range. If this continues, then breaks the purpose of free trade principles and blocks the growth of small raising business firms. Competitions in the market are usual and important since this is where everything upholds the business. The price modifications, deals and the transaction itself are all influenced by competitions. In this case, to the implementation of this Law is very much necessary in order to prevent the disruptions of free trade policy. These issues are covered in this paper aiming to the present laws, the means of committing violations for these monopolistic powers and the legal considerations involved in this issue. Reinforcement of such law is also included in the discussion and analysis of this paper. The paper aims to answer the following query by critical analysis and a. What are Anti-trust Laws and how does it affect the business conditions? b. How do the authorities implement this rules and regulations? Cite the problems of implementations encountered upon its implementation phase. The implementation of such law in a wide scale basis proves to be difficult and can sometimes be problematic; since, with the anti-trust law, you are not anymore dealing with a single or small business firms but rather huge companies and mostly monopoly associations. The scope of this study revolves only in the objective to answer the proposed questions. Anti-Trust Law Coverage The law of Anti-trust basically defeats the effects of monopoly or those that threaten free trade conditions. This competition law has different factors to which it can extend it effects. The Anti-trust law, first and foremost, negates any external or internal forces that halt free trading as well as market competition in every business firm. Second, any domination of such firm in the market is a form of abuse towards its competitors. Lastly, any business activities that threaten the status and rights of competing business firms under free trade can be halted or suspended. In the United States, large business associations have aimed to control the market. In such case, the dominating business firm can set the price by its own will, manipulate customer and in some cases even refuse customers. These actions are greatly inhibited by the Anti-trust law (Hylton, 2003 p. 43-44). Section 1. Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is declared to be illegal. Every person who shall make any contract or engage in any combination or conspiracy hereby declared to be illegal shall be deemed guilty of a felony, and, on conviction thereof, shall be punished by fine This exact statement has been settled in the federal constitution, which evidently includes both transactions and negotiations from outside and inside the country that have an intention of disrupting free trade concept. The violation of Antitrust law is deemed as guilty of felony and punishable by fines. The Monopoly Law: Anti-trust Law  Dated back during 1990s, the economists have become entirely focused in the ongoing competitiveness especially in the commercial field. The frequent changes of the integral character of these business firms and the necessity for employment advancements in the middle of an evident competition and technologically oriented commerce have induced this impulsion. Community institutions have concentrated on promotion of economic efficiency by developing the policies that governs national economy and liberalization and privatization within national economy (Olson 1999, p. 1-2). As provided the Anti-trust law, which is statutory, regulatory, and an essential part of the federal legal body that prevents and corrects unreasonable trade restraints, any commercial firms that solely centralize and null the competition, as in the case of monopoly, are actually committing violence against the said law (Emerson 2004, p. 485). The Anti-trust law comprises various regulatory laws that maintain capitalism, fair trade and market competition in the economy. Sherman act is the best example of an economic policy that negates unfair competition as promoted by the system of monopoly (Letwin 1981, p. ). As stated by the Section II. Monopolizing trade a felony; Penalty of Sherman Act of 1890: Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons, to monopolize any part of the trade or commerce among the several States, or with foreign nations, shall be deemed guilty of a felony, and, on conviction thereof, shall be punished by fine not exceeding $10,000,000 if a corporation, or, if any other person, $350,000, or by imprisonment not exceeding three years, or by both said punishments, in the discretion of the court. Application of this law provides access to far-reaching principle of the policy that the American economy shall continue competitive economy and null any attempts of eliminating these competitions (Letwin 1981, p. 3). Committing Violations by Monopoly Powers Certain controversies ignite the legal bodies regarding the major organization’s increasing monopolization status. According to Pearlstein (2004), any claims of occurring monopolization power require proof of price manipulation or any attempts to exclude competition in the market provided these are willful initiations and with maintenance of that power (p. 29). Monopoly claims are subjected not only during its exercise but mainly in existence, meaning even the stage dormancy commits violation however; the rule of exemption still applies to some scenarios. Monopolization power that exists for a short period of time however, may not support the claims of monopoly (p. 231). Felony is the violation committed of the act of monopoly. However, there are certain limits and considerations analyzed in the ethical considerations in this law in order to balance the situation. This forms controversy among commercial and legal firms (McConnell Brue 2004, p. 00). Ethical Considerations: Behavioralists and Structuralists The ethical considerations of these cases primarily divide the views in terms of the firm’s structure and the performance of these business organizations. The two scenarios illustrated in the book of McConnell Brue (2004), Economics: Principles, Problems, and Policies, are analyzed in this section. In 1911, the issue of U. S Steel case has established a rule of reason in the court. The conditions are the increased size and evident monopolistic powers of the said firm. However, the firm has justified their claims in the court stating the presence of these powers is basically unintended. They have not caused any illegal actions among their minor competitors hence the court termed their case as â€Å"good trust† considering this not guilty. On the other hand, the Aloe Case that has occurred in 1945 has possessed clear indication of monopoly since it has supplied 90% aluminum in the market. Such case has led into incapacitation the minor aluminum producers. The court has announced guilty and violation of Sherman act sec II is pronounced (p. 600). Structuralists view that the firm with most market shares are the legitimate target of this monopoly law since market competition are being affected. In this case, it is natural for the occurrence of such monopolistic behavior. Suggestion of this group involves the splitting of this huge firm into smaller units providing improvement and quality of performance as well. This applies in the case of Aloe since their firm shares the biggest part in the market. In another point of view, Behavioralists view the large firms make their way to possess unintended monopolistic status. They view that this might be because of the quality of service, best products and reasonable prices rendered to the public. Such case, if proven to have absent competitive practices provides pardon from monopoly regulation of Sherman act (p. 601). Enforcement Antitrust laws have been objected by other business firms due to various reasons that impede wealth accumulation. If the antirust laws are designed to provide the socially optimal level of deterrence, then they have to discourage only those acts that reduce society’s wealth. Antitrust laws overdeter if they discourage conduct that on balance increases society’s wealth (Hylton, 2003 p. 43). In terms of the telecoms company, some have viewed the conditions of Antitrust questionable as well. The design of this law is originally applicable to traditional manufacturing and distribution industries, since these markets are fast-moving corporations or the production of their products is very fast hence, production increases and the capacity of product provision from the sole supplier also occurs. Operators often claim that their market is an â€Å"emerging market†; however, this condition is not anymore applicable if vast expanse of production to the point of hindering competition is already happening. This condition defeats the purpose of free trade as well as competitions. The statement of the Sherman Antitrust Act is not accurate, and this has resulted to legal confusions and inconsistencies. It has become unsuccessful in defining the meaning of such essential definitions as trust, conspiracy, restraint of trade or commerce, monopolize, or combine. Because of this, the end outcome of such term discrepancy is the struggling of United States courts for the provision of clear and accurate legal definition for this law. The Federal Trade commission is the ones responsible for the enforcement, monitoring and revocation of such law, and this organization has been doing this for the past 8 decades now. The capabilities of FTC are further enhanced and now able to suspend those business corporations or marketing industries that promotes anti-competitive actions. The antitrust division, however, are the ones in charge of investigatory assessment and prosecutions of these associations found as such. If in case the antitrust division found grounds of anti-competition schemes, it seriously prosecutes the violations of these firms against the law. The FTC, on the other hand, also serves as the protocol manager that provides guidance for these corporations in terms of business restructuring or law-abiding marketing strategies in order to prevent the violation of such law. These firms need to adhere and abide in the U. S. aw of Competition in order to avoid the tendency of closure or suspension. The Sherman Act has become the main branch of the antitrust law. This act is the one responsible for the maintenance of free and competitive business firms. Violations of anti-competitions and negation of free policies are filed under this act ever since the act has been promulgated. However, penalty system of this law has been modified; Individual offenders may be fined up to $350,000 and sentenced to three years in prison for each offense. Corporations can be fined up to $10 million, in some cases even more (Sherman Antitrust Act†¦, 2007). According to the article brought by The Economist (200), entitled Trust and antitrust. (Effects of enforcing antitrust legislation), Untied States law body enforces the law strictly and seriously. In the past decades, the enforcement of this law has greatly improved; however, the focus has become limited. Instead of attacking business firms simply because they are big, trust busting has been restricted to cases where there is clear evidence of market power, as defined by economists rather than lawyers, being used to harm consumers. However, during the time of Clinton administration, the scope and scale of antitrust implementation have expanded greatly, way beyond such well-founded cases as Microsoft. However, there are associated problems as well for the implementation of this law since the case per company violations are being scrutinized firmly. Moreover, confusion due to definitions and scope conditions are usually occurring. Mostly the problems that revolve under this law conditions are procedural and systematic processes. In the end, delays are resulted because of procedural difficulties. Adding more into that are the overlapping authorities that need to be addressed upon filing, analysis and implementation of such law. In the current trend of antitrust implementation, bodies such as politicians, lawyers and economists are looking at this law as a big opportunity to attain fortune. It is because of the penalties and under-the-table transactions that occur between these people and the alleged company. In some cases, trust-busting associations such as Justice Department and the Federal Trade Commission even causes double or multiple jeopardy among these companies. There are those people who even look at this scenario as business and not anymore justice. The ethical considerations of such law become fragile since, law bodies tend to view this as income source rather than free trade and competition issues. One of the examples of this condition has occurred in the ever popular, Microsoft. This company has encountered double up to multiple jeopardy because of Anti-trust violation. It may make sense, as suggested recently by Richard Posner, the court-appointed mediator in the Microsoft case, for Congress to ban state antitrust suits in such situations. In addition, there is an argument, given that many monopolies and mergers are now global in reach, for some kind of world co-ordinating body, as suggested by Joel Klein, the Justice Departments outgoing antitrust boss. Surprisingly, antitrust has now become an alluring profession for money-grabbing politicians, bureaucrats, economists and lawyers, all of whom will be likely to prefer opposing positions. Any lawyer or economist who knows about antitrust will earn a fortune from increased activity.

Relationship Between Personality, Intelligence and Academia

Relationship Between Personality, Intelligence and Academia Alexandra Lamb The Relationship between Conscientiousness, Intellectual Ability, and Academic Performance in an Undergraduate Psychology Cohort Abstract This report examines the relationship between intellectual ability, conscientiousness and academic achievement. Psychology Students studying at the University of Adelaide (N=50) completed online versions of the OCEANIC (Schulze Roberts, 2006) and Advanced Progressive Matrices (APM; Bors Stokes, 1998). Results showed that there was a slight positive association between intellectual ability and academic performance, a slight positive association between conscientiousness and academic achievement and effectively no relationship between conscientiousness and intellectual ability. The study shows that personality traits can be promising predictors of academic achievement and thus may be useful in student development and admission systems. Introduction The relationships between personality traits, intellectual ability and academic performance have long been explored. These relationships were first used, in ancient times, for selecting civil servants in the Middle East, India and China to its current role as the driver of advanced economics (Poropat, 2011). Much of the research done in the past has been linked to theoretical and statistical reviews of the role of personality. One of the earliest applications of personality trait assessment was the prediction of academic performance (Poropat, 2009). This report attempts to further examine the relationship between personality traits, intellectual ability and academic performance in particular, conscientiousness and intellectual ability and their relationship with academic performance. Intelligence is one of the most effective empirical predictors of academic performance (Poropat, 2009). Nothing has changed since the thirties when it was suggested that one of the most important factors in academic achievement is intelligence. Intelligence is the most documented variable as a predictor of cognitive performance and in past research has shown a positive association with academic success (Busato Prins Elshout, Hamaker, 2000). In 2000 Busato conducted a study in which intellectual ability was compared to academic performance over three years. Intellectual ability was positively associated with academic achievement after one year and after three year, which is consistent with earlier studies. However, intelligence is not the only predictor of academic performance. In later research, Kappe and Flier (2012) suggested that conscientiousness, a personality trait that describes impulse control and self-regulation of behaviour (Ivcevic Brackett, 2014), is the best predicto r of academic achievement explaining five times as much variance in GPA (used to measure academic performance) as does intelligence. Earlier studies by Conard (2006) also showed positive bivariate correlations between conscientiousness and academic achievement. Whilst both intellectual ability and consciousness can predict academic performance, Poropat (2009) suggested that conscientiousness is largely independent of general intelligence. Chamorro-Remuzic, Furnham and Moutafi conducted a study in 2004 as a precursor to Poropat’s research in which they found a significant negative association between conscientiousness and two intelligence tests. They suggested that this was consistent with the idea that conscientiousness might partly develop as a compensation for low intellectual level and that high intelligent individuals may not need to engage in systematic, organised and dutiful study or work habits (Chamorro-Remuzic, Furnham, Moutafi, 2004). The goals presented above guided this study, thus this report will further examine the relationships between intellectual ability, personality traits and academic achievement as explored above, focussing on three hypotheses: Hypothesis 1, there will be a significant positive relationship between intellectual ability and academic performance; Hypothesis 2, there will be a significant positive relationship between the personality trait conscientiousness and academic performance and; Hypothesis 3, there will be a significant negative relationship between conscientiousness and intellectual ability. Method Participants The participants were 50 first-year Psychology students studying at the University of Adelaide. The participants took part in the study as part of an assessment task. Materials The OCEANIC (Schulze Roberts, 2006) was employed to measure the Big Five personality traits. Intellectual ability was measured as performance on the short form of the Raven’s Advanced Progressive Matrices (APM; Bors Stokes, 1998). Academic performance was operationalized as the participants’ final grade for the previous semester’s Psychology course. Procedure The participants were instructed to complete online versions of the OCEANIC and Advanced Progressive Matrices. They were free to perform the tasks wherever they chose, but were advised to try to complete the tasks in a quiet, distraction-free environment. The participants were instructed not to collaborate with anyone else on the tasks. There was no time limit placed upon the tasks, but it was stipulated that they had to be completed within a single test session. Results In Table 1, the means and standard deviations for the Big Five Personality traits (Openness, Conscientiousness. Extraversion, Agreeableness and Neuroticism), Intellectual ability (Raven’s APM), and Academic Performance are displayed. In Table 2, the Correlation Coefficients for the variables associated with the three hypotheses are shown (Raven’s APM and Final Grade, Conscientiousness and Final Grade, Conscientiousness and Raven’s APM). In Table 3, the r2-values for the variables associated with the three hypotheses are shown (Raven’s APM and Final Grade, Conscientiousness and Final Grade, Conscientiousness and Raven’s APM). Table 1. Means and standard deviations for the Big Five personality traits, Intellectual Ability (Raven’s APM), and Academic Performance Table 2. Correlation Coefficients for Raven’s APM, Conscientiousness and Final Grade. Table 3. r2 values for Raven’s APM, Conscientiousness and Final Grade. Hypothesis 1: There will be a significant positive relationship between intellectual ability and academic performance. Figure 1. The relationship between Raven’s APM and Final grade. According to Hypothesis 1, a significant positive relationship was expected between intellectual ability and academic performance. As shown in Figure 1, a quantitative analysis (Pearson’s correlation coefficient) indicated that there was a weak-moderate, positive relationship between Raven’s APM and final grade (r = 0.32), and that this relationship was statistically significant (p=0.02). Those who scored high in the Raven’s APM (M=7.8, SD=2.96), which operationalised intellectual ability, tended to score high in their final grade (M=69.66, SD=14.05), which operationalised academic performance. This provided qualitative support for the hypothesis. Hypothesis 2: there will be a significant positive relationship between the personality trait conscientiousness and academic performance. Figure 2. The relationship between conscientiousness and final grade. According to Hypothesis 2, a significant positive relationship was expected between the personality trait conscientiousness (M=36.58, SD=6.98) and academic performance (M=69.66, SD=14.05). As shown in Figure 2, a quantitative analysis (Pearson’s correlation coefficient) there was a weak-moderate, positive relationship between conscientiousness and final grade (r=0.39), and that this relationship was statistically significant (p=0.01). Those with high conscientiousness (M=36.58, SD=6.98) tended to score high in their final grade (M=69.66, SD=14.05), which operationalised academic performance. This provided qualitative support for the hypothesis. Hypothesis 3: there will be a significant negative relationship between conscientiousness and intellectual ability. Figure 3. The relationship between conscientiousness and Raven’s APM. According to Hypothesis 3, a significant negative relationship was expected between conscientiousness and intellectual ability. As shown in Figure 3, a quantitative analysis (Pearson’s correlation coefficient) indicated that there was an extremely weak, but effectively no negative relationship between conscientiousness and Raven’s RPM (r=-0.02), and that this relationship was not statistically significant (p>0.89). Those with high conscientiousness (M=36.58, SD= 6.98) did not consistently score high or low in Raven’s APM (M=7.8, SD=2.96), which operationalised intellectual ability. This did not provide support for the hypothesis. Discussion The purpose of this study was to examine the relationship between personality traits, intellectual ability and academic performance. Adding information, specifically relating to the relationships between intellectual ability and academic performance; Conscientiousness and academic achievement and; Conscientiousness and intellectual ability. According to the correlational analysis, intellectual ability was positively associated with academic performance. This is in accordance with the literature cited in the introduction (Poropat 2009, Busato et al. 2000). However this correlation was smaller than the correlation between personality trait conscientiousness and academic ability, reiterating research by Conard (2006) in the introduction. The r2 values for both these relationships, academic achievement and intellectual ability (r2 =0.10) and conscientiousness and academic ability (r2 =0.15), suggest that only 1% of the variability in academic achievement can be explained by intellectual ability and only 1.5% of the variation in academic achievement can be explained by conscientiousness. This suggests that there are other factors that play an important role in the variation of academic achievement. The association between conscientiousness and academic performance was also positive, suggesting that conscientiousness might have a bigger impact on academic performance than intellectual ability, which is consistent with the cited researchers Kappe and Flier (2012). The correlational research presented a very slightly negative, but effectively no association between conscientiousness and intellectual ability this does not support the relationship suggested by Chamorro-Remuzic, Furnham and Moutafi (2004) whose research highlighted a significant negative relationship between conscientiousness and intellectual ability. The r2 value for this relationship (r2 =0) suggests that 0% of the variance in intellectual ability can be explained by conscientiousness. A lesson that may be taken from this study is that whilst intellectual ability is a positive predictor of academic performance, students are also able to perform well academically if they are willing to work hard and conscientiously. Another practical perspective of the research is that intelligence is probably the most used selection criteria for entrance to tertiary education. However the findings within this study suggesting that Conscientiousness is just as good or potentially a better predictor of academic performance suggests another practical selection tool, provided it can be accurately and validly assessed. (Poropat, 2009) However, conscientiousness creates a greater chance of faking over an intelligence test. There are a number of limitations to this study. Firstly, there is a restriction of range, given it was only first year psychology students surveyed. A bivariate normal relationship may exist for the entire population whereas this relationship may not be evident for all sub-populations (i.e. Psychology students). Or otherwise, what appears to be a linear relationship for a sub-population could actually be a curvilinear relationship for the entire population (Haslam McGarty, 2014). This means the relationships found by doing the quantitative analysis may not be a representation of the wider population. It would be beneficial to conduct a meta-analysis on students of different disciplines and potentially international students to find out how generalisable the results are. The sample size of 50 participants is also small. It is unlikely to reflect the population adequately. Whilst surveys are easy to develop, cost-effective and relatively easy to administer, there are a number of limi tations associated with survey-based research. Researcher’s personal bias and idiosyncrasies are more influential in qualitative research; the knowledge of the study might also influence the participants’ responses. That is, respondents may feel encouraged to provide inaccurate and dishonest answers. Participants may interpret the survey questions and answer options differently and data errors caused by non-responses (i.e the number of participants who chose to respond to the survey as opposed to those that chose not to) may also affect the results. References Bors, D. A. Stokes, T. L. (1998). Raven’s advanced progressive matrices: Norms for first-year university students and the development of a short form. Education and Psychological Measurement, 58, 382-398 Schulze, R. Roberts, R. D. (2006). Assessing the Big Five: Development and validation of the Openness Conscientiousness Extraversion Agreeableness Neuroticism Index Condensed (OCEANIC). Zeitschrift fur Psychologie, 214, 133-14 Chamorro-Remuzic, T. Furnham, A. Moutafi, J. (2004). The relationship between estimated and psychometric personality and intelligence scores. Journal of Research in Personality, 38, 505-513. Conard, M. A. (2006). Aptitude is not enough: How personality and behaviour predict academic performance. Journal of Research in Personality, 40, 339-346. Ivcevic, Z. Brackett, M. (2014). Predicting school success: Comparing Conscientiousness, Grit, and Emotion Regulation Ability. Journal of Research in Personality, 52, 29-36. Kappe, R. Flier, H. (2012). Predicting academic success in higher education: what’s more important than being smart? European Journal of Psychology of Education, 27, 605-619. Busato, V. V. Prins, F. J. Elshout, J. J. Hamaker, C. (2000). Intellectual ability, learning style, personality, achievement motivation and academic success of psychology students in higher education. Personality and Individual Differences, 29, 1057-1068. Poropat, A. E. (2009). A Meta-Analysis of the Five-Factor Model of Personality and Academic Performance. Psychological Bulletin, 135, 322-338. Poropat, A. E. (2011). The Eysenckian personality factors and their correlations with academic performance. British Journal of Educational Psychology, 81, 41-58. Haslam, S. A. McGarty, C. (2014). Research Methods and Statistics in Psychology. Great Britain: SAGE Productions Inc.

Parole Should Be Abolished Essays -- Argumentative Persuasive Crime Es

Parole Should Be Abolished The procedure known as â€Å"parole† in the criminal justice system has been in practice in the United States since the late 1800’s when it was begun in a reformatory in Elmira, New York. It’s process provides for early conditional release from prison for convicted felons, after part of their prison sentence has been served, and they are found to be eligible for parole based on factors such as: conduct while incarcerated, rehabilitative efforts/progress, type of offense, and remorse for their crime. Its use has been expanded to many states, and today has become the primary way by which offenders are released from prisons and correctional institutions. Unfortunately, parole is not always rewarded to worthy inmates, thus putting society at risk for repeated crimes that often outweigh the benefits of parole, therefore, parole should be abolished and inmates should be made to complete their full sentences. Prison inmates are usually sentenced by the severity of their crimes, as well as their mental intention at the time of the act. For example: a person who commits murder intentionally expects to take the life of another in reckless disregard for human life, and knows that the act itself which he or she has decided to commit, will surely bring about death. However, in the case of manslaughter, which is also the taking of a human life, there is no actual intention to bring about death. The act that lead to someone’s death, is measured by the circumstances that made the person kill such as self-defense, or a crime of passion because the killer was provoked in such a way that a chain of events lead to violence which eventually resulted in peril. Because of the difference in how these crimes are carried out, inmates are sentenced differently; some are sentenced to life in prison, and others are sentenced to several years and will be eligible for parole after serving part of their sentence. In lieu of inmates completing their full sentences, parole tries to achieve releasing inmates early based on the idea that the inmate has been sufficiently punished, and should be given the opportunity to become a law abiding citizen, capable of functioning in our society with adequate supervision. Although parole attempts to carefully screen inmates prior to granting early release, their decisions often do not merit wise choices. As a social worker, I e... ...niors who brought us into this generation. We deserve to be protected as much as any other human race. Our tax dollars spent on housing inmates are a lot cheaper for us to pay when one considers the cost of irreparable pain and suffering, of a victim who falls prey to a parolee who had no intention of reversing his or her former lifestyle and recommitted their life to crime. One cannot put a price tag on scarred lives. It would be worth every penny to keep these criminals behind bars until they have completed their full sentences, if it meant even saving one innocent life, or sparing someone an unforgettable damaging experience. In conclusion, parole serves to benefit the inmate who is seeking his or her freedom, while society seldomly benefits from progress or efforts implemented by parolees in the community. We must understand that parole is a privilege, not a right. We must take into consideration that if almost half of the population that is released on parole returns to pris on; parole is not working and should be abolished. Law abiding citizens have earned their right to freedom, and criminals have earned their right to confinement, and should remain that way, as sentenced.

The Internet In Classrooms :: Teaching Education

The Internet In Classrooms How Advanced Technology Is Changing the Face of Education for Students and Teachers The first thing a college student typically does when he or she goes back to their dorm room or apartment is sit down at their computer and go online. They proceed to either, read their e-mail, check their online courses for new assignments, or go on one of the many communication websites or programs that are available currently to this generation. None of this would be possible without the readily available Internet access that we often take for granted. The Internet has proven not only useful for entertainment purposes, but has also dramatically changed the educational approach, for both students and educators, and the way knowledge is being obtained. Internet access in schools has experienced an extreme increase within the last decade. By the fall of the year 2000, 98% of the public schools throughout the United States reported to be connected to the Internet (NCES, 2000). This is a reported 63% increase since the year 1994. Also in 2000, the ratio of computers to students was one to six, an increase from the 1994 ratio of one computer for every eleven students (Mendels, 1999). Aside from having Internet access in school libraries and computer labs, the abundance in individual classrooms has dramatically increased. This allows for Internet learning to be more readily available to students on a daily basis. Statistically over 70% of schools have this access in at least one of their classrooms (Mendels, 1999). Many schools have made the decision to go high-tech and create their own web pages via the World Wide Web. This allows them to advertise themselves to the virtual community. There has, also, been a change in how the Internet is being accessed by the various school systems. Dial-up Internet access has often been replaced by the high speed or cable Internet. A large portion of the increased Internet use, accessibility, and popularity as an educational instrument in the classrooms has been aided by the â€Å"Education Rate Program†, also known as the E-Rate Program (NCES, 2000). As of 2001, $5.8 billion has been committed to the growth of Internet access through this single program alone. It was established in 1996, with the goal of making Internet access, service, and connections more readily available to schools at discounted rates, in both urban and rural settings.

Share Capital

? SHARE CAPITAL Share capital is the Funds raised by issuing shares in return for cash or other considerations. The amount of share capital a company has can change over time because each time a business sells new shares to the public in exchange for cash, the amount of share capital will increase. Share capital can be composed of both common and preferred shares. Each share carrying a vote in the management of the business, managerial control may be limited. The authorized capital of a company is the maximum amount of share capital that the company is authorized by its constitutional documents to issue to shareholders.Issued Capital is the value of the shares issued to shareholders. This means the nominal value of the shares rather than their actual worth. The amount of issued capital cannot exceed the mount of the authorized capital. Types of Share Capital:- Redeemable Shares Ownership shares that the issuing business may repurchase. Some redeemable shares are mandatorily redeemabl e and must be repurchased by the issuer on a particular date or on the occurrence of a specified event, such as the death of an owner. Preference SharesPreference shares differ from ordinary shares in giving the holder preferential rights to receive a share of annual profits. An ordinary dividend cannot be paid unless all preference dividends due have been paid in full. Preference shares are also higher in the creditor hierarchy than ordinary shares, and have a preferential right to receive the proceeds of disposal of the assets in the event of a company going into liquidation. They are therefore less risky than ordinary shares, even though they are legally share capital as well. There are three further types of preference shares:-Participating preference shares Preference shares which, in addition to paying a specified dividend, entitle preference shareholders to participate in receiving an additional dividend if ordinary shareholders are paid a dividend above a stated amount. Conv ertible preference shares A preference share that can be converted into common shares at aset conversion price. A company may issue them to finance a major acquisitions without increasing the company’s gearing or diluting the EPS of the ordinary shares. Redeemable preference sharesA preference share which must be bought back by the company at an agreed date and for an agreed price Deferred Shares A share that does not have any rights to the assets of a company undergoing bankruptcy until all common and preferred shareholders are paid. Where it exits, it will rank behind all other shares for dividend. Non-voting Shares A share which equity that does not have a vote, even though it is entitled to a share of the profits. The term is not usually applied to preference shares, although preference share do not have votes, they receive a fixed dividend.Retained profit:- Retained profit is the profit kept in the company rather than paid out to shareholders as a dividend. Retained prof it is widely regarded as the most important long-term source of finance for a business. Dividend payable:- The amount of dividends which have been declared by a company’s board of directors and which are obligated to be paid to shareholders. If the dividend yield falls, then the share becomes less attractive compared to other investments, demand for it will fall, and supply will increase as investors wish to sell. Newspaper information on share:-Many of the broadsheet papers include a section showing security prices and related information including: the highest and lowest prices during the year; the closing price the previous day; the change in price over the previous trading day; dividends net of tax; dividend cover; gross yield; and the P/E ratio. Share categories:- Shares are categorized according to the company type and trading frequency: ? Alphas These are the shares of the most prestigious companies which are generally heavily traded and dealt in by a large number of m arket-makers. Prices are posted immediately on SEAQ ? BetasThese are also large company securities, but they are not as heavily traded as alphas. They must have at least four market-makers dealing in them and prices quoted on SEAQ are those at which firm deals can be made. ?Gamma These securities are traded lessfrequently than betas and the prices quoted for them are merely indicative. ?Deltas These are the least traded of all and no prices are actually shown, simply indications of a dealer's interest. Penny shares:- Penny shares are shares which have a very low value with the bid or offer spread of such shares exceeding 10% of their market value.Investors buy such shares in the hope that the market has undervalued their prospects and that they will make a substantial profit when the price recovers. Methods of issuing shares:- One way in which a firm can expand is to issue additional equity –usually on the main Stock Exchange or second-tier market, either by a quoted company issuing additional shares or by an unquoted company obtaining a quotation. An unquoted company may also wish to issue shares without being floated. Placing or Selective Marketing’s:-This method is often used for a company wishing to be floated for the first time and to issue a small issue, or by a quoted company wishing to raise additional finance. It involves securities' acquisition by a market-maker so that they can be purchased by a small number of investors. Offer For sale. This is where the company which is issuing the shares will offer the shares to an issuing house. Generally a merchant bank will act as an issuing house. The shares bought over by the issuing house will be re issued to the general public.Under this method the company which is issuing the shares can make use of the financial strength and the image of the issuing house to make. Normally the shares are offered at a fixed price determined by the company’s directors and their financial advisers. This is usually undertaken by the organization who is offering for the first time and a large issue. This is also known as public offer. The issue price should be low enough to be attractive to potential investors, but high enough to allow the required finance to be raised without the issue of more shares than necessary. PlacingThis is where the company which is carrying out the share issue will select large institutional investors and offer the shares by conducting â€Å"road shows†. A road show is where the company will conduct a presentation to educate the selected investors about the share issue. This will be a low cost method of issuing the shares. Some of the institutional investors who will be interested in the share issue will include pension funds, unit trusts, venture capital organizations, building societies. The shares are issued at a fixed price to a number of institutional investors who are approached by the broker before the issue takes place.Instead of engaging in advertising to the population at large, the sponsor or broker handling the issue sells the shares to its own private clients. The costs of this method are considerably lower than those of an offer for sale. There are lower publicity costs and legal costs. A drawback of this method is that the spread of shareholders isgoing to be more limited. Sale by tender This is where the company which is issuing the shares will call upon the investors to bid the price at which they are willing to buy the shares.Therefore each individual investor will indicate the quantity of shares they expect to buy and price they are willing to pay. The company should decide upon a price at which all the shares can be issued and collect the highest possible revenue. This price will be called the strike price. Investors who bid a price above this will be allocated shares at the strike price – not at the price of their bid. Those who bid below the strike price will not receive any shares. This method is u seful in situations where it is very ifficult to value a company, for instance, where there is no comparable company already listed or where the level of demand may be difficult to assess. It is more costly to administer and many investors will be put off by being handed the onerous task of estimating the share’s value. Short Term Finance:- Securitization:- The process through which an issuer creates a financial instrument by combining other financial assets and then marketing different tiers of the repackaged instruments to investors. The process can encompass any type of financial asset and promotes liquidity in the marketplaceRight issue The term right issue is applied to the system of issuing shares to existing shareholders usually at a discount from the market price in order to raise further capital from existing shareholders. The offer must be on a right basis in proportion to the members existing holding as a fraction of holdings of all members eligible to receive the offer. The rights of shareholders to buy the rights are known as pre-emptive rights. Calculation of issue price. This is the amount that company wishes to raise from the issue divided by the number of new shares.It is important to issue a sufficient number of shares so that the issue price is below current market price. Calculation of price after issue: ?Ex right price ?Actual price after issue †¢At current earnings †¢At lower earnings †¢At higher earnings Values of rights: The value is the difference between the price of the right shares and the ex-right shares. Other methods: ?Subscription offers: An offer for subscription is an invitation to the public by or on the behalf of an issuer to subscribe for securities not yet issued or allotted. ?Prospectus issue:If reasonably substantial the company might make an issue direct to the public with the absolute minimum of assistance from the outside source. It is rather unusual because of the complexity of the nature of the capital issue. ?Stock exchange introduction This is the introduction of the shares on the stock exchange so that a quotation can be fixed, rather than the issue of shares. ?Role of underwriters Under writers agree to purchase any securities not taken up at the issue price and will charge a fixed face for their service. Use of underwriters removes the risk of share issue being under subscribed. Open offers: This is an offer to existing shareholders to subscribe for securities. Whether or not pro rata to their existing shareholders. They are not allotted through the issue of renounceable documents. ?Vendor share scheme or placing: Where a vendor prefers cash to shares issued to finance an acquisition by a purchaser, an issuing house can place the securities with clients for cash. ?Exchanges and conversions: This is the process used to replace one security with another. E. g. ; a vendor consideration issue or paper issue used in a merger or takeover bid. Employee share schemes: Such e mployees are often used as incentives, e. g. ; share option schemes which give certain employees the chance to purchase shares in the company at a price determined in advance hopefully for a financial benefit. The firm should consider the following factors when pricing shares for a stock market quotation: †¢The current and future market conditions and the firm’s results. †¢P/E of similar quoted companies. †¢Whether the quotation is to be on the main market or the AIM. †¢An initial premium on launch, followed by steady growth in the share price is desirable. The amount of finance required. †¢Future dividends and earnings forecasts (the more shares the more dividends need to be paid out). †¢Underwriting costs or deep discount required to avoid under subscription of shares. Costs of share issues: The costs involved in share issues include †¢The stock exchange listing fee for the new securities. †¢Fees of advisors including those of the iss uing house. †¢Underwriting costs. †¢The compulsory advertising in national newspapers. †¢Printing and distribution costs of details and prospectus. Issuing new shares without raising capital: Scrip issues/ capitalization / bonus issue: It involves conversion of reserves into capital causing a fall in the reserves. Shareholders receive additional shares in proportion to their holding. The shareholders do not pay for the shares. This results in more equity in circulation with the result that the market value will generally fall in the short term. This making it more attractive to potential investors. ?Scrip dividends: It is a conversional of profit reserves into issued share capital offered to shareholders in lieu of cash dividend.Enhanced scrip dividends are those where the value of shares is greater than cash dividend offered as an alternative. ?Stock split; It is the splitting of existing shares into smaller shares, in order to improve the marketability of the compan y’s shares. Share repurchase: Repurchases or buy-ins of shares may be made by companies out of their distributable profits or out of the proceeds of a new issue of share made especially for the purpose; provided than are authorized to do so in the company’s articles of association.And off- market purchase is said to occur when the shares are purchased not subjected to the marketing arrangements of the stock exchange or other than on a recognized stock exchange. Advantages: †¢It may allow a company to prevent a takeover bid. The control by the existing shareholder group will be increased. †¢A quoted company may purchase its share in order to withdraw from the stock market. †¢It can be a useful way of using surplus cash. †¢Repurchasing shares will reduce the number in circulation which should allow an increase in earnings and dividends per share and should lead to a higher share price.It will increase future EPS as future profits will be earned by few er shares. †¢Reducing the level of equity will increase the gearing level for a company with debt which may be considered beneficial by the company. †¢If a business is in decline a share repurchase may give the firm’s equity a more appropriate level. Disadvantages: †¢Repurchasing of shares may be viewed as a failure by the company to manage the funds profitably for shareholders. †¢The company requires cash for the repurchase. †¢It may be difficult to fix a price which is beneficial to all involved. It requires existing shareholders approval. †¢Capital gains tax may be payable by those shareholders from whom the shares are purchased. †¢It increases gearing. Debt and other forms of loan capital: Debt capital is borrowing fund from others or public with issuing securities, bond, it is cheaper than cost of equity this is largely use from the high cost of equity. Debentures A debenture is a document that either creates a debt or acknowledges it, and it is a debt without collateral. In corporate finance, the term is used for a medium- to long-term debt instrument used by large companies to borrow money.In some countries the term is used interchangeably with bond, loan stock or note. A debenture is thus like a certificate of loan or a loan bond evidencing the fact that the company is liable to pay a specified amount with interest and although the money raised by the debentures becomes a part of the company’s capital structure, it does not become share capital Features of debentures ?Debenture holders are not the owners of the company. They are considered the creditors of the corporation or in other words, the company borrows money from them through issuing debenture. No voting rights. The debenture-holder is not a shareholder and cannot vote in the company's general meetings. ?Fixed rate of interest. A debenture with a fixed charge has a fixed rate of interest. It can be presented as â€Å"10% Debenture†. They a re always unsecured and earns a fixed rate of interest but has no share of the profit. ?Compulsory payment of interest. The interest on debenture is payable irrespective of whether there are profits made or not. Mortgage A mortgage represents a loan or lien on a property house that has to be paid over a specified period of time.Think of it as your personal guarantee that you'll repay the money you've borrowed to buy your home. Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages. Make sure you select the mortgage that is right for you, your future plans, and your financial picture Convertible loan stock A loan to a company in the form of bonds that can later be exchanged for shares under certain conditions. Investor Advantages In a convertible debt agreement, investors are viewed as creditors of the start-up business. This is advantageous if the company liquidates or goes bankrupt.Note holders are shown preferential treatment when the com pany's assets are divided. As the note is secured against the borrower's assets, an investor may feel more secure lending using convertible debt than he would through a traditional bank loan. Disadvantages for Borrower In the event that the convertible promissory comes due and it is not converted to equity or stock, the note still remains payable when the lender calls it in. The note is taken out against the company's assets, and the lender has the right to liquidate the assets to get his money.This can put a company in dire financial straits Warrants †¢Warrants give the holder the right to subscribe for a specified number of shares at a fixed price during as at the end of a specified time period. †¢Warrants are rights given to investors allowing them to buy new shares in a company at a future date at a fixed given price. †¢The price is known as exercise price. †¢The time at which they can be used to obtain shares is known as exercise period. †¢The warrant c onversion premium is calculated by comparing the cost of purchasing a share using the warrant and the current share price. BondsThe long term contract in which the bondholders lend money to a company. In return the company promises to pay the bond owners a series of interest payments known as coupons until the bond matures. At maturity the bondholder receives a specified principal sum called the par value of the bond. The increase or decrease in the market prices of a bond doesn’t affect the return. The investor only gets back the nominal value of the bond. Licensing and franchising This allow for the acquisition of a product, service or business concept of another organization, without the purchase of the other entity as a whole.In this an initial payment is required by the provider and also the royalties on subsequent sales, in return for marketing in an exclusive territory. Syndicated loans For large loans a single bank may not be able or willing to lend the whole amount. So they spread their lending to gain the risk reducing benefits of diversification. They prefer to participate in a number of syndicated loans in which a few banks each contribute a portion of the overall loan. It generally offers lower returns than bonds. And they are paid out before bond holders in the event of liquidation.Mezzanine finance Offering a high return with a high risk. The finance it provides is cheaper (in terms of required return) than would be available on the equity market and it allows the owners of a business to raise large sum of money without sacrificing control. It is used when the limits of bank borrowing has been reached and the business cannot or is not willing to issue any more equity capital. Medium term notes The company promises to pay the holders a certain sum on the maturity date, and in many cases a coupon interest in the period of time. And it may be unsecured.The interest rates may be fixed, floating or zero rate. Project finance Deal is mainly cre ated by industry corporations providing some equity for those who build and operate a project. The significant feature is that the loan returns are tied to the cash flows and fortunes of a particular project rather than being secured against the parent firms assets. For project finance, while the parent company s credit standing is a factor. The main focus is on the financial prospects of the project itself. And it is used to finance power plants, roads, ports, sewage facilities, telecommunications etc. nd the main advantage is that the finance is raised on the projects assets and cash flows and therefore is not recorded as debt in the parent company s balance sheet. Sale and leaseback If a firm owns buildings, land or equipment it may be possible to sell these to another firm and agree to lease the property back for a stated period under specific terms. Hire purchase The finance house allows the hirer firm to use the equipment in return for a series of regular payments. These payme nts are sufficient to cover interest and contribute to paying off the principal.After all payments have been made then the hirer becomes the owner. The main advantage for the customer is that interest part of the payments are allowable against tax, and capital allowances can be claimed on the asset. Leasing It’s similar to hire purchase. Here also the owner converts the right to use the equipment in return for regular rental payments by the user over an agreed period of time. Here the difference is that the lessee never becomes the owner. Operating lease Commit the lessee to only a short term contract. And don’t have to be reported on the face of the statement of financial position.They will not be included in gearing calculations. And liability of future rentals is reported as a note to the accounts. This is mainly useful for lessee in the case of high technology products which are quickly obsolete. Finance lease It is also called capital lease or full payment lease. The finance provider expects to recover the full cost of the equipment plus interest over the period of the lease. And the lessee has no right to cancellation. The lessee will have to bear the risks and rewards that normally go with ownership. And he will usually be responsible for maintenance, insurance and repairs.It is reported on the face of the statement of financial position. Short Term Finance Securitization: The process whereby companies, instead of raising finance by borrowing from financial institutions, Converts assets into securities for sale in the marketplace. This may be allowed in the lower interest rates. Note Issuance Facilities (NIFs) and Revolving Underwriting Facilities (RUFs):- The NIF acts as an underwriter. Should the borrower be unable to sell all notes, the syndicate is obligated to purchase all the remaining notes from the borrower, essentially providing credit.Note issuance facilities are useful in reducing risk and costs for both the borrower and the len der. A RUF differs from a note issuance facility (NIF) in that the underwriters provide loans instead of purchasing the outstanding notes that failed to sell. In either case, both RUF and NIF provide short- to medium-term credit in the Eurocurrency market. Commercial Paper :-(CP) An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories and meeting short-term liabilities.Maturities on commercial paper rarely range any longer than 270 days. The debt is usually issued at a discount, reflecting prevailing market interest rates. One example is where the company issues six month dollar notes in the European Commercial Paper Market (ECP). Medium-term notes (MTN) Range in maturity from one to 10 years. By knowing that a note is medium term, investors have an idea of what its maturity will be when they compare its price to that of other fixed-income securities.All else being equal, the coupon rate on medium-term notes w ill be higher than those achieved on short-term notes. The use of CPs and MTNs is limited in that a minimum size of company and issue restricts it to large companies, multinationals and certain public sector bodies, and they are driven by the demand of investors. Syndicated Credits:- The main goal of syndicated lending is to spread the risk of a borrower default across multiple lenders (such as banks) or institutional investors like pension’s funds and hedge funds.Because syndicated loans tend to be much larger than standard bank loans, the risk of even one borrower defaulting could cripple a single lender. Syndicated loans are also used in the leveraged buyout community to fund large corporate takeovers with primarily debt funding. Banks:- Bank lending to companies is predominantly short term, although it is also now a valuable source of medium term finance. a)Bank loans:- A short-term loan is a fixed amount of debt finance borrowed by a company from a bank, with repayment t o be made in the near future, for example after one year.The company pays interest on the loan at either a fixed or a floating rate at regular intervals, for example quarterly. A short-term bank loan is less flexible than an overdraft, since the full amount of the loan must be borrowed over the loan period and the company takes on the commitment to pay interest on this amount, whereas with an overdraft interest is only paid on the amount borrowed, not on the agreed overdraft limit. The interest rate for small companies on medium-term loans may either be at a fixed rate or at a margin above the bank's base rate.For larger companies, the interest rate on medium-term loans may again be fixed for up to five years, but is usually at a margin above the London Inter-Bank Offered Rate (LIBOR) adjusted every three, six, nine or twelve months in line with LIBOR movements. b)Overdraft:- An overdraft is an agreement by a bank to allow a company to borrow up to a certain limit without the need f or further discussion. The company will borrow as much or as little as it needs up to the overdraft limit and the bank will charge daily interest at a variable rate on the debt outstanding.The bank may also require security or collaterals protection against the risk of non-payment by the company. An overdraft is a flexible source of finance in that a company only uses it when the need arises. However, an overdraft is technically repayable on demand, even though a bank is likely in practice to give warning of its intention to withdraw agreed overdraft facilities. Overdrafts are often the ideal solution for short term borrowing and are extensively used to overcome short term cash flow problems, such as for funding purchase of raw materials whilst waiting payment on goods produced.There is no penalty for repayment of an overdraft, unlike (usually) the early repayment of a medium-term loan. The bank, though, can demand the repayment of an overdraft atany time, and many businesses have b een forced to cease trading because of the withdrawal of overdraft facilities by their bank. The advantages of an overdraft facility with the bank are that: †¢It provides flexibility. †¢It is a relatively cheap from of finance. †¢Interest is charged on the daily balance. The major drawback of an overdraft is that the bank can withdraw the overdraft facility at short notice.Trade Credit:- Trade credit is an agreement to take payment for goods and services at a later date than that on which the goods and services are supplied to the consuming company. It is common to find one, two or even three months’ credit being offered on commercial transactions and trade credit is a major source of short-term finance for most companies. The advantages of trade credit is that it is a relatively convenient, cheap and informal way of securing short term finance and is available to companies of all sizes. Factoring:-A financing method in which a business owner sells accounts rec eivable at a discount to a third-party funding source to raise capital. Factoring is the cash-management tool of choice for many companies. It is one of the most expensive forms of financing. The way it works is as follows: †¢Once a sale is made, the company invoices its customer and sends a copy of the invoice to the factor. †¢The factor then pays the company a set proportion of the invoice value within a pre-arranged time –typically, most factors offer 80-85% of an invoice's value within 24 hours. †¢The factor issues statements on the company's behalf and collects the payments.However, the company remains responsible for reimbursing the factor for bad debts, unless a â€Å"non-recourse† facility has been arranged. †¢The company will receive the balance of the invoice (less charges) once the factor receives payment. †¢The factor provides regular reports on the status of the company's sales ledger Typical charges on the amount financed range fr om 1% to 4% over base rate, with interest calculated on a daily basis. Credit management and administration charges, including the maintenance of the sales ledger, depend on turnover, the volume and number of invoices. Typical fees range from 0. 0% to 3. 0% of annual turnover –a company with 50 live customers, 1,000 invoices per year and ? 1 million turnover might pay 1%. Advantage:- †¢Cash flow is maximized as factoring enables a company to raise up to 80% or more on outstanding invoices †¢Using a factor can reduce the time and money spent on debt collection since the factor will usually run the sales ledger for the company †¢The factor's own credit control system can be used to help assess the creditworthiness of new and existing customers †¢Factoring can be an efficient way to minimize the cost and risk of doing business overseas Disadvantage:- The factor usually takes over the maintenance of the sales ledger, and customers may prefer to deal with the c ompany it is trading with rather than a factor †¢Factoring may impose constraints on the way business is conducted –for example, the factor will apply credit limits to individual customers and for non-recourse factoring, most factors will want to pre-approve customers, which may cause delays †¢The client company might only want the finance arrangements and yet it might feel it is paying for collection services they do not really need †¢Ending a factoring arrangement can be difficult where the only exit route is to repurchase the sales ledger or to switch factors and that could cause a sudden shortfall in working capital. Invoice Discounting:- A method to draw loans from a company’s outstanding invoices that does not require the company to relinquish administrative control of the invoices. An invoice discounting company will review the outstanding invoices on the company's ledger, and will determine the amount of loans that it will extend. Because the mon ey is loaned, the company will be responsible for interest payments, as well as a fee to the invoice discounting company. The requirements are more stringent than for factoring and different invoice discounters will impose different requirements. ‘Confidential invoice discounting† ensures that customers do not know a company is using invoice discounting as the client company sends out invoices and statements as usual. However, the costs of this are greater since the discounter is carrying a greater degree of risk. Bills of Exchange:- Bills of exchange are similar to checks and promissory notes. They can be drawn by individuals or banks and are generally transferable by endorsements. The difference between a promissory note and a bill of exchange is that this product is transferable and can bind one party to pay a third party that was not involved in its creation. If these bills are issued by a bank, they can be referred to as bank drafts. If they are issued by individual s, they can be referred to as trade drafts. International capital marketsThere is an increasing internationalization of capital markets, especially for the larger companies. Eurocurrency:- Currency deposited by national governments or corporations in banks outside their home market. This applies to any currency and to banks in any country. For example, South Korean won deposited at a bank in South Africa, is considered Eurocurrency. The market generally offers high rates of interest, flexibility of maturities and a wide range of investment qualities in comparison with other capital markets. The unique feature is that the transactions in each currency take place outside the country from which that currency originates.On the short-term, inter-bank Eurocurrency market, transactions may take place between banks on an unsecured basis from overnight to five years' duration. Most transactions are for six months or less and transaction of over ? 1m is common. Eurobonds:- The Eurobond market is an international capital market which has developed alongside the Eurodollar market since the 1960s. Usually, a Eurobond is issued by an international syndicate and categorized according to the currency in which it is denominated. A Eurodollar bond that is denominated in U. S. dollars and issued in Japan by an Australian company would be an example of a Eurobond. The Australian company in this example could issue the Eurodollar bond in any country other than the U. S. A bond issued in a currency other than the currency of the country or market in which it is issued. ) The following advantages are claimed for the Euromarkets in various currencies: †¢Extremely large sums can be raised or deposited. †¢Money will often be cheaper than the domestic markets. †¢Controls tend to be less restrictive. †¢Some protection against exchange rate movements is offered, but here the user will require a high level of skill in selecting his or her alternatives. †¢ Any perio d of surplus or shortage from one day to five years can be accommodated. †¢The markets offer a useful alternative to other sources of capital which the company Eurobonds Available:- †¢Straight fixed rate bondsThe majority of Eurobonds with a fixed coupon can be described thus. Interest is generally paid out once each year and is calculated using a 360-day year. Some older issues do pay half-annually. †¢Equity related bonds These may take two forms: Convertibles–whereby the bond holder has the right (but not the obligation) to Convert the bond into ordinary shares at a pre-determined price. Eurobonds with warrants–which are similar to convertible bonds in that warrants are attached to the Eurobond enabling the holder to purchase ordinary shares represented by the warrants at, or between, specified dates. The exercise price will be set in a similar fashion to that of convertible Eurobonds. †¢Floating rate notes (FRNs)A note with a variable interest ra te. The adjustments to the interest rate are usually made every six months and are tied to a certain money-market index. Also known as a â€Å"floater†. Borrowing in the Euromarkets;- Borrowers in the Euromarkets include: †¢Companies needing dollars for investment in the USA. †¢Unit trusts and investment trusts investing in foreign securities. †¢The United States banks, which find that it is expedient to take up loans through the European market rather than to borrow in the USA. †¢Multinational companies wishing to invest in a particular country without wishing, or being able, to transfer capital from their base country. National governments and bodies associated with national and international agencies. Euro equity:- An Initial Public Offer occurring simultaneously in two different countries. The company’s shares are listed in various countries rather than where the company is based. Choice of Currency for Borrowing The factors affecting the choice of currency used for company borrowing include: †¢The ease and speed of raising finance, which is often easier outside the domestic markets. †¢The size of the debt –larger loans tend to be borrowed in the Euromarkets. †¢The cost of issues –small changes in interest rates can have a significant impact if the loan is large. Whether the currency is required immediately (including coverage in preventing exchange exposure) and in the long run. †¢The security the company has available –Euro borrowings are generally unsecured. Advantages of Raising Funds in International Markets:- There are several advantages to the company in raising funds in international markets, including: †¢It is useful if the company's own capital market is too small, or too complex and/or regulated to raise the required finance quickly and easily. †¢It improves the liquidity and reputation of the company. †¢It may improve trade if the company trades in the cou ntry of the currency/capital market. †¢It can help in preventing takeover bids.