Impact Of Dividend Announcement On Shareholder Value - Free Essay Example

Sample details Pages: 5 Words: 1599 Downloads: 8 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Different studies suggest that dividend payment has no impact on share holder value in the absence of taxes and market imperfection. Whenever companies have surplus earning, they should invest it in projects having positive net present value. Another approach is that, the stock value depends upon expected future dividend of that stock. Don’t waste time! Our writers will create an original "Impact Of Dividend Announcement On Shareholder Value" essay for you Create order So companies must try to reflect a sustainable growth while announcing dividends. This study is to examine the impact of dividend announcement on shareholder value. This study is based on 17 dividend paying companies, listed on Karachi Stock Exchange. The result shows that investors did not gain from dividend announcement, but lost some value over a period of 30 days prior to dividend announcement through 20 days after ex-dividend date. Results of study is supporting the dividend irreverence hypothesis, that there is no benefit of shareholder in announcement of dividend. Literature Review: The ultimate objective of any corporate entity is to maximize the shareholder value. For the accomplishment of this objective, Finance managers take three kinds of important decisions. First two decisions are investment and financing decisions and the third one is regarding dividend payment to shareholders. Now the question is that whether the payment of dividend increases shareholder value or not. As dividend mean reward that shareholders already own in a corporation, so it is adjusted by decline in stock value (Porterfield 1959 and 1965). Generally shareholders prefer capital gain over cash dividend and the reason is tax pattern. Normally dividend is taxed at high rate as compared to the capital gain. So if we neglect the assumption of tax and other restrictions, then dividend announcement has no impact on shareholders value (Miller and Modigliani, 1961). Investors value a dollar of expected dividend more highly than a dollar of expected capital gain because the dividend yield component is less risky as compared to growth component. (Gorden 1963) If a firm pay the whole part of its earning as dividend then it is most possible that there will be shortage of funds for investment which may cause decrease in dividend in the future. Another related approach is that dividend announcement effect the market price of stocks because it carries the information of future cash flow of firm (Bhattacharya 1979, Baryosef and Huffman 1986). Shareholders have no benefit in the announcement of dividend. As the shares value falls from thirty days before announcement of dividend to thirty days after dividend announcement. But these losses are partially compensated by dividend yield in long run (Hamid Uddin, 2003). In some countries like Pakistan, companies are ranked on the basis of dividend payout and some rules by SECP also forced the companies to pay dividend. Considering the benefits of capital gain over cash dividend this is not a better approach at all (Dr. Ahmad Kaleem Chaudhary Salahuddin). The whole literature review is based on two ideologies. One is that the dividend announcement has a positive relationship with stock prices (Gordon 1963) and the second is that the dividend announcement has a negative relationship with stock prices (Bhattacharya 1979, Baryosef, Huffman 1986 and Hamid Uddin, 2003). The positive relationship between stock prices and dividend announcement is due to dividend information effect, while the negative relationship is because of tax effect. Introduction: Whenever a company generates profit, it either goes for reinvestment or pay dividend. If a company is going to pay dividend then it takes decision of whether to pay cash dividend or to buy back some of the existing stocks. The question is if a company has opportunity of investment in a project having positive net present value then why should company go for dividend? According to Irrelevance Theory by Merton Miller and Franco Modigliani (MM) a firms dividend policy has no effect on shareholder value and cost of capital of that firm. The most important thing is the earning of a company nor the dividend policy or reinvestment plans. Assuming there are no taxes and brokerage costs. According to Porterfield (1959 and 1965) paying cash dividend means giving rewards to shareholders that is something they already own in a company. Hence this will offset by declining in the stock value. So paying dividend is not a good approach at all. According to Gorden (1963) investors prefer a dollar of present more than that of expected future one. Thats why companies should go for dividend instead of capital gain. All the theories regarding payment of cash dividend have their own approaches and directions. So the issue of whether paying cash dividend has any impact on shareholder value or not is still unresolved. In countries where dividend income is highly taxable as compared to capital gain, investors prefer capital gain over cash dividend. There is another face of picture, in countries like Pakistan where companies are ranked according to rate of dividend paid by them, companies normally prefer to pay cash dividend. In this study we have examined the effect of dividend announcement on shareholders value. To do so, we have selected 17 dividend paying companies from eight different sectors and use the methodology of Market Adjusted Abnormal Return (MAAR) and Cumulative Abnormal Return (CAR). Methodology: To study the impact of dividend announcement on shareholder value, two measurement have been used. (i) Market Adjusted Abnormal Return (MAAR). (ii) Cumulative Abnormal Return (CAR). MAAR indicates the relative daily percentage price change in the dividend paying stocks compared to the change in average market price. We use KSE 100 price index as proxy of average market price. MAAR is calculated as follows. MAARit = Rit-Rmt MAARit it is the market adjusted abnormal return for security i over time t. Rit is the time t return on secutiry I, calculated as (Pit à ¢Ã¢â€š ¬Ã¢â‚¬Å" Pit-1)/Pit-1. Where, Pit is the market closing price of stock I on day t. Pit is the market closing price of stock I on day t-1. Rmt is the time t return on the KSE-100 price index calculated as (It-It-1)/It-1. Where. Iit is the market index on day t. It-1 is the market index on day t-1. The market adjusted abnormal return (MAAR) shows the change in individual stocks value due to the dividend announcement. As the percentage change in market index is deducted, the remainder gives us the portion of the value change, which is specific to that particular stock resulting from its dividend announcement. MAAR is calculated over a period starting to à ¢Ã¢â€š ¬Ã¢â‚¬Å" 30 days to +20 days relative to the dividend announcement day (O-day). The second measure used is cumulative abnormal return (CAR), which measures the investor total return over a period starting from before the announcement of dividend to after the dividend announcement day. We use a 51 day window period starting from -30 day to + 20 day relative to the dividend announcement day (O-day). CAR is computed as follows. CARit = MAARit CARt = CARit Where CARit is cumulative abnormal return for security I and CARit is cumulative abnormal return for all securities. Similarly MAAR it is market adjusted abnormal return for security I for window period. After that all, the t-test suggested in Brown and Warner (1990, p251-252) is applied to test the significance of CARit and CARt. Sample Description: The sample includes 17 companies, from eight different sectors. All these companies are registered on Karachi Stock Exchange (KSE) and announced dividend between January 2009 and December 2009. Five companies are from banking sector, three from oil and gas, three from cement, two from chemical, one from Pharmaceutical, one from auto assembler, one from textile and again one from telecom sector. Table 1 is showing the names of companies with percentage of dividend announced by them in respective year. Empirical findings and analysis Market Adjusted Abnormal Return MAAR shows the change in individual stocks value due to the dividend announcement. As the percentage change in market index is deducted, the remainder gives us the portion of the value change, which is specific to that particular stock resulting from its dividend announcement. In this study, MAAR is calculated over a period starting to à ¢Ã¢â€š ¬Ã¢â‚¬Å" 30 days to +20 days relative to the dividend announcement day on zero days. Cumulative Abnormal Return CAR which measures the investor total return over a period starting from before the announcement of dividend to after the dividend announcement day. Table 1 Sample Companies Sr. No Company Name Sector 1 Habib Bank Limited Banking 2 Allied Bank Limited Banking 3 National Bank of Pakistan Banking 4 United Bank Limited Banking 5 Bank AlFalah Limited Banking 6 OGDCL Oil and Gas 7 National Refinery Limited Oil and Gas 8 Pakistan State Oil Oil and Gas 9 Lucky Cement Cement 10 DG Cement Cement 11 Attock Cement Cement 12 ICI Pakistan ltd. Chemical 13 Engro Chemical Ltd Chemical 14 Highnoon Labortories ltd. Pharmaceutical 15 Indus Motor Company ltd. Auto Assembler 16 Nishat Mill ltd. Textile 17 Pakistan Telecom Co. Telecom Table 2 Dividend paid by different sectors in 2009 (Dividend in %age) Sector No of Companies Maximum Dividend Minimum Dividend Average Dividend Banking 5 66 25 28.5 Oil and Gas 3 125 25 67 Cement 3 40 Chemical 2 65 60 62.5 Pharmaceutical 1 25 25 25 Auto Assembler 1 100 100 100 Textile 1 20 20 20 Telecom 1 15 15 15 Table 3 Average MAAR for 51 days Days relative to Dividend Announcement Average MAAR -30 0.006995623 -29 -0.000286981 -28 0.005946367 -27 0.005136643 -26 0.005144653 -25 -0.004782532 -24 -0.005356564 -23 -0.002944433 -22 -0.01411987 -20 0.004907264 -19 0.00128167 -18 -0.00011111 -17 -0.001020032 -16 0.001673402 -15 0.000430173 -14 0.002846477 -13 -0.001693558 -12 0.002657397 -11 -0.016735807 -10 -0.013092062 -9 -0.005113378 -8 -0.000797798 -7 -0.015879282 -6 -0.005853397 -5 -0.006602591 -4 -0.010009299 -3 -0.002897751 -2 -0.009621279 -1 0.00260226 0 -0.007908932 1 0.005621832 2 -0.011260743 3 -0.001171285 4 -0.003236167 5 0.000455198 6 0.002713615 7 -0.002483024 8 0.006107779 9 -0.005986564 10 -0.006719537 11 -0.003661463 12 -0.00255736 13 0.001298415 14 -0.003020666 15 -0.013184736 16 -0.001647796 17 -0.000315768 18 0.006733917 19 -0.009766422 20 -0.000404328 Table 4 Cumulative Abnormal Return Company Name CARit Habib Bank Limited 0.007539 Allied Bank Limited -0.23825 National Bank of Pakistan -0.13679 United Bank Limited -0.56202 Bank AlFalah Limited -0.46642 OGDCL 0.077864 National Refinery Limited -0.17524 Pakistan State Oil 0.368848 Lucky Cement -0.14289 DG Cement -0.08247 Attock Cement -0.2001 ICI Pakistan ltd. 0.04316 Engro Chemical Ltd -0.32989 Highnoon Labortories ltd. 0.02233 Indus Motor Company ltd. -0.31301 Nishat Mill ltd. 0.09022 Pakistan Telecom Co. -0.13362 CARt -2.17073

Case Study Bronfenbrenner s Model Of Child Development

Wellness paper I chose Urie Bronfenbrenner’s bioecological model of child development to reflect on my stages of development. In the microsystem of Bronfenbrenner’s model, my early childhood family structure included my uncle, his wife and their five children. I went to live with my uncle after my mother passed away. By middle childhood, my uncle and his wife migrated to the United Sates and I went to live with one of his daughters( Erica) and her two children. They became my construct of what a family represent. Although I was welcomed in Erica’s family, I felt as if I did not belong in their family. The only place I felt accepted was at school. The classroom represented a place where I expressed my feelings without being ignored or judged by my peers. Also, I had very observant and understanding teachers who had the best of my interest. I had one teacher , Mr. Francis, who believed that I was capable of improving academically. At the end of his class, he noted in my report card that I had potential to be academically competent, however, I needed to settle down and apply myself to learning. His comments motivated me to do my best throughout elementary school. During elementary school, I maintained healthy relationships with my peers. There were never any reports of misconduct of any misunderstanding amongst my peers. In fact, interactions with them thought me how to engage in fair play, wait my turn, build trust and explore my environment. In exploring my environment, IShow MoreRelatedThe Impact Of Divorce On Childhood Development2370 Words   |  10 Pages The Impact of Divorce on Childhood Development Based on the Ecological Systems Theory Gianna Marie Helmer, LPN Excelsior College Abstract The first three years of a child s life are the most significant for growth and development, both mentally and physically. 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Ethan Frome Tragic figure that function Free Essays

Ethan Frome: Tragic figure that functions as an instrument of the suffering of others ay cache1897 unit Four: Ethan Frome In the novella Ethan Frome by Edith Wharton, main character Ethan Frome is a man that faces many disappointments as well no self-assurance. Ethan Frome is definitely a tragic flgure that functions as an Instrument of the suffering of others In the novel. Ethan Frome overall is a very tragic tale of misery and suffering, and any of the main characters involved can be connected to that suffering. We will write a custom essay sample on Ethan Frome: Tragic figure that function or any similar topic only for you Order Now Wharton makes Ethan not only the victim, but the function of all the other characters suffering to ruly get In depth with the flaws that Ethan possesses. Zeena, Ethan FromeS wife experiences much suffering due to Ethan. Ethan spent his whole life never being able to stand up for himself. He chose to marry Zeena for the sole reason that she would end his loneliness. It could have also been the fact that he felt bad that she dedicated her life to taking care of Ethan’s mom. Next, Ethan decided to give Zeena a loveless relationship. Never in the text does Ethan show any sort of emotion toward his wife, nor does she show any towards him. Ethan is omewhat awful towards the one in which he personally chose to be his wife. He chooses to go to â€Å"work† rather than drive her to the doctor, he decides to pursue another woman who Is his wife’s cousin, and lastly, he chooses to kill himself for the sake of his own independence and his â€Å"love† for Mattie. Zeena however, can be aggravating at times which causes Ethan to act certain ways. Zeena tragically has â€Å"hypochondria† which brings out the cold, unhappy, domineering woman who whines and complains incessantly. Ethan lets Zeena dominate him which shows his flaw of eing subordinate. These mistakes eventually lead to his fall. It Is clearly seen that Zeena uses Illness to get Ethan’s attention and love he hasnt been giving. Zeena makes it hard for Ethan to show how he feels about Mattie in his heart, because when she comes around, Ethan Is blindsided by her thoughts in his head. â€Å"†¦ but there was only one thought in my mind: the fact that, for the first time since Mattie had come to live with them, Zeena was to be away for the night. He wondered if the girl were thinking of it too†¦ † (40). Another main character is Mattie Silver, who is he desired women Ethan wants to be with rather than his wife. From early descriptions of Mattie, she appears to be the silvery maiden whose arrival Into Ethan Frome’s desperate life provides love and hope. Wharton describes Mattie as being a lively and happy young woman, before her suicide attempt that leaves her an invalid and a former shadow of herself. Her name, Mattie Silver, symbolizes the glistening and beauty of a piece of sterling silver. Wharton also states â€Å"The pure air, and the long summer hours In the open, gave life and elasticity to Mattie† (Wharton 60). Thls quote give Mattie the image of someone with great beauty and personality. Ethan has strong feelings for Mattie and it turns out that the maiden has mutual feelings. Because she has feelings for him, and the sweetness of spirit to interest him in return, the resulting tragedies occur. She develops a catastrophic attitude. She had the mindset that if she couldnt be with Ethan, and be happy, then she doesn’t want 1 OF2 sne tnen encourages Etnan to take tne slea down ana commit sulc10e wltn her. Her spontaneous and drastic emotions that are tied up with Ethan lead to much uffering. The fact that Ethan quickly agrees to commit suicide shows that he isn’t really self-reliant and doesn’t think for himself. Wharton shows a flaw that Ethan possesses which in turns cause much suffering for him and Mattie. Ethan Frome is definitely painted as a tragic figure in his crippled state of misery. His tragic flaw could be that he is too indebted to family, and feels too much obligation to them. This brings him home to care for his parents, and won’t allow him to leave his wife to seek happiness. It’s a good trait, loyalty, but in this case it eeps him shackled in a miserable situation, that, because he won’t resolve it in a different way, leads to his tragic and spontaneous decision on the day he decides to go sledding with the women he truly desired. Although Ethan may have suffered, his suffering impacted the people around him. Ethan and his wife represent a broken relationship. It is very ironic how the pickle dish Zeena cherishes is broken. The fact that Zeena’s cat breaks the pickle dish is significant. The cat is already symbolically linked with Zeena. How to cite Ethan Frome: Tragic figure that function, Papers

Commercial In Similar Advertising Products †Myassignmenthelp.Com

Question: Discuss About The Commercial In Similar Advertising Products? Answer: Introducation The Paco Rabanne Invictus fragrance for men advertisement illustrates a strong, muscular and a tattooed man sending the message of an ideal man in the present society. The advert signifies that masculinity revolves around the strength of a man and his success with women. The image is likened to the perfume advertised thus giving it an upper hand similar to the position of the man in the picture. The image connotes to the audience a modern man with a fit body and preferably that of a model which remains adorable among many. The advertisement relates the perfect feeling of the ideal man and relates it to the fragrance product up for advertisement (Ruiz, 2015). The connotation deduced from the image tends to persuade men to consume the product with the superior feeling likened to that of the star in the image. The visual coding illustrates that the product is specially meant for men given the depiction of gender from the masculine image. The advertisement depicts superiority of the product in the illustration of what other commercial use in similar advertising products. On the other hand, text imagery can be deduced resulting from the bruised-like cheek which suggests the fact that the trophy victory came from determination and spirited fight to win the best. The image of the crown alludes to the fact that the product up for advertisement is an award-winning one whose value compares to no other (Hazotte Roy, 2016). Therefore, the advert serves its best purpose in marketing the product given that the character is a well-known sportsman admired by many. The fact that he is respected by many relates to the prowess and the ability to win a considerable number of consumers. On the other hand, the image is rhetorical in the way it depicts the women at a position lower than that of men. The image illustrates a man holding a trophy on one end and below two ladies hanging on. In a way, the information can be relayed to mean that by using the product up for advertisement, one can easily win the hearts of the beautiful angels holding on to the crown. In a way, a female audience may find the image rhetorical as it tends to encourage masculinity as higher compared to feminist as depicted in the order of occurrence in the picture (Barthes,1977). Plainly, a male audience would find it rhetoric to glorify and associate a tattooed person to the ideal man based on the stature of the sportsman advertising the product. Paco Rabanne, as a product in the market, remains glorified and advertised as superior compared to other products even those associated with women. The image displays the superiority of the product and asserts the fact that it can be used to lure women towards men due to the superior fragrance therein. As such, much glorification can be deduced from the image due to the visual codes present in the image ranging from the gender, age, model aspect, and the class of the individual. Las Meninas is one of the most famous paintings created by Velazquez towards the end of his artists career. The image represents an intimate moment in the times of the Spanish royal fraternity. Grizzle remakes Velazquezs painting makes use of visual codes to make his images more appealing and with a message that communicates with the viewers. In the image, there is the use of dress code where the type of dressing represents the present generation as opposed to the creation by Velazquez which indicated an old fashioned or the past century type of dressing code. All the participants in the first and the second image illustrate the differences, and thus meaning can be drawn from the case to represent the change in dressing code that has been reconstructed (Press,1999). The images differ in the way they display meaning based on the portrayal of people in the images. In the first picture, there is a mixed gender and age based on the image with the social class evident displaying that of an upper-class level. However, the second image displays a mixed gender with females dominating where the age is composed of young individuals. The messages can be seen through the images and the dressing embraced by the people (Jeffrey, 2008). Thus, the visual coding from the dressing to the looks assists in driving the interpretation of the images. At the same time, the reconstruction is observed in the manner in which nonverbal codes have been used speaks volume of the image. In the first image, the proximity between the people indicates a coherent family who does things together as opposed to the second creation (Arizpe Styles, 2004). The second image reconstructed uses proximity where people can be seen apart with some in separate rooms thus displaying the message of a far distance observed among the parties in the image. The first image is composed of a colored image which embraces less of special codes. In the reconstruction, the image appears in white and black which relay the aspect of realism in the image thus demonstrating the change in use of technical codes (McKee, 2003). Further, the image of the walls and the different rooms raise the possibility of denotation where the reader of the visual image is forced to assume that the people in the picture are in a house despite the fact that not all areas are shown as in the previous image (Arizpe Styles, 2004). At the same time, the transformation raises a different perception on the connotation of the images. The meaning of both images can be a arrived at through the cultural experiences from the side of the reader. In the first picture, there is the presence of a more coherent family synonymous with a royal family context with the second image transforming the same to a lesser consistent family where everyone is apart and trying to do their activities. Thus, there is a connotation element being observed in the second image which differs from the case in the first image (McKee, 2003). Lastly, the presence of technology is present in the latest reconstructed image as opposed to the last which is more of a renaissance painting improvement as compared to the digital media art where elements bring out more meaning and clarity. References Arizpe, E., Styles, M. (2004).Children reading pictures: Interpreting visual texts. routledge. Barthes, R. (1977). Rhetoric of the Image. Hazotte, C., Roy, M. (2016). Portrayals of men in advertising. Jeffrey, I. (2008). How to read a photograph.New York: Abrams. McKee, A. (2003).Textual analysis: A beginner's guide. Sage. Press, R. O. (1999). Art, common sense and photography Victor Burgin.Visual Culture: The Reader, 41. Ruiz, I. F. (2015). The Fragrance of a New Man? Masculinity and Fashion in Young Males Cologne Commercials.A Journal of Identity and Culture,3, 86-104. Sonka, M., Hlavac, V., Boyle, R. (2014).Image processing, analysis, and machine vision. Cengage Learning.

Women and Dating an Example of the Topic Psychology Essays by

Women and Dating What is dating? How do we understand it? What are some of the reasons women date? Whom should we date? Where should we go for dating? What should we do on a date? How far may we go in our touching and kissing? Where do we draw the line? How do we know where to draw the line? These are questions we hope to tackle. Need essay sample on "Women and Dating" topic? We will write a custom essay sample specifically for you Proceed Speaking of dating, it is just recent in origin, as no record in ancient writings about it. It is a development of the past few hundred years in Western culture. Dating is defined as the middle stage in the process of finding a suitable mate. Usually, dating comes between being friends and getting engaged, so no define, establish, exclusive relationship yet.. Women often send out conflicting signals about the seriousness of their dating. They look at it in different perspective. When they are confronted by their parents they often insist that dating is just "for fun." But to their confidant, on the other hand, they are more likely to treat dating as pretty serious business. Generally these conflicting signals reflect some of the confusions which they experience within themselves as they deal with and try to understand their own emotions. Or often times they send a wrong signal if they were not sure if such dating would end up something to serious engagement or not. There is a wait and see trial. What is the purpose of dating? Women believe that there could be a point in it because it would prepare one to a real relationship. For it is assume to some degree that when you go out with someone with the intent of getting married. Like one could learn from her mistakes and get more idea of what good and bad things to do in a relationship. Though personally, women date to respond to the pressure that at a certain age, at least they have already been dated by somebody. At least when peers met, they have also their story to tell. And for those who are really use to it, just for fun and experience, and also to be proud of that she had gone through it several times already. But for others, it is really for seriously considering the right man for marriage. Hoever, if dating is taken without serious consideration to marriage Harris,J ( 1997) said it can usually skip the friendship stage of a relationship, where one can really know each other in a real sense. It also often mistaken a physical relationship for love; if done carelessly it can also distract young adults from their primary responsibility of preparing for the future. So there goes dating. Whom then should one date? Will she just date anybody who proposes a date? If for fun, yes. But may it never be, one needs not to count her fingers to be able to know the right man. Dating your best friend, whom you really know personally and had spent time in discussions, quarrel and able to reconcile, who disappointed her several times yet able to ask for forgiveness is the best and only man should one date. If one goes out for dating, it should be the person whom he/she had in mind to marry. The one whom to some degree has a personal knowledge already, and not just any caller. Playing games should be out of the question. Seriousness must be the game, and not trial and error. How far then the two should go if they date? Will a woman just allow any form of physical intimacy apart from marriage? The Bible is never against sex. But sex is designed within the marriage bed. If there has been no wedding, then love and sex become hostile to each other.. If sex is done outside marriage it is usually done hurriedly and secretly under undignified circumstances. Thus the experience does not make love blossom and flower, but makes it wither away.(Trobisch, W. In fact having sex before marriage does not make both one flesh, as they are alienated from each other and bitterness begins to creep in. Why not flesh? Becausethey usually lack a purpose or a clear destination. In most cases especially when they are younger, dasting is a short term, serving the needs of the moment. People date because they want to enjoy the emotional and physical benefits of intimacy without the responsibility of real commitment. For a man maybe, when they engage into it, it is a triumph, a vic tory, they can prove that they are truly man. Which then is very selfish. But to women who allow this in their dating, usually at the losing end. She lost her virginity, she might be pregnant, guilt will be following her. Besides, it is always a good thing to tell the children ones both are ,married, that they have never engage to physical intimacy not until they were both wed. The example they set, will warrant them to have authority over their children to encourage and instruct them not to engage in it. Beside the fact that a peaceful mind and a clear conscience without baggages in marriage is very commendable. BIBLIOGRAPHY Harris, Joshua. 1997. I Kissed Dating Goodbye. USA:Multnomah Publishers, Inc. Trobisch,Walter. 1960.I Married You. Austria: Baden-Baden.Editions Trobisch

Evian Conference essays

Evian Conference essays The Evian Conference was called by President Roosevelt in 1938. The purpose of the conference was to fix the refugee problem and save Jewish lives. This did not occur, because of many contributing factors. Many questions arose surrounding this failure, from how each nation reacted, to whether or not anti-Semitism was present, affecting the outcome of negotiations. But what is possibly the hardest to answer was what Roosevelts true intentions were? Was he truly acting to help the Jews, or portraying so for reputation purposes? In March of 1938, President Roosevelt decided to call an international conference on the refugee crisis. This came as a shock to many, as the employment rate was at an all time low and the amount of restrictionists in Congress was at an all time high. Restrictionists would surely challenge the idea, as they were for immigration laws the way they were. It seemed ridiculous to think that anything could get done at the conference, unless immigration laws were modified so that a distinction between refugees and immigrants could be drawn. Other foreign countries werent any more enthusiastic about things. The League of Nations was having its own struggles with the refugee problem. In addition, countries surrounding Germany were being burdened by the refugee load, they didnt need the suggestion to take in more. The British government was under a lot of pressure from the Palestine policy, thus making it difficult for them to want to attend a conference that would increase the pressure. However, Roosevelt was aware of these risks. It is my hope that the narrow isolationists will not use this move of ours for purely partisan objectives-but no one can tell, Roosevelt told Judge Irving Lehman. There needed to be a guarantee that the quota system would not be challenged. The twenty-nine nations invited to the conference were asked to form a special committee to facilita...

Effect of Skill Gaps in the telecommunications Industry Essay

Effect of Skill Gaps in the telecommunications Industry - Essay Example The major structural change within the telecommunication industry is the globalization of the industry. Moreover, the telecommunication industry has been liberalized within the world economies. Nonetheless, the adoption and application of innovative technologies has been impacted largely by the changes in skill needs which are aimed at filling the skill gaps which emanate from the application of advanced technology within the industry. This essay gives a critical analysis and discussion of how the skill gaps and needs in additional to structural changes within the telecommunication industry have impacted on the labor needs within the industry. Skill gaps within the telecommunication industry have developed as a result of the changes in the industry operations and processes. Sumit (2008, p. 587) elaborates that these changes emanate from the application of modern technologies within the telecommunication industry which is aimed at adapting to the changing business environment and rema ining competitive. Diana (2011, p. 93) asserts that the skill gaps which develop within the telecommunications businesses have led to the reduced productivity. ... According to Keefe (2009, p. 43), the skill gaps within telecommunication industry have led to the increased need for training staff. The management and employees are trained on the application of advanced technology in the provision of telecommunication products and services to the customers. For example the use of telecommunication software applications which are adopted by the telecommunication companies leads to the increased need for training. Maria (2011) reveals that effective management of the telecommunication companies includes meeting the training needs of employees and the management so that the skill gaps and needs is met within the various functional areas. Skills are acquired through proper training of employees. Managers would also be trained in order to be able to apply the management information systems effectively in the management of telecommunication business processes. Diana (2011, p. 103) adds that managers are also trained in the use or application of the deci sion support systems in decision making on the various aspects of telecommunication business. Batt, Colvin & Keefe (2002, p. 587) point out that the skill gaps within the telecommunication companies have caused their management to adopt employee termination programs to pave way for the employment of skilled labor. This is usually the case when the anticipated costs of training are beyond the budgetary allocation for employee training. The loss of company employees has led to the reduced morale and motivation among the work force. Additionally, the ability of skilled employees to adapt to the changes within the labor force of an organization determines the achievement of objectives. Keefe (2009, p. 47) exemplifies that many telecommunication

Anti Heros Essay Example | Topics and Well Written Essays - 1250 words - 1

Anti Heros - Essay Example The Maltese Falcon is a film that has a hero as well as an antihero; the film stars Humphrey Bogart as the director / private investigator Sam Spade who has been regarded as the antihero and not the hero, for reasons discussed within the purview of this paper. Sam Spade has a very tough exterior as he lives life by his own rules and rarely listens to anyone else. When his partner in crime dies, he does not even seem to bother or care, displaying an aura of someone that does not have any emotions. He tries to put forth a very strong and non caring attitude towards the audience. He does not possess any scrupulousness; this is clear when the audience finds out that he had been having an affair with the wife of his partner. Furthermore, he plays along with Brigid within the movie, not letting people know for sure whether or not he actually had feelings for her. This makes a number of people averse to his entire character because he does not come off as a man who would listen to anyone or be liked by most people. He says, â€Å"When a mans partner is killed, hes supposed to do something about it. It doesnt make any difference what you thought of him. He was your partner and youre supposed to do something about it. And it happens were in the detective business. Well, when one of your organization gets killed, its bad business to let the killer get away with it. Bad all around. Bad for every detective, everywhere.† (The Maltese Falcon) Spade’s rugged aura puts off a number of people and his smooth mannerisms help to provide a very hard twist to the entire story. Spade is truly an antihero with a penchant for women. A number of people have maimed the movie to be exactly like its contemporary, Citizen Kane. Spade does not carry a gun throughout the movie; however he shows people that he is not afraid to use one. He will do anything in order to make some money and is not attached to many things, probably because of his prior life

Brand Attributes and Consumer Motivation Essay Example | Topics and Well Written Essays - 500 words

Brand Attributes and Consumer Motivation - Essay Example One aspect that is very crucial to the success of our brand positioning is that it needs to relate to our target market. The company needs to improve on its technology so that it can employ better techniques of collecting and analyzing the market. This will help the company know what exactly is expected by customers. We need to improve our products and services according to the expectations of our customers while keeping in mind that their expectations continuously change. We also need to research on our competitors attribute in terms of their logo to make sure that our logo is unique to the market and that it is also acceptable in this market. This will help the company mitigate the risk of losing customers to competitors because of confusion in the similarities of the attributes. The company also needs to assess the brand differentiation strategy while keeping in mind the company’s need to generate revenues. While positioning our brand, we need to consider the companyâ€℠¢s market share and market size. This is by looking at the demand of the business activities in a particular market. The company needs to map the products and services in order to identify gaps in the marketplace, understand the competitors, understand if the company is entering a crowded market, and this will also help in understanding the criteria in which customers in a particular market position different brand in the market. This will help the company to make an informed decision on marketing strategies for the brand.

The Aims And Objectives Of The Internet Information Technology Essay

The Aims And Objectives Of The Internet Information Technology Essay In this part of the world the Internet in its essence is a directory, where the user can access information and buy goods and services.The internet provides a key asset for communication in this century. As a company or as an organization it is   important for existence to have a web contact. Global Marketing is a place where users can sell new and old sports items and where companies can advertise them selves and place their goods for selling. Global   Marketings aim is to provide a facility where any one can access, upload and purchase goods in different styles where they can buy as in auction or instantly without staying in long queues. Once they have bought they can amend their quantities in shopping cartridge.Global Marketing use Internet technologies to enable users to sit at home and buy sports items from Global Marketings website. The functional richness and rapid responsiveness of the desktop application have always been the goal of   human by designing the desktop application in java by one site compiling and multi site running, but Ajax has invented the powerful features where we can design a website with the help of ASP.NET which would work as a desktop application, where new generation of the Internet can interact rapidly. 2.1 Problems: 2.1   Ã‚  Ã‚  Creating a user friendly website based on ASP+ Ajax technologies. 2.2   Ã‚  Ã‚  Enabling the clients to participate in the real time auctions through the web. 2.3   Ã‚  Ã‚  Creating Shopping cart for the customers where they can buy and add as many things   as they want, depending on availability. 2.4   Ã‚  Ã‚  There are thousands of websites which are made by humans but they are not responsive as quick as desktop applications. Aims and objectives: To develop a front end system that is both user friendly and easy to use or navigate, The front end system will be linked to a back end database which can be update online and have some functionality: Add, Delete Edit Display Search Specific functions: Allow user to suggest recommendations. Message service ( user can ask any thing about the product for instance if they are in-trusted in any other colour or something they can email to the owner of the shop or website). Deliverable : The deliverable of this project will be as following: Project report Front end, user friendly sports items website. 3.1- Life-cycle Models: There are so many life-cycles models for to producing any website or that can be used to aid the development of any software or any website, They are playing a role model to control the coast of the whole project either it is a time consuming project or costly with that people can control the coast as well as their precious time, errors are minimised and so forth that is way I have decided to use the waterfall model in my project as its name suggests it is powerful and easy to understand to develop any software or any website. 1. The Waterfall Model The waterfall model derived from engineering models, to be consistent in the development of large software in the market. It has some stages which process linear fashion, in order to compare with other software models, it is more rigid and controlled or we can say that this is manageable.https://lh4.googleusercontent.com/QWuLYgIxvFZlqXCJSMud1UF_sN9u7hOHzjnZCiwF0Hkpsxvd8Bd1O2lpI9oMbJD2ugKKg3ljaHjdAtiB5_kgT6p_XQpEJ-bYfddscxIFxrXsc8Uw8g http://rajeevprabhakaran.wordpress.com/tag/v-model/ [Online accessed 15/10/10] Requirement analysis and definition,   In this very first stage we just establish the requirements then we check the requirements of the developed software: which includes the constraints and the developing goals of the software or website and those include the services which they are going to provide; once these are established then those should be defined in such a way that they are usable in the next stage. some time these may be preceded by the feasibility study. feasibility study should pose the questions such as: should we develop the software? and what are the alternatives? System and software design. In this stage the established requirement are same as first stage, but difference is only that   these requirements are suitable for the hardware and the software which we have in our use, for instance Asp.net, java etc. Basically, we identify the software and the hardware requirements, and transfer these information into the readable form of the software. Implementation and unit design. In this stage where they create the computer programme and each programme is collection of small units stage and the unit testing is the verification of the system requirements it means, they meat the requirements or not of the user? System testing. All of the systems units are combined and all of them are need to be tested when the combine programme is successful or has been tested then the software product is finished. Operation and maintenance. Most computer programmes have developed programmes in stages, and every stage has some errors which have gone undetected before; in the case of any need of improvement or any kind of support   beeing recorded, This recorded information can be helpful in the future for operation and maintenance of the software. However, this is the part of the life-cycle and which is strict development, although improvement and fixes of any software can be considered as the word development. There are plenty of models in the market, such as Code and Fix model, exploratory model, Evolutionary Model or prototyping Model and the name with spiral model, The spiral model has also have the qualities of waterfall model and the reason for using the waterfall model are as follows ; It is cost effective. The requirement which are already known. The is no chance of   requirements to be changed in near future. Background Studies What is E-Commerce? and Role in our life. E-commerce is like doing business online over the Internet; selling and buying thing on the Internet. Products may be traded physical, such as using cars or any services to deliver the products but selling goods to the buyer through the word wide web. over the Internet they may be in digital form for instance they may look like audio video or in the form of news or may be in the form of software and all types of knowledge base products. Market and E-commerce : Without a website, a local store is going to be always a local store they can not promote them-salves for the world, if same local stores have a websites for their-selves and find the world on their doorstep, therefore , this will be good for the same local store where millions of people visit the same store or where a one customer comes after one hour and he can sell million of things in one second to millions   of customers. But they need to think about the competitors and how they are going to tackle all of these competitions either these are related to sale or products, that is why these online partners need change all the time, actually, this is not only a for searching products, buying products and selling the products, it is also leading to words exchanging and distributing products and the way consumers search and bargain for the products. Turban etal. (1999) note that e-commerce is still an emerging concept for the people who works in IT that there are so many applications of e-world for instance shopping banking provides the infrastructure to drive the world from home The Internet is the best know technology and most used technology of the e-commerce and networking (Key Note ( Internet usage in business 1998)). Dave Chaffey munitioned in his book, The history summarises to Tesco supermarkets efforts in this electronics world trading with there suppliers from EDI to Internet-base purchasing. The advantages and disadvantages are explored. Tesco is Uks largest grocery chain in the market they have 4,811 (Feb 2010) retail places in a Uk. and due to the largest network they used electronic data interchange (EDI) to order the goods from suppliers which are more then 2000, representing around more then 96 % by volume of goods sold in tesco stores. That system started in 1980 to stream line the stores replenishment first it was limited but after 1989 Tesco took initial to sport their store in better way to think about the forecasting the goods for the future so Tesco capture the market in start after some time so many other superstore join the race as well and they are doing very well.One is well know is E-bay which is the icon of the e-commerce or The e-Business. Dave Chaffey (E-business and e-commerce management: strategy, implementation, and practice   2007 (Page 292)).

Garden State, Cool Hand Luke, and The Last Samurai Essay -- Film, Movi

  Ã‚  Ã‚  Ã‚  Ã‚  In the movie Garden State, Natalie Portman‘s character is trying to get Zach Braff‘s character to do something really stupid and silly, and says â€Å"This is your one opportunity to do something that no one has ever done before and no one will copy through-out human existence. And if nothing else you'll be remembered as the one guy who ever did this†¦ this one thing.† It’s movies like this, movies that are written with great meaning, that I walk away from with just this warm unexplainable feeling. Movies that have the creator’s blood, sweat, and tears in the soul of the movie, not just thrown together at the end just to make the quick buck are the ones worth seeing. Movies that are made up from filmmakers not money hungry producers, like Garden State, Cool Hand Luke, and The Last Samurai are the ones you remember. These movies to me were movies made with a particular purpose and not just to make as much money as possible, eve n though they did.   Ã‚  Ã‚  Ã‚  Ã‚  Garden State is a movie that is about a troubled twenty-something-year-old kid coming back home after the tragic death of his mother. He hasn’t been home in nine years, because of some fallouts with his parents. While he is home, he runs into old friends from high school and meets this girl he eventually falls in love with. Now that’s the typical Hollywood storyline and typical movie formula, but the purpose of this movie is underneath the sheets. Zach Braff directed this movie and had the lead role. It was his first doing both...