Portrayal of the Gods Essay

Gilgamesh was an historical king of Uruk in Babylonia, on the River Euphrates in modern Iraq. It revolves around the relationship between Gilgamesh, who has become distracted and disheartened by his rule, and a friend, Enkidu, who is half-wild and who undertakes dangerous quests with him. In the epic of Gilgamesh and in the lives of the Mesopotamian the gods where portrayed as self-serving arrogant beings. These beings created the human race as slaves for the gods and so a human in the view of an early Mesopotamian had better do what the gods said if they wanted to live a happy life. We see gods that that do not really care about the lives of the Mesopotamian. The Mesopotamian could not depend on the safety of a strong government. The lack of a strong government was caused by many different factors and one of the main factors that brought about a weak government in the land of the Mesopotamia, was the lack of a reliable food source. The unreliable food source was due to the lack of a reliable source of farmland. Moreover, this lack of farmland was due mostly to the ever-changing rivers that surrounded the early civilizations that believed in these harsh gods. These peoples could not depend on a predictable flood pattern from the Tigris or the Euphrates. This fact above all, is the reason that the view of mean uncaring gods came about for the lives of these early people. One year a village could be right next to the Tigris but in the next year, they’ll be a mile away from the river thus destroying the type of economy that the village had in the previous year. Living with this, the people of the early civilizations blamed this hardship on the gods. These people did not think that the gods were all bad though, but just thought that they did not care about human existence because, as they believed, humans were created by many gods and for the sole service of these gods that created them. We conclude that these gods are always out to get the humans in whatever endeavor they may take up. Gilgamesh and Enkidu learn all too well that the gods are dangerous for mortals. Gods live by their own laws and frequently behave as emotionally and irrationally as children. Piety is important to the gods, and they expect obedience and flattery whenever possible. They can often be helpful, but angering them is sheer madness, and a character’s reverence for the gods is no guarantee of safety. He is rich in religious symbolism. Religious rituals in Mesopotamia involved sacrifices, festivals, sex, dream interpretation, and shamanic magic. The walls of Uruk symbolize the great accomplishments of which mortals are capable. The epic of Gilgamesh differs markedly from that of the Judeo-Christian tradition, in which God is both a partner in a covenant and a stern but loving parent to his people. The covenant promises that people will receive an earthly or heavenly inheritance if they behave well. The Judeo-Christian God represents not just what is most powerful but what is morally best, humans should aspire to imitate him. These differences are noteworthy because Gilgamesh also shares certain common elements with the Judeo-Christian Bible. The bible and Gilgamesh are written in both languages. In Oedipus Tyrannus, it talks about the Ancient Greece where a lot was not understood; science was merely an infant and everything that happened was explained as an act of the gods or fate. Gods were the pinnacle of power; existing since the dawn of time. They were immortal, omnipresent, and omnipotent. Different gods had different personalities. In this sense, the gods were anthropomorphic. Having such mastery of the world would enable them to control man’s behavior. Fate is the idea that people’s lives are predetermined and that no matter what is done, fate cannot be changed. With the gods it was used to explore events that seemed unexplainable. It is clear that a betrayal of the god’s dominance resulted in Laius and Jocasta’s education. Oedipus is the victim of both fate and circumstance. Apollo is the God behind the nebulous conspiration involving Oedipus. Oracular god hides what he reveals through his oracles. Here is evidence of the Greek theories, which contempt for the gods leads to pain and suffering. As a result he is punished in a way that is more severe than even death. There is also the fact of knowing that his mother is suffering terrible pain. In the embattle of Oedipus, fighting for his own life, the god is present as an old prediction, inescapable for sure, but acting as background for the development of facts, or better, for the discovery of what had already happened. Oedipus experiences great grief when he looks back and realizes how much he has fallen from his former perch of power. This end is not only ironic but also cruel. Arachne was so apt at weaving that she challenged the god Athene to a contest. Oedipus certainly is not one without flaws. His pride, ignorance, insolence and disbelief in the gods, and unrelenting quest for the truth ultimately contributed to his destruction. The tragedy brought this evolution in the way of analyzing the relationship between the Greek gods and man, giving the latter more freedom of action. When Oedipus was told that he was responsible for the murder of Laius, he became enraged and calls the old oracle a liar. He ran away from his home, Corinth, in hopes of outsmarting the gods divine will. Like his father, he also sought ways to escape the horrible destiny told by the oracle of Apollo. The chorus warns us of man’s need to have reverence for the gods, and the dangers of too much pride. â€Å"If a man walks with haughtiness of hand or word and gives no heed to Justice and the shrines of Gods despises, may an evil doom smite him for his ill, starred pride of heart. If he reaps gains without justice and will not hold from impiety and his fingers itch for untouchable things. When such things are done, what man shall contrive to shield his soul from the shafts of the God? †(pp. 452). Finally, the Greeks are warned that the only way to happiness is through humility and respect towards the gods. In the book â€Å"Monkey† by Wu Cheng, Sun Wukong, realized that despite his power over the monkeys, he was just like them, and was not beyond mortality. His determination to find immortality made him to travel on a raft to civilized lands where he was made the disciple of a Buddhist. Through his travels, he was able to acquire human speech and manners. He established himself as one of the most powerful and influential demons in the world and traveled into the ocean where he got the weapons that suited him. Hoping that a promotion and a rank amongst the gods would make him more manageable, the Jade emperor invited Wukong to Heaven, where the monkey believed he would receive an honorable place as one of the gods. Instead, he was made the head of heavenly stables to watch over horses. He went against the gods when he discovered what he was doing, and proclaimed himself as the great sage, and teamed up with the most powerful demons on earth. Although the heavens recognized the title of the monkey, their attempt to subdue the monkey king was unsuccessful. Wukong’s indignation turned into open defiance when he realized that he was excluded from a royal meeting that included that god and the goddess. After stealing the empress Xi Wangmu’s peaches of immortality and the Jade Emperor’s royal wine, he escaped back to his kingdom in preparation for his rebellion. Finally he proved himself equal to the best of Heaven’s generals when he defeated the army of heavens. Conclusion In the three books, it’s evident that the gods were caring and if one goes against their will, there was a repercussion for that. The gods are the pinnacle of power who takes control of all the things in the world. Different gods have different personalities and deeds. Gilgamesh learns that the gods are dangerous for mortals. Gods live by their own laws and frequently behave as emotionally and irrationally as children. Piety is important to the gods, and they expect obedience and flattery whenever possible.

Comparing William Bradford and John Smith

He defined himself as â€Å"a person for study as well as action; and hence notwithstanding the difficulties which he passed in his 2) Also he stated â€Å"The crown of all his life was his holy, prayerful, watchful and fruitful walk with God, wherein he was exemplary. † (122) Bradford did not believe In reforming the Church of England from wealth and there for moved and lived in the Netherlands for 12 years. Then decided to take the Journey to Virginia.He believed the colony of Plymouth would be a special providence. His journey was to have religious freedom and live In a place they way God Intended. John Smith on the other hand comes from a military background In which he had earned his captaincy. Smith next Joined the Austrian army in its continuing war (1593-1606) against the Turks, and while in the Austrian service, he fought valiantly in Hungary and was promoted to Smith was more interested in adventure than religion.Smith In ways was conceited and speaks of himself In great grander. His reputation had preceded him and the men who wanted to colonize Jamestown choose Smith to Join the voyage. John Smith agreed to the Journey to explore the land and possibly find economical gain. Smith is more interested in making a name for himself than serving a higher purpose. Bradford references God throughout his book of Plymouth Plantation for the many occurrences they endure throughout the Journey.Bradford describes sickness of certain passengers, â€Å"But it pleased God they came before half seas over, to smite this young man with a grievous disease, of which he died In desperate manner and so was himself the first thrown overboard. Thus his curses lightened on his own head; and it was an astonishment to all his fellows, for they noted it to be Just the hand of God upon him. † (131) John Smith on the other hand will reference God in things he cannot explain. In Smith's The General History of Flagella, New England and the Summer Isles, he states. But now all provision spent, the sturgeon gone, all the helps abandoned, each hour expecting the fury of the savages, when God the patron of all good endeavors, in that desperate extremity so changed the hearts of the savages, that they brought such plenty of their fruits, and provision, as no man wanted. † (84) Since Smith could not fix the lack of provisions he then offers the explanation that God intervened. Bradford and the passengers which he referred to as pilgrims had constructed he Mayflower Compact. The Mayflower Compact was the document that united the pilgrims and the preservation of the colony.The Compact states, â€Å"In the name of God Amen. We whose names are underwritten the loyal subjects of our dread sovereign Lord, King James, by the grace of God, of Great Britain, France, and Ireland king, 1 OFF of the Christian faith, and honor of our king and country, a voyage to plant the first colony in the northern parts of Virginia, do by these presents solemnly and mutu ally in the presence of God, and one of another, covenant and combine ourselves gather into a civil body politic. † (138-139)God is involved in every aspect of the colony.After the arrival to Jamestown Smith was appointed to managing tasks of others. Even though others were doing work to help the colony, Smith spoke of himself doing the hardest and most work. Smith writes, â€Å"to Captain Smith: who by his own example, good words, and fair promises, set some to mow, others to bind thatch, some to build houses, others to thatch them, himself always bearing the greatest of task for his own share, so that in short time, he provided most of them lodgings, neglecting any for himself. (85) Smith does not mention God but gives himself most of the credit in preparations for the colony.Bradford colony began to have sickness but after sometime many recovered, Bradford gave credit to the Lord for such happenings. Bradford states, â€Å"The spring now approaching, it pleased God the mo rtality began to cease amongst them, and the sick and the lame recovered apace, which put as it were new life into them, though they had borne their sad affliction with much patience and contentedness, as I think any people could do. â€Å"(43) Bradford seeing Plymouth as a divine place God is leading hem to, people who live through sickness are meet to arrive by God's will.Even at the end of Smith's account he thanks God but not for God's divine help but for his own skills. Smith states, â€Å"l thank God I never undertook anything yet [for which] any could tax me of carelessness or dishonesty, and what is he to whom I am indebted or troublesome? Ah! Were these my accusers but to change cases and places with me[for] but two years, or till they had done but so much as I, it may be they would Judge more charitably of my imperfections. † (93) Throughout Bradford and Smith's accounts both write about the hardships of the rip and the life in the colonies.The two writers face man y of the same events; such as running out of food, facing sickness, and dealing with the Native Americans. Though there is a large difference in the two accounts. Bradford does not boast about his own capabilities. The whole reason that Bradford and the others made the journey is because of God, as it was God's will. Smith writes more for a personal level. He brags of his abilities as a solider, leader and explorer. He only mentions God when things are not in his skills or cannot explain that occurrence. UnlikeBradford which would name God for his means to lead, John Smith does not but gives himself praise. In the time that both pieces were written religion and God had a large influence on people's choices and every life. It was not very common for someone to author a piece like John Smith had done with not much reference and honor given to God. Unlike Bradford referencing God for the very event of colonization of Plymouth, Smith promoted himself as the hero and encouraged other men like him to come. Bradford wanted men of God. Beam Nina. â€Å"John Smith† The Norton Anthology American Literature.

A Look at the Idea of Equity as Per the Civil Law System

A Look at the Idea of Equity as Per the Civil Law System In the English common law system equity is the principle which governs the legal system. Equity in general happens to be nothing but a basic set of rules or legal principles and maxims which possess the power and legitimacy to override the law in question. This is the system which has given the civil legal system all its limbs and extensions. The civil law legal system basically flows from equity. It is said rather believed and proved beyond any dispute that the principle of equity on the whole alleviates the severity that exists in the common law system and overshadows it . It allows the courts to apply their prudence and relate fairness in unity with the natural law system. In reality, contemporary equity is restricted by procedural and substantive system. English legal critiques lean to spot on technological features of equity. In the case of historical criticism the critiques state that the equity was lacking of the prompted rule in the initial stage. Lord Chancellor seldom arbit rated in the major features of the equity in according to his principles . Various critics state that the equity must be flexible in nature. This paper attempts to explore the theory of flexibility in the equity principle. Along with that this paper attempts to explore the effect of growth and development in the principle of equity in the modern aspect. DEVELOPMENT OF THE CONCEPT OF EQUITY: That court order provide him the written privilege to re-admission to his own territory and recognized this privilege in the defense of the violation of his right of property of his land. In the year of 1253, to avoid judges from discovering fresh writs, legislature stated that the authority to concern writs would after that be moved to judges merely one writ at a single phrase of time, in a writ for privilege wrap up recognized as a outline of act. As a result of deficiency in a legal cure, the only alternative of plaintiff could be pleading to the King . So, as a result of it, populace started pleading to the King for reprieve against unjust court decisions, and as the community of petitioners speedily developed, so the King hand over the job of trial those appeals to Lord Chancellor . As the premature stage Chancellors had short of official legal guidance and produced small observance for precedent, their conclusions were over and over again widely miscellaneous. In near about the year of 1529, an advocate named as Sir Thomas More, was selected in the position for Chancellor which makes the commencement of an innovative era. The question put forth primarily concerned its worth and the certainty it possessed. While on one hand, one chancellor could have a long foot and the other could have a short one while in the other instance, the third one could have yet another different measure of it. The problem would be that all of it would qualify to be a similar thing in the conscience of a chancellor. With the development of the law of equity, it saw a rising conflict and rivalry with the common law principles. The parties to a dispute might indulge in â€Å"litigation shopping† and thus would look for an equitable restraint that shall impose a prohibition on the enforcement of the orders of the common law. The punishment that was imposed for not having obeyed the equitable â€Å"common injunction† and enforcement options that was given by the judgment of the common law courts amounted to an imprisonment . Sir Edward Coke, who happened to be the Chief Justice of the King’s Bench, initiated the system in which the writ of habeas corpus began to be issued which demanded that those offenders who were imprisoned for having made contempt of the chancery orders would be made to go on release. This difficulty that was ongoing reached a highest threshold in the case of Earl of Oxford (1615) where the decision that was delivered by Chief Justice Coke, was wrongfully obtained by commission of a fraud. Lord Ellesmere, who was the Lord Chancellor, passed a linked injunction from the Court of Chancery which expressly imposed a prohibition on the common law order from being enforced. The two conflicting courts became stuck up in a standoff and subsequently, the matter was referred to Sir Francis Bacon who happened to be the Attorney General. Sir Francis Bacon referred to seek the authority of King James I and under such authority, he upheld that the common injunction can be granted and it was also concluded by him that in case if any conflict lies between common law and equity, what would remain in existence is equity . DEVELOPMENT OF MODERN EQUITY: Post 1473, the legal system witnessed a development of the Chancery system where the rights of the parties were determined by the Courts based on its own issued decrees and actions. Gradually problems started arising with the different mode of action of the chancery system and based upon situations when the decisions came directly under conflict with the prevalent system under the common law . The process in the Court was not related to the issue of writs per se but was concerned with the putting forth of a petition that was under the requirement of the fact that the complaint that is the subpoena should be given attention but at the same time, there should be ample room of prevention that should be provided to prevent any action under common law and at the same time, prevent from issuing any kinds of injunctions . Thomas Moore has advocated for the proposition that injunctions or any kinds of restraints should not be issued in case if the judges who occupy the seats in the common la w courts would resolve with the harsh reality of the system but at the same time, if they fail to agree and conjointly decide on a single issue in a situation when the systems under existence were under the fate of destiny to collide and concur. In the year 1617, the Chief Justice of the King’s Bench was Sir Edward Coke. The Chief Justice put forward complain to the then king James I who gave an affirmation to the rights of the chancellor which eventually gave development to the equity jurisdiction. Settled principled were subsequently developed by the Chancellors who succeeded. The most notable figures in this development were Lord Nottingham who is popularly referred to as the father, Lord Hardwicke who happened to be the developer of the principles that were settled and Lord Eldon who is known as the consolidator. There was a massive dissatisfaction that was caused in the Chancery. What was the most attributable cause for this discontent in the Chancery was that there was a buffer increase of workload and the administration happened to be highly ineffective . This ineffectiveness came in association with the fee structure. This entire list of exhaustive causes resulted in the dissatisfaction there in the Chancery. In order to resolve this dispute, more number of appointments with regard to judges was made and a harmonious situation was intended to achieve . The remedies that were assimilated with the harmonious construction between the provisions of the common law and equity facilitated this regard. The resulting legislations in this regard were the Common Law Procedure Act 1854 and Chancery Law Amendment Act 1858. It was eventually felt that that time has been attained which immediately demands for further reform. THE FLEXIBILITY IN THE THEORY OF EQUITY: Generally it is presumed that equity principle is an opposite or sometime complementary to the common law legal system . Whenever the law is strict the equity provision remains flexible on that particular matter. This principle advocates for the discretionary of the court of judges rather depending on only to the rules and law. This principle provides for justice rather those establishing mere rights of the parties. In the feminist jurisprudence the profounder claims that the law of equity advocates for the justice to the women by applying the rule of flexibility. Though, many people argue that the proper flexibility in terms of equity is an imaginary thing. Lord Denning advocates that there is a need for a new Equity. He state that the established law can be changed for the obvious and good reasons and for the requirement of the society. After 50 years of this approach, there were so many modifications are made according to need of the society. The claim of the Lord Denning is consi dered to be one of the most modern approaches to the concept of equity . FEMINISM IN EQUITY: Feminism in equity and feminism in gender are the two classifications of feminism the definition of which was for the first time put forward by the eminent scholar Christina Hoff Sommers in herself authored book â€Å"Who Stole Feminism?† She went on to give the description of feminism in equity as possessing the objective of ideology of ascertaining equal and legitimate rights as conferred under law to both men and women. She went on to define feminism in gender as possessing the intention of combating the challenges put forth under sexism and social structures of patriarchy which come to be addressed in everyday practice associated to society and cultural diversity. Sommers herself very strongly stands for advocating her view which she gives preference of calling feminism in equity and at the same time, she continues to constantly criticise her concept of what continues to be feminism in gender . Sommers gives a description of feminism in equity as an ideology that has its roots deeply implanted in the essence of classical aspects of liberalism that has the specific aim to attain an entirely equal footing as far as the civil and equal rights of women are concerned. Experimental psychologist Steven Pinker gives an exhaustive expansion on what Sommers has stated. he continues to say that feminism in equity is nothing but a simple moral doctrine which has its basic impetus on treating men and women equally. it makes absolutely no commitments that require and give regard to livid and unenclosed issues possessing an empirical nature that exist either in psychology or in biology. As per the views of the researcher, after having analysed, the entire aspects of the existing law, and the various perspectives of the equity, it can be said that in order to have a proper reform on the field of feminism, equity can be totally argued in favour. As far as the different dimensions of feminism are concerned, various researchers witness a significant restructuring associated with the construction and deconstruction of the law. Of course, there are certain exceptions to this feasible option as regarded in Wong’s essay titles â€Å"Property Rights For Home-Sharers: Equity Versus A Legislative Framework†. Another scholarly work which points the underlying exceptions is given in Fehlberg’s study of Sexually Transmitted Debt. RELEVANT CASES ON THE PURPOSES OF DEVELOPMENT: Williams and Glyn’s Bank v. Boland is an important case in this discussion. This is important aspect in the modification of the mortgage industry. In this case for the very first time lenders would have take consideration of a woman at home. But the court of Appeal extended the offered protection to Mrs. Boland. In the later part of the 20th century the position of equity increased and advocates the situation of flexible and adoptable rather than mere technical and rigid. The house of lords focuses on the progress of equity. The equitable principles create more bendable to the urge of the woman and feminism. In the case of Re Roger, Lord Denning develop a fresh role for the equitable principle or equity. The increase in home ownership provision, cases of divorce, cohabitation outside the institution of marriage creates the reform in the property law in 1925. The law court applied the law of trust to find out solution in the case of Mrs. Roger. But the Lord Denning was opposing the technical and rigid application of the law of equity. It creates a new development in the case of equity. The justice appealed for the flexibility in the concept of equity. In the case of Rimmer v. Rimmer , Lord Denning declared a new aspect of equity principle regarding the flexibility. The law and judgment provide that the family ownership is the joint ownership between husband and wife. The view of flexibility in the law advocates for the wife’s equitable right in the property. The concept of flexibility approach in the equity carry is forward by Lord Diplock in the case of Gissing v. Gissing . The flexibility principle basically helps to construct he feminism approach to the principle of equity in the modern aspect. The development of this is taken place by different cases. Lord Bridge contributes than women paid less to the house hold because they have less access to the financial stability. Women generally utilize their money to house hold things and on their children as described in the case of Burns v. Burns . In this case the House of Lords admit the injustice to the women in 1990’s regarding the application of equity principle. Justice Harman in 1950 state that equity is assumed not to fulfill the period of child rearing, but in the era of 1952 the situation is changes. In 1952 Lord Denning claim that the equity need a good and fresh approach in the modern era. But the flexibility becomes a myth. It fails to protect the claims and interest of the women. Though the evaluation procedure is still ongoing but it requires more flexibility in to ensure the right of the woman. CONCLUSION: It can be said that it will become totally wrong to say that equity has essentially been a concept under female dominance. The critical study of the law under equity clearly indicates that it has gradually gone through various kinds of changes over the years and has evolved manifold. The development can be said to have been a critical issue and it is something which has always thrived to be on the positive side of the slope. Though, there are certain flaws in the existing system, yet it is also not unknown to us that even the best legal system has flaws in it and considering that in view, it can be said that the existing flaws are negligible. The only requirement at this point of time is that equity needs to be a bit more flexible in those points where the law remains strict and unbent. It also needs to be a bit more discretionary where the law remains obligatory and binds the citizen under its purview. It also needs to be a bit more humane because the main thing with which it is con cerned is doing and imparting â€Å"justice† rather than giving and justifying the ascertainable â€Å"rights†.

Employment law Essay Example | Topics and Well Written Essays - 1500 words

Employment law - Essay Example The employer is required to prove just because as a reason for dismissal, which requires him to show proof that the employee has been habitually found to engage in misconduct that eventually resulted in the current dismissal and this may require the tabling of warning letters or specific directives in a court of law. When an employee is dismissed based on ‘Just Cause’ principle, the employer is not obliged to provide notice to the dismissed employee nor is the employee entitled to any pay in lieu of notice. However, certain occasions, the employer may be required to furnish the dismissed employee with reasons for the dismissal. An employee whose service has been terminated through wrongful dismissal may seek remedies through the help of courts of law. Under the common law, such employees can be reinstated to their previous jobs or places of work. As most employment relationships are contractual in nature, the courts of law would most instances determine cases of unfair d ismissal based on the principles grounded in contract law. This requires the employers to compensate the wrongly dismissed employee for the earnings and benefits lost during the reasonable period of time they would have been in employment if the notice was given in good time. Under the ‘Wallace Cause’ established in the case of Wallace v United Grain Growers Ltd, the courts established that the employer is under an obligation to give ample notice period of the intention to dismiss an employee and any contravention of this, the courts can extend the dismissal period. This effectively makes employers who act in bad faith by being untruthful and end up dismissing their employees liable for such dismissals. The damage awarded is commensurate with the bad faith demonstrated by the employer and are determined as the determination of other damages in cases involving morals. The damages are calculated from the date the employee was dismissed according to the terms expressed in the contract itself. The computation of damages will include expected earnings, benefits and any other compensation the dismissed employee would have earned if a reasonable period was given. The common law allows for a negotiation of a reasonable period while statutory provisions provide fixed notice periods for notice to dismiss. In summary, a wrongfully dismissed employee is entitled to salary that could have been earned had a reasonable notice period be issued inclusive of any awards in salary increment that may be effected in the period after dismissal and other benefits such as commissions and overtimes. Other benefits that accrue to employees in the course of employment such as houses of residences, insurance and mortgages must be duly paid or given to him. Case Study 2 There are many tests for distinguishing an employee from an independent contractor. It is important to note that all these tests look at the substance or what occurred in such employment relationship rather tha n what is written in a particular contract. The first and most important test is the level of control that the hiring person has over the performance of the work in terms of place, time and the manner in which it is done. An individual who does not have the control over such aspects is an employee while the vice versa in terms of control refer to an independent contractor. The risk test provides that the independent contractor bears risks that come with the performance o

Critical Appraisal of A Research Study Relevant to Clinical Practice Essay

Critical Appraisal of A Research Study Relevant to Clinical Practice - Essay Example Thematic analysis was conducted and the data analyzed carefully. The patient-centered care process was transforming and it was expressed through the themes of closeness, therapeutic care and team work. Being close displayed the sudden and devastating nature of injury and the need for the staff to let go of their emotions in order that they may maintain a positive momentum. Therapeutic care provided the necessary link between the staff and the patients, and it was combined with a proactive dynamic approach to care. Team work identified the importance of maintaining expertise and at the same time making the system work for patients to ensure quality care. In this study, they concluded that it was possible to provide a frame work for individuals and units to develop and better recovery promoting practice, and they said that it could apply in other areas similar to that. However, there are other approaches that can promote quality care that were not mentioned in this paper. One of them is the evidence-based practice. This is practice based on research and evidence from experiences from the work that the practitioners do. This study was based on examining the role of advanced practice nurses, that of the frontline staff and the role of the patients in the promotion of evidence based practice. Gerrish K and Lacey A 2007, in the article, The Research Process in Nursing (5th Edition) examined the role the advanced practice nurses (APNs) play in the promotion of evidence-based practice among the frontline staff. They outlined the empowerment of the frontline workers as an important aspect of contemporary healthcare policy for ensuring quality services from them. This, they farther explained, had been supported by the introduction of new Even though there’s widespread realization that there is need for the nursing practice to be based on evidences, sound evidence, the staff experiences a big challenge in the attempt to put in

Fungi as a source of food Essay Example | Topics and Well Written Essays - 750 words

Fungi as a source of food - Essay Example There is vitamin d2 production when ergosterols in mushrooms are exposed to ultraviolet light. Fungi have certain interesting twists especially when one zeros down to the mushrooms. In the ancient Egypt for example, mushrooms were exclusively believed to be foods for the royalties. The unique flavors intrigued the powerful pharaohs to the extent of declaring them illegal for the commoners to consume. In china, Greece, Mexico, Russia and Latin America, the practice of mushroom rituals took place. They believed that mushrooms possessed properties capable of producing super human strengths. They also believed that mushrooms could help recover lost objects, and take the human soul to the presence of the gods (Phillips and Reid 62). Edible fungi like mushroom have been in consumption since the 18th century. France prides early leadership in the farming of mushrooms with certain accounts stating that Louis XIV being the first mushroom grower. Mushrooms were grown near Paris in special caves set aside for this activity. Mushroom farming later spread to England since the farmers there found it very easy to grow. It demanded low investments, less labor and space. Mushroom farming found its way to the United States in the 19th century though the growers there largely depended on the spawn they imported from England (Phillips and Reid 32). A book was published in 1891 shedding a lot of light on mushroom growing. Immediately after, the department of agriculture in the U.S allocated some money in research and produced a pure-culture virgin spawn cutting their dependency on imported spawn. The growth of mushroom production has since then achieved great development in the U.S. Recent research by scientists on hallucinogen psilocybin, which is an active ingredient in mushrooms, shows that one dose causes serious positive personality change in their patients. The changes were

Employment law Research Paper Example | Topics and Well Written Essays - 750 words

Employment law - Research Paper Example Lastly, the candidates should provide references (Wrycza 150). After submitting the job application form, the applicants wait for the short listing of successful applicants who will have to undergo an interview. The interview format refers to how the interview is going to be conducted. It should be pre-planned. The interview program and questions should be written in advance to save time and avoid embarrassment. Questions that are not permissible should be exempted. For example, religion, race, tribe, genetic information, marital status, nationality origin and arrest records. Candidates may also be required to fill an E.E.O.C form. However, this should not require information that can lead to discrimination for example, race, disability, genetic information, religion or pregnancy. Successful candidates should affirm their readiness to abide by the conflict of interest policy for the company. This will include all areas of their responsibilities towards the company. Employees should s ign the employee acknowledgment form prior to employment. This states that they are ready to abide by the company’s rules and safety policies they have read. Outside employment According to Burton (123), there is an outside employment policy that guides on employees having an outside employment. They are allowed the outside employment on condition that it does not interfere with their performance in their duties. These include CACFP-related responsibilities. It should also be done off the current employer’s premises and outside the employee’s functional work schedule. Job post policy There are policies that guide and protect both the employer and employee postemployment. The Family Leave policy grants employees to take a family leave after working for at least one year with minimum of 1250 working hours within the 12-month period prior to the leave application. The Family pregnancy policy entitles maternity leave for expectant mothers. The sexual harassment poli cy aims at maintaining a working environment that is void of any form of sexual harassment. Allegations of sexual harassment are taken seriously and legal action taken against the accused be it a fellow employee or the employer (Sunshine Village 7). The harassment policy provides for the maintenance of a working environment that is void of any form of harassment. Complains of such should be urgently treated as grievances Personal appearance is important. All staff employees should be neat and clean while on duty. Attention should be paid on grooming, cleanliness and tidiness in hair, clothing and general personal hygiene. Employees must present a good professional outlook. In the manufacturing job, dust coats are won. However, they should be clean and neat. The E.E.O.C. provides that no one should be denied employment on discriminatory grounds. These include disability, race, sex, age among others. All applicants must have equal opportunity to employment. The handicap/ disability po licy requires that persons with disabilities should not be denied employment, promotion, transfer or be discriminated against due to their disabilities as along as they can demonstrate ability to cope and perform in the employment. Medical examinations should only be conducted after employment. No employee should also be fired to their medical conditions or disabilities that may be revealed from this. The human resource department issues out the current benefits sheets to employees. Benefits entitled to employees may

Bride kidnapping and wedding in Kyrgyzstan Essay - 1

Bride kidnapping and wedding in Kyrgyzstan - Essay Example However, in some of the communities and societies across the globe, traditions remain traditions and as such, continue to define the social engagements among the people. A common and widespread practice entailed in the society that continues to hold a deeply rooted objection to modern view and practices is the entity of marriage. Marriage in the modern customization is a mutual agreement among the partners and is highly reliant on the consent of the participants (Werner 316). However, in other communities, marriage remains a form of social interaction in which relates to â€Å"slavery† depiction of this institutional formulation, which ensures the continual of the community. The practice is bride kidnapping, in which the women entailed face remarkable challenges, with a minority of the cases represented expressing the exception that they do become happy in the marriages that result through bride kidnapping (Werner 318). A particular case in which bride kidnapping remains highl y practiced is Kyrgyzstan. The practice of bride kidnapping is highly evident, despite the establishment that the law in the country does forbid the activities entailed in bride kidnapping. Alakachuu, as the approach of finding and establishing marriage spouses is called in Kyrgyzstan entails a grab and run technique, which is highly similar to the criminal kidnapping practices that criminals practice (Smith 1). However, in this case of this ancient practice, the case is socially acceptable and remains an ancient cultural practice in which the victims and the family thereof have no objection towards its practice. The practice of marriage in ancient Kyrgyzstan entailed the parents establishing spouses for their children and planning the entire course leading to eventual â€Å"planned marriages† (Toursunof, and Aigul 1). However, as the society evolved

Banking regulation and risk Essay Example | Topics and Well Written Essays - 1500 words

Banking regulation and risk - Essay Example The gravity of the problem is underscored by the length and the damage wrought by the slump, which some economists called as a recession and financial shock. In the effort of prevention, it is crucial to identify the causes of the financial crisis. Understanding the Slump Technically, it was the collapse of the American subprime lending market that has caused the crisis. But from its manifestation in the year 2007 towards its end in the latter part of 2009, the crisis proved to be an amalgamation of problems that facilitated and aggravated the crisis sparked by the subprime lending market crash. The consensus is that global macro-economic imbalances and financial innovation, which aggravated the excessive credit and liquidity expansion, combined with the failures in regulation, supervision and corporate governance collectively led to the financial crisis that has acquired global proportions. (UK Parliament, p. 7) The specifics of the causes of the financial crisis reveal a multi-face ted financial problem that, unfortunately, all boiled down to the matter of faulty and ineffective financial policymaking, regulation and supervision. For instance, central banks erred in keeping inflation in historic lows because it led to the ease by which credits were made available. Then financial institutions, in their greed to achieve higher returns, took more and more risks by introducing increasingly complex financial products which eventual taxed the long-term stability of financial institutions. September 2008 saw the peak of the crisis as ten large financial institutions failed or nearly failed, triggering a financial panic and resulted in the large contraction of the global economy. (Financial Crisis Inquiry Commission 2011, p. 417) In the early part of 2011, much of the world are still reeling from the financial crunch either recovering, rebuilding or are still in its clutches . The United States is still currently struggling, barely posting positive growth. The legacy of the 2008 financial crisis is undeniable, the current global financial system - its risk-based regulatory framework lacks a kind of efficiency and authority to check each and every element of the financial crisis as we watch them happen helplessly. This should already prompt us to questions existing frameworks and conventions such as the Basel II and the existing risk-based regulatory framework that govern the world financial systems. The Problem with Basel II The second installment to the Basel Accords, Basel II is a compendium of recommendations on banking laws and regulations drafted and implemented by the Basel Committee on Banking Supervision. Basel II is supposed to be a mechanism that would prevent crisis such as what was experienced in 2008 from happening. The idea is to setup an international standard or best practices benchmarks that financial regulators could use in their policy- and decision-making. The standard is anchored on the establishment of risk and capital mana gement requirements that would supposedly force banks to maintain capital reserves according to the risks that a financial institution is exposed to as a result of its banking practices. The problem, wrote Padmalatha (2011), is that Basel II is a quantum leap from Basel I and that those tasked to implement and promote its standards were not ready and skilled, making Basel II problematic for regulators and banks themselves. An important argument is the Basel Committees own admission that risk based capital requirements - a fundamental element of Basel II - could inevitably lead to procyclicality, typified by how banks lend more due to an upbeat economy. Padmalatha stressed that "when business cycles take a downturn, banks downgrade the borrowers due to increased likelihood

Life in times of Second World War Essay Example for Free

Life in times of Second World War Essay I think it’s tougher to live through a war for an ordinary citizen than a soldier. A soldier in the battle field has little else to worry but about the next battle combined with his own fate. What’s more, a soldier always believes that the final outcome of the war can be influenced by his actions. Therefore he has a sense of participation and assurance to the results. However, for a civilian, a person detached from the field of action, there is nothing to do but to wait and hope. Many would say this situation is far better than to risk life in the battlefield; however, my personal experience says that the feeling of inaction and helplessness that comes being a civilian is choking. There is nothing more depressing than listening to war news while being unable to influence its outcome in any significant way. I was suffering from stomach ulcer when the war had started and the military doctors had refused to accept me in the services. It’s true that as a wartime civilian I actively engaged myself in health institutions, where serving the wounded gave a sense of contribution to the war efforts and belongingness to the conflict that had so deeply afflicted the lives of over 10 million people. The first phase of the war Although we had declared war upon Germany in ‘39, there was no feeling of anticipation of war or sense threat anywhere in London. No one really took the announcement any more serious than a brawl between two children (Wilson, 41). I was a teacher in a boy’s school and the shining and exciting faces of children represented as if an exciting cricket match was awaiting then. Then everything suddenly changed. I heard with a growing sense of threat the advancements that belligerent German armies made through continental Europe Wood and Depster, 155). It was incredible how nothing seemed to stand before them. Belgium, Poland, France, each falling like a pack of cards before. And then the first bomb struck London in September ‘40. So far I can recall, there was no panic, but a doomed sense of determination that we all felt, eager to carry out our own duties in the process (Fusell, 29). The local authorities had tutored us well on the use of gas masks and bunkers in times of raids. Blackouts were everyday event. Whenever there was a raid by German warplanes, which was daily, the entire city switched itself off, plunging everything in absolute darkness. It was a unique experience-a sense of thrill combined with dread as our warplanes rose high to combat the German bombers. (Fusell, 15) I took shelter in a large bunker that was built in the back park. Many people, with a garden space in their home, had built Anderson shelter and stayed put there. Many like me, choose the public shelter. I don’t know about others, but just sitting there quietly with so many people around inspired me with comfort and security (Air Ministry, 16). Public shelters were less safe of course, and being of larger dimensions they were easily prone to attack. As it happened, unfortunately some of them were struck by bombs and many innocent lives were lost (Fusell, 15). If anything this further resolved us to face the flying German menaces. Every morning when I left the shelter and moved through streets of London, smoldering buildings, shattered vehicles and running ambulances met the sight. I knew people had died during the German raids and it gave me a guilty feeling, having survived the night when many of fellow citizens could not. The bombing lasted for two full months and every day I followed the same routine of spending the night in the dark, blacked out shelter. After the end of bombing by end of October, I thought perhaps things would return to normalcy. I really wanted that. The scarred face of London, the wreckage of buildings and lives lost filled me with disquiet. But as news came pouring in of German advances and expansion of war in Africa and Asia, I did not see any end to the conflict (Wilson, 65). The daily life had suddenly changed its character. In almost a complete reversal of the situation, the security, comfort and ease of former days were replaced by a continued sense of urgency and parsimony that pervaded the entire London Wood and Depster, 155). Gone were the days of daily parties, weekly sojourns, weekends at country houses, and the luxuriant English life style. I had personally been only occasionally involved in these attractions, but as I used to travel from my school to home in the evening, music and revelry were heard from many of the pretty bungalows and houses-this was in the pre war day. It had all suddenly died out. Most of the men had left for war, and women had stepped out to fill the vacant positions Wood and Depster, 155). England did not produce sufficient quantity of food to meet its own requirements and imported most of the food grains and items for its consumption (Wood and Depster, 155). Wartime conditions had severely restricted the food supply and we saw implementation of rationing system, where food was allocated through family quota (Gorrora, 71). I was never a glutton, but over the years, tea had become one of my daily requirements. With war, rationing and quota, tea vanished from the market. Other items of daily requirements-sugar, beef, and milk also became extremely scarce. No one complained of the scarcity, but everyone felt the pinch of it. After the London bombing I volunteered to join an emergency medical camp, which brought a constant engagement and action in my life. But it was not the type of engagement I could cherish. Meeting severely injured men, women and children, soldiers who had lost their limbs or were dying due to diseases, gangrene and fatal wounds was an unbearable exercise for my will and personal stamina (Wilson, 71). However, despite my personal sense of despair, there was a rising hope within England that it would stand against the Axis powers and this hope in itself was a motivation enough for me to work in the hospital day and night. There were many nights in continuation when I hardly closed my eyes for an hour Our hope and endurance finally paid off when after 5 years of bloodshed, the war finally culminated. We were already prepared by the general tidings for this news, but the immense relief brought by even this known information is indescribable (Wilson, 101). It appeared that after being buried alive for years, I had once again appeared on the surface, free to breath the fresh air, free to see the sun, free to live again. Reference Wilson, E. Dangerous Sky: A Resource Guide to the Battle of Britain. Greenwood Press, 1995. 128 pgs. Wood, D. and Depster, D. D. The Narrow Margin: The Battle of Britain and the Rise of Air Power 1930-40. Hutchinson, 1961. 538 pgs. Air Ministry. The First Great Air Battle in History: The Battle of Britain, an Air Ministry Record of the Great Days from August 8th to October 31st, 1940. Garden City Publishing, 1941. 56 pgs. Fussell, P. Wartime: Understanding and Behavior in the Second World WarBook; Oxford University Press, 1990. 330 pg Burdett, Gorrara, C and Peitch, H. 1999. European Memories of the Second World War. Berghahn Books, 1999. 338 pg

The Ice Cream Analysis Dippin Dots

The Ice Cream Analysis Dippin Dots Despite having operation in the global market, the company was not much affected politically. There exists federal regulations on the frozen desserts, which include a minimum of 10% of butterfat, and the ice cream must weigh a minimum of 4.5 pounds to the gallon. This is to ensure manufacturers do not produce sub standard qualities of ice cream ECONOMIC FACTORS Their core U.S.A market is a strong economy with a very high GDP, which has not been, affected much over the years of varying economic conditions. The growth of the Asian market in terms of wealth is also a factor, which may have led to growth in demand. SOCIOCULTURAL FACTORS The most important element is the demography of the market for ice cream. The ice cream was initially targeting the kids and teenagers (aged 8-18 years) even though the company foresees a growing demand in future from older people. The trend to consume more healthy treats made firms develop ice cream with less fat but similar taste and texture. TECHNOLOGICAL FACTORS The company has its foundation from the technology of micro encapsulation. Flash freezing the ice cream using liquid nitrogen at -325 degrees and collecting the bead/dot to produce a special flavour, texture and shape was a remarkable idea by the microbiologist. This idea was to avoid crystals of air and ice in the dessert. It was named theicecream of the future due to its uniqueness whose formula was continuously perfected by Jones. Over time technology also led to the development of various ways of making different types of frozen desserts like Novelties, Frozen custard, Sherbets, Frozen yoghurt and others. LEGAL FACTORS Patenting the idea of flash freezing was a factor that made the company keep away strong competition through copying. Franchising and making contracts was also necessary as it maintained a legal relationship of distribution and royalty payment. 2) PORTERS FIVE FORCES MODEL POTENTIAL ENTRANTS The Ice cream market had been segmented and dominated by 2 major companies Nestle and Unilever. This was a challenge to keep away the Giants from eating into the flash frozen ice cream segment. Some of the competitors with similar business were Breyers, Dreyers/ Edy Grand, Blue bell and others. Dippins with its experience and knowledge kept away the competitors through differentiating their ice cream and creating a vast network of distribution through franchising. SUBSTITUTES Other types of frozen foods like the novelties and the ice cream/sherbet brands are a substitute for the flash frozen ice cream due to the similar satisfaction they give to the customer. Because of the segmented market, the product could be differentiated which led to the survival and growth of dippins. BUYERS The buyer power of this industry is high due to the large number of ice cream producers and varieties. There are many substitutes for this product as mentioned hence the customer is likely to move if not satisfied with quality and taste. SUPPLIERS The power of suppliers is high since most have quality products with loyal customers and new entrants pose a threat due to the way they copy the idea. Many new producers were former employees or franchise distributors of dippins who knew the strategy of operations. COMPETITIVE RIVALY Due to globalisation, dippins face stiff competition from U.S companies like Breyers and other European companies. This makes it necessary to differentiate the product since other companies can copy the ideas. The cost of operation also plays a role since it requires huge capital investments in technology. ANALYSIS OF INTERNAL ENVIRONMENT VALUE CHAIN The firms operations are global and hence its primary factors affecting the internal environment are operations management, logistics, sales and marketing. The firm operates from U.S.A with over 448 franchises in 2006. These franchises distribute the product while paying royalties and some fees to dippins. The firm experiences logistical problems since transporting the product at sub zero temperatures require special equipment, containers and freezers. Mc Donalds rolled out a marketing campaign with dippins in 2002 spending $1.2 million in San Francisco to boost sales of both companies. The firm got recognition and value by appearing on top ranks in magazines like Entrepreneur. This also gave them a chance to be present in celebrity shows. The secondary factors, which affected the internal environment, include the procurement policies, technology and infrastructure. Jones initially hired his friends to manage the company with family members and later got professional staff. They faced a huge problem of financing and getting a suitable location making them move to locations. The technology they were using was being copied by rivals hence Jones continuously refined and perfected it. The firm later had a good infrastructure with sitting capacity and transport network was well developed. Value system of Dippins was efficient enough to reach the market and retail outlets but lacked the ability to enable the ice cream reach homes. They later introduced brands which could be consumed at home. VRIO ANALYISIS. The firms products have had a loyal customer base for a long time due to the quality. The value is due to the quality and the taste the frozen ice cream gives to its customers. The distribution also has had an impact in the value of firm since having a higher number of franchises gives them a greater market share. Despite having a high relative price they have had increased sales over the years. Celebrity appeal has also increased their value. The idea in a whole of having ice cream without crystals of air and ice is the biggest asset of the firm. The Dippin dots ice cream is a rare product to find because of the originality and the quality it gives. There are firms who produce similar products but cannot match the quality of dippins due to the unique technology they use. The firm has a many franchises (448) which gives them a competitive advantage. The rarity is due to the experience and knowledge they have. The firms operations and the product strategy are imitable in a way since the operations are global but the quality cannot be matched to that of dippins. Some former franchisers came up with similar products as dippin The organisation has adequate capacity and resources which can allow the firm to achieve more competitive advantage and get the most benefits through product diversification, increasing franchises, increasing the support to retail outlets. BALANCED SCORECARD. The strategies the company used to achieve the goals have been wise as their growth was rapid enabling them to scoop many awards and get highlighted in magazines for their good performance. The strategies they used were customer satisfaction in terms of quality and taste. Continuous improvement in the operations of making the ice cream. Their financial objectives can be getting the highest return on capital and maximum profits. They provided value for the price customer paid for the ice cream. Their price was high but relatively competitive. Their customers were differentiated in terms of the physical nature of the ice cream. Their internal objectives were quality of service and maintaining the quality during distribution and effective management of logistics. Their growth was substantial in terms of sales and number of franchises. They were given recognition through getting awards because of the fast growth and quality standards of ice cream and packaging by the international dairy association. They are innovative since they have launched a product, which can be now consumed at home.

The Power Of Knowledge :: essays research papers

A person’s feeling can be depicted by the way he or she draws their pictures. Superiority and inferiority can be shown by the way the artist makes a person or ship larger or smaller than another person or ship. This is shown in the Spanish picture where the French ships are on the coast of America. The French ships are small and the Native Americans appear to be larger. In another picture it shows a tribe of Native Americans gathered around each other in a village. The first picture shows the Spaniards belief that the French are inferior to the Native Americans and themselves. They depict this by drawing the Native Americans much larger than the French people and even their ships. The power of the Spaniards is proven when they combine forces with the Native Americans to annihilate the French in Florida. The Europeans believed power was about conquering people. They conquered people in the name of God and Christianity. If they could not convert them they would destroy them. Their only knowledge was of God and what he wanted them to do. The Native Americans believed power was in the tribe. The picture of the Native Americans showed how they all come together. They thought a close –knit society was the best way of life. They created villages where people lived close to each other. They had a number of different occupational groups in their society. The Native Americans knew how to use the land far better than the Europeans. The Native’s farmland was located around the village. That also showed the how tight their bonds were. Because they all worked together on the farm and all took home some of the profit. On the other hand, the Europeans tended to keep a distance from each other. They had no sense of community. They did this because they wanted more land to farm. The more land they farmed the more money they could make. The Europeans had no real idea of who their neighbors were they lived in isolation. The main difference is the The Power Of Knowledge :: essays research papers A person’s feeling can be depicted by the way he or she draws their pictures. Superiority and inferiority can be shown by the way the artist makes a person or ship larger or smaller than another person or ship. This is shown in the Spanish picture where the French ships are on the coast of America. The French ships are small and the Native Americans appear to be larger. In another picture it shows a tribe of Native Americans gathered around each other in a village. The first picture shows the Spaniards belief that the French are inferior to the Native Americans and themselves. They depict this by drawing the Native Americans much larger than the French people and even their ships. The power of the Spaniards is proven when they combine forces with the Native Americans to annihilate the French in Florida. The Europeans believed power was about conquering people. They conquered people in the name of God and Christianity. If they could not convert them they would destroy them. Their only knowledge was of God and what he wanted them to do. The Native Americans believed power was in the tribe. The picture of the Native Americans showed how they all come together. They thought a close –knit society was the best way of life. They created villages where people lived close to each other. They had a number of different occupational groups in their society. The Native Americans knew how to use the land far better than the Europeans. The Native’s farmland was located around the village. That also showed the how tight their bonds were. Because they all worked together on the farm and all took home some of the profit. On the other hand, the Europeans tended to keep a distance from each other. They had no sense of community. They did this because they wanted more land to farm. The more land they farmed the more money they could make. The Europeans had no real idea of who their neighbors were they lived in isolation. The main difference is the

Successfully Teaching Mathematics Essay -- Teaching Education Philosop

Successfully Teaching Mathematics The classroom is a widely diverse environment with many topics to discuss, many discoveries to make, and many different ways to learn. This wide palette of knowledge potential is a blessing and a curse to teachers, challenging them to reach each mind, to convey to everyone an understanding of the world that will improve their lives. The ever-increasing importance of mathematics in the computer age draws attention to the methods with which we teach it. I think that the most successful tool that I might have to teach mathematics is the mastery learning method, because it allows students to move through the many facets of math with great understanding and confidence, allows heavy use of the powerful tools in computers, and ensures that no one lacks the skills necessary to live easily in today’s rapidly advancing intellectual world. As a student, I found that one of the biggest problems my peers encountered in math was that they had very little confidence in their skills, affecting their ability to learn more complex ideas. I also found tha...

Other views of Sir Gawain in Sir Gawain and The Green Knight :: Essays Papers

Other views of Sir Gawain in Sir Gawain and The Green Knight Below are quotations selected from a number of sources which address the character of Sir Gawain: -------------------------------------------------------------------------------- "In the earliest Arthurian stories, Sir Gawain was the greatest of the Knights of the Round Table. He was famed for his prowess at arms and, above all, for his courtesy. ... Here Gawain is the perfect knight; he is so recognized by the various characters in the story and, for all his modesty, implicitly in his view of himself. To the others his greatest qualities are his knightly courtesy and his success in battle. To Gawain these are important, but he seems to set an even higher value on his courage and integrity, the two central pillars of his manhood. The story is concerned with the conflict between his conception of himself and the reality. He is not quite so brave or so honorable as he thought he was, but he is still very brave, very honorable. He cannot quite see this, but the reader can. The character of Sir Gawain is relatively fixed by tradition; he cannot act very differently from the way he does. In consequence, his character is static--is, indeed, less interesting than that of his adversary, the Green Knight. But it is for other qualities than character interest that Sir Gawain and The Green Knight is valued." (G. B. Pace, 35) From: Clark, Donald, et al. English Literature: A College Anthology. New York: The Macmillian Company, 1960. -------------------------------------------------------------------------------- "We are placed on the side of mortality itself, and can thus, with the Green Knight, forgive Gawain for his single act of cowardice: what he did was done not out of sensual lust but for love of life--'the less, then, to blame.' In the context of this affectionate sympathy, Gawain's own violent anger at the revelation of his fault must itself be viewed with amusement, as part of his human fallibility." (Marie Borroff, Introduction) From: Borroff, Marie. Sir Gawain and The Green Knight: A New Verse Translation. New York: W. W. Norton & Company, Inc., 1967. -------------------------------------------------------------------------------- "Gawain is, naturally, more fully drawn than any other character. Not only do we observe him ourselves, we are told how he impressed other people in the story and how he himself thought and felt. We see him behaving, as all expect him to do, with exquisite courtesy; but we also see what is not apparent to the other characters, that such behavior does not always come easily to him.

Comparison of Ph Between: Coffee, Coffee (Tums) and Coffee (Alka-Seltzer) Essay

Tums and Alka-Seltzer are drugs found in most retail stores, they relieve heartburn, acid ingestion and minor aches/pain (Alka-Seltzer). Coffee is one of the most consumed beverages in the world. It has a stimulating effect due to caffeine and enhances alertness/awareness. Objective/ Hypothesis Coffee is slightly acidic, with distribution of components such as Tums and Alka-Seltzer the various ph levels should be different. So the control treatment (coffee) will have a lower ph then coffee (Tums) and coffee (Alka-Seltzer). Null Hypothesis: Ph levels between Tums and Alka-Seltzer will be slightly different in each treatment. Alternative Hypothesis: Ph levels between Tums and Alka-Seltzer will be similar in each treatment. Methods The treatments were carefully observed. Recording the ph levels were taken with caution to not contaminate the solutions. The three solutions had 50 ml of coffee each, the other two treatments contained a tablet of Tums and one of Alka-Seltzer. Results and Discussion During the experiment each lab tables ran their individual test. The same amount of coffee was used in the solutions for each table, also one tablet of Tums and Alka-Seltzer was used in the solutions. The results on the lab tables were slightly different. PH Table #| Control| Tums| Alka Seltzer| 1| 6.33| 6.68| 6.92| 2| 6.34| 6.80| 6.75| 3| 6.39| 7.34| 6.92| 4| 6.39| 7.11| 6.82| 5| 6.5| 7.05| 6.88| The ph for each treatment are different although the error bars show that ph are not exact. There is uncertainty in the ph for the treatments, the ph can either be higher or lower. Conclusions The treatments showed different ph levels on each lab table even though the same amount of components was distributed. Also the ph level between the alka-seltzer and tums were different. Tums treatment is less acidic then the alka-seltzer treatment, so using tums for treatment of heartburns and acid reflux may be more effective then alka-seltzer. References Alka-Seltzer from http://en.wikipedia.org/wiki/Alka-Seltzer Tums from http://en.wikipedia.org/wiki/Tums

Limitations of Captive Breeding

Biology 320 Dr. Nissen 08 November 2012 Limitations of Captive Breeding While the use of captive breeding has grown enormously in the more recent years there has been a complete lack of attention paid to the limitations placed on that endangered species by the captive breeding programs. Limitations such as establishing self-sufficient captive populations, poor success in reintroductions, high costs, domestications, preemption of other recover techniques, disease outbreaks and maintaining administrative continuity have all been significant ( Snyder et al. 996). We will review the self-sufficient captive populations, reintroductions, and domestications, these are among the most important limitation factors for the review. Establishing self-sufficient captive populations obtaining consistent reproduction and survivorship under captive conditions has proven quite difficult with many species. There are a variety of reasons as to why there has been failure to breed well in captivity, and i dentifying these factors can be difficult and are still unknown even after many years of experimentation.Because of poor reproduction the self-sustaining captive populations may never be achieved for some of the endangered species (Snyder et al. 1996). In a recent review of 145 reintroduction programs of captive-bred animals, largely vertebrates, only 11% of the cases were successfully reintroduced into the wild populations (Beck et al. 1994). The causes of the reintroduction failure of the captive bred animals vary from a failure to correct the factors originally causing significant behavioral deficiencies in the released animals, to social behavior.The behavioral issues are typically seen in the animals that lack the opportunity to associate with wild individuals in a natural setting during the critical learning periods. Many of the problems affecting captive preservation and reintroduction of endangered species are results of genetic and phenotypic changes that occur in captivity as well (Snyder et al. 996) and this directly affects the domestication of the captive-bred animal. The implications of the progressive genetic and phenotypic changes are more serious than recognized for the species in long-term captive breeding. Because of progressive domestication the general expectation that one can â€Å"preserve† endangered species in captivity without significant change over a long period of time should be abandoned (Snyder et al. 1996).

Gainesboro Machine Tools Corporation Essay

Synopsis and Objectives In mid September 2005, Ashley Swenson, the chief financial officer (CFO) of a large computer-aided design and computer-aided manufacturing (CAD/CAM) equipment manufacturer needed to decide whether to pay out dividends to the firm’s shareholders, or to repurchase stock. If Swenson chose to pay out dividends, she would have to also decide upon the magnitude of the payout. A subsidiary question is whether the firm should embark on a campaign of corporate-image advertising, and change its corporate name to reflect its new outlook. The case serves as an omnibus review of the many practical aspects of the dividend and share buyback decisions, including (1) signaling effects, (2) clientele effects, and (3) the finance and investment implications of increasing dividend payouts and share repurchase decisions. This case can follow a treatment of the Miller-Modigliani1 dividend-irrelevance theorem and serves to highlight practical considerations to consider when setting a firm’s d ividend policy. Suggested Questions for Advance Assignment to Students The instructor could assign supplemental reading on dividend policy and share repurchases. Especially recommended are the Asquith and Mullins article2 on equity signaling, and articles by Stern Stewart on financial communication.3 1.In theory, to fund an increased dividend payout or a stock buyback, a firm might invest less, borrow more, or issue more stock. Which of those three elements is Gainesboro’s management willing to vary, and which elements remain fixed as a matter of the company’s policy? 2.What happens to Gainesboro’s financing need and unused debt capacity if: a. no dividends are paid? b. a 20% payout is pursued? c. a 40% payout is pursued? d. a residual payout policy is pursued? Note that case Exhibit 8 presents an estimate of the amount of borrowing needed. Assume that maximum debt capacity is, as a matter of policy, 40% of the book value of equity. 3. How might Gainesboro’s various providers of capital, such as its stockholders and creditors, react if Gainesboro declares a dividend in 2005? What are the arguments for and against the zero payout, 40% payout, and residual payout policies? What should Ashley Swenson recommend to the board of directors with regard to a long-term dividend payout policy for Gainesboro Machine Tools Corporation? 4. How might various providers of capital, such as stockholders and creditors, react if Gainesboro repurchased its shares? Should Gainesboro do so? 5.Should Swenson recommend the corporate-image advertising campaign and corporate name change to the Gainesboro’s directors? Do the advertising and name change have any bearing on the dividend policy or the stock repurchase policy that you propose? Supporting Computer Spreadsheet Files For students: Case_25.xls For instructors: TN_25.xls Hypothetical Teaching Plan 1.What are the problems here, and what do you recommend? The CFO needs to resolve the issue of dividend payout in order to make a recommendation to the board. She must also decide whether to embark on a stock repurchase program given a recent drop in share prices. The problems entail setting dividend policy, deciding on a stock buyback, and resolving the corporate-image advertising campaign issue. But numerical analysis of the case shows that the problem includes other factors: setting policy within a financing constraint, signaling the directors’ outlook, and generally, positioning the firm’s shares in the equity market. 2.What are the implications of different payout levels for Gainesboro’s capital structure and unused debt capacity? The discussion here must present the  financial implications of high-dividend payouts, particularly the consumption of unused debt capacity. Because of the cyclicality of demand or overruns in investment spending, some attention might be given to a sensitivity analysis cast over the entire 2005 to 2011 period. 3.What is the nature of the dividend decision that Swenson must make? What are the pros and cons of the alternative positions? (Or alternatively, Why pay any dividends?) How will Gainesboro’s various providers of capital, such as its stockholders and bankers, react to a declaration of no dividend? What about the announcement of a 40% payout? How would they react to a residual payout? The instructor needs to elicit from the students the notions that the dividend-payout announcement may affect stock price and that at least some stockholders prefer dividends. Students should also mention the signaling and clientele considerations. 4.What risks does the firm face? Discussion following this question should address the nature of the industry, the strategy of the firm, and the firm’s performance. This discussion will lay the groundwork for the review of strategic considerations that bears on the dividend decision. 5.What is the nature of the share repurchase decision that Swenson must make? How would this affect the dividend decision? The discussion here must present the repercussions of a share repurchase decision on the share price, as well as on the dividend question. Signaling and clientele considerations must also be considered. 6.Does the stock market appear to reward high-dividend payout? What about low-dividend payout? Does it matter what type of investor owns the shares? What is the impact on share price of dividend policy? The data can be interpreted to support either view. The point is to show that simple extrapolations from stock market data are untrustworthy, largely because of econometric problems associated with size and omitted variables (see the Black and Scholes article) .4 7.What should Swenson recommend? Students must synthesize a course of action from the many facts and considerations raised. The instructor may choose to stimulate the discussion by using an organizing framework such as FRICTO (flexibility, risk, income, control, timing, and other) on the dividend and share repurchase issues. The image advertising and name change issue will be recognized as another  manifestation of the firm’s positioning in the capital markets, and the need to give effective signals. The class discussion can end with the students voting on the alternatives, followed by a summary of key points. Exhibits TN1 and TN2 contain two short technical notes on dividend policy, which the instructor may either use as the foundation for closing comments or distribute directly to the students after the case discussion. Case Analysis Gainesboro’s asset needs The company’s investment spending and financing requirements are driven by ambitious growth goals (a 15% annual target is discussed in the case), which are to be achieved by a repositioning of the firm—away from its traditional tools-and-molds business and beyond its CAD/CAM business into a new line of products integrating hardware and software—to provide complete manufacturing systems. CAD/CAM commanded 45% of total sales ($340.5 million) in 2004 and is expected to grow to three-quarters of sales ($1,509.5 million) by 2011, which implies a 24% annual rate of growth in this business segment over the subsequent seven years. In addition, international sales are expected to grow by 37% compounded over the subsequent seven years.5 By contrast, the presses-and-molds segment will grow at about 2.7% annually in nominal terms, which implies a negative real rate of growth in what constitutes the bulk of Gainesboro’s current business.6 In short, the company’s asset needs are driven primarily by a shift in the company’s strategic focus. Financial implications of payout alternatives The instructor can guide the students through the financial implications of various dividend-payout levels either in abbreviated form (for one class period) or in detail (for two classes). The abbreviated approach uses the total cash flow figures (that is, for 2005–2011) found in the right-hand column of case Exhibit 8. In essence, the approach uses the basic sources-and-uses of funds identity: Asset change = New debt + (Profits − Dividends) With asset additions fixed largely by the firm’s competitive strategy, and with profits determined largely by the firm’s operating strategy and the environment, the remaining large-decision variables are changes in debt and dividend payout. Even additions to debt are constrained, however, by the firm’s maximum leverage target, a debt/equity ratio of 0.40. This framework can be spelled out for the students to help them envision the financial context. Exhibit TN3 presents an analysis of the effect of payout on unused debt capacity based on the projection in case Exhibit 8. The top panel summarizes the firm’s investment program over the forecast period, as well as the financing provided by internal sources. The bottom panel summarizes the effect of higher payouts on the firm’s financing and unused debt capacity. The principal insight this analysis yields is that the firm’s unused debt capacity disappears rapidly, and maximum leverage is achieved as the payout increases. Going from a 20% to a 40% dividend payout (an increase in cash flow to shareholders of $95.6 million),7 the company consumes $134 million in unused debt capacity. Evidently, a multiplier relationship exists between payout and unused debt capacity—every dollar of dividends paid consumes about $1.408 of debt capacity. The multiplier exists because a dollar must be borrowed to replace each dollar of equity paid out in dividends, and each dollar of equity lost sacrifices $0.40 of debt capacity that it would have otherwise carried. Whereas the abbreviated approach to analyzing the implications of various dividend-payout levels considers total 2005 to 2011 cash flows, the detailed approach considers the pattern of the individual annual cash flows. Exhibit TN4 reveals that, although the debt/equity ratio associated with the 40% payout policy is well under the maximum of 40 in 2011, the maximum is breached in the preceding years. The graph suggests that a payout policy of 30% is about the maximum that does not breach the debt/equity maximum. Exhibits TN5 and TN6 reveal some of the financial reporting and valuation implications of alternative dividend policies. Those exhibits use a simple dividend valuation approach and assume a terminal value estimated as a multiple of earnings. The analysis is unscientific, as the case does not contain the information with which to estimate a discount rate based on the capital asset pricing model (CAPM).9 The discounted cash flow (DCF) values show that the differences in firm values are not that large and that the dividend policy choice in this case has little effect on value. This conclusion is consistent with the Miller-Modigliani dividend-irrelevance theorem. Regarding the financial-reporting effects of the policy choices, one sees that earnings per share (EPS on line 30 in Exhibits TN5 and TN6) and the implied stock price (line 31) grow more slowly at a 40% payout policy, because of the greater interest expense associated with higher leverage (see the cumulative source on line 22). Return on average equity (unused debt capacity on line 28) rises with higher leverage, however, as the equity base contracts. The instructor could use insights such as those to stimulate a discussion of the signaling consequences of the alternative policies, and whether investors even care about performance measures, such as EPS and return on equity (ROE).10 Risk assessment Neither the abbreviated nor detailed forecasts consider adverse deviations from the plan. Case Exhibit 8 assumes no cyclical downturn over the seven-year forecast period. Moreover, the model assumes that net margin doubles to 5% and then increases to 8%. The company may be able to rationalize those optimistic assumptions on the basis of its restructuring and the growth of the Artificial Workforce, but such a material discontinuity in the firm’s performance will warrant careful scrutiny. Moreover, continued growth may require new product development after 2006, which may incur significant research-and-development (R&D) expenses and reduce net margin. Students will point out that, so far, the company’s restructuring strategy is associated with losses (in 2002 and 2004) rather than gains. Although restructuring appears to have been necessary, the credibility of the forecasts depends on the assessment of management’s ability to begin harvesting potential profits. Plainly, the Artificial Workforce has the competitive advantage at the moment, but the volatility of the firm’s performance in the current period is significant: The ratio of the cost of goods sold to sales rose from 61.5% in 2003 to 65.9% in 2004. Meanwhile, the ratio of selling, general, and administrative expenses to sales is projected to fall from 30.5% in 2004 to 24.3% in 2005. Admittedly, the restructuring accounts for some of this volatility, but the case suggests several sources of volatility that are external to the company: economic recession, currency, new-competitor market entry, new product mishaps, cost overruns, and unexpected acquisition opportunities. A brief survey of risks invites students to perform a sensitivity analysis of the firm’s debt/equity ratio under a reasonable downside scenario. Students should be encouraged to exercise the associated computer spreadsheet model, making modifications as they see fit. Exhibit TN7 presents a forecast of financial results, assuming a net margin that is smaller than the preceding forecasts by 1% and sales growth at 12% rather than 15%. This exhibit also illustrates the implications of a residual dividend policy, which is to say the payment of a dividend only if the firm can afford it and if the payment will not cause the firm to violate its maximum debt ratios. The exhibit reveals that, in this adverse scenario, although a dividend payment would be made in 2005, none would be made in the two years that follow. Thereafter, the dividend payout would rise. The general insight remains that Gainesboro’s unused debt capacity is relatively fragile and easily exhausted. The stock-buyback decision The decision on whether to buy back stock should be that, if the intrinsic value of Gainesboro is greater than its current share price, the shares should be repurchased. The case does not provide the information needed to make free cash flow projections, but one can work around the problem by  making some assumptions. The DCF calculation presented in Exhibit TN8 uses net income as a proxy for operating income,11 and assumes a weighted-average cost of capital (WACC) of 10%, and a terminal value growth factor of 3.5%. The equity value per share comes out to $35.22, representing a 59% premium over the current share price. Based on that calculation, Gainesboro should repurchase its shares. Doing so, however, will not resolve Gainesboro’s dividend/financing problem. Buying back shares would further reduce the resources available for a dividend payout. Also, a stock buyback may be inconsistent with the message that Gainesboro is trying to convey, which is that it is a growth company. In a perfectly efficient market, it should not matter how investors got their money back (for example, through dividends or share repurchases), but in inefficient markets, the role of dividends and buybacks as signaling mechanisms cannot be disregarded. In Gainesboro’s case, we seem to have the case of an inefficient market; the case suggests that information asymmetries exist between company insiders and the stock market. Clientele and signaling considerations The profile of Gainesboro’s equity owners may influence the choice of dividend policy. Stephen Gaines, the board chair and scion of the founders’ families and management (who collectively own about 30% of the stock), seeks to maximize growth in the market value of the company’s stock over time. This goal invites students to analyze the impact of the dividend policy on valuation. Nevertheless, some students might point out that, as Gaines and Scarboro’s population of diverse and disinterested heirs grows, the demand for current income might rise. This naturally raises the question: Who owns the firm? The stockholder data in case Exhibit 4 show a marked drift over the past 10 years, moving away from long-term individual investors and toward short-term traders; and away from growth-oriented institutional investors and toward value investors. At least a quarter of the firm’s shares are in the hands of investors who are looking for a turnaround in the not too distant future.12 This lends urgency to the dividend and signaling question. The case indicates that the board committed itself to resuming a  dividend as early as possible —â€Å"ideally in the year 2005.† The board’s letter charges this dividend decision with some heavy signaling implications: because the board previously stated a desire to pay dividends, if it now declares no dividend, investors are bound to interpret the declaration as an indication of adversity. One is reminded of the story, â€Å"Silver Blaze,† written by Sir Arthur Conan Doyle featuring the famous protagonist Sherlock Holmes, in which Dr. Watson asks where to look for a clue: â€Å"To the curious incident of the dog in the nighttime,† says Holmes. â€Å"The dog did nothing in the nighttime,† Watson answers. â€Å"That was the curious incident,† remarked Sherlock Holmes.13 A failure to signal a recovery might have an adverse impact on share price. In this context, a dividend—almost any dividend—might indicate to investors that the firm is prospering more or less according to plan. Astute students will observe that a subtler signaling problem occurs in the case: What kind of firm does Gainesboro want to signal that it is? Case Exhibit 6 shows that CAD/CAM equipment and software companies pay low or no dividends, in contrast to electrical machinery manufacturers, who pay out one-quarter to as much as half of their earnings. One can argue that, as a result of its restructuring, Gainesboro is making a transition from the latter to the former. If so, the issue then becomes how to tell investors. The article by Asquith and Mullins14 suggests that the most credible signal about corporate prospects is cash, in the form of either dividends or capital gains. Until the Artificial Workforce product line begins to deliver significant flows of cash, the share price is not likely to respond significantly. In addition, any decline in cash flow, caused by the risks listed earlier, would worsen the anticipated gain in share price. By implication, the Asquith–Mullins work would cast doubt on corporate-image advertising. If cash dividends are what matters, then spending on advertising and a name change might be wasted. Stock prices and dividends Some of the advocates of the high-dividend payout suggest that high stock prices are associated with high payouts. Students may attempt to prove that point by abstracting from the evidence in case Exhibits 6 and 7. As we know from academic research (for example, Friend and Puckett),15 proving the relationship of stock prices to dividend payouts in a scientific way is extremely difficult. In simpler terms, the reason is because the price/earnings (P/E) ratios are probably associated with many factors that may be represented by dividend payout in a regression model. The most important of those factors is the firm’s investment strategy; Miller and Modigliani’s16 dividend-irrelevance theorem makes the point that the firm’s investments—not the dividends it pays—determine the stock prices. One can just as easily derive evidence of this assertion from case Exhibit 7. The sample of zero-payout companies has a higher average expected return on capital (24.9%) than the sample of high-payout companies (average expected return of 9.4%); one may conclude that zero-payout companies have higher returns than the high-payout companies and that investors would rather reinvest in zero-payout companies than receive a cash payout and be forced to redeploy the capital to lower-yielding investments. Decision The decision for students is whether Gainesboro should buy back stock or declare a dividend in the third quarter (although, for practical purposes, students will find themselves deciding for all of 2005). As the analysis so far suggests, the case draws students into a tug-of-war between financial considerations, which tend to reject dividends and buybacks at least in the near term, and signaling considerations, which call for the resumption of dividends at some level, however, small. Students will tend to cluster around the three proposed policies: (1) zero payout, (2) low payout (1% to 10%), and (3) a residual payout scheme calling for dividends when cash is available. The arguments in favor of zero payout are: (1) the firm is making the  transition into the CAD/CAM industry, where zero payout is the mode; (2) the company should not ignore the financial statements and act like a blue-chip firm—Gainesboro’s risks are large enough without compounding them by disgorging cash; and (3) the signaling damage already occurred when the directors suspended the dividend in 2005. The arguments in favor of a low payout are usually based on optimism about the firm’s prospects and on beliefs that Gainesboro has sufficient debt capacity, that Gainesboro is not exactly a CAD/CAM firm, and that any dividend that does not restrict growth will enhance share prices. Usually, the signaling argument is most significant for the proponents of this policy. The residual policy is a convenient alternative, although it resolves none of the thorny policy issues in the case. A residual dividend policy is bound to create significant signaling problems as the firm’s dividend waxes and wanes through each economic cycle. The question of the image advertising and corporate name change will entice the naive student as a relatively cheap solution to the signaling problem. The instructor should challenge such thinking. Signaling research suggests that effective signals are both unambiguous and costly. The advertising and name change, costly as they may be, hardly qualify as unambiguous. On the other hand, seasoned investor relations professionals believe that advertising and name changes can be effective in alerting the capital markets to major corporate changes when integrated with other signaling devices such as dividends, capital structure, and investment announcements. The whole point of such campaigns should be to gain the attention of the â€Å"lead steer† opinion leaders. Overall, inexperienced students tend to dismiss the signaling considerations in this case quite readily. On the other hand, senior executives and seasoned financial executives view signaling quite seriously. If the class votes to buy back stock or to declare no dividend in 2005, asking some of the students to dictate a letter to shareholders explaining the board’s decision may be useful. The difficult issues of credibility will emerge in class with a critique of this letter. If the class does vote to declare a dividend payout, the instructor can challenge the students to identify the operating policies they gambled on to make their decision. The underlying question: If adversity strikes, what will the class sacrifice first: debt, or dividend policies? To use Fisher Black’s term, dividend policy is â€Å"puzzling,† largely because of its interaction with other corporate policies and its signaling effect.17 Decisions about the firm’s dividend policy may be the best way to illustrate the importance of managers’ judgments in corporate finance. However the class votes, one of the teaching points is that managers are paid to make difficult, even high-stakes policy choices on the basis of incomplete information and uncertain prospects. Exhibit TN1 GAINESBORO MACHINE TOOLS CORPORATION The Dividend Decision and Financing Policy The dividend decision is necessarily part of the financing policy of the firm. The dividend payout chosen may affect the creditworthiness of the firm and hence the costs of debt and equity; if the cost of capital changes, so may the value of the firm. Unfortunately, one cannot determine whether the change in value will be positive or negative without knowing more about the optimality of the firm’s debt policy. The link between debt and dividend policies has received little attention in academic circles, largely because of its complexity, but it remains an important issue for chief financial officers and their advisors. The Gainesboro case illustrates the impact of dividend payout on creditworthiness. Dividend payout has an unusual multiplier effect on financial reserves. Table TN1 varies the total 2005–2011 sources-and-uses of funds information given in case Exhibit 8, according to different dividend-payout levels. Exhibit TN1 (continued) Table TN1 Exhibit TN1 (continued) As Table TN1 reveals, one dollar of dividends paid consumes $1.40 in unused debt capacity. At first glance, this result seems surprising—under the sources-and-uses framework, one dollar of dividend is financed with only one dollar of borrowing. The sources-and-uses reasoning, however, ignores the erosion in the equity base: A dollar paid out of equity also eliminates $0.40 of debt that the dollar could have carried. Thus, a multiplier effect exists between dividends and unused debt capacity, whenever a firm borrows to pay dividends. Choosing a dividend payout will affect the probability that the firm will breach its maximum target leverage. Figure TN1 traces the debt/equity ratios associated with Gainesboro’s dividend-payout ratios. Figure TN1. Plainly, the 40% dividend-payout ratio violates Gainesboro’s maximum debt/equity ratio of 40%. The conclusion is that, because the dividend policy affects the firm’s creditworthiness, senior managers should weigh the financial side effects of their payout decisions, along with the signaling, segmentation, and investment effects, to arrive at their final decision for the dividend policy. Exhibit TN2 GAINESBORO MACHINE TOOLS CORPORATION Setting Debt and Dividend-Payout Targets The Gainesboro Machine Tools Corporation case well illustrates the challenge of setting the two most obvious components of financial policy: target payout and debt capitalization. The policies are linked with the firm’s growth target, as shown in the self-sustainable growth model: gss = (P/S ï€ ªÃƒâ€" S/A Ãâ€" A/E)(1 − DPO) Where: gss is the self-sustainable growth rate P is net income S is sales A is assets E is equity DPO is the dividend-payout ratio This model describes the rate at which a firm can grow if it issues no new shares of common stock, which describes the behavior or circumstances of virtually all firms. The model illustrates that the financial policies of a firm are a closed system: Growth rate, dividend payout, and debt targets are interdependent. The model offers the key insight that no financial policy can be set without reference to the others. As Gainesboro shows, a high dividend payout affects the firm’s ability to achieve growth and capitalization targets and vice versa. Myopic policy—failing to manage the link among the financial targets—will result in the failure to meet financial targets. Setting Debt-Capitalization Targets Finance theory is split on whether gains are created by optimizing the mix of debt and equity of the firm. Practitioners and many academicians, however, believe that debt optima exist and devote great effort to choosing the firm’s debt-capitalization targets. Several classic competing considerations influence the choice of debt targets: 1.Exploit debt-tax shields. Modigliani and Miller’s theorem implies that in the world of taxes, debt financing creates value.1 Later, Miller theorized that when personal taxes are accounted for, the leverage choices of the firm might not create value. So far, the bulk of the empirical evidence suggests that leverage choices do affect value. 2.Reduce costs of financial distress and bankruptcy. Modigliani and Miller’s theory naively implied that firms  should lever up to 99% of capital. Virtually no firms do this. Beyond some prudent level of debt, the cost of capital becomes very high because investors recognize that the firm has a greater probability of suffering financial distress and bankruptcy. The critical question then becomes: What is â€Å"prudent†? In practice, two classic benchmarks are used: a. Industry-average debt/capital: Many firms lever to the degree practiced by peers, but this policy is not very sensible. Industry averages ignore differences in accounting policies, strategies, and earnings outlooks. Ideally, prudence is defined in firm-specific terms. In addition, capitalization ratios ignore the crucial fact that a firm goes bankrupt because it runs out of cash, not because it has a high debt/capital ratio. b. Firm-specific debt service: More firms are setting debt targets based on the forecasted ability to cover principal and interest payments with earnings before interest and taxes (EBIT). This practice requires forecasting the annual probability distribution of EBIT and setting the debt-capitalization level, so that the probability of covering debt service is consistent with management’s strategy and risk tolerance. 3.Maintain a reserve against unforeseen adversities or opportunities. Many firms keep their cash balances and lines of unused bank credit larger than may seem necessary, because managers want to be able to respond to sudden demands on the firm’s financial resources caused, for example, by a price war, a large product recall, or an opportunity to buy the toughest competitor. Academicians have no scientific advice about how large those reserves should be. 4.Maintain future access to capital. In difficult economic times, less creditworthy borrowers may be shut out from the capital markets and, thus, unable to obtain funds. In the United States, â€Å"less creditworthy† refers to the companies whose debt ratings are less than investment grade (which is to say, less than BBB2 or Baa3). Accordingly, many firms set debt targets in such a way as to at least maintain a creditworthy (or investment grade) debt rating. 5.Opportunistically exploit capital-market windows. Some firms’ debt policies vary across the capital-market cycle. Those firms issue debt when interest rates are low (and issue stock when stock prices are high); they are bargain-hunters (even though no bargains exist in an efficient market). Opportunism does not explain how firms set targets so much as why firms deviate from those targets.