Essay on Recitatif by Toni Morrison - 522 Words

Recitatif by Toni Morrison Recitatif, by Toni Morrison, is a profound narrative that I believe is meant to invite readers to search for a buried connotation of the experiences that the main characters, Twyla and Roberta, face as children and as they are reunited as adults. Some of the story?s values and meanings involving race, friendship and abandonment begin to emerge as the plot thickens; however, more messages become hidden and remain unrecognized, even until the very last sentence. From the very first paragraph of the narrative, I noticed that there were several details that the narrator mentioned that required further, deeper thought. For me, this is what made the story appealing. At the beginning of the†¦show more content†¦I discovered towards the end of the story that she considered Maggie her ?dancing mother?(480), and she wanted to kick her because she knew she couldn?t scream, and that would be her way of getting even and making her mother feel the way she did-- helpless and alone. I believe that Twyla had the impression that her mother was racist, and that this was the basis for Twyla being against racism. At first, Twyla was a little uneasy about being stuck in a room with someone of another race and she had stated that her mother wouldn?t like her being placed with Roberta and that ?they never washed their hair and they smelled funny?(467). But I think that she soon realized that her mother was ?nobody who could tell you anything important that you could use?(480). She grew a strong relationship with Roberta, and race meant nothing to her-- ?it didn?t matter that (they) looked liked salt and pepper?(468). The significance of the role Twyla?s mother plays is just one twist to the way in which the story can be read. This makes the meaning of the story different to every reader. My interpretation of the details left by the author can be completely different to interpretations of someone else, and there are probably deeper meanings to the story that I didn?t even come across. This characteristic is what made this narrative unique and interesting for me to read. Works Cited New Worlds of Literature. 2nd Edition. NewShow MoreRelatedRecitatif: Toni Morrison Essay935 Words   |  4 PagesIn 1983, Toni Morrison published the only short story she would ever create. The controversial story conveys an important idea of what race is and if it really matter in the scheme of life. This story takes place during the time period of the Civil Rights Movement. The idea of civil rights was encouraged by the government but not enforced by the states, leaving many black Americans suffering every day. In Morrison’s short story Recitatif, Morrison manipulates the story’s diction to describe the twoRead MoreOpera of Power: Recitatif by Toni Morrison1299 Words   |  6 Pages The haunting arioso pulses of the memories in â€Å"Recitatif† by Toni Morrison recount the intersections of the lives of two women of different race. Twyla, the story’s narrator, and Roberta, a girl of the opposite race, are dumped at St. Bonaventure, a state home, by their mothers. Tossed and held together by the bond of abandonment, the girls form a friendship that carries them through their allotted time at St. Bonny’s. One day, the girls witness Maggie, the mute kitchen workerRead MoreThe Differences Of Main Characters In Recitatif By Toni Morrison1043 Words   |  5 Pages In the story â€Å"Recitatif†, Toni Morrison portrays the lives of two girls from different racial backgrounds who are emotionally abandoned by their mothers. The main characters, Twyla and Roberta, are portrayed at different points in their life, ranging from when they were eight until their adulthood. Because of the situations with their mothers, T wyla and Roberta develop unhealthy senses of self-image and attempt to solve them with distractions. As time goes by, their characteristics becomeRead MoreRecitatif Critical Analysis1312 Words   |  6 Pagesorientation, race, sex, heterosexuality, and whiteness. The main character, David, struggles with his sexuality. The author goes into great detail to show this. Toni Morrison’s, Recitatif, is another piece of literature that explores race, sex, whiteness etc†¦ The two main characters, Twyla and Roberta face challenges with race and class. Toni Morrison is an African American lady who describes her struggles of her class/race through Twyla, a black character. Similarly, the author of Giovanni’s room was gayRead More Comparing the Female Characters in The Necklace and Recitatif892 Words   |  4 PagesThe Use of Female Characters in The Necklace and Recitatif  Ã‚     Ã‚   In Guy de Maupassants The Necklace and Toni Morrisons Recitatif, materialism and the desire to be envied are vital ingredients in the themes of the stories. Both authors enhance their themes through the manipulation of plot and the use of women as their central characters. Maupassant and Morrison prove the notion that women are effective characters in depicting themes that deal with the social issue of craving materialRead MoreRacism In Ralph Ellison1659 Words   |  7 Pages Racism in Toni Morrison’s and Ralph Ellison’s Works As generations have passed, society has become less and less racist. From a young age, many children are taught to celebrate diversity. This instills a sense of being able to love everyone, regardless of skin color or race. But a little over half a century ago, it was a completely different story. There was segregation present in buses, water fountains, and even bathrooms; this was all due to assumptions people made, just based on someone else’sRead MoreTheme Of Race In Toni Morrisons Recitatif1504 Words   |  7 PagesToni Morrisons, Recitatif is a well written story in the sense that it supplies the reader with the satisfaction of a story in itself, but also attracts the reader into doing a more in-depth search into the mystery found within the short story. This mystery revolves around the question of the race of the main character, Twyla, as Morrison does an astounding job of balancing both sides of the argument. While discussing it in our class, I can see why we would start with this story. The idea thatRead MoreCompare and Contrasts of Recitatif993 Words   |  4 Pagesï » ¿ â€Å"Recitatif† In â€Å"Recitatif† by Toni Morrison, two young girls Roberta and Twyla meet one another at a state home for orphan and foster children. It is apparent from the start that either of the girls is white or black. Even at their young age, they both have preconceived expectations of the other because of their difference in race. However, as each character ages and is developed further, many of their traits could be that of someone white or black, albeit they contrast in personality. As a resultRead MoreRacism : Black Or White?949 Words   |  4 Pageslive and work together in America. Recitatif by Toni Morrison published in 1983, fifteen years after the Civil Rights Movement, is an example of fictional writing that addresses the topic of racism that occurred in America. Morrison’s use of main characters with unrealved races in the context of the era of the civil rights movement allows readers to clearly understand her critique on racism: the color of a person’s ski n does not matter. Throughout Recitatif Morrison never reveals Twyla s or Roberta’sRead MoreRace in Recitatif792 Words   |  4 Pagesï » ¿William Fountain *Professor Undisclosed* English 1102 Due: February 10, 2014 Race in Recitatif Recitatif is a story written by Toni Morrison. It is about characters Twyla and Roberta and their experiences during and after being put in a shelter. Race can change what a person’s motives are viewed as. Racial stereotyping and racial segregation play a big part in this story. Twyla and Roberta are of a different race/ethnicity which causes strife between the two and they have different opinion

The Fight For Native American Rights - 1573 Words

Ian W. Broekemeier Mr. Brian Hardie Honors English 11 8 December 2015 The Fight for Native American Rights and the Restoration of Native American Culture For longer than we care to admit, as European Americans, racism has been a significant and controversial part of our identity. Every race and culture new to the United States has experienced unique stereotypes and discrimination, and although these issues have for the large part been amended, racism and racist tendencies have yet to be completely eradicated from our nature. The most prevalent in today’s American society is directed towards the land’s own original peoples: Native Americans. According to a study â€Å"Native Americans were nearly 13 times more likely to be assaulted or raped than Hispanics, seven times more likely than Whites, five times more likely than African-Americans and 39 times more likely than Asian-Americans. Overall, Native Americans experienced less than 1 percent of all total violent crimes in 2000.† However, American Indians and Alaska Natives make up less than 1 percent of the population, according to Census Bureau figures.â₠¬  (STAR 2003). Being such a small part of the overall American population, it is no surprise Native American issues are overlooked. But, wWe have a moral obligation to rectify all our misdeeds towards Americans, both occurring presently, and the unjustified hate and discrimination of the past that caused us to drive these people from what is by right theirs. It isShow MoreRelatedWhere is The Peace in The Treaty of 1763? Essay example851 Words   |  4 Pagesof 1763 was a time where greed was considered to be more transparent than ever in the history of America. Native Americans was in the middle of everything with Europeans fighting for position of control. The Peace of Paris Treaty was everything but peace towards the Native Americans. Different tribes of Indians received similar violence and unjust actions but in diverse ways. Native Americans experienced so much change because of the Treaty of Paris. They lost their land, their dependency was cutRead MoreThe Indian Civil Ri ghts Act1577 Words   |  7 PagesCongress passed the Indian Bill of Rights, otherwise known as the Indian Civil Rights Act, in order to apply restrictions and protection under the United States Constitution to Native American governments. This act induced similar Civil Rights and independence to the specified reservation citizens as those who the Federal Constitution guarantees under the State and Federal jurisdiction. (American Indian Rights Handbook 11). Many controversies arose among the Native Americans due to the popular belief thatRead MoreThe Civil Rights Movement : African Americans And Native Americans1086 Words   |  5 Pagesof the 1940s-1960s, America built the foundation for civil rights, a movement in which minorities fought for equality. Groups that previously had been discriminated against began to defend themselves with greater strength and success. The civil rights movement inspired African Americans, Native Americans, women, queers, and Latinos to fight for equ ality. Although each social group faced their own unique challenges during the civil rights movement, each group shared a common connection through theirRead MoreArguement Analysis on Cultural Appropriation597 Words   |  3 PagesArgument Analysis â€Å"Perhaps the most intangible aspect of Native peoples’ existence is compromised within [tribal] stories† (Tsosie 302). In society today we are seeing the growth of other cultures being incorporated into the fashions trends, movies, and in commercial use. The term, â€Å"cultural appropriation†, comes into use when discussing the problems Native Americans face in society today. It is defined as â€Å"the taking- from a culture that is not one’s own-of intellectual property, cultural expressionsRead MoreRace and Politics in Rebecca Scott’s Degrees of Freedom: Louisiana and Cuba after Slavery640 Words   |  3 Pagesthe state of Louisiana in the United States, and the country of Cuba. Scott explains how Louisiana slaves are in a situation where they are trying to fight for freedom against the white Americans in order to gain a profit for their work and become free of slavery as well as gain rights in the United States. But in Cuba, slaves and the Cuban natives united in order to gain their freedom from the Spanish which causes a war revolution which did not occur in Louisiana because the Slaves of LouisianaRead MoreFighting A War At Home And Abroad1643 Words   |  7 Pagesorder to fight against an overseas enemy. Racial groups contributed to the war effort despite having their civil rights violated, oppressed and even removed. Segregation during this period of war was very much alive for these racial groups. Factories full of a specific color worked long hours with little pay, usually women. The Men of these racial groups who volunteered or where drafted to the war, where put in color specific military units. One of these racial groups were Native Americans. Their warriorRead MoreThe Civil Rights Movement And African Americans1048 Words   |  5 Pages1940s-1960s, America laid the groundwork for civil rights, a movement through which minorities fought for equal opportunity. Groups that previously had been submerged or subordinate began more forcefully and successfully to defend themselves. The civil rights movement inspired African Americans, Native Americans, women, queers, and Latinos to fight for equality. Thesis : Although each social group faced their own unique challenges during the civil rights movement, each group shared a common connectionRead MoreDeclaration Of Independence : Slaves, Women And Native Indians1062 Words   |  5 PagesEssay: Option 1 Declaration of Independence: Slaves, Women and Native Indians On July 4,1776 Second Continental Congress adopted a statement to fight against the unfair British Monarchy and promote the People’s Law and Republicanism by forming their own country. This statement is called â€Å"Declaration of Independence†. It was originally composed by Thomas Jefferson and later updated by the Congress.The declaration explains the reasons for thirteen states to seek republicanism and be independentRead More Savage or Peaceful Essay1117 Words   |  5 PagesDuring the 1800s the Native Americans kept the peace while the Americans were self-serving in their pursuit of land. The Americans believe in the Manifest Destiny. The Native Americans did all that they could to remain in peace with the Americans. The Americans fought persistently with the Native Americans to gain Native American lands. The Americans wanted to move the Native Americans of what they thought was land given to them by God. The Americans believed they had the power to controlRead MoreAnalysis Of Lakota Woman By Mary Crow Dog1688 Words   |  7 Pagesintroduced to the Indigenous people social rights justice that has been fighting for many decades to stop waichu from taking every possession of their property, freedom, and racial equality. In the book called â€Å"Lakota Woman† by Mary Crow Dog, she has been describing her childhood to the age of 39 which has been related to many historical events associated with the American Indian Movement. Many of those American Indian Movement was to fight for their rights to have a safer future for their cultural

Mathematical in India Past, Present, Future Free Essays

Mathematics in India Past, Present and Future What is mathematics? â€Å"mathematics is a science of space, numbers and quantity† Past: Indian mathematics emerged in the Indian subcontinent from 1200 BC until the end of the 18th century. In the classical period of Indian mathematics (400 AD to 1200 AD), important contributions were made by scholars like Aryabhata, Brahmagupta, and Bhaskara II. The decimal number system in use today was first recorded in Indian mathematics. We will write a custom essay sample on Mathematical in India Past, Present, Future or any similar topic only for you Order Now Indian mathematicians made early contributions to the study of the concept of zero as a number, negative numbers, arithmaticm and algebra. In addition, trigonometry was further advanced in India, and, in particular, the modern definitions of sine and cosine were developed there. These mathematical concepts were transmitted to the Middle East, China, and Europe and led to further developments that now form the foundations of many areas of mathematics. Present: 20th century The 20th century saw mathematics become a mojor profession. Every year, thousands of new Ph. D. s in mathematics are awarded, and jobs are availablein teaching, research and industry. Mathematical collaborations of unprecedented size and scope took place in India. One of the more colorful figures in 20th – century mathematics was Srinivasa Aiyangar Ramanujan (1887-1920), an Indian autodidact who conjectured or proved over 3000 theorems, including properties of highly composite nimbers, the partition function and its asymptotic, and mock theta functions. He also made major investigations in the areas of gamma functions, modular forms, divergent series, hyper geometric series and prime number theory. 21st century In 1980, Shakuntala Devi gave the product of two, thirteen digit nimbers within 28 seconds; many countries have invited her to demonstrate her extraordinary talent. In Dallas she competed with a computer with a computer to see who give the cube root of 188138517 faster, she won. At university of USA she was asked to give the 23rd root, she answered in 50 seconds. The answer is 546372891. It took a UNIVAC 1108 computer, full one minute (10 seconds more) to confirm that she was right after it was fed with 13000 instructions. Now she is known to be Human computer. FUTURE: There are many observable trends in mathematics, the most notable being that the subject is growing ever larger, computers are ever more important and powerful, the application of mathematics to bioinformatics is rapidly expanding, the volume of data to be analyzed being produced by science and industry, facilitated by computers, is explosively expanding. The field of mathematics has become so large that it has become impossible to have an overview of all relevant mathematics. A formalized library should enable the search for relevant results. When designing new high-tech systems, like software for an automatic pilot super computer etc. , one uses complicated mathematical models. Indian mathematician, engineers and scientist ar eone of the top leading in this trend. CONCLUSION: Mathematics is a science of all sciences and art of all arts. Without the proper foundation of mathematics, any science or subject will be a failure, Mathematics is a creation of human mind, concerned cheifly with the ideas, processes and reasoning the modern world of technology, tools such as computer requires the basic mathematics and calculations. Matehmatics is the instrument of education found to be in conformity with the human mind. If we sincerely give our time in the subject of mathematics, we can also come up with innovative ideas and thoughts that can shape the entire universe as our ancestors do in past. We look forward to what the future will bring. How to cite Mathematical in India Past, Present, Future, Essay examples

Death Penalty free essay sample

Should be Abolished from our Judicial System Fagan, Jeffrey A. Capital Punishment: Deterrent Effects Capital Costs. www. law. columbia. edu/law-school/communications/reports. Summer 2006. Web. 06 April 2011. The article shows that the states are broken, and the money that we are spending on trials to punish criminals to death penalty should be used in prevention. If you compare the costs of the process and the effects, USA should abolish the death penalty from our Judicial System. It is an excellent article, with detailed information and written y someone who has done many research about capital punishment. It will be very helpful to back up my thesis. Stamper, Norm. A Former Cop Speaks out Against the Death Penalty. www. deathpenalty. org/article. php. 17 Nov 2007. Web 04/02/2011. The article describes an experience of a former cop, who worked for 29 years at San Diego Police Department. In his opinion death penalty is a waste of money, and fails terribly to reduce crime. Sotto was among the senators who staunchly opposed the RH Law, which was enacted in December 2012. The implementation of the RH Law, however, was halted by the Supreme Court pending legal questions on the legislation. Speech The present situation of the Philippines now is that the country is obviously suffering from poverty. Addition to this, Philippines’ crime rate is still high. With these issues that devastates the country today, death penalty can be a solution. If death penalty shall be implemented once again in the country, crime rates will possibly decrease. For this can somehow â€Å"discourage† criminals to kill because fear will be instill in their minds, that is if they still have fear. Since death penalty can lessen criminals, the population of the Philippines will decrease as well. This is an advantage because the current situation of the country is still under the line of overpopulation. Lifetime imprisonment does not only waste the government’s money for their food and security rather shall impose to the countrymen that the government is serious about the number of crimes happening in the country. Justice, as we know, can be bought in the Philippines. It is always unfair when a rich criminal is imprisoned than a marginalized criminal forced to did such action because of poverty. Death penalty can erase this gap. The criminals does not only ruin their own reputation but also of the place they came from. Take for example the Maguindanao massacre, are the Ampatuans the only feared of the people or even the place itself? Thus, these killers of the society pollutes the image of the place they came from. Punishment shall be imposed to the criminals with high record in the government. However, this does not include those people who have killed only an individual. This can apply to grave massacres, or related crimes. When death penalty will be impose in the country, the possibility that the freed criminals can kill another person be lessen. Let us not forget that the four walls of religion do not only make who we are. It is only a part of our life. The best for the society shall be implemented in whatever ways. One argument states that the death penalty does not deter murder. Dismissing capital punishment on that basis requires us to eliminate all prisons as well because they do not seem to be any more effective in the deterrence of crime. Others say that states which do have the death penalty have higher crime rates than those that dont, that a more severe punishment only inspires more severe crimes. I must point out that every state in the union is different. These differences include the populations, number of cities, and yes, the crime rates. Strongly urbanized states are more likely to have higher crime rates than states that are more rural, such as those that lack capital punishment. The states that have capital punishment are compelled to have it due to their higher crime rates, not the other way around. Abolitionists also hold the notion that criminals do not fear death because they do not take time to think about the consequences of their acts. If that were true, then I wonder how police officers manage to arrest criminals without killing them. When a policeman holds a criminal at gunpoint and tells him to get on the ground, the criminal will comply fully in the vast majority of of these cases. Why would they do that unless they were afraid of the lethal power of the gun? It is because regardless of what abolitionists claim, criminals are not immune to fear! It is a common misconception to believe that fear is a thought process that has to be worked out with a piece of paper. Its not! It is an instinct that automatically kicks in when one is faced with lethal force!

Wwii Atomic Bombs Essay Example For Students

Wwii Atomic Bombs Essay WWII Atomic BombsWhen the atomic bomb went off over Hiroshima on Aug. 6th, 1945, 70,000 lives were ended in a flash. To theAmerican people who were weary from the long and brutal war, such a drastic measure seemed a necessary,even righteous way to end the madness that was World War II. However, the madness had just begun. ThatAugust morning was the day that heralded the dawn of the nuclear age, and with it came more than just the lossof lives. According to Archibald MacLeish, a U.S. poet, What happened at Hiroshima was not only that ascientific breakthrough . . . had occurred and that a great part of the population of a city had been burned todeath, but that the problem of the relation of the triumphs of modern science to the human purposes of man hadbeen explicitly defined. We will write a custom essay on Wwii Atomic Bombs specifically for you for only $16.38 $13.9/page Order now The entire globe was now to live with the fear of total annihilation, the fear that drove thecold war, the fear that has forever changed world politics. The fear is real, more real today than ever, for theease at which a nuclear bomb is achieved in this day and age sparks fear in the hearts of most people on thisplanet. According to General Douglas MacArthur, We have had our last chance. If we do not devise somegreater and more equitable system, Armageddon will be at our door. The decision to drop the atomic bomb onJapanese citizens in August, 1945, as a means to bring the long Pacific war to an end was justified-militarily,politically and morally. The goal of waging war is victory with minimum losses on ones own side and, if possible, on the enemys side.No one disputes the fact that the Japanese military was prepared to fight to the last man to defend the homeislands, and indeed had already demonstrated this determination in previous Pacific island campaigns. Aweapon originally developed to contain a Nazi atomic project was available that would spare Americanshundreds of thousands of causalities in an invasion of Japan, and-not incidentally-save several times more thanthat among Japanese soldiers and civilians. The thousands who have died in the atomic attacks on Hiroshimaand Nagasaki were far less than would have died in an allied invasion, and their sudden deaths convinced theJapanese military to surrender. Every nation has an interest in being at peace with other nations, but there has never been a time when theworld was free of the scourge of war. Hence, peaceful nations must always have adequate military force at theirdisposal in order to deter or defeat the aggressive designs of rogue nations. The United States was thereforeright in using whatever means were necessary to defeat the Japanese empire in the war which the latter began,including the use of superior or more powerful weaponry-not only to defeat Japan but to remain able followingthe war to maintain peace sufficiently to guarantee its own existence. A long, costly and bloody conflict is awasteful use of a nations resources when quicker, more decisive means are available. Japan was not then-orlater-the only nation America had to restrain, and an all-out U.S. invasion of Japan would have risked the victoryalready gained in Europe in the face of the palpable thereat of Soviet domination. Finally, we can never forget the maxim of Edmund Burke: The only thing necessary for the triumph of evil is thatgood men do nothing. The Japanese attack on Pearl Harbor brought us into a war which we had vainly hopedto avoid. We could no longer do nothing but were compelled to do something to roll back the Japanesemilitarists. Victims of aggression have every right both to end the aggression and to prevent the perpetrator of itfrom continuing or renewing it. .ua095e240cfbc036e6b86a9a7ddb0d843 , .ua095e240cfbc036e6b86a9a7ddb0d843 .postImageUrl , .ua095e240cfbc036e6b86a9a7ddb0d843 .centered-text-area { min-height: 80px; position: relative; } .ua095e240cfbc036e6b86a9a7ddb0d843 , .ua095e240cfbc036e6b86a9a7ddb0d843:hover , .ua095e240cfbc036e6b86a9a7ddb0d843:visited , .ua095e240cfbc036e6b86a9a7ddb0d843:active { border:0!important; } .ua095e240cfbc036e6b86a9a7ddb0d843 .clearfix:after { content: ""; display: table; clear: both; } .ua095e240cfbc036e6b86a9a7ddb0d843 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ua095e240cfbc036e6b86a9a7ddb0d843:active , .ua095e240cfbc036e6b86a9a7ddb0d843:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ua095e240cfbc036e6b86a9a7ddb0d843 .centered-text-area { width: 100%; position: relative ; } .ua095e240cfbc036e6b86a9a7ddb0d843 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ua095e240cfbc036e6b86a9a7ddb0d843 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ua095e240cfbc036e6b86a9a7ddb0d843 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ua095e240cfbc036e6b86a9a7ddb0d843:hover .ctaButton { background-color: #34495E!important; } .ua095e240cfbc036e6b86a9a7ddb0d843 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ua095e240cfbc036e6b86a9a7ddb0d843 .ua095e240cfbc036e6b86a9a7ddb0d843-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ua095e240cfbc036e6b86a9a7ddb0d843:after { content: ""; display: block; clear: both; } READ: Chinese Pottery Essay Our natural right of self defense as well as our moral duty to defeat tyrannyjustified our decision to wage the war and, ultimately, to drop the atomic bomb. We should expect politicalleaders to be guided by moral principles but this does not mean they must subject millions of people toneedless injury or death out of a misplaced concern for the safety of enemy soldiers or civilians. President Trumans decision to deploy atomic power in Japan revealed a man who understood the moral issuesat stake and who had the courage to strike a decisive blow that quickly brought to an end the most destructivewar in human history. Squeamishness is not a moral princip le, but making the best decisions at the time, giventhe circumstances, is clear evidence that the decision maker is guided by morality. The atomic bomb was considered a quick and even economical way to win the war; however, it was a crueland unusual form of punishment for the Japanese citizens. The weapon that we refer to as quick was just theopposite. On one hand, it meant a quick end to the war for the United States, and on the other hand, a slow andpainful death to many innocent Japanese. According to a book called Hiroshima Plus 20 the effects of radiationpoisoning are horrific, ranging from purple spots on the skin, hair loss, nausea, vomiting, bleeding from themouth, gums, and throat, weakened immune systems, to massive internal hemorrhaging, not to mention thedisfiguring radiation burns. The effects of the radiation poisoning continued to show up until about a month afterthe bombing. In fact the bomb also killed or permanently damaged fetuses in the womb. Death and destructionare always a reality of war; however, a quick death is always more humanitarian. When this powerful nation called the United States dropped the bomb, we sent out the official go ahead for therest of the world that nuclear weapons were a viable means of warfare. We unofficially announced that it wasO.K. to bomb women, children, and elderly citizens. The thought that atomic weapons are needed to keep thepeace is exactly the idea that fueled the cold war. Albert Einstein said in a speech, The armament racebetween the U.S.A. and U. S.S.R., originally supposed to be a preventative measure, assumes hystericalcharacter. On both sides, the means of mass-destruction are perfected with feverish haste . . . The H-bombappears on the public horizon as a probably attainable goal. Its accelerated development has been solemnlyproclaimed by the president. In short, according to Hiroshima Plus 20, by now, the military has at least 50, 000 nuclear warheads in storageand ready with a handful of people in charge of them. In the words of James Conant, President of Harvard, Theextreme dangers to mankind inherent in the proposal wholly outweigh any military advantage. Has the atomic bomb introduced the fear of total annihilation . ..that has forever changed world politics? Thatseems to be the main point of the argument against dropping the atomic bomb on Japanese cities in August,1945. Yet this judgment completely abstracts from the concrete circumstances in which the decision wasmade-a world exhausted by war; an implacable, cunning and ruthless enemy; hundreds of thousands ofcasualties in an allied invasion of Japan; permanent strategic considerations; and the like. In other words, thereply fails to meet the argument for dropping the bomb and changes the subject from the immediate decision tothe long-term consequences of the decision. But even if one grants the point about fear of annihilation, it is not clear that the world has fundamentally changednor that the whole world is always in danger of nations from time immemorial. For example, ancient Romesacked Carthage, plowed it under and salted the earth. Medieval and modern religious wars have annihilatedmillions. .u654fd088e0ccfdbec24186ecf82a32e2 , .u654fd088e0ccfdbec24186ecf82a32e2 .postImageUrl , .u654fd088e0ccfdbec24186ecf82a32e2 .centered-text-area { min-height: 80px; position: relative; } .u654fd088e0ccfdbec24186ecf82a32e2 , .u654fd088e0ccfdbec24186ecf82a32e2:hover , .u654fd088e0ccfdbec24186ecf82a32e2:visited , .u654fd088e0ccfdbec24186ecf82a32e2:active { border:0!important; } .u654fd088e0ccfdbec24186ecf82a32e2 .clearfix:after { content: ""; display: table; clear: both; } .u654fd088e0ccfdbec24186ecf82a32e2 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u654fd088e0ccfdbec24186ecf82a32e2:active , .u654fd088e0ccfdbec24186ecf82a32e2:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u654fd088e0ccfdbec24186ecf82a32e2 .centered-text-area { width: 100%; position: relative ; } .u654fd088e0ccfdbec24186ecf82a32e2 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u654fd088e0ccfdbec24186ecf82a32e2 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u654fd088e0ccfdbec24186ecf82a32e2 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u654fd088e0ccfdbec24186ecf82a32e2:hover .ctaButton { background-color: #34495E!important; } .u654fd088e0ccfdbec24186ecf82a32e2 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u654fd088e0ccfdbec24186ecf82a32e2 .u654fd088e0ccfdbec24186ecf82a32e2-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u654fd088e0ccfdbec24186ecf82a32e2:after { content: ""; display: block; clear: both; } READ: Jubilee Year Essay More recently, there was Hitlers genocidal six-million-death final solution to the Jewish problem, andthe Communists ten of millions of mass murders continue to this day. All this has been done without benefit ofnuclear power. Gen. MacArthurs comments came at the beginning of the atomic or nuclear age, and while the source and thejudgment deserve respect, experience has shown that nuclear power in Western hands deterred a third worldwar and ultimately caused the collapse of the greatest threat to world peace since World War II, namely, theSoviet Union. But even during the much-decried arms race of the Cold War years, both East and West refinedtheir crude nuclear technology to suit the requirements of waging war, e.g. targeting the enemys missiles,aircraft and submarines, rather than putting all their eggs in the nuclear annihilation basket. War is a terriblething but the fear of annihilation will curb even the greatest tyrants bloodlust. In short, fear is part of the human condition and those peaceful nations which learn to live with the destructivepotential of nuclear power are capable of great good. Great evil is more likely to be the result of uncheckednuclear power in hands of lawless nations. As ever, peace and safety depend upon military power being in theright hands. English Essays

My World Essay

My World Essay My World Essay My World My personal world that I live in today is not all that different from most people. It does have its unique moments that make it worth while though. My family, school, and community all play a big part in my life. All the things that go on around me constantly change my mind. It definitely affects the decisions that I make in my life. I wouldn’t be the person I am today without these life changing factors. First and foremost, my family is my number one life changer. My family was at a time considered middle class. We weren’t rich but we weren’t poor either. My mom graduated from college and has a job as a teacher. My dad didn’t go to college but he was and still is considered one of the best workers at his previous and current job. We were well off for a while until my father lost his job. Since he didn’t have a degree and the job market was plummeting he couldn’t find work. It was like that for three years. In that time span we went from good middle class to borderline poverty. During those three years my mind was set on a better future. A future where neither my future family nor I had to struggle the way I did. This is a major driving force in my determination to get accepted into college and get a degree. My community is another reason for my determination to get into college. The city that I live in now is not a bad one by any means. It provides a very good setting for all the youths growing up here if you live in the better parts of town. There are other parts where it is not so amazing. I happen to live near some of those parts. Nothing really major happens, but you can tell that there are things that go on. One of the biggest things that I know of is drug dealing. There is a huge love of the medicinal herbs showing up recently, if you catch my drift. It’s all that everyone talks about and it truly annoys me. I couldn’t care less about everyone and their love of it. I just want to go and mak e something of myself. Another thing is that there has been an escalation in the fights happening around here. Nothing really serious, but there happening more

Case study Essay Example | Topics and Well Written Essays - 500 words - 41

Case study - Essay Example HP had am merger with Compaq in 2002 and other companies that enabled it to register combined revenue of $ 118 billion in 2008 (Malone 23). In 1935, the two owners graduated from Stanford University with degrees in Electrical engineering. This company started up in a garage near Palo Alto, with an initial capital amounting to $ 538. However, it took some time for the company to go public until November 6, 1957. In the early years, the company had not focused into the production of only a single type of product. It diversified on different produce such as different electronic equipment and even did some agriculture. It was until 1990s that the company specialized in the production of voltmeters, signal generators, oscilloscope, and thermometers among others. As years went by, HP participated in the introduction of a lot of new software in the market. In 1984, HP produced an inkjet and laser printers to use in conjunction with the desktops in the market. Until today, HP remains the leading innovators in the software world (Malone 19). The HP Company runs in a unique way, and the style now called the HP way. This involves key ideologies that the co-founders of the company ensured prevailed amongst their employees. These key ideologies include; respect for all individuals, focus on high goals to achieve, always conduct business with high integrity, achieve all the common objectives with the help of teamwork, and are always flexible and innovative in their work (Malone 64). The Government allows the company to operate as a technology producer company. It gives the company mandate to produce software in a standard manner while being under the normal regulations agreed upon by both parties (Malone 9). The HP Company enjoys profits from the manufacture of modern equipment as mentioned earlier. These modern technologies are for different usage for different people. The company makes gaming gadgets, TVs, laptops and

Owner Controlled Insurance Programs versus Traditional Insurance Term Paper

Owner Controlled Insurance Programs versus Traditional Insurance Programs - Term Paper Example It is purchased by construction owner for the benefit of builders or contractors engaged with the project, which includes compensation of workers, general liability, pollution liability, builders risk and professional liability among others. OCIP is a comparatively new vehicle in insurance sector for residential projects. Due to rapid growth of defective constructive designs, these policies are becoming highly popular among the builders and the contractors (Grenier, 2001). The study is mainly based on the analysis of OCIP versus Traditional insurance programs. Both the insurance policies play vital roles in the construction sector but OCIP provides advanced reliability than traditional insurance policies, as OCIP wraps up multiple policies provided by the owner to the contractors or the developers in a project including the facilities which are not supported in traditional insurance policies. Risks Associated with OCIP OCIP is commonly known as Wrap-Up Policy in United States. Both the OCIP and traditional policies were developed in 1950’s. The difference between the owner controlled insurance program and traditional insurance program lies with those who procure the policy. In OCIP, an individual party purchases insurance policies for all contractors involved in the project but in case of traditional insurance program, it is not applicable (Olson, 2006).... Although OCIP provides numerous benefits, there are various risks associated with it both for owners as well as contractors which are stated below: Risk of Owners The risk can be identified through various factors including administrative burden which signifies that if OCIP is not managed accurately, it can provide huge administrative load on the contractors. Subsequently, the liability of the construction owners is also likely to increase. OCIPs are useful mainly in large projects, small construction owners are deprived from the facilities of this policy. The small contractors of United States have been witnessed at times to prefer acquiring higher limits of insurances than that provided by owners which can place a negative impact on the contractors (Gibson, 2006). There is always a market risk associated with every program. The market risk signifies that if the market of insurance hardens, there is a possibility of financial risk which can result in increase of premium cost. Bid Pr eparation aspect signifies that there are certain additional costs involved in it, such as retention of a risk consultant, a complete study of advantages and disadvantages of OCIP, submission of proposals and detail interviews (Taylor, 2011). Risk of Contractors The risk of the contractors can also be observed by certain significant factors. For example, limited insurance coverage is one of the vital aspects which focuses on the limitations in the insurance policies provided through OCIP to contractors. This acts as a barrier which the contractors have to face in this policy. Further, is the complicated bidding which highlights on the view that if bidding is done with the contractors of the United States, the insurance also gets included. The contractors would not be able to recover

Proposal writing Essay Example | Topics and Well Written Essays - 250 words

Proposal writing - Essay Example It is very important not to omit the mission statement in the writing. It should demonstrate the company’s goals and expectations. Each proposal is based on a particular budget. The latter consists of the following elements: 1) management, 2) labor, 3) facilities and equipment, 4) materials, 5) travel and 6) communication. It is necessary to mention that there are several types of budget. They are: itemized budgets, nonitemized budgets, fixed budgets, flexible budgets, fixed costs, variable costs and semivariable costs. Despite all costs, there are many benefits of proposal. They are hard and soft benefits. Hard benefits stand for the guantifiable outcomes of the project that are easy to see, measure or read. Soft benefits mean abstract things you will get in the process of working with the company. It may be trust, satisfaction, confidence, efficiency, etc. The success of the proposal is begun with its introductory part. To prepare a perfect introduction it is necessary to do the following things: 1) identify the subject of the paper, 2) introduce the purpose of the writing, 3) suggest some main point to prove in the paper, 4) persuade the readers that this subject is very significant, 5) give some background information, 6) foresee the organization of the writing. Conclusion is as important as introduction; here the main point of the proposal should be

Dividend Policy of Pakistans Oil Sector

Dividend Policy of Pakistans Oil Sector INTRODUCTION Corporate dividend policy is one of the most debated topics in corporate finance. Many researchers have devised theories and provided empirical evidence regarding the determinants of a firms dividend policy. The dividend policy issue, however, remains still unresolved as due to the fact that there are so many variables depending upon the type of company, its financial conditions, its industry etc that no single formula could be applicable. Clear guidelines for an optimal payout policy have not yet emerged despite the voluminous literature. We still do not have an acceptable explanation for the observed dividend behavior of companies. During the last fifty years several theoretical and empirical studies have been done leading to mainly three outcomes: The increase in dividend payout affects the market value of the firm. The decrease dividend payout adversely affects the market value of the firm. The dividend policy of the firm does not affect the firm value at all. However, we can say that empirical evidence on the determinants of dividend policy is unfortunately very complex. Basis on which corporations pay out dividends to the share holders is still an unresolved puzzle. First prominent study that appeared in the literature of finance regarding dividend policy was that of Miller and Modigliani (1961) where they state that there are no deception in a perfect and a rational economic environment. This was the starting point for other researchers to explore dividend payout policy phenomena. Almost all researches that followed referred back to Miller and Modigliani (1961). Various researches were carried out by many researchers to explore the determinants of dividend payout policy, some of them focused on profitability, some on size of the firms, some on growth rate of the firm while others on agency costs. For example researches carried out by Nissim et el (2001), Brook et el (1998), Bernheim et el (1995), Kao et el (1994), and Healy et el (1988) found out a positive association between increase in dividend payout and future profitability. Kalay et el (1986) and Asquith et el (1983) found out that stock returns is positively associated with dividend changes. Sasson et el (1976) conclude that the payout ratio is positive association with average rates of return. On the other hand, studies of Benartzi et el (1997) and DeAngelo et el (1996) find no support for the relationship between future profitability and dividend changes. On Other side most debated factor affecting dividend policy arguably is agency costs. Jensen (1986). Agency cost argument suggests that cost is reducing by dividend payments and cash flow Rozeff (1982). Researches carried out by Jensen et el (1992), and Lang et el (1989) supported this agency cost hypothesis, while others such as Lie (2000), Yoon et el (1995) and Denis et el (1994) found no support for this hypothesis. Size of the firm is another factor which seems to have an impact of dividend payout policy. Firms larger in size are considered to have more ability to payout dividends to its share holders. Lloyd et el (1985), and Vogt (1994) pointed that firm size plays a role in clarifying the dividend-payout ratio of firms. They argued that because larger firms are mature and have easy access to capital markets thus they are not really much dependant on internally generated funding which enables them to payout higher dividends. The purpose of this research is to investigate the dynamics and determinants of dividend policy of oil gas sector firms in Pakistan. The independent variables selected from the literature include: market capitalization, profitability and annual rate of growth of total assets. Analysis of these variables should reveal there exist an impact of these variables on dividend payout policy of the firms and very nature of the relationship. The remaining part of this thesis is organized as follows. In section 2 brief reviews of theories about the dividend will be presented. In section 3 this thesis discusses the data and possible variables that can act as proxy for different influences for analysis .In section 4 this thesis will establish the model. Section 5 will provide details of methodology used. In section 6 thesis will establish analysis and interpretations and section 7 will present results and draw a conclusion. CHAPTER II LITERATURE REVIEW There are various theories which provide insight on how a firm pays the dividends. 2.1 Miller and Modigliani theory According to Miller and Modigliani (of Merton Miller, Franco) (1961) dividend do not affect firms value in perfect market. Shareholders are not concerned to receiving their cash flows as dividend or in shape of capital gain, as far as firms doesnt change the investment policies. In this type of situation firms dividend payout ratio affect their residual free cash flows, when the free cash flow is positive firms decide to pay dividend and if negative firms decide to issue shares. They also conclude that change in dividend may be conveying the information to the market about firms future earnings. Example: Its a common believe that dividend policy is created by shareholder himself for example if a person has 10,000 PKR and wants income of 3,000 PKR a year from that portfolio, simply 3000 PKR money value can be sold by a person this amount as dividend income does not accept by him. This theory says, à ¢Ã¢â€š ¬Ã…“Who is anxious about dividends?à ¢Ã¢â€š ¬? MM explains that under certain assumptions including rational investors and a perfect capital market, the market value of a firm is independent of its dividend policy. Smirlock Marshall, (1983) stated that relationship between the Dividend and Investment Decisions indicates that no causality between the dividend and investment decisions of the firm. The fact that the firm-specific data conclusively supported the separation principle is particularly convincing. This is the first application of causality tests to a large sample of firms. 2.2 The bird in the hand theory Investors always prefer cash in hand rather then a future promise of capital gain due to minimizing risk Gordon (1963). Gordon believes that he is anxious about investing in dividends and dividend stocks. Gordon say that when he is paid hard cash by the company, he knows that the company is not just telling him that it is making money but the fact it that it is really making money . This is the idea that cash payment is valued by the investors in their hands over the hope of future profits. 2.3 The agency theory Traditionally, corporate dividend policy has been examined under the assumptions that the firm is one homogenous unit and that the managements objective is to maximize its value as a whole. The agency cost approach differs from the traditional approach mainly in this way that it explicitly recognizes the firm as a collection of groups of individuals with conflicting interests and self-seeking motives. According to the agency theory, these behavioral implications cause individuals to maximize their own utility instead of maximizing the firms wealth. The agency theory of Jensen and Meckling (1976) is based on the conflict between managers and shareholder and the percentage of equity controlled by sponsor ownership should influence the dividend policy. The theory focuses on the relationship between an agent of the principal (companys managers) and a principal (shareholder) . Jensen and Meckling (1976) in corporations, agency problem arise from external debt and external equity. Jensen and Meckling (1976) analyzed that how firm value is affected by the distribution of ownership between inside shareholders and outside shareholders who can consume perquisites, and who cannot. Within this framework, increased managerial ownership of equity alleviates agency difficulties by reducing incentives to consume perquisites and expropriate shareholder wealth. Jensen and Meckling (1976) argue that equity agency costs would be lower in firms with larger proportions of inside ownership. Managers are better understanding their interest with stockholders when they increase the shareholders ownership of the firm. Dividends are believed to play an important role in reducing conflicts between managers and stockholders. Any dividend policy should be designed to minimize the sum of capital, agency and taxation costs. According to Bathala (1990), in the agency costs and dividends, two lines of thought can be found explaining cross-sectional variations in payout ratios. First view Holds that a firms optimal payout ratio is the results of a trade-off between a reduction in the agency costs of external equity and an increase in the transaction costs related with external financing resulting from dividend payments as the payout ratio increases. Second view Argues that inside ownership and external debt are substitute mechanisms in mitigating agency costs in a firm. Basic study for the first line of thought is based on Rozeffs (1982) propositions. He suggests that dividend payout ratios may be explained by reduced agency costs when the firm increases its dividend payout and by increased more expensive external capital. Easterbrook (1984) gives further explanation regarding agency cost problem and says that there are two forms of agency costs; one is the cost monitoring and other is cost of risk aversion on the part of directors or managers. The agency theory is related with resolving two issues that can be held in an agency relationship. PROBLEMS: The desire of the principal and agent conflict and it is expensive or complicated for the principal that it cannot check that the agent has behaved appropriately. Risk sharing is a problem that occurs when the agent and principle have different behavior towards hazard. The issue here is that the principal and the agent may prefer separate actions because of the separate risk preferences. According to (Naceur, Goaied, Belanes, 2006) profitable firms with more stable earnings can pay larger dividend. Whenever they are growing very quick, dividend policy doesnt get any impact from financial leverage and ownership concentration. Also the liquidity of stock market and size negatively impacts the dividend payment. Oskar kowalewski and Ivan Stetsyukand Olesksandr Talavera (2007) study that how corporate governance determines dividend polices in Poland. They have established for the first time, quantitative measures on the quality of corporate governance for 110 non- financial listed companies. Their result suggested that large and more profitable companies have higher dividend payout ratio .Furthermore, risky and more indebted firms prefer to pay lower dividend s. The results finally, based on the period of 1998-2004, Reveals that dividend policy is quite important in the valuation process of companies, but the issues still remain scantily investigated in transition countries. A study on the determinant s of dividend policy and its association to corporate governance in a transition economy both offers an interesting subject and complements the existing corporate governance literature. The agency theory points that dividend may mitigate agency costs by distributing free cash flows that otherwise would be spent on unprofitable projects by the management. It is argued that dividends expose firms to more frequent analysis by the capital markets as dividend payout increase the likelihood that a firm has to issues new common stock. On the other hand, scrutiny by the market helps alleviate opportunistic management behavior, and thus, agency costs. Agency cost, in turn, is related to the strength of shareholders rights and they are associated with corporate governance. Furthermore, agency suggested that shareholders may prefer dividends, particularly when they fear expropriation by insider. They test the determinants of dividend policy in a multiple regression framework to control for firm specific characteristics other than governance. All the variables enter the regressions with expected signs. Size and return on assets are positively associated with variable cash divid end. Leverage is negatively associated with variable cash dividend. Their results provide evidence that in Poland listed companies where corporate governance practices are high and as a result shareholders rights are for strong payout higher dividend. Jianguo Chen and Nont Dhiensiri(2009) suggest that relationship between dividend pay-out ratio (POR) with the pro Cash flow variability (CFV), ownership dispersion, insider ownership, free cash flow, collateral stable assets, Past growth (GROW1), future growth (GROW2), stable dividend policy and imputation credit (IMP). They analyze the determinants of the corporate dividend policy using firms listed on New Zealand Stock Exchange .They examined that firms traditionally have high dividend pay-outs compared with companies in the US. They find that their is a negative relationship between dividend payout ratio and CFV, Insider, Beta ,growth and positive relationship between ownership dispersion ,free cash flow, collateral stable assets stable dividend policy and imputation credit. Their conclusion provides strong support to the agency cost theory and partially supports transaction cost and residual dividend theory. They do not have any evidence to support the dividend stability theory a nd the signaling theory. 2.4 Signaling theory The explanation about the signaling theory given by Bhattacharya (1979) and John, Kose and Williams (1985) dividends allay information symmetric between managers and shareholders by delivering inside information of firm future prospects. 2.5 Effect of tax preferences theory Miller and Scholars (1978) find that the effect of tax preferences on clientele and conclude different tax rates on dividends and capital gains lead to different clientele. Tax Preference theory Investor gave an important consideration to the taxes. This should by keep in mind that the dividends are taxed at a higher rate than the capital gains. As such, capital gains are preferred by the investors as compared to the dividends. This is known as when the investments are actually sold only then the capital gains are paid. When capital gains are realized inverses can control, but dividend payments are un controllable by them and the related company controls the dividend payment. In an estate situation, capital gains are not realized. For example: If a stock is purchased by an investor 50 years ago and is held by him until his or her death, when it is passed on to an heir after he is expired. Now that heir does not have to pay taxes on stocks appreciation. 2.6 Life Cycle Theory Life Cycle Theory and Fama and French (2001) states that the firms should follow a life cycle and reflect managements assessment of the importance of market imperfection and factors including taxes to equity holders, agency cost asymmetric information, floating cost and transaction costs. 2.7 Catering theory According to Baker and Wurgler (2004) in Catering theory suggest that the managers in order to give incentives to the investor according to their needs and wants and in this way cater the investors by paying smooth dividends when the investors by not pay when investors prefer non payers but put stock price premium on payers. 2.8 Lintners Model John Lintner (1956) initiates with his theory relies on two important things that he studied about dividend policy: 1) According to the amount of positive net-present-value (NPV) projects the companies tend to set long-run target dividends-to-earnings ratios. 2) Earnings increases are not always bearable. As a result, until managers can see that new earnings levels are bearable, dividend policy is not changed As regards the empirical literature the roots of the literature on determinants of dividend Policy is related to Lintner (1956) seminal work after this work the model is extended by The Samy ben naceur, Mohamed goaied and Amel belanesthe (2006) during the period (1996à ¢Ã¢â€š ¬Ã¢â‚¬Å"2002) on the Tunisian Stock Exchange listed study the dividend policy of 48 firms. Lintners model is applied using static and dynamic panel data regressions. They examined that Tunisian firms rely more on current earnings that past dividends to fix their dividend payments in the way that dividends tend to be more sensitive to current earnings rather than prior dividends. Any inconsistency in the level of dividends is directly reflected in the earnings of the corporation. Samy ben naceur, Mohamed Goaied and Amel belanesthe (2006) focused on the relationship between dividend and ownership, liquidity, return on assets (ROA), profitability, investment, leverage ratio, size. The results indicate that highly profitable firms with more stable earnings can afford larger free cash flows and thus pay out larger dividends. Moreover, fast-growing firms distribute larger dividends so as to demand to investors. On the other hand, ownership concentration does not have any impact on dividend payment. In fact, being closely held Tunisian firms witness less agency conflicts and shareholders do not resort to dividends in order to reduce managerial discretion and protect their interests. The liquidity of the stock market has a negative influence, which confirms that the implementation of the electronic transaction system in the TSE has facilitated the realization of capital gains, which has reduced the need for dividend payments. At last, the negative coefficient on siz e found in the full sample has disappeared when regulated firms are excluded, which reduces the strength of this factor. Researchers have proposed many different theories about the factors that affect a firms dividend policy. Kanwal Anil and Sujata Kapoor (2008) analyzed that The Determinants of Dividend Payout Ratio-A Study of Indian Information Technology Sector. The period under study is 2000-2006 as it is known that the period of 5 to 6 years covers both recession and booming of IT industry. They stated that profitability has always been considered as a primary indicator of dividend payout ratio. There are numerous other factors other than profitability also that affect dividend decisions of an organization namely cash flows, corporate tax, sales growth and market to book value ratio. They suggest that dividend payout ratio is positively related to profits, cash flows and it has inverse relationship with corporate taxes, sales growth and market to book value ratio. Statistical techniques of correlation and regression have been used to explore the relationship between key Variables. Thus, the main theme of this study is to recognize the various condition that effect the decision of dividend payout poli cy of IT firms in India. In short factors influencing the corporate dividend policy, according to them, may substantially vary from country to country because of inconsistency or variations in legal, tax and accounting policy between countries. In view of these facts, the present study aims at identifying the variables influencing corporate dividend policy in Pakistan. CHAPTER III DEPENDENT AND INDEPENDENT VARIABLES Objective of this study is to determine factors that have an impact on dividend of Oil Gas Exploration and Oil Gas Marketing sector of KSE. Dividend yield is dependent variable and the three independent variable are size, profitability and growth. These variables are discussed here. 3.1 Dividend yield (DY) Arthur A Thompson in his book Crafting and Executing Strategy says that the measure of the return that shareholder receives in the form of dividend is called dividend yield (DY). A typical dividend yield is 2 -3%, the dividend yield for fast growth companies in often below 1%(may be even 0) and the dividend yield for slow-growth companies can run 4-5%. Dividend yield can measure by annual dividend per share divided by current market price per share. Samy ben naceur et el(2006)The DY (dividend yield ) as our measure of the dependent variable equals to dividend per share to price per share, payout ratio cannot be used as a measure of dependent variable because sample contains firms with negative earnings. Khamis Al-Yahyaee et el (2006) and Hafeez et el (2009) also used dividend yield (DY) as the dependent variable. CHAPTER IV EXPLANATORY VARIABLES This thesis selected 3 variables used by different researchers Samy ben naceur et el (2006) and Hafeez et el (2009). 4.1 Firm Size Hafeez et el (2009) The firm size has been calculated as the total assets of the firm because a posiyive coefficient is expected from this variable as there is a very low chance of bankruptcy in large more diversified firms and it can sustain higher level of debt. Scott and martin (1975) found that the size of the firm is very important factor which can affect the firms dividend policy and debt policy. A negative impact has been found by market capitalization and size of the firms on dividend payout policy which clearly shows that the firms prefer to invest in their assets rather than pay dividends to its shareholders. The financial characteristic of size has been explained by Market capitalization and the size of the firm. According to the null hypothesis for this financial characteristic there is no relation between the market capitalization and size with dividend payout ratio but the results show that there is a inverse and significant relationship between dividend payout and MV.Hence null hypothesis is rejected. The evidence supported by the finding of Belans et al (2007), Jeong (2008) deviate from Avazian et al (2006). Samy ben naceur et el (2006) the size of the firm by total market value (LNSIZE) and it is expected to be positively correlated with dividend paid. The literature suggests that size may be inversely related to the probability of bankruptcy (Ferri and Jones 1979; Titman and Wessels 1988; Rajan and Zingales 1995). In particular, larger firms should have an easier access to external capital markets and can borrow on better terms, Moreover, larger firms tend to be more diversified and their cash flows are more regular and less volatile. Thus, larger firms should be more willing to pay out higher dividends. Even the conflicts between creditors and shareholders are more severe for smaller firms than the larger ones. Khamis Al-Yahyaee et el (2006) they measure size of the firm from Log of sales. Firms dividend policy is influenced by variables such as size. There is an advantageous position for larger firms to raise external funds in the capital markets and are less dependent of internal funds. Therefore there is a negative relationship between dependence on internal financing and the size of the firm. Moreover, there is a chance of lower bankruptcy probabilities in larger firms and thus they are able to pay more dividends. Thus as per this research the hypothesis is H1= Firm size is positively associated with dividend payouts. 4.2 Firm profitability Empirical research found that there is a positive relationship between dividend yield and profitability. The more profitable the firms are, the more internal financing they will have, and thus are able to afford larger dividends. Some of them are as follow. Khamis Al-Yahyaee et el (2006) measured profitability by earnings before interest and taxes to total assets as our surrogate for profitability. Hence a positive relationship between profitability and dividend is expected. Since the annual profits pay the dividends therefore its logical that more dividends are paid by profitable firms. Samy ben naceuret et el (2006) measure the profitability by the return on assets (ROA) net income/total assets and it is positively correlated with dividend payments. Firms with high profitability can afford larger free cash flows and hence new investment opportunities. Therefore, paying higher dividends does not disturb them. In the same vein and according to the pecking order theory, firms prefer using internal sources of financing first, then debt and finally external equity obtained by stock issues. The more profitable the firms are, the more internal financing they will have, and thus are able to afford larger dividends. Hafeez et el (2009) measured Profitability Net Earnings and Earning Per Share after tax. The net earnings show the positive relationship with the dividend yield. The net earnings after interest, depreciation and after tax have been used as the explanatory variable to examine the role of earnings to pay dividends. Thus as per this research the hypothesis is H2= There is a positive relationship between a firms profitability and dividend payouts. 4.3 Firm Growth Samy ben naceur et el (2006) measure investment and growth by MBV (market value of equity/ book value of equity) and annual rate of growth of total assets. Firms anticipate higher growth, when they establish lower dividend payout ratio because growth entails higher investment expenditures. When firms retain higher proportion of earning to finance future investment need due to high cost of external financing, their dividend pay out in anticipation of future growth stands reduced. Hence, a negative relationship between dividend payout and expected growth is expected. Khamis Al-Yahyaee et el (2006) measure the growth opportunities through market-to-book ratio. A negative relationship is expected between growth opportunities and dividend. Large additions of capital are required by the firms experiencing substantial success and rapid growth. Consequently, lower dividend payout policies are expected by growth firms. Similarly, the pecking order theory predicts that more earnings are retained by the firms having a high proportion of market value followed by growth opportunities hence they are able to minimize the need to raise new equity capital. Free cash flow theory also predicts that their will be a lower free cash flow and lower dividend is paid by the firms with high growth opportunities. On the other hand Hafeez et el (2009) argued with the above researcher. According to the signaling theory the higher the firm grows, the higher they pay dividends to shareholders. The shareholders get signals from the growth of the firms having high growth opportunity. The sales growth has been used as proxy of Growth in the empirical analysis of the study and has been used as percent age change in sales annually as proxy of the growth. Whereas Kanwal Anil et el (2008), measured growth and investment by sales growth and MTBV. Hafeez Ahmed et el (2009) measures investment as SLACK = accumulated retained earnings/ total asset. Thus as per this research the hypothesis is H3= Firm growth is negatively associated with dividend payouts. Table 1 Summary of Proxy Variables and Research Hypotheses H1: Size MCAP = market capitalization Positive H2: Profitability ROA= net income/total assets Positive H3: Growth GROWTH = sales growth Negative CHAPTER V METHODOLOGY DATA COLLECTION METHOD The data is collected from Securities Exchange Commission of Pakistan, State Bank of Pakistan and the Karachi Stock Exchange. The variables of the study are calculated from the Audited Annual Accounts of 6 firms for the period of 2001 to 2008 resulting in about 240 observations for each variable and as such it is a long period enough to smooth out variable fluctuations. (Rozeff, 1982) SAMPLE Sample Size consists of six companies from oil and gas exploration and marketing sectors in Pakistan, listed on Karachi Stock Exchange (KSE) Total of six companies listed on Karachi Stock Exchange (KSE). Data collected from year 2001 to year 2008. STATISTICAL TEST Linear Regression test was performed to analyze data. Dividend yield is a dependent variable and growth, size and profitability are taken as independent variable. REGRESSION MODEL This study uses multiple regression analysis. This thesis estimate that Y= X0 + X1 + X2 + X3 + e Y = Dividend yield. X0 = Intercept of the equation. X1 = Firm size. X2 = Firm profitability. X3 = Firm sale growth. e = Error Term. CHAPTER VI DATA ANALYSIS AND INTERPRETATION Table 2 MODEL R SQUARE F Sig. 1 .223 3.917 .015(a) Table 2 above shows F Ratio for the regression model is significant which indicates that regression model is a best fit. Total variation in the dependent variable explained by the regression model as indicated by R square is .223 i.e. 22.3% change in dividend yield is explained by these three independent variables. Table3 UNSTANDARDIZED COEFFICIENT STANDARDISECOEFFICIENT t Sig. B Std. Error Beta (Constant) 0.066 0.011    5.826 0 Size -1.10E-06 0 -0.503 -2.879 0.006* Profitability 0.16 0.094 0.269 1.709 0.095** Sale growth 2.17E-07 0 0.484 3.038 0.004* *Significant at 1% **Significant at 10% Table 3 reports the ordinary least square results of the regression analysis. Results indicate that size of the firm is significant as shown in table 3 and shows that size is negatively correlated with dividend at 1% .As researcher taken in its own hypothesis that the size will present positive relation but its coefficient is negative which rejects researcher hypothesis. Since the size is also statistically significant but the hypothesis for this thesis shows that the growth is negatively related to dividend hence this hypothesis rejected. Some researcher result find out size as positive. Fama and French (2000 and 2001) concluded that more dividends are payable by large and more profitable firms. Lloyd and Jahera (1995 cited on holder 1998) concluded that those larger firms have easier access to capital markets which are more mature hence allowing for higher dividend pay-out ratios and reducing their dependence on internally generated funding. Aneel Kanwer (2002) measured size with total sale and researcher find out that size is positive related to dividend yields. Smaller company gives lower dividend as compared to larger company. Oskar kowalewki et el (2007) made a research in Poland and they measured size with total assets .they find out that size is positively related to dividends because more dividends are paid by companies which are larger in asset and size.. Some researcher result find out size as negative .The result of the research by Hafeez Ahmed et el (2009) on KSE (non financial firms) is similar to this thesis result. they measure size with natural logarithm of total assets This results indicates that the size of the firms have the negative impact on dividend payout policy which shows that the firms prefer to invest in their assets rather than pay dividends to their shareholders .. Samy Bin Naem et el (2006) made their research on the firms of the Tunisian Stock Market and They measured the size with logarithm of stock market capitalization. They concluded that there is a negative relationship between size and dividend, but the negative relationship disappeared when regulated firms are removed. Since the result of the researcher Fama and French (2000 and 2001) , Lloyd and

The Neglect Of The Native American Indian :: essays research papers

Nearly every Native American Indian tribe has experienced some kind of neglect or discrimination. The white man has forcefully moved tribes from their homes, broken treaties that were promised to them, and senselessly slaughtered thousands of innocent Indian men, women, and children. This kind of neglect is what led to the Battle of Little Bighorn Creek, a battle that is talked about in The Great Plains, the book I chose my topic from. The reason this subject touched me personally is because almost everyone who presently lives on the Great Plains has a certain percentage Indian blood running through their veins, including myself. The neglect of the Native American Indian in America has been a problem for generations, but it is a part of our history as Americans and therefore worth studying. Although everyone should be involved in finding out more about this subject, historians and the ancestors of Indians who have been neglected have a tendency to be the more interested than others. Historians, like Edward Sherrif Curtis, the writer of "The North American Indian", are aroused by the mysterious past of the Indians. Their curiosity is what drives them to devote their entire lives to find out more about this historic past time. Curtis, for example, devoted more than thirty years of his life, following, living with, and taking more than forty thousand pictures of eighty different Indian tribes (Curtis, par.1). Another well-known seekers of Indian information are the Indians themselves. Their drive comes from keeping their heritage alive and giving justice to their ancestors who were mistreated by the senselessness of the white man. One of their goals is to share the wealth of information that has been passed down from their elders, to help us better understa nd their way of life. During my research on this topic, I found that there is a vast amount of information out there, and it can be found almost anywhere. The Internet is where I began my search. Websites that talk about the history of the Indians like, Eyewitness: History through the eyes who lived it, Tour of the Florida Territory during the Seminole (Florida) Wars, 1792-1859, and Bitterroot National Forest of Western Montana were very useful tools for writing this paper. They talked about the hardships of the Indians, the wars they were in, how those wars were started, and how the tribes in those wars have been mistreated.