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.