Stress Essay Example for Free

Stress Essay In closing, Stress is a very serious matter that shouldn’t be taken lightly. As stated there’s many consequences that can follow a life full of stress, being life damage, failure, and even death. On the other hand there’s ways to manage and a get threw stress periods, also being talking to others concerning this problem. Stress is common things in the everyday life of are citizens no matter the race, age, nor place of origin. It’s a serious matter that should be taken seriously by all and handled at its highest level. Live life as you want to and never let anything stop you from being who you want to be. Stress is never worth losing your life over and will never equal to the joy in life that makes life so much worth living. Situations requiring change or a response is reacted by the bodys action stress. Stress can be positive or negative. How stress is handled is called Fight or Flight. Stress can be positive by keeping one positive and ready to avoid danger. Positive stress can be good by motivating one to take that extra step or to get it over with. Negative stress is when challenges keep coming one after the other without any sort of relaxation inbetween. Feeling overworked can lead to feeling distressed. Launching into overdrive in every situation really makes an impact on the body. Stress affects the emotions, behavior, and physical health in so many ways. Stress affects the emotions where all of a sudden everything feels overwhelming, tense, and on edge. Stress can make people feel irritable and aggravated easily. Emotional stress is almost always self created. Thinking about the situation and just that situation can put strain on the nerves and brain. Other emotional symptoms of stress can be followed by impatience, lonlieness, short temper, restlessness, and moodiness. Theres always the saying dont stress yourself to death. Stress affects the behavior of a person and there actions. Someone may try and block out what is emotionally stressing them by over shopping, over working, or over exercising. Being stressed may cause someone to eat more or less, or lose or gain weight. Using alcohol, ciggarettes or drugs to release whats making you nervous instead of doing something healthy is a behavioral issue. Someone being stressed out from being in constant over drive may start neglecting responsibilites. The emotional systems of feeling irritable and on edge affects the behavior by overreacting on small situations and picking Modern life is fast paced and competitive. Ambition is thebuzzword and everyone is looking for success, money, fame and glory. Today one burns the candle at both ends to live a successful life and it results into severe stress. Stress may be defined as an anxiety syndrome due to work pressure. It also caused due to emotional, physical or mental tensions. The Fear of Failure or being left behind leads to ahectic pace of life which is detrimental to one’s physical health. The lure of money and fame also makes one work beyond one’s capacity leading to strain and stress. Modern life is pretty mechanical, it leads to lack of exercise which aggravates stress. Couch potato lifestyle or being confined to a chair leads to obesity and stress. The hectic lifestyle leads to imbalanced diets, wrong food habits and endless cups of caffeine or aerated drinks makes one more prone to stress. This in turn leads to ailments like high blood pressure, diabetes, heart problems etc. Stress can be overcome with discipline, yoga and meditation. A proper diet clubbed with regular exercise is needed to minimize the element of stress. As a result, we can conclude that we should put stress in an important position in our lives. It should be in a reasonable and a modest level. Therefore, we can be more aware of the events, the things and the people around us. Without stress, the easiness within our lives would be boring. We can not maintain easy goingness all the time. The life wouldn’t be exciting without it. The controversy of this story comes both from the religious aspect and the feminism aspects. It is commonly believed that the story is very stereotypical of the gender differences and goes against feminist perspectives. This is by far the most accepted criticism of the story however some people have a completely opposed view; although usually it is men who disagree with this. At this point I want to make an observation Christianity has incorporated Midsummer into the calendar, observing the feast day of St John the Baptist on June 24. Its thought that this is because Summer Solstice was a celebration of victory of sun and light on the longest day of the year over darkness and death. Its also the alleged date of St Johns death. Interestingly it is directly opposite the feast day of the birth of Christ. St John baptized Jesus and proclaimed him The Saviour, so this particular day is supposed to point to Jesus triumph over death). Summer Solstice is also called Litha or St. Johns Day, and in Pagan times it was an important religious event. Tribes would gather to celebrate the longest day of the year. Whole communities would participate in the celebration, paying homage to nature and the planets. Mother Earth was commemorated as The Goddess, while The God was represented as the Sun King. The festivities were filled with colour yellow for the harvest, green representing nature and blue for the sky. Some of the rituals that took place during Summer Solstice are kept alive today by modern Pagan faiths.

Explanations of disorders of memory Essay Example for Free

Explanations of disorders of memory Essay An evaluation point for repression is research by Levinger and Clark, they carried out a study where the Ps were given negatively charged words and neutral words. They had to do a word association task whilst having their skin response measured. The Ps were then given the cue words again and asked the associations hey had just reported. They found that Ps took longer to recall the negatively charged associations than the neutral ones. So it could be said that it took longer to access the unconscious mind for the word associations. It has been reported that between 20-60% of people undergoing therapy as a result of child sexual abuse report periods in their lives when they could not remember the abuse had taken place. This supports repression as it shows that the memories had been repressed in their unconscious. However it could be said that they did not want to recall the events so therefore pretended they couldnrsquo;t remember. Freud published case studies for his neurotic patients to support his ideas of repression. These have been questioned as inaccurate, however the case studied were unique and one off and cant be generalised as the study took place on white,middle class neurotic women only. The study could be therefore be said to be Oestocentric and culture bias. The study however did have rich qualitative data. Post traumatic stress disorder is where people re-live traumatic events that have taken place in theory lives. This contradicts repression theory as these people are always remembering it as its not being repressed like Freud says they should. Robinson et al found that the memory of childbirth pain seems to be forgotten or repressed over time. This supports Freuds theory as child birth can be very traumatic however there are problems with using this evidence to support repression. It is difficult to generalise as the pain of childbirth is more painful and lasts longer than other types of pain. In conclusion all the theories of forgetting have their strengths but some seem to have more credibility and face validity than others. Psychologists however have considered that forgetting can be induced by memory disorders such as amnesia and dementia.

The Factors affecting dividend payout policy

The Factors affecting dividend payout policy INTRODUCTION Dividend policy in the firm has been the major matter for recognizing how managers set dividend ratio and change dividend given to stockholders. The existing literature on dividend payout ratios provides firms with no generally accepted prescription for the level of dividend payment that will maximize share value. Black (1976) in his study concluded with this question is that what the corporation should do about dividend policy. It has been argued that dividend policy has no cause on either the price of a firms share or its cost of capital. Thus, extensive studies were done to find out various factors affecting dividend payout ratio of a firm. The setting of corporate dividend policy remains a troublesome issue and involves ocean deep judgment by decision makers. The behavior of dividend policy is the most debatable issue in the corporate finance literature and still keeps its prominent place both in developed and emerging markets. Many researchers try to uncover the issue regarding the dividend behavior or dynamics and determinants of dividend policy but still dont have an acceptable explanation for the observed dividend behavior of firms (Black, et.al (1976), Allen and Michaely, 2003 and Brealey and Myers 2005). One of the well known explanations of dividend behavior is the smoothing of firms dividends vice versa earnings and growth. Linter (1956) found that firms in the United States adjust their dividends smoothly to maintain a target long run payout ratio. Numerous studies appeared after this work and facts suggested that the dividend policy of the companies varies from country to country due to various institutions and capital market differences. The study examined the relationship between determinants of dividend payout ratios from the context of a developing country like Pakistan. The primary objective of this thesis is to find out whether numerous factors influence the dividend payout ratio of Sugar Sector in Pakistan. The purpose of this study is to investigate the dynamics and determinants of dividend policy of sugar firms in Pakistan. After that it explored how Pakistani firms set their dynamic dividend policies in a different institutional environment than that of developed markets. This study examined whether Pakistani firms follow stable dividend policies as in developed markets or they are going to retain their earnings. The paper also identified the areas of firm level factors that influence the degree of dividend smoothing. This paper indicated that importance of institutional features towards the dynamic of dividend policy and also critical out the advantages of examining the dividend policy in different institutional environments. The outcomes of the thesis provided meaningful and handy information in the role of institutional factors which creates dividend policy at firms level. More than a few studies become visible after this work and evidence suggest that the dividend policy of the c ompanies varies from country to country due to various institutions and capital market differences. The Pakistans capital market and the economy have several important features for examining the dynamics of dividend policy. Firstly Pakistan is moving towards the development and improving the economy position in the world since the 1980. Pakistan capital markets are much better than before. Many studies conclude that firms are likely to pay constant dividend during the high growth period and it is interesting to find that how dynamic dividend policy is determined in growing economy like Pakistan. In fact, in Pakistan the many major investors are still disagreed with dividends and consider stock prices positive reception as the major part of stock returns therefore, it is assumed that investor attitude towards dividends is expected to have an impact on the way in which firms set their dividend policy in Pakistan. Sugar Industry in Pakistan The sugar industry plays an important role in the economy of the Pakistan. It is the second largest industry after textiles. The Pakistan sugar industry is the second largest agro based industry consists of 78 sugar mills with per year crushing capacity of over 6.1 million tones. Sugarcane farming and sugar manufacturing contribute significantly to the national exchequer in the form of various taxes and levies. Sugar manufacturing and its by-products have contributed appreciably towards the foreign exchange resources through import substitution. The Sugar industry employs over 75000 people, including management experts, technologists, engineers, and financial experts, skilled, semiskilled and unskilled workers. It contributes around 4 billion rupees only under the head of excise duty and other levies to the Government are also paramount significance. In the year 2008-09 sugarcane production is estimated at 51.5 MMT, a decrease of 19 percent over the previous year due to both a decline in area harvested and yield. Milling policies and practices, coupled with attractive prices for alternative/competing crops (rice, cotton and sunflower) and insufficient irrigation supplies are major factors limiting crop expansion in the country. In the year 2009-10 sugarcane production is estimate at 53.6 MMT, an increase of 4 percent over the previous year due to an expected increase in area and yield. A shortage of cane supply during the current crushing season led to an increase in cane prices. This situation benefitted growers who received prices higher than the indicative prices announced by the Government. This development is expected to contribute to an increase in sugarcane area and productivity in the ensuing year. Moreover, last years higher production of rice and sunflower led to lower prices received by farmers, thereby encouraging the switch back to sugarcane. Purpose of the Study In Pakistan there were few firms which paid dividend to stockholders constantly. For this explore, the listed sugar firms of Karachi Stock Exchange (KSE) were not able to pay their dividends and which factors are influencing or determining the dividend policy in Pakistan. In this thesis it examined the number of firms various factors and their function in dividends policy. The liquidity of the stock market, is the profitable firms are paying dividends in Pakistan, is the firms with greater investment opportunities pay less dividends in Pakistan, is the dividends and debts are substitutes and the degree of leverage is negatively associated with dividends payments and finally examined the firms with greater cash flows pay lesser dividend in Pakistan. Research Objective Objective of thesis has to find out the relationship between dividend policy and operating cash flow, EBIT, Sales and Debt to Equity Ratio. It is very important for investors to examine the factors of dividend policy that whether they have been impact on the sugar sector of Pakistan or not. Hypotheses Development H1: There is association between CFO and dividend payout ratio. H2: There is association between Debt to Equity and dividend payout ratio. H3: There is association between Revenue and dividend payout ratio. H4: There is association between EBIT and dividend payout ratio Thesis Structure: This thesis is composed of five chapters. The first part of a thesis is introduction (Chapter I).Then after it evaluates and discusses the literature review in (Chapter II), in this chapter it examined the dividend payout policy of Pakistan and the main factors that influenced on it, theories, models put forward by many well-known authors is examined various studies. In (chapter III), it explained research methods and sample in detail. (In chapter IV),examined the dividend payout policy and the main indicators that affect the dividend payout policy of listed firms on the Karachi Stock Exechange 100 over the period 2003-2008 and present the interpretation of results. Finally in Chapter V, we present and discuss the main contributions and conclusion, implication and recommendation of this thesis. CHAPTER-2 LITERATURE REVIEW Naceur (2006) found that the high profitable firms with more stable earnings can manage the larger cash flows and because of this they pay larger dividends. Moreover, the firms with fast growth distribute the larger dividends so as attract to investors. The ownership concentration does not have any impact on dividend payments. In Indian case Reddy (2006) showed that the dividends paying firms are more profitable, large in size, and growing. The corporate tax or tax preference theory does not appear to hold true in Indian context. Amidu and Abor (2006) found dividend payout policy decision of listed firms in Ghana Stock Exchange is influenced by profitability, cash flow position, and growth scenario and investment opportunities of the firms. Lease (2000) the firms should follow a life cycle and imitate managements assessment of the importance of market imperfection and factors including taxes to equity holders, agency cost asymmetric information, floating cost and transaction costs. Linter (1956) studied and developed a compact mathematical model based on survey of 28 well established industrial U.S. firms which is well thought-out to be a finance classic. According to him the dividend payment pattern of a firm is influenced by the current year earnings and previous year dividends. Linters (1956) study of dividend policy found that a firms bottom line net income is the key determinant of dividend changes, which in his sample are largely dividend increases since he primarily surveys healthy firms. If one can extrapolate this finding to dividend decreases, it implies that low bottom line earnings drive dividend reductions. Jensen (1986) argued that debt is an effective substitute mechanism for dividends in this respect. By issuing debt instead of equity, managers give bondholders the right to take the firm into bankruptcy court if managers do not maintain their promise to make the interest and principal payments. This substitutability between debt and dividends as alternative mechanisms for reducing the agency costs of FCF implies that firms that use low debt ratios will tend to follow a policy of high- dividend payout. Alli (1993) the liquidity or cash flows position is also an important determinant of dividend payouts. A poor liquidity position means less generous dividends due to shortage of cash. It reveals that dividend payments depend more on cash flows, which reflect the companys ability to pay dividends, than on current earnings, which are less heavily influenced by accounting practices. They claim current earnings do no really reflect the firms ability to pay dividends. Farzad Farsio and Amanda Geary (1983) in their research the relationship between Dividends and Earnings say that dividends have no explanatory power to forecast future earnings. They presented four cases for possible effects of earnings on future dividends and show that there should be no significant relationship between dividends and future earnings in the long run. The contribution of this study is that it provides financial managers and investors with evidence that it would be a mistake to base investment decisions on inferences about dividend/earnings relationships that rely on some certain short-term periods. John and Kalay (1982) Debt agreement to minimize dividend payments are necessary to prevent bondholder wealth transfers to shareholders. An additional way dividend payout ratio affects agency costs is the reduction of agency cost through increased monitoring by capital market. Analysis shows the positive association among profitability and dividend payout ratio, corporate tax and cash flows. The study also suggests that when the liquidity of companies increases the companies disburse more dividends. The companies with dynamic profitability find out hard to disburse dividends. Last but not least, conclusion of the study shows that cash flow, profitability, growth and investment opportunities influence the dividend payout policy. Amidu and Abor (2006) conducted and they have taken the Payout Ratio as dependent variable and defined as dividend per share divided by earning per share. The included the explanatory variable profitability(profit), risk(risk), cash flows (cash), corporate tax(tax), institutional holdings(INSH), Sales Growth and Market to Book value(MTBV). By using the Panel data which involves the pooling of observations on a cross sectional of unit over several time periods and provides the results that are simply not measurable in pure cross-sections or exact time series studies. Because the panel time series is different from a regular time series or cross section regression equation and each variable use the double subscript in the data. Jensen (1986) concluded that funds remaining after financing all positive net present value projects cause conflicts of interest between managers and shareholders. Dividends and debt interest payment decrease the free Dividend payout ratios in Ghana cash flow available to managers to invest in marginal net present value projects and manager perquisite consumption. Crutchley and Hansen (1989) examined the hypothesis that financial leverage, dividends and managerial ownership are jointly determined by firms attempts to minimize the total agency costs of debt and equity. Chaplinsky and Niehaus (1992) examine whether managerial ownership share and financial leverage common determinants. In addition to the agency costs of debt and equity, they also assess whether these decisions are governed by the tax advantage of debt, the costs of issuing securities and the demand for risk sharing by insiders. Avazian (2006) conducted the study on United Stated listed firms at NYE and find that decision to smooth dividends depend at the part of public market access as proxies by the rating of bonds. In their study dividend payment is the optimal for firms raising debts in the public Unknown bond markets but not for firms in the private informed bank markets. In this logic the dividend decision is related to information asymmetric between the managers and the creditors of the firms. Pruitt and Gitman (1991) found that risk (year-to-year variability of earnings) also important factor firms dividend payout ratio. A company that has constant earnings is often able to forecast approximately what its future earnings will be. Company is therefore more likely to pay out a higher percentage of its earnings than a firm with unpredictable earnings. The liquidity or cash flow from operation is an important factor of dividend payouts policy. A less liquidity position means less generous dividend due to shortage of cash. He exposed that dividend payments depend more on cash flows, which reflect the companys ability to pay dividends, than on current earnings, which are less heavily influenced by accounting practices. They claim current earnings do not really reflect the firms ability to pay dividends. (Alli, 1993) Green (1993) questioned the irrelevance argument and investigated the relationship between the dividends and investment and financing decisions. Their study showed that dividend payout ratio is not totally decided after a firms investment and financing decisions have been made. Dividend decision is taken along investment and financing decisions. Higgins (1981) indicated a shortest link between growths and financing needs, speedily growing firms have external financing needs because working capital needs usually exceed the cash flows from new sales. Daniel (2007) conducted the study that they found that firms are more likely to manage their earnings upward when their earnings would otherwise fall down of expected dividend levels. The earning management behavior significantly impacts the likelihood of dividend cut. The firms made discretionally accruals because reported earnings to exceed the expected dividend levels are significantly less likely to cut dividends than those firms whose reported earnings fall down of expected level of dividends. They conclude that managers treat expected dividend levels as a vital earning threshold. Higgins (1972) and McCabe (1979) et.al the leverage (Lev) also influenced the dividend behavior of the firm, if the level of the leverage is high that mean the firm is high risky in the cash flows. The negative effect of leverage on dividends payments is documented in the literature, finds that the firms with higher leverage pay lower dividends in order to evade the cost of raising external capital of the firm. Lintner (1956) founded that past dividends of the companies and current earnings are the key determinants of current dividends and managers prefer to maintain stable dividends and make cyclic adjustments toward a target payout ratio. Arditti (1976) carried out research in order to evaluated dividend policy with respect to taxes and uncertainty. The purpose of this paper has been to tackle the distressing dilemma of the zero dividend solution by clearly incorporating MMs original proposal that dividends have an information aspect that is of potential worth to investors. The analysis of ambiguity they have offered is only one of many possible hypotheses which can account for the experimental fact that companies naturally do not take on intense dividend policies. Arnott and Asness (2003) suggested that a higher payout ratio results in low future growth, based their study on America stock market it founded that higher aggregate dividend payout ratios were associated with higher future earnings growth. Modigliani and Miller (1985) carried out research to evaluate dividend Policy under asymmetric information. The Standard finance model of the firms dividend/investment/financing decisions gives manager more appropriate information regarding the firms current earnings. The purpose of research is to replace the assumption built by Miller and Modigliani that the outside investors and inside managers have the same information about companies profit and future income with the assumption that inside managers know more than outside investors about the actual situation of firms current earnings. James A. Gentry (1990) informed about free cash flow analysis, showed that the financial position of a company depends upon its ability to generate net operating cash flows that are sufficient to cover up a hierarchy of cash outflows. The profiles generated from a large sample of companies show that relative cash flow components vary across company size and across industry groups. The researcher hopes that these profiles will serve as benchmarks for comparing cash flow components and encourage financial analysts to use cash flow analysis. Miller and Modigliani et.al (1961) suggest that in perfect markets, dividend do not affect firms value. Shareholders are not concerned to receiving their cash flows as dividend or in shape of capital gain, as for as firms doesnt change the investment policies. In this type of situation firms dividend payout ratio effect their residual free cash flows and the result is 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. Gordon and Walter (1963) present the bird in the hand theory which says that investors always prefer cash in hand rather than a future promise of capital gain due to minimizing risk. Jensen and Meckling (1976) the agency theory is based on the conflict between managers and shareholder and the percentage of equity controlled by insider ownership should influence the dividend policy. 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 firm size (SIZE) defined as natural logarithm of total assets is expected to have a positive effect on dividend payouts as large more diversified firm are likely to have very low chance of bankruptcy and can sustain higher level of debt. In investigating the determinants of dividend policy of Tunisian stock Exchange, found that the high profitable firms with more stable earnings can manage the larger cash flows and because of this they pay larger dividends. (Naceur, 2006) Baker (2007) reports that Canadian dividend paying firms are significantly larger and more profitable, having greater cash flows, ownership structure and some growth opportunities. The liquidity or cash flows position is also an important determinant of dividend payouts. A poor liquidity position means less generous dividends due to shortage of cash. Alli et.al (1993) reveal that dividend payments depend more on cash flows, which reflect the companys ability to pay dividends, than on current earnings, which are less heavily influenced by accounting practices. They claim current earnings do no really reflect the firms ability to pay dividends. Megginson and Eije (2006) examined that the dividend paying tendency of fifteen European firms decline dramatically over this period 1989 to 2003. The increase in the retained earnings to total equity doesnt increase the payout ratio, but company age does. The empirical study of Canadian dividend-paying firms found that they try to maintain stable dividends per share, are reluctant to decrease the payout level, and smoothly adjust the level of payout based on level of expected future earnings. (Adjaoud, 1986) Easterbrook (1984) argues that increasing dividends raises the probability that additional capital will have to be raised externally on a periodic basis and consequently, the firm will be subject to constant monitoring by experts and outside suppliers in the capital market. Green (1993) questioned the irrelevance argument and investigated the relationship between the dividends and investment and financing decisions. Their study showed that dividend payout levels are not totally decided after a firms investment and financing decisions have been made. Dividend decision is taken along investment and financing decisions. Partington (1983) revealed that firms use of target payout ratios, firms motives for paying dividends and level to which dividends are determined are independent of investment policy. Lipson (1998) conducted study to examine the factors that derives dividend initiations and earnings surprises, look at the performance of newly firms that started dividends with those that did not. Earnings increases following the dividend initiation and earnings revelations for initiation firms are more constructive than for those non initiating firms. In an economy that charges taxes on investment income, dividends are obviously a disadvantageous means of transferring wealth to shareholders. To validate dividend costs, two clarifications are typically given: dividends are used to solve agency problems inside the firm, or dividends are used to communicate information to the market. H. Kent Baker, Gail E. Farrelly (1983) in their study A Survey of Management Views on Dividend Policy say that the major determinants of dividend payments today appear strikingly similar to Linters behavioral model developed during the mid-1950. In particular, respondents were highly concerned with dividend continuity. Second, the respondents seem to believe that dividend policy affects share value, as evidenced by the importance attached to dividend policy in maintaining or increasing stock price. Although the survey does not uncover the exact reasons for their belief in dividend relevance, it does provide evidence that the respondents are generally aware of signaling and clientele effects. Finally, the opinions of the respondents from the utilities differ markedly from those of the other two industries. Smith and Watts (1992) examined the relationship among executive compensation, corporate financing and dividend policy. They concluded that a firms dividend policy is affected by its other corporate policy choices. Jensen et.al, Solberg and Zorn (1992) linked the interaction between financial policies (dividend payout and leverage) and insiders ownership to informational asymmetries between insiders and external investors. They found that corporate financial decisions and insider ownership are interdependent. Lintner (1956) suggested that the firms have long run target dividend payout ratios and place their attention more on dividend changes than on absolute dividend levels. He also finds that dividend changes follow shifts in long-run sustainable earnings and managers are hesitant to make dividend changes that may later need to be reversed. Managers also try to stabilize dividends and avoid dividend cuts. Linter developed a partial adjustment model to describe the dividend decision process that explained 85 percent of year-to-year dividend changes. Gordon (1959) argued that an increase in the dividend payout raise stock price (value) and lowers the cost of equity, but practical support for this position is weak. Bemstein (1996) maintain that dividend policy makes no difference because it has no effect on either stock prices or the cost of equity. According to Gordon (1959) a higher payout ratio will reduce the required rate of return (cost of capital), and hence increase the value of the firm. Miller and Rock (1985) dividends contain this private information and therefore can be used as a sign device to influence share price. An announcement of dividend increase is taken as good news and accordingly the share price reacts favorably, and vice versa. Only good-quality firms can send signals to the market through dividends and poor-quality firms cannot mimic these because of the dissipative signaling costs. According to Easterbrook (1984) the agency costs thesis predicts that dividend payments can reduce the problems associated with information asymmetry. Dividends may also serve as a mechanism to reduce cash flow under management control, and thus help to mitigate the agency problems. Reducing funds under management discretion may result in forcing them into the capital markets more frequently, thus putting them under the scrutiny of capital suppliers. The tax-preference theory posits that low dividend payout ratios lower the required rate of return and increase the market v aluation of a firms stocks. Because of the relative tax disadvantage of dividends compared to capital gains investors require a higher before-tax risk adjusted return on stocks with higher dividend yields. Higgins et.al indicated that a direct connection between growth and financing needs: growing firms have outside financing requirements because working capital needs normally go beyond the incremental cash flows from new sales. It showed those payouts ratios are negatively related to firms need top fund finance growth opportunities. (Higgins, 1972) De Angelo (2004) conducted a study on dividend policy, agency cost and earned equity. The study told that why companies pay dividends? If they didnt have their assets and capital structure, would ultimately become unsustainable as the earnings of successful firms surpass their investment opportunities. They found that dividend payments prevented major agency problems since the retention of the earnings would have given the managers command over an additional $1.6 trillion without access to better investment opportunities and without any monitoring. This sense suggests that firms with high retained earnings are especially likely to pay dividends. In this view, firms pay high dividend when earned equity to total equity is high, and decline when this ratio declines and when this ratio is zero or near to zero, meaning that firms dont have the earned equity. They finally found that the highly significant association between the decision to pay dividends and the ratio of earned equity to t otal equity controlling for size of the firm, profitability, growth, leverage, cash balance. CHAPTER-3 RESEARCH METHODS As a various factors available in literature review have been identified that they affect the dividend policy decisions of the companies. It includes some important variables in order to achieve at some positive conclusions. Multiple linear regressions model has been developed to conduct the research, which contain of dependent variable and independent variables. Dependent variable in this study has dividend payout that is defined as the percentage of earnings disbursed as dividends. While the independent variables include of profit (EBIT), sales, debt equity ratio and cash flow from operation. These four variables are used as predictors in order to conclude that how much each of the variables affects the dividend payout of sugar firms listed on the Karachi Stock Exchange over the period of eight years (2001-2008). Model: DP = ÃŽÂ ± + ÃŽÂ ²1 EBIT + ÃŽÂ ²2 sales + ÃŽÂ ²3 CFO + ÃŽÂ ²4 DER+ ÃŽÂ µ DP is the annual dividend paid by firms during the period, while ÃŽÂ ± is Alpha constant in the model. Whereas ÃŽÂ ² (beta) shows the times of the variable in the model and ÃŽÂ µ represents the error term. Variables include in the model are Earning before interest and tax, Sales per year, Cash flow from operation and Debt equity ratio. Dependent Variable: Dividend payout ratio: The dividend policy is the one of the very important issue of corporate finance. It developed the dividend model which becomes very famous and known as Linter Partial Adjustment Model. According to the Linter each firms i has target dividend payout ratio. By using the target payout ratio linter calculated the target dividend at time (Dit*) as percentage of net earnings of the firms i at the time t (Eit), i.e Dit*= ri. Eit. John Linter (1956) In this study we used dividend payout ratio as dependent variable. It is calculated by percentage of net earnings of the firms paid at the end of period. The set of determinants of dividend payout ratio consist of following variables. CFO (cash flow), Sales, EBIT (earning) and Debt to Equity Ratio (leverage). Independent Variable: There are four independent variables are used in this thesis to find out their impact on the dependent variable as dividend payout. Operating Cash Flow: The liquidity or cash flows position is also an important determinant of dividend payouts. A poor liquidity position means less giving dividends due to shortage of cash. Alli (1993) reveal that dividend payments depend more on cash flows, which reflect the companys ability to pay dividends, than on current earnings, which are less heavily influenced by accounting practices. They claim current earnings do no really reflect the firms ability to pay dividends. The market liquidity is defined as annual value of stock traded divided by the stock market capitalization. Market liquidity is one of very important factor that can influence the decision or behavior of the dividend policy. Belanes (2007) there is a negative relationship between the market liquidity and dividend yield in Tunisian Stock exchange (TSE). OCF= EBIT +Depreciation-Taxes H1: There is positive impact of CFO on dividend payout ratio. Debt to Equity Ratio (leverage): The leverage has been used as proxy of Debt to equity ratio and variable in this study. Because debt to equity is very important variable for the determinants of dividend policy,if the level of the leverage is high its mean the firm is more risky in the cash flows. The effect of negative leverage on dividends payments is already documented .Higgins (1972) and McCabe (1979) suggested that long term debt had

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With a topic as frequently discussed as racial discrimination within our criminal justice system, there are many opinions and theories as to why our correctional facilities are populated with the type of inmates that are housed within. Fortunately, it has not been proven true that our criminal justice system is run in a racially discriminating manner, rather debated and analyzed in many lights. Discrimination is prohibited, as a matter of constitutional and statutory law, in a wide range of settings (Banks, Eberhardt & Ross, 2006). Who is it that teaches us who to be afraid of within society? Who are the â€Å"bad guys† that we should avoid? How many times do our parents tell us during our childhood to avoid certain people and places? Examples being a stranger with a van, neighborhoods to avoid late at night and other precautions that shape the way we think and believe as we grow of the dangers within our society. These same precautions that we are accustomed to during our ch ildhood become embedded into our minds throughout adolescence and leading into adulthood. How do our parents determine who the â€Å"bad guys† are that we ought to avoid? If our own parents are raising us to distinguish between individuals, are they possibly raising us in a racially discriminating way? If that were the case, then who are we to criticize our criminal justice system for possibly doing the same? Criminologists generally agree that young people are more likely to commit crime than old people, men more than women, city dwellers more than country folk, the poor more than the rich, and the minorities more than whites (Cole, 1999). Logically, there is no one criteria of who can be immediately classified as the â€Å"type† of person that would commit crimes and the... ...e to look for and apprehend individuals. As Cole (1999) explained, police departments must be willing to disclose to the public the demographics of their enforcement tactics. If society is not aware of why the police is going after the individuals they are, society is left to assume their own reasons which more often than not leads to the thought of racial discrimination. Racial discrimination is not a just way to run a criminal justice system nor any other aspect of our free communities. As a country, the United States has come a long way and as a nation has given us the right to life, liberty and the pursuit of happiness. Until there is concrete proof that the criminal justice system is being run on a racial basis, it would behoove us to trust those in charge and continue following the laws in place to make the best possible example for others within our society.

Essay --

Introduction 　　　　Here is an interesting forecast: half of recent marriages will end in divorce. (Mahl, 2001) If this forecast proves to be true, then the questions related to divorce will be studied more in depth than ever before. An important consideration many couples make before deciding to separate has to be the negative impacts their divorce may have on their children. The general myth around is that divorce brings negative effects to the children. However, according to recent research conducted on the topic, there appears to be no conclusive evidence indicating that divorce will lead to negative impacts on the children involved. In fact, research suggests the impact of parental divorce on children is solely depended upon the situation. (Cartwright, 2006) Since each situation is different, the impact of parental divorce varies as well. This essay will examine recent sociological articles on the issue of parental divorce and its impact on the children involved. We will be investigating the impact of parental divorce on the children’s view towards their own life, the children’s relationship with their divorced parents as well as the children’s attitude when it comes to their own relationships. Impact on their individual lives A parental divorce will likely cast certain effects on the lives of the next generation involved. An important qualitative issue that requires examination is how parental divorce changes children’s view towards themselves. In a research conducted by Claire Cartwright, a large number of participants claimed that their parents’ divorce had caused them to lose trust in others, become too emotional, and develop self-esteem and communication issues. (Cartwright, 2006) These appear to be the immediate negative... ...t among young adults: The effects of parental divorce and residential stability.  Journal of Divorce & Remarriage,  54, 95-111. Miles, N., & Servaty-Seib, H. (2010). Parental marital status and young adult offspring's attitudes about marriage and divorce.  Journal of Divorce & Remarriage,  51, 209-220. Cartwright, C. (2006). You want to know how it affected me? young adults' perceptions of the impact of parental divorce.  Journal of Divorce & Remarriage,  44, 125-143. Darlington, Y. (2001). "when all is said and done":the impact of parental divorce and contested custody in childhood on young adults' relationships with their parents and their attitudes to relationships and marriage.  Journal of Divorce & Remarriage,  35, 23-42. Mahl, D. (2001). The influence of parental divorce on the romantic relationship beliefs of young adults.  Journal of Divorce & Remarriage,  34, 89-118.

The Mystery of Edwin Drood by Charles Dickens Essay -- essays research

â€Å"It has often been remarked that woman have a curious power of divining the characters of men†(75). This quotation from The Mystery of Edwin Drood by Charles Dickens reflects the opposite of what a typical Dickensian society is supposedly based upon. In this standard society, the plot would be based around the life of a dominant male. Although the title reflects a male name, the movement in the novel is directly related to the exploits of a particular character, Rosa Bud. Fondly called Rosebud by her peers, she is the apple of every man’s eye and the envy of every woman’s. She takes control in the plot not because she evidences forceful or masculine qualities, but because the powerful characters in Cloisterham, males, are all in love or feel a kinship to Rosebud. The power is therefore transferred into her hands as a result of her ability to influence these characters through their love and admiration for her. Attending school at a nunnery, Rosa’s female friends rarely have any contact with men. Through her betrothal to Edwin Drood, Rosa is the only woman within the nunnery that has a man to court her. She is the only woman mentioned, in the nunnery, that is going to be married off to a man, not God. Rosa capitalizes on this situation by leading the other girls in the nunnery to be her â€Å"poor pets†(118). She realizes that the girls as well as the head of the school, Miss Twinkleton, who describes Rosa as her â€Å"pet pupil†(14), look at her to be the embodiment of romance because of her prospective marriage. Miss Twinkleton and the girls live their love lives through Rosa, â€Å"over her shoulder†(51). Rosa feeds into the situation by making sure that the girls are watching her and letting Edwin know that they â€Å"must get married . . . the poor girls would be so dreadfully disappointed† (17). She uses her power over Edwin, which is given through l ove and devotion to her and both of their parent’s wishes for them to be married, as a way to stay in control at the nunnery. She is the object of the gaze to all of the girls and Miss Twinkleton, â€Å"nothing escapes their notice†(18). Realizing that she is the object of their gaze, she remains in control by showing the girls what she has with Edwin from afar. The girls are under the impression that Edwin and Rosa are in a perfect relationship when, in actuality Rosa decides that they have to â€Å"pretend that you (Edwin) are engag... ...t can be said from the information gathered that Rosa tries to keep bits of information from people so that she is the only one that has all of the control. The squabble that occurs between Neville and Edwin is a result that Neville feels that Edwin does not appreciate Rosa and his â€Å"good fortune that is not by any means necessarily a result of his good merits†(60). Neville has affection for Rosa after just meeting her a few nights ago. The argument results in Neville flinging his â€Å"dregs of wine at Edwin Drood†(61). This scene reflects Rosa’s ability to take new people that come to Cloisterham and get them to instantly feel a kinship to her. She has the capacity to force Neville into â€Å"rising in a fury†(61), after just recently meeting him. The plot line in The Mystery of Edwin Drood, although written in the 19th century, reflects the life of Rose Bud. Though she does not appear to be the main character in the novel, the plot revolves around her actions and opinions. Her secrecy about certain things to different characters enables her to accomplish this. Every other character’s fascination with her makes it easy for her to make allies and create confidant, all working in her favor. The Mystery of Edwin Drood by Charles Dickens Essay -- essays research â€Å"It has often been remarked that woman have a curious power of divining the characters of men†(75). This quotation from The Mystery of Edwin Drood by Charles Dickens reflects the opposite of what a typical Dickensian society is supposedly based upon. In this standard society, the plot would be based around the life of a dominant male. Although the title reflects a male name, the movement in the novel is directly related to the exploits of a particular character, Rosa Bud. Fondly called Rosebud by her peers, she is the apple of every man’s eye and the envy of every woman’s. She takes control in the plot not because she evidences forceful or masculine qualities, but because the powerful characters in Cloisterham, males, are all in love or feel a kinship to Rosebud. The power is therefore transferred into her hands as a result of her ability to influence these characters through their love and admiration for her. Attending school at a nunnery, Rosa’s female friends rarely have any contact with men. Through her betrothal to Edwin Drood, Rosa is the only woman within the nunnery that has a man to court her. She is the only woman mentioned, in the nunnery, that is going to be married off to a man, not God. Rosa capitalizes on this situation by leading the other girls in the nunnery to be her â€Å"poor pets†(118). She realizes that the girls as well as the head of the school, Miss Twinkleton, who describes Rosa as her â€Å"pet pupil†(14), look at her to be the embodiment of romance because of her prospective marriage. Miss Twinkleton and the girls live their love lives through Rosa, â€Å"over her shoulder†(51). Rosa feeds into the situation by making sure that the girls are watching her and letting Edwin know that they â€Å"must get married . . . the poor girls would be so dreadfully disappointed† (17). She uses her power over Edwin, which is given through l ove and devotion to her and both of their parent’s wishes for them to be married, as a way to stay in control at the nunnery. She is the object of the gaze to all of the girls and Miss Twinkleton, â€Å"nothing escapes their notice†(18). Realizing that she is the object of their gaze, she remains in control by showing the girls what she has with Edwin from afar. The girls are under the impression that Edwin and Rosa are in a perfect relationship when, in actuality Rosa decides that they have to â€Å"pretend that you (Edwin) are engag... ...t can be said from the information gathered that Rosa tries to keep bits of information from people so that she is the only one that has all of the control. The squabble that occurs between Neville and Edwin is a result that Neville feels that Edwin does not appreciate Rosa and his â€Å"good fortune that is not by any means necessarily a result of his good merits†(60). Neville has affection for Rosa after just meeting her a few nights ago. The argument results in Neville flinging his â€Å"dregs of wine at Edwin Drood†(61). This scene reflects Rosa’s ability to take new people that come to Cloisterham and get them to instantly feel a kinship to her. She has the capacity to force Neville into â€Å"rising in a fury†(61), after just recently meeting him. The plot line in The Mystery of Edwin Drood, although written in the 19th century, reflects the life of Rose Bud. Though she does not appear to be the main character in the novel, the plot revolves around her actions and opinions. Her secrecy about certain things to different characters enables her to accomplish this. Every other character’s fascination with her makes it easy for her to make allies and create confidant, all working in her favor.

Importance of Writing

The Importance of Writing for Students Writing defines as a tool to represent writers' thoughts, feelings,and ideas into one component/purpose. As a tool, writing has a function to develop writers' thoughts to be more critical. Writing requires a practical adjustment, and a repetition in order to improve the skill. The practice is vary; however, the basic of practicality involves some sources as a media of learning. Writing prepares writers, especially students, to reach into a larger society in term of showing their ability in an indirect way of communication. Writing plays a very important role in the world of education.Writing builds a way to create students to be more creative. Creativity through writing has unlimited scopes. Scope of writing narrative implicates a wild imagination through certain complex ideas by locating the concept orderly and specifically. Scope of writing an academic progress, such as research paper, requires students to understand in applying a right gramma r, and structuring a paragraph. â€Å"Creative writing† leads students to do analyzation that trigger them in finding a new invention (Bekurs; Santoli). An analyzation demands students to elaborate and rearrange the words into one whole new perception.Analyzing in this writing process means â€Å"to learn how to evaluate† the argument, and â€Å"use that information-to find the meaning in the knowledge† (Bekurs; Santoli). According to Santoli and Bekurs, â€Å"the foundation of creative writing† must be based on students' â€Å"personal interest† (Bekurs; Santoli). Writing develops a social skill in students. A social skill needs a basic foundation of learning how to master a second way of communication, called writing. In particular, a social movement in internet, such as blogging, entangles young people to express theimselve as an individual through writing.This blogging activity is â€Å"the expressway to the soul†; moreover, writing refl ects the personality of the writers that allow them to interact with new people in the cyber world (McNulty). A social skill, in term of writing, generates an unlimited access in reaching many different societies. However, students have to master many different vocabularies related to the field. Writing helps some students in gaining friends. Some students have a difficulty in relating themselves to new people. In particular, the activity of exchanging journal in order to interact with their new friends is still ecessary, especially for those in a lower grade of education. Writing guides students in gaining â€Å"self-awareness†, â€Å"self-motivation†, and â€Å"believing in themselves† (Downing 1). In this case, writing a journal can be very helpful in raising students' motivation and introspection toward themselves. Writing a journal means writing out our wild opinions into a piece of paper; just like writing a diary. By writing journal, students can deliver their â€Å"hidden thoughts† through a â€Å"white and black† tool that makes everything â€Å"visible to the world† (McNulty). Writing trains students to become more independent and confident.According to Santoli and Bekurs, when students â€Å"become more comfortable putting their pens to paper† as writers, they have become independent decision makers of themselves (Bekurs; Santoli). Furthermore, students have to often practice the writing skill to gain a self-confidence. The more students practice their writing, the more they allow themselves to comprehend the usefulness of using grammar and applying them into paragraph. Writing determines the future career of students. The skill of writing describes the knowledgeable students as independent workers in the future.For instance, the ability of student in speaking a good speech generates a newly politician. The competence of student in writing a report rises a new born talented journalist. Moreover, the w riting skill of students specify their position as a worker; either lower or higher position. In term of writing, the importance of being able to â€Å"mean what you say and say what you mean† has crucial meaning in the career field (McNulty). In order to apply for a job, people have to submit a firm Curriculum Vitae letter that requires them to write a boldness approval of themselves.