Bribery & International Monetary Fund

The end of twentieth century and the beginning of new millenium have seen the emergence of bribery from a predominantly political, national or regional concern to an issue receiving global attention. In 1996, the leadership of the World Bank and the International Monetary Fund (IMF) publicly denounced bribery and corruption as an obstacle to economic growth and development.Both institutions vowed to focus on the role of governance in growth and development and to give greater priority to combating bribery in their own programs. That same year, the Organization of American States (OAS) approved the Inter-American Convention against Corruption while the United Nations General Assembly called on member states to â€Å"take effective and concrete action to com ¬bat all forms of corruption, bribery and related illicit practices in international commercial transactions† (Elliot, 2).Elliot defines bribery as â€Å"practice by which an individual who can take decision or action on behalf of others by virtue of his authority or position is influenced by paying or offering monetary benefits for influencing him to take an action or decision which he would not have done otherwise† (Elliot, 4). As a result of the resurgence of interest in bribery as a major global issue, there has emerged a considerable research effort devoted towards detemiining the causes, costs, and consequences of bribery.From the macroeconomic perspective the literature for the most part has focused on the impact of bribery on investment, growth and development, in its analysis of the consequences of bribery. For example, Shleifer and Vishny argue that bribery impedes development and lowers economic growth by discouraging productive investment while Mauro provides tentative empirical evidence for this negative impact of bribery on investment and growth (Shleifer and Vishny, 601, Mauro, 683).There is considerable evidence to indicate that bribery and corruption are common in foreign trad e. The payment of bribes by firms and the receipt of bribes by public officials in the procurement and award of export contracts is a standard business practice in foreign trade. As a high-ranking corporate official has noted, â€Å"All of us involved in international business are aware that certain payments to government officials are quite common and an accepted method of doing business in many parts of the world† (Basche, 2).The US Department of Commerce, National Export Strategy Report (1996), states that since mid-1994, â€Å"we have learned of significant allegations of bribery by foreign firms in 139 international commercial contracts valued at $64 billion†¦Bribery continues to be pivotal in many export competitions, with the bribing companies still winning an estimated 80 percent of the contract decisions† (Tanzi, 363). From practical perspective, bribery manifests in a variety of forms. The bribe need not always be a monetary payment. There are more subtl e forms of bribery such as â€Å"entertain ¬ment expenses†, gifts in kind or gifts of services.The bribe to influence a favorable decision could be the provision of a â€Å"rent-free villa on the French Riviera or an expense-free weekend in Las Vegas† (Jacoby et al, 28). It could be a gift of a house or property or it could be the financing of a relative's education in the university. In addition to such payments, contacts and networks estab ¬lished though ethnic or language links or past dealings may also play a part in influencing the decision to award export contracts. Moreover, the bribe paid in order to obtain an export contract is sometimes regarded as a fixed cost of doing business overseas.Corruption on the federal level is a pervasive and universal phenomenon. It is a rare industry that has not been tainted by a corruption scandal involving the payment or receipt of bribes in the procurement or award of trade contracts. Incidence of bribery has spanned a n umber of industries, ranging from the aircraft, pharmaceutical, machinery and equipment, and chemicals industries to electronics. For instance, a byproduct of the Watergate investigation of the 1970s was the discovery by the Special Prosecutor that US companies were involved in making illegal contributions of corporate funds to domestic political campaigns.This led the Securities Exchange Commission (SEC) to investigate these corporations to determine if there had been a violation of federal se ¬curities laws. The SEC investigation revealed a number of corrupt practices including the payment of bribes to foreign officials in order to secure business abroad. Over 400 US compa ¬nies, including 117 of the Fortune 500 companies, were disclosed to have made questionable or illicit foreign payments in excess of $300 million (Sheffet, 290). One of the more prominent investiga ¬tions centered around Lockheed Aircraft.The SEC found that Lockheed had paid millions of dollars in bribes t o high-ranking foreign officials in order to secure aircraft export contracts. Other firms involved in the disclosure of questionable payments associated with export sales were Johnson & Johnson, Colgate-Palmolive Co. , Pfizer Inc. , American Home Products, and others. It was such disclosures that prompted the US Congress to enact the Foreign Corrupt Practices Act of 1977 (FCPA) which outlaws the bribery of foreign government officials by US firms in order to obtain or maintain business abroad.On a state level corrupt state government is more likely to be involved in transactions that are more personally lucrative rather than those that are more profitable for the state (Shleifer and Vishny, 614-615). In other words, corrupt state officials tend to spend the state budget on sectors which have more bribery and bring more personal gain to them than sectors which have less bribery and less beneficial to them (Shleifer and Vishny, 615).As a result, state can even change â€Å"an invest ment away from the highest value projects, such as health and education, into potentially useless projects, such as unnecessary infrastructure† (Shleifer and Vishny, 616). Shleifer and Vishny point out that this tendency of corrupt state government suggests that many corrupt bodies of power spend more on defense and security than on public services and interests such as education since the former allows larger opportunities of bribery.Thus, according to these researchers analysis, corruption shifts an investment from public services to construction contracts; as a result, corruption reduces spending on education, healthcare and other social projects. WORKS CITED Basche, James R. Jr. , Unusual Foreign Payments: A Survey of the Policies and Practices of U. S. Companies, New York, 1976 Elliot, Kimberly Ann, (ed. ) Corruption and the Global Economy, Washington, DC: Institute for International Economics, 1997 Mauro, Paolo, â€Å"Corruption and Growth,† Quarterly Journal of E conomics, Vol.110, No. 3, p. 681-711, August 1995. Sheffet, Mary Jane, â€Å"The Foreign Corrupt Practices Act and the Omnibus Trade and Competitiveness Act of 1988: Did They Change Corporate Behavior? † Journal of Public Policy and Marketing, Vol. 14. No. 2, p. 290-300, Fall 1995 Shleifer, Andrei, and Robert W. Vishny. â€Å"Corruption. † The Quarterly Journal of Economics 198(3): 599-617, 1993 Tanzi, Vito, â€Å"Corruption around the World: Causes, Consequences, Scope and Cures,† IMF Staff Papers, Vol. 45. No. 4, p. 559-94, D

Compare and Contrast the Poems September 1913 and Easter 1916 Essay

New Irish Hereford Prime bonus THE 90+ days pre-booking bonus is available from the 1st November 2012. If you will have cattle ready for slaughter from this date they should be booked in from the beginning of August 2012. Heifer & Steer qualifying weight range 220kg – 380kg SEE NEXT PAGE FOR EXAMPLE HEIFERS & STEERS >>> What is the new Irish Hereford Prime bonus worth to you Eg. 580kg HEX Heifer – Grading O+4- @ 51% kill out = 296kg carcase – 15c/kg – Under 300kg carcase Hereford Prime bonus + 6c/kg QA – Earn extra â‚ ¬62 – 20c/kg – Under 300kg carcase & pre-booked 28 days + 6c/kg QA – Earn extra â‚ ¬77 – 25c/kg – Under 300kg carcase & pre-booked 90 days + 6c/kg QA – Earn extra â‚ ¬92 If this animal graded R+ or better it would also get a further 6c/kg Hereford quality bonus and be worth â‚ ¬110 extra in Irish Hereford Prime The new Hereford Prime bonus can be worth up to 31c/kg on this R+ heifer under 300kg carcass Eg. 675kg HEX Steer – Grading R-4- @ 52% kill out = 351kg carcase – 10c/kg – Standard Hereford Prime bonus + 6c/kg QA – Earn extra â‚ ¬56 – 15c/kg – Pre-booking 28 days in advance + 6c/kg QA – Earn extra â‚ ¬74 – 20c/kg – Pre-booking 90 days in advance + 6c/kg QA – Earn extra â‚ ¬91 If this animal graded R+ or better it would also get a further 6c/kg Hereford quality bonus and be worth over â‚ ¬112 extra in Irish Hereford Prime The new Hereford Prime bonus can be worth up to 26c/kg on this R+ steer

Acc 230 Final Starbucks Financial Analysis Paper

Starbucks Financial Analysis Author Axia College of University of Phoenix Starbucks Financial Analysis Starbucks Coffee originated in 1971 as a coffee and tea cafe opening in a small neighborhood of Seattle, Washington (Starbucks Corporation, 2010). Starbucks continued its service for Seattle residents for a decade when the new director of retail operations and marketing, Howard Shultz, decided to make some beneficial changes to the company. After two years of employment Howard Shultz decided to expand Starbucks outside of the Seattle area. In 1987 Starbucks was entering in the coffee market and the few numbers of Starbucks were now becoming a corporation (Starbucks Corporation, 2010). Fast forwarding to current times, Starbucks is now located across America and has branched out into international territory. Starbucks now ranges from selling coffees, teas, food, and coffee accessories to having its name brand coffees being sold in grocery stores. Statement of Earnings Starbucks Corporations 2009 fiscal year ended on September 28, 2009 (Starbucks Corporation, 2010). In comparison with the 2008 Statement of Earnings, Starbucks Corporation has experienced an increase in net earnings totaling $390 million in 2009 (Starbucks Corporation, 2010). This is still significantly lower than the 2007 net earnings of $672 million dropping $360 million over the course of one year. The company was however able to increase the cost of goods sold. Compared to the 2008 gross profit margin when Starbucks experienced a large increase, in 2009 Starbucks experienced a decline by 2. 25% (Starbucks Corporation, 2010). In the 2009 fiscal year the Statement of Earnings depicts a depreciation and amortization expenses decreased and operating income and operating margin decrease. The decrease in sales which Starbucks reported in 2008 is cause for the decrease in operating income and operating margin in the 2009 fiscal year. Since the 2008 fiscal year, 2009 has brought on a 4% decrease in the net profit margin for Starbucks (Starbucks Corporation, 2010). Balance Sheet In the 2009 fiscal year, Starbucks Corporation states a slight decrease in ash on hand though the net receivables show an increase. A comparison of the 2008 and 2009 inventory depicts a decline in 2009 that suggests Starbucks Corporation is not making inventory purchases prior to selling the current on-hand inventory. The current economic struggles have forced Starbucks Corporation to make some adjustments in the financial strengths of the company and close some coffee shops throughout the 2009 fiscal year, appearing as a decrease to the current assets of Starbucks Corporations. The decrease in the current assets and fixed assets of Starbucks Corporation the total assets for the 2009 fiscal year have increased by $300 million (Starbucks Corporation, 2010). Statement of Cash Flow The Statement of Cash Flow for the 2009 fiscal year depicts a $70 million decrease in cash flow (Starbucks Corporation, 2010). Starbucks Corporation did however increase its invested cash flow by $115 million in 2009 (Starbucks Corporation, 2010). An analysis of the Statement of Cash Flow for the 2009 fiscal year of Starbucks Corporation shows that Starbucks Corporation has been attempting to reduce its current operating expenses and cash flow. Ratio Comparisons Within the coffee industry Starbucks Corporations has grown from a small shop to a leading coffee distributor, proving to have financial strength and determination to continue growth. With the weakening economy the continued success of Starbucks Corporation is being threatened by the high cost of coffee and the decreased spending of consumers. Coffee is now being purchased based on cost, not quality. The financial strengths of Starbucks Corporation is being tested against its limits with the decline in premium coffee sales while Starbucks continues to push to stay on top of competition. Compared to competition in the coffee market Starbucks is displaying a higher debt to equity ratio of 0. 15 compared to the industry at 0. 13. Starbucks Corporation and the coffee industry competition remain similar at a 1. 5 current ratio for Starbucks and a 1. current ratio for the industry (MSN Money Market, 2010). The quick ratio within the coffee industry currently sits at 1. 3 while Starbucks Corporation holds strong at a 1. 2 quick ratio (MSN Money Central, 2010). Starbucks Corporation depicts a leverage ratio in comparison to the competition showing a 1. 7 leverage ratio for both Starbucks and the industry (MSN Money Central, 2010). Starbucks Corporation is also remaining steady with a lower than industry book value to share ratio o f 4. 95 compared to 6. 33 (MSN Money Central, 2010). Industry Comparison An industry analysis can provide Starbucks with a view on the competitive advantages the company has over companies with similar products. Through the analysis, Starbucks can develop an effective strategic plan. The benefits of the industry analysis include knowing â€Å"the underlying forces at work in the industry; the overall attractiveness of the industry, and the critical factors that determine the company’s success within the industry† (Encyclopedia for Business, 2010). A United States competitor of Starbucks is Peet’s Coffee and Tea. In 2010, Peet’s reported gross revenue of $168,494, drastically lower than that of Starbucks. Starbuck’s has the advantage of more locations and a lower per store operating cost of 63. 86 compared to Peet’s at 121. 83 per store. Starbuck’s has managed to run each Starbucks location at a fraction of the cost for Peet’s Coffee and Tea. Based on this information, it is apparent that Starbucks has a competitive advantage over Peet’s Coffee and Tea and continues to be a strong competitor in the industry. In conclusion, Starbucks Corporation has managed to remain financially strong regardless of the slight impact the struggling economy has had on the corporation. Success over competition remains to be on top and the current inventions of new and unique coffee, tea, and Starbucks environments has continued to result in the success of Starbucks Coffee not seen by other competitors. The growth and strengthening of the current economic situation will allow Starbucks Corporation to expand the financial growth and strengths of the company and continue to remain at the top of the market regardless of the lower cost and quality coffee sold by the competition. Starbucks Corporation offers unique goods and services which allows the company to remain ahead of the market. References Encyclopedia for Business. (2010). Industry Analysis. Retrieved from http://www. referenceforbusiness. com/small/Inc-Mail/Industry-Analysis. html MSN Money Central. (2010). Starbucks Corporation: Key Ratios. Retrieved on November 11, 2010 from http://moneycentral. msn. com/investor/invsub/results/compare. asp? Page=FinancialConditionSymbol=SBUX Starbucks Corporation. (2010). Fiscal 2009 Annual Report. Retrieved from http://media. corporate-ir. net/media_files/irol/99/99518/SBUX_AR. pdf Yahoo Finance. (2010). Peet’s Coffee Tea, Inc. Retrieved from http://finance. yahoo. com/q/is? s=PEET+Income+Statementannual

Coca-Cola Bottling Consolidated (CCBCC) Coursework

Coca-Cola Bottling Consolidated (CCBCC) - Coursework Example The Coca Cola Bottlers Consolidated is a market leader as it is the biggest and largest soft drink distribution company in the region, covering a wider area and preferred by most consumer. The products from this organization are preferred to products from other companies since it uses a stronger brand name of the Coca Cola Company. These products are considered as price setters in the region for other soft drinks from other different companies.Products and Services of the CCBCThe Coca Cola Bottlers Consolidated specializes in sparkling beverages as well as still beverages. Among the sparkling beverages include bottled water, tea, ready to drink coffee, enhanced water, juices and sports drink. On the other hand, the still beverages include products like POWERade, vitamin water, and Minute Maid Juices To Go as well as Dasani water products. Additionally, the CCBC holds agreement to produce, distribute and market Dr. Pepper. The Company also has an agreement to market other products lik e the Monster energy drink and Sundrop. It also produces its own products such as Country Breeze tea and Fuel in a bottle power shots and Tum-E Yummies which is a vitamin C enhanced energy drink. On top of these, it produces other beverages for other Coca Cola bottlers. It also provides restaurants and other immediate consumption outlets with fountain products to its clients (Coca-colacompany, 2013).Problems of CCBCThe severe problems that the Coca Cola Bottlers Consolidated faces as an organization are the problems related to competition.

Regultion of Public Utilities Essay Example | Topics and Well Written Essays - 3250 words

Regultion of Public Utilities - Essay Example It is worth while t the outset to distinguish clerly between the specil control over public utilities nd the regultion of industries in generl. Under the police power, stte hs the right to regulte ny business. This sort of regultion hs to do with sfety devices, conditions of helth nd well being of employees, nd, with more or less defined limittions, the generl welfre of the public (King, 2000). The regultion of public utilities, however, is of different sort ltogether. It embrces the right to control the very orgniztion nd conduct of the enterprise. It is concerned not only with sfety nd welfre, but with the rtes chrged the public nd the returns or profits relized by the business, s well s with the products or services furnished. In the so-clled unregulted business the right to such interference is not recognized. fter ll resonble provisions for the public welfre hve been mde, ordinry business is still free to furnish such services or products s it desires, chrge such prices or rtes s it is ble to exct, nd conduct its finncil mngement ccording to its own purposes or contrctul rrngements. The right to regulte in the specil sense ws first recognized in the celebrted cse of Munn v. Illinois, decided by the Supreme Court of the United Sttes in 1876. This cse involved the right of the Illinois generl ssembly to prescribe mximum chrges for the storge nd hndling of grin by Chicgo elevtors. The new power ttempted by the stte ws rdicl deprture from existing policy. The ct ws shrply contested nd crried to the Supreme Court of the United Sttes. The power ws upheld, nd the bsis lid for public utility regultion. The principle itself hs never been questioned since. bout the time when the Illinois wrehouse sttute ws encted, there ws widespred legisltion throughout the country, especilly through the newly developed western sttes, for the regultion of rilrods. This ws the period of so-clled Grnger legisltion, when lmost spontneously new sttutes for rilrod regultion were encted. Of the seven Grnger cses decided by the Supreme Court in 1876, ll but the Munn cse concerned rilrods. 1 Thus, ctive regultion t tht time chiefly centered round the rilrods. It finlly resulted in the pssge by Congress in 1887 of n ct to Regulte Commerce, or, s it is clled, the Interstte Commerce ct (Morgn, 2003). During the 1880's serious problems developed lso in connection with other public utilities, prticulrly street rilwys. The rpid growth of cities creted demnd for dequte trnsporttion t resonble rtes. Similrly other services becme importnt, nd demnd for the extension of regultion developed. Consequently, fter 1900, the policy of regultion expnded rpidly, nd in the succeeding decde public utility sttutes with commissions were provided in most of the sttes. The bsis of regultion, s estblished by the Munn decision, nd repeted in ll of the leding cses where the sme question rose, ws the specil public interest in the prticulr industries. It is worth inquiring into this specil interest. Wht re the prticulr qulities, or the extrordinry conditions, which set n enterprise prt from others not subject to regultion Wht constitutes the specil interest which trnsforms business into public utility Vrious nswers hve been mde from time to time to these questions. In court opinions, sometimes one view is reflected,

Leadership and Talent Essay Example | Topics and Well Written Essays - 1250 words - 26

Leadership and Talent - Essay Example As the paper declares the human resource department did not consider it as essential, but in current times it is essential to address issues of talent because it is linked with creativity. Creativity of the workers can be improved through nurturing of their individual talents and encouraging them to develop the necessary skills for exploitation of their talents   From this paper it is clear that some talents may require the use of other skills. These skills are vital because they ensure the talent is visible. Talent leadership and strategic talent leadership are vital in the ear because it encourages the development of the talent with the organization or setting. The current situation of leadership discourages the development of the necessary skills in all the other sectors. Leadership and talents have often been misrepresented or mismatched leading to poor understanding of the role of leadership in management. Talent leadership ensures that employees in an organization are able to use their respective area of operation improving the performance and encouraging the development of the necessary skills and training. This study highlights that for a leader to become a successful talent leader, he must be able to change focus from self to managing others. To manage others, the leader must develop the necessary public relations as well as the relationship with the employees to be able to offer guidance even in issues that are deemed not effective or personal issues. The value of a talent manager is to bring to an organization the necessary skills and improve performance of the people he or she is managing. Leadership in this context involves behaviour and not a position or title. In the current set up, the individual contribution of the manager does not count. To achieve success, the manager must be able to develop a cycle of values that can create ripples throughout the organization.  

Current policy intervention relevant to adult social care and its Essay

Current policy intervention relevant to adult social care and its impact on one of the groups - Essay Example The objective of this report is to define how the Valuing People white paper offers new opportunities while at the same time issuing solutions to existing problems in the implementation of the recommendations, so that adults with learning disabilities including their families can live complete and independent lives as part of their local communities. The report is aimed at the concerned government agencies and advocacy groups involved in implementing the white paper, particularly the National Health Service and the national Directorate of People with Learning Disabilities. The report covers the historical treatment of people with learning disabilities, especially how state sponsored care practises influenced the formulation of Valuing People policy intervention. Secondly, a critical evaluation of the white paper strengths and weaknesses on the wellbeing of people with disabilities is provided, based on existing literature, government reports and accounts of people undergoing the services offered under the policy intervention. The report uses various local learning disability services in England by evaluating their guidelines, policy implementation and practises. Finally, the report provides solutions to the weaknesses affecting the users of the services provided under the Valuing People intervention. A key limitation of the report is that, it did not interview in person individuals with learning disabilities, and as such these findings cannot be entirely generalized to the wider UK community. The De Prerogative Regis of 1334 was the first legal effort by the England crown state in administering community based care for individuals having learning disabilities (Puri, 2005, p.2) Even before the industrial revolution, the society did not recognize the fact that individuals with learning disabilities should be supported to live their own lives, as workers, parents, tenants or even home owners (Race, 2002, p. 24). Since they were

Law enforcement 5 Essay Example | Topics and Well Written Essays - 500 words

Law enforcement 5 - Essay Example There are a number of considerable statistics related to domestic violence. One of the most notable recognitions is the potential that domestic violence incidents may ultimately lead to death. In this way it’s noted that 30% of all women murdered in the United States were murdered by intimates (Gaines 2011, p. 231). One of the primary recognitions is that in domestic violence incidents there is a strong tendency towards cyclical recurrence. These cyclical recurrences can then result in increased levels of violence that can potentially lead to death if police do not implement proper discretion. Another prominent consideration related to domestic violence is the Minneapolis Domestic Violence Experiment. Specifically, the Minneapolis domestic violence experiment argued that arrest was the most effective way deterring violence against women. The experiment considered statistics in Minneapolis within a six month time period. The findings compared â€Å"abusers who were either arrested, temporarily separated from their victims by the police, or given some sort of police counseling† (Lerman 1992, p. 217). The study indicated that only 10% of individuals who were arrested were repeat offenders. This is was the lowest rate among the three elements examined. While the Minneapolis Domestic Violence Experiment supports increased arrests, ultimately it seems that the most effective course of action is to not require that all individuals be arrested on domestic violence calls. While the Minneapolis Domestic Violence Experiment found that arrest was the most effective deterrent other studies have conflicted with these findings. Buzawa & Buzawa (1990, p. 150) indicated that there were significant disparities between forms and circumstances of domestic violence. Sherman himself, one of the contributors to the Minneapolis study, argued that it would be counter-productive to enact laws that demanded all individuals be arrested on domestic violence calls. While it

Discussion on Price and Purchase Indexes Dissertation

Discussion on Price and Purchase Indexes - Dissertation Example There is a continuous inflation as years increase from the base of 1999, the strongest inflations being found in petroleum at 44%, vegetables at 25%, housing at 11% and meat products at 10%. Alcohol and tobacco prices have also increased by about 20% since 1999. This shows that prices on necessities such as food and housing have a dramatic increase over previous years. The average increases per year in comparison to 1999 are: There was an increase in vegetable sales in 2001, but as prices skyrocketed by 2002, sales fell away-being the only one to decrease in 2002. There are several inferences that can be made from this statement, the first being that people are not buying vegetables because of the cost, and the second being that since all other purchase categories increased, we can assume that family size also increased-this leaves a hole in healthy eating habits of our residents. Meat purchases increased by 32%, tobacco and petroleum by 60%. Probably the most disturbing inference to be made from this table and one that points to a serious problem for the quality of life in Chignor is that alcohol purchases have increased by 100%. Average purchasing increases show that since 1999, purchases increased dramatically in 2002. If we remove alcohol and tobacco as being unnecessary to a healthy lifestyle, the increase in 2002 is 23.25% compared to 1999, which is far more dramatic than previous years. This shows that meat and petroleum purchases have increased, which leads to the possibility that there are more people in the Chignor area, and raises a consideration that vegetable sales have actually decreased from 2001-2002, very possibly because TECCO employees can simply not afford to buy vegetables. Year Increase % 2000 1.75 2001 9.9 2002 42.08 Income Index Last, we need to examine the incomes of residents. In 2000-2001, there is a 6 percent increase in TECCO employees incomes from 1999, but there was not an increase from 2000 to 2001 (no pay raises). Furthermore,

Personal Philosophy in Education Essay Example | Topics and Well Written Essays - 1500 words

Personal Philosophy in Education - Essay Example Justification of my personal philosophy will be provided with references to four theorists – Maria Montessori, Jean-Jacques Rousseau, Paulo Freire, and John Dewey. It will also be demonstrated that my personal philosophy is in contrast to Plato and Confucius. Aim of Education The aim of education is a broad encompassing subject that extends beyond the simple confines of the classroom. My personal philosophy on education is that students must gain critical thinking skills and a development of a personal philosophy that can guide them throughout their lives. This theory runs counter to perspectives on education as a process where the teacher imbues students with content material that they can then implement as career preparation, as it’s believed that this approach to educational instruction doesn’t fully prepare the student for the variety of challenges and shifting life circumstances they will encounter. This theory of education is also counter to perspectives on existence as posed by theorists and philosophers such as Plato. Plato argued that the reality consisted of a number of pre-set forms that the teacher must instruct the student to discover (Honderich 2005). Contrary to this perspective, my philosophy of education views knowledge in more abstract and shifting terms that cannot simply be ‘discovered’ but must be continually re-imagined through strong critical thinking skills. A major educational theorist that influenced this perspective on education is Mari Montessori. While today Montessori’s methods have most prominently been adopted in private education, her ideas have had a tremendous impact on educational theory, influencing both private and public teachers (Mondale 2002). The reforms that Montessori implemented considered the fundamental nature of education. While it had previously been believed that there were outward and rigid standards of educational curriculum, Montessori believed the process to be more o f a subjective task. In Montessori’s understanding the teacher asks less as a sage pushing the students through a set curriculum and more as an individual responsible for cultivating the student’s intellectual and academic interests (Mondale 2002). The underlining belief was that in allowing the students to pursue their own interests they would develop the critical thinking skills necessary for a proper education (Mondale 2002). These theories would be collected into what would be deemed the Montessori method of education and have varying degrees of influence on educational institutes in forthcoming years. Ultimately, Montessori’s theories influence my perspective through demonstrating the seminal importance of allowing students the chance to develop their own intellectual interests. Another prominent educational reformer that has influenced my educational philosophy is Paulo Freire. Freire was a prominent 20th century educational reformer that lived the majorit y of his life in Brazil. Freire’s understanding of education as embodied in his writings would come to be recognized as Critical Pedagogy. Critical Pedagogy is a form of instruction that is influenced by both anti-colonial and Marxist theory that considers the nature of education as necessarily influenced by a political perspective (Gutek). Freire argued that in considering the nature of education as possessing this political dimension, educators should work to implement instruction as a means of empowering

The factors affecting the resistance of a metalic conductor Essay Example for Free

The factors affecting the resistance of a metalic conductor Essay I1 12 As I have found from my experiments, the results I obtained show that the factors I predicted of affecting the resistance of a wire have proved true. Firstly, the factor of length increasing and resulting in an increase of resistance of the wire held true, because, as I varied the lengths of the wire form 50cm to 200cm the resistance increased from approximately 5 to 20. Secondly, the factor of the cross sectional area increasing and resulting in a decrease of the resistance of the wire also held true, because as I varied the cross sectional areas of the wire from 0. 4mm to 0. 91 mm, the resistance went from approximately 5. 4 to 0. 9. The above-mentioned results occur due to the fact of how many free electrons are being conducted through the wires of different lengths and areas.   In the case of length; the resistance increases as the length increases because a wire with a shorter distance will have a smaller amount of atoms for the free electrons to hit. Whereas a wire with a longer distance will have more atoms for the electrons to hit and the resistance gradually increases as a result.   In the case of the cross-sectional area; a wire with a greater area allows more electrons to flow through it as well as having more channels for the electrons to flow through it. As a result the resistance decreases, because current can flow without any restrictions. Whereas a wire with a smaller area all a smaller number of electrons to flow through it resulting in diminished flow of current through the wire. Thus the resistance increases because the current is flowing with restrictions. From the graphs on the following pages, I have illustrated my results obtained from my experiments and done so with the relationship between the current [I] and the voltage [V]. As predicted earlier, the graphs explain how, as the length of the wire increases, the resistance also increases, as shown in the graph I. As well as explaining how, as the cross sectional area of the wire increases, the resistance decreases, as seen in graph II. I have also plotted a graph to the effect on the resistance of the wire when a specific type of circuit is being used. A series circuit effect is seen in graph III and a parallel circuit effect is seen in graph IV. GRAPH I:   Length as a factor affecting the resistance of a wire: From the graph, we can see that the shorter the wire, the steeper the slope. Each line represents the wires I used that were of lengths ranging from 50cm to 200cm. The 50cm wire line has the steepest slope, thus we say it has the lowest resistance, while the 200cm wire has the least steep slope and we say it has the highest resistance. However to verify this fact I calculated R from the graph and found: For the length of the wire: 50 cm GradientÃ'Ž Therefore; R =1/0. 05 = 20 Below is my observation table that compares the value of R from my tabular calculations and the value of R from my graphical results: Length [cm] Calculated value of R [] Graphical value of R [] R/L [] 50 5. 06 5 100 9. 83 10 150 14. 63 13 200 19. 87 20 This graph shows, that the length of the wire is directly proportional to the resistance. GRAPH II: * Cross sectional area as a factor affecting resistance of a wire: From the graph, we can see that the thicker the wire the steeper the slope. Each slope represents the various thickness of wires I used ranging from 0.4mm to 0. 91mm. The 0. 4mm wire has the least steep slope, and we say that it has highest resistance, whereas the 0. 91mm wire line has the steepest slope and thus we say it has the lowest resistance. However I must verify these facts form my graph and calculate the value of R from the graph. Therefore; R = 1/0. 54 = 1. 8 0. 91mm Gradient = 1. 03 0. 81/ 1. 0 0. 8 = 0. 22/0. 2 = 1. 1 Therefore; R = 1/1. 1 = 0. 9 Below is my observation table that compares the value of R from my tabular calculations and the value of R from my graphical results: Area [m ] Calculated value of R [] Graphical value of R [] R x A [] 0. 12 5. 49 4. 8 0. 25 2. 86 3 0. 39 1. 62 1. 8 0. 65 0. 97 0. 9 This graph shows that the cross sectional area of the wire is inversely proportional to the resistance of the wire. GRAPH III: * A series circuit as a factor affecting the resistance of a wire: From the graph, we can see that when we use a wire of length 50cm, and pass current through it, via a series circuit the resistance is slightly less, than when we pass current through two wires of lengths 20cm and 30 cm and connect them with a series connection then the resistance is slightly higher. This is because were doubling the length of the resistor, thus we say that the resistance increases with the total length of the resistors. To verify my findings   Below is my observation table that compares the value of R from my tabular calculations and the value of R from my graphical results: Length [cm] Calculated value of R [] Graphical value of R [] 2030 6. 04 6. 8 50 5. 06 6. 2 GRAPH IV:   A parallel circuit as a factor affecting the resistance of a wire: From the graph, we can see that when we use a wire with a smaller cross sectional area and pass current through it via a parallel circuit, the resistance is slightly higher than when using a normal circuit. This is because placing resistors in parallel is equivalent to increasing the cross-sectional area A through which current can flow. In my graph I have used a wire of thickness 0. 4mm and passed current through it using a parallel circuit, and the resistance is lower. The resistance for the 0. 56mm wire when passing current through it using a normal circuit is higher. However to verify my findings, I calculated the value of R from my graph and found: 0. 4mm Gradient =Therefore; 35 Therefore; R =1/0. 35 = 2. 8 Below is my observation table that compares the value of R from my tabular calculations and the value of R from my graphical results: Area [m ] Calculated value of R [] Graphical value of R [] 0. 12 2. 62 3. 33 0. 25 2. 86 2. 8 MATHEMATICAL DEDUCTIONS TO FURTHER PROVE MY RESULTS: Consider a wire of length l Where; A = cross -sectional area / number density of electrons n = electron density =number of free electrons per unit volume If voltage V, is applied to the wire, the electrons will drift to the positive terminal with a velocity, v. Volume of the wire = AlÃ'Ž Number of free electrons in conductor = n x A x l = nAl Total charge that is free to move = n x A x l x e =nAle Current = charge/time = Q/t Time required for all electrons to emerge out of the end of the conductor = l/v Therefore; I = Q/t = nAle/l/v = nAve Drift velocity (from battery cell) is the EMF, Therefore; Force = mass x acceleration (force to move current) Acceleration = velocity/time L = m x v / t Work is done by voltage in moving electrons i. e. acceleration: Work done = Force x Distance Distance = l Therefore; work done/electronic charge = w/e Work done per unit charge = V = w/e = lÃ'Ž Therefore; V = l x m x v/et R = V/I therefore; V = l x m x v/et = l x m x et I = nAve nAe From my analysis I can conclude that as the length of a wire increases, so does the resistance. This is because there is a larger amount of wire to travel up and therefore there will be more factors to increase resistance I can now sat that I believe my experiments were quite accurate as I performed them fairly and properly, this is demonstrated in the good results I have obtained. My measurements were accurate enough as I used digital ammeters and voltmeters, making them more reliable. In doing so I also avoided the possibility of parallax errors as well as zero errors. Were my results accurate to draw a conclusion? I was able to draw a valid conclusion for the measurements of current and voltage, as they were more or less what I expected to attain. I managed to prove that resistance is proportional to length as length increases, the resistance of the wire increases and that resistance is inversely proportional to the cross sectional area as cross sectional area increases, the resistance of the wire decreases. As well as that, for 2 wires connected via a series circuit combination, the resistance pattern will be the same as that when length of a wire is varied. Whereas for 2 wires connected via a parallel circuit combination, the resistance pattern will be the same as that for when area of the wire is varied. My results did not agree fully with my heat theory as they showed slight variations, such as a 14. 63 result instead of a result close to 13 for a wire of length 150cm. And a 19. 87 result instead of a result close to 18 for a wire of length 200cm. These were my anomalous results. This was probably due to the temperature variation of the wire. However these anomalous results were not big enough to change my final reading. I believe my results allowed me to cover a wide range of factors affecting the resistance of a wire, because I took a total of 4 lengths and eight readings for each length, giving me enough to analyse. I performed the experiment once, but I did take the reading of the current twice. Once in an ascending order, then in a descending order, thus I had two sets of results, which improved my accuracy. I also did a fair test because I followed the precaution of using the same equipment each time the experiment had to be carried out. Thus I can regard my results as being reliable values, as when compared to actual values, such as getting a 5 resistance for the 50cm wire as compared to supposedly having to get a 4. 5 resistance, or a 9. 83 resistance for a 100cm wire as compared to having to obtain a 9 resistance. I dont have any outstanding anomalous values that showed up on my graphs, only a few points did not quite fit on my line of best fit, which were quite close to it anyway. As I mentioned earlier these could have been caused by the heating effect of the equipment which resulted in slight variations of my readings. OTHER EXPERIMENTS TO MEASURE A CURRENT VOLTAGE RELATIONSHIP: Testing a silicon diode: I could connect a battery, a lamp, and a diode in series. Then connect the narrow end of the diode nearest to the negative terminal of the battery. Using an analog VOM type meter, I would set the meter to one of the lower ohms scales, say 0-2K, and measure the resistance of the diode both ways. If I get zero both ways, the diode is shorted. If I get INFINITY both ways, the diode is open. If I get INFINITY one way but some reading the other way (the value is not important) then the diode is good and I can measure the current and the voltage. As the graph shows, almost no current flows if the voltage applied is in the reverse direction. Testing the transistor: Testing a unijunction transistor (UJT) is a relatively easy task if you view the UJT as being a diode connected to the junction of two resistors, as shown in figure 4-21. With an ohmmeter, measure the resistance between base 1 and base 2; then reverse the ohmmeter leads and take another reading. Both readings should show the same high resistance regardless of the meter lead polarity. Connect the ohmmeters negative lead to the UJTs emitter. Using the positive lead, measure the resistance from the emitter to base 1, and then from the emitter to base 2. Both readings should indicate high resistances approximately equal to each other. Disconnect the negative lead from the emitter and connect the positive lead to it. Using the negative lead, measure the resistance from the emitter to base. From my mathematical deductions (to further prove my investigation) in my analysis section I calculated the value for resistivity for a nichrome wire and compared the calculated value with the actual standard value of rho. That is; LENGTH [cm] R from my experimental results R from my graphical results. REA [m] R from my experimental results [] R from my graphical results therefore; Material Length [m] Area [m ] Resistance [] Calculated [m] Standard [m] NichromeNichrome Nichrome NichromeÃ'Ž Thus we see that my results were not so different from the actual standard value of resistivity, and this is mainly because of the temperature variations that occurred during my experiment. This evidence does support a firm conclusion that if someone was to repeat the same investigation I would expect the to receive the same results. Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Electricity and Magnetism section.

Chemistry and Math Essay Example for Free

Chemistry and Math Essay Education is the best legacy. This has been a lifelong statement that I have come to believe. Personally, I believe that learning continues until the death of a man. This is because no man can claim to know everything. Life faces us with new possibilities daily and there is the next thing waiting in line; a new ladder to climb and a new goal or dream to achieve. Therefore, while we appreciate our present academic achievement, we should strive more by seeking more knowledge to improve ourselves. Furthermore, I believe that the achievement of one goal should lead to the desire to set a higher one. In this context, I strongly subscribe to the idea that knowledge is imperishable and thus should be a priority for every person. There should naturally be a curiosity that will instigate the desire to know more and to acquire more knowledge from time to time. Consequently, I have educational and professional goals that I hold dear to my heart. Presently, I am a double major student studying Chemistry and Math. As part of my desire to learn more and add more to myself, I intend to enroll for postgraduate studies so that I can earn a Ph D in Chemistry. Due to my interest in Chemistry and Biology, I hope to attend medical school so that I can become a medical doctor. As a medical doctor, I want to specialize in the field of endocrinology or surgery. I have always dreamt that one day I will be able to open up my own private practice where I can help people with imbalances in their endocrine systems and help reduce pain that people go through daily. In addition to this, I hope that later in life I will be able to lecture Chemistry and also work with a pharmaceutical company in hopes of being able to synthesis new drugs in the fight against HIV. I know it takes a lot of dedication, focus and hard work to achieve all these but I believe nothing good comes easy and I live with this mindset every single day of my life. Consequently, I have developed a keen interest in and an unrivaled thirst for learning. As a professional, I would love to be a valuable asset so that I can give back to the community.

Globalization In Times Square In New York City Media Essay

Globalization In Times Square In New York City Media Essay What effects does globalization have and what role does it plays in Times Square in New York City? New York City is a multicultural city in its global age, experiencing economic integration, political harmonization and cultural globalization, thus forming a monoculture. New York City is a home to people who belong to different race, nations, ethnicities and class but are forming a heterogeneous salad bowl. People living in New York City are culturally converging, creating a hegemonic consensus about the culture, yet becoming more culturally distinctive under globalization. According to Shehzad Nadeem (2009) in his article Macaulays (Cyber) Children, an increase in the cross-cultural contacts and emergence of new classifications of knowledge, sensibility and the awareness created by globalization leads to culture diffusion  [4]  (102- 122). Shehzad Nadeem (2009) in his article Macaulays (Cyber) Children writes that globalization has sown a seed of desire in an individual to increa se ones standard of living and enjoy foreign products and adopt new technology and practises  [4]  (102- 122). Thus a lot of people living in third world countries think and wish to migrate to developed countries and earn money to afford lavish lifestyle. Jagdish Bhagwati (2004) in In Defence of Globalization observe that economic globalization in any area for example, in the Times Square involves the growth in the flow of trade, technology production, identical consumer goods and an increase in financial capital  [1]  (3). Globalization of the New York City has attracted a large number of financial groups and publishing companies to set up their headquarters in the area of Times Square. Thus a lot of talent is driven from poor countries to places like New York City. Globalization does affect New York City in different ways which can be seen through a homogenous global network formed in Times Square. According to BBC News of January 21, 2007, one of the aspects of globalization in Times Square is the industrial effect on the commencement of worldwide production markets in the area and the availability of a large variety of foreign products for consumers in Times Square  [5]  . Well known brand names for example Fergie Footwear, Shoe Dazzle and HM can be seen in the area. Business Week explained the financial aspect of globalization seen in Times Square in New York City from the introduction of worldwide capital market development as the tourists come to visit the place and thus increase the capital inflow  [6]  . According to Business Week, tourists that go to USA, the highest number gathers in Times Square  [6]  . The spending of the tourists goes directly to the citys economy  [6]  . The other aspect of globalization in Times Square is the economic aspect which is based on the freedom of the flow of goods and capital across borders of countries  [7]  . For e xample certain brand names found in Times Square can also be found in other parts of the world. Thus, economic boom or collapse in Times Square will influence other regions of the world. According to Sheila L. Croucher (2004) in her book Globalization and Belonging: The Politics of Identity in Changing World, interconnectedness is the transfer of information, knowledge, ideas and people across the world which has an impact on the globalization of culture  [2]  (9-11). Globalization in the world leads to changes in some regions that have significant repercussions for the safety and protection of communities in other parts of the world. An example of the global influence can be the destruction of the Twin Towers of the World Trade Centre in New York City, the largest city of the United States of America. This event had a huge impact on the other parts of the world in terms of the economical, political and immigration changes across the world. Another feature of globalization in Times Square is the upgrading of products that is necessary for survival in global business market due to the increased competition between the various companies. An example of competitors is Hersheys Time Square and MMs found in the same area of Times Square. Media is a powerful source of globalization that includes music, cinema, visual arts, photography, television and radio. An example is a lot of advertisements and films shot in Times Square which are then shown in the theatres worldwide. Someone who has not been to the Times Square physically will come to know of how it looks like and what do people do there. How is Times Square in New York City representing cultural diversity and globalization? Darcy Tell (2007) in her book Times Square Spectacular: lighting up Broadway writes that Times Square is located in the middle of Manhattan, which is one of the five boroughs of New York City  [8]  . In her book she also writes that Times Square serves as a centre of Manhattans transportation system  [8]  . Alan S. Oser (1986) in his book Great White Way: Planning for a Brighter Times Square writes that Times Square is famous for its bright gaslights which are symbol of the intense urban aspects of Manhattan  [9]  . Times Square is a tourist mecca and New Yorkers call it crossroads of the world. Times Square has now formed a world landmark of New York City. Due to the growth in New York City, Times Square quickly became an immutable prime location as a cultural hub of multiplex movie theatres, music halls, shopping malls, upscale hotels and grand restaurants that flourish beneath glittering canvas of eye popping neon signs. Huge billboards of well-known brand names like LG, Toshiba, Samsung, Coca Cola, McDonalds fast food seen in the Times Square are also seen in some third world countries and this is an evidence of the corporate globalization and the integration of the same into different cultures. People living in third world countries listen to Rihanna and Eminem in the same way as people walking the streets in Times Square. b) C:UsersOwnerPicturesmcdonsds.jpg Attractive features of the Times Square are the ABCs Times Square Studios from where Good Morning America is broadcast live, Naked Cowboy, shopping and entertainment places like the Toys R Us store, Virgin Megastore, Madame Tussauds Wax Museum, Hersheys Time Square, a candy heaven where one can find best of Hersheys brand, MMs store, Hello Kitty store, B.B. Kings Blues Club and other luxury stores  [10]  . LED screens put up in Times Square give the news updates and thus people in the surrounding area get to know what is going on in the other parts of the world. The Discovery Times Square Exposition is New York Citys first large-scale exhibition center  [10]  . The Discovery TSX offers unforgettable experiences for the ones who visit the place for entertainment, learning, and adventure  [10]  . James Traub (2005) in his book The Devils Playground: A Century of Pleasure and Profit in Times Square writes that Times Square has turned to a popular center of New Yorks civic li fe  [11]  . Times Square is the most popular intersection and a famous gathering place to celebrate Hercules Electric Parade in June, presidential election and is also the site for the annual New Years Eve ball drop. Ball drop ceremony started on 31 December 1907 and is celebrated ever since  [10]  . Hundreds of thousands of people gather in December while tens of millions sit in front of their television sets to watch the ball drop. In the 1920s and 1930s Times Square had become an area associated with corruption and crime  [12]  . Times Square was generally regarded as a dangerous neighbourhood  [12]  . But the situation changed when in the 1990s, Mayor Rudolph Giuliani made efforts to clean the area by shutting down pornographic theatres, increasing security and relocating drug dealers  [12]  . Corporate investors planned to build skyscraper offices and thus develop the area to be tourist friendly. According to Sharon Zukin (1996) in his article The Culture of Cities, a Disney store was opened in 1990s in Times Square by the Walt Disney Company, which attracted more family-friendly businesses to the area, leading to what is called Disneyfication  [1]  4.The area is a lot safer now than in the early nineties and is once again a magnet for tourists and a center of New Yorks social scene. Broadway theatres in the Times Square area refer to the performances presented in one of the 40 large professi onal theatres, which is a popular tourist attraction in New York City  [13]  . Sharon Zukin (1996) writes in his article The Cultures of Cities that Time Square is famous for its night-life and social entertainment thus every year 26 million visitors come to gawk at the bright lights and enjoy themselves  [14]  . Another Tourist attraction close to the Times Square area is the New York International Fringe Festival which is the largest theatre festival in North America  [15]  . The festival has art and dance performances, childrens theatre and is also popular of its live-action events conducted by people of different countries who have come to present their culture  [15]  . Author Lynne B. Sagalyn (2001) writes in her book Times Square Roulette: Remaking the City Icon that Time Square has become citys icon of entertainment as the place is famous for its busy streets, dense and diverse pedestrian activity and cultural diversity  [16]  . Another feature of globalization visible in Times Square is a variety of food available from Thai soup to Indian curry. Time Square has been a place where tourists have found what feels like home in an Americanized environment. Now Times Square growth and prosperity had made it a distinct icon of its own and people visit it to observe its social life and because of its entertainment providing atmosphere. For some people, visiting the place is like a dream come true.

I Am Proud of Who I Am Essay -- Personal Reflection Essays

Ralph Waldo Emerson once said â€Å"To be yourself in a world that is trying to make you something else is a great accomplishment†. Who am I? is question that many often struggle to answer, but for me it allows me to differentiate from my constituents and express who I really am. What makes me such a unique individual is my ability to identify with 5 strong strengths. I love the fact that I am futuristic and I have the ability to relate, I am responsible, I am a developer and last but not least I am disciplined. Each one these themes shape and generate my personality. Born on February 22nd 2000 I am the only daughter to Rob and Theresa Jones. When I’m not roaming the illustrious campus of State University, I enjoy shopping I personally feel retail therapy is the best therapy! I love spending time with my family they understand me when know one else does, traveling to tropical islands, cooking, going to church and pampering my toy poodle Chanel Briana. When we are born , most of us are given a suitcase full of standards, acceptable behavior, things to learn, values & a whole load of do’s and don’ts. As we grow and progress in life we keep adding or throwing away some contents of this suitcase. Each of us thus becomes a product of the choices we have made or that we have consciously decided not to make. Since childhood, we have our dreams and we want to make them a reality. Part of these dreams is about what we become and that results in the career we choose. My ultimate passion in life is to impact the lives of many in the healthcare field this also lead my decision in choosing public health as a career choice. By thinking ahead for the future it brings out my futuristic strength. By nature, I channel my mental and physical energies to... ...iod when it comes to paying bills, arriving on time to work or simply having open communication with someone those are all characteristics of responsibility. One distinguishing personality trait that makes me exceptional is outgoing personality. This is paired with my developer strength and my inability to connect with people. I have the capability to see the potential in others. In my circle of friends I have became the confidant and the one the call for advice, this also balances my developer trait because others seek me out for help and encouragement given on some level they know that my helpfulness is both genuine and fulfilling. I’m compassionate about the success of my family and friends and the ones that truly care for me. Having a positive attitude and spreading a big smile is an act of kindness that I try to exhibit through the daily roles I play in life. I Am Proud of Who I Am Essay -- Personal Reflection Essays Ralph Waldo Emerson once said â€Å"To be yourself in a world that is trying to make you something else is a great accomplishment†. Who am I? is question that many often struggle to answer, but for me it allows me to differentiate from my constituents and express who I really am. What makes me such a unique individual is my ability to identify with 5 strong strengths. I love the fact that I am futuristic and I have the ability to relate, I am responsible, I am a developer and last but not least I am disciplined. Each one these themes shape and generate my personality. Born on February 22nd 2000 I am the only daughter to Rob and Theresa Jones. When I’m not roaming the illustrious campus of State University, I enjoy shopping I personally feel retail therapy is the best therapy! I love spending time with my family they understand me when know one else does, traveling to tropical islands, cooking, going to church and pampering my toy poodle Chanel Briana. When we are born , most of us are given a suitcase full of standards, acceptable behavior, things to learn, values & a whole load of do’s and don’ts. As we grow and progress in life we keep adding or throwing away some contents of this suitcase. Each of us thus becomes a product of the choices we have made or that we have consciously decided not to make. Since childhood, we have our dreams and we want to make them a reality. Part of these dreams is about what we become and that results in the career we choose. My ultimate passion in life is to impact the lives of many in the healthcare field this also lead my decision in choosing public health as a career choice. By thinking ahead for the future it brings out my futuristic strength. By nature, I channel my mental and physical energies to... ...iod when it comes to paying bills, arriving on time to work or simply having open communication with someone those are all characteristics of responsibility. One distinguishing personality trait that makes me exceptional is outgoing personality. This is paired with my developer strength and my inability to connect with people. I have the capability to see the potential in others. In my circle of friends I have became the confidant and the one the call for advice, this also balances my developer trait because others seek me out for help and encouragement given on some level they know that my helpfulness is both genuine and fulfilling. I’m compassionate about the success of my family and friends and the ones that truly care for me. Having a positive attitude and spreading a big smile is an act of kindness that I try to exhibit through the daily roles I play in life.

The Ethics in Securing the Internet Essay -- Ethical Web Privacy Essay

The Ethics in Securing the Internet Introduction In order to understand the concept of internet security and why it is necessary it would be worthy of analysis to discuss what would happen if not enough of it is provided, meaning that the levels of security are not utilized to the full extents. This is exactly where the big issue of hacking and hackers becomes involved. Hackers can benefit from a wide range of weaknesses in security, break into systems, find the information they need, and eventually change them to fulfill their desire. This, over the years, has resulted in great deals of information loss in big companies throughout the world, causing them to not functioning properly or eventually break apart. This is precisely where the concept of internet security and its great necessity comes into play. Why is Internet Security Needed? To accomplish a good understanding of what internet security is and why we need it, it would be helpful to first go over the concept of internet and a brief history about it to see how it was the first time around, and in what different ways it's been developing since it was first created. The origins of the internet The first image of internet presented by J.C.R. Licklider of MIT in August 1962, envisioned internet as "a globally interconnected set of computers through which everyone could quickly access data and programs from any website."[1] It's worthwhile to mention that concept was a lot similar to what is known as internet today. Having said that, one can see to some extents, the great importance of Licklider's work - back in the 60s - in how it's been influencing our lives eversince. The next major step, along the path of computer networking was made by Leonar... ...kpoint.com/products/downloads/opsec_whitepaper.pdf > 2004 4. Checkpoint software technologies Ltd., Getting Started Guide: What Every Small Business Needs to Know About Internet Security, < http://www.checkpoint.com/products/downloads/sb_getting_started_internet_security.pdf >2004 5. Checkpoint software technologies Ltd., IPSec versus Clientless VPNs for Remote Access,< http://www.checkpoint.com/products/downloads/ipsec_whitepaper.pdf > 2004 6. Eos Development < http://www.eosdev.com/Backgrounds/Back_Petals/EosPetals4.htm > 7. Texas State Library and Archives Commission, Glossary < http://www.tsl.state.tx.us/ld/pubs/compsecurity/glossary.html > (Last updated 10/15/01 8. Checkpoint Software technologies Ltd. < http://www.checkpoint.com > 9. Corporate Automation Group, Hipaaq home < http://www.cag.com/hipaaq/html/hipaaq_md1.html >

Othello: Discrimination Against Women Essay -- Othello essays

Othello: the Discrimination Against Women      Ã‚     Yes, even in Shakespeare’s tragic drama Othello there is considerable sexism.   Let us root out and analyze instances of obvious sexism in this play.    Even the noble general yielded to the sexist remarks and insinuations of his ancient, thus developing a reprehensible attitude toward his lovely and faithful wife. Angela Pitt in â€Å"Women in Shakespeare’s Tragedies† comments on the Moor’s sexist treatment of Desdemona:    Desdemona has, therefore, some quite serious faults as a wife, including a will of her own, which was evident even before she was married. This does not mean that she merits the terrible accusations flung at her by Othello, nor does she in any way deserve her death, but she is partly responsible for the tragic action of the play. Othello’s behavior and mounting jealousy are made more comprehensible if we remember what Elizabethan husbands might expect of their wives. (45)    In the opening scene, while Iago is expressing his hatred for the general Othello for his selection of Michael Cassio for the lieutenancy, he contrives a plan to partially avenge himself (â€Å"I follow him to serve my turn upon him†), with Roderigo’s assistance, by alerting Desdemona’s father, Brabantio, to the fact of his daughter’s elopement with Othello: â€Å"Call up her father, / Rouse him: make after him, poison his delight [. . .] .† Implied in this move is the fact of a father’s assumed control over the daughter’s choice of a marriage partner. Iago’s warning to the senator follows closely: â€Å"'Zounds, sir, you're robb'd; for shame, put on your gown; / Your heart is burst, you have lost half your soul.† This statement also implies that the father has authority over the daught... ...ilia’s stunning interrogation and conviction of her own husband as the evil mastermind behind the murder reverses the sexist image of women underlying the play. Her performance proves that women are guided by reason to the same extent, or even greater than, men; and that men are passion-driven moreso than are women. The tables are turned on sexism at the very climax of the drama!    WORKS CITED       Jorgensen, Paul A. William Shakespeare: The Tragedies. Boston: Twayne Publishers, 1985.    Pitt, Angela. â€Å"Women in Shakespeare’s Tragedies.† Readings on The Tragedies. Ed. Clarice Swisher. San Diego: Greenhaven Press, 1996. Reprint from Shakespeare’s Women. N.p.: n.p., 1981.    Shakespeare, William. Othello. In The Electric Shakespeare. Princeton University. 1996. http://www.eiu.edu/~multilit/studyabroad/othello/othello_all.html No line nos.

Cardinals wholesaler case

The fraud triangle is helpful in explaining motivation for employees to fraud the company: Motive, Opportunity, and rationalization are the trigger for employees to perpetrate any company. Motive-incentive or pressure that drives an individual to commit fraud. This is caused by life pressures, illicit activities or lifestyles needs that create personal financial problems. Opportunity-a condition or situation that allows fraud to occur. Both the design and effectiveness or internal controls play a key role in this regard.Rationalization-is the attitude or mindset that enables the individual to rationalize the fraudulent act. Bill Carter- an angry, ex-employee that felt unfairly fired. Bill felt pressure from financial obligation and the need to support his family after being fired. With debts totaling $38,000 and educational expenses for his oldest son, Bill felt desperate about his financial situation and grew angrier giving him a motive to commit fraud. Bill was the purchasing depar tment manager and was aware of the weak internal control that existed in the company.He knew that there was no segregation of duties in the company because as a former manager he knew that the person who approved vendor list also approved the payment. With this in mind we can see how opportunity to commit fraud is present. His rationalization was that the company owed him for using him as a escape goat to prove their point and he also felt that a lucrative company as Cardinal would not miss a few thousand dollars. Mike Smith-had large debts, a gambling problem and a lifestyles hard to maintain.He also felt he owe his friend Bill for accepting his position after he was fired. All this together gave him the motive required to commit fraud. Now being the purchasing department supervisor he was in a position where he was capable of perpetrating the fraud because Bill had informed him that segregation of duty was not present in the company. He knew that he was the person in charge Of app roving the vendor list as well as the payment. And lastly Mike rationalization was that this was the only way for him to pay-off his debts and make a fresh start.He also felt that he could always back off the scheme after his debts were all gone. Four areas of Fraud Bill Carter had been employed for 22 years with a Fortune 500 corporation where he was the purchasing department manager. He had been married and had three children with his oldest attending an Ivy University. Unfortunately due to an indiscretion Bill was fired and was worried that his fife would find out what had happen. With only a two week severance pay he felt pressure to find a source of income to provide for his family.Consequently Bill decided to pull a vendor scheme with the help of his friend Mike Smith. As I conducted a review of the vendor list I revealed that they were six vendors suspicious of fraud. I was able to identify the six vendors because they either had a post office box address, no phone number lis ted, and they either had an invalid taxpayer identification number or were missing the number altogether. Also the invoices were created using an excel broadsheet invoice template which is a common characteristic of fictitious vendors.The search also revealed that Bill Carter created the vendor as well as opened the bank account. Unfortunately for Bill one drunken night at a bar he revealed to a stranger what he had done. Vendor scheme was created by Bill Carter and Mike Smith In a fictitious vendor scheme the fraudster establishes a shell company in this case was Trig-State company. A shell company exists on paper only but provides no goods or services to the victim organization which the organization then pays for without having receive any goods in return.This scheme is only possible when the fraudster can place the shell company in the victim's organization ‘s approved vendor list, either through poor internal controls or an inside accomplice and Bill had both. Bill had Mi ke Smith as an accomplice and was aware of the lack of internal control that exist in the company. Shell company is not a legitimate business so it has no employees, no physical location or address, no phone number and an invalid or missing tax identification number. I realized that Trig-State trucking met all of the above.Lastly the scheme is easy to perpetrate when internal controls are cake. In this case figured out that Cardinals Wholesaler did not adequately segregated job responsibilities. Detection Bill Carter receives the check, endorses and deposits the money into the bank account of Trig-State Trucking. Here Bill has unrestricted access to the fund and can spend the money any way he wants. Some red flags were found that help conclude Bill and Mike had created a fictitious vendor scheme. Trig-State Trucking had an invalid tax payer identification, a valid tax id has nine digits and Trig-State only had seven.Trig-State had no physical address and was using a post office box. The invoices were created using an excel or word invoice template. All invoices for Trig-State had an even dollar amount with no tax included. Prevention Company needs to implement stronger internal controls by segregating duties to different people. One person should place vendors on the approved vendor list, the other should prepare the payment vouchers, and the other should approve the payment vouchers. The company should performed background checks on any new vendors prior to placing them on the approved vendor list.A CAFE should be engage periodically to review the approved vendor list and look for any red flags. Identifying the fictitious vendors There are four groups of vendors. Those possessing three, two, one, or zero suspicious characteristics. The Company Cardinals Wholesaler has been a list for the company to identify any existent fraudulent vendors in the group. To take care of this task I decided to narrow down the vendor list by searching for red flags that would be evident to the data base. To do this I decided to query three data fields using the excel auto filter function.These data fields are tax payer id, address, and phone number. Using this strategy I can rank the vendors and see how many suspicious characteristics they assess. The more characteristics found the easier it is to identify a fictitious vendor without having to inspect every single invoice in the company. As finished my query was able to identify six suspicious vendors. Here are the six vendors found and the characteristic that led me to believe they are suspicious. PC One missing phone number and using a post office box as address S&B Foods, Inc. Avian a wrong tax payer number and missing phone number Stamen Floral Distributors missing phone number and using post office box as address Thresher Beverages having a wrong tax payer number ND using a post office box as address Trig-State Trucking having a wrong tax payer id number and using a post office box as address The Conne ction having no tax payer id number and missing phone number As I reviewed the six suspicious vendors I found red flags that led me to believe that Trig-State trucking had the most suspicious characteristics.Trig- State trucking listed a post office box as its address Invoice number suggested Cardinal Wholesaler was their only client Vague description of goods or services received Balance due was an even amount with out taxes or shipping address Invalid tax payer identificationNo contact information provided on the invoice Invoice was created by an excel program Canceled checks showed no evidence of typical company expenses Personal items were paid using Trig-State Trucking bank account Checks made payable to Bill Carter and Mike Smith were signed by Bill Carter There are two types of schemes that are used to perpetrate a company Pass-through and fictitious. In a Pass-through scheme is a fictitious entity created with the sole purpose of committing fraud. With this scheme the compan y receives something in exchange for payment and the loss is the amount of the profit made by the fraudster.With a fictitious scheme the company has a fabricated name with a post office box. In this scheme the company receives nothing in return from the fictitious vendor except the bogus invoice and the fraud loss is the total payment made to the vendor. As I review the files have determined that the suspicious vendor is perpetrating fictitious vendor scheme. As I review the bank Statements and the return checks noticed that the fictitious company named Trig-State Trucking is a fictitious company. The checks show that they were used to purchase personal items as well as the fact that all the checks were sign byBill Carter the person who created the fictitious company. As I check the bank statements can also see that the vendor on this account is also Trig-State company which is using a post office box. And lastly, the checks that are made for Bill Carter and Mike Smith are signed by Bill Carter which give the indication that these are the payment they are getting for the bogus invoices they have created. To prevent a fictitious scheme from occurring Research shows 93% of all fraud schemes involves cash. The prevention of fraud in the future depends on the development of adequate controls and procedures.Here are some recommendation to prevent this type of fraud in the future. Background checks should be performed on all new vendors Verify receipts of items/services before paying vendor invoices Segregate the duties of approving vendors and vendor payments A review of canceled checks and bank statements by a third person Periodic review of the approved vendor list for any red flags Company needs to implement a stronger system of internal controls Bill Carter, an angry, terminated employee and Mike Smith, Carter's replacement joint together to perpetrate a fictitious vendor scheme against Cardinals Wholesaler.The scheme lasted five years were each perpetrator poc keted about $900,000. Cardinals Wholesaler was perpetrated when Bill Carter was fired and his friend Mike Smith became his replacement. Feeling loss and with no income Ben decided that all he needed was to create a fictitious vendor to scheme the company. Bill knew that to pull this off he needed an accomplice. This is when he brought Mike Smith who accepted the proposal due to his large debts and gambling problems. They created a shell company where the company is trick into paying vendor invoices for which it receives nothing in return.I believe it happened because Ben Carter was humiliated after being fired after 22 years of service. He felt it was unfair and as a payback he decided to setup a fraud to get back what he thought was owed to him. Bill Carter and Mike Smith plan the fraud to last enough for Bill to get back on his feet and for Mike to pay off his debts but after a while they noticed how well they were doing and how they were getting away with it. If it wasn't for Car ter's excessive drinking one night the scheme might have never been caught. I believe that what cause this to happen was how Bill was fired.

Freud, Adler and Jung: Founders of Psychoanalytic Research Essay

Introduction: There are three well-known influential thinkers who are considered to be pioneers in the field of psychology. It could be argued that without †¦. , the emergence of psychology as we know it might not have ever happened, at least in its present form. Freud is considered by his modern-day counterparts to be the founding father of analytic psychology, as he is the first to have come up with an albeit rudimentary, but nevertheless valuable model of the human psyche. Prior to his groundbreaking work, the nature of human consciousness was largely debated and theorized by medical doctors and theologians. Then there is Adler, (who was the first to have suggested the societal impact on emotions and thought processes and vice-versa, arguing that consciousness and culture have what could be termed as a symbiotic relationship. He emphasized, too, the importance of self-esteem and was the first to say that without a healthy self-esteem, an individual would develop an inferiority/superiority complex which would in turn affect many aspects of life. Last but not least, Carl Jung, who was a respected colleague of Freud in his earlier years, focused on the spiritual aspects of consciousness and saw the value it played on thoughts and emotions. We will explore in this paper the commonalities between these founding fathers of psychology as well as their differences, and explore the strengths in their theories as well as the weaknesses. By understanding the founders of this very subjective field of scientific thought, we can gain a better picture of how psychology has evolved over the years and apply it to our own research and studies. Sigmund Freud:  According to Freudian theory, the consciousness is composed of three opposing forces: the id, the ego, and the superego. The id (Freud used the German term Das es) which consists of our instinct-driven behavior. Governed by what he termed the â€Å"Pleasure Principle†, It is largely pleasure-seeking: when we are hungry, we seek to obtain relief from these feelings by eating. Because the id is a self-gratifying drive, it can, according to Freud, cause problems if left unchecked, since the person would have absolutely no self-control and wouldn’t be able to exercise the self-discipline necessary to function in society. In accordance with what Freud calls â€Å"The Reality Principle†, The ego (das ich) copes with the limitations of reality by putting into place coping mechanisms when one’s basest needs cannot be fulfilled. For instance, it is the ego which represses the needs of the id by waking up early for work when the id tells us to sleep in late. The Superego (uber ich) tries to rule over the ego and id with moral principles which are both conscious and unconscious. It can be described as one’s religious convictions and moral principles. The Superego can override the ego and id when something must be done â€Å"for the greater good†, i. . for moral reasons. Another Fundamental element of Freudian theory is his stages of psychosexual development, which categorizes each stage as follows: The oral stage where a child seeks comfort from suckling, the anal stage where the child is toilet-trained, the phallic stage where a child’s awareness of a penis (or lack thereof) plays a crucial role in early development, the latent period, and finally the genital stage. In each of these stages (aside from the latent stage where it is believed no crucial psychosexual development takes place) if there is a disturbance in normal development, a â€Å"fixation† can occur. For instance, if a child is weaned from breastfeeding too early, he or she can have an â€Å"oral fixation† which would manifest itself as nail-biting or smoking later in life. Last but not least, Freud was the first to propose that when we face situations we cannot emotionally handle, we have certain defense mechanisms such as repression, suppression, denial, displacement, sublimation, intellectualization, and rationalization, regression, and reaction formation. These mechanisms can be considered normal, especially during grieving periods. Much later, Dr. Elisabeth Kubler-Ross made shock and denial one of the first stages of the grieving process, and it has been well-documented that denial can be very common if not normal as long as it doesn’t become permanent. Defense mechanisms can become very unhealthy if they don’t eventually give way to directly coping with the emotions which are being denied or repressed. These defense mechanisms, in their most extreme forms can be very difficult to understand for those who haven’t shared the same experience. For example, it is very possible for a woman to be so deep in denial of a pregnancy that she will continue to menstruate up until the time of delivery. She could also attribute the normal symptoms of pregnancy with other possible explanations, i. e. morning sickness being stomach flu and the baby’s kicks being gas. A typical example of displacement can be seen with people who abuse animals or children. If a person feels they cannot express anger or aggression to a parent or significant other for fear of repercussions, they will channel the anger and direct it to the family pet or their child, who cannot fight back. Regression can be another common defense mechanism, and it usually happens when an individual is overwhelmed with anxiety and feels they cannot directly face the source of their emotions. A very common scenario is for an adult to remain in bed all day and sleep to avoid painful feelings shortly after a loved-one dies. Another example is when a child is afraid to attend school because of a bully, and becomes extremely clingy with the parent when he or she was very independent prior to the problem. Carl Jung  Jung and Freud became friends in 1906, after Freud had read some of Jung’s writings and invited him for a meeting in Zurich. Their first conversation was said to have lasted for 13 hours, with the two men exchanging ideas and elaborating on their theories. Freud saw Jung as somewhat of a protege, referring to Jung as his â€Å"crown prince and successor†. Their correspondence and friendship lasted six years, but Jung eventually expressed dissent with Freud over the role the unconscious mind played in human behavior. While Freud saw the unconscious as somewhat of a repository of repressed memories which could be manifested unbeknownst to the conscious mind, Jung believed that the ability to tap into the unconscious mind was possible and could contribute to emotional well-being. And while he agreed that it was important to understand past trauma and its influence on present behavior, he also believed that the future didn’t necessarily need to be determined by such things. The role spirituality played in his psychoanalytic theories also made him a pioneer in his own rite, though it was never something he and Freud could agree upon. Alfred Adler Alfred Adler was also a contemporary of Dr. Freud and even joined his analytic society in 1902. By 1911 however, he too expressed dissent with many of Freud’s opinions and left to form his own society, the ‘Society for Free Psychoanalytic Research’. It can be reiterated that while he agreed with Freud that psycho-social development could be affected by influential factors beginning early in life, he came up with theories of his own which contrasted with those of his colleague. For instance, he believed that a child feels inherently weak around his or her elders, and strives to become superior to them throughout the course of early life. This term, known as â€Å"striving for superiority†, states that if the need for personal accomplishment and success is not met, an inferiority complex can develop, causing many other problems later on. He also proposed the theory that birth order plays a crucial role in emotional development. For example, he stated that an oldest child has it the worst, as he or she starts off having both parents’ unlimited attention and time. Later on after other siblings are born, an oldest child isn’t given the same amount of attention and is left to wonder why. Childhood neglect and abuse also have a profound impact on psychosocial development according to Adler, and numerous case studies continue to arise which prove his theory to be valid even today. Conclusion While many of the theories of Freud, Adler and Jung have been either dispelled or refined by case studies and discoveries in the field of neuroscientific research, there is no doubt they were pioneers in the field of psychology. Freud’s concepts of defense mechanisms have withstood the test of time even though his theories of psychosexual development have been outmoded, and Jungian psychoanalysis is still relevant today. Adler’s views on self-esteem and childhood development have been verified by clinical research, even if some of the finer points of his research had been discarded. While there is continued debate and new findings which will always create dissent and result in new discoveries related to psychology, it is certain that the work of these three early founders will remain significant for decades to come.

Effects of mass shootings in America Essay

â€Å"A gunman wearing a gas mask and black SWAT gear hurled a gas canister inside a crowded movie theater during a midnight showing of the new Batman movie Friday and then opened fire, killing 12 people and wounding nearly 60 others in an attack so bizarre that some moviegoers at first thought they were watching Hollywood special effects.† (Spartanburg Herald – Journal Jul 20 2012) In today’s America it is unfortunately not out of the ordinary to see headlines like this. It is all too common to see that a place of mass gathering, such as a school, movie theatre, or even a military installation, has fallen victim to a mass shooting. There have been many mass shootings that have affected multiple places throughout our country. Some of the most notable include: Columbine High School, Aurora Colorado Movie Theatre, Virginia Tech, Ft. Hood, Sandy Hook Elementary School, and the Washington Navy Yard. Through them all there have been many positive effects of an otherwi se negative event. Along with the positive effects though, there are of course many negative effects of the mass shootings in America. Mass shootings are unfortunately becoming a more and more common in America today. The April 1999 shooting at Columbine High School seems to have brought mass shootings into the limelight. This was mostly because of the tragic outcome. Columbine students Eric Harris and Dylan Klebold killed 12 fellow students and 1 teacher, then shot themselves, in their rampage through the school. The mass shootings of today have evolved and multiplied in numbers. The Virginia Tech campus fell victim of a mass shooting April of 2007 when a student opened fire killing 32 fellow students. In July of 2012 James Holmes entered a Colorado movie theatre and opened fire killing 12 moviegoers. Sandy Hook Elementary school was targeted in December of 2012 when Adam Lanza entered the school and killed 20 children and 6 adults. Most people think military bases are some of the safest, most secure, places in the country. However, these too have fallen victim to mass shootings. Major Nadal Hassan killed 13 fellow soldiers before he was stopped by base police in November of 2009. Most recently, September of 2013 a government contractor killed 12 people inside the Washington Navy Yard. No place is sacred. Through all of the tragedy that that mass shootings have caused in America there have been some positive effects that have come to light. One of the positive effects is the increased awareness of mental illness and it’s relation to mass shootings. Criminal justice psychiatrist Fred Osher, who heads the behavioral health division of the Council of State Governments’ Justice Center spoke about the relation at the 2013 National Council Conference. Osher stated â€Å"Mental illness may be a consistent but modest risk factor in the likelihood of violence.† He went on to say that there is no â€Å"casual† link between mental illness and violence but some mental illnesses â€Å"increase the statistical risk of violence.† Osher told the council that some mental illnesses may result in psychosis causing the mental illness patient to hear voices commanding them to harm. (Behavioral Healthcare 33.3 2013) With the increased number of mass shootings more researc h has gone into the connection between mental illness and mass shootings. Along with the research into mental illness, the unfortunate uprising of mass shootings in America has led to first responders, such as police, SWAT, EMS, and Firefighters, to better their response tactics over time. The first  responders at the Columbine High School shooting set up a cordon around the school and then waited for the SWAT team to arrive. This ultimately may have led to the large number of casualties. Police officers of today have been trained to respond to mass shootings, more commonly referred to as â€Å"active shooter† incidents, a lot differently than they did at Columbine. They are also better equipped. Police of today respond to an â€Å"active shooter† incident by waiting for at least one partner and then enter into the affected area and have the ultimate goal of stopping the shooter and minimizing the loss of innocent lives. This has been linked to a decline in casualties in mass shooting incidents. Along with the positive effects of mass shootings in America there are undoubtedly multiple negative effects of mass shootings. Undeniably the saddest negative effect of mass shootings in America has been the countless lives that have been cut short. In just the shootings listed above there were 109 casualties. These are only some of the most notable mass shootings in America. There have been countless more leading to many more casualties. Along with the massive amount of casualties that have resulted from mass shootings in America there is always the risk of â€Å"copy cats† that want to copy what was done. The mass media coverage of mass shootings have made the shooters into almost celebrities. Some people are looking for a way to make a name for themselves and see this as a legitimate way to make themselves known. Another negative effect of the mass shootings in America has been the fact that it has become almost impossible for law-abiding citizens to purchase firearms in America. The process in a lot of states can take months at a time. Even after a wait time you may still be restricted from purcha sing and owning a firearm. Many Americans see this as an infringement on their constitutional â€Å"right to bear arms.† Unfortunately, in today’s America mass shootings are an all too common event. It seems as if no place in America is sacred. Everywhere from schools to movie theatres to military bases have been targeted. Although many people may not think of the mass shootings in a positive light there have been some positive effects of the mass shootings in America. Along with those positive effects there have undeniably been negative effects. We will probably never  see the end of mass shootings in America. Works Cited P, SOLOMON B., and Thomas Peipert. â€Å"Police: 12 Dead in Colorado Theater Shooting.† Spartanburg Herald – Journal Jul 20 2012. ProQuest. Web. 29 Sep. 2014. Grantham, Dennis. â€Å"Mass shootings, criminal violence: can’t be predicted, but can be mitigated: additional screening of at-risk individuals, followed by treatment, may stop future violence.† Behavioral Healthcare 33.3 (2013): 46+. Criminal Justice Collection. Web. 1 Oct. 2014.

Agency Problem Essay

Financial Management (Agency problem) Prepared by: Sami Hassan Saeed Singabi August 2008 Introduction Economic science teaches us that due to their subjective needs, individuals have subjective preferences, and hence different interest. Occasionally different subjective interests give rise to conflicts of interest between contracting partners. These conflicts of interest may result in turn, in one or both parties undertaking actions that may be against the interest of the other contracting partner. The primary reason for the divergence of objectives between managers and shareholders has been attributed to separation of ownership (shareholders) and control (management) in corporations. As a consequence, agency problems or principal-agent conflicts exist in the firm. Agency theory deals with such problem. Agency theory is concerned with how these agency problems affect the form of the contract and how they can be minimized, in particular, when contracting parties are variously informed (or uncertain). Agency problem A problem arising from a conflict of interest between principals such as investors and agents acting for them, such as brokers or managers. Agency problem refers to a conflict of interest arising between creditors, shareholders and management because of differing goals. It exists due to problems in corporate governance. A typical problem is that of senior management of a company, who are charged with running the business in the interests of shareholders; choose instead to operate to maximize their own interests. A simple example is the hired anager who fills his pockets at shareholders’ expenses. For example, an agency problem exists when management and shareholders have conflicting ideas on how the company should be run. Agency problems that arise in a corporation have troubled economists for some time. There are a number of mechanisms that have been used to try and reduce these agency problems. Many of these mechanisms try to link the manager’s compensation to the per formance of the firm. Typical examples include performance shares, restricted stock grants, and executive stock options. This dissertation is an empirical study of whether the use of executive stock options has in fact reduced the agency problems between managers and stockholders. In this dissertation, two different testing methodologies are used to address the agency problem reduction issue. One methodology looks at some significant event such as a merger or divestiture to see if an executive’s holding of stock options affect what decisions are made. For example, do larger holdings of stock options motivate managers to take on riskier investments? By increasing the risk of the firm, managers can increase the value of the stock options. Another question of interest is whether in taking on risky investments; do executives increase the leverage of the firm? By increasing the leverage of the firm, the executive might increase the risk of the firm and thus the value of the option holdings. An agency relationship An agency relationship arises whenever one or more individuals, called principals, hire one or more other individuals, called agents, to perform some service and then delegate decision-making authority to the agents. The primary agency relationships in business are those :- (1) Between stockholders and managers and 2) Between debt holders and stockholders. These relationships are not necessarily harmonious; indeed, agency theory is concerned with so-called agency conflicts, or conflicts of interest between agents and principals. These relationships are not necessarily harmonious; indeed, agency theory is concerned with so-called agency conflicts, or conflicts of interest between agents and principals. Expansion increase potential agency problems, if you expanded to additional locations you could not physically be at all locations at the same time. Consequently, you would have to delegate decision-making authority to others. Creditors can protect themselves by: (1) Having the loan secured. (2) Placing restrictive covenants in debt agreements. (3) They charge a higher than normal interest rate to compensate for risk. Agency cost A type of internal cost that arises from, or must be paid to a manger acting on behalf of shareholders. Agency cost arises because of core problems such as conflicts of interest between share holders and management. Shareholders wish for management to run the company in away that increases shareholders value, but management may wish to grow the company in away that maximize their personal power and wealth that may not be in the best interest of shareholders. Agency costs are inevitable within an organization whenever shareholders are not completely in charge; the cost can usually be best spent on providing proper material incentives and moral incentives for agents to properly execute their duties, thereby aligning the interests of shareholders (owners) and agents. The principals (the shareholders) have to find ways of ensuring that their agents (the managers) act in their interests. This means incurring costs, ‘agency costs’, to (a) monitor managers’ behavior, and (b) create incentive schemes and control for managers to pursue shareholders’ wealth maximization. Various methods have been used to try to align the actions of senior management with the interests of shareholders, that is, to achieve ‘goal congruence’. Linking rewards to shareholder wealth improvements: Owners can grant directors and other senior managers share options. These ermit the managers to purchase shares at some date in the future at a price, which is fixed in the present. If the share price rises significantly between the dates when the option was granted and the date when the shares can be bought the manager can make a fortune by buying at the pre-arranged price and then selling in the market place. The managers under such a scheme have a clear interest in achieving a rise in share price and thus congruence comes about to some extent. An alternative method is to allot shares to managers if they achieve certain performance targets, for example, growth in earnings per share or return on shares. Sackings: The threat of being sacked with the accompanying humiliation and financial loss may encourage managers not to diverge too far from the shareholders’ wealth path. However this method is seldom used because it is often difficult to implement due to difficulties of making a coordinated shareholder effort. Selling shares threat and the take- over: Most of the large shareholders (especially institutional investors) of quoted companies are not prepared to put large resources into monitoring and controlling all the firms of which they own a part. Quite often their first response, if they observe that management is not acting in what they regard as their best interest, is to sell the share rather than intervene. This will result in a lower share price, making the raising of funds more difficult. If this process continues the firm may become vulnerable to a merger bid by another group of managers, resulting in a loss of top management posts. Fear of being taken over can establish some sort of backstop position to prevent shareholder wealth considerations being totally ignored. Corporate governance regulations: There is a considerable range of legislation and other regulatory pressures (e. g. the Companies Act) designed to encourage directors to act in shareholders’ interests. Within these regulations for example, the board of directors is not to be dominated by a single individual acting as both the chairman and chief executive. Also independently minded non-executive directors should have more power to represent shareholder interests; in particular, they should predominate in decisions connected with directors’ remuneration and auditing of firm’s accounts. Information flow: The accounting profession, the stock exchange, the regulating agencies and the investing public are continuously conducting a battle to encourage or force firms to release more accurate, timely and detailed information concerning their operations. An improved quality of corporate accounts, annual reports and the availability of other forms of information flowing to investors and analysts such as company briefings and press announcements help to monitor firms, and identify any wealth-destroying actions by wayward managers early. Conclusion Diffuse ownership of publicly held companies reduces the owners’ ability to monitor managers because they would have to bear the full monitoring costs while gaining only a small marginal benefit. Managers may therefore act to maximize their wealth through personal use of corporate assets, stock manipulation and sub optimal decisions at the owners’ expense. Thus agency theory practical mechanism is weak, because it is unable to provide practical conclusions with regard to agency problems. References: 1. Wikipedia, the free encyclopedia. htm 2. www. referenceforbusiness. com 3. Financial-dictionary. The free dictionary. com