Debt Equity For Funds Essay Example Pdf - Free Essay Example

Sample details Pages: 5 Words: 1617 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? The generation of fund is one of the most important decisions for firms. When the firm is unable to generate enough internal funds to invest in various projects then firm take a decision to issue debt or equity for funds. The objective of study is to determine the financial characteristics that lead firms to choose Equity or Debt. Don’t waste time! Our writers will create an original "Debt Equity For Funds Essay Example Pdf" essay for you Create order This study helps to predict the choice of firms for funds through the Multiple Discriminant Analysis on the basis of their distinctive financial characteristics. In this study financial characteristics like Leverage, Profitability, Liquidity, Market Price of common stock, Firm Size, Dividend Policy, Sales growth and variability and variables relate to specific firms ratios with Industry norms (average) will be analyzed to predict the future firms decision for funds. INTRODUCTION The selection of debt or equity is basic issue for the financial management of company. The decision of firms to issue debt or equity might depend on the following variable like leverage, liquidity, profitability, dividends market price, firm size, sales growth and variability. Generally it is predicted that company or firms with low leverage ratios as compare to industry average tend to issue debt rather than equity. In the same way company will issue debt rather than equity if it possesses the higher profitability and liquidity ratios. There is no any specific rule to conclude that if the firm is issuing debt or equity having low or high payout ratios but more possibility is that if the firm issues equity under certain characteristics its payout earnings will be lesser as compare to those firms which are issuing debt. The price earnings ratio of debt issuing firms are lesser than of equity issuing firms, likewise larger the firm size issues debt and lower firm size issue equit y. The firms having high sales growth and variability prefer to issue equity rather than issuing debt( John D. Martin and David F. Scott, Jr. 1974). In this study only the sample of firms is taken which are issuing debt or equity in the financial year 2008 and firms are used to analyze the distinctive financial characteristics. In this study the dependent variable is choice of debt or equity and several independent variables are Leverage, Profitability, Liquidity, Market Price of common stock, Firm Size, Dividend Policy, Sales growth and variability and variables relate to specific firms ratios with Industry norms (average). With the help of financial characteristics (independent variables) of Company the Choice for funds will be predicted by using Multiple Discriminant Analysis technique. Literature Review Main Article- A Discriminant Analysis of the Corporate Debt-Equity Decision This study was conducted in USA (Standard and Poors Standard Corporation Descriptions), by Martin and Scott, in 1971 to determine the general financial conditions actively affecting the debt-equity decision of industrial firms. This study conducted during the time period between 1971 and 1972, total one hundred and twelve firms qualified for this study out of one hundred and twelve firms sixty two firms were those which were issuing bond and remaining fifty firms were issuing equity. The hypothesis here is that companies choosing to issue debt instead of common equity (or vice-versa) possess distinctive financial characteristics. Discriminant analysis methodology used for the prediction of the Choice of firms for issuing debt or equity. A linear discriminant function is used to distinguish between two types of firms on the basis of their financial characteristics which are issuing debt or equity. Capital structure is the combination of debt and equity used in the firms operations. In this study the dependent variable is Choice and the other independent variables used to predict the choice for debt or equity are Leverage, Profitability, Liquidity, Market Price of common stock, Firm Size, Dividend Policy, Sales growth and variability and variables relate to specific firms ratios with Industry norms (average). The empirical findings of this study are the group means analysis of the above variables is showing the equity issue firms are smaller on balance than the firms issuing debt and those firms which are issuing common stock during test period displayed greater profit ability, interest coverage ratios and price earnings ratios. Similarly the firms which are issuing equity maintained lower dividend payout rates and showing higher debt ratio than debt issuing firms. Firms with larger asset bases and lower price earnings ratio have tendency to issue debt. Article-2 The Choice between Equity and Debt: An Empirical Study This study was conducted in UK by Marsh, to find how companies actually select between financing instruments at a given point in time. The sample for this study is taken from UK companies over the period from 1959-70 and total sample of 748 firms issue equity and debt, the holdout sample of one hundred and ten firms were taken from the year 1971 to 1974. The hypothesis is a companys choice of financing instrument is a function of the difference between its current and target debt ratios. Logistic analysis and descriptive model of the choice between equity and long term debt is used in this study. The variables which were used long term debt, short term debt, Market Price of Common Stock, asset composition, Firm Size, payout ratios, Return on investment. The results of this study are as First, it exhibits that companies are heavily influenced by market conditions and the past history of security prices in choosing between equity and debt. Second, this study provides proof that compa nies do appear to make their choice of financing instrument as though they had target levels in mind for both the long term debt ratio, and the ratio of short term to total debt. Finally, the results are consistent with the notion that these target levels are themselves functions of company size, bankruptcy risk, and asset composition. Article-3 The Debt-Equity Choice This study was conducted in UK by Hovakimian, Opler, and Titman. The sample for this study is taken from UK companies over the period from 1979 to 1997 and total sample of 39387 taken and equity issuance and repurchase are identified from the statement as change in cash flows reported in compustat. The hypothesis tests (1) Firms tend to move toward a Target Debt ratio when They either raise new Capital or retire or repurchase existing capital. (2) Leverage deficit will be related to the firms issuing choices as long as there is a tendency for firms to move toward their target debt ratio. (3) Firms with high NOLC (net operating loss carry forward) have low target leverage. Regression analysis is used in this study. The variables used (leverage) target debt ratio, Market Price of Common Stock, NOLC (net operating loss carry forward), ROA, Ret, and M/B. The results of this study since observed debt ratios are Likely to deviate from the optimums suggested by these static models. Furthe rmore the study suggest that the past profits are an important predictor of observed debt ratios firm often make financing and repurchase decisions that offset these earnings-driven changes in their capital structures. Article-4 Investment, Capital Structure, and Complementarities between Debt and New Equity This study was conducted in UK by Stenbacka, and Tombak to demonstrate theoretically and empirically the important interaction between different instrument of external financing and impact of these interactions on the investment of financially constrained firms. The sample for this study is taken from 3119 Publicly Traded manufacturing and telecommunications corporations from 1982-1992. The Propositions are (1) when restricted to debt as the only instrument for external finance, debt-financed investment is an increasing and concave function of the firms net worth with a positive intercept. (2) When restricted to new equity as the only instrument for external Financing, the firms equity-financed investment is an increasing and concave function of internal funds. (3) There are complementarities between new equity and debt as instruments of external financing. These complementarities are functions of the firms incumbent equity. Furthermore, the product of these complementarities (( dD**/dK) x (dK**/dD)) is less than one. The variables which were used Long term debt, retained earnings, Common stock ranking, interest rates, Sales of Common and preferred Stock. The results of this study are in the presence of capital market imperfections, the complementarities between debt and new equity as instruments of external finance are particularly important for small firms facing severe financial constraints in relationship to their available investment projects. Finally it is concluded that policies enhancing the exploitation of complementarities will be more significant with the Higher the degree of imperfections prevailing in the Capital market. Article-5 The Determinants of Capital Structure Choice This study was conducted in USA, in 1988 by Titman and Wessels to enhance the empirical work on capital structure theory in different ways. The data for the firms is taken from Annual compustat industrial files and U.S department of Labor Bureau of Labor Statistics. The variables included in the sample for the study were analyzed in different time periods of 1974 to 1982 and in these period total 469 firms were analyzed. The hypothesis here is that significant coefficient estimates for either the market value or book value equations are consistent with debt ratios being chosen randomly. Factor analytic technique is used for this study. The variables used in this study are Collateral Value of Assets, Non-Debt Tax Shields, Growth, Uniqueness, Industry Classification, Size, Volatility, and Profitability. The firms with unique or specialized products posses low debt ratios and as compare to large firms the small firms use more short term loans. Methodology Hypothesis: The Distinctive Financial Characteristics have significant impact to choose the Debt instead of Equity or to choose Equity instead of Debt. Technique: Multiple Discriminant Analysis Sample: All textile industry firms which are only borrowing long-term debt or issuing equity in 2008. The 70% of the sample will be used for prediction and the remaining 30% will be holdout sample and will also be used for prediction of choice of decision.

The Pitfall of Chicago Essay Topics

The Pitfall of Chicago Essay Topics The shortage of great support sources will end in a decrease grade. The major body should be broken into a set of logically connected paragraphs, each presenting a particular point. The sky's the limit in regards to gathering information. You might not know your precise major yet, but you should be certain to convey a few academic areas which are currently piquing your interest. Life, Death and Chicago Essay Topics If you live in the Chicago Downtown practically you don't require a car as it has easier ways to get yourself where you should. Like and every huge city Chicago has a huge crime level. A man may not be too careful in the selection of his enemies. Chicago's air pollution is very badly polluted but plenty of folks trying to fix that problem by decreasing factory work around enormous city. So, now you are aware of how to write Chicago style format essay, but it's no problem if you still require some help. In the event you have unique varieties of resources, consult the Chicago Style Guide or the Purdue Owl website, each of which offer comprehensive info and plenty of examples. There are a lot of key reference styles utilised in academic writing. Well, the issue might be in non-compliance with reference style. The Awful Secret of Chicago Essay Topics Application essays about challenges reveal how you respond to difficulty to folks who are really interested in how you'll handle the subsequent four years all on your own. So as to show readers why you belong at UChicago particularly, it is a very good notion to do plenty of research into specific opportunities provided by the school. Inside this fashion in which you will distribute the information better, and additionally the reader will be in a position to easily follow your inferences. Chicago Essay Topics and Chicago Essay Topics - The Perfect Combination Deciding on your topic isn't that easy. So you don't actually wish to locate a topic! It is adv ised to prevent argument essay topics on moral issues because they don't support logical discussion. Argumentative essay topics are so important since they are debatableand it's important to at all times be critically considering the world around us. Attempt to produce your choice related to your interests. When you click the past essay questions, you are going to realize that the very first option they supply from their previous questions is option 2 from last calendar year, what I call the Sapir-Whorf question. Anytime a college asks this kind of question, the secret to a good answer is to ensure it is personal and specific to you. As a result of this, many disagree on the way the laws should change (if they need to change at all) and there are several topics to pick from. Footnotes are the list of citations utilised in 1 page that are located in the base of the webpage. The abbreviations are only allowed when they're authentic. As stated by the author-date system, short references should be placed in round brackets. Then, there's the format. Things You Won't Like About Chicago Essay Topics and Things You Will Recent argumentative essay topics that are related to society is going to do. Although you may know what form at, style guide, and whether the essay ought to be double spaced, you might be confused on what actually produces a great essay topic. Thus, your essay should be unique. In reality, a great deal of argumentative essays are in fact persuasive papers. Next, you will have a selection of six prompts for the protracted essay. It is vital to receive a Chicago style example which will function as a guide to writing own essay. Ultimately, if you are supposed to write and essay but have very little knowledge or interest in the topic, remember that there are lots of custom essay writers which will gladly do the task for you. There's a typical college essay writing format that you ought to follow. Lies You've Been Told About Chicago Essay Topics Lastly, don't neglect to connect your very own past experiences and accomplishments to the resources you decide to highlight. Be certain you understand what you are speaking about, however, and steer clear of cliched discussions with trite solutions for handling your enemy. On the flip side, it shouldn't be so broad that some resources would outweigh the info you could squeeze into one paper. So, you can see web sites of essay writing companies and internet encyclopedias so as to find any information on Chicago style you want. You see, as soon as a university has such distinctive essay prompts, fewer students will apply since they're lazy and they don't wish to compose a slew of essays which are only suited for the University of Chicago. Explain your commitments, and you'll be the sort of student colleges find immensely attractive. Chicago style is quite popular with college and university students. It is one of the most common academic formats used in university education. The 5-Minute Rule for Chicago Essay Topics In the interim, a few of your interests or goals may have changedthat isn't a terrible thing, and the admissions committee is not going to automatically assume that you're wishy-washy, if you don't give them good reason to achieve that. When you're working on the job of writing a UC admission essay, remember which you want to impress the committee. With the 2 pieces together, you ought to be able to supply the admissions committee with a well-roun ded picture of yourself. The admission committee will not quit reading the essay as soon as the word limit is reached. You need to make footnotes at each page. All academic documents have to be in English. Uploading the incorrect documents Make certain you save essays and resumes clearly and that you submit the right documents. Page numbers of the primary section.

Book Report on the Blind Side - 1126 Words

The Blind side The Blind Side directed by John Lee Hancock was a visual text about a teenage boy named Michael. Based on a true story Michael, nicknamed Big Mike has grown up in a poor and broken family and goes to a public school where no one really cares about him. Growing up this way has left Big Mike emotionally deprived and lonely. Thanks to his Friend’s dad Michael gets the opportunity to go to a private school on a scholarship. Suddenly he has teachers that care about him and while his life seems to be slowly improving, Big Mike still uses other people’s washing machines in the Laundromat, does not sleep at home and stays at the gym at school because it was warm. The biggest turning point in this movie was when Leigh Anne Touhy†¦show more content†¦Should you always do what others tell you to do? Sometimes you might not even know why you’re doing something. I mean, any fool can have courage†. This is saying that courage is important but it’s hard. Y ou should do what you want to do and not what others tell you to do, but the main point is that anyone can have courage; weather their big, small, tall or short. The text that I immediately thought of was The Dead Poets society and in particular Neil. The reason for this is in my mind I started to immediately compare the difference between Neil and Michael. As I previously stated Big Mike had to deal with the loneliness in his life and the way he did this was by turning to himself for support. I think the reason that Neil committed suicide was loneliness, by this I don’t mean that he had no friends, as it was obvious from the start he did, but that he felt like he had no support from those that mattered. If his dad had shown a slight interest in his acting career then Neil would have been satisfied but because his dad seemed not to care Neil felt like he had no one to turn to and no options. This is the difference that I see between Neil and Michael, inner strength. While Michael appeared soft throughout the visual text, to carry on living especially in certain points in his life took incredible inner strength and as much as I liked N eil’s character I don’t think he possessed the same strength. Neil is kind of the polar opposite, on the outside heShow MoreRelatedEssay on The Blind Side1148 Words   |  5 PagesThe Blind Side: Do You Have Any Place to Stay Name ENG 225 Instructor October 9, 2011 The Blind Side: Do You Have Any Place to Stay? Based on the 2006 book The Blind Side: Evolution of a Game by Michael Lewis, the 2009 film The Blind Side is the true story of Michael Oher. Oher is an under privileged African American teenager living on the streets of Memphis who is taken in and adopted by Sean and Leigh Anne Tuohy, an affluent white couple. As muchRead MorePerceptual Disorders That Can Disrupt Visual Perception1392 Words   |  6 Pageshas been impaired, but they are perceptual only, this means that the basic visual sensory system has not been impaired (psychology 5th ed). There are many different recognised perceptual disorders but the following essay will only be looking at Blind sight, visual agnosia, Prosopagnosia, Spatial Neglect, Scotoma and Akinetopsia in detail, focusing on the differences between each disorder. The first of the disorders that will be compared and contrasted are the visual agnosia’s. visual agnosia wasRead MoreBook Report I Beat the Odds1156 Words   |  5 PagesBook report I beat the odds The story of the blind side has been told repeatedly thought books, movies and magazine but never from Michael Oher himself. I beat the odds from homelessness to the blind side and beyond by Michael Oher with Don Yaeger tells the true story of his life, the good bad and ugly. This book tells the story of his life before and after the blind side. Michael also tells us how important it is for people to help children that are in bad spots. Chapters one thought sevenRead MoreEssay about Raymond Carvers Cathedral1056 Words   |  5 Pagesenthusiastic about his wife’s old friend, whom was a blind man coming over to spend the night with them. His wife had kept in touch with the blind man since she worked for him in Seattle years ago. He didn’t know the blind man; he only heard tapes and stories about him. The man being blind bothered him, â€Å"My idea of blindness came from the movies. In the movies, the blind moved slowly and never laughed. Sometimes they were led by seeing-eye dogs. 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Why Is Play with Siblings and Peers Important free essay sample

Throughout history there is evidence of children playing, although the content of play differs across time and space. Puritans disproved of play regarding it as frivolous. In contrast Locke (1632-1704) highlighted its importance believing that if learning was recreational children would develop a desire to be taught. Rousseau (1712-1778) believed teaching through play and learning from peers was more valuable than classroom learning. From an early age many children spend a significant amount of time playing and interacting with siblings and peers. These interactions offer important contexts for development of social understanding.Researchers, such as Harris (1998) and Pinker (2002), argue that parental influence has been exaggerated, as it is primarily the peer group that influences socialization. There are distinct differences in children’s relationships with adults than those with siblings/peers; they differ considerably in terms of behaviour patterns demonstrated and the balance of knowledge and power. Adults play a powerful role in defining children’s experiences these interactions are distinguished by the complementarity of roles an d ‘†¦provide children with security and protection and enable them to gain knowledge and acquire skills’ (Schaffer, 2003, p. 13). Peer interactions are reciprocal rather than complementary characterised as being between individuals with similar knowledge and social power involving co-operation and competition. Sibling relationships differ from others and can be particularly intense. The knowledge and power difference is not extreme and siblings sometimes play and communicate on the same level. Dunn and Kendrick (1982) researched pretend play with siblings exploring the idea that elder siblings act as teacher.They identified that younger siblings followed the role-play instructions set by their elder sibling enabling their contribution to the play and enhancing their social skills. Schaffer (1996) supports this view believing sibling relationships can be powerful for influencing development of key social skills ‘on the one hand the older child can act as teacher, guide, and model to the younger; on the other hand, however, both children share interest and competence to a sufficient degree to tackle j ointly the task of social understanding’ (Schaffer, 1996, p. 13). Therefore the nature and features of peer and sibling relationships provide different dimensions to interactions that are potentially powerful for influencing development. To identify the social skills required for peer interaction it is useful to consider Blatchford et al (1990) who undertook a longitudinal study of children’s interactions and play perspectives on the playground. They used self-report data, individually interviewing children at the age of 7, 11 and 16.Blatchford concluded that children have a defined playground culture, which excludes adults and contains features of fighting, racist and sexist teasing. Whitney and Smith (1993), claim that the incidence of bullying and aggression within playground culture is sufficiently widespread to cause serious concern (The Open University, 2005, p. 106). Blatchford argued that these features require children to develop sophisticated social understandings and skills in order to regulate their time without adults (The Open University, 2005, p. 105).Another issue relevant to this debate is that of Smith et al (1999). Who studied ‘play fighting’ and highlighted the fine line between ‘play fighting’ and real fighting. Smith claims that a crucial indication of play is the presence of laughter. Supporting Blatchford’s theory Smith claimed peer cultures set the emotional tone of interactions, acceptable boundaries and ground rules. And suggested that even negative experiences such as dealing with aggression can be useful preparation for adult life (The Open University, 2005, p103). Blatchford’s study is effective because of the methodology used: longitudinal studies allow the same children to be studied over a long period of time; this ensures differences found are not due to individual child differences. Researchers can also investigate if behaviours remain stable over time. One disadvantage can be participant attrition (although this was minimal in this study). This may affect reliability as the remaining sample may be biased in some way. Blatchford’s study is complemented by Pellegrini (2003) who studied the social interaction skills involved in ‘rough and tumble’ play (RT).Like Blatchford, Pellegrini used; observations of play episodes and self-report techniques. The research highlighted the issue of dominance and aggression and that playful interactions change with age. For example: juveniles ‘RT’ play is not related to aggression however, for adolescents males it is related to physical aggression and establishes peer status (Pellegrini, 2003, p. 1522). Playful interactions for children of the same age vary for different groups for example; boys engage with other boys using dominance related to aggression, girls however see it as playful.Further support for this theory can be taken from the work of Dunn (2004) who claims that the skills practiced and acquired in ‘RT’ play during childhood, are utilized in other forms of reciprocal interaction, such as cooperative games, during adolescence. The research method used by Pellegrini is effective because it used self-report data: actually asking children for their views and feelings. Bukowski (2005) argues that peer assessments are highly valid and efficient sources of information. Self-ratings provide unique measures of childrens evaluations of skills, affective states, and exp eriences, as well as their impressions and representations of events and of other people’ (Bukowski, 2005, p. 1). Another issue relevant to the importance of play with peers is the use of language. Fein (1984, pp. 136-7) studied peer interaction: analysing children’s dialogue. His transcription of two boys aged 3 years engaged in fantasy play demonstrates the children engaged in negotiation, tension and avoidance of conflict.It identifies the children switching from one level of representation and mode of communication to another. Goncu (1998) describes the distinction in children’s use of communication within play and communication about play: known as metacommunication. ‘†¦Used effectively, this metacommunication conveys a desire to have fun by playing with representations’ (Goncu, 1998, p. 123-4). Fein used discourse analysis involving a systematic analysis of the children’s spoken word to understand their use of speech. Strength of this technique is that it identified the children’s different levels of communication.A limitation is that it only documents part of the activity; for example it does not convey emotional expressions. Another issue to consider is transcriber bias; Fein may have paid attention to particular aspects of talk within his interest, thus resulting in a selective interpretation ‘transcription is a selective process reflecting theoretical goals and definitions’ (Ochs, 1979, p. 44). The approach does not follow the same principles as traditional scientific approaches and therefore it can be difficult to evaluate research validity (The Open University, 2006).Important contributions to the study of play stress the cognitive rather than biological benefits. Piaget (1986-1980) argued peer contact fosters ‘socio-cognitive conflict’; exposure to conflicting ideas forcing reconsideration of one’s own understanding. He emphasised the importance of symbolic representation and its contribution to socialisation. Vygotsky (1896-1934) believed that play provides opportunities to; use language to learn through role-playing and ‘self-regulating’ behaviour by following rules.He argued that contact with more able others were important for enabling learning beyond current capabilities to a new level of competence. Bruner (1915) stressed the role of play in language acquisition and problem solving. Some researchers claim pretend play features all of these skills. Dunn (2004) has conducted observational studies of children’s joint pretend play and claims that very young children are able to engage in pretend play with their siblings using skills of negotiating; shared meaning and rules. A marker of cognitive development is the development of ‘so-called executive function, i. . the child’s ability to regulate their own behaviour. Executive function is an important skill for resisting impulses, managing emotions and self-discipline’ (Dunn 2004, p. 19). Corsaro’s (1986) study of socio dramatic play and fantasy play complements Dunn’s theory. According to Corsaro, fantasy theme play has very important functions for exploring fears and developing coping strategies, which contributes to children developing interpersonal skills and coping strategies needed in later life. Dunn’s research does not account for gender/cultural differences.Stone (1981) suggests that socio-dramatic play is an ‘anticipatory socialisation’ devise (rehearsal for adulthood); and that evidence suggests in Westernised societies socio-dramatic play is more beneficial for girls (involving domestic themes more characteristic of girls). Stone claims boys are more likely than girls to act out thematic fantasies (Stone, 1981, p. 263). A description of a ‘Law Court’ game involving a group of boys in Malawi acting out their father’s behaviour, demonstrates that boys have the ability to engage in such play (The Open Uni versity, 2005, p. 18). A further study worthy of consideration is taken from ‘Zero to Hero’, which claims that ‘†¦people who are sociable are more likely to be smarter, richer and healthier’. However the documentary shows Calvin who was described as a loner and preferred his own company and despite his lack of social interaction when tested he demonstrated a good understanding of knowing that others think differently, a skill required for future relationships (The Open University, 2006). Play also requires cooperation and collaboration skills.Brownell and Carriger (1999, p. 208) researched this, conducting observations of peer’s aged 18, 24 and 30 months. Their research suggests that peers can collaborate, identify joint goals and alter their behaviour to achieve aims. Dunn (2005) claims; that skills developed in pretend play also feature in problem solving and formal situations such as; school. To demonstrate these viewpoints it is useful to consider the work of Vass (2004, p. 170). She transcribed the dialogue of two 8 year olds attempting to write a pretend story.In her analytic commentary Vass identifies the children engaged in differences of opinion and skills of challenging, reflecting, evaluating and resolving. ‘†¦there is evidence that the resolution of conflicting perspectives and the negotiation and joint development of ideas is important for learning and intellectual development’ (Littleton et al, 2004, p. 111). These studies can be questioned, as they do not account for gender differences. A commonly held assumption is that boy’s interactions are conflictual and girls are cooperative.Maccoby (1999) argues that there is evidence that girls do have disputes however, their discourse during conflicts are different than boys (Maccoby, 1999, p. 109). Sheldon (1992) describes these differences, ‘single-voiced discourse’ does not involve; negotiation, consideration of other views and conflict develops. This discourse is found more frequently in boy’s interactions. Girls frequently use ‘double voiced discourse’ involving negotiation and considering others wishes (Sheldon, 1992, p. 110). Evidence presented appears to demonstrate that play with siblings and peers is a powerful site for fostering social cognitive development.However this cannot be regarded as conclusive; the limitations in research require further consideration; most research of peer and sibling interactions is undertaken in Western industrialised settings. Different cultures hold their own values and beliefs affecting these relationships and interactions. Play can be a gendered experience. Current research focuses on understanding face-to-face interaction, however many children now regularly use technology to communicate. Children create their own culture and research must consider their views and knowledge.

Michael Shi Essays (618 words) - Meat Industry, Livestock

Michael Shi Reading Response 6 The readings this week focused on the relationship humans have with animals in modern industry. In Timothy Pachirat's book Every Twelve Seconds , Pachirat documents his experience as he goes undercover as a factory worker in a slaughterhouse. One of the main things Pachirat points out is how the slaughterhouse is set up to try to hide or disguise the killing of cattle. For example, "t he kill floor and front office are as far apart physically as possible without being separated into two distinct buildings " ( Pachirat , 38). In the slaughterhouse itself, "the killing process occurs in two stages, each stage located out of the di rect line of sight of the other" (53) . Walls and partitions separate each step of the killing process. Because the process of killing cattle is spread out over multiple people in multiple locations, nobody personally feels responsible for killing. The other reading this week was an essay by Alex Blanchette , Herding Species: Biosecurity, Posthuman Labor, and the American Industrial Pig and looks at the relationship humans have with pigs in industry today. Blanchette begins by discussing the issue of biosecurity as it relates to industrial pigs. A virus called PEDv had become a large issue for factory farms, killing about 10% of pigs in the United States (As cited in Blanchette , 640). Because of biosecurity measures, workers had to make changes in their lives. Slaughterhouse workers were expected to have no contact with their colleagues working with pigs. One worker was forced to live separately from his family if he were to accept a promotion. Corporate measures to protect pigs " subtly redefine what it means to be human for those who work in a world saturated by concentrated animal life " ( Blanchette , 641). The collective group of pigs is referred to as the "Herd." Statisticia ns analyze seasonal pig output, immunities to disease, and genetics of the Herd to inform their decisions going forward. This allows managers to speak for the pig as a species and " perceive a kind of swine that exists as a theoretical abstraction and an animating vitality outside of concrete forms of animal appearance such as boars " ( Blanchette , 661). After he stops working on the kill floor, Pachirat mentions a conversation with a friend where they disagree about "who was more morally responsible for the killing of the animals: those who ate the meat or the 121 workers who did the killing" ( Pachirat , 160). The Pachirat readings made me question my own moral responsibility as a consumer of industrial meat. The topic of who should assume moral responsibility is something that I've thought about before and I had come to the conclusion that it was primarily the responsibility of the consumers that support the meat industry. Industrial farms and slaughterhouses exist mainly because of the demand for them by consumers and therefore their employees also only exist because of the consumer. The practices described in the readings don't seem entirely ethical to me and even if USDA regulations were changed to be stricter, the author describes how slaughterhouse employees actively break regulations and avoid USDA inspec tors for increased efficiency. However, since I feel so far removed from the process, I don't have the same instinctive moral response about eating industrial meat that I would in other moral situations. As it is with many people, it is easier for me to just not think about the distant consequences of my actions. Pachirat , Timothy. 2011. Every Twelve Seconds: Industrialized Slaughter and the Politics of Sight. Yale University Press. (Pp. 20-80 and 141-161) Blanchette , Alex. 2015. "Herding Species: Biosecurity, Posthuman Labor, and the American Industrial Pig." Cultural Anthropology 30 (4): 640-669

Organizational Behavior in Law Firms

Organizational Behavior in Law Firms Introduction The current practice of organization, governance and compensation in law firms does not match that of other business firms. Managers apply managerial approach rather than coordinated team management. Lawyers want to preserve their autonomy, and they are professional skeptics. During their training, lawyers learn to be pessimistic.Advertising We will write a custom essay sample on Organizational Behavior in Law Firms specifically for you for only $16.05 $11/page Learn More They also aim at spotting flaws. When it comes to employee compensation, lawyers do not trust the compensation committees. They insist on having a system that does not trust other people. Lack of trust leads to several negative consequences and these can be observed in several law firms. For example, teamwork initiatives rarely are implemented. A joint plan can be developed, but commitment to group decisions proves difficult. Discussion In the social Learning Theory, people in a workplace learn from their colleagues. Lawyers are different in that they believe that they possess all the knowledge, which they obtained from the school (Bandura, 2002). They, therefore, do not collaborate with each other. Lack of collaboration in a firm makes a firm not to succeed because they rarely make sacrifices. Instead, they aim at competing for their own good other than for the good of the organization. Many lawyers are reluctant to take up the role of a manager. Fear exists that the other lawyers may not treat them the way they deserve. Lawyers do not tolerate group leadership; hence limiting executive authority in law firms, decision-making is slow. In some instances, lawyers do not arrive at a conclusion in decision-making. Law firms form committees and everyone participates in decision-making. This is a form of democracy, but it slows down decision-making process. Cultural theories affect lawyers. These include theories that concentrate on cultural values, beliefs, a ttitudes, and experiences shared within an organization (Thompson, Ellis Wildavsky, 1990). Lawyers believe that they should not trust each other, and this has led to law firms having short-term orientations. Partners, therefore, fail to invest in the firm because they feel that eventually, they will not credit for that.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Surprisingly, most partners are people who have qualified academically. They have never had the joy of experiencing team success. Their focus is self-serving, selfish, and narcissistic. Therefore, law firm’s resources are squandered hence poorly used. Most law firms make little profits because clients do not get the best lawyers. Lawyers’ selfishness makes them have an approach that is shortsighted when it comes to decision making. Time and money investments rarely take place. Such investments would hav e led to immediate results that could lead to profitability. Lawyers are also skeptical about values, ideology, and principles. In a business, confidence comes when an individual can be depended upon because he can take action according to positive pragmatic principles. Such principles could include facts such as observing clients’ interests first. If lawyers served their clients in the best way possible, their personal interests would follow soon or later. Believing in these principles, however, does not automatically lead to commercial benefits. Partners can achieve commercial benefits if they adhere to these principles. This would lead to faster decision making. This would further lead to implementation of strategies leading to desirable teamwork results. Partners are able to give other partners authority to come up with ideas and decisions because they are confident that decisions can be made the right way by applying the same values, which they can apply if they were in such a situation. Law firms lack this ideological consistency. They have the principles but enforcing them becomes the problem. These firms want to adapt strategies and statement of mission and values. However, they do not state the level of penalty in case a person fails to comply. This results to ineffective implementation of strategies. Lawyers who apply common law traditions appear highly suspicious in overarching principles. They make decisions incrementally leaving open a possibility that the following case can be treated differently. A system should be put in place to coach and help partners who fail to comply with the firm’s standards. If the instruction fails to assist the associate with sensible and substantial time, such an associate should be asked to depart the firm. This system would be close to the system used when a partner does not meet financial targets, for example, billable hours.Advertising We will write a custom essay sample on Organizational Beh avior in Law Firms specifically for you for only $16.05 $11/page Learn More Application of this process would ensure that a firm excels in client service, associate supervision, and collaboration. Most lawyers believe that tackling these issues would be suicidal, idealistic, unrealistic, and un-commercial. Such standards get preached to clients as the firm’s values. Most firms make a choice for principles, but do not take part in a ballot when it comes to implementing them. Lawyers have rules but do not have functional principles for failure of trusting the other partners. They fear that they may refuse to adhere to such principles. Situational leadership theory states that people possess different personality traits (Miner, 2007). Some people are passionate while others are not. Most lawyers lack passion, and this is the reason as to why they relate poorly with each other. Many researches show that lawyers are less intimate and social as compared to other p rofessionals. They prefer interactions that are role-to-role whether in the firm or outside the firm. They do not prefer personal interactions. This should not be mistaken that lawyers hate people. The point here is that they prefer job to investing in personal relationships with their clients, associates, and partners. It would be necessary to consider personal traits when choosing a leader or even a manager. Less passionate people are likely to be poor managers as compared to passionate people. This further makes most law firms unable to market themselves because they do not know how to consider interests of a customer because they lack personal feelings. That intimacy lacks in lawyers. The way lawyers react also affects productivity of their firms and the way the firm is managed. Lawyers take the word management to mean a detached, cold, and analytical approach when it comes to business dealings. Lawyers receive only a scorecard that they should achieve before the year ends. Ther e is no one to help them in achieving the set goals. They are also rarely rewarded for achieving the set goals. Lawyers need to be trained on personal relations, as this would help them a fantastic deal on managing law firms.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More According to Herzberg’s Two Factory Theory, employees need to be rewarded if they perform well and corrective measures should be taken against those who fail to perform (Shipley Kiely, 1986). The management motivates lawyers rarely and this makes them loose morale. Methods of rewarding and punishing should be communicated clearly to the employees, so that they do not live in fear that they may fail to achieve the set goals by the end of the year. They hardly know what will happen in case they fail to achieve as per the expectations. It is true that this way helps in that everyone will work hard towards achieving the set goal. However, there is the lack of cohesion and morale. Many lawyers prefer this approach, but they fail to understand that it leads to limitation of strategies within an organization. This makes firms unstable especially now that partners keep on moving from one firm to another. It can be noted that some organizations have recognized this topic’s sig nificance. Some managing partners have realized the importance of treating people with empathy and warmth to build personal relationships. People ought to be dealt with as people and not as objects. Lawyers also require motivation, but many firms are yet to realize this importance of motivation. Motivation leads to employee satisfaction and personal development. Lawyers also apply peculiar ways when discussing an issue and when making decisions. They like contesting with each other. They, therefore, keep on arguing over small issue; hence slow decision-making. They like challenging each other’s ability. In a law firm, the lawyers will attack even a brilliant idea. Lawyers aim at identifying loopholes thus destroying, postponing or dismissing ideas regardless of the person who initiated them. An idea can be postponed for so many times and eventually the lawyers will not arrive at a comprehensive conclusion. The committee chairs in making decisions spend a lot of time. They alw ays have a lengthy memo before making a single decision. Another management strategy also exists where proposals remain ambiguous to avoid such attacks by the lawyers. Law firms hold on to half measures inclination with pitiable plans that ensure that there is a low probability of success. For lawyers, they will agree to make service teams for the clients, but if asked the meaning of such teams, they do not disclose. When asked their responsibilities, most of them will say that should be worked on later. Obligations of such team members also take ages before figuring them out. All these combined, with the use of committees to resolve issues, make everything disastrous. Some attorneys agree that their training does not include making decisions and not to have such closures. In their arguments, lawyers’ objectives do not appear logic, reasonable, fair, or consistency (Miner, 2007). Law profession rewards lawyers in terms of their persuasiveness, verbal agility, rhetoric, and po int scoring. This is what they bring in the firm at a time of significant discussions. Lawyers view risk in a strange way. In many other firms, decision-making happens for the last time. People do not have to keep on meeting in order to agree on something. The managers are entrusted with decision-making; hence no time wastage. In law firms, chances are not influential in discussions but likelihood. In other dealings, proceedings and groundbreaking thinking operate as crucial necessities for business breakthrough. Companies look forward to tactical inventiveness and thoughts which have not been implemented by others. Lawyers seem different because in case of a new idea, they will unanimously ask to be told of other firms doing the same leading to failure of an idea. They do not see the need for a change since they do not view this as a strategic advantage to the law firm. Conclusion Law firms lack competitive advantage because lawyers compete against each other and do not understand personal relationships. However, they do well financially. Law firms have discovered that hard work and cutting down costs, without caring how the associates will take it, helps them in achieving their goals. This, however, does not serve as the best approach to profitability. The issues discussed above need to be addressed by law firms if they want to deliver as per their vision statement. Issues such as expected behavior and common standards need to be addressed without fear. Law firms require Cultural Revolution for them to achieve their ambitions. Dysfunctional behavior should not be tolerated since it prevents proper functioning of an organization. Hope exists because what law firms practice does not present law, but common tendencies practiced by lawyers. Many other firms have been able to tackle issues to do with trust, culture, and behaviour of the partners. Law firms should not be exceptional. Repeated interactions lead to trust among individuals because of the long history they have had in the past. Some light ahead among the partners further increases the degree of trust. Over time, people learn to trust each other. Teamwork is necessary for achievement of set goals. Ambiguity should be avoided at all costs, and decisions should be made clear to all partners. Minimum standards ought to be agreed upon since firms have several lawyers. All the lawyers must be willing to adhere to these standards. Management of law firms requires that the managers pay attention to the management processes that ought to be applied. Lawyers must understand that legal issues are equally valuable as management issues. References Bandura, A. (2002). Social learning theory (Repr. ed.). Englewood Cliffs, N. J.: Prentice- Hall. Miner, J. B. (2007). Organizational behavior 4: from theory to practice. Armonk, N.Y.: M.E. Sharpe. Shipley, D. D., Kiely, J. A. (1986). Industrial salesforce motivation and Herzbergs dual  factor theory. Stoke-on-Trent (College Rd., Stoke-on-Trent, ST4 2DE): North Staffordshire Polytechnic, Department of Management Studies. Thompson, M., Ellis, R., Wildavsky, A. B. (1990). Cultural theory. Boulder, Colo.: Westview Press.

Three Review Exercises in Subject-Verb Agreement

Three Review Exercises in Subject-Verb Agreement These three review exercises will give you practice in applying the rules of subject-verb agreement. After you have completed each exercise, compare your responses with the answers. Agreement Exercise A For each pair of sentences below, write out the correct form of the verb in parentheses. Keep to the present tense, and be guided by our four tips for agreement and our three special cases.1. Do you know how to play bocce? The game (do) not require any special athletic abilities.2. There is a new bocce league at the recreational center. There (be) several teams in the league.3. I have a new set of bocce balls. My friend (have) a new pallino ball.4. Bocce is a game for people of all ages. I (be) going to show you how to play.5. The players take turns rolling a ball down the court. Each of the players [take] one ball and aims for the pallino.6. We try to get our balls as close to the pallino as possible. Rick often (try) to bounce his ball off the side of the court.7. Nobody enjoys playing bocce more than I do. Everybody who plays bocce (enjoy) the game.8. There are four players on each team. There (be) a tournament at the end of the season.9. The winners of the tournament carry home a trophy. Everyone (carry) home good memories.10. I am ready to play a game now. You and your friends (be) welcome to join us. Agreement Exercise B For each pair of sentences below, write out the correct form of the verb in parentheses. Keep to the present tense, and be guided by our four tips for agreement and our three special cases.1. Both candidates oppose increased defense spending. Neither of the two candidates (oppose) the war in Iraq.2. Not one of these cell phones belongs to me. One of the phones (belong) to Merdine.3. Most students take all of their classes in the morning. Nobody (take) classes after 2:00.4. One of my hobbies is collecting shopping bags. My hobbies (be) unusual.5. Gus and Merdine want a trial separation. Neither one (want) to move out of the apartment.6. Neither of the players admits that he made an error. Both players (admit) that somebody made a mistake.7. Both the manager and her assistant have been fired. Neither the manager nor her assistant (have) been notified.8. Where is your little brother? Several pages from my journal (be) missing.9. Professor Legree often goes for long walks in the rain. Th e lights in his house (go) on at midnight. 10. The students in the back of the room play poker during breaks. The student who sits next to the refreshments (play) solitaire. Agreement Exercise C In the following paragraph, identify the six errors in subject-verb agreement. According to legend, Santa Claus is a fat old man who visits every house on our planet in about eight hours on one of the coldest nights of the year. Santa, as everybody knows, stop for a glass of milk and a cookie at each house along the route. He prefer to work unnoticed, so he wears a luminous red suit and travels with a pack of bell-jangling reindeer. For reasons that most people does not understand, this jolly old man enters each house not by the front door but through the chimney (whether you has a chimney or not). He customarily gives generously to children in wealthy families, and he usually remind poorer children that its the thought that counts. Santa Claus is one of the earliest beliefs that parents try to instill in their children. After this absurdity, its a wonder that any child ever believe in anything again. Answers to Exercise A (1) does; (2) are; (3) has; (4) am; (5) takes; (6) tries; (7) enjoys; (8) is; (9) carries; (10) are. Answers to Exercise B (1) oppose; (2) belongs; (3) takes; (4) are; (5) wants; (7) has; (8) are; (9) go; (10) plays. Answers to Exercise C (1) Change stop for a glass to stops  for a glass; (2) change prefer to work to prefers  to work; (3) change people does not understand to people  do  not understand; (4) change you has a chimney to you  have  a chimney; (5) change remind poorer children to reminds  poorer children; (6) change child ever believe to child ever  believes.