Analyzing The Electoral College Essay

Introduction – There is not one perfect model for the electoral process. All of the varied electoral processes conducted around the world have some kind of flaw or problem. If there was a perfect electoral system, the world now would have been bereft of any concerns involving the electoral processes. The United States, for all of its advancement in thinking and its study and use of new knowledge in the field of analysis and social sciences, still is unable to define what a perfect electoral system is, and until now, the country is still bombarded with concerns about the possible inconsistencies and the presence of bias or unfairness during the electoral process. Two of the most common election problems include the general problems of the faulty electoral system in place in the country and the growing problem about the efficiency of the Electoral College. There must be some logic or some prevailing election custom or tradition that paved the way for the creation and constant use of the winner take all system, because if the people generally are not in favor of such a system, then how can the system of winner take all during elections take place in the US election system? For someone who thinks the winner take all makes sense to identify the rightful representation for the electorate, the system is the way to go and thinking of a new way which would replace the existing system of winner take all in the election is something that is not only arduous but is also impossible to implement in such a short period of time, considering the fact that elections does not even happen in an annual basis. Analyzing the electoral system and the Electoral College – There maybe some individuals and organizations as well who frown at the idea of the winner take all, while there may also be some people and some groups who believe that the election system and the Electoral College is on the right track by using the winner take all scheme during elections. For those who wants to venture deeper into this issue, the real issue is getting at the bottom of the concern that anti-winner take all scheme voices out, and weigh its relevance and significance vis-Ã  -vis the reasons that people put forward about how the existing winner takes all is a good style in the election process. In the analysis of the winner takes all scheme, those who may agree for its continuance may revert to the thinking that if it is happening and is allowed by almost everyone, then it is considered as socially acceptable and therefore generally something that is ok. The role and influence of the selected electors or members of the electoral college – The electoral college members which are selected representatives of the electorate of a particular state, holds an important role if there are any serious efforts towards the recreation and reconstruction of some of the election process in the country. Like political parties and interest groups, the Electoral College is a collection of individuals which holds an important power in their hands that can dictate the outcome of the process of leader-selection inside the US government for seats taken only by elected officials. Another important aspect to discuss when it comes to the analysis of the problem in the electoral process particularly in the Electoral College and the problem found in the winner take all scheme is the privilege being enjoyed by the members of the Electoral College. Â  For those who are wondering why even despite the presence of those who are arguing against the use of the winner takes all practice during election, the scheme is still in place, the reason behind it maybe the maintaining of the source of power and influence especially among the usual members of the Electoral College. Like any other groups to which important outcomes are dependent on, the groups of individuals forming the electoral college, like the congressmen and the senators, are also experiencing the perks of being placed in a position wherein there is a possibility that the candidates for local and national positions would court these members of the electoral college, resulting to favors and personal debts which electoral college members may find useful, even profitable. Because the winner takes all tradition rests heavily on the continued support for such practice by most of the members of the electoral college (who will have to make do without the ‘favors’ coming their way should the winner takes all scheme is removed), the members of the electoral college themselves might be guilty in undertaking conscious efforts to ensure that the public policy and public opinion at worst is apathetic to such practice. Another problem that haunts the Electoral College is the fact that many do not consider it as a true ally and feature of a country that exercises a democratic form of government. The bias can be seen on how representation through the Electoral College is highly dependent on the state population counted every 10 years by the national census agency of the country. The Electoral College, the electoral system and the winner-takes-all scheme: Is there a better way? – Considering that those who are lobbying for a change in some aspects of the electoral system, starting with the change in the Electoral College and the winner-takes-all scheme, the important question to face here is this: what are the changes needed to complete the election system facelift? So far, there are no groups or individuals who have a concrete solution that can be adopted and implemented so that the electoral system in the country should improve. There are lots of criticisms about the Electoral College and the winner-takes-all scheme, but so far, there are not as many solutions being put to light to replace the electoral features which maybe detrimental to the exercise of a democratic country. The only explanation is that these features are effectively in place even until today despite the criticisms is because they serve the ends of those who are powerful enough to initiate the changes should the faulty features become detrimental to their interests as well. For example, if the winner takes all scheme is indeed a breach of the ideals of the democratic country to exercise fair representation in local and national governance, why is it in place and being observed even until now? In place of the winner-takes-all scheme, others suggest the designing and use of more proportional voting methods that actually put in counting the real statistics of votes and not the collective rounding off of votes during the preliminaries allowing for the change in campaigning strategies, which shifts direction away from the real voters and more towards earning the favor of the members of the Electoral College. Conclusion – When the forefathers of the country first thought of giving the rest of the society the privilege of picking the one person or the set of persons who will be responsible for looking after the welfare of the rest of the society, they immediately established the foundation of a sound democracy. Unfortunately, the design of the ideal democracy did not end there. Until today, the people should not stop in pursuing the elimination of the aspects of democracy that is more detrimental that beneficial, and that includes the problems found in the electoral system. The people should take a pro-active stand in fixing the problems found in the electoral system. Those who are responsible for this particular aspect of social link and interaction should re-evaluate the essence of some of the aspects of the electoral system, like the features and design of the Electoral College. They should be capable of providing the public an unbiased assessment on how the Electoral College is still capable or is not already capable of meeting the ends for which it was created for in the first place. If the Electoral College is being manipulated to serve the best interest of a select few, then the electoral system as a whole is in jeopardy, and drastic actions leading to the formulation of solutions and better alternative should be clearly defined and be set in motion.

Ballistics (Forensic Science)

Ballistics is one of the essential components of forensic science. Researchers and scholars in ballistics actively work to improve the quality of ballistics research methods and to enhance the effectiveness of all forensic procedures. It should be noted, that ballistics was not always widely recognized as a scientific method of firearms identification. For many years, courts and law enforcement professionals viewed ballistics as unnecessary and unimportant in the investigation of the major criminal cases.Now, with the advent of the new technological age, ballistics has not only turned into the critical element of success in forensics, but is actively aligned with advanced technologies to speed up the process of identification of firearms. Ballistics (Forensic Science) Introduction Ballistics is one of the essential components of forensic science. Researchers and scholars in ballistics actively work to improve the quality of ballistics research methods and to enhance the effectiveness of all forensic procedures.It should be noted, that ballistics was not always widely recognized as a scientific method of firearms identification. For many years, courts and law enforcement professionals viewed ballistics as unnecessary and unimportant in the investigation of the major criminal cases. Now, with the advent of the new technological age, ballistics has not only turned into the critical element of success in forensics, but is actively aligned with advanced technologies to speed up the process of identification of firearms.Ballistics: definition and history To begin with, â€Å"ballistics, in the most general sense, is the study of firearms – ‘guns’ in the vernacular. As a term of art, ballistics technically refers to the study of a bullet’s path from the firearm, through the air, and into a target† (Carlucci & Jacobson, 2007). From the viewpoint of forensics, ballistics comes up to represent a system of principles and calculations used to match recovered bullets (or their casings) to the firearms which were used to fire them.To a large extent, the study of ballistics is based on the whole set of physical laws, starting with the law of ideal gas and up to the principles of explosion and pressure within the firearms. Currently, ballistics is used to resolve the major firearms complexities, which law enforcement professionals face in the process of investigating a crime. A professional in practical ballistics works to restore the picture of the crime using firearms, bullets, casings, or their residues, and to match them to the marks that had been left on the crime scene.Despite the seriousness of the firearms identification process and the role which ballistics may play for the effectiveness of other forensic procedures, it was not before the beginning of the 1950s that the term â€Å"ballistics† became a widely recognized description of firearms studies (Warlow, 2004). The history of ballistics dates back to the times, when firearms were made manually and individually and each bullet was unique. Gunsmiths were the ones to produce flintlocks and matchlocks, and each firearm bore the sign of its creator.Early firearms could be readily compared to the works of art, for even â€Å"the screws that held together early firearms were handmade and often specific in width and pitch of the threads† (Carlucci & Jacobson, 2007). In conditions where firearms could be distinguished from one another without a difficulty and where every gun bore a unique sign of its creator, matching bullets to firearms was not a difficult task. As a result, early forensic scientists did not really need the knowledge of ballistics in its current form.Matching bullets to their molds was an easy-to-accomplish procedure and did not require any specialized skills or calculations. At the beginning of the 19th century, however, bullets and firearms have turned into the products of mass production, and the form of the bullet was standardized (Carlucci & Jacobson, 2007). Although the amount of firearms models was rather limited and a criminal investigator could easily name the firearm from which specific bullets came, it was no longer possible to distinguish between different variations of firearms that had been produced by one manufacturer (Carlucci & Jacobson, 2007).That is why forensic professionals have become increasingly interested in studying specific features of bullets and firearms that might have been concealed from the naked eye. Phillip Gavelle was one of the first to use microscopes to investigate the features of bullets and compare them to the details and characteristics of the crime scene (Warlow, 2004). With time, experts have also come to realize the role which firing pin and breech marks could play for the identification of firearms (Carlucci & Jacobson, 2007).Unfortunately, the term â€Å"ballistics† and the importance of firearms investigation did not attract public atte ntion, and only after the Sacco and Vanzetti case, as well as the publication of the three firearms identification treatises, the court has officially recognized ballistics as a forensic science, giving law enforcement professionals a chance to improve the quality of all forensic procedures and to develop a new system of forensic methodology with regard to firearms (Warlow, 2004).Ballistics in its modern form: internal, external, and terminal Certainly, with the scientific contribution which Goddard made to the development of ballistics, we would hardly be aware of how effective firearms identification could be for resolving the most complicated criminal cases. Now, as guns and firearms are mass-produced, and thousands and millions of individuals are given the legal right to carry concealed arms, ballistics gradually turns into the central component in the system of law enforcement principles used to reduce and prevent crime threats.In its current form, ballistics is usually divided into the three distinct areas: internal, external, and terminal ballistics. This division is necessary to make the study of separate ballistics aspects more effective, and to provide forensic scientists with sufficient analytical instruments. Moreover, this division is based on the path, which a bullet usually passes down the barrel, through the air, and finally, through a target. Internal ballistics (or initial ballistics) is concentrated around the path, which a bullet passes within the gun (Carlucci & Jacobson, 2007).Although measuring and describing the path of the bullet within the gun is very difficult and almost impossible, forensic scientists use velocity (or muzzle velocity) as the central forensic criterion in the study of internal bullet behaviors. Internal ballistics â€Å"concerns what happens within a time span of in the region of 2 ms between the impact of the firing pin or striker and the exit of the bullet or shot charge from the muzzle end of the barrel† (W arlow, 2004).Energy transfer, pressures and powders, combustion residues, as well as recoil in the weapon are the elements forensic professionals need to know, in order to relate the processes within the gun to the results they have produced on the crime scene. As soon as the bullet leaves the barrel, it becomes an object of external ballistics study. The latter is concerned with the pathway the bullet passes after leaving the barrel and involves the study of missile trajectory, and the impact which air gravity and resistance might have caused on it (Carlucci & Jacobson, 2007).In terms of smooth-bored guns, forensic scientists are usually concerned about the changes that might have occurred in the spread of the shot charge (Warlow, 2004). Crosswinds and the way they change missile trajectory are just another subjects of forensic research in external ballistics. External ballistics usually seeks to determine the scope of influences other materials could produce on the bullet. For exa mple, and Warlow (2004) emphasizes this fact, unburned propellant particles will tend to significantly affect the bullet at close range.Bullet stability, flight, sectional density and shape, and even aerodynamic stabilization form the numerical basis of external ballistics and turn it into a distinctively mathematical field, well-known for its complex algebraic and geometric calculations. The study of the bullet path would be incomplete without researching the processes and changes the bullet undergoes after hitting a target. Upon striking a target, the bullet either deforms or disintegrates, simultaneously damaging or destroying the target (Carlucci & Jacobson, 2007).These elements are the objects of terminal ballistics research. Terminal ballistics professionals work to link the character of the target destruction to the missile trajectory, its velocity, specific characteristics, design, and the features of the target itself. Given that the majority of targets which terminal balli stics investigates are humans, and taking into account the complex structure of the human body, terminal ballistics is probably the most complicated and the most responsible area of forensic firearms science.Researchers suggest that the bullet’s behaviors after hitting the human target are too unexpected and too unpredictable (Carlucci & Jacobson, 2007; Warlow, 2004). Forensic scientists are not always able to establish the link between the pathway the bullet has passed and the injuries found in a victim’s body. That is why terminal ballistics is a complex study of ricochet, impact, penetration, and kinetic forces that are considered responsible for the major motional shifts the bullet undergoes after hitting a target.Forensic ballistics: the new technological stage With the number of physical laws ballistics uses to match the bullets to firearms and to investigate the pathway the bullet passes from the barrel through a target, it is natural that ballistics professiona ls are involved into complex computation processes. However, with the advent of the new technological age forensic scientists have been offered an opportunity to use computer and software technologies for calculation purposes.Now, ballistics software models are extremely sophisticated in contents, but extremely easy in use. IT professionals were able to simplify and integrate the complicated systems of motion, dynamics, gravity and location, as well as hundreds of other physical concepts and principles into a universal system of calculation, which specialists in ballistics use to compute and describe the missile trajectory and bullet flight performance.Unfortunately, there is a whole set of problems to resolve before ballistics software turns into a reliable tool of forensic knowledge. For example, external ballistics technology is concerned with the way equations of motion can be simplified to improve the quality of six-degrees-of-freedom equations and to speed up the process of th eir solution (Belzer, Holzman & Kent, 2006). â€Å"There are also problems with fluid mechanics. These may include matters of universal interest, such as similarity principles, e. g. for transonic flow† (Belzer, Holzman & Kent, 2006).In terminal ballistics, chemistry is the major obstacle IT designers and developers face on their way to creating an effective system of ballistics computation; fluid mechanics also makes it difficult to design complex equations that would take into account the principles of heat conduction, viscosity, chemical reactions, and temperature dependencies (Belzer, Holzman & Kent, 2006).Nevertheless, it is with the emergence of new technologies that ballistics has been given a second breathe and it is in the current technological age that ballistics is likely to become a rapidly evolving area of forensic science and law enforcement, with the emphasis made on the speed and quality of ballistics solutions. Conclusion For many years, ballistics remained a n area of knowledge mostly neglected by forensic professionals.However, as firearms have been gradually turning into the objects of mass production, it was becoming more and more difficult to match bullets to the firearms from which they came. As a result, ballistics has come to represent a complex system of investigation principles aimed at researching the bullet behavior on its way from the barrel and through a target, as well as matching bullets to specific firearms and the marks they have left on the crime scene.Now, under the impact of technological progress, ballistics has been successfully aligned with the complex computation models, and although there is still much to resolve before ballistics becomes a purely technological field, it is obvious that ballistics will remain one of the most rapidly evolving areas of forensic science, with the emphasis made on the speed and quality of ballistics solutions.References Belzer, J. , Holzman, A. G. & Kent, A. (2006). Encyclopedia of science and technology. CRC Press. Carlucci, D. E. & Jacobson, S. (2007). Ballistics: Theory and design of guns and ammunition. CRC Press. Warlow, T. A. (2004). Firearms, the law, and forensic ballistics. CRC Press.

Belonging to Culture

This statement is also shown in the related text ‘Integrated’ by Sylvia Kantaris. In the film, various techniques are used such as long shots, full shots and panning. In the related text the techniques used are a metaphor, listing, contrast and emotive words. In the film ‘Bend It Like Beckham’ the engagement scene starts off with a long shot of the outside of Jessminder’s house. The house is decorated with lights and lighting is a technique used to make the house stand out. After that there is a high angle/close up shot of the food. The foods are colourful and bright. Bright colours are festive and symbolises happy occasions. Costume is another technique. Everyone is wearing the same sort of clothing and they are colourful. This shows that they belong to the Indian culture. The full/long shot of the room and the people sitting next to each other shows sense of belonging to their culture. This scene also explores gender roles. The males were sitting down, eating and talking to others whilst Jess was walking around offering food to the guests. A woman tells Jess â€Å"it will be your turn soon. † This means that she is expected to marry an Indian man just like every other Indian woman. These values and traditions are aspects of their Sikh Indian culture and Jess is expected to follow them. People feel a strong sense of belonging to their culture. We also see this in the pre-wedding preparation scene. In this scene we see everyone sitting together again. Gender roles are explored in this scene as well. All the women are sitting next to each other around a table making samosas. A full shot is a technique used in this scene. This shows belonging to their culture because they are all celebrating harmoniously. There are alternations used between the Indian and British culture to show contrast between the two cultures. There is an overhead shot of the Bhamra’s backyard and their neighbours backyard. The Bhamra’s backyard is colourful, active and bright while their neighbours backyard is quiet, dull and empty. There are alternations used between Jess preparing for the wedding and her team training for the finals. This shows that she is caught between two cultures. Music is a technique used. The music is sad and so is Jess. Her facial expressions show us that she is not interested in what’s going on around her. She takes down her David Beckham poster and this shows that she is giving up on soccer. People feel a strong belonging to their culture however some people can feel caught between two cultures. Another text that that shows people feel a strong sense of belonging to their culture is the poem ‘Integrated’ by Sylvia Kantaris. This poem is about a Greek woman who moves into Australia but does not want to integrate. The metaphor â€Å"she brought her country with her in packing cases† tells us that she has brought ornaments of her country with her because she feels strongly about her culture. She does not want to integrate because she is scared of losing her own culture. At her home in Australia, she listens to Greek music, speaks Greek with her granddaughter and this shows she feels strongly about her culture. Another technique used in this poem is listing. First there is a listing of all the Greek items and then there is a listing of Australian items. This shows contrast between two cultures. Her granddaughter listens to western music, speaks English and eats Australian food. â€Å"Her grandchild†¦has eaten corned-beef, cornflakes†¦another tongue, her future. † This quote tells us her granddaughter has found it quite easy to integrate whereas â€Å"the land gave way, she arranged it to her liking,† shows the grandmother got her way. The use of emotive words such as â€Å"fierce† and â€Å"confrontation† shows that there was a battle between the grandmother and her new environment and she won because she did not integrate. Australia is more malleable than she,† tell us Australia was manipulated because the grandmother did not give up. She kept to her culture. Not only do people feel a strong sense of belonging to their culture but they can experience cultural clash. In conclusion people feel a strong sense of belonging to their culture. This is seen in the film ‘Bend It Like Beckham ’ and the poem ‘Integrated. ’ Both of these texts show us people feel strongly about their culture. However they also show us that cultural clashes can arise as well when people feel trapped between two cultures. Belonging to Culture This statement is also shown in the related text ‘Integrated’ by Sylvia Kantaris. In the film, various techniques are used such as long shots, full shots and panning. In the related text the techniques used are a metaphor, listing, contrast and emotive words. In the film ‘Bend It Like Beckham’ the engagement scene starts off with a long shot of the outside of Jessminder’s house. The house is decorated with lights and lighting is a technique used to make the house stand out. After that there is a high angle/close up shot of the food. The foods are colourful and bright. Bright colours are festive and symbolises happy occasions. Costume is another technique. Everyone is wearing the same sort of clothing and they are colourful. This shows that they belong to the Indian culture. The full/long shot of the room and the people sitting next to each other shows sense of belonging to their culture. This scene also explores gender roles. The males were sitting down, eating and talking to others whilst Jess was walking around offering food to the guests. A woman tells Jess â€Å"it will be your turn soon. † This means that she is expected to marry an Indian man just like every other Indian woman. These values and traditions are aspects of their Sikh Indian culture and Jess is expected to follow them. People feel a strong sense of belonging to their culture. We also see this in the pre-wedding preparation scene. In this scene we see everyone sitting together again. Gender roles are explored in this scene as well. All the women are sitting next to each other around a table making samosas. A full shot is a technique used in this scene. This shows belonging to their culture because they are all celebrating harmoniously. There are alternations used between the Indian and British culture to show contrast between the two cultures. There is an overhead shot of the Bhamra’s backyard and their neighbours backyard. The Bhamra’s backyard is colourful, active and bright while their neighbours backyard is quiet, dull and empty. There are alternations used between Jess preparing for the wedding and her team training for the finals. This shows that she is caught between two cultures. Music is a technique used. The music is sad and so is Jess. Her facial expressions show us that she is not interested in what’s going on around her. She takes down her David Beckham poster and this shows that she is giving up on soccer. People feel a strong belonging to their culture however some people can feel caught between two cultures. Another text that that shows people feel a strong sense of belonging to their culture is the poem ‘Integrated’ by Sylvia Kantaris. This poem is about a Greek woman who moves into Australia but does not want to integrate. The metaphor â€Å"she brought her country with her in packing cases† tells us that she has brought ornaments of her country with her because she feels strongly about her culture. She does not want to integrate because she is scared of losing her own culture. At her home in Australia, she listens to Greek music, speaks Greek with her granddaughter and this shows she feels strongly about her culture. Another technique used in this poem is listing. First there is a listing of all the Greek items and then there is a listing of Australian items. This shows contrast between two cultures. Her granddaughter listens to western music, speaks English and eats Australian food. â€Å"Her grandchild†¦has eaten corned-beef, cornflakes†¦another tongue, her future. † This quote tells us her granddaughter has found it quite easy to integrate whereas â€Å"the land gave way, she arranged it to her liking,† shows the grandmother got her way. The use of emotive words such as â€Å"fierce† and â€Å"confrontation† shows that there was a battle between the grandmother and her new environment and she won because she did not integrate. Australia is more malleable than she,† tell us Australia was manipulated because the grandmother did not give up. She kept to her culture. Not only do people feel a strong sense of belonging to their culture but they can experience cultural clash. In conclusion people feel a strong sense of belonging to their culture. This is seen in the film ‘Bend It Like Beckham ’ and the poem ‘Integrated. ’ Both of these texts show us people feel strongly about their culture. However they also show us that cultural clashes can arise as well when people feel trapped between two cultures.

Accounting and Finance Speech or Presentation Example | Topics and Well Written Essays - 3500 words

Accounting and Finance - Speech or Presentation Example With the increasing globalisation when every country can be seen as an opportunity for the investors the lack of understanding of effective corporate governance can adversely effect the investment intentions of investors.Nowadays corporate governance is seen as the key of attracting investors. Capital flow seems directed towards the companies, which practice fair and transparent ways of governing their organisations. With the changing global business scenario the need of understanding and effective practise of fair and technologically advance corporate governance has also increased. In my speech I will first explain the notion of Corporate Governance then we will have a brief overview of the development of corporate governance codes in the UK and the adaptation of similar codes in the EU.ICAEW (2002) has explained corporate governance in a very effective and comprehensive manner as " Corporate governance is commonly referred to as a system by which organisations are directed and cont rolled. It is the process by which company objectives are established, achieved and monitored. Corporate governance is concerned with the relationships and responsibilities between the board, management, shareholders and other relevant stakeholders within a legal and regulatory framework."There are no hard and fast rules for corporate governance, which can be prescribed for all the countries. ... Accountability of the board to shareholders who have the right to receive information on the financial stewardship of their investment and exercise power to reward or remove the directors entrusted to run the company. Transparency of clear information with which meaningful analysis of a company and its actions can be made. The disclosure of financial and operational information and internal processes of management oversight and control enable outsiders to understand the organisation. Fairness that all shareholders are treated equally and have the opportunity for redress for violation of their rights. According to Meigs et al. (1999) this information meets the needs of users of the information-investors. Creditors, managers, and so on-and support many kinds of financial decision performance evaluation and capital allocation, among others. (P.07) Owen (2001) traces the history of the structure of the British financial system that was shaped by the form which industrialisation took in the 18th and 19th centuries. Following legislative changes in mid-century - principally the Joint Stock Companies Act of 1844 and the Limited Liability Act of 1855 - a growing number of Industrial firms converted themselves from partnerships into limited companies. Some of them remained private, while others chose to have their shares listed, either on one of the provincial stock exchanges or in London. Since than till the decade of decade of 1980s, there was no specific development in the field of Corporate Governance in UK. Tricker (1984) mentioned the same fact as, "In the past there seemed a, no demand for independent supervision or disclosure, no intervention in matters

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Small Business Success - Essay Example are believed to be driving forces to the success of small businesses and what business starters ought to do to increase likelihood of their businesses success. Most successful small businesses takes adequate time to set goals that give them clarity on the direction to take and how they need to carry out their activities in order to succeed. They are driven by their goals and objective despite the challenges encountered along the way such as stiff competition and lack of adequate finance (Bider and Johannesson 2005, p.627). Success can therefore be elusive especially if a small enterprise does not have a clear goal. Successful enterprises always provide room for alternative process and ideas if the initial one fails to deliver desired results. This ensures that activities are carried on as usual after occurrence of setbacks because alternative solutions complement the initial approach (Olivo 2001, p.45). For example, when workers in a small business resist changes, management can decide to bargain with them until they reach at a neutral position on how to embrace the new changes. They can also decide to abandon introducing new changes especially if they are likely to adversely affect workers morale which, possibly could results to poor performance. Setbacks are almost common in a business set up and they may require skilful approach to handle them. A business should acknowledge challenges and formulate various policies to help bouncing back to the initial position before occurrence of a certain challenge. A firm with determination on what it expects to achieve will always bounce back to the right track even after suffering huge losses because their aim is to hit their target. This is a very important trait among small businesses as it ensures that a business handle their own issues without much ado. The ability of making independent decision puts a business at a higher competitive notch since they do not have to consult others thus enhancing quick decision

BX Enviro Legislation Research Paper Example | Topics and Well Written Essays - 1750 words

BX Enviro Legislation - Research Paper Example This act required, mandated that projects that were put forward as proposals by the different government federal agencies were to include statements relating to the projects’ environmental impacts. Apart from this, the law spurred the creation of an office within the Office of the President devoted to the environment, called the Presidential Council on Environment (MNN Holdings).   This office would later be called the Council on Environmental Quality or CEQ (CEQ). The law also broke ground for stipulating in a formal fashion the policies and goals of the federal government relating to the national environment. Where the law recognizes that every American has a stake and a responsibility for being a steward of the environment in each one’s personal capacity, the law also makes a point to include wording that essentially puts the brunt of caring for the environment in the hands of the US federal government.. The idea is that legislation and new programs and projects sh ould be considered for their environmental impacts just as much as for their technical and their financial suitability and viability, and the law puts this principle as a matter of compliance with the law (MNN Holdings; CEQ). a priority concern when considering projects and activities tied to the economy. The goal is the improvement of environmental health metrics which redound to better human health. The Act has been credited with reducing pollution emissions into the air by 41 percent during the first four decades,... The law prompted/spurred the starting of sixteen projects of reclamation precisely in that area targeted by Roosevelt in the southwest United States, for the purposes that he intended (Oracle). The overriding motivation was that the congestion in urban areas necessitated the location of alternative land where farming could take place, and the main technology for the reclamation and transformation of the dry lands in the southwest was irrigation. The bill came before the establishment of the Reclamation Service, later to be renamed as the Bureau of Reclamation, the government agency that was tasked with the work related to the bill (ccrh.org; Bureau of Reclamation). 2. Richard Nixon A. Legislation 1: National Environmental Policy Act of 1969 This act required, mandated that projects that were put forward as proposals by the different government federal agencies were to include statements relating to the projects’ environmental impacts. Apart from this, the law spurred the creat ion of an office within the Office of the President devoted to the environment, called the Presidential Council on Environment (MNN Holdings). This office would later be called the Council on Environmental Quality or CEQ (CEQ). The law also broke ground for stipulating in a formal fashion the policies and goals of the federal government relating to the national environment. Where the law recognizes that every American has a stake and a responsibility for being a steward of the environment in each one’s personal capacity, the law also makes a point to include wording that essentially puts the brunt of caring for the environment in the hands of the US federal government.. The idea is that legislation and new programs and projects

Whose Church Is the True Church Essay Example | Topics and Well Written Essays - 500 words

Whose Church Is the True Church - Essay Example The process involves getting to know the area in which the church is to be situated. Understanding of how the gospel is understood is also very important in the establishment of the church. To start a church, understanding from both the beginners of the church, and the people it is meant for is very important (Elaine 30). Getting people to understand what the mission is the next step that would help the group in the formation of the church. In getting to know the certain aspects that come with the starting of a new church, the mission is to know who the church is being started for. It should also identify its main goals and objectives if it wants to excel in the quest to spread the word. The church could be for either two groups of people. These are the de-churched or the non-churched. The de-churched were once church goers but do not attend church anymore. However, the non-churched simply refer to those that do not want to attend for one reason or the other (Elaine 34). The beginners of these churches have to know the cultural diversity of the people they intend to spread the gospel to. They could be ethnic, class driven, the lifestyle they led, and the deaf or even non-ethnic diversification. Getting to know this is very essential in the beginning of the church (Elaine 36). The author goes on to claim that building the church for only one group of people is not right. The author states the argument the God, the Supreme Being, is the creator of all beings and; therefore, nobody has the right to take that away. Building churches while under the understanding that the word travels faster if the group of people from the same common ground is wrong. The main aim the author is trying to put across is the diverse choices that should be available. Beginners of churches should consider the creation of a diverse church society. This is going to increase the options for everyone rather than just one group of people. In addition, they should consider the

Destructions of Rainforest Research Paper Example | Topics and Well Written Essays - 1000 words

Destructions of Rainforest - Research Paper Example For example, The Amazonian rainforest of South America contributes 20% of the world’s oxygen. Rainforest contributes to pharmaceutical developments in the world. Flora and fauna in the rainforest are used in production of approximately 25-40% of pharmaceutical products with a minimal percentage of native life tested for use. Recently, human activities have drastically reduced the size of rainforests. Most scientists argue that tropical rainforests face exhaustion through the current deforestation rate between the years 2030-2050 (politics.co.uk, 2012). Background Human civilization has led to degradation of rainforests. The rise in human population and the quest for fertile land for agriculture contributed to loss of most forests. Advancements in civilization during the industrial revolution led to increased demand for wood fuel and fertile land for agriculture. Improvements in transport and communication affected rainforests. Deforestation accelerated in the 20th century. The modern version for destruction of rainforests was for commercial purposes. Commercial logging, deforestation to create space for livestock rearing became reasons for rainforest destruction. Creation of European sugar plantations in coastal Brazil and Caribbean propagated rainforest destruction. ... Controversies Science argues that destruction of rainforests has negative impacts on the earth. Destruction of biodiversity and indigenous culture is promoted. Desertification and land degradation promotes loss in soil fertility and Greenhouse Effect which reduces the planet’s ability to recycle carbon dioxide. Economic and politics play roles in deforestation. Most rainforests are found in developing countries, which are characterized by weak political and social institutions. Developing countries depend on timber, land for agriculture, and other valuable resources for economic development. Palm oil production and soy industries pose a threat to deforestation. Conservation measur es enforced by the developed world do not reflect the interest of developing countries. This controversy has led to the debate on conservation of rainforests as a rich-poor agenda. Guidelines used to curb rainforest destruction are flouted by some governments. A country like Brazil faces criticism by environmental organizations like Worldwide Fund for Nature for continuous logging and deforestation practices. Despite this opposition, the developed world cannot be blamed for international pressure. Surveys conducted reveal that most European countries react meagerly to stop illegal importation of timber and other rainforest products. Among the EU states, UK is singled out as the only state that monitors its sources of timber. Consumption of timber products in developed countries remains to soar. The timber products fetch smart money from developed countries than developing ones (politics.co.uk, 2012). As a result, indigenous communities from rainforest areas suffer from catastrophe d ecline. Mortality rates have increased because of diseases like flu, measles and smallpox.

Behavioural-Based Safety in the Construction Companies Essay

Behavioural-Based Safety in the Construction Companies - Essay Example While there are many other explanations, the research paper will seek to determine the explanations that are applicable to the current case study, which is employee perception of BBS at the workplace, BBS training, safety awareness, safety participation, and group safety culture. A quantitative method study will be used for this research study with a survey-based research design. The research study will utilize probability sampling, which will seek to get at least fifteen labor workers at Tarmac Zawawi LLC. It is expected that high scores in BBS training, perception, awareness, participation, and group safety culture will result in high levels of safety and, therefore, fewer incidents and accidents. Because of the equipment, machinery, working height, and external activities involved in the construction sector, it is one of the most dangerous occupations in the industry. There are a number of factors, which lead to accidents in this setting. One of them is unsafe conditions and behavior, in which the individual’s behavior accounts for approximately 75% of all events (Roughton & Mercurio, 2012: p82). In addition, most studies suggest that unsafe behavior among workers is more to blame than the safety of conditions in the occurrence of accidents. If unsafe conditions do exist and individuals accept the risk associated with the construction and continue normally with their activities, accidents cannot be blamed on the conditions alone. Therefore, failure to identify conditions that are unsafe prior to and during construction, to continue with construction even after the unsafe conditions are identified, and unsafe performance without regard to the conditions at the site are three major reasons for construction site accidents (Roughton & Mercurio, 2012: p86). In  addition, unsafe conditions are brought about by unsafe actions from individual workers and their colleagues, management practices, and inhuman events.  

Reality vs. Fantasy Essay Example for Free

Reality vs. Fantasy Essay Rene Descartes, author of Meditation 1, writes how he must erase everything he had ever learned and thought to be true and must begin again from the first foundations (222). One may ask how Descartes came to this conclusion. The answer is that of he realized how many were the false opinions that in [his] youth [he] took to be true, and thus how doubtful were all the things that [he] subsequently built upon these opinions (222). This change was to take place at the perfect time in Descartes life however, he wasted much time waiting for that moment Descartes decided to simply let go of it. He started questioning everything he ever believed in. Descartes raised one specific question: How does one justify being awake from dreaming? He gives an example stating that I am here, clothed in my dressing gown, seated at the fireplace, when in fact I am lying undressed between he blankets! (222). Descartes describes how a dream may feel so real, one might actually think their dream is in fact reality. He goes on further saying plainly that there are no definite signs to distinguish being awake from being asleep that I am quite astonished, and this astonishment almost convinces me that I am sleeping (222). This all lead to Descartes coming up with a theory that perhaps we do not even have these hands, or any such body at all (223). He started questioning the existence of God as well, wondering whether or not he existed or if the heavens and earth were actually there. More questioning followed asking himself how do I know that I am not deceived every time I add two and three or count the sides of a square or perform an even simpler operation? (203). What Descartes became certain of was that an evil genius as clever and deceitful as he is powerful, who had directed his entire effort to misleading me (224) and a conclusion was made that he would regard [himself] as having no hands, no eyes, no flesh, no blood, no senses, but as nevertheless falsely believing that [he] possess[es] all these things (224). Descartes reasoning in my opinion is false for the most part. I would have to agree with him that people should sometimes examine their belief to see whether or not it is accurate. People dream of things that seem very realistic as if it were actually happening however, once they are awake they can distinguish what was reality and what was a dream. Sometimes being fooled by a dream doesnt come to the conclusion that everything around us and everything we believe does not actually exist. However, it is possible to also dream that one woke up in their dreams remembering the dream they were having. The dream may have felt real but in the end they when they were awake the difference between reality and dream could be pointed out. Someone can not be 100 percent sure of something but they can be confident about what they believe is real vs. dream. A person who has a hand is aware of it. All the physical ways to know a hand is there exists. They can see it, feel it, touch it, and use it. The question Descartes raises says that even though we can see a hand how do we know it is truly there and it isnt our imaginations or a dream. Reality is what it is. We know we are not dreaming because of the details we see in reality and the pain we feel. It is also possible to be fooled by a dream sometimes thinking something is actually occurring when it isnt. I know my hand is there because I believe it is and am certain of it unless there is someone who can give evidence proving my belief is false. All rational people would agree with me. There is no sure way of proving that my hand is there because in this world there are many things that cannot be proven even though we know for a fact they exist. There is no sure way to prove if anything exists. There is no proof that we are not controlled by an evil scientist or that our brains our controlled by another making us feel and think things that actually arent there. The only thing a person can rely on is there senses and experiences. They must trust that something is there and it is in fact reality. If one goes on doubting everything and anything around them then they also doubt themselves. If one believes nothing exists they themselves dont exist which is false because they do. If they do not exist then it would not be possible for them to have these thoughts. Overall a hand is a hand. It exists. It is made up of fingers and nerves which we use day after day. If it didnt exist no one would be capable of doing much in their lives without their hands. How would one be able to type, or play the piano, or even write a story? Descartes believed he had no hands, then how were his thoughts and feelings written down if they do not exist? I believe that our hands do exist however, there might be a chance that my hands and other things are controlled by someone else but it is not likely the case. Nothing can be for certain unless there is actual proof and evidence proving whether it is true or not. We must trust our instincts and everything around us to guide us in believing the right and accurate things. Descartes might say in response to my reasoning that I am false and my reasoning is unjust and inaccurate. He would most likely give counterexamples to falsify my reasoning. I would then ask him how he has been able to eat without hands or how a person might drive a car? I would be most anxious to hear what answers he would come up with . Reality is, if no one had hands the world would not exist. Descartes, Rene. Meditation 1. Twenty Questions: An Introduction To Philosophy. Ed. Steve Wainwright. 5th ed. Belmont: Holly J. Allen, 2004. 221-25.

The impact of financial leverage on return and risk

The impact of financial leverage on return and risk In this paper the author explained that each has an inherent risk in its operation which is generally related to the economic conditions in which the firm is operated. Business risk and the economic is not related to the firm financial structure but it is the function of economic conditions. Financial risk is another risk which is resulted from the financial decisions with the debt and preferred stock. Stock -holders have already bearing a risk which comes from the firms operations whereas financial risk is an additional risk which cause change in earnings due to leverage induction. The decision of the firm to undertake an investment affects its economic risk whereas the decision to finance the investment with the debt creates the financial risk. The level of interest rate affects all the firms as each individual is differing from the other firms in characteristics, from which firm decide to issue equity or debt. According to Levi and Sarnat (1994) the business or economic risk is re lated to the industry to which the firm is belonging and cause by the change in economic conditions. On the other word, business risk shows the firms assets riskiness if the firm don not use the debt. The business risk can be measure through standard deviation of return on assets (ROA). The business risk not only fluctuates from industry to industry but also various among in the firms belonging to the same industry. The firms business risk is depending on various numbers of factors. According to Brigham and Gapenski in 1994, there are some important factors influences the business risk. These includes demand variability, sales price volatility, input cost variability, ability to adjust output prices for in input cost, ability to develop new products in a timely, cost effective manner and the extent to which costs are fixed(operating leverages). Making investment with the debt and preferred stock may increase the potential return against the common stockholders. Stable income of the firm shows the brighter future of the firm by increasing in the debt. Its means that there is less probability that the firms net operating income is less than the interest which the firm has to pay against the borrowing. The traditional theories on the weighted averages cost of capital shows that if a firm introduces financial leverages into its capital structure, initially it will decrease the borrowing cost of capital, it is because of deduction of interest on the debts against the higher non-tax cost of capital for the new equity. The long term financial policy of the firm may be affected because of location of earning distribution, stability of sales and earnings, risk of bankruptcy, dividend policy, control and the agency cost. The operating leverage level affects the level of the financial leverage. The firms financial leverage increases the rate of return on the common stock equity. As the greater proportion of debt, has increased the risk of the stockholder. In the good eco nomic conditions, the financial leverage impact will be positive. The higher the degree of leverage reflects the greater firms business risk. The firms have taken loan to raise cash for operations. In this paper, the authors have analyzed that there are two types of leverages which the profitability and valuing to the firm. The measurement of leverage is total liabilities to equity. Some liabilities are arises from bank loans and bonds whereas some results from the transactions with the suppliers, customers and employees who are engaging in operations. Firms are less perfect than the capital markets because their operations are involved in buy and sell in input and output markets. Their research was related whether a dollar of operating liability is priced differently from a dollar of financial liability on the balance sheet. It means that the price to book ratio depend on the configuration of book value. The expected rate of return on the book value determined this ratio. Financial statements analysis provides the information that help to differentiate the shareholders profitability, arising from the borrowing activities. Leverages equations explained about whether the type of liability is favourable or unfavourable. The results in this article also revealed that financial statement analysis is not only differentiate the operations from financing activities but also tell about the future profitability among the firms. The following equation is splinting the effects of financing liabilities and operating liabilities on shareholders equity. Return on common equity (ROCE) = Comprehensive Net Income Common Equity Where Common equity = operating assets + financial assets operating liabilities financial liabilities Or Common equity = net operating assets net financing debt the above mean that investment in the inventory will be reduced in case of making too much investments in inventories.Net financing means that a firm cannot buy the bond with the excess cash from the operations. The income statement can also provide information that comes from financial and operating activities. Comprehensive net income =operating income net financing expense Operating income is earned in operations and net  ¬Ã‚ nancial expense is incurred in the  ¬Ã‚ nancing of operations. The authors also analyzed that if the  ¬Ã‚ nancial assets are more than financial liabilities, Financial leverage is negative. It means that the financial leverage levers the return on common equity over return on assets. Financial statements provides three types of leverages equations which are based on fixed accounting relations and the firms must hold the leverages at a given point in time. Financial liabilities are contraction obligations for the repayment of loans with some financial charges. High profitable firms might be take more leverage because of unfavourable risk is lower. Operating leverage is also provided the changes in the future profitability. (Stomper Zulehner, Why Leverage Distorts Investment ,2004) Many theories of capital structure explain the firms financing choices because of trade off between costs and benefits of leverages. The studies of Jensen and Mecking in 1976 and Myers in 1977 have analyzed the conflicts of interests between the firms owners and their creditors. These types of conflicts change the investment decision as the leverages changes their objectives functions. Management chooses such investment policy which maximizes equity value rather than maximizes the firm value. The strategic effects of leverages was explained by Titman (1984), Fudenberg and Tirole (1986), Brander and Lewis (1986) and Maksi-movic (1986).their papers clarified that why the leverages affects the firms strategy. The directions of the effects depend upon on the nature of firms interaction in oligopolistic situation. The models of Brander and Lewis (1986), Showalter (1995) demonstrate that leverage can make a firm more or less aggressive competitor. Leverages effects the firms investment dec isions in two way, first leverages increase the profitability with which a firm fail to pay its debt, as a result discouraging the investments in case if future profits are discounted at high rate. Second reason is levered firms investment policy depend upon the debt maturity structures so the firms shift their profit of those period in which the earnings are too high to cover the debt charges. If firm remain solvent, the leverage changes the s the firms marginal rate of substitution between current and future profits. To attract investments firms cut their prices at the cost of decreasing their current profits. They had also pointed out anther effect which was that in non defaulted states, the leverages change the marginal rate of substitution between current and future profits which used by the firms in making investment decisions for the purpose of maximize equity value. For this purpose those firms are considerable which cuts the prices of their output to attract additional cust omers and invest in market share. The authors used Limited Liability Effect model to reveal the fact that DLL-effect changes the firms investments. This model effects the firms investments in market share to over and under investment. They concluded, leverages affects firm pricing strategies in that case their future profits are depend on their market share. Levered firms make fewer investments in market shares because they discounted the future profits at high rate. The objectives functions are not change because of their nature of investment decisions. (Aly Tuan, Association between Accounting and Market-Based Risk Measures ,2005) In this article the authors examined the systematic risk and stock prices with help of cost structure of the firm. Systematic risk arises because of the firm fixed claims but having variable revenues. The fixed claims are associated with the debt financing. Shareholder systematic risk is depending upon the ratio of fixed cost to the total cost and leverage or gearing ratio give this relationship. There are two major components, financial leverage and operating leverage. Financial leverage is based on the level of interest paid irrespective to the profitability. Operating leverage is degree of rate of change in profit before interest and dividend with respect to change in the level of sales. The operating and financial leverage both have considered in empirical studies. Earlier studies have proved that accounting beta role was considerable in developing a positive relationship between operating leverage and the systematic risk. The knowledge based labour, research cost or other capita l incentive costs and scale based production may also create fixed cost which enhances the shareholder risk. This means that operating and financial leverages are independent to each other which give total leverage. But this view was criticises in 1983 by Huffman by using an option of pricing approach, she took the assumption fixed investment depend upon the level of previous debt risk. Mandleker and Rhee in 1984, found that operating and financial leverage had impact on beta and there was a significant relationship between these two variables. In 1989, Huffman discovered a negative relationship between the operating leverage and systematic risk which was opposite to the findings of Mandelker and Rhee.Ilord in 1996 had also reported a positive correlation between DOL ,DFL ,systematic risk and unsystematic risk ,however ,financial was related to the total and unsystematic risk but not to the systematic risk. According to the studies of Armstrong in 2002 raises the notion that because of change in corporate behaviour the flexible firms and labour markets have also impact on basic cost behaviour. The financial managers have to face more operating risk so they should adopt financial plan to get appropriate level of stock risk. In 2003, Rosett found that there was weak relationship between operating leverage and market risk but labour cost variable was an important variable. From the authors studies they had concluded that there was a strong relationship between operating leverage and financial leverage but the financial leverage was not more important than the operating leverage as the operating fixed cost have the greater impact on the market risk. Theoretically and empirically, the function of operating leverage has important for risk management and asset allocation within the firm and also for pricing of risk of financial markets. (Baum, Stephan, Talavera,Macroeconomic Uncertainty and Firm Leverage,2005) In this article the author analyzed the factor which influences the leverage level. The purpose of borrowing is make capital investment are existing payment of debt. Some time some firm make changes in the amount of debt they issue just before the official announcement. In 1958, Modigliani and Miller derived from their theoretical results that financial and real variables are irrelevant for a firms capital structure under perfect capital market. Most of the studies show a positive relationship between liquid asset holdings and the firms investment decisions. And some other studies show firms specific characteristics define the firm leverage such as s cash holdings, total assets, and the investment to capital ratio. They formulate a model which predicted that an increase in the macroeconomics uncertainty cause a decrease in leverage. According to them, the companies will issue less debt in times of greater macroeconomic uncertainty. Firms make their debt on the bases of future profits and investments. They have constructed four types of alternative macroeconomic uncertainty which are the conditional variances of index of leading indicators index of industrial production, the rate of consumer price inflation and return on the SP 500 stock market index. From their results it is suggested that macroeconomic uncertainty has impact on the non- financial companies capital structure and affect their investments. In most of the countries the monetary policy has a tendency to be constant in the direction of change in monetary instruments with reversals. (Faulkender Petersen, Does the Source of Capital Affect Capital Structure?, 2005) In this article the authors said that the trade off theory, the firms determine their leverage ratio by manipulative the tax advantages, costs of financial distress, mispricing, and incentive effects of debt against equity. Firms which have greater tax advantages over the debt, they have lower financial distress. When the firms determine that the total benefit from the debt is positive then they form their capital structure by issuing more additional debt and decrease the equity. There is an assumption that leverage is the function of firms demand for the debt. By considering the tax benefit of the debt, Graham argued in 2000 that the firms loose opportunity to enhance the wealth by increasing the leverage and reducing the tax payments on the assumption that other debt cost are correctly measure. Debt ratios also depend upon the firms characteristics. The differences in the leverage may be because of the product of the firm with different characteristics. The firms always try to secu re their funding for those projects having positive net present value NPV. But if the lenders are unable to evaluate the quality of investment easily then it will be difficult for the firm to raise the desire and sufficient amount of capital for all the good projects. The financial intermediaries mostly the banks also may have an advantage over arms length lenders (bond markets) after giving the capital to the firms. The firms which are riskier, smaller and less known mostly borrow the capital from the banks whereas well known larger firms mostly borrow from the arms length capital markets. In the imperfect market the cost of capital is not only depend on the risk of their project but also on the resources which are needed to confirm the viability of their projects. The cost of the debt is paid by the borrower in the form of interest. They observed that the level of the debt is the function of supply and demand of the firm for debt. These both are depend upon the price of debt capit al and the supply and demand factors. Qdemand =ÃŽÂ ±0Price + ÃŽÂ ±1Xdemand factors + E demand Qsupply = ß 0Price +ß1Xsupply factors+E supply They are using the data of 1986-2000 and exclude the firms having assets or sales less than $1million. They had measures debt to the asset ratio; the debt includes both long and short term debt. From their results, the firms which borrow from the financial intermediaries have lower leverage becuse of cost monitoring the imperfect financial contracts. Certain parts of the capital markets also affects the firms borrowing. The vfirms can moves from the private debt markets to the public debt market because banking capital markets have more dramatical impact than the public markets. (Amjed, The impact of financial structure onprofitability: Study of Pakistans TextileSector,2007) In this article the author main point that the capital structure affects the cost of capital of a firm and as a result of this the performance of the firm also affected. The firm must use an optimal combination of debt and equity to enhance the wealth of shareholders which s the main objective of the firm. In this paper the author analyzed the relationship between the capital structure and profitability of the Pakistan textile industry. According to the studies of d Bradley, Larrel and kim (1984) and Almazan and Molina (2005), the firms related to the same industry develop the similar capital structure. Eli Schwartz (1959) reported that optimal capital structure fluctuates in different industries because of the reason that the typical asset structure and profit stability which help in determining the inherent risk are differ for different types of production and the borrowing power of the firms are also differ. According to the Modigliani and Miller (1958) studied reflected that in t he perfect market conditions the market value of any firm and the cost of capital are independent in its capital structure. According to the pecking order theorists Myers (1984), Myers and Majluf (1984), and Shyam-Sunder and Myers (1999), first the firms should have internally generate the sources of financing then from the debt and finally from external equity which is obtained by issuing the stocks. The preferences are recognized by the cost gap between the internal and external sources of funds because of asymmetric information and organization problems. There is a negative relationship between the leverage and profitability of the firm in case if the firm hold the profitability. Booth, Aivaizian, Kunt and Maksimovik,(2001) revealed that if the firm is more profitable if its debt ratio is lower. If the firm can borrow more debt at low rate, the risk associated with the debt is lower as the chances of paying back the funds are increased. Fama and French used in 1998 concluding by using US sample that the relationship between capital structure and the firm profitability is unreliable. Jensen (1986) studied that profitable firms indicates their wealth of the firm by increasing the leverages which result in a positive relation between leverage and profitability. Joshua Arbor (2005) reported that there is a significantly positive relationship between short term debt and profitability and negative association between long term debt and profitability. This indicates that by too much long term debt it will decrease the profits of the firm. He had taken a data of 100 companies from KSE for the period of 1999-2004. The variables used for analyzing are leverage ratio and the profitability. From his results, he explained that the short term debts show positive relationship with the profitability as they are less expensive. While the long term debts has show negativity which means that they are much expensive due to direct and indirect cost. (Shah Khan, Determinants of Capital Structure: Evidence from Pakistani Panel Data,2007) Capital structure is the combination of debt and the equity which is used by a company in to meet its financing needs. It is the one of the most important decisions which a management should be taken carefully. The capital structure decision includes dividend policy, project financing, issue of long term securities, financing of mergers and buyouts. The objective of the financial manager is to keep the cost of capital lower and increases the value of the firm. Optimal capital structure is the point where the cost of capital is minimum. Most of the work related to the capital structure has been done in the developed countries and a few contribution related to it is by the developing countries. In 1995, Rajan and Zingales have studied the G-7 countries while in 2001 Booth el al extended this working by studying the emerging markets. The conclusions from their studies revealed that there are some features in the capital structure of the firms in different countries are common. But still it is necessary to identify the determinants of capital structure in particle industry or institution. Pakistan is a developing country which has three stock exchanges. Karachi Stock Exchange is the largest one on which more than 700 companies are listed. In Pakistan, the area of capital structure is relatively unexplored like other developing countries. The concept given by Modigliani and Miller has proved that the value of the firm is not depending upon the capital structure decisions under certain conditions. Because of unrealistic assumption in MM, it gave birth to the other theories for research on capital structure. According to trade off theory, optimal leverage adjustment is affected by three factors which are taxes, cost of distress and agency cost. Baxter argued in 1967 that too much use of debt enhances the chance of bankruptcy because the creditors demand extra risk premium. According to him, the firm should not use more debt than the tax advantage. Kraus and Litzenberg er (1973) argued that if a firms debt liabilities are greater than its profits then the firms market value is a function of its debt obligations. DeAngelo and Masulis (1980) studied further on Millers differential tax model; they had including other non-debt shields such as depreciation charges and investment tax credits. According to their conclusions that each individual firm has an internal optimal capital structure that increases the wealth of the firm. Their studied have based on the data taken from State Bank of Pakistan publications Balance Sheet Analysis of Joint Stock Companies Listed on The Karachi Stock Exchange Volume-II 1993-1999 and Volume-II 1997-2002. This publication is useful in proving the information related to the key account of the financial statements of listed companies. They have taken the debt to total assets ratio as understudy for leverage (dependent variable) and tangibility, size, growth, profitability, earning volatility, and non-debt tax shields are t aken independent variables. Their results show that descriptive statistics is the highest leverage ratio for textile industry but the average profitability of textile industry is negative. The year to year understatement of profit by family controlled firms in the textile industry reflect that they have refuse to pay the government taxes and the shareholder dividend.th negative figure of profit show that on all the average year it decreases the figure of equity and increases the percentage of debt in the entire financing. (Akintoye, Sensitivity of Performance to Capital Structure, 2008) In this article the author Ishola Rufus Akintoye (2008) analyzed that the financial leverage measures the financial risk which indicates the companys percentage change in EPS comes from percentage change in companys EBIT. Financial leverage increases the EPS when the economic are favourable and depresses the EPS when the goings is not favourable for the firm. It was discovered that the firms financial leverage can increase the shareholders return and as well their risk. The surplus/deficit will increase/decrease the return on owners equity. Fix operating cost is consider in operating leverage. Fixed operating cost such as administrative overhead expenses, contraction employees salaries and mortgage or lease payment that tend to raise business risk. The ongoing short term financial needs may generate a need for long term financing which includes an evaluation of the appropriate mix and the use of debt and equity that form capital structure. By combining the financial leverage and oper ating leverage we can see the effect of total leverages on EPS with respect to the change in turnover/sales as a result of improving capital structure strategies. The optimal capital structure with equity can minimize the firms cost of capital and maximize its returns. The different capitals structure and business risks effects are reflected in a firms income statement. The firm must consider varies factors while formulating the capital structure policy. The firm business risk, tax position and financial flexibility must be taking into the account. These factors are important in determining the target capital structure. The target capital structure may be used as a guide in determining an ideal capital structure which helps to minimize the cost and increases the shareholders wealth. The desire equity-debt mix has effects both the returns and the risk of a firm. The methodology used by the author is the degree of leverages. He took the EBIT, EPS and DPS as the performance indicators to the sales as to measure the capital structure of selected companies. The operating leverages and financial leverages together produce wide fluctuations in EPS for the given change in turnover. A small change in sales level will cause a dramatic effect in EPS in case if a firm employs a high level of operating and financial leverages. Degree of Operating Leverage: DOL = % Change in EBIT % Change in Turnover DOL =% Ά EBIT/EBIT % Ά Turnover/ Turnover The following equation is also used for calculating Degree of Operating Leverage DOL = Q(S V) Q (S V) F Q is the unit of output, S is the selling price, V is the variable cost, and F is the total fixed costs. Degree of Financial Leverage: DFL =% Change in EPS % Change in EBIT DFL =% Ά EPS/EPS % Ά EBIT/ EBIT (Sheikh Wang, Financing Behavior of Textile Firms in Pakistan, June 2010) In this article the authors explored those factors that influence the capital structure of Pakistan textile industry. Capital structure represents the combination of various debt and equity securities hold by a firm. it is very important to choose right set of capital structure as the wrong and quick decision of the management may lead to the financial distress and the firm may bear the cost. It has been recognized that the firm specific characteristics make the combination of debt and equity. These characteristics are profitability, size of the firm, asset structure, growth opportunities and the liquidity position of the firm etc. The financial instruments which are issued by the firm do not affect the productivity and its value. This is the assumption of Modigliani and Millers which do not hold in the real world. The firm should use much debt because of tax deductible interest payment and in this case the levered firm value becomes more than the unlevered firm by the equal amount o f present value of tax savings that are arise from the use of debt. In Pakistan the commercial bank are hesitant in providing long term loans due to risk factor. The author explained the capital structure with the help of different theories. (Trade off theory, Pecking theory, Free cash flow theory).they were selected a sample of 75 companies from the Karachi Stock Exchange for data analysis purpose. They had chosen debt ratio (as measure of leverage) as dependent variable while profitability, size, tangibility, growth opportunities and liquidity are taken as independent variables. According to their results, the average debt ratio among the Pakistani companies was 64.95%. This indicates that the firms are more levered than those firms in UK, Canada and USA. These firms are less levered than those in France, Japan, Italy and Germany. Their results suggest that the leverage is negatively correlated with the profitability determinant and positively correlated with the firm size. Negati ve relationship between the leverage and tangibility determinants shows that the companies with safer and secure tangible assets tend to borrow more from the banks than the companies having risky intangible assets. The highly liquid and profitable firms are preferred to finance new investments from internally available funds. According to the trade off theory the larger firms in Pakistan should operate at high debt level due to diversification risk factor while the smaller firms operate at low leverage as they liquidated when they facing financial crisis. Mostly the firms in Pakistan are dependent on the bank debts because undeveloped and small bond market. Majority of privatize commercial bank in Pakistan have prefer to extent the short term loans as compare to long terms loans. In short the firms in Pakistan are heavily relying on short terms loans. According to Myers, there is no theory to make better combination of debt -equity and no reason to expect that it add value to the fi rm. (Wasmullah, Toor, Abbas, Can High Leverage Control the Opportunistic Behavior of Managers: Case Analysis of Textile Sector of Pakistan ,2010) This article analyzed the impact of leverage on managerial earnings practices in textile industry of Pakistan. The investors/shareholders have been concerned with the earnings/profit. They had discussed the relationship between earning management and firm leverage among leverage increasing firms and control/highly levered firms. Theoretically they had proven the both the positive and negative association between them. Positive as if a firm highly levered so the manager are engage in increasing the income accruals to meet the investors and lenders expectations. According to Jensens (1986) control hypothesis, leverage increases control the opportunistic behaviour of the managers as if highly leverage firms can use the free cash flows in services of loans and managers are left with low free cash flows. In this case managers do not invest the amount in decreasing value projects and not depend upon profit management to hide their poor performance. This represents the negative association between leverage and earning management. IN 1985 Healy used total accrual as alternative of earning management but in 1986 DeAngelo argued that it the better measurement of earnings management is change in total accrual. But after five Jones argued with the statement of DeAngelo that non discretionary components of earnings did not remain the same. she had provided a model which explained that economic conditions changes non discretionary components of accruals. Two variables such as change in sales and the level of property can controlled the economic conditions. They had taken the data of 6 years from 2001-2006 of textile industry of Pakistan. According to Jensen (1986),Maloney et al(1993) and Stulz(1990), leverage increases the limit the opportunistic behaviour of managers as require debt payments decrease the amount of cash available to managers for investing in non-value projects. They had obtained the data from the Balance Sheet analysis of Joint stock Companies which are list ed on KSE, then classified the firms into increasing leverage firms and control firms. They had taken accruals as dependent variable and debt to equity ratio as explanatory variable. According to their results, the relationship has been significantly different in leverage increasing firms and control firms. According to control hypothesis, most of the portion from the low cash flow is expense out in the form of interest in case of highly leverages and as a result the opportunistic behaviour of the manager has been controlled, because they have not enough cash to invest in non value projects and less chances to hide their poor performance. This result leads to make carefully investment in the new projects. It is very difficult to measure the opportunistic behaviour of the firm. The author results supported the control hypothesis. In 2003 DeAngelo argued that total change in receivables are not the discretionary accruals because some portion of accruals is based on previous periods ac cruals, and some portion of inventory is also depend upon change in sales. (Mseddi Abid, The Impact of Operating and Financial Leverages and Intrinsic Business Risk on Firm Value,2010) The purpose of this article is to examine the fundamental risk determinants of firm value. The goal of the firm has to increase/maximise the firm value and firms constitute their

Bill Evanss Effects on Modern Jazz Essay -- musicology, musicians, his

The term modern jazz generally referred to the musical period after bebop, when musicians begun to approached harmony in different aspect. Modern jazz was often overlooked, often defined as jazz derivation or hybrid and was influenced by variety of musicians; among them was Bill Evans. He was one of the most important jazz pianists, and remained to be one of the most influential musicians of post-bebop jazz, due to his prominent sound that made him recognizable to everyone. According to Bert Konowitz, â€Å"Bill Evans Sound is created by using chords in the left hand that often do not have the root of the chord on the bottom, as well as voicing chords with tone clusters† (198). Bill Evan’s sound was distinct and involved unique technique like chord cluster and block chord. Bill Evans was an important figure that influenced the development of modern jazz, including the progress of modal jazz technique, the re-harmonization by chord voicing and the expressivity of jazz. Bill Evans was an impressionist piano player, influenced by his earlier age of classical music. He learned piano when he was a child and also attended Southeastern Louisiana University majoring in music (Pettinger 14). His educational background on classical music allowed him to improvised and explored the depth of jazz. As Leonard Feather's Encyclopedia of Jazz suggested, "The most personal characteristics of his work were his uniquely delicate articulation, his oblique harmonic approaches and manner of voicing chords, his occasional use of the left hand in rhythmic duplication of the right-hand line, and the ability to create a warm, beautiful mood within the framework of a popular song, a jazz standard or an original work". According to Professor Harrison’s lectur... ...to jazz with modal jazz and chord voicing was extremely influential to the modern jazz scene. These new technique brought variations to new musicians, influencing their personal style yet also pushing them to strive for their own freedom of improvisation. Bill Evan’s contribution to the jazz world is vast and he still continued to influence the jazz pianists until this day. Works Cited Israels, Chuck. "Bill Evans (1929–1980): A Musical Memoir." The Musical Quarterly LXXI.2 (1985): 109-15. Web. . Konowitz, Bert. Blues & Jazz Complete: Book & 2 CDs. Alfred Music Publishing, 1999. Larson, Tom. History and Tradition of Jazz. Kendall Hunt, 2002. Nisenson, Eric. The making of Kind of blue: Miles Davis and his masterpiece. Macmillan, 2001. Pettinger, Peter. Bill Evans: How My Heart Sings. Yale University Press, 1998.

Royal Caribbean International Case Analysis Essay examples -- Royal Ca

1. Introduction Deep-sea passenger transportation are amongst the most rapidly growing and evolving sectors in the hospitality industry(Wie, 2004, Douglas et al., 2010). As such, there underscores the need for strategy development to ensure the long-term success of firms in this industry. This report would focus on Royal Caribbean International's operations in Singapore, and analyze it based on its external and internal environments, while concluding with a recommendation of strategies that could be adopted as part of the organization's long-term strategic trajectory. Founded in 1968, the firm is part of the Royal Caribbean Cruises Ltd. which provides one-stop vacation services that includes hotel, dining and entertainment. Additionally, land tours, stopovers and airport transfer services have also been offered in recent years to maximize the customer experience(Royal Caribbean International, n.d.). 2. External Analysis 2.1 PESTLE Analysis Various academics have highlighted the critical role that the PESTLE framework plays in aiding organizations to analyze its external environment(Johnson et al., 2012; Senior and Swailes, 2010; Gomez-Mejia and Balkin, 2011). Political: Owing to the welcoming attitude maintained towards foreign firms, low levels of corruption, stable political climate, and good relations with neighboring countries (MarketLine, 2013), there is little political risk faced in Singapore. Economy: Singapore's economy is relatively stable and growing, albeit being slightly affected by global economic woes. As a whole, there are low levels of unemployment and GDP per capita is high(Worldbank,2013), hence implying more disposable income that nationals have to spend. Nonetheless, spurred on by soaring ... ...n Technology to Drive Productivity. Today: October 14. [Online]. Available at: http://www.todayonline.com/singapore/hotels-ride-technology-drive-productivity?page=1. [Accessed 15 April. 2014]. The World Bank (2013): Doing Business 2013, Washington, DC: International Bank For Reconstruction and Development/ The World Bank. [Online]. Available at: http://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/Documents/Annual-Reports/English/DB13-full-report.pdf. [Accessed 15 April. 2014]. The World Bank. 2013. Singapore Overview. World Bank Group. [Online]. Available at: http://www.worldbank.org/en/country/singapore/overview. [Accessed 15 April. 2014]. Yi, S., Day, J. and Cai, L.A. (2014): 'Exploring Tourist Perceived Value: An Investigation of Asian Cruise Tourist' Travel Experience', Journal of Quality Assurance in Hospitality and Tourism, 15: 63-77

Who is Most Responsible for the Death of Eva Smith in An Inspector Call

Who is Most Responsible for the Death of Eva Smith in An Inspector Calls An Inspector Calls is what is known as a well constructed play. Its progression is that of ignorance to knowledge. The characters are the Birling family, Gerald Croft and of course the formidable Inspector Goole. All the characters start off in a lulled sense of security. Sheila begins very pleased with her life and with her fiancà © Gerald Croft, as one might who is getting married. Gerald is introduced as the well-bred upper-class man about town. Eric, Sheila’s brother starts off shy and progresses through the play, as does Sheila. Meanwhile Mr and Mrs Birling are self-centred upper class adults who look down on anyone below them, even their own children. The entrance of the inspector shatters the whole family’s security and confidence as he tells them a girl called Eva Smith has died in the Infirmary after drinking disinfectant, consequently burning out her insides. The cracks in the Birling family ship begin to show. All of this is represented by the Titanic as people considered the boat to be unsinkable and yet it proved them wrong and sunk, the Birling family think themselves unsinkable and yet their boat eventually sinks too. Arthur Birling is moved to anger by the Inspector’s confrontational manner and accusation of sacking Eva Smith. Gerald, meanwhile, is in agreement with Birling and says, â€Å"I know I would have done the same thing.† Eric takes his father’s sacking of Eva personally and replies, â€Å"It isn’t as if you cannot go and work somewhere else.† Mr Birling sacked Eva because she went on strike with several other girls to get twenty-five shillings a week instead of twenty-two and six. Sheila is next to be examined by... ...s thing to do. Eric and Sheila, characters representing the younger generation learnt from this tragic episode and finally realised that their actions do have consequences, and progressed and matured by the end of the play. In my opinion, Gerald also learnt to be more humble and considerate, and clearly demonstrates his sorrow at the tragic death of Eva – he is also a member of the younger generation of the Birling family, although obviously one episode is not going to wipe out years of indoctrination by the Birling family! Mr and Mrs Birling do not change at all and have obviously learnt nothing from the death of Eva. They are the same cold-hearted people as previously. The Birlings and Gerald Croft are examples of the unscrupulous people in the world who exist the. Play highlights that you never know who is aware of your wrong doings and actions.

“Hedonism” By Jessica Shelby Essay

Oscar Wilde’sThe Picture of Dorian Gray is a prime example of hedonism, a movement in the late 1800’s that claims pleasure to be the prime goal in one’s life. The focus of the novel is the beauty of Dorian Gray, his self-destructive search for pleasure, and the corruption of both the lives he has encountered and his own soul. Beauty and pleasure are the focus of all characters and scenes depicted in The Picture of Dorian Gray. Wilde’s timeless novel vividly portrays the hedonism ideals as the theme of the Picture of Dorian Gray with its characters’ mentality, roles, and eventual demise. The hero of the novel, Dorian Gray, is introduced as an innocent, beautiful young boy until he-in a mad instant- prays that his beauty shall live on while his portrait bares the resemblance of his shame and disgrace. Basil Hallward, the painter of the doomed portrait, praises Dorian for his timeless beauty and innocence. Basil is obsessed with Dorian, and his pleasure is found with the ideal of Dorian that allows him to paint so elusively. The corruption of Dorian begins with Basil’s adoration, but it is lofted with Lord Henry’s hedonistic ideals and all around negative influence. Lord Henry teaches Dorian to cherish his youth and beauty, all the while filling Dorian’s mind with selfish ideals of pleasure and beauty. â€Å"I believe that if one man were to live out his life fully and completely, were to give form to every feeling, expression to every thought, reality to every dream- I believe that the world would gain such a fresh impulse of joy that we would†¦ return to Hellenic ideal- to something finer, richer, than the Hellenic ideal.† With musings such as this, Lord Henry begins his takeover of young Dorian’s mind, ideals, and eventually his soul. Dorian tries to redeem himself, but with a few words from Lord Henry, he is back in the pursuit of pleasure. For example, Dorian realizes his injustice to Sybil Vane and intends to apologize. Then, Lord Henry tells him of her death and makes it sound glorious- like the perfect ending to a delightful play.  Rather than dwelling in the death of a loved one, Dorian tosses the matter aside. Dorian develops in the novel. He begins lofty collections, but eventually bores of them. Then, Dorian searches for pleasure in religion; he even considers converting to Catholicism-not because of any interest in God, but because he fancies the customs. However, Dorian soon grows weary of that and begins to seek refuge with opium, experimentation, and the finding and destroying of romances. All of the lives that Dorian touches are blasphemies, banished, or buried. The women who have met Dorian cannot walk about shamelessly, because â€Å"Prince Charming†-as Sybil Vane christened young Dorian- has taught them shame, has disgraced them, and found pleasure with his shameless use of them. The men who have befriended Dorian either are banished from London, living in Opium dens like Adrian Singleton, or have taken their own lives like Alan Campbell. Meanwhile, Dorian remains gorgeous, but his picture grows hideous. Even in the growing bestial creature on the unfortunate canvas gives Dorian pleasure. Dorian is so pleased that he bares no shame; the thing behind the cloth that lives in the canvas is destined to that. Not Dorian, however, he can seek pleasure with no outward consequences. Not until Dorian-in, yet another fit of rage- stabs the portrait transferring all of his sins, shame, and corruption to his own flesh and blood and his once luminous beauty takes its place on the canvas. The Picture of Dorian Gray by Oscar Wilde, not only depicts the hedonistic ideals, but it also portrays why the movement cannot last in society. Yes, the novel is factual, and it is highly unlikely that a portrait will bare a man’s shame while he remains forever young. However, â€Å"sin is a thing that writes itself across a man’s face,† and if all of society was in pursuit of selfish pleasure, not only will there be no society, but those who did live such lives would be outcast. For example, all of those in the novel not as fortunate as Dorian to be forever innocent looking were banished from London, not able to show their face, or so ashamed that they resorted to taking their own lives. Oscar Wilde’sThe Picture of Dorian Gray is a prime example of hedonistic ideals because of the characters, their actions, and  demise.

‘A complex character deserving sympathy.’ How far and in what ways do you agree with this view of Angelo in Measure for Measure?

In Shakespeare's Measure for Measure, Angelo emerges as a double-sided character; an appropriate focal point for such a ‘problem play', as many of Shakespeare's later works are considered to be. Shakespeare appears to have taken his inspiration for the story from sources such as Promos and Cassandra (George Whetstone) and Giraldi Cinthio's Hecatommithi, both plays in which a self-righteous deputy, be it Promos in Whetstone's version, or Angelo in Shakespeare's, seduces a woman (Cassandra or Isabella) by promise of pardon for her condemned brother. Scholars have argued for centuries whether Angelo, or indeed Promos, is a moral or an evil character. Those scholars who support the notion of Angelo as moral often cite the following factors in the play: the Duke obviously trusts Angelo; Angelo is disheartened enough by the end of the play to offer a sincere apology; and Angelo tries to resist the temptation that Isabella presents. On the other hand, others have argued that Shakespeare depicts Angelo as a purely evil man. These critics emphasise Angelo's treatment of Marian, the Duke's possible suspicion of Angelo, his desire for Isabella, and his broken promise to Isabella. By examining Angelo in both of these circumstances, it will become apparent that the most successful interpretation of Angelo's character is a combination of both of these facets. One of these critics, Leo Kirschbaum, suggests that the change in the structure of Measure for Measure is the result of a change in the characterization of Angelo. At the beginning of the play, Kirschbaum notes, Angelo is cruel and inflexible, but this is tempered somewhat by the fact that he is also noble in his consistent adherence to the law. But in the end he is a character who is no longer noble but who is instead â€Å"small-minded, mean, calculating (and) vindictive. † Therefore, a comprehensive analysis of the character and his significance is necessary to decide whether Angelo does actually deserve sympathy. Upon analysis of the early scenes, we, as the audience, would instinctively begin to consider Angelo a character not worthy of sympathy, as he has ostensibly fooled the Duke into trusting him enough to give him power over Vienna and then immediately condemns Claudio to death for impregnating his lover, despite his genuine love for her. By telling Angelo â€Å"Mortality and mercy in Vienna Live in thy tongue, and heart†, it is apparent that the Duke trusts Angelo, even more than his own right-hand man, Escalus, who is overlooked to be the Duke's deputy. This, however, is overshadowed by the Duke's conversation with the friar in I. iii where he says â€Å"Believe not that the dribbling dart of love Can pierce a complete bosom† and â€Å"I have on Angelo impos'd the office; Who may in th'ambush of my name strike home †¦ ; in both quotes we are led to believe that the Duke perhaps does not trust Angelo to the extent that is initially apparent. Instead, it appears to be part of a wider plan of which we are so far unaware. To make a moral judgement on Angelo at this stage of the play would be incorrect however; we have barely met him as a person, and only seen him in a brief exchange whilst accepting the position the Duke offers him. He is, however, â€Å"tyrannous† enough to promise Claudio's liberty in return for Isabella's virginity, such is his power in the Duke's place. These factors, along with his cruel treatment of Mariana, with whom he had plans of marriage which broke down because â€Å"her promised proportions Came sort of composition†, exposing his shallow and hypocritical nature, would point to Angelo not being worthy of the audience's sympathy, and simply a cold, emotionless character (â€Å"whose blood is very snowbroth†) created by Shakespeare to reflect the promiscuous evil of Viennese society at the time. For all the negative criticism of Angelo, there is in fact plenty of evidence to suggest he is a character with redeeming features who can be seen as reflecting the positive implications of punishment in a play so concerned with the theme of justice. His apology in the final scene is the prime example of his somewhat altered attitude, due to the events of the story. He is â€Å"sorry that such sorrow I procure And so deep sticks it in my penitent heart† – a quote which refers to the Duke's analysis that â€Å"the dribbling dart of love Can [not] pierce a complete bosom†. This apology, especially with its placement at the end of the play, does leave the audience with a slightly more positive view of Angelo than would be had otherwise. Angelo's initial refusal of Isabella's offering whilst carrying out the Duke's plan is another factor of the play which would lead the audience to sympathising somewhat with Angelo and not considering him an entirely malicious character. Despite the evidence of these two points, however, I firmly believe that Angelo is mainly a character undeserving of sympathy, whose reputation amongst the masses is well-founded by his selfish actions and hypocritical nature, as we learn that he has committed a crime far worse than Claudio's – something apparently known by the Duke, who soliloquises at the end of Act III, saying â€Å"He who the sword of heaven will bear Should be as holy as severe†. Although the best analysis of Angelo as a person would clearly be a combination of both malicious and beneficent, as many of the key characters in Shakespeare's ‘problem plays' would best be described as, he does appear to be vastly a malevolent being, not worth of the audience's compassion.