Analysis Of Big Pharma s Power Over Congress - 1883 Words

Even if reference pricing when brought to market did work effectively without stifling innovation, the process of creating a new act to instate a reference pricing law would be far too long and drawn out to make such a risk worthwhile. Just getting such a bill to the point where Congress would vote on it would be a long and winding road of pushing the bill through committees and rewriting parts of it to get the house and senate to even consider passing it, likely taking close to a year if successful. And even getting to the voting stage, such a bill would have a very low chance of passing through Congress. This is because, as Mundy states, â€Å"Big Pharma’s power over lawmakers in both parties,† makes it extremely difficult for such a bold†¦show more content†¦It, as stated earlier, has many of the same traits that commonly posed solutions like reference pricing do. But it takes what these solutions have and expands upon it, by encouraging innovation rather t han stifling it and offering the important power bestowed to Congress to march-in when not properly enforced. Although stated in the act that Congress may march-in when the guidelines of the act are not being followed (as they aren’t), the government has never once exercised its right to march in, and there only has been â€Å"five attempts (petitions from patients, advocacy groups, or corporations) to get the government to invoke march-in† rights (Mundy). Also, â€Å"Bayh-Dole has never been publicly discussed by any administration† so far (Arno and Davis). The lack of action by Congress can be attributed to pharmaceutical company’s hold on Congress as mentioned earlier, and the lack of public knowledge or push for the act. With only five attempts by the public to get Congress to march-in and not many institutions really talking about the Bayh-Dole Act, it’s no wonder not much has been done. If more attention were brought to the Bayh-Dole Act thro ugh petitions and focus groups as Mundy discusses, Congress could be more eager to exercise their march-in rights. Also, if more government agencies such as the National Institute of Heath talked about the Bayh-Dole Act and itsShow MoreRelatedMergers and Acquisitions in the Pharmaceutical Sector Since the Last 10years to Cope with the Mutations of This Sector.7658 Words   |  31 Pagestypes of mergers in the pharmaceutical industry 3.2 Mergers and acquisitions process 3.3 Main strategic reasons a) Financial reasons b) Offensive reasons c) Defensive reasons d) Other reasons 4. The example of Pfizer’s take-over on Wyeth p.19 Conclusion p20 References p23 During the first two years of my studies, the international marketing file represents a determining exercise of our business training. IndeedRead MorePharmaceutical Industry Ethical Practices13569 Words   |  55 Pageswhich help us in improving this report. 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Essay on The Immortal Villain of Washington Square

The Immortal Villain of Washington Square In Washington Square, Henry James confronts us with an exceptionally hopeless kind of tragedy. The oppressive circumstances of protagonists usually arise from failures of individual or social enlightenment. Such stories are optimistic to the extent that they suggest that progress might eventually lift mankind beyond the scope of the type of situations depicted. In Washington Square, however, truth itself is the oppressor -- a universal truth of human nature which, a century after publication, we are still loath to recognize. Catherines tragedy is our universal susceptibility to the superficial: the chasm between the qualities that our reflective sensibilities recognize as good and†¦show more content†¦In The House of Mirth, Lily Bart, following a role comparable to Morris Townsends, has been conditioned since infancy in a way that has left her incapable of unlocking from a track that leads only to deplorable destinations. (At the same time, this genius of sympathetic percept ion remains insensible to Seldens potentially redeeming love.) Catherine Slopers timeless plight is of a more dismal tincture. She is, in her fathers words, absolutely unattractive (p. 35). She is twenty(1), yet has never before, as the doctor points out to Mrs. Almond, received suitors in the house. Mrs. Almonds protestations that Catherine is not unappealing are little more than a matter of form: Is he in earnest about Catherine, then? [Dr. Sloper asked.] I dont see why you should be incredulous, said Mrs. Almond. It seems to me that you have never done Catherine justice. You must remember that she has the prospect of thirty thousand a year. The Doctor looked at his sister a moment, and then, with the slightest touch of bitterness: -- You at least appreciate her, he said. Mrs. Almond blushed. (P. 34) Mrs. Penniman, for her part, readily perceives that without Catherines full inheritance, Morris would have nothing to enjoy (p. 126), while for Morris himself, CatherinesShow MoreRelatedEssay on Early American History and Traditions of Excellence2607 Words   |  11 Pagescolonists, as they did not have any representation in the British parliament. America declared themselves free in the Declaration of Independence in 1776 and the Revolutionary War officially broke out in 1779. The war lasted until 1784 when George Washington led his troops to victory at the Battle of Yorktown. Upon entering the world as a young country, America encountered both changes and challenges. Following the war, America inflicted its citizens with taxes. As a result of theses taxes, manyRead MoreFounding Brothers9626 Words   |  39 Pagesconvention: interest of small v. large states, federal v. state jurisdiction, and sectional slavery. Nevertheless, still a work-in-progress in 1789, the US had several things going for it. It was youthful, expansive, and the first President, George Washington, was unanimously chosen. The next decade would be the most important in the countrys history. There are two ways to view events in this stage of history. The pure-Republicanism interpretation, or the Jeffersonian interpretation

Relative Density Laboratory Report free essay sample

Experiment 6: Relative Density Laboratory Report Jessica Manansala, Nathaniel Martinez, Maria Pacia, Jeanelle Pedrigal, Miguel Poblete Department of Math and Physics College of Science, University of Santo Tomas Espana, Manila Philippines Abstract The experiment would introduce us to 3 concepts, namely, the definition of relative density, the Archimedes principle and the determination of density by the Archimedes principle. In the first activity, we were tasked with finding the density of a cylinder of a known metal; this was done by submersing the cylinder of metal in a measured amount of water and calculating the displaced water against the measured mass of the cylinder. The next activity required us to compute for the density of a given bone. The bone was first weighed, submersed in water and then weighed again. After which the relative density was then computed. The third activity required us to measure the weights of diet and regular soft drinks and then compute for their density. We will write a custom essay sample on Relative Density Laboratory Report or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Introduction Relative density, or specific gravity, is the ratio of the density (mass of a unit volume) of a substance to the density of a given reference material. Specific gravity usually means relative density with respect to water. The term relative density is often preferred in modern scientific usage. If a substances relative density is less than one then it is less dense than the reference; if greater than 1 then it is denser than the reference. If the relative density is exactly 1 then the densities are equal; that is, equal volumes of the two substances have the same mass. If the reference material is water then a substance with a relative density (or specific gravity) less than 1 will float in water. For example, an ice cube, with a relative density of about 0. 91, will float. A substance with a relative density greater than 1 will sink. [1] Archimedes principle relates buoyancy to displacement. It is named after its discoverer, Archimedes of Syracuse. Archimedes treatise, On floating bodies, proposition 5 states: Any floating object displaces its own weight of fluid. — Archimedes of Syracuse For more general objects, floating and sunken, and in gases as well as liquids (i. e. a fluid), Archimedes principle may be stated thus in terms of forces: Any object, wholly or partially immersed in a fluid, is buoyed up by a force equal to the weight of the fluid displaced by the object. — Archimedes of Syracuse With the clarifications that for a sunken object the volume of displaced fluid is the volume of the object, and for a floating object on a liquid, the weight of the displaced liquid is the weight of the object. More tersely: buoyancy = weight of displaced fluid. [2]

Nikes Cheap Labor

Based on the presented Nike’s Cheap Labor article by Tim Glenn, several ethical issues stand out. Among them is the failure of Nike Shoe Company to uphold the values of what is right and wrong in the society. It was unethical for Nike to allow various unethical practices to be carried out by its subcontractors.Advertising We will write a custom case study sample on Nike’s Cheap Labor specifically for you for only $16.05 $11/page Learn More Since the products of all its subcontractors bear its name, Nike should have clearly spelt out its ethical code of conducts to its contractors. According to Berle and Means (1932, p.1), ethics go beyond what the government can control to behavior regulation. The contract awarded to Earnest and Young to ensure inspection of ethical code of conduct in its contracting companies seems to have failed. Various unethical practices were evident in its subcontractor firms. Nike was at fault for unethical labor pra ctices. The first evidence of this fault is that Nike closed and shifted its factories in the United States to Asian countries where there is cheap labor. Although the company does not involve itself in direct production, it is aware of the unethical undertakings by its subcontractors. Secondly, since the products of these subcontractors belong to Nike and that they bear its name, it should have eliminated these unethical practices. Ignoring such unethical practices on employees who make its brands will amount to employees’ enslavement (Kingsolver, 2008). The media has a duty to educate masses (workers for this case) about their rights. According to Chomsky (1989), one of the roles of media is to educate the employees on business ethics. In this case, the media in Asia and other places where Nike has its factories should enlighten workers. Workers should know that they have the right to good working conditions, work at will, not to be sexually harassed, good housing and food, and even a good pay. Media should air employee education programs. The second role that the media can play is exposing unethical acts of such companies as Nike.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Since most of the companies will do everything to ensure that their image is not soiled, Nike would act quickly to restore employees’ ethics. Media should publicize unethical acts such as firing of employees advocating for better terms by force, sexual harassment, poor housing, poor pay, and forced overtime. This airing will expose the other side of the source of the famous Nike’s products. Chomsky (1989) asserts that airing of unethical acts of a company enlightens the public and employees. The major consequence of the mistreatment of workers by contractors and subcontractor of Nike in Asia is the development of a bad image. Although Nike spends a lot of money in e ndorsing celebrities to make up its image, this brand will gradually be soiled. If the company can afford to pay about $250 to athletes in endorsement, it should spend more in creating a good image. Brand means everything to a company since it creates a feeling of either attachment or lack of attachment to a company. It makes employees, investors, financiers, customers, and communities desire and or detest being associated with the company. When media exposes the variety of unethical acts that the company engages in, its public stakeholders will develop a negative image about it (Chomsky 1989). No one would like to collaborate with inhuman companies. No investor would like to be part of a company that physically abuses its employees and or does not pay them their dues. Customers of the company are also likely to leave its products and turn to other apparel industries because they will always attribute the company’s products to its unethical practices. No one would like to buy products of a company that cannot compensate workers who had accidents in the course of producing its goods.Advertising We will write a custom case study sample on Nike’s Cheap Labor specifically for you for only $16.05 $11/page Learn More Many potential employees will also shun working for a company due to its bad image (Schneider et al. 2003, p.836). This case means that a poor brand will deny Nike Company the talents and creative minds that are likely to go to its competitors. The competitor will produce high quality goods. As a manager, I would take the most effective action in image restoration. The first step will be allowing open and efficient communication among the company, its contractors, and employees. In fact, Parker (2005, p.17) affirms that development of formal ethics and its communication is essential in today’s business world. I would establish structures that will allow open communication. There is a clear communication cut between employees and Nike as a company. By ensuring that there are good communication paths, employees will regain confidence in the company. According to Guest (2007, p.52), employees should be allowed to air their grievances and or join trade unions without being sacked or punished. Communication will also ensure that employees are enlightened about their rights and the code of conduct of the company. To boost communication, I will provide suggestion boxes, hotlines, and emails for them to use in case their supervisors or contractors are in breach of the ethical code of conduct. This strategy will also enable clear punishment of the contractors if they breach it. The second tactic that would save the image of Nike Company is advertising, which is paid for to create public attention to certain goods and services.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More I would use media (both print and electronic platforms) to advertise the strategic changes that the company has undertaken to ensure employee satisfaction and product quality improvement through the common catchy phrase that, if a business treats its workforce well, they will in turn treat clients well. The changes in employee relations would be aired on media. Schneider et al. (2003, p.836) assert that employee satisfaction makes potential employees aspire to join a company in the future. In addition, it will make Nike’s customer change their perception of the company from bad to good. Media has the ability not only to tell people what to think about but also how to think about a certain idea. With frequent positive exposure of the changes in the company, people will not only think about Nike but also tuned to think about it positively. Conclusion Nike Cheap Labor article by Tim Glenn is an epitome of the many organizations that strive to reap much not only on the expense of its workforce but also on their own expense. Mistreating of employees by not giving them their due wages, denying them motivations, and not involving them in key decision-making process comprise some of the unethical issues that companies like Nike are practicing. Kingsolver (2008, p.268) says that all unethical business practices amount to slavery. Such ways like poor payment of employees, dismissal from duties without protocol, unpaid overtime, sexual harassment of women, and avoiding paying workers’ benefits are unethical. Therefore, media should come in to publicize these malpractices in an effort to curb them by exposing their implications not only to the employees but also to the victim companies. References Berle, A Means, G 1932, The Modern Corporation and Private Property, Transaction Publishers, New Jersey. Chomsky, N 1989, Necessary Illusions: Thought Control in Democratic Societies, Pluto Press, London. Guest, D 2007, HRM and performance: Can Partnership Address the Ethical Dilemmas?, Macklin Campbell, Pennington. Kingsolver, A 2008, Capitalism. Encyclopedia of Race and Racism, Macmillan, Detroit. Parker, M 2005, For Business Ethics: A Critical Text, Routledge, London. Schneider, B, Hanges, P, Smith, D, Salvaggio, A 2003, ‘Which Comes First: Employee Attitudes or Organizational Financial and Market Performance?’, Journal of Applied Psychology, vol. 88 no. 1, pp. 836–51. This case study on Nike’s Cheap Labor was written and submitted by user 3-D Man to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

The Fangtooth vs the Blob Fish; the Dreaded Fangtooth Essays

The Fangtooth vs the Blob Fish; the Dreaded Fangtooth Essays The Fangtooth vs the Blob Fish; the Dreaded Fangtooth Essay The Fangtooth vs the Blob Fish; the Dreaded Fangtooth Essay The Fangtooth VS the Blob Fish; the dreaded Fangtooth The Blob Fish, believe it or not, has the potential to swim up rivers and ooze from your shower head. The bloated bottom dweller, which can grow up to 12 inches, lives at depths of up to 2,700 feet, is now in danger of being wiped out. Although incredibly frightening, is this actually more horrifying than the dreadful Fangtooth? The Fangtooth looks like it could devour the average person’s dog, and probably could if there were dogs in its environment. This fish’s home at depths of the ocean, penetrating more than 3,000 feet of ocean water. If compared to the body size, its teeth are the longest among all fish. To close the mouth, this fish has two deep lateral sockets around the brain to contain these teeth. According to some, the deep sea Fangtooth is the scariest fish around. Surprisingly, Fangtooths only grow to a length of about 6 inches. The fins are small, simple, and spineless; the scales are embedded in the skin and take the form of thin plates. As compensation for reduced eyes, the lateral line is well-developed and appears as an open groove. The Fangtooth also can travel in schools, almost as if a pack of Dracula fish. According to BBCs Blue Planet- The Deep -, â€Å"the Fangtooth has the largest teeth of any fish in the ocean, proportionate to body size. The juveniles are morphologically quite different unlike the adults, they possess long spines on the head and preoperculum, larger eyes, a functional gas bladder, long and slender gill rakers, much smaller and depressible teeth, and are a light gray in colour. These differences once caused the two life stages to be classed as distinct species. Fangtooths are more commonly found between 200 2,000 meters (660 6,560 feet), and juveniles apparently stay within the upper reaches of this range. They may undergo migrations as is common with many deep-sea fish: by day these fish remain in the gloomy depths and towards evening they rise to the upper layers of the water column to feed by starlight, returning to deep water by daybreak. Fangtooths may form small schools or go a lone. They are thought to use contact chemoreception to find prey, relying on luck to bump into something edible. The smaller teeth and longer gill rakers of juveniles suggest they feed primarily by filtering zooplankton from the water, while the deeper-living adults target other fish and squid. The Fangtooths’ oversized teeth and mouths are a common feature among the miniature beasts of the deep (cf. viperfishes, daggertooths, bristlemouths, barracudinas, anglerfishes), thought to be an advantage in these lean waters where anything encountered (even if it is larger than the fish) must be considered a possible meal. The fangtooths in turn are preyed upon by other large pelagic fish, such as tuna and marlin. Adult Fangtooth typically feed on fish and are harmless to humans, but anything is possible if humans are mistaken for prey. The Fangtooth have had little research done, because of their habitat and the difficulty for humans to study them closely, but these fish are most definitely there, and as frightening as ever. Anoplogaster brachycera. Integrated Taxonomic Information System. itis. ov/servlet/SingleRpt/SingleRpt? search_topic=TSN=622133. Retrieved 19 March 2006. Froese, Rainer, and Daniel Pauly, eds. (2006). Anoplogastridae in FishBase. January 2006 version. Froese, Rainer, and Daniel Pauly, eds. (2006). Species of Anoplogaster in FishBase. January 2006 version. Froese, Rainer, and Daniel Pauly, eds. (2006). Anoplogaster brachycera in FishBase. January 2006 version. Froese, Rainer, and Daniel Pauly, eds. (2006). Anoplogaster cornuta in FishBase. January 2006 version.

Bohrium Facts - Element 107 or Bh

Bohrium Facts - Element 107 or Bh Bohrium is a transition metal with atomic number 107 and element symbol Bh. This man-made element is radioactive and toxic. Here is a collection of interesting bohrium element facts, including its properties, sources, history, and uses. Bohrium is a synthetic element. To date, it has only been produced in a lab and has not been found in nature. It is expected to be a dense solid metal at room temperature.Credit for the discovery and isolation of element 107 is given to Peter Armbruster, Gottfried  Mà ¼nzenberg, and their team (German) at the GSI Helmholtz Centre or Heavy Ion Research in Darmstadt. In 1981, they bombarded a bismuth-209 target with chromium-54 nuclei to obtain 5 atoms of bohrium-262. However, the first production of the element may have been in 1976 when Yuri Oganessian and his team bombarded bismuth-209 and lead-208 targets with chromium-54 and manganese-58 nuclei (respectively). The team believed it obtained bohrium-261 and dubnium-258, which decays into bohrium-262. However, the IUPAC/IUPAP Transfermium Working Group (TWG) did not feel there was conclusive evidence of bohrium production.The German group proposed the element name nielsbohrium with element symbol Ns to honor physicist Niel Bohr. T he Russian scientists at the Joint Institute for Nuclear Research in Dubna, Russia suggested the element name be given to element 105. In the end, 105 was named dubnium, so the Russian team agreed to the German proposed name for element 107. However, the IUPAC committee recommended the name be revised to bohrium because there were no other elements with a complete name in them. The discoverers did not embrace this proposal, believing the name bohrium was too close to the element name boron. Even so, the IUPAC officially recognized bohrium as the name for element 107 in 1997. Experimental data indicates bohrium shares chemical properties with its homologue element rhenium, which is located directly above it on the periodic table. Its most stable oxidation state is expected to be 7.All isotopes of bohrium are unstable and radioactive. Known isotopes range in atomic mass from 260-262, 264-267, 270-272, and 274. At least one metastable state is known. The isotopes decay via alpha decay. Other isotopes may be susceptible to spontaneous fission. The most stable isotope is bohium-270, which has a half-life of 61 seconds.At present, the only uses for bohrium are for experiments to learn more about its properties and to use it to synthesize isotopes of other elements.Bohrium serves no biological function. Because it is a heavy metal and decays to produce alpha particles, it is extremely toxic. Bohrium Properties Element Name: Bohrium Element Symbol: Bh Atomic Number: 107 Atomic Weight: [270] based on longest-lived isotope Electron Configuration:  [Rn] 5f14  6d5  7s2 (2, 8, 18, 32, 32, 13, 2) Discovery: Gesellschaft fà ¼r Schwerionenforschung, Germany  (1981) Element Group: transition metal, group 7, d-block element Element Period: period 7 Phase: Bohrium is predicted to be a solid metal at room temperature. Density:  37.1  g/cm3  (predicted near room temperature) Oxidation States:  7, (5), (4), (3) with states in parentheses predicted ones Ionization Energy:  1st:  742.9  kJ/mol,  2nd:  1688.5  kJ/mol (estimate),  3rd:  2566.5  kJ/mol (estimate) Atomic Radius: 128 picometers (empirical data) Crystal Structure: predicted to be hexagonal close-packed (hcp) Selected References: Oganessian, Yuri Ts.; Abdullin, F. Sh.; Bailey, P. D.; et al. (2010-04-09).  Synthesis of a New Element with Atomic Number  Z117.  Physical Review Letters. American Physical Society.  104  (142502). Ghiorso, A.; Seaborg, G.T.; Organessian, Yu. Ts.; Zvara, I.; Armbruster, P.; Hessberger, F.P.; Hofmann, S.; Leino, M.; Munzenberg, G.; Reisdorf, W.; Schmidt, K.-H. (1993). Responses on Discovery of the transfermium elements by Lawrence Berkeley Laboratory, California; Joint Institute for Nuclear Research, Dubna; and Gesellschaft fur Schwerionenforschung, Darmstadt followed by reply to responses by the Transfermium Working Group.  Pure and Applied Chemistry.  65  (8): 1815–1824. Hoffman, Darleane C.; Lee, Diana M.; Pershina, Valeria (2006). Transactinides and the future elements. In Morss; Edelstein, Norman M.; Fuger, Jean.  The Chemistry of the Actinide and Transactinide Elements  (3rd ed.). Dordrecht, The Netherlands:  Springer ScienceBusiness Media. Fricke, Burkhard (1975).  Superheavy elements: a prediction of their chemical and physical properties.  Recent Impact of Physics on Inorganic Chemistry.  21: 89–144.

Summary Essay Example | Topics and Well Written Essays - 250 words - 77

Summary - Essay Example The Gallop Poll of 2011 shows just 26% for handgun ban. The issue with the thinkers is whether gun control can stop tendencies for violence. Whereas the arguments and counterarguments continue amongst various bodies concerned with controlling gun and violence, the measure does not get the legal support. â€Å"With a 5-4 decision in the District of Columbia v. Heller case heard by the Supreme Court in 2008, the court’s new reading of the Second Amendment indicates that handguns cannot be banned even at the local level because there is an individual right to handguns in the home for self-defense.†(Ryan, n. p.) This seals the issue in favor of keeping the handguns. The other method suggested is health screening of the people and the background check from the â€Å"federally licensed dealers.†(Ryan, n.p.) This suggestion is good in theory but its implementation is not practicable. One can easily buy the â€Å"gun from a private seller.†(Ryan, n. p.) But the suggestion to ban AR-15 type assault rifles merits consideration, as these types of weapons have role for civilian purposes. Congress did ban 9 types of semi-automatic weapons in 1994 and the â€Å"ban expired in 2004 and was not renewed.†(Ryan, n.p.) Going by the General Survey there is a marked reduction in gun related crimes all over the country in the last 40 years. But the Church is deeply concerned about gun trafficking and suggests that the members of the community should exercise moral authority to educate the people about the gun culture and finally guns should have no place in a society governed on moral principles. The faith community has the responsible and c onstructive role to play in this

Answer 2 question Essay Example | Topics and Well Written Essays - 500 words

Answer 2 question - Essay Example According to Schneider (2011), checks may be unsafe because merchants handling checks usually get access to individual account number, names, and other contact information that may make it easy to perpetrate fraud. Moreover, when checks are processed as electronic debits, merchants have access to personal account that may give them chance to make unauthorized deductions. In addition, compared to the debit cards that only require a four digit PIN, checks usually need signatures, which may be easily imitated by a third party. On the other hand, when an account holder or signatory to the check gets serious accidents that, they cannot sign the checks; it is obvious that the checks cannot work because there may be issues of mismatch in signatures. Not all merchants because of payment delays and possibility of bounced checks may accept checks (Schneider, 2011). Keeping accurate financial record may is very cumbersome and time consuming especially when dealing with cancelled checks because they normally leave paper trails that the account owner must follow in case of fraud or theft. Reconciling the bank statement with the canceled checks is not an easy task. Schneider (2011) explains that phishing has been rampant in the recent years as expert criminals turn to the huge amount of money involved in the online payment systems. The technique that involves committing fraud against clients of online business is common amongst financial institutions whose customers expect high degree of security. The basic structure of a phishing attack sees an attacker sending e-mail messages to several recipients who may be account holders at the targeted Web site such as PayPal or Skrill. The messages that also include some links that appear as the link to the login Web site, normally informs the recipients that their accounts have been compromised and that they should log in to the account to correct the issue. Instead, the links

Holmes and Watson Essay Example for Free

Holmes and Watson Essay Holmes requires Watson for companionship, for company, but more importantly as a sort of bodyguard, someone who will protect him. We have already seen, for example, how Holmes always lets Watson take the gun, for he himself does not want to be directly involved in any sort of violence. Holmes also bounces all of his theories and assumption of Watson, to see what his opinion is in the matter What do you make it Watson He would ask, just to see what Watson thought of the whole situation. Watson is someone who is not as clever or imaginative as Holmes, so he needs to follow Holmes lead, watching what Holmes does. Watson can be seen as the foil of the sword, Holmes being the tip of the sword. You can see that they both need each other to function efficiently, or neither work as well. Watson, although he doesnt always have an important role in the stories, still has a important role because he is the narrator of the story, which means he is the link which connects us to Holmes world and he is the one who shows us the character of Holmes. At the start of the Speckled Band, we see the intimacy of these two friends I woke one morning to find Sherlock Holmes standing, fully dressed, by the side of my bed. This scene shows how close the two friends are, and shows that their relationship as one which is very intimate, very close. When Holmes introduces Watson here, he shows us that he regards Watson here as an equal telling Mrs Hudson that This is my intimate friend and associate, Dr Watson before whom you can speak as freely as before myself. Whilst Holmes doesnt always regard Watson as an equal, perhaps this a time were he does. Watson is sort of a sound board that Holmes can relay his ideas off of, often asking for Watsons opinion. He does this perhaps so that he can see if Watson does or does not agree with him, or perhaps so that we can here what Holmes makes of it. Another reason why Watson is our link towards Sherlock Holmes, why Watson is so very Important. During the Speckled band Watson is beside Holmes to protect Holmes form danger, in particular Dr Grimsby Roylott. There relationship in all of the stories is pretty similar, with Watson simply observing Holmess actions, whilst adding in personal thoughts of his own. Holmes and Watson are a team however, they solve the cases together. Although Holmes will sometimes not always require Watsons protection, but also even some ideas What do you make of that Watson? Watson for example, during the adventure of The Silver Blaze figures out something which Holmes could not see The Horse was alone before discovers Watson as he notices a mans tracks alongside the horses. Whilst Watson can figure out certain things for himself, he like Sergeant Gregory lacks the imagination that Holmes has. This is often why Watson can not see beyond the picture, and therefore cannot discover things as quickly as Holmes. Holmes and Watson used to live as bachelors until Holmes got married in Which shows that their relationship may not of only have grown so intimate during their adventures, but also because the were living together. Also at the start of the Sliver Blaze and the Speckled band, we clearly see just from picturing the seen how close they are. In the speckled band Holmes is standing next to Watsons bed apologising from waking him. In the silver blaze, they are sitting down together having breakfast with each other. These scenes show that they have a very deep relationship. Watsons marriage also affects their relationship because it means that they no longer live with each other and therefore may have grown apart. The conclusion of my studies shows that Holmes and Watson are more than simply associate. They have an intimate and deep friendship, which is strengthened through their adventures together. Holmes and Watson work best during the investigations together, combining their different qualities and strengths to help them solve the case. Holmes in the relationship is the more dominant figure, intellectually smarter than Holmes and mainly contributing to the case itself using his powerful powers of observation and imagination. Watson however, is more down to Earth and his role is to assist Holmes by protection (carrying the gun, accompanying Holmes) and being the link between Holmes and us. He is also there perhaps to keep Holmes and check, for when he worries about Holmes smoking. Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Arthur Conan Doyle section.

Western Influence on Japanese Business Management Essay -- essays rese

Japanese management: how the western influence and the 1990s crises have modified management practices in Japan, and in Japanese companies broadly speaking? Introduction Japan has been the second largest power in the world for several decades, now. As a quite remote island in Asia, its history and development shaped a country with its own way of thinking and behaving, and as far as we are concerned, with a great economy and a technological lead over its Asian neighbours. After the Second World War (WWII), Japan started from scratch, and its business succeeded very well, first on the domestic market and then on a world-scale. In the 1970s, Westerners were looking at Japan in awe, and tried to know how it could be such a good competitor in various sectors (e.g. electronics, car making and so on). The Japanese management myth was born to last. Some of the main characteristics are: participative decision making, bottom-up management, lifetime employment, "amae-dependency relationships", lean production, total quality management, total cost management, and infrastructure support. Though, since the 1990s, with intense globalization and several crises which impaired their economy, Japan companies have changed their way of running a business, but to which extent? One will try to tackle this issue by first analysing the core components of traditional Japanese management, and how it was shaped by culture and history. Then one will the influence it had on other countries, and reversely how Westerners made this style of management evolve into a new one. General background - Cultural elements Japan was quite isolated from the rest of the world for a long time, under the Tokugawa dynasty (17th and 18th), thus the inimitab... ...isation of work. History, too, fashioned Japanese management: the need for revenge after the humiliation of WWII was used in a very positive way to foster industry and achieve the Emperor?s dreams in a pacifist way, that is conquering Asia on an economic viewpoint. As a conclusive word one will cite Mauri Kaoru Kobayashi?s essay: in Japan, ?The traditional paradigm of organizational structure is no longer adequate for [its] long term survival... adult business education provision in private sector shows that employees are increasingly taking initiatives for their professional education rather than their companies? dictating what skills they should have?. Even though the core components of Japanese management are still present, today the country?s companies must their Human Resources policies evolve in order to keep a central position in the global market economy.

Law of Wills in India

Property Law Research Paper LAW OF WILLS IN INDIA Submitted By-Ishani Mehta BA. LLB -2011 Section-A (22 November, 2012) CONTENTS- * Definition * Key Terms * Different types of wills * Essential Clauses of a will * Restrictions or Limitations for making of a will under The Indian Succession Act 1925 * Registration of a will * Property, which can be, disposed of by Will * Principals of rate able abatement in case heirs do not give consent. * Probate of a will * Muslim laws on wills in India * Revocation of a will * Revocation of a will by Muslims * Codicil * Who can be a devisee under a will?Definition – Will is the legal declaration of a person’s intention which he wishes to be performed after his death and once the Will is made by the testator it can only be revoke during his lifetime. OR Will means the legal declaration of the intention of a testator with respect to his property, which he desires to, take effect after/*appointment of Executor by the testator, the Court may appoint a person called ‘Administrator' to execute thee will. OR The term ‘Will’ is defined under ‘Section: 2(h)’ of The â€Å"Indian Succession Act, 1925†, means the legal declaration of the intention of a testator with espect to his property which he desires to be carried into effect after his death. A testator is authorized with a power to appoint any person as beneficiary of his Will whereas ‘Section: 5’ deals with the law regulating succession to deceased person’s moveable and immovable property. My interpretation of a will- A Will or testament as it is often called is a legal declaration by which the testator names one or more persons to manage his/her estate and provides for the transfer of his/her property at the time of death. A Will can be made by anyone who is above 21 years of age in India.It can be seen as a statement made by a testator in the written form stating the manner in which his estate/property mus t be distributed after his death. A Will being a testamentary document comes into effect after the death of the testator and if the person dies without writing any Will then he/she is said to be have died intestate. The person in whose favour the testator bestows the benefits is called the beneficiary or legatee. A Will is otherwise known as a Testament. KEY TERMS- * Codicil- Codicil is an instrument math in relation to will. It is a part of the will. Abatement of Legacies- When a testator bequeaths more than one third of the property, and the heirs refuse to give consent, it is to be adjusted accordingly. * Lapse of Legacy-  If the Legatee does not survive, the bequest (Property under will) is distributed as if there is no will. DIFFERENT TYPES OF WILLS- A testator who has right to make a Will for the future benefits of his family members which will take effect after his death, the there are certain types of Wills which has to be looked into: 1. Privileged ‘Wills’:  As it can be understood from the word privilege provided to certain persons.A privileged Will is one which is made by any soldier, airman, navy persons, mariner who are willing to dispose of their estate during their course of employment. A soldier includes officers and all other rank officers of service but does not include a civilian engineer employed by the army, having no military status. A soldier while making an instrument of ‘Will’ must have attained the age of 18 years and where a will made by the soldier is in the oral form, will be valid only for a month though a written Will always remain operative.A privileged Will may be revoked by the testator by an unprivileged Will or codicil, or buy any act expressing an intention to revoke it and accompanied by such formalities as would be sufficient to give validity to a privileged Will, or by the burning, tearing or otherwise destroying the same by the testator. 2. Unprivileged ‘Wills’:  Wills execut ed according to the provisions of ‘Section 63’ of the ‘Indian Succession Act, 1925’ are called Unprivileged Wills.An unprivileged Will is one which is created by every testator not being a soldier, airman, mariner so employed. An unprivileged Will like Codicil can be revoked by the testator only by another Will or by some writing declaring an intention to revoke the same and to be executed in the manner in which an unprivileged Will can be executed under the Act or by burning, tearing or destroying of the same by the testator or by some other person in his presence and by his directions with the intention of revoking the same. ESSENTIAL CLAUSES OF WILLS-There are certain characteristics which should be included in the instrument of will such as:- †¢ The Name of the Testator:  The name of the testator should be mentioned accurately without any error in initials, spelling or grammatical mistake so that it will not affect the instrument of Will. The nam e of the testator can also be clarified by looking into his birth certificate or any school certificates. †¢ Right to Appoint Legatee:  The testator is having absolute right to appoint any person as a legatee or beneficiary of a Will and legatee should execute the Will carefully and in accordance with the law. To Take Effect after Death:  A testator who is having power to make the Will during his lifetime, but it will take effect only after his death. A gift made by a person during his lifetime and will take effect during his lifetime, cannot be considered as a Will. †¢ Revocability under the Law:  In general a Will made by the testator can be revoke at any time during his lifetime and testator can choose any other person as his legatee. There may be chances where a testator wishes to bring some alterations in the Will then he can make some necessary amendments in the prepared Will which is otherwise called as Codicil.A third party can not file a civil suit against t he testator on the ground of cancellation of the Will. A Will made by the testator may be irrevocable in some cases where an agreement is entered into contrary to the Will, may bind the testator. †¢ Intention of the Testator supreme:  The testator of the Will has right to revoke Will at any time which can only be proved by the intention of the testator that whether he is intending to revoke the previous testamentary instruments made by him or he can state in his Will that ‘This is my last Will’ then it can be presumed that all the earlier testamentary instruments has been revoked. The Declaration to be ‘Last Will’:  A person as testator has power to make declaration of Will innumerable times but it is always the last will of testator which will prevail. The words â€Å"I declare this to be my last will† need not be stated in the instrument of the Will. Once the Will is made by the testator Inserting of words ‘Last and Only will’ at the time of death it can be presumed that all the previous Wills will get revoked and fresh Will has to be effected. Lost Subsequent ‘Will’:  Mere loss of the original Will does not operate a revocation but it has to be inferring by the stringent evidence to prove its revocability and a testator must show the genuine reasons for the loss of the Will. Once it is proved that an original will is lost then ‘Subsequent Will’ will be valid. Restrictions or Limitations for making of a will under The Indian Succession Act 1925 * Transfer to person by particular description, which is not in existence at testator's death. * Transfer to person not in existence at testator's death subject to prior bequest. Transfer made to create perpetuity. * Transfer to a class some of whom may come under above rules. * Transfer to take effect on failure of prior Transfer. * Effect of direction for accumulation. Registration of ‘Wills’: It is not mandatory for a wi ll to be registered but it is better if a will is registered because it has few advantages. * It can be proved easily. * Its authenticity cannot be questioned. * A certified copy is always available. * When- It can be registered in any registering offices in India at any time during the life time of the Will maker.The copy of the will can be obtained by the testator at any point during his/her life time and after his/her death that copy can be obtained by others by providing the proof of death of the testator. * Expenses- Will has an advantage that the cost incurred in making of it is negotiable. The estimated amount of making a will is 200-300 Rupees. Any alteration in will whether addition or deletion or rectification can be done through a document called Codicil and this will not even require the stamp duty. Note- A bill can be registered even after the death of the testator which may help the beneficiaries of the will to obtain bequeathed properties without hassles. According to the Section: 18 of the ‘Registration Act, 1908’ the registration of a Will is not compulsory. Once a Will is registered, it is strong legal evidence that the proper parties had appeared before the registering officers and the latter had attested the same after. The process of registration begins when a Will instrument is deposited to the registrar or sub-registrar of jurisdictional area by the testator himself or his authorized agent.Once the scrutiny of Will instrument is done by the registrar and registrar is satisfied with all the documents then registrar will make the entry in the Register-Book by writing year, month, day and hour of such presentation of the document and will issue a certified copy to the testator. In case if registrar refuses to order Will to be registered then testator himself or his authorized agent can institute a civil suit in a court of law and court will pass decree of registration of Will if court is satisfied with the evidence produced by the plaintiff.A suit can only be filed within 30 days after the refusal of registration by the registrar. If the testator willing to withdraw the Will after the process of registration then a sufficient reason has to be given to registrar, if satisfied he will order for the registration of Will. Property, which can be, disposed off by Will Any movable or immovable property can be disposed off by a will by its owner. Under Mitakshara Law, a Hindu coparcener could not dispose off his undivided coparcenary property by will, even if other coparceners consented to it.But section 30 of Hindu Succession Act, 1956 provides that any Hindu may dispose off by will or other testamentary disposition any property, which is capable of being so, disposed of by him in accordance with law. The interest of a male Hindu in a Mitakshara coparcenary property is deemed to be property capable of being disposed off by him. PROBATE OF A WILL- It is the copy of the will which is given to the executor together with a certificate granted under the seal of the court and signed, by one of the registrars, certifying that the will has been proved.The application for probate shall be made by petition along with copy of last Will and testament of the deceased to the court of competent jurisdiction. The copy of the will and grant of administration of the testator’s estate together, form the probate. It is conclusive evidence of the validity and due execution of the will and of the testamentary capacity of the testator. A probate is obtained to authenticate the validity of the will and it is the only proper evidence of the executor’s appointment.The grant of probate to the executor does not confer upon him any title to the property which the testator himself had no right to dispose off which did belong to the testator and over which he had a disposing power with a grant of administration to the estate of the testator. Probate proceedings cannot be referred to Arbitration. The probat e court (whether it is the District Court or High Court) has been granted and conferred with exclusive jurisdiction to grant probate of a Will of the deceased. Muslim laws on wills in IndiaA Will under Mohammedan Law is called as Wasiyat, which means a moral exhortation or a declaration in compliance with moral duty of every Muslim to make arrangements for the distribution of his estate or property. The Mohammedan Law restricts a Muslim person to bequeath his whole property in a will and allows him to bequeath 1/3rd of his estate by writing will, which will take effect after his death. A will may be in the form of oral or written if the will is in writing need not be signed if signed need not be attested.Acc to Shia Law if served bequests are made through a will, priority should be given to determination by the order in which they are mentioned a bequest by way of will. A Will Can be made by a person who is of sound mind, major and possessing a absolute title, in favour of a person who is capable of holding property except unborn persons and heirs. The revocation of will is possible only if the subsequent Will is made by the testator. A Muslim person who is allowed to bequeath 1/3rd of his estate, he can exceed its limit on testamentary power of 1/3rd to 1/4th in case where heirs’ gives consent or only heir is husband or wife.Revocation of a will A Will is liable to be revoked or altered by the maker of it at any time when he is competent to dispose of his property by Will. A Will can be revoked by testator of the Will at any point of time which can be classified into two aspects such as:- †¢ Voluntary Revocation:  A testator who wishes to revoke his original Will which is made by him on a specified date and time, he can make revocation of the will himself by writing a subsequent Will or codicil duly executed and by destruction of the previous will, means by burning, tearing, destroying or striking out the signature of the original instrument of a Will. Involuntary Revocation:  According to the Section: 69 of the Indian Succession Act, 1925 which deals with revocation of will by the testator’s marriage, however this provision does not apply to Hindus. Section 57 of the Indian Succession Act clearly states that a testator’s marriage will not make the Will invalid. Revocation of a will by Muslims The testator may revoke his will at any time either expressly or impliedly. The express revocation may be either oral or in writing.The will can be revoked impliedly by testator transferring or destroying completely altering the subject matter of the will or by giving the same property to someone else by another will. Codicil Codicil means an instrument made in relation to a will and explaining, altering or adding to its dispositions and shall be deemed to form part of the will. The codicil is generally made to make slight changes in the will, which has already been executed.A codicil cannot alter a will more than wha t is necessary to carry out the testator's intention as evidenced by the will and the codicil. Codicil means an instrument made in relation to a will and explaining, altering or adding to its dispositions and shall be deemed to form part of the will. The codicil is generally made to make slight changes in the will, which has already been executed. A codicil cannot alter a will more than what is necessary to carry out the testator's intention as evidenced by the will and the codicil.Who can be a devisee under a will? Any person capable of holding property can be a devisee under a will and therefore a minor, lunatic, a corporation, a Hindu deity and other juristic person can be a devisee. Sections 112 to 117 of Indian Succession Act, 1925 put some restrictions on the disposition of property by will in certain cases. Dispositions of property by will in some cases have been declared void.

Artificial Posterior Teeth Denture Prosthodontics Health And Social Care Essay

Natural dentitions contribute to a figure of unwritten maps, therefore to keep these maps natural dentitions have to be restored once they are lost. A.C Elias et Al. ( 1 ) reveal that as a consequence of tooth loss maps as address, chew and visual aspect are harmed. Further John Joy Manappallil ( 2 ) explains that with the loss of teeth the psychological province of the patient may be harmed due to the bad visual aspect. The physical province of the patient may besides be affected due to the inability to masticate nutrient and hence weight loss may happen. One of the options available to reconstruct the maps lost subsequent to teeth loss is by the usage of a complete dental plate. Manappallil ( 2 ) provinces that patients expect dental plates to be recollective, supply esthetics, map and comfort. This paper will discourse the standards used to choose posterior unreal dental plate dentitions in order to accomplish a successful complete dental plate intervention. Jason F. McCord et Al. ( 3 ) reveal that the choice of posterior dentitions is a important portion of the line of intervention that nevertheless may non be considered by many tooth doctors and that this determination is chiefly left to the technicians. Aaron H. Fenton ( 4 ) provinces that it is unadvisable to non affect the patient during the procedure of choice of dentition. The choice of posterior dentitions is a complex procedure and in which a figure of factors must be considered. McCord et Al. ( 3 ) province that posterior dentitions should be selected depending on the patient ‘s demands. Hence, the clinician should see occlusal, stableness, and aesthetic factors during the procedure of choice. This means that a dental plate is considered successful when the patient feels comfy utilizing it. Elias et Al. ( 1 ) province in their reappraisal that unwritten comfort comprises deficiency of annoyance, aesthetics and masticatory efficiency. Deepak Nallaswamy Veeraiyan et Al. ( 5 ) point out that fro m the patient ‘s position the unreal dental plate dentitions are the most of import constituent of the dental plate as their map is to supply aesthetics, chew and address. As already mentioned above by Manappallil ( 2 ) the psychological and physiologic province is affected by the loss of dentitions. Psychological and physiologic province of the patient can be improved through complete dental plate intervention due to maps of unreal dentitions. Manappallil ( 2 ) explains that following a successful removable complete dental plate intervention the patient should be able to return to her/his normal activities, should be able to socialise confidently and should be able to masticate nutrients usually so that the sum of nutrient consumption is non comprised. Furthermore, Manappallil ( 2 ) besides reports that a complete dental plate must be well-retained, supported and stable so that it functions expeditiously. Posterior dental plate dentitions can lend to keeping and support. Mana ppallil ( 2 ) provinces that certain occlusal strategies can be utile in diminishing sidelong forces, therefore bettering keeping. He proceeds by explicating that dental plate stableness is affected by occlusal factors ; a decrease in sidelong forces and proper occlusion can help in bettering dental plate stableness. R. Mericske-Stern et Al. ( 6 ) suggests that the chief ground for a complete dental plate being described as unsatisfactory is denture instability and hurting during biting. In order for posterior unreal dentitions to execute their map and supply comfort, masticatory efficiency, aesthetics, dental plate stableness, keeping and cause no bone reabsorption they are selected depending on certain standards which are cuspal disposition, size, shadiness and stuff. Artificial posterior dental plate dentitions are available with different cuspal dispositions. Manappallil ( 2 ) provinces that the angle between the horizontal plane and cusp slope is termed cuspal disposition. Veeraiyan et Al. ( 5 ) grouped posterior dentitions harmonizing to their cuspal disposition or occlusal morphology into three groups. The first group comprises the cusp dentition that are subdivided into anatomic and semi-anatomic. The other two groups are the cuspless dentition and the particular tooth signifiers. Veeraiyan et Al. ( 5 ) province that anatomic dentitions are the most normally used and supply superior aesthetics. Their cusps may organize and angle of 33A ° or 30A ° . Their high quality to other types is chiefly a consequence of their resemblance to natural dentitions, their good masticatory map and their ability to diminish rotary motion of a dental plate. Nevertheless, drawbacks include that they are hard to put into balanced occlusion and the fact that s idelong forces displace the dental plate easy when these dentitions are used. Veeraiyan et Al. ( 5 ) reveal that semi- anatomic dentitions are besides termed modified-cusp or low-cusp dentitions. They make clear that cusps of semi-anatomic dentitions make an angle of 20A ° or 10A ° . Semi-anatomic dentitions are preferred in instances of unnatural jaw dealingss. They pose less trouble during puting into balanced occlusion, let for dental plate stableness during masticating as they cut down the consequence of sidelong emphasiss on the dental plate. However they show a lessening in masticatory efficiency and aesthetics. Manappallil ( 2 ) provinces that cuspless dentitions are besides referred to as level or monoplane or zero-degree dentitions, and that they were produced with the purpose of cut downing sidelong forces on the dental plate to better stableness. Veeraiyan et Al. ( 5 ) explain that teeth with a 0A ° cusp angle are indicated with neuromuscular upsets and hapless ridg e relationships. The benefits of cuspless dentitions are flexibleness during puting, decrease of the consequence of sidelong forces on dental plates, and proviso of more lingua room. However, they show a lessening in masticatory efficiency and supply least aesthetics. The last tooth signifier would be the particular tooth signifier. Veeraiyan et Al. ( 5 ) mentioned particular tooth signifiers which included French ‘s buttockss, VO buttockss and Sosin- bladed dentitions. In general, these can supply chair to excellent cutting efficiency but show hapless aesthetics and are more expensive. Bernard Levin ( 7 ) studies that F.A French designed non-anatomic dentition in the early twentieth century called French ‘s buttockss. Gallic wanted to take advantage of the cuspless dentition construct but besides increase masticatory and dental plate stableness. He attempted this by extinguishing the inframaxillary buccal cusps and puting a ridge of porcelain in the centre of the tooth mesiodistally. However, his effort was non successful due to the brickle nature of porcelain when exposed to masticatory forces. Levin ( 7 ) besides mentions that in 1946 Hardy introduced dentitions with a curved blade traversing the occlusal surfaces of dentitions. Vee raiyan et Al. ( 5 ) reveal that Hardy was the first to plan a tooth with a metal insert and called it the â€Å" Vitallium Occlusal † ( VO buttockss ) . The tooth has the visual aspect of the merger on one grinder and two bicuspids with a Vitallium metal insert that somewhat protrudes occlusally from the tooth ( Fig 1 ) . Due to the metal- to- metal contact a better masticatory efficiency is achieved. Levin ( 7 ) reveals that utilizing these dentitions it might be hard to accomplish balanced occlusion in add-on to being inaesthetic. The concluding particular tooth signifier is the Sosin bladed tooth. Levin ( 7 ) studies that it was introduced by M.B Sosin and that he designed them by puting a blade on the whole occlusal surface of grinders and bicuspids of maxillary dentitions. He placed metal tabular arraies on the inframaxillary dental plate dentitions to oppose these blades. The dentitions were extremely efficient but were inaesthetic and required a tooth doctor with adept accomplishments to put them up. Veeraiyan et Al. ( 5 ) that nowadays the best masticatory efficiency is exhibited by Sosin bladed dentitions. Fig. 1

You Can8217t Say That essays

You Can8217t Say That essays In a time of such progress and cultural diversity, one would thing that certain human rights would be honored and kept unfettered by laws. These human rights are some of the most basic elements having your own free will. But as time goes by, some of these rights are diminishing. When our forefathers wrote the Bill of Rights, they put the more important of these rights first, freedom of speech. Back in the late eighteenth and nineteenth centuries, people had to watch what they say about the government, make sure they were practicing an approved religion, and could not voice there personal views for fear of being persecuted. Before the Bill of Rights, failure to adhere to the standard was grounds for punishment. Our forefathers say this travesty lay upon the people of other lands and swore that in the new land there would be no prejudice on personal views. By inputting these beliefs into the Constitution, they also laid the grounds for other human rights laws. If the freedom of speech amendment were not in the constitution, many of the theories and statements in the document would not hold water. In todays society we hold that amendment almost sacredly. Every day someone else is trying to ban something they do not like or feel it is unsuited for society. These people are taking away what was given to us over two hundred years ago. The amendment calls for freedom of speech, freedom of religion, freedom to assemble peacefully and freedom to petition grievances. With this being ratified in 1791, the writers knew that as the years went on it would take on different meanings, that is why it was written so generally. But if it is written so generally, why are people trying to censor things? The hardest hit industry in the war on censorship is the media. Newscasters are not allowed to say certain words on the air even though it is the exact description of what happened ...

An Explanation of the Term Trojan Horse

An Explanation of the Term Trojan Horse The Trojan Horse is a crafty contraption that allowed the Greeks to put an end to the 10-year-old Trojan War. The wily Greek hero Odysseus conceived the project and design for the Trojan Horse; Epeus is credited with the actual building of the Trojan Horse. The Greeks left a giant wooden object made to look like a horse at the Trojan city gates. Some of the Greeks pretended to sail away but actually sailed just out of sight. The other Greeks stood waiting, inside the belly of the wooden beast. When the Trojans saw the giant wooden horse and the departing Greek troops, they thought the wooden horse was a parting gift for the gods, so most of them wanted to wheel it into their city. The decision to move the Trojan Horse into the city was opposed by Cassandra, the prophetess whose fate was never to be believed, and Laocoon, who was destroyed, along with his two sons, by sea serpents after pleading with his fellow Trojans to leave the Trojan Horse outside their city walls. The Trojans took this as a sign that the gods were displeased with Laocoons message. Besides, the Trojans preferred to believe that since the Greeks were gone, the long war was over. The city opened the gates, let the horse in, and celebrated riotously. When the Trojans passed out or fell asleep, the Greeks climbed down from the belly of the Trojan Horse, opened the city gates and ushered the rest of the troops into the city. The Greeks then sacked, destroyed, and burned Troy. Also Known As: The horse, the wooden horse Examples: Because it was through the belly of the Trojan Horse that Greeks were able to sneak into Troy, the Trojan Horse is the source of the warning: Beware of Greeks bearing gifts.

Information Essay Example | Topics and Well Written Essays - 500 words

Information - Essay Example One reason, the focus of my speech today, is the special protection that baseball (Major League Baseball) has been afforded by Congress. This protection comes in the form of antitrust law and, to a significant extant, insulates owners and other interested stakeholders from competition within the baseball industry. As an initial matter, it is important to define what is meant by antitrust law, a topic frequently foreign to baseball aficionados. Antitrust law is an umbrella designation that includes a number of laws dealing with fair competition; more specifically, because America deems itself a free market capitalist economy, there exist a number of laws designed to prevent such things as monopolies and unfair methods of competition. Strangely enough, baseball has for quite some time been exempt from a number of antitrust laws. As stated by Bartee, â€Å"professional sports are a textbook example of a bilateral cartel made up of club owners and unionized players engaged in intrastate and interstate commerce. The club owners exercise monopoly power in the product market† (2008: n.p.). Baseball, like steel or agriculture in certain respects, is a protected industry. It is not a monopoly per se but a competitive cartel in which owners compete with the unionized players. We read all of the time about competition between owners and players. There are disagreements about such things as free agency, salary caps, and collective bargaining agreements. The irony is that while the owners and the players often trade accusations about the other using unfair methods or misleading financial formulas the truth is that both reap the rewards of a non-competitive industry because of the antitrust exemption granted to Major League Baseball by the United States Congress. In addition, in a 1972 case called Kuhn v. Flood and decided by the United States Supreme Court, it was also decided that â€Å"baseball and its reserve system are also exempt from state antitrust

Sustainability And Business Research Paper Example | Topics and Well Written Essays - 750 words

Sustainability And Business - Research Paper Example The article to be discussed is a 2010 study by B. E. Wright and S. K. Pandey entitled Transformational Leadership in the Public Sector: Does Structure Matter and has an â€Å"Organizational Communication† classification. Article Critique: Transformational Leadership in the Public Sector: Does Structure Matter? By Bradley E. Wright and Sanjay K Pandey Introduction The study by Wright and Pandey was intended to determine why there was a discrepancy between theoretical models on mainstream leadership which showed that transformational leaders are â€Å"expected to be both less common and less effective in public sector organizations† (p. 75) than in the private sector because of strong â€Å"bureaucratic control mechanisms† which apparently leave the public sector without a need for strong leadership. Wright and Pandey noted that this theory has not been supported by meta analyses which had found that â€Å"transformational leadership is as common and effective in public organizations† (2010, p. 75). The authors had considered a number of reasons why there would be a difference between theory and the empirical work on the topic. One of those reasons for example was that perhaps government organizations themselves were not as bureaucratic as theorists presumed although Wright and Pandey (2010) were not convinced on this idea. They decided to test the organizational and contextual influences on the emergence and effectiveness of transformational leadership. The study itself was to test how the culture of the public sector organizations might â€Å"hinder the emergence of transformational leadership† (Wright & Pandey, 2010, p.76). The background to the hypothesis The author’s provided an extensive literature review that covered concepts such as what transformational leadership was; the attributes transformational leaders would have and how the behavior of these leaders impacted employee performance and satisfaction, in govern ment agencies and non-profits. The second part of the review was written to support the author’s idea that there were not a lot of studies that considered organizational structure and its impact on leadership. This led them to test their hypothesis that: â€Å"The more hierarchical an organization's authority structure, the lower the reported practice of transformational leadership behaviors. [H.sub.2] The weaker the lateral/upward communication in an organization, the lower the reported practice of transformational leadership behaviors. [H.sub.3a,b] The greater organizational formalization (measured as [3a] procurement red tape and [3b] human resource red tape), the lower the reported practice of transformational leadership behaviors† [H.sub.4] The more an organization's structure impedes the establishment of extrinsic reward-performance contingencies (here measured as human resource red tape), the higher the reported practice of transformational leadership behaviors. [H.sub.5] The use of organizational performance measures will decrease the reported transformational leadership behaviors† (Wright & Pandey, 2010, p.79). The Method The data was collected as part of the Phase 4 of the national Administrative Studies Project (NASP-IV) and comprised of a survey given to senior managers who had local government jurisdictions with populations over 50,000. This included general managers, as well as functional managers in a variety of departments including Finance, Public Works and Economic Development. International City/County Management Association (ICMA) compiled a list according to study criteria set by the authors. Then because email addresses could not be supplied because of

Cultural Diversity and Economic Performance in Belgium Essay - 1

Cultural Diversity and Economic Performance in Belgium - Essay Example The projections for the year were indicative that the year 2013 would be the possible year of recovery for the region. This recovery would have a significant effect on the development of new jobs and reduction of inflation. However, the projections made for the year also indicates that there will be a new form of uncertainty that would affect the Belgian economy. The GDP of the area would grow in a significant manner despite the fall in the rate of development that was manifested in the Eurozone where the gross domestic product for the Eurozone went down by 0.2 percent. Despite the performance of the peripheral economies such as Nederlands and France that are the main trading partners for Belgium the economy in 2013 indicated a significant inclination for growth (Bellini and Ottaviano et al., 2013, pp. 121--141). In the normal circumstances, the economy of the employment sector takes a lot of time so that it can recover. The cyclical downturn that manifested itself in the middle of 2012 and the gloomy outlook on the economy in 2013 has the implication on the employment sector being a slow growth in the rate of employment (Bellini and Ottaviano et al., 2013, pp. 121--141). The downturn of 2012 was a major blow to the prospects of employment. This downturn meant that the people could not have the right employment since the economy is still struggling. The slow growth in the economy manifested in the areas will not be significant to cover the growth of the employment needs of the people. This means that the rate of real unemployment will remain in the regions that are has been playing at. In fact, the unemployment rates may go higher with the slow development of the economy and the general fall in the levels of production in the major trading partners.

The Dividend Policy at Linear Technology

The Dividend Policy at Linear Technology Linear Technoloy(LT) is a company founded in 1981 by Robert Swanson. Its area of actvity is development, production and marketing for semiconductors used in various electronic applications used by the communication industry to the automotive industry. It mainly focuses on the analog segment within the integrated circuits industry and, by market capitalization, it is the seventh-largest company listed on the Philadelphia Stock Exchange Semiconductor Index (SOX). Regarding its customer portfolio, the communication industry accounted for 33% of Linears sales, computers 27%, automotive 6% and the rest of 34% was divided by the rest of the industries. Linear Technologys Payout Policy Linears payout policy is comprised out of two elements: dividend payout and stock repurchase. In general companies decide to payout dividends after transitioning from a high growth stage to mature and stable stage. (Grullon Michaely, 2004). Linear started paying dividends in 1992. This decision was based on good expectations regarding the analog circuits market and the fact that Linear had a top position in the industry. Also the CFO of the company points out that, since the IPO, the company had positive cash flows. Thus paying out dividends would signal a strong position in a risky market and the transition to a more mature state of the company. As observed by some investors the technological companies had been just reaching that stage when paying out dividends was possible. The initial price for a share was set at US$0.05. This amounted for 15% of the total earnings of the company in the fiscal year of 1994. The relative low level was based on two principles. The first principle w as that dividend payout demands a certain respect from investors so in order to send the right signal into the market and attract new investors, the company had to pay dividends. This in turn would mean a thoughtful payout ratio that the company could sustain over time thus leading to the second principle. This states that a low level for dividends would better suit the company in the event of less than expected earnings. In this case the company would not have to cut down or even stop paying dividends. Thus a bad signal to the investors is avoided. Since 1992, the payout ratio has been growing steadily, getting close to 25% in 2003. Considering that 2002 meant a decline in sales and earnings, the company board and its management is debating on whether to increase the ratio or to keep it into accordance with company earnings. The CFO of Linear is confident that the business prospects and the cost structure can support an increase and he expects that this increase will send a good si gnal to investors. From the repurchase point of view, as stated by Paul Coghlan, CFO of Linear, one primary reason that we buy back the stock is to offset the exercise of employee stock options. Another reason was also the market conditions. The low interest rates offered by Linears high-grade security investments encouraged the company to use the cash-at-hand to buy back shares thus making a better use of the cash balance. A third reason was that, despite a large cash balance the company did not have any acquisition plans. The company repurchased shares sporadically between 1993 and 2001, and quarterly since then but again without any obvious pattern. Considering both elements, the companys mixed payout policy attends to all shareholder requirements by increasing the level of dividends quarterly and by managing in a conservative way a large cash balance. What are Linears financing needs? LTs income statement and revenue growth seems to be relatively stable over the past 11 years (1992-2002) with the exception of the boom during the peak(2000-2001) of the IT bubble and the bust after the burst of this bubble(2002). However even in economic downfall LT still managed to obtain a positive net income and net cash flow. This is due to LTs limited costs set up and relatively low financing needs. It is stated that in the semiconductor industry, research development investments, capital investment in new fabrication facilities, and retaining top engineers are of crucial importance. LT focuses on analog semiconductors and as such has stable and modest research and development costs. The analog fabrication facilities investments are more durable and account to a relative investment of approximately 20million per year. Finally LT uses a bonus structure for its executive compensation, keeping salary expenses lower when sales revenues decline. Additionally LT expresses little des ire in excessive investments, cash is handled very conservative with investment strategy in predominantly short-term debt securities, however LT is looking at potential business opportunities in the Asian markets, , if LT was to proceed with this plan this would increase its financing needs substantially. All in all resulting in a relatively low financing need for LT with regards to internal factors. With regards to external factors LT could endure financing needs resulting from market risks and the unclear effect of the Iraq war on the American economy, this results in the need for LT to hold a higher cash reserve. We will address this issue more in depth in the subsequent part. Should Linear return cash to its shareholders? Some shareholders have recently expressed the desire for LT to return its cash, however this desire is not necessarily shared by all shareholders. Theoretically returning Cash to the shareholders can reduce agency conflicts because it reduces cash in hands of the firm which can be invested in bad projects. It also reduces the costs of underinvestment if LT decides not to invest this cash it holds. The agency conflict seems relatively small considering LTs investment behavior and thus would be of relatively little importance when considering if LT should return cash to its shareholders. However asymmetric information exists and shareholders are unaware whether or not LT will remand its current investment policy. Additionally returning cash to the shareholders can give positive signals to the market about the future prospects of the firm. This could be of great potential importance considering the industry in which LT operates and the recent economic downturn this industry experienced. Conversely, if LT was to hold on to the cash this would preserve their liquidity levels which would both allow the firm to invest in positive NPV projects without entering the capital market, and additionally create a cushion against potential economic or financial distress. Regarding the financial cushion aspect of holding cash, if LT returns cash to its shareholders it should not return the full 1,5billion, but considering the current economic situation should preserve at least $200mto cover unexpected expenses. In the past LT has not shown great interest in investing other than in short-term securities, however, LT has been looking for business opportunities in the Asian market, holding cash in the firm increases the firms potential to respond to such an opportunity when it comes along. Bearing in mind LTs sales earnings, cash flows, and investment practices, it becomes evident that current dividend payments are not at the level they could potentially be. As observed by Janus Ca pital, the largest single holder of LT stock, current dividend payments are merely a token relative to the level of cash LT holds, therefore it would be possible for LT to increase its current dividend level. The problem with dividend payments its inflexibility, once LT decides to increase its dividend payments it will be hard for them to return this to its current level at a later stage. Currently LTs dividend payments is at a competitive level with respect to its peers on the Philadelphia Stock Exchange Semiconductor Index (SOX) and other technology companies. As stated in the case even a penny increase in dividend level will move the payout ratio to a level above most other technology levels. This brings us to the question why a company would decide to payout dividends. Commonly corporations at a mature stage without many growth opportunities and a stable positive cash flow. As discussed earlier LT can be identified as a relatively stable and mature company with stable costs and relatively stable growth. However as a technology company, LT is sensitive to the market, which has become evident in its 2000-2003 results. During the IT bubble LT performed exceptionally well, but after the burst sales dropped with 47% relative to the year prior. However, looking at the figures of 2003 we can see that LTs sales recover quite quickly, ending 2003 with approximately $602m in sales, which is in line with 5 year sale average ($636m). It could therefore both be argued that growth is not stable for LT and thus dividend payments are relatively risky for LT with regards to market reaction when dividend payments are reduced. However, growth has always (with the exception of 2002) been positive and LT could thus be deemed relatively safe. (Graham et al, 2005) Usually repurchases are used when the firm holds an excess in cash e.g. to reduce agency conflicts and underinvestment. Dividend increases relate more to an excess in free cash flow. In the case of LT, the firm holds a n excess in cash but due to economic situation over the past two years does not have a relative high free cash flow. In this respect LT is looking to reduce excess cash, thus cash returns via repurchase would be more in line with firm performance. When considering how to return cash to the shareholder tax matters but in a second-order manner (Brav et al (2005)). This is due to the fact that value return to shareholders is financed after tax payments and thus the manner of returning value to shareholders with respect to taxes affects predominantly shareholders. Shareholders, under current tax system, pay relatively more tax on dividend than on repurchases. However, the tax argument is only applicable for those shareholders who are indifferent towards holding or selling their share, long term shareholders would prefer dividend payments regardless of tax difference. If new tax proposal would pass there would be no tax difference with capital gain for shareholders thus with regard to ta xes they would most likely prefer dividend payments. However repurchases reduce the number of outstanding shares and thus increase EPS and share prices. Even though share prices will increase with dividend increases also, when dividend payments are increased and the firm at a later stage, cannot pay these dividends or reduces them this results in a decrease of share price, where a non-continuum of repurchasing practices has no effect on later share prices. Additionally if the firm does not want to reduce or cancel dividend payments for this reason they might decide to split the stock, increasing the number of outstanding shares and thus decreasing the EPS. Therefore both shareholders and firms should only prefer an increase in dividend payments over repurchases when cash flows and growth rates are stable for the firm with little or no expected future change, even when tax rates are set to be equal. With regard to the option compensation for executives, the repurchases would induce m ore value than would dividend increase, which should be considered in an industry where there is talent competition. Concluding, LT should return some of its cash to its shareholder, however, not all cash should be returned, and preferably not through an increase of common dividend payouts. This will be further discussed in section 5 of this report. What are the tax consequences of keeping cash inside the firm? In the event that LT would decide to keep the cash within the company instead of paying out to its shareholders LT will endure certain costs with respect to taxes. The benefit of keeping the cash in the company means that LT will have the liquidity needed to enter in NPV projects when opportunities arise without needing to access the capital market for costly funding. However, with respect to taxes, not entering the capital market for funding can be deemed inefficient due to the tax deductibility of debt and interest payments on levering. At a 30% corporate tax rate the marginal value of a dollar is thus lower for a firm not using debt financing (Martà ­nez-Sola et al (2009)). This can be identified as an opportunity costs of keeping cash within the company instead of returning this to its shareholders. Being identified as a cost of returning cash to the shareholder and a benefit of keeping the cash in the company, liquidity allows LT to invest and thus potentially earn interest on the cash. LT maintains a conservative investment strategy and predominantly invests in short-term debt securities. This, as identified in the case, in recent years resulted in a low interest return to LT, encouraging LT to return more cash to its shareholders. However, considering that only capital gains are taxed, this at any positive interest rate assumed the gain achieved by interest payment will be higher than the reduction in tax rates. Taxes can only be effectively reduced by increasing the payments to employees or research development with the use of sales revenue (thus reducing free cash flow), not existing cash, or by the use of debt financing. If Linear were to pay out its entire cash balance as a special dividend, what would be the effect on value? One significant target of the dividend distribution is to show investors that Linear has a good position on the market, and to buy shares from Linear Technology is not comparable with the risk which is usually associated with the purchase of shares from technology companies. With a dividend Linear Technology wants to reach investors that have income goals besides of growth goals. In case of a dividend distribution demand for shares will rise. If investors know that a dividend from a certain amount will be paid, the share price increases by the dividend that will be paid. In case of a share price of $30,87 and a dividend of $5,01 the new share price will rise to $35,88. As the dividend will be paid at a certain point of time investors are ready to pay the amount of the dividend additionally to the share price of $30,87, as the dividend will be paid out. Depending on the time until the dividend is paid not the whole amount of dividend is added to the share price. If there is still a certain period of time until the dividend will be paid, only the net present value of the dividend, which is announced will be added to the share price. It also can be said that the closer the payment of the dividend gets, the more the amount of the total dividend payment is added to the normal share price. That also means that consequently the market value of equity also will rise. At the day ex-dividend the share price will drop below the level of the pre-announcement day, as the dividend as driver of the rising demand had been paid. The additional value of $5,01 that were relied to the dividend is not part of the share value any more. The dividend, as part of the equity, is paid to the shareholder. The EBT will go down now as interest income decreases. Because of the decreasing interest income also taxes are declining. As the reduction on interest income is higher this does not play such a decisive role. Special Dividend Repurchase Nr of outstanding shares 312,4 312,4 Share value 30,87 30,87 Market Value 9643,788 9643,788 Special Dividend Paid 5,01 New Shareprice 1 35,88 Nr of Shares repurchased 50,70 New outstanding shares 261,70 Loss of interest income 46,96 EBT 273,44 Earnings 189,49 Earnings Per share $ 0,72 Figure Effects of repurchase or special dividend What if Linear repurchases shares instead?. The repurchase of shares is another option besides of a dividend distribution. Advantages of repurchasing shares is the reduction of systematic risk and cost of capital. Information and rumours about repurchase of shares will increase the demand before the repurchase date and therefore makes the repurchase more expensive. Usually a premium of one until ten per cent has to be calculated. To calculate the number of new shares that can be purchased the cash balance has to be divided by the new share price. To calculate the new market value the new share price with the total number of shares has to be multiplied. Therefore also the earnings per share would increase. On the other hand it should be taken in mind that normally the increase in share price is not from a long-term perspective. Primarily firms in low concentrated industries can benefit from an increase of the share price from a long-term perspective and can outperform the market. In more concentrated industries there will be no statistically significant change. In general the repurchase of shares has a negative effect on the share prices of competitors. Therefore often competitors mimic the behaviour and also do a repurchase of shares. (Massa, Rehman, Vermaelen, 2007) In the study of Grullon and Michaely it is shown that within a 6-year period the repurchasing firm benefits from an essential reduction in systematic risk in comparison to non-repurchasing firms. A negative effect of repurchasing are decreasing investment opportunities. This does not play a decisive role in this case, as in both options there would be a reduction of cash flow. Also in case of stock options for employees the repurchase of shares is an efficient possibility to control the market. To repurchase shares at the point of time when employees sell their rights of stock options makes it neutral from a trading perspective. As Mr. Coghlan stated that Linear Technology wants to offset the exercise of employees stock options with the repurchase of stocks. From the company and management side flexibility is the main advantage for repurchasing in comparison to dividend distribution (Brav, Graham, Harvey, Michaely, 2005). The flexibility can be used to increase repurchases when stock prices are low. Also the higher tax burden in case of dividends can be taken as an argument for repurchasing instead of paying dividends, although in the study it is shown that taxes do not play a primary role and that repurchasing does not change the investors clientele. This point which is also taken as an argument for paying out a dividend by Linear Technology can therefore be de-emphasised. Why do firms pay dividends? When a firm generates free cash flows it has to decide what to do with them. It can reinvest in positive NPV projects, if they are present, and increase the value of the firm. This practice is very common for young firms that pursue rapid growth and sometimes invest 100 per cent of their cash in this way. More mature firms, that operate in more mature market, however, do not always have these opportunities and hold more cash than there are potential positive NPV-projects to exploit. Such a firm with excess cash can either retain it in reserves or pay it out to shareholders. Two payout choices are: repurchases and dividends. When firms pay-out they have several reasons for it. Although not entirely proven, dividends are a possible tool to signal good news to the market and to prevent managers from exploiting free cash flows for their own benefits. The most important reason why dividends are paid, however, is the firms dividend history. Furthermore some firms issue dividends to get acc ess to a new set of investors. Each of these reasons will be discussed next. With asymmetric information in the market, meaning that mangers hold better information regarding future prospects of the firm than investors, payout decisions may signal information. The common practice for dividend paying firms is to smooth dividends and only cut them under extreme cases, which are addressed later, will cause the market to also believe the company is not able to rebound its earnings in the near term. It also implies that once the company increases dividends it signals that the company is able to afford the higher dividend with increased earnings (Berk DeMarzo, 2007). Although most managers no longer see payout policy as a tool to separate its company from competitors, it could be a reason for some to initiate dividends (Brav, Graham, Campbell, Harvey, and Michely, 2005). Especially when dividends are already part of historical business practice in these firms, and as management is very reluctant to cut dividends they will keep them in place. Another reason for man agers to pay out dividends is its ability to prevent agency conflicts as the otherwise free cash flow is no longer in the hands of management. Most managers, however, do not view payout policy as a means to self-imposed discipline. Access to new set of investors is also a reason why management will issue dividends (CASE). As different clienteles hold different preferences in income and in taxes to be paid, some have a stronger preference for dividends than others (Berk DeMarzo, 2007). To attract for instance mutual funds and European investors companies have more success when they issue dividends. Dividends are also more likely to attract retail investors as they prefer dividends over repurchases (Brav, Graham, Campbell, Harvey, and Michely, 2005). Why has the rate of dividend initiations changed over time? There has been a general trend away from dividends from the late 1970s through the rest of the twentieth century. In 1978, over 66 percent of the AMEX, NYSE, and NASDAQ firms paid a regular dividend. By 1999, only 21 percent were dividend payers. Below several reasons are listed for this trend, including: changing firm characteristics, more stock option compensation, US tax law, and dividends inflexibility. Besides, in the late 1950s the starting point for most payout decisions was the payout ratio (Lintner, 1956), while recently this is no longer a common practice for most firms. Firms that were going public in the 1980s and 1990s were early in their lifecycle, with considerable more growth opportunities than current profits (CASE). There tend to be fewer firms in this lifecycle that issue dividends (Graham et al, 2004). In a large part, technology firms, as Linear Technology, were driving this trend. Many of these firms were just about to reach the stage at which they were able to pay dividends, the stage where they began to earn regular and more predictable cash flows (CASE). But even large technology firms, that held stable cash flows, tended to restrain from dividends. One reason for this was the heavy use of stock option compensation. With the majority of their pay in options, managers are not likely to pay dividends as it does not benefit them that much. Furthermore when dividends are issued instead of repurchases, the outstanding amount of stock is increased once options are exercised, resulting in a decrease in the earnings per share (CASE). Although US tax law changed in 2003, making it more attractive to issue dividends, they still are at a tax disadvantage compared to capital gains that can be deferred. Until 2003 issuing dividends was thus even at an even bigger disadvantage to other forms of pay-out (Brav, Graham, Campbell, Harvey, and Michely, 2005). This, however, does not explain the downward trend in dividends, but it does explain why dividend s have never risen in popularity amongst managers. Unlike repurchases, managers are very reluctant to cut dividends and tend to smooth dividends. Among others, they are in most cases even more willing to forgo positive NPV projects, raise external funds, sell assets, or lay off sincere amounts of employees before cutting dividends. The asymmetry between dividend increases and decreases probably leads firms to restrain from issuing before having to resolve to the previously described in general unfavorable practices. Today managers are not so strict on payout ratios anymore. Furthermore, the speed of adjustment, by correcting dividends to their target, is not as high as it once was. This could be a result of the declined benefits of being close to the target or the higher cost of adjustment (Brav, Graham, Campbell, Harvey, and Michely, 2005). What should Paul Coghlan recommend to the board? All in all, if LT pursues to maximize shareholder value, it would not be advisable to increase dividends. Considering the current economic turmoil and the inflexible nature of dividend payments, dividend payments become undesirable. Additionally investing in new business opportunities would be beneficial for both the firm and the current shareholders. Although LT has not identified any positive NPV projects yet, there are opportunities in Asia, and therefore it would be wise for LT to return only part of its cash to the shareholders. They can best do this via a more flexible way such as special dividend or repurchases. Holding cash in the firm allows for a better credit rating when entering the capital market, when LT encounters a positive NPV project it wishes to invest in it can finance it partly by cash held and partly by debt financing. There is no ideal set up for cash returns but deriving from the advice of Rollins given in the case, it could be beneficial for LT to hold 1/4 of its cash as a cushion for economic turmoil, invest 1/4 of its cash in short-term securities to generate interest, hold 1/4 to be used in case of encountering good business opportunities, and return 1/4 to its shareholders via repurchases or a special dividend. This would still result in a $375m return for its shareholders.