Account: Generally Accepted Accounting Principles and Long Term Liabilities

Chapter 12 : 1/ As part of the initial investment , a partner contributes office equipment that had cost $20,000 and on which accumulated depreciation of $ 12500 had been recorded . If the partners agree on a valuation of $ 9000 for the equipment , what amount should be debited to the office equipment account? a/ 7500 c/ 12500 b/ 9000 d/ 20000 2/ Chip and Dale agree to form a partnership. Chip is to contribute $50000 in assets and to devote one half time to the partnership. Dale is to contribute 20000 and to devote full time to the partnership. How will Chip and Dale share in the division of net income or net loss? a/ 5:2 c/ 1:1 b/ 1:2 d/ 2. 5:1 3/ Tracey and Hepburn invest 100,000 and 50,000 , respectively , in a partnership and agree to a division of net income that provides for an allowance of interest at 10 % on original investments , salary allowances of 12,000 and 24000 , respectively , with the remainder divided equally . What would be Tracey’s share of a net income o 45,000? a/ 22500 c/ 19,000 b/ 22000 d/ 10000 4/ Lee and Stills are partners who share income in the ratio of 2:1 and who have capital balances of 65,000 and 35,000 , respectively . If Morr , with the consent of Stills, acquired one half of lee’s interest for 40,000 for what amount would Morr’s capital account be credited ? a/ 32500 c/ 50,000 b/ 40000 d/ 72,500 5/ Pavin and abdel share gains and losses in the ratio of 2:1 . After selling all assets for cash , dividing the losses on realization , and paying liabilities , the balances in the capital accounts were as follows : Pavin , 10000 Cr , abdel , 2000 Cr. How many of the cash of 12000 would be distributed to Pavin? a/ 2000 c/ 10000 b/ 8000 d/ 12000 chapter 13: 1/ which of the following is a disadvantage of the corporate form of organization? a/ limited liability b/ continuous life c/ owner is separate from management d/ ability to raise capital 2/ paid in capital for a corporation may araise from which of the following sources? a/ issuing preferred stock / issuing common stock c/ selling the corporation’s treasury stock d/ all of the above 3/ the stockholder’s equity section of the balance sheet may include : a/ common stock b/ stock dividends distributable c/ preferred stock d/ all of the above 4/ if a corporation reacquires its own stock , the stock is listed on the balance sheet in the : a/ current assets section b/ long term liabil ities section c/ stockholders’ equity section d/ investments section 5/ a corporation has issued 25000, shares of 100 par common stock and holds 3000 of these shares as treasury of stock . If the corporation declares a 2 per share cash dividend , what amount will be recorded as cash dividends? a/ 22000c/44000 b/ 25000d/ 50000 chapter 15: 1/ If a corpo. Plans to issue 1,000,000 of 12 % bonds of a time when the market rate for similar bonds is 10 % the bonds can be expected to sell at : a/ their face amount b/ a premium a discount d/ a price below their face amount 2/ if the bonds payable account has a balance of 900,000 and the discount on bonds payable account has a balance of 72000 , what is the carrying amount of the bonds? / 828,000 b/ 900,000 c/ 972,000 d/ 580,000 3/ the cash and securities that make up the sinking fund established for the payment of bonds at maturity are classified on the balance sheet as: a/ current assets b/ investments c/ long term liabilities d/ current liabilities 4/ if a firm purchase 150,000 of bonds of x company at 101 plus accrued interests of 2000 and pays brokers commissions of 50 , the amount debited to investment in x company bonds wo uld be : a/ 150,000 b/ 151,550 c/ 153,500 d/ 153,550 / the balance in the discount on bonds payable account would usually be reported in the balance sheet in the : a/ current assets section b/ current liabilities section c/ long term liabilities section d/ investments section chapter 16: 1/ an ex of a cash flow from an operating activity is : a/ receipt of cash from the sale of stock b/ receipt of cash from the sale of bonds c/ payment of cash for dividends d/ receipt of cash from customers on account 2/ an ex of a cash flow from an investing activity is : a/ receipt of cash from the sale of equipment / receipt of cash from the sale of stock c/ payment of cash for dividends d/ payment of cash to acquire treasury stock 3/ an ex of a cash flow from a financing activity is: a/ receipt of cash from customers on account b/ receipt of cash from the sale of equipment c/ payment of cash for dividends d/ payment of cash to acquire land 4/ which of the following methods of reporting cash flow s from operating activities adjust net income for revenues and expenses not involving the receipt or payment of cash? a/ direct method b/ purchase method c/ reciprocal method d/ indirect method / the net income reported on the income statements for the year was 55000 and depreciation of fixed assets for the year was 22000 . The balances of the current assets and current liability accounts at the beginning and end of the year are shown at the top of the following page? / 740 Chapter 17: 1/ what type of analysis is indicated by the following ? a/ vertical analysis b/ horizontal analysis c/ profitability analysis d/ contribution margin analysis 2/ which of the following measures indicates the ability of a firm to pay its current liabilities ? a/ working capital b/ current ratio c/ quick ratio / all of above 3/ the ratio determined by dividing total current assets by total current liabilities is: a/ current ratio b/ working capital ratio c/ bankers’ ratio d/ all of the above 4/ t he ratio of the quick assets to current liabilities , which indicates the â€Å" instant† debt paying ability of a firm , is the : a/ current ratio b/ working capital ratio c/ quick ratio d/ bankers’ ratio 5/ a measure useful in evaluating efficiency in the management of inventories is the: a/ working capital ratio b/ quick ratio c/ number of days’ sale in inventory d/ ratio of fixed assets to long term liabilities

Belgacom Case Study

Belgacom Case Question 1 a) Why did the share price of Belgacom increase following the announcement of the acquisition? b) Why did the ratings of Belgacom drop (S&P) or put on negative watch (Moody’s)? a) As Belgacom secured the purchase of the remaining 25% share of Proximus it did not own yet, the share price of the Belgian company increased by 0. 92 % the same day and 9. 8% over the following month. An announcement can lead to pre-event abnormal returns as markets react to this information to get a premium.Investors will try to assess the increase in expected earnings and dividends. The impact of this assessment will depend on how the merger is done, how the transaction is paid, the sector it concerns, etc. However, according to market efficiency theories, overreaction on stock prices tend to disappear in the long-run and the price reflects the present value of expected returns. (FAMA, 1998) That being said, several reasons may explain this jump.First, we can underline the fact that this operation enables Belgacom to collect all the benefits of Proximus. Before the purchase, 25% of the earnings of Proximus were placed in minority interests, these were payable to Vodafone. After the operation, Belgacom owns 100% of the shares and can enter all the cash of its subsidiary in its accounts. It represents an increase of the future cash flow not only for the firm but also for its current shareholders, which will be comforted to receive more in the future or that their shares represent more cash.This is due to the decision of Belgacom to finance its acquisition by debt which doesn’t give ownership rights to the bond owners. Fig. 1: Evolution of Belgacom Share Price (2005-2008) Second, Belgacom was familiar with Proximus business as Belgacom (75%) founded the company with Airtouch (25%) in 1994, creating by this way the first mobile phone operator in Belgium. b) Unlike the market, rating agencies did not welcome positively this transaction: Moodyâ€℠¢s changed its outlook to negative and Standard&Poors downgraded Belgacom rating to A from A+. Moody’s xplained that it keeps Belgacom’s rating unchanged because according its methodology designed for GRI (Government-Related Issues), there is no change in Belgacom solvability. Moody’s GRI methodology use three inputs: the rating and the outlook of Belgium, the low level of default dependence and the medium level of support from the Belgian government. While there is no change in those inputs, there should be no change in Belgacom rating. That being said, several indicators lead the agency to wonder about the ability of the Belgian company to deal with its creditors.First, Belgacom announced a bunch of outflows for the months to come: just at the same time, Belgacom decided to sell its 5,8% stake in Neuf Cegestel to SFR: the outcome of the operation was EUR 187 million plus a share buyback (maximum 200 million) and a dividend in 2006 for EUR 100 million. Futhermo re, Belgacom decision to use its current financial stability and therefore weaken its debt ratios. As for Standard&Poors, the agency decided to downgrade the rating of the Belgian firm from A+ to A.S&P said this decision lies on the fact that the Belgacom debt will rise of about EUR 2 billion, making notably increase the debt/Ebitda ratio from 0,8 to 1,9. Moreover, its business in a competitive and liberalized market, as well as the decline of fixed lines market make fear for future results of the company. However, the outlook remains stable, that can be explained by the strong position of the company on the Belgian telecom market and its huge ability to generate cash. Question 2 a) Why was the acquisition financed by a bridge loan? ) What were the alternative financing sources? a) Bridge loans are short-term financial instruments usually used to lock-in a settled price( (frequent in Real Estate Market). This practice buys time for the deal maker to sort things out and to better str ucture its financing scheme. This seems to be the main rationale for Belgacom in this case. The management wanted to lock-in the price agreed on with Vodafone and as the deal was subordinated to the Belgian Authorities approval, it was more cautious to make it happen right away.Yet there is another way to see a bridge loan as a temporary expensive loan serving the purpose of being an intermediate financing mean for the company that benefits from it (Fabozzi, 1991). Later on, this bridge loan is reimbursed with more advantageous types of loans. was in fact a syndicated loan underwritten in order to finance an acquisition. As a matter of facts, the loan was made by several lending institutions called the mandated lead arrangers i. In the case of Belgacom, the company took a bridge loan for several reasons that are detailed below.The bridge loan e. BNP Paribas, Citi, Fortis, ING and JP Morgan. For the investment banks that underwrite the syndicated loan, the main interest resides in th e fact that they gain a fee. In this specific case, the bridge loan was arranged as a revolving credit instrument type. This meant Belgacom had to pay a fee plus interest expenses and can draw-repay-redraw as many times as needed. As said before, a first valid reason would be that the cash was needed quickly (maybe) and bridge loans are arranged more quickly.In any case it is in the best interest of the company (Belgacom here) to reimburse the bridge loan as quickly as possible because it is very expensive and the interest rate generally increases with the maturity. Moreover issuing corporate bonds takes time. In fact, there are four main steps to issue a bond in the bond market. First, there is the pre-mandate phase which aims to determine the funding needs or whether it is the right time to tap the bond market. Additionally, the currency has to be determined, the market as well plus the targeted investors.After that, comes the book building process which is one of the most importa nt tasks that consists of taking the orders from the investors. Then, a range for the coupon rate has to be determined and the amounts have to be allocated to the investors. Those steps could typically take weeks. Helping companies with short term funding is thus a major need for the client. Another reason may be that it gives Belgacom time to wait for more favourable economic conditions for issuing the bonds. Depending on investor’s appetite, timing is in fact crucial in such deals.Now, from the investment bank’s perspective, there is possibly a conflict of interest as the investment bank is at the same time creditor (through the bridge loan) and the entity that prices the securities that will be used to reimburse this loan. One could argue the investment bank could lack objectivity (Glazer, 1989). However, this constitutes an additional incentive for the book runners to successfully carry the deal to its end. Additionally, four of the five banks that granted the brid ge loan became the joint book runners. To that extent, there are clearly business interests which are involved.This can be interesting for the investment bank in order to get closer to the client. Moreover, this form of short term financing is more expensive for the company because it bears higher risks. Alternatively, it means that it is more lucrative for the investment bank as well. To sum up, bridge loans seem to be a lucrative source of profits for investment banks. First, they place themselves in a comfortable position to issue bonds for the company later on. Second, they can diversify their revenues and be a good candidate for the bond issuance.As a matter of facts, four of the five banks providing the bridge loan took care of bond issuance. b) Alternatives to bridge loans were traditionally letters of comfort written by the investment bank stating that the bank was ‘highly confident’ that the additional financing needed by the company could be obtained. This imp lies no bridge funding at all. Hence the alternative would be to wait for the bonds to be issued. The risk here however would consist of being too late for acquiring the target. Another alternative would be to use your own capital to fund the acquisition in the short run.This depends, of course, on the ability of Belgacom to generate such a large amount of cash. Yet another option would have been to raise more capital by issuing shares with the agreement of its existing shareholders. However, this option could have been detrimental to existing shareholders: the Belgian state which had a major stake in Belgacom with 50. 1% of the shares. Here is a summary of all the plausible alternatives: * Pay with retained cash: Belgacom could put 2Bnâ‚ ¬ on the table for Vodafone’s stake (assuming that the amount was available at the time).Although, this is known as the worst case scenario for current shareholders. Putting the cash in an acquisition would also have constrained Belgacom to lower (even cancel) its expansion investments. * Go straight to the Market: Belgacom could issue the bonds without taking the bridge loan but since the company had no prior bonds outstanding in the secondary market, the pricing would have been necessary anyway and it takes time and money to process it. The risk in that case is the agreement with Vodafone; other players could profit from the info and buy the stake in order to sell it back to Belgacom at a premium.Question 3 Assuming the 5-year swap rate was 3. 922% and the 10-year swap rate was 3. 977% at the time of pricing the deal (primary market), could you calculate: a) The yield for investors The yield is composed of the risk-free interest rate and the risk premium. The risk-free rate is usually defined as the rate of a government bond or the interbank rates (ex: Euribor) for the same maturity. However, the swap rate is used for maturities beyond 12 months. Here, the explanatory statement assumes that the 5-year and the 10-y ear swap rate were respectively 3,922% and 3,977%.The credit spread or risk premium depends on the maturity and the quality of the issuer. After comparing the coupon offered by companies with the same risk profile from the telecom peer group in the secondary market, the explanatory note explains banks’ position which suggested to issue the 5Y bond and the 10 Y bond with a spread guidance of respectively 30-35 bp and 60-65 bp. Bonds 5 and 10 years| Years to| 2006| | | Maturity| 5 years| 10 years| | | Swap Rate (rf)| 3,92%| 3,98%| | | | Min| Max| Min| Max| | | Risk Premium| 0,30%| 0,35%| 0,60%| 0,65%| | |Face Value| â‚ ¬ -100,00| â‚ ¬ -100,00| â‚ ¬ -100,00| â‚ ¬ -100,00| | | Yield to Maturity| 4,222%| 4,272%| 4,577%| 4,627%| | | Coupon Rate| 4,125%| 4,250%| 4,500%| 4,625%| | | Price â‚ ¬| â‚ ¬ 99,57| â‚ ¬ 99,90| â‚ ¬ 99,39| â‚ ¬ 99,98| | | Price %| 99,57%| 99,90%| 99,39%| 99,98%| | | Fees| 0,15%| 0,15%| 0,25%| 0,25%| | | Proceeds| 99,42%| 99,75%| 99,1 4%| 99,73%| | | Cost %| 4,256%| 4,306%| 4,609%| 4,659%| | | Table 1: Results for the Bond Issuance Thus, the yield for investors should be the sum of the risk-free and the risk premium rate: * Min. 4,222% and max. 4,272% for the 5-year bond * Min. 4,577% and max. 4,627% for the 10-year bond ) The coupon rate The coupon rate is the amount of interest payable on the bond. It is important to keep in mind that the market practices want the yield to vary by steps of 0,125%. Therefore, according to table 1, the yield for the investor varies between 4,125 and 4,250 for a 5-year maturity bond and 4,5% and 4,625% for a 10-year maturity bond. c) The issue price The issue price is the price at which investors buy the bonds in the primary market. The bond issue price is the present value of the bond’s cash flow. To obtain this price, we have to use the coupon rate, the face value and the yield for investor as described in this formula:Issue Price = Coupon 1(1+y)+ Coupon 2(1+y)? +†¦ +Coupon n1+yn+ Face value1+yn At issuance, the subscriber will pay: * Min. 99,57%, Max 99,90% for a maturity of 5-year * Min. 99,39%, Max 99,98% for a maturity of 10-year d) The cost for Belgacom The cost to maturity for the issuer y is defined as: Issue Price – Fees of the bookrunners = Coupon 1(1+y)+ Coupon 2(1+y)? +†¦ +Coupon n1+yn+ Face value1+yn The rate y solving (cost to maturity) this equation is: * Min. 4,256%, Max 4,306% for a maturity of 5-year * Min. 4,609%, Max 4,659% for a maturity of 10-year e) Cash Flows Here are the cash flows for the issuer. For a maturity of 5 years: At inception (time 0), the issuer receives (99,57%-0,15%)=99,42% multiplied by the total face value. Every year for 5 years, the issuer pays the coupons of 4,125% * face value of the bonds At maturity, the issuer has to repay the whole face value plus the last coupon. | | | | | | | | | | | | Cash Flows as % of Face Value| 5y-Bond| 0| 1| 2| 3| 4| 5| | | | | | Bottom| 99,42| -4,125| -4,125| -4,125| -4,125| -104,125| | | | | | Up| 99,75| -4,25| -4,25| -4,25| -4,25| -104,25| | | | | | | | | | | | | | | | | | 10y-Bond| 0| 1| 2| 3| 4| 5| 6| 7| 8| 9| 10|Bottom| 99,14| -4,50| -4,50| -4,50| -4,50| -4,50| -4,50| -4,50| -4,50| -4,50| -104,50| Up| 99,73| -4,63| -4,63| -4,63| -4,63| -4,63| -4,63| -4,63| -4,63| -4,63| -104,63| | | | | | | | | | | | | Question 4 Consider an outstanding corporate bond in the secondary market (issued a few months ago). All else being equal, the market suddenly perceives a more important credit risk associated with the considered issuer. What impact should it have on: a) The credit spread The credit risk is the risk that the issuer may default and not pay back the full amount he owes to bondholders (the total face value of the bonds).The credit spread translates the uncertainty about potential future stock price movements†. (Berk, 2011) If the market suddenly perceives more important credit risk associated with the issuer, the credit spread will widen as the market is perceived has being relatively safer. The payoff associated to extra credit risk is a higher yield. Therefore, the credit spread represents a bonus for investors when supporting extra risks. Fig 2: Yield curves Source: CFA b) The yield There are two components in the yield: the risk free rate and the credit spread. All else being equal, if the credit spread widens, the yield increases. ) The price Investors want to pay less for a risky bond having the same pay-offs as a risk-free bond. By taking more risk, the final amount the investor expects to receive may be less than what he will get as there is a credit default risk. (Berk et al. , 2011) The variable on which the market has a direct influence on in order to adjust for a higher yield is the market price. Due to the negative relation between the yield and the price and if the coupon payments and the principal repayment remain unchanged, the price must decrease in order to translate the surge in the yield.T his is particularly relevant when the issuer is the target of a leveraged buyout, which, in most cases, is leveraged by the issuance of new bonds. The increased debt used in order to make such financial actions often decrease the totality of the bonds of the issuer to a status of  «Ã‚  junk bonds  Ã‚ ». Question 5 How would you assess Belgacom’s position with regard to the qualitative factors enumerated to assess the pricing ? * Issue premia for recent transaction First of all, this is the first bond offering issued by Belgacom.Therefore, it cannot be referred to a previous premium offered in its own recent transactions. Therefore, the reference will be the telecom peer group having the same risk profile. * After market performance of recently launched deals The issue premia have widened for two main reasons. First, a trend towards more acquisition in the Telecom sector since 2005. Second, the Telecom sector suffers from the fact its services are more and more commoditize d which in turn may hurt the profitability of a Telecom company. At the time it was expected the bond could be split in three types.A floating rate note and two fixed rate notes. It was expected the 3-year FRN had a spread of 15bp to 20bp whereas the fixed 5-year note would have a 30bp to 35bp spread. Finally the 10-year note would have had a spread of 60bp to 65bp. With regards to recent transactions, Deutsche Telekom was offered a spread of 20bp for a 3-year floating note. 15-20bp is thus potentially better for Belgacom. As far as the fixed notes are concerned, Belgacom seems to benefit for a slightly better spread for 10-year notes but not for the 5-year ones as the one of Deutsche Telekom was only of 17bp in April 2006. Date| Swap 5-y| Swap 10-y| Coupon| Spread(bp)| Currency| Amount| Deutsche T| April 2006| 3. 83%| | 4%| 17| EUR| 750m| Deutsche T| May 2006| | 4. 13%| 4. 75%| 62| EUR| 500m| Telefonica| Feb 2006| 3. 42%| | 3. 75%| 33| EUR| 2250m| Telefonica| Feb 2006| | 3. 68%| 4. 37%| 69| EUR| 1750m| Vodafone| Jun 2006| | 4. 07%| 4. 75%| 68| EUR| 300m| * Are investors liquid? (hedge funds) However, according to the case, investor’s appetite remained high at that time. In fact, bond issuances remained low because corporates generated increasingly more cash flows and made use of cheaper ways of funding. Market sentiment? (world, Belgium, politics) There has been a lot of deleveraging followed by acquisitions in the past years. Moody’s says the economy of Belgium is only weakly correlated with Belgacom’s credit quality. However, for companies that are partly owned by the state, the credit quality of the Sovereign may play a greater role. At that time however, there was no political complications in Belgium yet. In 2006, the subprime crisis had not begun yet either. Hence one could argue the political setting was relatively clear.Moreover, there were strong liberalization policies pushed by the EC and investors were afraid that the Belgian state would disinvest in Belgacom after the following elections. The Belgian state had already to divest, keeping 50,1% of the share. Therefore, investors wanted an insurance against a change of control in case the Belgian State sold his participations but also to cover the risk against an LBO. As Belgacom could not introduce a step-up language, it could have had an impact on the credit spread by increasing it. * Credit Spread volatility Credit spread rose significantly more for telecom companies in 2005-2006.This was due to the fact the telecom companies ventured more in acquisition activities during that period. 5-year and 10-year credit spread for A-rated telecom companies respectively rose 10bp and 20bp during that period. * Saturation effect in investors portfolio? Are investors sick of telecom bond issuances? In principle, investors were not sick of telecom bond issuances as the one of Belgacom would add diversification to their portfolio. What is more, Belgacom was seen as a safe and relatively liquid company as they were previously weakly leveraged. * Amount raised in the pastAs far as Belgacom is concerned, the company has never issued any bond. Hence this was a premiere for the company. If we look at the issue amount of comparable transactions in the peer group of the same year, telecom issuers have issued in 2006 from three to 5 times with an issue amount from 500 million. For example, Telefonica issued in 2006 a total of 11. 750 million â‚ ¬ * Credit quality of issuer and peers In terms of credit quality, Belgacom is better than most competitors. This is mostly due to the fact that Belgacom was weakly leveraged before the issuance.For instance, EBITDA/Interest expenses of France Telecom, Telecom Italia and KPN was between 2. 4x and 7. 2% while Belgacom’s was 93x. However, Belgacom wasn’t the best according to credit rating agencies. The considered peer group is made of France Telecom, Telecom Italia, KPN and Belgacom. Moreover, Moo dy’s seems to give to Belgacom a better rating that Fitch. Therefore, we may suppose that Belgacom’s cost of issuance may be slightly lower than those of his peer group. Question 6 What is a change of control put provision? How would it have protected investors?Why did some investors think the step-up language would not be useful? Looking at the step-up language, what would be the coupon rate if the rating of Belgacom was downgraded a) to BBB- (S&P)/Ba1 (Moody's)? b) to BB+ (S;P)/Ba1 (Moody's)? A change of control put provision is an option given to the bondholder to get its bond repaid before maturity at par or above, in the event of change of control followed by a rating downgrade (e. g. after an LBO). Companies may be reluctant to issue bonds including this clause, because it can place more constraints on their finances as investors have the power to control repayments.Besides, it protects investors so they can have the opportunity to change their investment decisio n strategy if the issuer would happen to change its ownership. In case of a LBO, for example, the ownership of the company is transferred by using debt relying on the future cash flows of the company. According to (Rosenbaum et al. , 2007), â€Å"a target only represents an attractive LBO opportunity if it can be purchased at a price and utilizing a financing structure that provides sufficient returns with a viable exit strategy. In such a case, a former bondholder would see the credit risk he faces considerably increase, given the amount of additional debt supported by the company. This clause should then enable a bond investor to exit his position without bearing that increased risk because firstly, the change of control was likely, since the Belgian government was seeking to sell its stake in Belgacom and secondly because some argued that the inclusion of a step-up language taking the form of a +50bp in interest payment per downgrade below investment grade would be far from comp ensating the additional risk they would be bearing.In the case of Belgacom, there were some concerns about this possible withdrawal of Belgian state from its majority stake, intensified by the fact that the company could also be the target of a potential LBO operation as explained above. In order to reassure prospective investors and consequently lower interest rates for long term bonds (10 years), it has been considered to include such a clause in the deal. Therefore, Belgacom finally decided to add a step-up language despite the concerns emitted by some investors.The main benefit of the step-up language is that investors will usually get the initial coupon above the market and will also know what is to expect from their bond(s) over a longer-term period. However, bonds including a step-up language present the disadvantage of being callable by the issuer in order to issue it at lower rate to reduce their cost of borrowing which is the reason why some investors were reluctant concer ning the step-up. In the case of Belgacom, a downgrade in the rating would have had the following impact on the coupon rate: ) If the rating of Belgacom would have been downgraded to BBB- (S&P) / Ba1 (Moody's) and if the lowest rating is taken into account which is Ba1 (one grade below investment grade), the interest paid (coupon rate) would have increased by +50bp. b) In this scenario, both rating agencies consider a one notch downgrade below investment grade leading therefore to a +50bp increase in the interest rate paid. Bibliography BERK J. , DeMARZO P. (2011) â€Å"Corporate Finance – Global edition† Second edition, Pearson edition, pp. 001 FABOZZI F. (1991) â€Å"The handbook of Fixed Income Securities†, Mc Graw-Hill edition, Third edition, p. 224 FAMA E. (1998) â€Å"Market efficiency, long-term returns, and behavioral finance† Journal of Financial Economics, 49, pp. 283-306 GLAZER A. (1989) â€Å"Acquisition bridge financing by investment banks à ¢â‚¬â€œ bridge financing, as source of revenue for investment bankers, poses risk and conflict of interest† Business Horizons magazine, Sep-Oc 1989, Website: http://findarticles. om/p/articles/mi_m1038/is_n5_v32/ai_8120675/ (Seen in April 2012) ROSENBAUM J. , PEARL J. (2009)  «Ã‚  Investment Banking  : Valuation, Leveraged Buyouts and Mergers ; Acquisitions  Ã‚ » Wiley finance Vodafone Non Official Website  : www. vodafonews. com/belgique. html (Seen in April 2012) ——————————————– [ 1 ]. www. vodafonews. com/belgique. html [ 2 ]. Exhibit 13

Price and Demand in the UK Tennis Tournament Essay

Price and Demand in the UK Tennis Tournament - Essay Example The intervention of this situation has both negative and positive consequences. For instance, the set price from the government’s perspective is a positive factor that can enable it to control and regulate the average prices in order to achieve a given level of market output. Moreover, this will enable consumers to afford the prices because of their relative low nature (Taylor, 2008). However, this intervention will help create a black market for illegal transactions resulting from the technique of first comes, first to be served because scrupulous individuals will access the tickets in advance with the aim of selling them later in the black markets at high prices for profit. For instance, according xxx the price of a ticket in the black market is around $379.12, which is higher by about $273.76 of their actual price in the market. Therefore from the society’s point of view, this is a negative consequence which increasing the standard of living (Banerjee & Duflo, 2011). In addition, this intervention and development of the black market will have negative repercussions on the general economy. Firstly, it will result to underestimation of the gross domestic product (GDP) and national income of the UK. Therefore, because of this the government cannot be able to determine the real status of the economy in order to establish correct policies aimed at improving the standards of living for its citizens. Secondly, the rise of the black market can create employment opportunities for the local people.

Thames Water Case Study Essay Example | Topics and Well Written Essays - 1750 words - 1

Thames Water Case Study - Essay Example As regards the second, Thames’ decision to let employees go and its failure to keep wages stable in real terms, means that it does not regard its employees as stakeholders. Thames is failing to uphold both its corporate social responsibility and to define employees as stakeholders is not a sustainable situation. Certainly, the company is reporting profits at the moment, probably due to the fact that there is no substitute threat to their product but, in the long-run, the company will loose out and its profits will decline. It is extremely important that Thames redefine its employees as primary stakeholders and, directly connected to this, adopt a corporate social responsibility framework. Through a review of the theory on employees as stakeholders and the relation of corporate social responsibility to the stated, this research shall illustrate that there is an immediate connection between corporate social responsibility and the acceptance and treatment of employees as stakeholders, on the one hand, and between these two and corporate success on the other. Corporate social responsibility refers to the level of an organizations involvement in the improvement of the quality of life of its community, and its acceptance of the fact that it has an important role in improving quality of life (Margolis and Walsh, 2003). Even though there is no precise definition for quality of community life,’ since it is dependent on many factors, such as socio-political climate, the state of the economy, the type of industry attempting to identify the problems, and location of the business, among others, the fact is that it refers to the degree to which an organisation gives back to the community and regards itself as part of the community (Carroll, 1999; Margolis and Walsh, 2003). Corporate social responsibility is founded upon an organisation’s understanding of the social issues which

Dq-4.1-Sheila Coursework Example | Topics and Well Written Essays - 2000 words

Dq-4.1-Sheila - Coursework Example The socio-technical system is one of the new systems that are employed firms to enhance better performance among their teams of workers working at different levels globally. This system coordinates workers easily thus team work is embraced. Other improved communication channels also play a major role here. Such technologies include Blackberry phones, iPhones and android phones. This paper is going to highlight how the communication in departments and teams can be improved by these innovations. A socio-technical system is a combination of technology and the people in the society. It is an operational system that enhances the working together of all the members in the society using the available techniques (Bass, 2012). Due to this reason, most organizations and business firms employ the socio-technical systems that are easy to adopt. They use these systems to make communication an instant thing in their operations despite the distance between workers. There are various types of socio-technical systems that have been put in use by many globally operating firms (Horspool, 2011). Some of them include Skype, online chats, emails and video conferencing. All of these systems require some components to operate effectively. There are some parts that are common to all of the socio-technical systems. These parts are the software, hardware, procedures, and the people using the system (Frederiksen, 2013). In my workplace we use videoconferencing to hold some board meetings with regional managers in different parts of the world. The use of videoconferencing and Skype can be classified as socio-technical. Therefore, the socio-technical system is also in use at my work area. Knowledge workers who are dispersed to far places in the world sometimes face difficulty of communication. The socio-technical systems are some of the few opportunities available for these team members to connect without being disturbed with the distance. Due to this there is need

Sociology of Developing Countries Essay Example | Topics and Well Written Essays - 500 words - 1

Sociology of Developing Countries - Essay Example The composition of the labor market in the country is a contributing factor in ethnic conflicts in the country. The White settlers in the country are part of the minority group but they occupy and dominate employment in the preferred job categories. This is a clear demonstration of the racial preference given to certain ethnic groups in the country. The labor market in the country is inclined towards recruiting co-ethnics for the preferred employment opportunities at the expense of other ethnic groups (Coppin & Olsen, 1998). The human capital earning in Trinidad and Tobago is another contributing factor in the ethnic conflicts in the nation. The Indians and Africans, who constitute the larger ethnic group, form the dominant labor force with a representation of more than 80%. The other ethnic groups, apart from the Africans and Indians, have low income earnings because of their alignment from the labor force. Coppin and Olsen (1998) state that inhabitants in the country with fair skin color were recruited for employment with low qualifications compared to their counterparts with dark skin color. The socioeconomic status in the country is associated with the marital status and formation. The marital status of people differs by ethnicity and therefore marriage may be a contributing factor in the ethnic conflicts in the country by widening the ethnicity margin (Olsen, 2009). The external interventions may not be necessary for the people of Trinidad and Tobago. This approach may further aggravate the ethnic difference that the country is struggling to bridge. Apprehensions often occur when several ethnic groups stay in close proximity. The approach that the society uses to resolve the differences varies and may make or break it. Trinidad and Tobago has used the internal mechanisms successfully to control and manage the ethnic differences among the

Korea Research Paper Example | Topics and Well Written Essays - 1250 words

Korea - Research Paper Example The UN Assembly implemented a fresh resolution demanded elections in regions reachable by the UN Commission (Cumings, p. 56). The first elections in Korea took place in May 1948. A Communist rule was set up in the North under Kim Il-sung, a Stalinist leader with total authority. During the year 1949, both Russia, as well as the United States pulled their troops out, leaving behind them the respective armed forces of the North, an influential North Korean Soviet-trained territorial army, and in the South, a less significant, feeble Republic of Korea (ROK) defense force. Stalin, concerned about the growth of Soviet Communism, notices enormous opportunities within Asia as well as the Pacific, with the arrival of the initial Soviet nuclear test during the year 1949, he observed that he could almost immediately confront the United States. However, he rejected the North Korean leaders’ tries to form an armed forces coalition with Russia. One more blunder, this time on the part of th e Americans was the declarations by the then Secretary of State, Dean Acthinson that the Korean peninsula was inside the security border of the United States. ... However, the North Korea leader gave Stalin the idea that the warfare would not exceed thirty days. In the meantime, General McArthur (Halberstam, p. 341), in Tokyo watching over the reconstruction of Japan, discounted the information that North Korean may attack. He was busy finalizing his points for the forthcoming Japanese peace accord (Halberstam, p. 341). On the other hand, North Korea failed to inform China of its objective and China was getting ready to attack Taiwan at the time. CIA Intelligence news of an approaching assault went unnoticed (Halberstam, p. 341). The Korean War (1950-1953) started when the North Korean Communist military forces attacked non-Communist South Korea. The United States came to South Korea's help. General Douglas MacArthur, who had been supervising the post World War II occupation of Japan, ordered the US military forces, which now started to refrain the North Koreans at Pusan, at the Southernmost point of Korea. Even though Korea was not tactically crucial to the United States, the political atmosphere at this phase of the Cold War was such that politicians did not like to appear flexible about Communism (Richardson & Maurer, p. 83). Supposedly, the US interfered as component of a law enforcement act, run by a UN (United Nations) international peacekeeping force; in reality, the anti-Communist interests of NATO and US influences the UN. The United Nations, mainly the United States, came to the help of South Korea in preventing the raid. A quick UN counter-offensive drove the North Koreans ahead of the 38th Parallel and nearly to the Yalu River, and the People's Republic of China joined the war on the side of the North. The Chinese initiated a counter-offensive that pressed the United Nations military back behind the 38th

Freedom and Determinism Essay Example | Topics and Well Written Essays - 750 words

Freedom and Determinism - Essay Example Through determinism concept, freedom is driven by several aspects in human live including mental status, past life experience, physical factors, theological matters, biological concerns and so on. However, criminals also try all evasion avenues possible to escape any convictions, possibly using their lawyers. With this understanding, the stand of the attorney general and the jury that Penry's behavior may be a scheme purposed to deception, as opposed to arguments on childhood abuse and diminished mental capacity may be worth. Penry's side felt that his behavior was as a result of mental disturbance, with the other side believing that the behavior was out of ignorance but not mental retardation. Penry's lawyers hold that moral responsibility depends on mental stability. They suggest that the case should be waved because could the accused be smart mentally, then the crime could not take place (Doob, 2006, 11). Several aspects of determinism can be used to explain the varied views and opinions of the two sides. Nomological or causal determinism can be used to necessitate and explain present and past events. The horrific treatment of Penry by his mother should have impacted on the way he behaved by the belief that the past can influence the present. This is backed by scientific determinism or deterministic dogma which provides that cause, effect and precise eventual combination engenders particular outcomes at given moments. Events that Penry underwent at young ages accumulated to influence his behavior. Horrific treatment of the accused by his mother tells us what character the mother was. Biological determinism argues that desire, belief and behavior of an individual can be mould by endowment of genetics (Doob, 2006, 13). As a result, Penry may have inherited bad habits from her mother. In defining a disease, genetics is treated as a vital element, meaning that ailments are linked to gene tics. In theological determinism, daily happens are determined by God. This takes place through a form of omniscience, knowing ones actions in advance and decreeing ones actions in advance. The controversy of this determinism is how free will can be deemed free when someone has already planned for it. Thus it can be argued that this is the way God programmed the life of Penry. The above concepts of determinism link it to excuses of behaving unethically. Hard determinism applies environmental and hereditary means in influencing morality. Therefore, people do not have to belief ethically if they don't believe in uncaused free will. Soft determinists say that causation isn't acted unpredictably neither should it be viewed as compulsory or else a constraint (Doob, 2006, 12). Based on the above facts about determinism, prosecution judges should be very careful in establishing whether the conduct of the accused was genuine. This is the starting point for fairness to both sides and legal system itself. In the same line of thought, the society requires justice from legal institutions. These institutions are primarily set up to safeguard the rights of individuals and the general society. As above stated, the jury should take time to determine what made the man behave this way. If it was intentional, then the man is a potential threat to the society, indicating

Business Essay Example | Topics and Well Written Essays - 1750 words - 1

Business - Essay Example The firm’s revenues – from its retail sales in its major 19 brands – in 2010 were estimated to $1 billion/ per brand, i.e. about 19 billion in total (2010 Annual Report, p.16); the firm’s employees have been estimated to 285,000 in the firm’s branches worldwide (PepsiCo, The Company 2011). 1.2 Aims and mission of the company The firm’s mission is clearly stated in its website; in accordance with its mission and vision statement, the firm’s key mission is to become the leading firm in its industry – worldwide. At the same time, emphasis is given on the firm’s visions, which include the improvement of the firm’s ‘social, economic and natural environment’ (PepsiCo, The Company 2011). Moreover, it is made clear that profitability is not the key aim of the firm; expansion in the world market is among the firm’s priority but this expansion needs to be combined by the promotion of the interests of the firm’s stakeholders – as noted in the firm’s mission and vision statement (PepsiCo, The Company 2011). 2. ... eholders are defined as follows – in accordance with the firm’s website: ‘consumers, communities, associates, retail customers, investors, partners and suppliers’ (PepsiCo, Stakeholders 2011). Therefore, the relationship between PepsiCo and its stakeholders implies the policies that the company has promoted in order to respond to the needs of the above groups of persons; it also implies the views of stakeholders (as described above) on the practices of the firm. These views can be identified through the following ways: the level of the firm’s profitability (in case of high profitability, the acceptance of the firm’s corporate social responsibility policies by its stakeholders is assumed) and the market research (developed by the company, by its competitors or by independent researchers). Having identified the firm’s stakeholders, the examination of their relationship with the firm could proceed. Two are the key questions that should be addressed: which are the main needs of the firm’s stakeholders and how well has the firm managed to respond to these needs. Reference is made to an indicative example of the firm’s corporate social responsibility, showing its ability to respond to the needs of its stakeholders: the response of the firm to the accident (Oil spill) by BP in the Gulf of Mexico. These issues are analytically presented in the section that follows. 2.2 How well does PepsiCo impact on society and its stakeholders? In order to understand the relationship between the firm and its stakeholders it would be necessary primarily to present the interests of these stakeholders (as described above); then the practices of the firm for protecting these interests could be presented and evaluated. Referring to each particular category of the firm’s

Fixed Tangible Dissertation Example | Topics and Well Written Essays - 2000 words

Fixed Tangible - Dissertation Example nce sheet of the company. The cost include cost incurred at the time of purchase of asset such as cash payment for the acquisition of assets, duty paid on the import of assets at the time of import, transportation cost incurred for bringing the asset to the desired location and place. Although, there might be cost incurred related to the acquisition of the assets but it might not be relevant and thus not capitalized. Examples of such cost are cost of opening a new production facility, cost of advertising and promotional activities and other indirect and administrative costs. The capitalization of the cost is stopped when the asset is the location or place for the intended use. Cost such as initial operating losses, initial cost incurred by the company when it is operating below the capacity and cost or relocation or reorganization of some or all of the holdings of the company, is also not capitalized. The expenditure incurred can also be capitalized in the cost of the asset subsequen t to the acquisition of the assets. These costs primarily include significant maintenance or overhauling expenditure. These costs are only recognized in those circumstances when the future economic benefits associated with that expenditure lasts for more than one year. Other than general maintenance expenditure, there are other costs which can also be capitalized in the cost of the asset. For example borrowing cost, incurred on acquiring to the acquisition of qualifying assets is also recognized in the cost of the assets acquired. This capitalization is accounted for in accordance with the IAS 23 ‘Borrowing Cost’. [2] At the initial recognition of any item of property, plant and equipment, if the payment for an item of property, plant and equipment is deferred, interest at market rate must also be recognized. In certain circumstances, the asset might be acquired in an exchange for another asset, which could be similar or dissimilar to the asset being disposed off. In th ese cases, the cost is measured at the fair value of the asset being acquired. But this measurement technique would not be applicable if the asset exchange transaction lacks commercial substance or the fair value of the assets involved in the transaction cannot be determined reliably. In case where the fair value of the asset acquired is not reliably measured, the cost of the asset, at which it is recognized in the balance sheet of the company, is the fair value of the assets given up. Subsequent to the initial measurement, the IAS 16 has allowed to record the asset at accounting models which are Cost Model Revaluation Model [1] In the cost model, the asset is carried at cost less accumulated depreciation and impairment losses, if any. Whereas, according to the revaluation model, the items are carried at revalued amount. The revalued amount of an item of property, plant and equipment is its fair value at its revaluation date. According to IAS 16, when an item of property, plant and equipment is revalued, the entire class of assets to which that item belongs, is also revalued. In case where a company conducts the revaluation of an item of property plant and equipment, and it results in an increase in the amount at which it was previously recorded in the balance sheet, the increase is credited to equity and is represented as ‘

The Endless Recovery Essay Example for Free

The Endless Recovery Essay 559 Testing Your Comprehension 1.Fossil fuels are abundant on our planet today and can be used to create many sources of energy which is why they are so prevalent. They are considered nonrenewable sources of energy because they take millions of years to form and because humans are rapidly depleting our fossil fuels faster then they can be created, which makes these fuels nonrenewable. 2.Fossil fuels were formed from the tissues of organisms that lived 100-500 million years ago. The energy these fuels contain came originally from the sun and was converted to chemical-bond energy as a result of photosynthesis. Environmental conditions determine what type of fossil fuel is formed because of the chemical composition of the starting material, the temperatures and pressures to which the material is subjects, the presence or absence of anaerobic decomposers, and the passage of time. Fossil fuels are often concentrated in localized deposits because some regions have substantial reserves of fossil fuels whereas others have very few. 3.Net energy expresses the difference between energy returned and energy invested. EROI is the ratio determined by dividing the quantity of energy returned from a process by the quantity pf energy invested in the process. These are important when evaluating energy sources because these ratios are always changing. 4.Coal is combusted and converted to water which turns to steam, this starts a turbine; this is how coal generates electricity. 5.Geologists have estimated the total amount of oil beneath the Arctic National Wildlife Refuge 1002 Area by drilling cores and conducting ground, air, and seismic surveys to map underground rock formations. This amount differs from the â€Å"technically recoverable† and â€Å"economically recoverable† because the â€Å"technically recoverable† ranges from 4.3-11.8 billion barrels, while the estimated amount ranges from 11.6-31.5 billion barrels. 6.We create petroleum products by refining hydrocarbon molecules that are separated into different size classes and are chemically transformed to create specialized f uels for heating, cooking and transportation, and to create lubricating oils, asphalts, and the production of plastics and other petroleum products. 7.Peak oil is when the rate of production of oil comes to its peak and begins to decline. Many experts believe we will soon pass the global production peak for oil because we are using it at a faster pace and are not finding new concentrations of oil. If we do not shift to  renewable energy sources, our society will meet its demise because we will run out of fossil fuels. 8.Fossil fuel production and consumption drive climate change, they pollute water as well as air, and they devastate natural systems. Drilling for oil in the Arctic National Wildlife Refuge would impact life in that area tremendously because that area would be quickly polluted and the wildlife would pay the price. Scientists are not even sure if this area has enough oil worth drilling for which is why it should not be touched. 9.An example of clean coal technology would be to use dry coal with high water contents. This approach would make is a cleaner-burning. Carbon capture technologies intend to remove carbon dioxide from power plants or other emissions, while carbon storage technologies try to sequester, or store, carbon dioxide from industrial emissions (underground under pressure in locations where it will not seep out). Both carbon capture and storage are in an effort to mitigate global climate change. 10.10. Two main approaches to energy conservation: as individuals, we can make conscious choices to reduce our own energy consumption by driving less, turning off lights when rooms are not being used, dialing down thermostats and cutting back on the use of energy-intensive machines and appliances. As a society we can conserve energy by making our energy consuming devices and processes more efficient. Consumers need to purchase energy efficiency appliances. Pg 587 Testing your comprehension 1. Of our global energy they contribute: Nuclear 20.9 %; Hydro 2.2%; Bio 9.8%. Of our global electricity they generate: Nuclear 13.8%; Hydro 15.6%; Bio 2.6%. 2. Nuclear fission occurs when the nuclei of large, heavy atoms, such as uranium or plutonium, are bombarded with neutrons. Neutrons tend to move too quickly for their nuclei to split when they collide, so the neutrons need to be slowed down. Each split nucleus emits energy in the form of heat, light and radiation. It also releases multiple neutrons. These neutrons, bombard other nearby uranium-235 atoms, which result in a self sustaining chain reaction. Engineers control fission in nuclear reactors by using control rods, which absorb neutrons. They are placed into the reactor among the water-bathed fuel rods. The engineers move these rods into and out of the water to maintain the fission reaction at the desired rate. 3. In  terms of greenhouse gas emission, nuclear, compared to coal, oil and natural gas, has less to none greenhouse emission. Hydropower and bioenergy compare 4. The incident at the Three Mile Island differed from that at Chernobyl because the Three Mile Island emergency was brought under control within days and the reactor was shut down quickly. This was due to a combination of mechanical failure and human error. The residents of the area were not as affected by the meltdown as those in Chernobyl. Chernobyl occurred because engineers had turned off safety systems to conduct tests, human error, and the unsafe reactor design caused an explosion. Many people were exposed to radiation; residents of the area were highly affected and till this day are still severely ill due to exposure. The accident killed 31 people. Radioactive fallout reached most of the Northern Hemisphere. 5. Some concerns about the disposal of radioactive waste are that if it’s dumped in the ocean it poses threat to fisheries, people and marine systems. If it’s kept in the power plants, the power plants are running out of space to hold the waste. If it is sent to Yucca Mountain, while being transported there can be an accident that exposes people to the radioactive waste. As of now the waste is being kept in storage areas within the nuclear power plant. The United States chose Yucca Mountain as a place to dump the nuclear waste but so far the project has not taken place. The waste will remain in their current locations. 6. Sources for bioenergy include the waste products of existing industries or processes, residue from agricultural crops, animal waste and organic waste. Bioenergy use differs between developed and developing nations because 7. The two primary biofules are ethanol and biodiesel. Ethanol is the alcohol in beer, wine and liquor. It is produced by fermenting biomass. In fermentation, carbohydrates are converted to sugar and then to ethanol. Gasoline engines run with gasoline blended with 10% of ethanol. Biodiesel , a fuel produced from vegetable oil, used cooking grease or animal fat. It is also used in vehicles and can be mixed with conventional petrodiesel. In North America and in Europe, cars are being filled with biodiesel and some buses and recycling trucks as well. 8. Bioenergy is from carbon neutral which releases no net carbon into the atmosphereif bioenergy replaced the use of fossilfuels we could help mitigate the problems of climate change. Burning bioenergy is not carbon neutral for the fact that plants need to be cut down in order to plant  bioenergy plants. 9. Storage type of hydroelectricity this type is the most widely used. It holds water back behind concrete dams that block the flow of water and just letting it flow out in smaller amounts through pipes that feed into a turbine. B. The other type of hydroelectricity generating plant is by implementing run-of-river approach.it generates electricity without greatly disrupting the flow of the river. Although it is not as damaging as damming the river, it doesn’t guarantee the same amount of water flow as by damming does. 10. two advantages with hydroelectric power are that the energy source is renewable and no carbon is emitted in the production of energy from this source. B. T wo negative impacts of hydroelectricity is that the area behind dams are flooded destroying habitat and the areas below dams are usually starved of water. The other negative is the thermal pollution. Areas behind the dam gat colder that natural and the areas in front of the dam become warmer than natural. Pg 614 Testing your comprehension 1.About 13% of our world’s energy is renewable and new renewable counts for 1%. The most prevalent form of renewable energy we use is biomass which accounts for 50% and hydroelectric which accounts for 35%. The form of energy most used to generate electricity is hydro power. 2.The diminishing amounts of fossil fuels have people concerned about our energy future. This is causing people to look for new renewable resources of energy. Solar and wind power are the new renewables that are experiencing the most rapid growth. 3.Passive solar heating is in the design of a building. It involves the installation of low south facing windows to capture sun, over hangs to shade windows in the summer, and the use of construction materials that capture the suns heat and release it throughout the day. Active solar heating is the use of technologies to heat water and air in structures. It involves installing flat-plate solar collectors on rooftops. Water, air or antifreeze passes through the panel and gets heated by the sun which in-turns transfers its heat to the building or to water tanks. 4.The photoelectric effect is when light reaches the PV cell and strikes one of a pair which is made of the semiconductor silicone. The light causes one plate to release electrons which are attracted by electrostatic forces to the opposing plate. Photovoltaic cells work when you attach wires to the plates  and allow the electrons to pass from one plate to the other freely. This causes an electric current or DC current which then can be converted to AC currents used in home and businesses. 5.Environmental and economic advantages of solar power are that the PV cells use no fuel, are quiet and safe, contain no moving parts, require little maintenance, and do not require a

How Gender Inequality Is Explained Sociology Essay

How Gender Inequality Is Explained Sociology Essay How has gender inequality been explained? (Answer with reference to a range of theories and approaches) Critically assess the attempt of one of the feminist group to overcome gender inequality. Social stratification A system by which a society ranks categories of people in a hierarchy (Macionis and Plummer: 2005: 190). Social stratification is common in different aspects throughout society and throughout history some of the most substantial categories affected are class, race, disabilities, sexuality and globally. However this essay shall be investigating the stratification by gender, referred to as gender inequality. There are many reasons for the disparity of gender circumscribed by its underlying social, legal, political, economic, and cultural characteristics (Rives and Yousefi 1997:1). Gender stratification categories people in regard to their sex, this can be defined as anatomical differences and physiological differences between male and female for example the difference in chromosomes, sex organs and hormones. The word gender has been socially constructed through the means of a stereotype and ideology of the social role, identity, position and behaviour of male and feminine through different institutions and aspects like the media, religion, culturally and historically. Up until the era of Suffragettes in the late 19th Century women were always deemed lower than men and inequality was highly significant society it was fundamentally a patriarchal society. The traditional preconceptions were that men were strong, intellectual beings that were the hunter gatherers and providers for their household. Whereas, women were passive objects that would cook, clean, cater for their husbands wants and desires, and doing nothing more than bear and raise children. To the woman he (God) said, I will greatly increase your pain in childbearing; with pain you will give birth to children. Your desire will be for you husband, and he will rule over you. (Genesis 3:16). This interlinks with religion and reiterates traditional and religious view from The Bible. There are a substantial amount of reasons why there is clear gender inequality in society, this essay will assess and show the many theories into the existence of this. Biological determinism is a theory that asserts that males and females appearance, mental and general behaviour and position on the social hierarchy is all in relation to their genetic make-up and genes, the differences between male and females socially is dependant on the fact of them being different sexes alone. The Evolution of Sexes written by Geddes and Thompson shows a generalisation of a biological determinist analysis of gender. They claim that social, psychological and behavioural traits were caused by metabolic state. Women supposedly conserve energy (being anabolic) and this makes them passive, conservative, sluggish, stable and uninterested in politics. Men expend their surplus energy (being katabolic) and this makes them eager, energetic, passionate, variable and, thereby, interested in political and social matters. These biological facts about metabolic states were used not only to explain behavioural differences between women and men but also to justify what our social and political arrangements ought to be. Due to all these factors it is apparent biological determinism theorists that gender stratification is fate, females are meant to be inferior to males and this cannot be fought or changed in society and therefore is highly beneficial. Functionalists would argue that gender stratification is universal and positive for society. A key functionalist thinker Talcott Parsons explained how the differences in the sexes (gender) have provided complementary roles for both male and female (Instrumental and expressive), and how the difference in roles which are biologically based helped traditionally integrate society. He believes that gender differentiation and the understanding of division of labor means social stability. Women labeled expressive by Parson should typically be in control of the family units be the emotional support, take care of the household chores and the security and well being of the children. Opposed to men, labeled instrumental whose role is to connect the family to the larger world primarily by participating in the labour force(Macionis and Plummer 2008:381), work and focus on issues outside of the internal family unit. Parson theorises that gender identity is social, formed through numerous means of social control and is needed for both male and female to gain appropriate skills to succeed in life. The knowledge of these specific skills and understanding of the difference of gender identities to the opposite sex (expressive and instrumental)are in a sense indoctrinated so that, for example if a male is not deemed instrumental he is therefore unattractive and is rejected by the expressive women. This clear distinction of the division in the family unit ensures harmony in the family and thus benefits society on a whole Functionalists view the potential for social disorder only when all of the aspects of traditional gender stratification are disturbed. (Schaefer and Lamm 1998). During the 20th Century there were huge upheavals in the traditional view of women and their roles and the view of a predominately patriarchal society they were living in. Women now wanted to be able to work and have an education, not deemed less able due to biological determinism and be treated equally, which gave birth to a collection of huge movements in sexism and inequality and also different views with in feminism (Liberal, Socialist/Marxist and radical). One point that is evident throughout all the different interpretations of feminism is that women have not been seen as equal throughout the social structure. Liberal feminists do not see womens oppression as part of large system structure but however believes that biological determinism as a source for inequality within the political and justice realm as completely barbaric. There may be some slight procreative differentiation but that should not be any differences in relation to the law, politics, employment or educational institutes, they believed the only way of reformation was through the reform of these institutes. Liberal feminists believe in the rights for every individual woman in society. Socialist/Marxist feminism is adopted through two major writings, Firstly in Engels writing in 1884 The origin of the family, private property and the State and through Marxs conflict theory evident in the Communist Manifesto, which is a struggle between the oppressors (capitalists/ bourgeoisie) and the oppressed (working class) to maintain an equal social structure one needs to overthrow capitalism. Beasley wrote that the base-superstructure model of society, that is, social relations- including those related to sexual inequality- are conceived as crucially shaped by the economic base of society, rather than ideas and attitudes (Beasley 1999:61) Marxist Feminists believed the only way to end this patriarchy was through social revolutions against capitalism for equality. As males dominated the means of production and owned all the property women Engels contended were alienated due to the economic reliance on their husbands. Engels links the modern oppression of women to the instituti on of private property. Correlatively , he argues that the economic system of capitalism draws women into the public workforce and thus sets the conditions for their equality (Carver and Steger 1999:254) The only way women would be able to throw the unfair justice of capitalism would be to be free of marriage, laundry, cooking, childcare and childbirth and reforming the structure of the family. So that women can get full-time jobs through revolting equaling out the inequality in gender. This essay has briefly summarised the main theories and some brief approaches of gender inequality, Radical feminism is similar to that of Marxist feminism but more extreme, it is similar in the aspect of it fundamentally believing that the oppression and control of women is to do with how Capitalism promotes gender exploitation. Women are segregated into a sex class and therefore should stick together. Radical feminists believe that the only way for gender equality is the complete eradication of patriarchal society and any aspect of society that males dominate, this is the only way for female liberation. Radical feminists believe women are oppressed through their ability to reproduce and the sexualisation by men, they should be seen as the enemy. The only way women can free themselves is through any aspect of association with males, this includes not having heterosexual relationships and not producing off spring in order to liberate. Alice Echols and Ellen Willis wrote about radical feminism in their book Daring to Be Bad: Radical Feminism in America that Radical feminism was a political movement dedicated to eliminating the sex-class system(Echols and Willis 1989:4) The sex class system also included the sex-role system which sees marriage, family, prostitution, and heterosexuality as repressive. They believed gender inequalities root cause was sexual oppression, women need to gain control over their bodies/biology and relatedly to value and celebrate womens bodies(Beasley, C 1999:55) . This interlinks with a psychoanalytic feminist such as Sigmund Freud where he shows that gender is embedded in language and through sexualisation and thought from the earliest state of childhood. This is through the penis envy theory, this is when girls realise they dont have a penis and from being attached to her mother, finds a stronger attachment to the father. She accepts her inadequacy and subordination in society by accepting her mothers values and containing her craving for her father. According to many theorists Radical feminism is also about generating widespread support for campaigns around issues such as rape, domestic violence and sexual harassment (Dean 2011) as well as the promotion of contraception, sterilization and abortion. The word radical in itself holds factors for criticism; this is an extreme view that has many factors that can be deemed incorrect. You cannot categorise all women into a sex class as there is no substantial evidence that supports the idea of this. How is it possible that all women just because of their biological similarities are the same, and can be generalised so flippantly? It doesnt entail any other aspects such as culture, psychological, class or economic factor in a way of determining gender construction.Radical feminism not only ignores important differences among women but also reproduces exactly the stereotypical vision of women and men (Beckham and DAmico 1994:80) Isnt this exactly what radical feminism is fighting against, the generalisation? Radical feminism ignores legislations like the Equal Pay Act 1970 and The Sexual Discrimination Act 1975 and how politics are constantly changing in regard to sexism and the maltreatment as women as a class. Radical feminism suggests that society should be matriarchal, this would continue the process of gender inequality but just the other way round. Another limitation of radical feminism is that instead of promoting marriage it does the opposite, that women should be rid of all these stereotypical roles, this in a way promotes promiscuity and even unhealthy relationships. Radicalism is damaging to society as a whole because society cannot reach its maximum potential if one group is more domineering than another.

What Is The Gettier Problem?

What Is The Gettier Problem? The Tripartite Theory of Knowledge, a theory which goes back as far as Plato, states that in order for one to possess knowledge, one must have justified true belief. In other words, if you carry a belief, that belief must be true and you must be able to justify it. The Tripartite Theory exists to provide a response to the question of what exactly knowledge is. Whilst the theory might have been widely accepted in the past, it was in 1963 that an epistemological debate on the topic ensued. Edmund Gettiers three-page paper Is Justified True Belief Knowledge? shows two conditions where the criteria for justified true belief appear to be met but mostly due to luck rather than knowledge. Whilst these counter-examples have led to a number of attempted solutions, my opinion is that the Gettier problem cannot be resolved. Alvin Goldman attempted to solve the Gettier problem with a theory of causal connection which states that justified true belief must be achieved through a causal connection to the truth. In this essay, I will highlight the ways in which Goldmans proposed solution falls short and so fails to solve the Gettier problem and thus demonstrate one way in which the Gettier problem cannot be resolved. The Gettier problem fundamentally demonstrates the problem of luck in the Tripartite Theory and thus shows how justified true belief doesnt necessarily mean knowledge. I will present this through the following Gettier-style example: Susie walks past the same clock everyday on her way to class at 2pm. Today, as she walks past, the clock indeed says 2pm and she has no reason to believe otherwise since the clock is well maintained and has always been right in the past. Susie has justified true belief. However, unbeknownst to Susie, the clock stopped 12 hours earlier at 2am. So whilst Susie believes the clock reads 2pm, it actually reads 2am. Thus, the fact that the clock stopped at the time it did is purely down to luck. So Susies belief fails to be knowledge. If knowledge were to be gained via a causal connection, the problem of luck would essentially not exist as the agent would have acquired knowledge through a reliable, cognitive process. The purpose of the causal theory is to reinf orce the Tripartite Theory but with the addition of a clause that states that a causal chain between beliefs and truths is required for knowledge. Goldman argues that perception is one such mechanism that can allow a causal connection and thus justify ones true beliefs. He states in his 1967 paper A Causal Theory of Knowing; Perhaps the simplest case of a causal chain connecting some fact p with someones belief of p is that of perception (Goldman 358). Goldman uses the example of the vase to reinforce his argument about perception which is put forth as follows: S sees a vase but that vase is actually being hidden by a laser photograph of a vase. Because of the photograph, S believes that there is a vase in front of him. Goldman argues that in actual fact, S does not really see the vase because of the lack of causal connection that exists between Ss belief and the real vase. So ultimately, what Goldman is saying is that knowledge acquired by sight requires some sort of causal connect ion for it to truly be knowledge. And so the Gettier problem is essentially resolved, according to Goldman, with the addition of the causal connection clause. Goldman continues his paper by discussing knowledge based on memory. Memory can be considered a causal process because a current belief could be caused and therefore traced back to an earlier cause. Knowing a fact at one time and then knowing it again at another is not necessarily knowledge based on memory as a causal connection would have to be included as an essential component in memory. Like perception, the causal connection of memory is used by Goldman to solve the Gettier problem through the addition of an extra element in the Tripartite Theory. Goldman goes on further to discuss knowledge based on inference through the lava case. S finds lava on the countryside and infers that there was an eruption. But in actual fact, someone has placed lava there in order to make it look like there had been a real eruption, unaware of the actual volcano. Goldman states that S doesnt really know that there was an eruption because it is not causally connected to any beliefs about there being a n eruption. So, inferential knowledge requires a connection through some sort of causal chain or as Goldman puts it: when someone bases his belief of one proposition on his belief of a set of other propositions, then his belief of the latter propositions can be considered a cause of his belief of the former proposition. (Goldman 362). Whilst Goldmans A Causal Theory of Knowing is a stimulating essay on the subject of knowledge, his argument or rather so-called solution to the Gettier problem in my opinion is ultimately flawed. One such criticism lies in the argument that our senses could so easily deceive us and therefore can a causal connection based on perception really be used to prove the acquirement of knowledge? The answer is surely no and this can be seen in the barn faà §ade example, in which an agent drives through a town filled with fake barns. Standing in front of one of these fake barns, the agent can say that he has justified true belief through perception. Even though there is a causal connection in this example, the agent does not really have knowledge. So false conclusions can be drawn from a process which, according to Goldman would ordinarily produce true beliefs highlighting the fact that Goldmans theory is flawed. So this does not provide a solution to the Gettier problem. Another problem with Goldmans theory lies in the fact that not everything in the world can have a causal connection. In particular, knowledge that is a priori such as 2 + 2 = 4 seems to be a fact about numbers but it doesnt have a causal effect. It is a truth that you know based on no causal connection just like many series of numbers are. So it is possible to say that the problem with Goldmans theory here is that it focuses on a posteriori knowledge but seems to ignore a priori knowledge and thus is too restrictive. It can therefore not be a solution to the Gettier problem because it doesnt take all types of knowledge into account, which is vital in epistemology. So again, the Gettier problem remains unresolved. The problem of incorrect reconstruction is one that further weakens Goldmans theory. There are times when one may have a true belief but the causal chain which allowed them to have that knowledge is incorrect. For example, an agent discovers his best friends body and believes that he is dead due to the fact that he is missing body parts. The agent assumes that the friend died by decapitation but actually, he was poisoned and decapitated following his death. This doesnt count as knowledge due to the false nature of the causal chain. Kenneth Collier in his 1973 essay Contra the Causal Theory of Knowing finds a counter-example to Goldmans theory which indicates no causal chain. Collier uses the example of an agent on a hallucinogenic drug which highlights the fact that any beliefs the subject has which turn out to be true, cannot be explained causally due to the hallucinogenic state that they are in. In the paper, Collier has given Smith the hallucinogenic drug and he hallucinates that his wife is having an affair. In actual fact, his wife is having an affair but can this count as knowledge? Surely this is just an example of incorrect reconstruction due to the hallucinations or an example of no causal chain at all. Collier argues that the difficulty here seems to be that it is possible for Smiths belief that p to be caused by the fact that p in ways that are irrelevant to his knowledge. But this means that the causal connection cannot be a sufficient condition for knowledge. (Collier 351) Ultimately, Goldmans causal theory attempts to resolve the Gettier problem by adding an extra clause which states that true belief has to be a result of a causal chain. He uses examples of perception, memory and inference to highlight the ways in which causality can solve the Gettier problem. But his theory is flawed overall due to the unreliability of the senses, a lack of a focus on a priori knowledge and the problem of incorrect reconstruction. I chose to focus on Goldmans theory but it is just one example out of a large number of attempts to resolve the Gettier problem. Other proposed solutions include eliminating conditions such as luck, defeat and false evidence as put forth by philosophers like Unger, Lehrer and Lycan. These proposed solutions, like the causal connection theory are all flawed and thus do not provide an adequate response to the Gettier problem. Therefore, I do not believe that the Gettier problem can be resolved due to my agreement that justified true belief do es not necessarily imply knowledge. The beer industry: Literature and definitions The beer industry: Literature and definitions Background and objective of the topic The beer industry has been around for many centuries and has always impacted national economies. Countries, such as the United Kingdom (UK) and the United States (US), have had a capricious relationship with the beer industry over the last few centuries. Indeed, these countries see the benefit for the economy, from tax revenue increases to job creation, but other regulatory and social costs challenge firms within the industry. Furthermore within each brewery, their marketing, advertising and branding strategies are the leading differences amongst the competitors. In oversaturated, competitive markets of the UK and the US, various breweries are able to maintain profitability even as beer consumption and national incomes are in the decline. Indeed, with social-economic trends stacked against the industry, companies are still profitable, but those profits are fading. Through these declines, firms make radical business choices of mergers or acquisitions in order to dominate the brewery i ndustry. The brewery industry with a $40 ( £24.4) billion market value is an important part of the UK economy, and with a $79 billion market value is an important part of the US economy. In the UK, the brewery industry provides 600,000 direct jobs and 500,000 indirect jobs which generates $45 ( £28) billion in economic activity and $133 ( £81.3) million in tax revenue for 2008. In the US, the industry provides 1.9 million jobs in which $62 billion was generated in wages and benefits and $41 billion in business, personal and consumption taxes for 2008. In the UK, the leading brewery market share is Scottish Newcastle at 27.1%, Molson Brewing Company at 19.7% and Anheuser-Busch InBev at 17.7%. While in the leading brewery market share in the US is Anheuser-Busch InBev at 50.8%, followed by SABMiller at 18.4% and Molson Coors Brewing Company at 10.6%. Marketing, advertisement and branding strategies are key elements within the beer industry. The beer industry includes the brewers and breweries, distributors, and suppliers and retailers. As markets become more crowded, competitive and complex, the value of a clear brand increases. A brand can identify one item or a family of items and is defined as a name, term, design, symbol that identifies one sellers good or services as distinct from other sellers. An advertised brand is a brand that is owned by an organization and is a consumer product. Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers that benefit the organization. Advertising is the placement of messages in time or space in any of the mass media to persuade members of a particular targeted audience. (American Marketing Association, 2009) A powerful brand gives a company a personality of its own which transcends its components. These components can be seen in both the American brewing industry and the British brewing industry. A brand emphasizes emotion and awareness, but it also connects with consumers to create a strong loyalty base. Fads come and go, but name brands last generations. The brewery industry is very complex in both horizontal and vertical business activities. There are emerging literatures that specifically relate to the brewery industry where various theories involve the marketing, price and competition aspect of the industry overall. Marketing beer involves the four Ps which is the product, in this case the brand name. The price, which includes the total cost to manufacture, distribute and advertise the beer. The place is the distribution of the beer from the warehouse to the consumer with varies steps in between. And finally, the promotion of the beer is through various characteristics of a marketing plan where advertising is included. Research Questions The main subject studied in this academic style dissertation is the effects of branding and marketing within the American and British brewery industry as well as the power to achieve profitability. The specific research questions are designed: To understand and compare the brand drivers of the beer industry in the US and the UK To evaluate the distribution channels To better understand the governments role To find out how the leading firms within the UK and US industry are profitable within a competitive market dealing with the current economic downturn Research Question 1: How does the US and UK brewing industry implement their branding identity? Research Question 2: How will social-economic trends affect the profitability of the US and UK brewing industry? These questions will provide an understanding of firm characteristics within the industry and their business practices as well as the relative success of the leading firms. Terms used within the industry are defined as follows from the Dictionary of Beer (2001): Ale: a type of beer fermented with top-fermenting ale yeast Bar: a public room within a pub Barrelage agreement: a common method for a brewery to tie up a ‘free pub in return for a ‘cheap loan Beer: the generic term for a non-distilled alcoholic drink produced by fermentation of a wort derived from mashed malted barley grain Beer orders: UK government regulations concerning licensing laws and consumer choice in pubs Bitter beer: highly hopped ales with an aftertaste associated with hops, malt and yeast Bottom fermentation: fermentation at 10 °C where yeast cells sink to the bottom of the vessel Brew pub: a pub which brews beer on the premises and serves food Brewery: a place where beer or ale is brewed Brew house: the area of a brewery where the beer is mashed and brewed Brewing process: the process of making wort, boiling it with hops and fermenting it into beer Cask: the general name for any of the barrel-shaped containers of various sizes used for traditional draught beer Draught: a general term for any drink that is dispensed from a bulk container into smaller measures for sale Fermentation: biochemical reaction when sugar is converted to ethyl alcohol by yeast and some bacteria Free house: a pub supposedly free of any brewery tie and able to offer a range of beers from different breweries Guest beer: a beer, not regularly sold in a pub, being on offer for a limited period Lager: beer fermented with bottom fermentation yeast where primary fermentation is at a lower temperature than for ale and secondary fermentation happens in closed conditioning tanks around 0 °C. Light beer: any American low-calories beer which does not contain dextrin and alcohol content ranges between 2.8 to 4% Microbrewery: small-scale brewery operation where equipment has been specially developed for brew pubs and small independent breweries and produces a limited amount of beer Macrobrewery: a large brewery produces larger amounts of beer at a cheaper price Off-trade (or off-license): where places like a supermarket or convenience store are licensed to sell alcoholic beverages for consumption off of the premises On-trade (or on-license): an establishment where alcohol must be consumed at the point of sale such as the pub or bar Premium lager: a lager brewed above 5% alcohol strength Porter: a dark, slightly sweetish but hoppy ale made with roasted barley Pub: a house open to the public at stated times for the purpose of social drinking Standard lager: a lager brewed under 5% alcohol strength Stout: a very dark, heavy, well-hopped bitter ale with a dry palate, thick creamy head, and good grainy taste from a dark roasted barley Three tier distribution (NBWA): the US distribution system for the beer industry where brewers make the beer, wholesalers distribute it to supermarkets and bars, and retailers sell it, but no one within the line is allowed to do one of the other two at the same time Tied house: a pub which is obliged to sell only the products of a particular brewery Top-fermentation: fermentation where the yeast rises to the top of the vessel in a thick foamy head Wort: the sweet liquid, containing all the extracts from the malted grain, which subsequently will be fermented into beer Framework The framework for the dissertation is as follows with this chapter presenting the overview for the present study. In the next chapter the methodology is described in greater detail. In Chapter Three, a review of the literature relating to industry concentration, advertising, competition and demand is presented. Chapter Four will consist of empirical materials of primary and secondary data on the leading macrobreweries within the US and the UK as well as results of semi-structured interviews comprised of people working within the industry. Chapter Five conveys the analysis and findings developed throughout the research. The final chapter presents the conclusions and recommendations for further areas of research.

America At War: The World Is Not Enough :: essays research papers

When a person is given the microphone at a podium, the attention of the audience is customarily afforded to that person so that they may convey their message(s) clearly. In the past fifty years, advancements in technology and the ability to transmit information have transformed the world into a global stage for any individual or group who wish to broadcast their agendas. The more modernized and stable countries, namely western European nations and the United States of America, have a strangle hold on the microphone to this global stage and are reluctant to release it. The major problems inherent in the effort to emphasize global instead of discreet national histories of mass communication rest within the mentalities of these western powers. A country, like America, whose mindset fosters ideals such as media imperialism, capitalism, and cultural dominance will have supreme reign in a society that can be easily influenced by the various tools of the media. With the exception of the Persian Gulf War in the early 90’s, the Vietnam War is the last major conflict that the Unites States has been involved in. After the breakup of the Soviet Union, which effectively ended the Cold War and automatically allowed America to become the front running nuclear power, the U.S. needed a new objective to conquer other than communism. Since the U.S. armed forces cannot thoroughly flex its military muscles in the absence of a war, an acceptable alternative is to inundate other developing countries with the thoughts of â€Å"democracy and freedom† through the media. However, the validity of America’s true intentions are often questioned when it begins to preach that all humans are entitled to have the freedom of choice. What exactly, do these freedoms entail? Normally, for American businesses and industries, this suggests that people are free to choose to consume American made goods and products. Although it may have been inadvertent at first, an imperial power such as America will expand in its blundering efforts to do good or protect its borders (Herman 1992). After a certain amount of time, this expansion is no longer by chance but by purpose because those who control the channels of media begin to promote imperialistic views, which eventually lead to the domination of a market, be it newspaper, radio, or television. The American dominance in the television market for example, can be aptly characterized by a silly show about lifeguards working on a Los Angeles beach.

The Shrews Illusion :: essays research papers

The Shrew’s Illusion HORTENSIO: Now go thy ways, thou hast tam’d a curst shrow. LUCENTIO: ‘Tis a wonder, by your leave, she will be tam’d so.   Ã‚  Ã‚  Ã‚  Ã‚  Indeed, Hortentio’s assurance in the taming of the â€Å"curst shrow† Katerina seems a wonder to all the audience in the final scene of â€Å"The Taming of the Shrew.† After hurling furniture, pitching fits and assaulting her sister, Katerina delivers a speech that lauds obedience and censures rough behavior. Allegedly, this speech demonstrates Katerina’s obedience to her husband, Petruchio, who has forced her to realize the error of her former behavior. Genuine submission, however, is an unlikely disposition for Katerina to adopt. A complete reformation becomes more improbable after an examination of the scenes surrounding her â€Å"taming.† Several of these episodes attest to excellence of her acting ability. This evidence suggests her ability to impersonate the character of a tamed shrew. Her dialogue during these moments of obedience seems to mirror the language Petruchio uses earlier to tame her, suggesting that Katerina emp loys Petruchio’s own dissembling devices against him. Even the nuances of her language, filled with double meanings, belie her supposed transformation.   Ã‚  Ã‚  Ã‚  Ã‚  Katerina first reveals her aptitude for deception as she and Petruchio head toward Padua for her sister’s wedding. When her husband falsely labels the daylight as the â€Å"bright and goodly shining† of the moon, she immediately protests (4.5.2). However, the moment Petruchio threatens her journey home, she begins to act. In order that she fulfill her desire to return home, she pleads that they continue and vows that â€Å"be it moon, or sun, or what you please; / And if you please it be a rush-candle, / Henceforth I vow it shall be so for me† (4.5.13-15). In saying this, Katerina promises to â€Å"vow,† or claim to believe, the truth of anything Petruchio alleges. However, she never promises to actually believe him. Instead, she agrees to act according to his game, a game that he himself qualifies. When contented by Katerina’s yielding, Petruchio declares â€Å"thus the bowl shall run,† invoking the image of a ball in the game of bowling (4.5.24). This image parallels to the game he stages in which Katerina is played toward at target of a woman tamed. However, she does not submit blindly to his intentions; she plays toward achieving her own goal of returning home.   Ã‚  Ã‚  Ã‚  Ã‚  Continuing to prove her aptitude for dissembling, Katerina plays along with Petruchio’s labeling of Vincentio as a maid in the following scene.

The Unjustified War on Iraq Essay -- Government

The Unjustified War on Iraq The Bush Administration was impatiently unjustified in the attack on Iraq. The justification the Republican council offered was no more that an attempt to eradicate the blame infused by poorly made, hasty decisions and forceful actions. Liberal magazine, The Nation, publishes many liberal perspectives on the actions that have been taken in prevention of major military action. Although action was necessary, the use of military force by the United States was excessive. Iraq’s militant leader, Saddam Hussein, has been a sore in foreign relations for the United States since the 1980s. However, the United Nation’s demand for Iraqi military disarmament slowly, but effectively reduced the strength of this tyrant. If the Bush Administration had been more patient and looked at the potential benefits of the use of non- military force, they would have realized, Saddam is weaker today because inspections forced him to destroy many of his weapons and because containment denied him access to the technology and money to rebuild his military and to pursue the d... The Unjustified War on Iraq Essay -- Government The Unjustified War on Iraq The Bush Administration was impatiently unjustified in the attack on Iraq. The justification the Republican council offered was no more that an attempt to eradicate the blame infused by poorly made, hasty decisions and forceful actions. Liberal magazine, The Nation, publishes many liberal perspectives on the actions that have been taken in prevention of major military action. Although action was necessary, the use of military force by the United States was excessive. Iraq’s militant leader, Saddam Hussein, has been a sore in foreign relations for the United States since the 1980s. However, the United Nation’s demand for Iraqi military disarmament slowly, but effectively reduced the strength of this tyrant. If the Bush Administration had been more patient and looked at the potential benefits of the use of non- military force, they would have realized, Saddam is weaker today because inspections forced him to destroy many of his weapons and because containment denied him access to the technology and money to rebuild his military and to pursue the d...

Good and Evil and Poem Essay

â€Å"Chicago† by Carl Sandburg goes further into detail with what could be seen through a person’s eyes. The poem describes Chicago and everything that’s happening in the surroundings. A person’s eyes see more than some people think. â€Å"They tell me you are wicked and I believed them, for I have seen your fainted women under the gas lamps the farm boys,† states imagery in the poem. Meaning the people of the town are bad, and how people are afraid. â€Å"Fierce as a dog with tongue lapping for action, cunning as a savage pitted against the wilderness†, states a simile in the poem. The simile is comparing the city to the dog. â€Å"Chicago† by Carl Sandburg luring has a theme that there can be more seen in a person’s eye than what meets the eye. The bad side of some people sees, but even evil people can have some good in them. The significance of the poem included social realism. Carl Sandburg lead to the knowing of the city’s trading’s and railroads. New Poetry: â€Å"Chicago† â€Å"Chicago† by Carl Sandburg goes further into detail with what could be seen through a person’s eyes. The poem describes Chicago and everything that’s happening in the surroundings. A person’s eyes see more than some people think. â€Å"They tell me you are wicked and I believed them, for I have seen your fainted women under the gas lamps luring the farm boys,† states imagery in the poem. Meaning the people of the town are bad, and how people are afraid. â€Å"Fierce as a dog with tongue lapping for action, cunning as a savage pitted against the wilderness†, states a simile in the poem. The simile is comparing the city to the dog. â€Å"Chicago† by Carl Sandburg has a theme that there can be more seen in a person’s eye than what meets the eye. The bad side of some people sees, but even evil people can have some good in them. The significance of the poem included social realism. Carl Sandburg lead to the knowing of the city’s trading’s and railroads.