Essay about The Grapes of Wrath - Lifestyle in the 1930s

The Grapes of Wrath is a historical and fictional novel that was written by John Steinbeck in 1939. He wanted to show his point of view of life in US during the years of Great Depression. This essay will talk about the lifestyle the public had during that time which dramatically changed conditions that the environment in we stern part of US had. The plot of Steinbeck?s work of fiction is rooted in the historical and social events of 1930s America, specifically the environmental disaster in Oklahoma. Drought had been a serious problem for the Great Plains region of the United States for many decades prior to the 1930s. Meanwhile, poor farming techniques of numerous sharecroppers had decimated the agricultural capacity of the land, the†¦show more content†¦Grandpa Joad, who complains that he does not want to leave his land, dies on the road after the family?s departure. As the Joads near California, they hear warning rumors of a depleted job market. One migrant tells Pa that m ore than twice more people show up than needed for work and that his own children have starved to death. Soon after they reached their destination, they lose three members of the family. Grandma dies, Noah, the oldest of the Joad children, and Connie, the husband of pregnant Rose of Sharon, abandon the family. As Joads come to California, they observe overcrowded camps that are full of starving migrants. Work is almost impossible to find or pays such a small salary that the whole family cannot earn enough money for food. While staying in a camp known as a ?Hooverville,? Tom and several men get into an intense argument with a deputy sheriff over whether workers should organize into a union. After that, Tom knocks the sheriff unconscious, but Jim Casy is arrested. Police officers announce their intention to burn the Hooverville. A government-run camp proves much friendlier to the Joads, and the family soon finds many friends and some work. Although the life in that camp for the family is pleasant, they cannot survive without steady work, and they must move on. Joads starts to pick fruit, but soon find out that they are getting a decent pay only because they have been hired to break a worker?s strike. Tom meets Jim Casy, after beingShow MoreRelatedThe Grapes Of Wrath By John Steinbeck Essay1622 Words   |  7 Pages The Grapes of Wrath John Steinbeck, widely viewed as one of the most finest and powerful American writer, born to a middle-class family in 1902 in the Salinas Valley of California. Steinbeck is a writer who often spoke for the people. The Grapes of Wrath is a great movie, published in 1939, filled with many universal truths and views on human nature and society, especially where class is concerned. In the article, John Steinbeck The Grapes a wrath: A Call to Action says, â€Å"Steinbeck’s novel showcasedRead MoreBabylon Revisited And The Grape Of Wrath Analysis1059 Words   |  5 PagesBoth Babylon Revisited and The Grape of wrath are stories that capture and explain the difficulties and the changes that occurred in peoples lives as a result of the Great Depression of 1929. Babylon Revisited explores life after the recession with its setting being in the 1930s. It explains the economical downfall of individuals during the recession and how they view the life before the recession, during the rec ession, and after the recession. The Grape of Wrath is set in the recession time withRead MoreGrapes of Wrath Essay1158 Words   |  5 PagesThe Grapes of Wrath, many concepts appear that were noted in How to Read Literature Like a Professor by Thomas C. Foster. However, the three chapters of Foster’s how-to guide that most apply to Steinbeck’s novel were â€Å"It’s All About Sex†¦,† â€Å"Every Trip is a Quest (Except When It’s Not),† and â€Å"It’s More Than Just Rain or Snow.† On more than one occasion these concepts are hidden within the book, and two of them actually seem somewhat linked together. After reading between the lines, The Grapes of WrathRead MoreSymbolism Of The Steinbeck s The Grapes Of Wrath 2259 Words   |  10 Pages Symbols In The Grapes of Wrath, the Joad family experiences many hardships on the journey to and in California, ranging from dying family members to a lack of sufficient food. In the third chapter of the novel, author John Steinbeck introduces a determined turtle who attempts to make its journey across a highway. The turtle is apparently nearly run over multiple times, and is actually hit by a car. 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It tells the story of one family’s hardship during the Depression and the Dust Bowl of the 1930’s. The Joads were a hard-working family with a strong sense of togetherness and morals; they farmed their land and went about their business without bothering anyone. When the big drought came it forced them to sell the land they had lived on since beforeRead More A classic example of socialism is John Steinbecks The Grapes of Wrath2431 Words   |  10 PagesSteinbecks The Grapes of Wrath The idea of socialism has transcended down in history; from the proletariat fighting for rights in France to Marxist revolutions and Leninists in Russia. Socialism is the helping of the laboring class; more so it is the uprising and asserting of power of the laboring class. A classic example of socialism is John Steinbecks The Grapes of Wrath. Many people thought this book was an attack on America, due to its social views. Grapes of Wrath was not a book

The Little Match Girl By Hans Christian Andersen - 924 Words

The tellings of The Little Match Girl, both the modern version and the traditional short story by Hans Christian Andersen, tell the story of a poor young girl selling matches in blistering cold weather while illustrating the beauty of hope, reminding readers not to take things for granted and encouraging us to become more aware of the ones who do not have a voice to speak for themselves. The original telling of The Little Match Girl started off as a short story written by Andersen when inspired by a young girl he saw selling matches in the streets and after hearing that his own mother was forced by her parents to beg for money on the streets and rather than returning home empty handed she took refuge under a bridge all night where the cold nearly took her life. 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The Importance of Learning the History of History free essay sample

This paper is meant to focus on the importance of the facts and history that lead up to, and surround the history of a major historical event. It will show that there is more meaning to an event such as the Vietnam War if you are able to understand the culture, beliefs, and impacts that surround Vietnam prior to the war. This will allow for a better understanding of why a war took place and how it affected those who lived in the country at that time. It is also important to know where to look to gain this information. First you must make sure all information that you are researching is coming from reliable sources based on facts, not an author’s opinion of the war. This information can be obtained from books based on historic facts, or encyclopedias. It can also be researched via the internet is you are careful and make sure it is a valid source based on facts not opinions. We will write a custom essay sample on The Importance of Learning the History of History or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The importance of learning a nation’s background prior to a major event helps to understand the why of the situation surrounding the event. When it comes to Vietnam and the Vietnam War the history of what the culture and beliefs were played a very important role in what that nation was going through that preempted a war. Using a timeline is a helpful tool as a starting point for research to help find more facts on the country and its background. An article that was found to provide a good starting point timeline was titled Vietnam Timeline found using EBSCOhost. â€Å"The article presents a calendar of historical events in Vietnam from 1940 to 2006† (International Debates, 2006). Not only is it important to know the history of Vietnam during this time period to better understand the war, but it is also essential to know what was going on in the world around them at the same time. All things that affect the nations in general are important facts to understand such as foreign trade relations, independence, communism, and threats of suppression of cultures. By learning and understanding these facts you can understand how all participants involved in the war were brought into play and what was at stake for all of them. Every side has something to gain and something to lose when it comes to initiating and involving oneself into war. There are a lot of opinions and reasons tossed around every day about the Vietnam War especially when it comes to the involvement of the United States. This is why it is even more important to learn factual information to be able to learn about the war and the effects it made on all countries involved. Another article that was found via the internet was on the background of Vietnam history and the current day effects since the war. This article discusses how Vietnam was always a family based agricultural country with very strong family roots. The article explains the different agrarian reforms that were implemented in Vietnam that proved to change over and again the ways of the Vietnamese people. The author starts by explaining how the Vietnamese people’s way of tight nit family farming was interrupted and changed with different reforms that at times suppressed the values of their way of life. In the end he discusses how changes made through the years after the war have not only improved the life of the Vietnamese by keeping their way of living and farming intact, but how it has impacted them and other nations as an export asset. According to Dao the Taun (2007), Vietnam has become one the biggest exporters of rice, cashews, and coffee around the world. In conclusion, when learning about a major event in history, it is important to learn as much history around the history as possible. This helps give us a better more in depth knowledge of the event such as the Vietnam War. When we know the background and culture of the people involved and the happenings in the world around them we can better interpret the reasons that surround the war. One must also be cautious when finding information to make sure you are reading factual information and not opinions that can be misleading and cause you to draw a biased opinion on the event at hand.

Nadine Gordimer’s July’s People Essay Sample free essay sample

Nadine Gordimer’s â€Å"July’s People† is a fictional novel which reveals many rough worlds of South Africa. Gordimer’s fresh takes topographic point during a transitional period of the Apartheid called â€Å"interregnum† . The epigraph chosen by Gordimer reveals the construction of the novel: â€Å"The epigraph of the novel. culled from Antonio Gramsci. sets the three-party timeframe of the narrative† ( 69. Erritouni ) . The three-party consists of the interconnecting: yesteryear. nowadays and hereafter. The past and the hereafter are defined by the present explains Jeffrey J. Folks: â€Å"Focused on the interregnum and non the hereafter per Se. July’s People employs a futuristic narrative manner with which to analyze the present† ( 115. Folkss ) . The Smales household is caught in the interregnum which allows Gordimer to expose â€Å"morbid symptoms† . The interregnum in inquiry is the 1 in between the Apartheid and the Post-Apartheid. The symptoms of the interregnum and the effects in the novel’s events. We will write a custom essay sample on Nadine Gordimer’s: July’s People Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Gordimer creates a alone environment of multiculturalism thanks to the present revolution in South Africa. The Smales move from their large place and swimming pool to a hut: â€Å"The seats from the vehicle belonged no longer to it ; they had become the furniture off the hut† ( 14. Gordimer ) . The commixture of two societies occurs when they Smales conveying modern objects in a crude universe. â€Å"The Title of the novel is a drama on â€Å"possession† in several senses. possibly most significantly in showing Gordimer’s hope for a multicultural society† ( 116. Folkss ) . July’s fellow indigens warn him that this multicultural event is unsafe: â€Å"White people. They are really powerful. my son† ( 21 Gordimer ) . Merely a national crisis or revolution could convey such a contrast in a cultural clang. The demand for nutriment to last comfortably pushes Bamford to utilize a gun: â€Å"the kids who made free of every hut as the cockroaches. à ¢â‚¬ ¦ and chattered all† ( 75. Gordimer ) . The small town enjoys this rare and amusing event which leads to a multicultural chef-doeuvre. â€Å"The incense of roasting flesh-rose from every cooking-fire† ( 78. Gordimer ) . The white adult male brought this improbable banquet for the folk and the Smales household are joying in this purportedly unhappy topographic point. â€Å"The kids made the grown-ups laugh. † The Smales household seems for a short period of clip comfy in this new civilization: â€Å"They made love. wrestling together with deep resonance coming to each through the other’s organic structure. in the presence of the children† ( 80. Gordimer ) . The multicultural connexions during the Hunt. the banquet and the festival in this chapter are all linked with the interregnum. Gordimer about creates and stray Utopia in the wilderness: The Smales kids allow the reader to hold an guiltless point of position of the civilization clang. Gordimer displays her dream of a peaceable multicultural South Africa with Gina’s relationship with Nyiko: â€Å"The strength of Gina’s friendly relationship with Nyiko bodes good for the hereafter of the races in South Africa† ( 78. Erritouni ) . Victor’s character creates a feeling of separation between the two civilizations: â€Å"Everybody’s taking H2O! † ( 62. Gordimer ) . Victor thinks his male parent owns the water-tank system he built for the folk due to his immatureness. Some events show peaceable multicultural events and some show philistinism. The Smales household go to run into the head of all the small towns: â€Å"I come to see that gun. You teach me. † ( 121. Gordimer ) . The arm normally brings out evil in political meetings ; ironically the simpleness of the African indigen head shows peace. One would believe that a family retainer would have trust from his employer after 15 old ages of loyal servitude. July’s character embodies courage: â€Å"July knew the whole six 100 kilometres. had walked it† ( 12. Gordimer ) . July is put on the lining his life to protect the Smales household. Maureen Smales throws a fit when their vehicle goes losing. Maureen blames her hubby for giving him the keys. She assumes their Jesus had decided to abandon them at his ain hometown. â€Å"Why don’t you admit we were huffy to run? † ( 46. Gordimer ) . The â€Å"morbid symptom† of the interregnum involved in Maureen’s premise is caused by philistinism. â€Å"Their reaction to his self-asserting usage of the auto betrays the restrictions of their liberalism† ( 71. Erritouni ) . Gordimer wants to expose that the Smales are immoral capitalists and hence indirectly back up the Apartheid. Maureen shows greed and desires more stamp meat when her hubby brings back the hunted warthogs: â€Å"She murmured for his ear entirely. the little one will be more stamp. † ( 78. Gordimer ) . For Maureen to believe about the quality of meat shows how appreciative she is to be alive. Maureen admits that she was incorrect to impeach July of stealing the Bakkie when she acknowledges his well-doing of traveling to the general shop: â€Å"He did convey things† ( 56. Gordimer ) . Later in the novel when the Smales visit the head of all small towns. Bam is at the wheel of the Bakkie. â€Å"July. unbidden. does non busy the driver’s seat†¦ the Smales continue to take a firm stand that July has stolen the auto from them. July’s self-asserting claim on it is in line with the statement Gordimer makes in â€Å"Living in the Interregnum† â€Å" ( 71. Erritouni ) . The interregnum forces the household to allow travel of all their ownerships in Johannesburg. This causes them to fear the possibility of holding nil: â€Å"Struggling unsuccessfully to keep the rights of ownership. the Smales twosome manifest the ‘morbid symptoms’ of a deceasing consumerist culture† ( 71. Ellitouni ) . The interregnum fundamentally causes catastrophe in the Smales household. One witnesses strong developments in characters and rough alterations in relationships. Maureen and Bam become ill and tired of the life style the interregnum forced them to follow. â€Å"July’s People so shows how Maureen and Bam. hubby and married woman. have changed† ( 562. Green ) . Green proves his statement: â€Å"Her. Not â€Å"Maureen† . Not â€Å"his wife† . † ( 105. Gordimer ) . The importance of the present tense is fortified due to the stoping of the novel. The Smales household remain in the same state of affairs at the terminal of the novel. There are many readings to the stoping but one can decidedly acknowledge Maureen is running towards a chopper â€Å"She runs† ( 160. Gordimer ) . The fact of the affair refering the ageless instability of the novel is that it shapes the characters: â€Å"the cardinal point about July’s People is exactly that these stablenesss have been fractured by the revolution† ( 562. Green ) . The present tense is really of import is the novel due to the ill-defined hereafter of Maureen and her household members. â€Å"Gordimer is non earnestly engaged with the hereafter per Se: of all South Africa’s authors. Gordimer is most sharply present-tensed. and her involvement in the hereafter is a position from which to talk posteriorly of the present. † ( 83 Erritouni ) . As a member of the ANC and battle for societal right for native Africans. Nadine Gordimer embodies a novelist who uses the interregnum to unleash her imaginativeness and sentiments. hypertext transfer protocol: //web. ebscohost. com/ehost/pdfviewer/pdfviewer? vid=5 A ; hid=14 A ; sid=ca6bfcd0-79b4-4d87-9a03-e7ea1017fcc1 % 40sessionmgr11

4 ventajas de estudiar en los Community Colleges en USA

4 ventajas de estudiar en los Community Colleges en USA Si ests interesado en estudiar una  carrera universitaria en Estados Unidos, los Community Colleges son una opcià ³n a considerar para cursar los dos primeros aà ±os. La estadà ­sticas ponen de relieve la importancia de los Community Colleges dentro del sistema universitario de los Estados Unidos. Segà ºn el Community College Research Center, el 45 por ciento de los estudiantes universitarios en el paà ­s realizan sus estudios en uno de esos centros. Esto es, ms de ocho millones de estudiantes, de los cuales ms de la mitad estudian a tiempo parcial. Quà © son los Community Colleges   El nombre de Community Colleges se refiere a instituciones universitarias que otorgan un Associates Degree al estudiante que finaliza sus estudios y requieren haber completado 60 crà ©ditos en cursos semestrales. Por contra, los colleges y universidades otorgan un tà ­tulo universitario en la forma de Bachelor ´s Degree y es necesario haber finalizado 120 crà ©ditos. Los Community Colleges tambià ©n se conocen con el nombre de Technical Colleges o Junior Colleges, incluso County Colleges. En las diferentes zonas geogrficas de Estados Unidos hay la costumbre de llamarle de distinta forma. En todo caso, es lo mismo. T ambià ©n se le conoce como instituciones de dos aà ±os, ya que si se estudia a tiempo completo y satisfactoriamente los cursos se finalizan en ese tiempo. Si no ests familiarizado con los Community Colleges y te gustarà ­a realizar estudios universitarios en Estados Unidos, deberà ­as tener en cuenta las siguientes razones para determinar si estudiar los primeros dos aà ±os en ese tipo de institucià ³n es una buena opcià ³n para ti. El costo de los Community Colleges es mucho ms asequible que el de las Universidades de 4 aà ±os El ahorro puede ser muy grande y servir para pagar gastos como alimentacià ³n, libros de texto, viajes, etc. La mayorà ­a de los Community Colleges son pà ºblicos, aunque tambià ©n los hay privados. Estos à ºltimos son ms caros, pero siguen siendo un ahorro notable en comparacià ³n con Universidades y Colleges. Adems, en la mayorà ­a de los estados hay una diferencia en el precio de la matrà ­cula (tuition) entre in state y out of state. Los que califican como in state, es decir, los residentes en ese estado generalmente pagan mucho menos que los de out of state (aunque no siempre es asà ­). Ciudadanos, residentes, refugiados y asilados que vivan en un determinado estado y cumplan con requisitos adicionales que dependen de cada estado pueden calificar para una matrà ­cula in state. Si los indocumentados califican o no para esa calificar depende del estado. Pero en muchos de ellos, sà ­ que se pueden beneficiar y pagar como in state, si realmente residen en el estado. (Si eres un muchacho o muchacha indocumentado  calificado como Dreamer y todavà ­a no has aplicado por la Accià ³n Diferida, considera hacerlo y valora sus posibles ventajas). Los estudiantes internacionales (visas F-1 o M-1) deben pagar como out of state.   Ejemplo de ahorro en coste de pago de matrà ­cula en community college frente a universidad La Universidad de Texas es pà ºblica y prestigiosa con muchos centros. Estudiar en su campus de cuatro aà ±os de Austin tiene un costo de matrà ­cula anual para el curso que empieza en octubre de 2014  de $34,722 para los estudiantes out of state. Y de $9,798 para los in  state. En comparacià ³n, Central Texas Community College, tambià ©n pà ºblico, tiene un costo por aà ±o para el curso que empieza en octubre de 2014 de $6,270 para estudiantes out of state y de $2,130 para los que pueden calificar como in state. En comparacià ³n, Rice University, tambià ©n radicada en Texas pero privada, tiene un costo de matrà ­cula anual para el mismo periodo de $40,665, para todo tipo de estudiantes, ya que al ser una institucià ³n privada no hace distinciones entre residentes en el estado y los que no lo son a la hora de determinar  cunto cuesta la matrà ­cula en ms de 1,000 Community Colleges Menores exigencias en los tests  de ingreso, como TOEFL, SATS o similares Aunque cada centro tiene sus propias reglas, en general admiten estudiantes con resultados ms bajos en los exmenes estandarizados como TOEFL, SATS y equivalentes. O puede suceder que incluso no sean un requisito. Adems, conviene tener en cuenta que los que son pà ºblicos pueden tener normas que los obliguen a aceptar dentro de su sistema a los estudiantes residentes en el estado que han obtenido su graduacià ³n de high school o equivalente, tipo GED. Esto no sucede con los estudiantes internacionales ni con los residentes de otros estados de la Unià ³n Americana. Pero sà ­ que merece resaltar que los requisitos de ingreso son, en general, ms fciles de obtener que los que piden las universidades y colleges de cuatro aà ±os. Por lo tanto, para los estudiantes que todavà ­a no se sienten cà ³modos acadà ©micamente con el inglà ©s, los Community Colleges pueden ser una gran opcià ³n. Excelente oportunidad para familiarizarse con el sistema educativo universitario de los Estados Unidos Los estudios en un Community College son dos aà ±os en los que se puede mejorar notablemente el conocimiento del inglà ©s y sus particularidades acadà ©micas. Adems, brinda la oportunidad de conocer y entender el sistema de crà ©ditos, requisitos, reas de concentracià ³n  (mayors), titulaciones, etc. Esto puede ser recomendable para los estudiantes extranjeros que no han cursado ningà ºn aà ±o de high school en Estados Unidos y desconocen el sistema de estudios. Ofrecen una titulacià ³n en sà ³lo dos aà ±os El tà ­tulo que se gana al completar los crà ©ditos es el de Associates Degree y se conoce como Diploma o Certificate. En muchos casos es suficiente para desempeà ±ar profesiones como algunos tipos bsicos de enfermerà ­a, maestro de educacià ³n temprana, paralegal, tà ©cnico de laboratorio, etc. En otros, se puede utilizar como un trampolà ­n para acceder a una universidad o college de cuatro aà ±os y asà ­ ganar una titulacià ³n universitaria completa. Si ests pensando en aplicar, recuerda que es conveniente hacerlo a ms de una (entre seis y ocho o incluso diez se considera prctica estndar). Y estos son los  ocho tipos de documentacià ³n que vas a necesitar para aplicar a la universidad  y a muchos colleges, por lo que es muy importante planear con tiempo. A pesar de las ventajas que supone estudiar en un Community College y por lo que deberà ­a ser una opcià ³n a considerar, tambià ©n hay que tener presente los siguientes inconvenientes Posible dificultad  para hacer un transfer a una universidad de cuatro aà ±os No todas las universidades y colleges aceptan estudiantes que han realizado parte de sus estudios en otra institucià ³n. O, si los aceptan, imponen condiciones duras para transferir los crà ©ditos ya estudiados. Por esta razà ³n, si lo que se pretende es estudiar una carrera de cuatro aà ±os es obligatorio   asegurarse saber  cuntas universidades y garantizan la admisià ³n de los estudiantes del Community College que se est considerando como una  opcià ³n  para estudiar los dos primeros aà ±os. La admisià ³n est garantizada siempre y cuando se haya cursado un determinado nà ºmero de crà ©ditos y el GPA (calificacià ³n media de los cursos realizados) està © dentro del mà ­nimo  aceptado por la Universidad. Adems, hay universidades que aceptan de buena gana estudiantes internacionales provenientes  de Community Colleges prestigiosos por considerar que ya conocen el sistema acadà ©mico americano. Eso puede ser asà ­ aunque no tengan firmado ningà ºn acuerdo. En estos casos va a depender de la calidad y mà ©ritos de los estudiantes. Para evitar problemas en los transfer analizar en detalle los Community Colleges que pueden ser una opcià ³n.   En el caso de estudiantes internacionales preguntar quà © tipo de apoyo tienen para acomodarse al sistema de vida americano y para mejorar en el inglà ©s. Opciones de visa para los estudiantes internacionales La visa de estudiante ms comà ºn es la F-1 y, en el caso de estudios vocacionales, la M-1. Pero a veces ms que estudiar una carrera lo que se quiere es practicar el inglà ©s y vivir unos meses en USA. En estos casos es recomendable tener en cuenta los  distintos programas que conforman la visa J-1 de intercambio, ya que en algunos casos podrà ­an ser convenientes.   Otra opcià ³n para los estudiantes que viven en Mà ©xico o Canad cerca de la frontera es solicitar una visa F-3, que les permite conocer el sistema educativo estadounidense sin necesidad de tener que vivir en los Estados Unidos. Posibles problemas para sacar la visa de estudiante Si el dinero no es un problema y te han admitido de una buena universidad de cuatro aà ±os, acepta. Los Community Colleges son una buena opcià ³n, dependiendo de las caracterà ­sticas de cada estudiante, incluso pueden ser la mejor opcià ³n en casos de inglà ©s limitado o cuando el dinero va muy justo. Pero si hay la oportunidad de ir a una buena universidad, esa deberà ­a ser siempre la primera opcià ³n. Adems, si eres estudiante internacional, aplicar para un Community College puede ser visto como sospechoso por el oficial consular que debe aprobar la visa de estudiante. Es importante conocer las causas que pueden convertir a una persona en inelegible para una visa no inmigrante, entre las que se encuentra la de estudiante. Adems, estas son  22 causas que convierten a una persona en inadmisible para ingresar a Estados Unidos. De interà ©s Si eres una persona recià ©n llegada a los Estados Unidos, es conveniente familiarizarse con las leyes y costumbres del paà ­s. Por ejemplo, para los jà ³venes es de relevancia saber cules  son las leyes de edad del consentimiento sexual.   Es importante conocer las que aplican en el estado en el que se vive. Ignorarlas puede tener efectos migratorios malos para los estudiantes internacionales. Este es un artà ­culo informativo. No es asesorà ­a legal.

Examples of Chemical Suspensions

Examples of Chemical Suspensions In chemistry, a suspension is a mixture in which the solute particles- whether liquid or solid- do not dissolve. Most of the suspensions you encounter in everyday life consist of solid particles in liquids, but suspensions can also form from two liquids or even from a solid or liquid in a gas. One key way to identify a suspension is that the components typically separate over time. Mixing or shaking needs to occur to form a suspension. Given time, suspensions usually separate on their own. Mercury Shaken in Oil Mercury is a metallic element that is liquid at standard temperature and pressure. Because of its liquid properties, the element can be mixed with oil to produce a suspension. The mercury particles will disperse throughout the oil when the solution is shaken, but the particles will never dissolve. If left to sit, the two liquids will eventually separate. Oil Shaken in Water Water molecules, because of their polarity, are highly attracted to each other. They exhibit a stickiness that can be seen by slowly moving two water droplets toward each other. Oil molecules, on the other hand, are non-polar, or hydrophobic, which prevents them from joining together with water molecules. Oil shaken in water will produce a suspension as the oil particles are momentarily scattered. Left undisturbed, however, the two elements will separate from each other. Dust in Air Dust in the air is an example of a solid-gas suspension. Dust- tiny particles that include pollen, hair, dead skin cells, and other materials- is lifted by wind and ventilation systems and scattered throughout the air, producing a suspension. Because the particles of dust are solid, however, they will eventually return to earth and form a fine layer of sediment on the solid surfaces below. Soot in Air Soot- which takes the form of black smoke- is made up of carbon particles released through the combustion of coal and other carbon-rich energy sources. When it is first released, soot forms a solid-gas suspension in the air. This can be seen in fireplaces, power plants, and vehicles. Like dust in the air, soot eventually settles, blackening chimneys and other surfaces.

Annotated Bibliography Essay Example | Topics and Well Written Essays - 2000 words - 1

Annotated Bibliography - Essay Example Clardy, A. (2008). Policies for Managing the Training and Development Function: Lessons from the Federal Government. Public Personnel Management. Vol. 37 (1):. 27+. Retrieved 13 April, 2011 from Questia. Clardy (2008) undertook a literature review on the policies of human resource development and archival data in order to determine whether the framework used by the federal government workforce could be applicable to other employment environments. He found that while they cannot be considered as a means of solving all problems in the management of training functions, they can provide a scaffold from which training can be more effectively managed and how human resource development policies can better focus, shape, and guide a company’s human resource. De Meuse, K., Hostage, T., Eau, C. & O’Neill, K. (2007). A Longitudinal Evaluation of Senior Managers' Perceptions and Attitudes of a Workplace Diversity Training Program. Human Resource Planning. Vol.30 (2): 38. Retrieved 1 3 April, 2011 from Ebscohost. This study, a pilot study undertaken within a large manufacturing company aiming to implement a new program of diversity, aimed to find out whether the training would be effective. The pilot study involved 57 mangers and senior managers across 70 locations throughout North and South America. A survey was administered a week prior and after the training and gain 3 months later. The results proved positive in terms of increased scores both directly after and further after the training, which provides a number of positive implications for diversity training of senior management. Druskat, V., Sala, F. & Mount, G. (2006). Linking Emotional Intelligence and Performance at Work: Current Research Evidence with Individuals and Groups. Mahwah, New Jersey:Lawrence Erlbaum Associates. The primary aim of this book is to provide discussion on current and leading edge research into the link between emotional intelligence and workplace performance for future researcher s and organizations and human resource departments. The main objective is to provide evidence and applied research for increasing knowledge and thus capabilities of improved workplace outcomes. Gray, R. (2007). Climate of Success: Creating the Right Organization Climate for High Performance. Amsterdam: Elsevier/Butterworth Heinemann. Gray (2007) explores the notion of organizational climate by using case studies to depict the causal links and effects of different climate issues and making recommendations on how to make improvements. He also shows how climate characteristics occur, how they impact on performance, and how managers can manipulate these characteristics and use their knowledge and understanding to benefit others as well as themselves. Grugulis, I. (2009). Skills, Training and Human Resource Development: A Response. Economic and Labour Relations Review. Vol.19 (2): 123+. Retrieved 13 April, 2011 from Questia. Grugulis’ (2009) article is a response to an earlier cri tique written by Ian Hampson (n.d) in relation to her book entitled ‘Skills, Training and Human Resource Development’. In her response Grugilis (2009) reiterates her motives for writing the book and thus the focus of her book, which was questioned by Hampson. She states that her book is intended to make academic research in human resource development (HRD) more

Midterm Writing Assignment Essay Example | Topics and Well Written Essays - 1000 words

Midterm Writing Assignment - Essay Example During this period Richard Cobden and John Bright who came from the â€Å"Manchester School†, tried their best to bring about peace and harmony among the people by opposing war and imperialism which was rampant. Therefore, the term â€Å"Manchesterism† stood for the spreading of peace and goodwill among all people at all levels. Captain Alfred Dreyfus, who was a Jew, became an artillery officer in the French army because of his dedication and skill. In October 1894, he was sent for training which suddenly came to a grinding halt when he was accused of handing over military secrets to the German Embassy in Paris. He was promptly arrested and accused of treason. There was no evidence or conclusive significance that Dreyfus was in any way involved, but yet he was convicted because the Army thought that they may be blamed for lending support to a Jewish officer. The Dreyfus Affair became a political scandal. The word â€Å"Eugenics† is taken from the Greek root which meant "good" and "generation" or "origin†. During the late eighteenth century it was used to denote â€Å"Science† of hereditary or good breeding. Gregor Mendel who worked with the cross breeding of pea plants, made popular the concept of genes ushering research in the field of genetics. One strand of genetic research trailed off into the realms of social history which in the beginning of the twentieth century came to be popularly known as â€Å"Eugenics†. During the 1840’s, Britain was going through a heavy crisis period. They were faced with a lot of economic problems and working class unrest. Investments and rail-road building took their toll as there was widespread famine in Ireland and Britain faced some of its most miserable days. Hence, this period was called the â€Å"Hungry 40’s†. Barriers or restrictions that are imposed on foreign competitors would certainly hamper trade relations between countries

Stages of Life Cycle Development Essay Example for Free

Stages of Life Cycle Development Essay Stages of Life Cycle Development Raytheon I believe that Raytheon is in the elaboration stage of life cycle development. The elaboration stage is described as mature stage of the life cycle in which red tape crisis is resolved through the development of a new sense of teamwork and collaboration. Raytheon employs a process of Integrated Product Teams. IPTs are focused on improving communication amongst team members. This structure creates an atmosphere where each employee is within close proximity and everyone knows what is being discussed at every stage in their area of responsibility. IPTs are broken down into four tiers that are integrated but independent with a customer support leader, production program leader, design engineering leader, and value stream leader that keep things flowing smoothly. Through the use of IPT production teams managers develop the skills necessary for confronting problems and working together. This in turn reduces the need for addition formal controls. Raytheon has achieved collaboration throughout the organization by employing IPT teams. Raytheons leadership employs a Six Sigma business model and is routed within the acets of Raytheon management. This philosophy is embedded within the fabric of Raytheons business plan. It is used as a method for increasing productivity, growing the business, and building a new culture. Raytheon Six Sigma is the continuous process improvement effort designed to reduce overall costs. Structure and Control Raytheon is one of the largest military defense contractors in the world. The Raytheon Company designs develops manufactures integrates and supports technological products services and solutions for governmental and commercial ustomers in the United States and internationally. It is headquartered in Waltham, Massachusetts and employs about 73,000 people. Raytheons leadership employs a business model know as Raytheon Six Sigma is the philosophy of Raytheon management, embedded within the fabric of our business organizations as the vehicle for increasing productivity, growing the business, and building a new culture. Raytheon Six Sigma is the continuous process improvement effort designed to reduce costs. (Raytheon 2008) Six Sigma was developed by a rocess of benchmarking other companies and leveraging internal best practices. The philosophy of Raytheon Six Sigma is to bring a goal of making customer success a strategic focus for the company increase productivity transform the culture and grow the business. Raytheons employs a business model known as OpenAir which enables all ot its partners to contribute and capture value. It succeeds in bringing together innovators in a range of fields including academia large and small businesses and Raytheon customers. Raytheons OpenAir fosters collaboration. One key aspect of the OpenAir oncept is competition because the opportunity exists for suppliers of all levels to get involved in the overall design and production effort collaboration and creativity increase. This in turn drives costs down and accelerates time to market. As a result Raytheons customers receive best of breed and affordable solutions in a shorter span of time. The OpenAir business model will be a key enabler in Raytheon meeting or exceeding customer expectations. The concept will be used on all new captures which will allow Raytheon to deliver the most innovative products and affordable rices to different markets. The model can also be applied to existing programs driving Raytheon to higher levels of efficiency than ever before. (Raytheon 2007) The OpenAir concept unites diverse partners and encourages complementary efforts. For example a smaller supplier with an innovative technology may lack the infrastructure to bring the product to market. Under the guidelines set by the OpenAir model this same company can partner with a larger business that has the ability to integrate the new innovation and then market and sell the solution. Raytheon 2007) Raytheon also transformed its operating system from a traditional purchasing and supply chain organizations to an integrated supply chain. We intend to link our engineering groups and our performance excellence groups with our supplier base as early as we can in the process when building relationships with our suppliers. We need our suppliers to be an extension of ourselves. When dealing with our suppliers was focused on costs quality and schedule. (Bernstein 2005) Raytheon employs a process of Integrated Product Teams. IPTs are focused on mproving communication amongst team members and keeping them up to speed on their area of concern while also fostering a sense of responsibility for a given function or step.

A Comparative Analysis of the Lvov-Warsaw School and Frege-Russells Tradition :: Lvov-Warsaw School Frege Russell Tradition

A Comparative Analysis of the Lvov-Warsaw School and Frege-Russell's Tradition ABSTRACT: The aim of this paper is a comparative analysis of the Lvov-Warsaw School and Frege-Russell's tradition. The Comparison of these is made on the grounds of the analysis of existence. Choosing "existence" as the object of the analysis is very essential. It is so because understanding of the category of existence is strongly connected with the whole system. Thus, while analyzing the category, one can make a reconstruction of the concept scheme (in both traditions); show their functioning; and compare them to each other. It is easy to notice that in both these systems: a) analyzing is strongly connected with the way of expressing existence in a language, b) the essential problem is to which category existence belongs, c) the main question is whether existence is a predicate. Since the problem of analyzing—especially the problem of applying logic in philosophy—played an essential role both in Frege-Russell's system and Twardowski's school, the author of this paper wants to show how this was understood there (especially application of logic to some philosophical problems). I. Introductory Remarks G. Frege in the introduction of his "Grundlage der Aritmetik" formulates a general principle: "nach der Bedeutung der WÃ ¶rter im Zusammenhang, nicht in iherer Vereinzelung gefragt werden mu" (G. Frege, Grundlage der Arithmetik, Darmstadt 1961, p. XXII, p. 161. H. Sluga, Gottlob Frege, London 1980, p. 94.). This principle is often called a "context principle". It is stated in there that: 1) A term has a meaning when it belongs to a proposition (is one of its elements); 2) Previous analysis of a proposition is a condition for analysis of the term. Such a view presupposes that proposition is something complex and heterogeneous i.e., its elements belong to different semantic categories. The principle given above makes the following distinctions possible: 1) Division of grammatical elements from logical elements, 2) Division of subjective (psychological) elements from objective elements. Quine in his Two Dogmas of Empiricism states that applying this principle makes an important reorien tation in semantics—"the reorientation whereby the primary vehicle of meaning came to be seen no longer in the term but in the statement" (W.V.O. Quine, Two Dogmas of Empiricism, in: From a logical point of view, New York 1963, p. 39). From the above it is easy to see that the meaning of a term is connected with its function in the proposition, for as we know the function depends upon it's location in the proposition.

Pre-Marital Sex & Role of Youth in Building a Nation

PREMARITAL SEX Premarital sex is sexual activity practiced by persons who are unmarried. Is it ok to have premarital sex? † That is a common question among teens and engaged couples. In your mind, you are probably weighing the pros and cons of premarital sex. On the positive side of the scale, there is acceptance from your peers, hope for pleasure, and the fulfillment of sexual desires. The negative side of the scale carries the weights of morals, fear of pregnancy or disease, and guilt. Premarital sex is serious moral issue confronting high school students.This isn’t to say that sexual temptations only existed in youth. But these days, being youth, they are more cut off from familial restrictions and parish supports, confronted with peer pressure that alleges, â€Å"Everyone is doing it,† and perhaps exposed to an irreligious environment. Premarital sexual relationship is an important subject – especially today. Young people are bombarded with the worldâ⠂¬â„¢s standards of morality, or immorality. The values and moral standards, which were endorsed by most Filipinos in years past, are now ridiculed and/or ignored by many.CONCLUSION Premarital sex has no moral grounds, it is against God, and it is unsafe physically and emotionally. Although sex is pleasurable, it is designed by God to be enjoyed by two married people. ROLE OF YOUTH IN BUILDING A NATION Youth† is the critical period in a person’s growth and development from the onset of adolescence towards the peak of mature, self-reliant and responsible adulthood comprising the considerable sector of the population from the age of fifteen (15) to thirty (30) years.Their attitudes, values, mind-set, and priorities will determine the development of the country in the future. As a human we have different kinds of role in the nation and one of this is to become an effective good leader, for us to have a progressive nation, we need to be a responsible person, because we canà ¢â‚¬â„¢t have a progressive nation if we’re not responsible enough, but we must begin to our selves.And in order for us to become a good leader, we must know first how to be a good follower, because we can never be a good leader if we don’t know how to be a good As a member of our community we can help building our nation. We can serve our nation by being united as we having one objections and one goal we may able to attain the works easily. We can do that by participating in any programs in our community. As a youth we can join what they called â€Å"SK† or Sanguniang Kabataan

Reasons for demanding such course and its effect

Reasons for demanding such course and its effect in the first 10 year time frame Since my infancy, I was profoundly influenced by my father, who was engaged in the area of business.   During the years, I also noted that my passion for the business field arose from other reasons, apart the influence exercised by my father.   Such other reasons mainly comprise the vastness of the topic, which does not consist of a simple equation learned from a textbook. It requires good knowledge on the firm’s strengths and weaknesses, through which one can apply sound judgments and decisions in a highly dynamic and changing market environment.   There is also the issue of managing personnel properly in order to enhance efficiency and effectiveness.   Such fascination in such profession always inclined me to read relevant articles on managerial performance and accomplishments.   For instance, a particular manager that astounded me and boosted my interest was the Wal Mart founder Sam Walton, who out of a mere $6,000 investment was able to create one of the largest corporations in the world.   I also frequently noticed that several entrepreneurs like for example Nike, commenced from an MBA program. In this respect, once achieving the MBA Degree, I intend to gain some experience in management and start my own business.   I know this is a highly ambitious aim, but as Sam Walton frequently stated, one should nurture and follow a dream in a way that it enables him to grow personally in character and mind. Reasons behind succeeding in the course and career pursued My interest in higher education, especially in commerce subjects evolved over time.   Ironically in my younger days, I was not a committed student.   I occasionally turned up home workers and followed readings from textbooks, as instructed by the lecturer.   However, when I commenced working I realized the need of technical competence in business studies.   For instance, one of my great embarrassments was the inability to comprehend the financial statements of the organization I was employed in.   In addition, I noted that my colleagues technical information was far much greater than mine. Through this culture shock, I realized the need of such knowledge.   I started reading relevant textbooks and articles to increase such important know-how.   I also realize that once I am dedicated to an objective, I strive and work very hard for it.   Indeed I did such reading at night after a full day of work.   I believe that such positive feature will assist me to meet deadlines and work under pressure both during the course and at work. I am also a smart doer, who possesses good analytical skills.   Whenever a problem arises, I meticulously examine the situation at hand and consider the possible options carefully before rushing into any drastic conclusions.   If there is no easy way out to such issue, as it happens sometimes, I am frequently inclined to the best option, even though it is the hard way around.   In business administration, taking sound decisions is a critical need.   Also the ability to prioritize the ultimate objective over any hardships that will be encountered is important to reach goal congruence and avoid deviations and conflicts. Methods of communicating and interacting with team members Apart from being a fine doer, it is important that a person is a good listener.   A manager that neglects and/or pays little attention to employee requests is not a good manager.   When one is working in a team, as it frequently happens in business organizations, one should appreciate the fact that the corporate objective is achieved with the help of all the team and not management only.   Sometimes, good ideas come from staff within the team. Therefore a manager should respect the team members ideas at all levels and consider carefully suggestions proposed.   When a good recommendation is given, it should be discussed and examined and if it is a good idea, one should clearly say so even though it comes from a worker.   Indeed, a good idea of communication is the adoption of 360-degree feedbacks. Listening is one of the important characteristics that a good leader should have.   Traditionally, it was thought that a good leader is a born leader.   However nowadays, it is believed that leadership skills can be learned as denoted by Orlitzky M. and Benjamin J. on pages 128 to 138 of their textbook, published in 2003.   Yet, a person that is born with good leadership skills posses an advantage over those who lack and need to learn.   I always exercised positive influence on my friends and induced them to certain actions. For instance, my peers commonly sought my advice on certain matters.   This is thus another important characteristic that can aid in communicating properly with team members.   One last point that I wish to make is that even thought I inherently possess good leadership abilities, this does not necessarily mean that I should not learn to further enhance such skills. References: Ivy League Admissions.   MBA Essay Writing Tips and Strategies (on line).   Available from:   http://www.ivyleagueadmission.com/buswritingtutorial.html (Accessed 18th March 2007). Orlitzky M.; Benjamin J. (2003).   The effects of sea composition on small-group performance in a business school case competition, Academy of Management Learning, Vol. 2, No. 2

gay rights essays

gay rights essays Two men want to adopt a child in Texas. They have been together for five years and a child would be the one detail that would complete their lives. They filled out the application and it was perfect it was the perfect home for a child; except there was one small problem that caused their application to be rejected; the fact that they were gay. These people can never have the life that they desire because of their sexual orientation. Scenes like this are happening all over the country and they are going against every thing America stands for. Every one should have the basic privileges of marriage, children, working at a certain place and much more despite their sexuality. There are reasons for and against to deny homosexuals the rights that heterosexuals have . There is no need to take away peoples dreams and freedoms just because they are different. Homosexuals should have the same legal rights and privileges as heterosexuals in the community and elsewhere. Together with much controversy the state of Vermont has taken a step in the direction of honoring homosexuality. In April of 2000 the House passed a Bill of Civil Unions. (Vermont governor) This bill grants gay and lesbians the benefits of marriage. The governor promised to sign the bill, and the first civil unions may take place July 1st, 2000.(Vermonts gay marriage bill). Consequently some people are outraged by this decision. Dr. Laura Schessionger has been urging her listeners to demonstrate by calls and mail to Vermont that they are outraged by this new bill (Stop Dr. Laura). She is one of the many opposed to being gay. She calls she calls homosexuality Deviant and Dysfunctional, she also calls homosexuals biological mistakes (Stop Dr. Laura) Even if homosexuality is dysfunctional does that mean we have a right to outlaw that lifestyle because the majority opposes it? I think it is courageous and powerful stateme...

Capitalization Rules for the Names of Games

Capitalization Rules for the Names of Games Capitalization Rules for the Names of Games Capitalization Rules for the Names of Games By Mark Nichol How do you style the first letter of words for games and similar entertainment? The default setting is lowercase, though of course there are exceptions. Names of card games are lowercased except for words normally capitalized, thus poker, but â€Å"Texas hold ’em.† Names for other games of chance, whether more or less â€Å"legitimate† ones like Russian roulette and bingo, those that straddle both worlds (like craps, which has two forms: casino, or table craps, and street craps), and confidence games like three-card monte, follow the same rules. Names of variations, and other terminology, aren’t capitalized, either. Those of strategy games such as chess and checkers are lowercased, too (but note â€Å"Chinese checkers†), as are names of tile games such as dominoes. Traditional children’s games like tag and hopscotch, and those with more complex names, such as capture the flag, hide-and-seek, and king of the castle, need no special emphasis, either. Brand names of trademarked games like Monopoly, Scrabble, and Chutes and Ladders are capitalized, but note that it is not necessarily to use registration symbols with them. (You will, of course, note the r in a circle adjacent to the brand name on the game itself and in printed and online literature published by the company, as well as in written materials of any company affiliated or in partnership with the trademark holder, but no other publication is required to include such symbols.) Names of electronic games follow the same rule. You may also see these names italicized or enclosed in quotation marks; the justification for these styles is that such games have a narrative and are therefore equivalent to films. However, names of kinds of software are capitalized but not italicized. Names for games like pool and its variants, foosball, air hockey, and other tabletop entertainments should not be capitalized. Names of competitive sports such as baseball, basketball, and football are lowercase, but note that Major League Baseball is not merely a description of the highest level of professional baseball in the United States but also the official designation and is thus capitalized. Names of large competitive events are capitalized: Examples include, in the United States, the World Series and the Super Bowl, and internationally, the Olympic Games (informally called the Olympics) and the Pan American Games. (But note that â€Å"Highland games† is a description and not the name of a specific event.) Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Style category, check our popular posts, or choose a related post below:Comma After i.e. and e.g.Comma Before ButHow to Write a Proposal

Death and Afterlife Essay Example | Topics and Well Written Essays - 750 words

Death and Afterlife - Essay Example In the Epic of Gilgamesh called Enkidu's Dream written around 2000 BC, the bleak concept of death being an express outcome of sins committed in life, there is a very apt reference to kings' "crowns put away forever" and the ones who stood at any worldly position on Earth "stood now like servants". This depicts how the Mesopotamian had an acute belief that the afterlife was merely suffering and distress to say the least and the dead were both pitied and feared. Furthermore, the references to "vampire foot", "lion's foot" and "eagle's talon" all illustrate the fears that the people of this time had and how they associates all that they feared with the dismal possibility of death and what they figured would happen afterwards. Contrary to this dreary outlook to life after death of the Mesopotamian people, the Greeks were more optimistic about the afterlife. Although they believed that the people who did wrong on Earth will be punished severely by the gods in the afterlife, they also believed that the good doers will have an eternally peaceful life; modern researchers believe that the concept of heaven and hell originated from this era. The Myth of ER which is the concluding part of Plato's dialogue called The Republic, talks of a man called ER who dies in battle but remains un-decomposed even after ten days when his body was recovered. Waking up two days later on his unreal pyre, he tells his people about his passage to the afterlife (probably one of the first recounts of out of body experiences) in which he sees that moral people were rewarded and the immoral were castigated in their afterlives. Many believe that this was the point where the belief that the soul was mere energy and never dies came about and the intervention of a divine being brought about conviction in following religions. Punishment and rewards in the afterlife were considered a direct consequence of one's conduct in life. The Egyptians were another matter altogether. While both the Greeks and Mesopotamians agreed on the fact that there was a life after death which may either be absolutely bleak or have either a reward or a punishment awaiting them, the Egyptians treated their dead as if they were not dead after all. Elaborate preparations went into the ensuring that a person's ka (soul) and ba (personality) were united and the being would once more surface to travel to the heavens - intact and whole. The body was embalmed for preservation and provisions like writing paper, wigs, clothing and even tools were made available that the dead may need in the afterlife. The pyramid texts inscribed inside the pyramids of some pharaohs of the fifth and the sixth dynasties are primarily associated with the transition of the dead pharaoh to its heavenly abode. "He is not of the earth, he is of the sky. . . ." depicts this transition in terms of the passage a dead being takes after the incorporation of the ka and the ba. Journey to the next world is imminent and the work continued as if alive! While both the Mesopotamians and the Greek eloquently believed that death is the end and the after life depicts what we have done in actual life, the Egyptians believed in the re-usage of energy (soul) for the continuation of the same work being done at the time of death. Oddly enough,

Compound helicopter Literature review Example | Topics and Well Written Essays - 3000 words

Compound helicopter - Literature review Example The Nelson Speed Limit holds true for helicopters even today. 3 Although helicopters have achieved what is considered the â€Å"Holy Grails of powered flight,†4 because of their ability to fly vertically, their limited capacity in speed and maneuverability have led aircraft builders to explore ways to augment performance metrics. One of the solutions offered by research is the compounding of the basic design of conventional helicopters with additional components to help achieve better speed and efficiency. Background: Compound Helicopters A compound helicopter is a conventional helicopter that has undergone modification with the addition of several components for the purpose of augmenting and enhancing basic performance metrics such as lift-to-drag ratio, propulsive efficiency and maneuverability.5 The most overt additions in a compound helicopter are fixed wings.6 Compound helicopters are often called hybrids because they are a combination of conventional helicopters, which a re powered by rotors, and fixed wing aircrafts like planes, although some compound helicopters do not have wings. Compound helicopters have the important capability of conventional helicopters - VTOL (vertical take-off and landing).7 What additional features precisely make a helicopter compound has not been unanimously agreed however. John Watkinson, for example, described a compound helicopter as one in which the production of forward thrust in cruise is not up to the rotor but by some other device while Ray Prouty depicted them as having wings and a propulsion device, which could be a jet engine, ducted fan, or propellers for the purpose of alleviating the rotors from lifting or propelling tasks.8 Leishman simply defined it as one in which additional parts are appended for the purpose of enhancing and augmenting basic performance metrics.9 Figure 1 shows a diagram of a compound helicopter with a four-blade main rotor atop its body as is commonly found in conventional helicopters. However, fixed wings or flaperons can also be observed attached to its fuselage. Fixed wings function to off-load most, if not all, of the rotor’s duty to lift the helicopter at high speed. The presence of a ducted propeller at the rear can also be observed, which likewise serves the function of taking away from the main rotor the task of driving the helicopter forward. Some compound helicopters may or may not have either fixed wings or a propulsion mechanism other than the main rotor, but all additional appendages in a compound helicopter serve the purpose of driving it at speed not available to conventional helicopters.10 Fig 2 Diagram of a Compound Helicopter11 2.0 History of Compound Helicopters The first known compound helicopter was developed in Germany in the 1930s by Anton Flettner, but two other models were also developed in that part of the world. The Fl 184 had two airscrews, fitted with propellers at each end facing at opposite directions, and attached to either s ide of the helicopter fuselage. The airscrews functioned to counter the torque effect of the three-blade rotor and helped the aircraft propel forward. The Wn

Most multinational corporations (MNCs) need not enter foreign markets Essay

Most multinational corporations (MNCs) need not enter foreign markets to face the challenge of dealing with multiculturalism. Explain your answer - Essay Example For the purpose of analysis, the notion of cross-culturalism is explored with Hofstede’s dimensions with discussion of the cases of Wal-Mart and Google to reach to the conclusion that expansion in foreign markets is almost never in the long run interest of multinationals. Research bears witness to the fact that differences in cultures across countries account for differences in management and leadership styles of MNCs today (Gerstner & Day, 1994). In today’s globalized world, it is imperative for MNCs to appreciate and adapt to diversity in cultures and mould their management styles accordingly in terms of cognitive information processing and emotional, behavioral and motivational mechanisms (Earley, 2006). Considering the fact that many developed (western) nations are setting up businesses (as MNCs) in the less-developed (Asian/ Eastern) societies, it is increasingly important for managers to appreciate and understand the differences that exist between the eastern and western societies. Research by Hofstede (1980, 1991, and 2001) identifies key dimensions that account for variation between the Eastern and Western cultures, including masculinity, power distance beliefs, uncertainty avoidance and long term orientation. On one end of the continu um are the Eastern societies that rank high in terms of high power distance beliefs, collectivism, long term orientation and conformity. On the other end lie the Western societies that are more work-oriented, have low power-distance beliefs and are inherently individualistic in nature. Furthermore, increased influence of multinational corporations has given rise to the need for interaction amongst employees and managers of different cultures (Adler, 1983). This has given birth to the concept of cross-culturalism which attempts to examine the attitudes, behavior and relationships across managers (and people in general) of

Study on the Prediction of Corporate Bankruptcy

Study on the Prediction of Corporate Bankruptcy CHAPTER 1: A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and Winakor (1935) said that ratios of the failing firms were significantly changed from the continuing firms. In addition to that another study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. 1.2 Problem Statement In the corporate finance, the prediction of corporate bankruptcy was considered to be one of the most important issues. The main objective behind the study of the prediction of corporate bankruptcy was that this was the most important issue for the present firms to either file for the bankruptcy or not. The rationale of the study was to examine whether the financial ratios given in detail by Altman (1968) presented the detail regarding the factors of the firm which were helpful in the prediction of corporate bankruptcy in Pakistan. The capacity of study was to investigate the distinctive financial ratios which impacted the firms decisions to file for the bankruptcy or not and on the basis of firms financial ratios, the research study found the different significant ratios which were useful in determining the prediction of any of the organization. 1.3 Hypotheses The main problem of the different firms was to identify those financial factors or the most important ratios which could lead to the filing of bankruptcy or those factors which were useful in determining the prediction of the corporate firms. A central query in front of firms which wanted to file for bankruptcy was why the firms filed for bankruptcy or what financial factors helped out in taking decision to file for bankruptcy. Various financial factors or ratios impacted the decision regarding the filing for bankruptcy. These financial characteristics or the most important ratios were current ratio, debt ratio, net profit margin, assets to long term debt ratio, and growth rate. Many authors as Altman (1968) discussed these characteristics in research. The hypothesized relationship of these listed financial factors with bankruptcy was provided below: H1: There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. H2: There is a difference between the Debt ratio of bankrupted companies and non bankrupted companies. H3: There is a difference between the Net Profit Margin ratio of bankrupted companies and non bankrupted companies. H4: There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. H5: There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 1.4 Outline of the Study The research structured as follows. Chapter one based on the introduction of the thesis, which consists of the some introduction of the prediction of bankruptcy by different authors, the statement of problem, scope and objectives, hypothesis etc. Chapter two consists of literature review given by different authors, theories on prediction of bankruptcy and financial factors affecting the choice of decision to file for bankruptcy or not. Chapter three described methodology which is composed of justification of the selection of the variables utilized in analysis sample, the data, technique and hypothesis, also estimate model utilized in analysis. In chapter four, analyses of the results were there which were taken after the data processing. Chapter five contained the final results, conclusions and recommendations. References are included in chapter number six. CHAPTER 2: LITERATURE REVIEW A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and winakor (1935) said that ratios of the failing firms were significantly change from the continuing firms. In addition to that an other study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). A study conducted by Sandin and Porporato (2007) on corporate bankruptcy prediction model applied to emerging economies. The aim of this study was to find the predictability of bankruptcy by using the financial ratios given in the financial statements and these financial statements were taken from the Buenos Aires Stock Exchange. To test the hypothesis twenty two bankrupt and non bankrupt companies were examined by using the multiple discriminant analysis technique, resulted that financial ratios were very useful in predicting the bankruptcy. Actually this study was about the prediction model and classification of the distressed and failed companies in the Argentina. William Beaver (1996) conducted a study that Financial Ratios As Predictor of Failure, wherein ratios were tested for a specific purpose. The purpose was to forecast the failure. Since ratios were mostly examined for the prediction of failure. The aim of the study was to analyze the status quo that was depended on the financial statements made under the reporting standard and this study was conducted as a bench mark for further studies in bankruptcy area. Sample of data was selected on the basis of industry, firm size and period, Walworth companies should have taken from the same industry where from failed companies taken along with same firm size based on firm value and equal time duration then reliable result can be obtained said by Beaver (1996). This study pointed out and directed to the asset size and relationship among ratios, assets size and failure, study implicated that larger firms were more solvent than smaller firms, even if ratios were same. To examine the hypothesis, a paired analysis was used. According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. Merger and Bankruptcy Based on the literature review in the different research studies, it was found that the shareholders of the distressed firms were getting more benefit from mergers than from the bankruptcy. Thus, the investors kept the positive number of the firms stocks up as a consequence of the merger. Contrastingly, the stakeholders received nothing in case of the bankruptcy. Shrieves and Stevens (1979) managed to explain all of the possible reasons for preferring merger over bankruptcy and those principles included: (1) to avoid the bankruptcy legal and administrative costs, (2) possible loss of tax carry forwards of the loss firm incurred on liquidation, (3) the value of the going-concern in the merger was more than liquidation value if the firm bankruptcy progressed towards the liquidation, and (4) the bankruptcy created the bad effects on the revenues including sales and income due to the customer fears of inability contracts, give replacement parts, etc. Bulow and Shoven (1978) noticed based on the research that the investors have always been avoiding the bankruptcy and this tendency always benefitted the creditors as a whole and that theoretically, the bankruptcy occurred because of the disagreement between the concerned parties. This was treated in a literature that the merger was the best possible alternate of the bankruptcy with the assumption in the mind that it was more easy for the distressed firms to find a merger partner at some price as long as the net asset value was positive and this was also under the assumption of a well-functioning market for information. When the situation was aggravated toward a condition of less or negative net asset value, the possibility of merger was reduced. Hong (1983) made an empirical as well as theoretical model which distinguished among three different categories of financially upset firms and it was organized in three ways such as: firms which filed bankruptcy but reorganized successfully, firms which filed for bankruptcy but were liquidated ultimately, and also the firms which continued operations with out even filing for bankruptcy. Author further made a hypothesis that the intangible assets, the value of the firm as in a going concern and the value of the same firm in liquidation was different, were the main describing factor which affected the eventual outcome. The firms which had greater intangible assets were possibly having a sustainable economic growth and that growth allowed a firm to survive rather than be liquidated. LoPucki (1983) made an explanatory study of about 41 firms which filed the bankruptcy court of the Western District of Missouri. In this study, the à ¢Ã¢â€š ¬Ã…“successesà ¢Ã¢â€š ¬? were defined as the firms which have verified its various reorganization strategies that kept it on to survive for about three years after the date of petitioning the bankruptcy. Failures according to the author were those firms which had stopped operating functions before February 1983. LoPucki (1983) further could not try to make a method with discriminatory power, but in fact simply scrutinized the associations between the results of reorganization process and numerous individual variables. These individual variables included size, age, and type of the businesses, the survival of creditors opposition to the reorganization strategy, and physical geographic location. The relationships which were found during the research were: significantly higher success rate was associated with the manufacturing fi rms; more successful firms were only the larger firms; success was not significantly associated with the age of the firms; the target opposition of the creditors was mainly at the more successful firms; and lastly, the physical geographical location was not a significant describing variable. In short, only a finite amount of research was conducted on the topic of differentiating between failures and successes in bankruptcy, and outcomes have been open to doubts or inconclusive. The one published study conducted by the LoPucki (1983), scrutinized the first order correlations and could not struggle to build the model of classification. The other published research study conducted by Hong (1983), scrutinized the comparative importance of numerous individual variables and had not analyzed the classification authentication of the multivariate model. As it was already discussed in detail, this present study scrutinized the classification authentication of the multivariate model by using data from both analysis sample and a holdout sample 113 firms. Bordman, Bartley, and Ratliff (1981) noticed that firms went bankrupt only when its capital resources were not enough to pay back the obligations of the business. Thus it became the more important challenge for the new comers in the industry to maintain and establish such valuable resources and capabilities which could ultimately leaded to the production of positive cash flows before starting asset resources were exhausted (Levinthal, 1991). According to DAveni (1989), and Hambrick and DAveni (1988), both researches have noticed that most of the attention has been paid to the early failures and dramatic research has also been conducted in the literature. A macro view of the bankruptcy was given as a known strategy and an empirical examination of factors associated to successful reorganization (Moultan, and Thomas, 1993) and however, the structures of corporate governance were not incorporated in the analysis. An extensive data was available relating the intensity to which the officers and directors of the firm which was bankrupt were more possibly resigning or were being replaced (DAveni, 1990; Fizel Louie, 1990; Gilson, 1989). Several researchers used the multiple discriminant analysis MDA technique to develop a linear model to predict those firms which failed could be differentiated from the non-failed firms in UK (Taffler, 1977). This model resulted in an overall classification authentication for the year before the failure as comparative to three or two prior years of failure. The major contribution made by Taffler was the establishment of a Z-score model which was used for the prediction of company failures in the UK and furthermore, the author claimed of 100 percent predictive authentication in the model. In addition, in the consequent studies, Taffler (1982, 1983) discussed the pairing technique which was used in the prediction of corporate failure studies proved no more successful technique than any selection by the other tool or technique. Multiple Discriminant Analysis MDA models were dependable to certain intensity in the prediction of corporate failure. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Data was selected from Karachi Stock Exchange KSE 100 Index as given by State Bank of Pakistan in publication Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2004-2009). The period of study covers six years, 2004-09. The opted sample size of 44 firms was taken from KSE 100 Index and all of the firms listed on KSE 100 Index were selected for the samples which were going to bankruptcy in the past and some were also the present functioning firms which were currently working; so, only 44 firms included in the sample period of 2004-09. The objective behind the inclusion of these selected firms in the sample was that the inclusion of bankrupt and non-bankrupt firms in the analysis made it easier to distinguish the critical financial ratios of these both firms in order to predict for corporate bankruptcy. The data availability was the major issue faced in this research study. The secondary data sources were adopted for the collection of the data during this research study. Both of the empirical and theoretical aspects regarding the prediction of corporate bankruptcy were analyzed in this research study. For the purpose of the collection of the secondary data, external data sources were used, such as the data was collected from State Bank of Pakistan, general business publications, newspapers and journal articles, annual reports, internet and books. The data required for this study was completely dependent on the published data sources, such as the published sources listed above. 3.2 Sample Size A sample of 44 firms from KSE 100 Index was selected and in addition, out of these firms 22 firms were bankrupt and the remaining 22 were not bankrupt which was taken as the holdout sample for the prediction of the corporate bankruptcy. Only firms were used in the samples which were either became bankrupt due to the impact of the some of the financial factors or the ratios or the firms which were in operations during the research study was conducted and these firms were listed on the KSE 100 Index form 2004-2009. The impact of the different financial factors or ratios, which were listed in the previous chapters, on the prediction of corporate bankruptcy was analyzed on all of the firms selected as the sample. 3.3 Research Model Developed There are various financial factors or the ratios of the firms which affected the prediction of the corporate bankruptcy of the firms. This research study analyzed the impact of different factors or ratios already listed in the previous chapters on the prediction of corporate bankruptcy. The model developed was a binary logistic model and its specifications are provided below: Liquidity = a0 + a1Firm Size + a2DEBT + a3LTD + a4LSALES + a5OI/S + a6OI/TA+ a7IGP/TA+ a8Market to Book Ratio + ц where: Liquidity = the sum of cash and marketable securities divided by total assets Firm Size = natural log of the book value of total assets DEBT = the ratio of shorter period plus longer period debt to total assets LTD = the ratio of longer period debt to total assets LSALES = natural log of the annual sales OI/S = the ratio of operating income to sales OI/TA = the ratio of operating income to total sales IGP/TA = the inventory plus gross fixed assets to total assets ratio à Ã¢â‚¬Å¾ = the error term 3.4 Statistical Technique Binary Logistic Regression Analysis technique was used for this research study to examine the impact of the distinctive financial characteristics or the financial ratios of the firms on the prediction of corporate bankruptcy of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. Binary Logistic Regression Analysis technique was used for the purpose of prediction of of corporate bankruptcy or the prediction of the firms decisions to file for bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., prediction of corporate bankruptcy. The binary logistic regression analysis was selected for this study. It showed the intensity of the impact on the prediction of corporate bankruptcy during year 2004-2009 on the basis of several independent variables. CHAPTER 4: RESULTS The sample of 44 firms from the Karachi Stock Exchange KSE 100 Index was taken; Binary Logistic Regression Analysis technique was used for this research study. Research examined the distinctive financial characteristics or financial ratios of firms which filed for the bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., the prediction of corporate bankruptcy. Statistical Package for the Social Sciences (SPSS) was used for the analysis and examination of data. 4.1 Findings and Interpretation of the results Initially, the binary logistic regression technique was applied on the data collected using SPSS. Now, it was a nice time to proceed with the analysis of the results because the data was collected and ready to be examined. The interpretation and analysis is presented in the next sections of this research study. Case Processing Summary Unweighted Casesa N Percent Selected Cases Included in Analysis 192 91.4 Missing Cases 18 8.6 Total 210 100.0 Unselected Cases 0 .0 Total 210 100.0 This table explains the total population in the data file that is the 210 observations or the cases for the analysis of the bankruptcy prediction. This table further elaborates that the there were also some of the cases missing in the data because of the issue of data availability and some of the cases were the figures of zero. Dependent Variable Encoding Original Value Internal Value Bankrupt 0 Non-Bankrupt 1 The above table shows that there are only two variables in the dependent variable of bankruptcy that are the being bankrupt or non-bankrupt. Model Summary Step -2 Log likelihood Cox Snell R Square Nagelkerke R Square 1 234.707a .144 .192 This table elaborates the predictability of the complete model of the logistic regression which meant that to what extent the model predict the variation in the predicted group of bankruptcy. According to Cox Snell, the total predictors jointly explained variation in the groups of bankruptcy was 14.4%. While according to Nagelkirki, the all independent variable explained the group prediction of about 19.2%. Hosmer and Lemeshow Test Step Chi-square df Sig. 1 32.715 8 .000 This table checks the overall model fit which means that the model is at its best in predicting the group variation from non-bankrupt to bankrupt. The hypothesis of the above table is that the test model is fit. The hypothesis is rejected because the sig value is less than .05 which concluded that the test model was not fit in this case of predicting the group variation. Classification Tablea Observed Predicted Banckruptcy Percentage Correct Bankrupt Non-Bankrupt Step 1 Banckruptcy Bankrupt 76 29 72.4 Non-Bankrupt 43 44 50.6 Overall Percentage 62.5 The classification table is the most important table in case of the logistic regression because this table explained the correct identification of the cases correctly identified. The percentage of correctly identified cases is 62.5% which is also commonly known as the hit ratio which means that to what extent the numbers of cases were correctly identified. Variables in the Equation B S.E. Wald df Sig. Exp(B) 95% C.I.for EXP(B) Lower Upper Step 1a DA -1.219 .510 5.725 1 .017 .295 .109 .802 AtoLTD -.002 .001 1.583 1 .208 .998 .996 1.001 CR .938 .348 7.242 1 .007 2.554 1.290 5.056 NPM .037 .073 .262 1 .609 1.038 .899 1.198 SG .161 .232 .482 1 .488 1.175 .745 1.852 Constant .066 .579 .013 1 .910 1.068 This is the final most important table in the logistic regression because this is the only table which shows the role of different predictors in significantly explaining the role in the prediction of group variations. Those important significant variables were only two that were DA, and CR because the sig value of only these variables were less than .05. 4.2 Hypotheses Assessment Summary The hypothesis of the study was distinctive financial ratios have significant impact on the non firms decision to file for bankruptcy. These financial characteristics were current ratio (CR), debt ratio (DA), net profit margin (NPM), assets to long term debt ratio, and growth rate. In this study each of the financial characteristics or financial ratios of firms was tested and concluded the results. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽÂ ²       SIG. RESULT H1 There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. 0.938 0.007 Accepted H2 There is a difference between the Debt Ratio of bankrupted companies and non bankrupted companies. -1.219 0.017 Accepted H3 There is a difference between the Net Profit Margin Ratio of bankrupted companies and non bankrupted companies. 0.037 0.609 Rejected H4 There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. -0.002 0.208 Rejected H5 There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 0.161 0.488 Rejected CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion It was concluded based on the results of this research study that current ratio and debt ratio were only the independent variables which were showing significance in Pakistani market and these variables were highly significant in playing the vital role explaining the variation in the dependent variable of the prediction of corporate bankruptcy and the remaining independent variables could not explain the variation in the prediction of corporate bankruptcy. These results were not matching with the study conducted by Altman (1968). These results were varying because in various countries, there was difference in environments and circumstances and firms usually made decision accordingly. 5.2 Discussions Current ratio played a significant role in defining the variation in the prediction of corporate bankruptcy and this was also the case with the research study conducted by Altman (1968) because in his study the firm size was also playing a significant role. The variation in the prediction of corporate bankruptcy was not explained by the net profit margin ratio while it was significant in the study done by Altman (1968). The assets to long term debt ratio, and growth rate were not significantly explaining the variation in the prediction of corporate bankruptcy and study analyzed by Altman (1968), concluded the different results with some addition. 5.3 Implications and Recommendations This research was limited to the various firms listed on Karachi Stock Exchange of Pakistan only. The data taken from 44 firms which were took through various sectors of the KSE 100 Index for the year 2004-09 which were previously bankrupt and which were currently operating. It suggested that such type of study should be carried out in other countries of Asia as well, as to have comprehensive idea about the choices of the firms decision to file for bankruptcy. Moreover, it also suggested that other factors except ones examined in this study should be researched as to have perfect idea about the selection of the prediction of corporate bankruptcy. Besides that, this study can also be replicated in other developing countries. 5.4 Future Research This study helped various investors, management and other research conductors in analyzing and observing the behavior of firms regarding their decisions to file for the bankruptcy. Research students who want to work further on the prediction of bankruptcy can be benefited by this research study. Further more, the firms will become advantageous from this study because the study clarifies the distinctive financial characteristics or the financial ratios of different firms which significantly explain the variations in the prediction of corporate bankruptcy. Study on the Prediction of Corporate Bankruptcy Study on the Prediction of Corporate Bankruptcy CHAPTER 1: A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and Winakor (1935) said that ratios of the failing firms were significantly changed from the continuing firms. In addition to that another study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. 1.2 Problem Statement In the corporate finance, the prediction of corporate bankruptcy was considered to be one of the most important issues. The main objective behind the study of the prediction of corporate bankruptcy was that this was the most important issue for the present firms to either file for the bankruptcy or not. The rationale of the study was to examine whether the financial ratios given in detail by Altman (1968) presented the detail regarding the factors of the firm which were helpful in the prediction of corporate bankruptcy in Pakistan. The capacity of study was to investigate the distinctive financial ratios which impacted the firms decisions to file for the bankruptcy or not and on the basis of firms financial ratios, the research study found the different significant ratios which were useful in determining the prediction of any of the organization. 1.3 Hypotheses The main problem of the different firms was to identify those financial factors or the most important ratios which could lead to the filing of bankruptcy or those factors which were useful in determining the prediction of the corporate firms. A central query in front of firms which wanted to file for bankruptcy was why the firms filed for bankruptcy or what financial factors helped out in taking decision to file for bankruptcy. Various financial factors or ratios impacted the decision regarding the filing for bankruptcy. These financial characteristics or the most important ratios were current ratio, debt ratio, net profit margin, assets to long term debt ratio, and growth rate. Many authors as Altman (1968) discussed these characteristics in research. The hypothesized relationship of these listed financial factors with bankruptcy was provided below: H1: There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. H2: There is a difference between the Debt ratio of bankrupted companies and non bankrupted companies. H3: There is a difference between the Net Profit Margin ratio of bankrupted companies and non bankrupted companies. H4: There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. H5: There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 1.4 Outline of the Study The research structured as follows. Chapter one based on the introduction of the thesis, which consists of the some introduction of the prediction of bankruptcy by different authors, the statement of problem, scope and objectives, hypothesis etc. Chapter two consists of literature review given by different authors, theories on prediction of bankruptcy and financial factors affecting the choice of decision to file for bankruptcy or not. Chapter three described methodology which is composed of justification of the selection of the variables utilized in analysis sample, the data, technique and hypothesis, also estimate model utilized in analysis. In chapter four, analyses of the results were there which were taken after the data processing. Chapter five contained the final results, conclusions and recommendations. References are included in chapter number six. CHAPTER 2: LITERATURE REVIEW A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and winakor (1935) said that ratios of the failing firms were significantly change from the continuing firms. In addition to that an other study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). A study conducted by Sandin and Porporato (2007) on corporate bankruptcy prediction model applied to emerging economies. The aim of this study was to find the predictability of bankruptcy by using the financial ratios given in the financial statements and these financial statements were taken from the Buenos Aires Stock Exchange. To test the hypothesis twenty two bankrupt and non bankrupt companies were examined by using the multiple discriminant analysis technique, resulted that financial ratios were very useful in predicting the bankruptcy. Actually this study was about the prediction model and classification of the distressed and failed companies in the Argentina. William Beaver (1996) conducted a study that Financial Ratios As Predictor of Failure, wherein ratios were tested for a specific purpose. The purpose was to forecast the failure. Since ratios were mostly examined for the prediction of failure. The aim of the study was to analyze the status quo that was depended on the financial statements made under the reporting standard and this study was conducted as a bench mark for further studies in bankruptcy area. Sample of data was selected on the basis of industry, firm size and period, Walworth companies should have taken from the same industry where from failed companies taken along with same firm size based on firm value and equal time duration then reliable result can be obtained said by Beaver (1996). This study pointed out and directed to the asset size and relationship among ratios, assets size and failure, study implicated that larger firms were more solvent than smaller firms, even if ratios were same. To examine the hypothesis, a paired analysis was used. According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. Merger and Bankruptcy Based on the literature review in the different research studies, it was found that the shareholders of the distressed firms were getting more benefit from mergers than from the bankruptcy. Thus, the investors kept the positive number of the firms stocks up as a consequence of the merger. Contrastingly, the stakeholders received nothing in case of the bankruptcy. Shrieves and Stevens (1979) managed to explain all of the possible reasons for preferring merger over bankruptcy and those principles included: (1) to avoid the bankruptcy legal and administrative costs, (2) possible loss of tax carry forwards of the loss firm incurred on liquidation, (3) the value of the going-concern in the merger was more than liquidation value if the firm bankruptcy progressed towards the liquidation, and (4) the bankruptcy created the bad effects on the revenues including sales and income due to the customer fears of inability contracts, give replacement parts, etc. Bulow and Shoven (1978) noticed based on the research that the investors have always been avoiding the bankruptcy and this tendency always benefitted the creditors as a whole and that theoretically, the bankruptcy occurred because of the disagreement between the concerned parties. This was treated in a literature that the merger was the best possible alternate of the bankruptcy with the assumption in the mind that it was more easy for the distressed firms to find a merger partner at some price as long as the net asset value was positive and this was also under the assumption of a well-functioning market for information. When the situation was aggravated toward a condition of less or negative net asset value, the possibility of merger was reduced. Hong (1983) made an empirical as well as theoretical model which distinguished among three different categories of financially upset firms and it was organized in three ways such as: firms which filed bankruptcy but reorganized successfully, firms which filed for bankruptcy but were liquidated ultimately, and also the firms which continued operations with out even filing for bankruptcy. Author further made a hypothesis that the intangible assets, the value of the firm as in a going concern and the value of the same firm in liquidation was different, were the main describing factor which affected the eventual outcome. The firms which had greater intangible assets were possibly having a sustainable economic growth and that growth allowed a firm to survive rather than be liquidated. LoPucki (1983) made an explanatory study of about 41 firms which filed the bankruptcy court of the Western District of Missouri. In this study, the à ¢Ã¢â€š ¬Ã…“successesà ¢Ã¢â€š ¬? were defined as the firms which have verified its various reorganization strategies that kept it on to survive for about three years after the date of petitioning the bankruptcy. Failures according to the author were those firms which had stopped operating functions before February 1983. LoPucki (1983) further could not try to make a method with discriminatory power, but in fact simply scrutinized the associations between the results of reorganization process and numerous individual variables. These individual variables included size, age, and type of the businesses, the survival of creditors opposition to the reorganization strategy, and physical geographic location. The relationships which were found during the research were: significantly higher success rate was associated with the manufacturing fi rms; more successful firms were only the larger firms; success was not significantly associated with the age of the firms; the target opposition of the creditors was mainly at the more successful firms; and lastly, the physical geographical location was not a significant describing variable. In short, only a finite amount of research was conducted on the topic of differentiating between failures and successes in bankruptcy, and outcomes have been open to doubts or inconclusive. The one published study conducted by the LoPucki (1983), scrutinized the first order correlations and could not struggle to build the model of classification. The other published research study conducted by Hong (1983), scrutinized the comparative importance of numerous individual variables and had not analyzed the classification authentication of the multivariate model. As it was already discussed in detail, this present study scrutinized the classification authentication of the multivariate model by using data from both analysis sample and a holdout sample 113 firms. Bordman, Bartley, and Ratliff (1981) noticed that firms went bankrupt only when its capital resources were not enough to pay back the obligations of the business. Thus it became the more important challenge for the new comers in the industry to maintain and establish such valuable resources and capabilities which could ultimately leaded to the production of positive cash flows before starting asset resources were exhausted (Levinthal, 1991). According to DAveni (1989), and Hambrick and DAveni (1988), both researches have noticed that most of the attention has been paid to the early failures and dramatic research has also been conducted in the literature. A macro view of the bankruptcy was given as a known strategy and an empirical examination of factors associated to successful reorganization (Moultan, and Thomas, 1993) and however, the structures of corporate governance were not incorporated in the analysis. An extensive data was available relating the intensity to which the officers and directors of the firm which was bankrupt were more possibly resigning or were being replaced (DAveni, 1990; Fizel Louie, 1990; Gilson, 1989). Several researchers used the multiple discriminant analysis MDA technique to develop a linear model to predict those firms which failed could be differentiated from the non-failed firms in UK (Taffler, 1977). This model resulted in an overall classification authentication for the year before the failure as comparative to three or two prior years of failure. The major contribution made by Taffler was the establishment of a Z-score model which was used for the prediction of company failures in the UK and furthermore, the author claimed of 100 percent predictive authentication in the model. In addition, in the consequent studies, Taffler (1982, 1983) discussed the pairing technique which was used in the prediction of corporate failure studies proved no more successful technique than any selection by the other tool or technique. Multiple Discriminant Analysis MDA models were dependable to certain intensity in the prediction of corporate failure. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Data was selected from Karachi Stock Exchange KSE 100 Index as given by State Bank of Pakistan in publication Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2004-2009). The period of study covers six years, 2004-09. The opted sample size of 44 firms was taken from KSE 100 Index and all of the firms listed on KSE 100 Index were selected for the samples which were going to bankruptcy in the past and some were also the present functioning firms which were currently working; so, only 44 firms included in the sample period of 2004-09. The objective behind the inclusion of these selected firms in the sample was that the inclusion of bankrupt and non-bankrupt firms in the analysis made it easier to distinguish the critical financial ratios of these both firms in order to predict for corporate bankruptcy. The data availability was the major issue faced in this research study. The secondary data sources were adopted for the collection of the data during this research study. Both of the empirical and theoretical aspects regarding the prediction of corporate bankruptcy were analyzed in this research study. For the purpose of the collection of the secondary data, external data sources were used, such as the data was collected from State Bank of Pakistan, general business publications, newspapers and journal articles, annual reports, internet and books. The data required for this study was completely dependent on the published data sources, such as the published sources listed above. 3.2 Sample Size A sample of 44 firms from KSE 100 Index was selected and in addition, out of these firms 22 firms were bankrupt and the remaining 22 were not bankrupt which was taken as the holdout sample for the prediction of the corporate bankruptcy. Only firms were used in the samples which were either became bankrupt due to the impact of the some of the financial factors or the ratios or the firms which were in operations during the research study was conducted and these firms were listed on the KSE 100 Index form 2004-2009. The impact of the different financial factors or ratios, which were listed in the previous chapters, on the prediction of corporate bankruptcy was analyzed on all of the firms selected as the sample. 3.3 Research Model Developed There are various financial factors or the ratios of the firms which affected the prediction of the corporate bankruptcy of the firms. This research study analyzed the impact of different factors or ratios already listed in the previous chapters on the prediction of corporate bankruptcy. The model developed was a binary logistic model and its specifications are provided below: Liquidity = a0 + a1Firm Size + a2DEBT + a3LTD + a4LSALES + a5OI/S + a6OI/TA+ a7IGP/TA+ a8Market to Book Ratio + ц where: Liquidity = the sum of cash and marketable securities divided by total assets Firm Size = natural log of the book value of total assets DEBT = the ratio of shorter period plus longer period debt to total assets LTD = the ratio of longer period debt to total assets LSALES = natural log of the annual sales OI/S = the ratio of operating income to sales OI/TA = the ratio of operating income to total sales IGP/TA = the inventory plus gross fixed assets to total assets ratio à Ã¢â‚¬Å¾ = the error term 3.4 Statistical Technique Binary Logistic Regression Analysis technique was used for this research study to examine the impact of the distinctive financial characteristics or the financial ratios of the firms on the prediction of corporate bankruptcy of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. Binary Logistic Regression Analysis technique was used for the purpose of prediction of of corporate bankruptcy or the prediction of the firms decisions to file for bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., prediction of corporate bankruptcy. The binary logistic regression analysis was selected for this study. It showed the intensity of the impact on the prediction of corporate bankruptcy during year 2004-2009 on the basis of several independent variables. CHAPTER 4: RESULTS The sample of 44 firms from the Karachi Stock Exchange KSE 100 Index was taken; Binary Logistic Regression Analysis technique was used for this research study. Research examined the distinctive financial characteristics or financial ratios of firms which filed for the bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., the prediction of corporate bankruptcy. Statistical Package for the Social Sciences (SPSS) was used for the analysis and examination of data. 4.1 Findings and Interpretation of the results Initially, the binary logistic regression technique was applied on the data collected using SPSS. Now, it was a nice time to proceed with the analysis of the results because the data was collected and ready to be examined. The interpretation and analysis is presented in the next sections of this research study. Case Processing Summary Unweighted Casesa N Percent Selected Cases Included in Analysis 192 91.4 Missing Cases 18 8.6 Total 210 100.0 Unselected Cases 0 .0 Total 210 100.0 This table explains the total population in the data file that is the 210 observations or the cases for the analysis of the bankruptcy prediction. This table further elaborates that the there were also some of the cases missing in the data because of the issue of data availability and some of the cases were the figures of zero. Dependent Variable Encoding Original Value Internal Value Bankrupt 0 Non-Bankrupt 1 The above table shows that there are only two variables in the dependent variable of bankruptcy that are the being bankrupt or non-bankrupt. Model Summary Step -2 Log likelihood Cox Snell R Square Nagelkerke R Square 1 234.707a .144 .192 This table elaborates the predictability of the complete model of the logistic regression which meant that to what extent the model predict the variation in the predicted group of bankruptcy. According to Cox Snell, the total predictors jointly explained variation in the groups of bankruptcy was 14.4%. While according to Nagelkirki, the all independent variable explained the group prediction of about 19.2%. Hosmer and Lemeshow Test Step Chi-square df Sig. 1 32.715 8 .000 This table checks the overall model fit which means that the model is at its best in predicting the group variation from non-bankrupt to bankrupt. The hypothesis of the above table is that the test model is fit. The hypothesis is rejected because the sig value is less than .05 which concluded that the test model was not fit in this case of predicting the group variation. Classification Tablea Observed Predicted Banckruptcy Percentage Correct Bankrupt Non-Bankrupt Step 1 Banckruptcy Bankrupt 76 29 72.4 Non-Bankrupt 43 44 50.6 Overall Percentage 62.5 The classification table is the most important table in case of the logistic regression because this table explained the correct identification of the cases correctly identified. The percentage of correctly identified cases is 62.5% which is also commonly known as the hit ratio which means that to what extent the numbers of cases were correctly identified. Variables in the Equation B S.E. Wald df Sig. Exp(B) 95% C.I.for EXP(B) Lower Upper Step 1a DA -1.219 .510 5.725 1 .017 .295 .109 .802 AtoLTD -.002 .001 1.583 1 .208 .998 .996 1.001 CR .938 .348 7.242 1 .007 2.554 1.290 5.056 NPM .037 .073 .262 1 .609 1.038 .899 1.198 SG .161 .232 .482 1 .488 1.175 .745 1.852 Constant .066 .579 .013 1 .910 1.068 This is the final most important table in the logistic regression because this is the only table which shows the role of different predictors in significantly explaining the role in the prediction of group variations. Those important significant variables were only two that were DA, and CR because the sig value of only these variables were less than .05. 4.2 Hypotheses Assessment Summary The hypothesis of the study was distinctive financial ratios have significant impact on the non firms decision to file for bankruptcy. These financial characteristics were current ratio (CR), debt ratio (DA), net profit margin (NPM), assets to long term debt ratio, and growth rate. In this study each of the financial characteristics or financial ratios of firms was tested and concluded the results. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽÂ ²       SIG. RESULT H1 There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. 0.938 0.007 Accepted H2 There is a difference between the Debt Ratio of bankrupted companies and non bankrupted companies. -1.219 0.017 Accepted H3 There is a difference between the Net Profit Margin Ratio of bankrupted companies and non bankrupted companies. 0.037 0.609 Rejected H4 There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. -0.002 0.208 Rejected H5 There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 0.161 0.488 Rejected CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion It was concluded based on the results of this research study that current ratio and debt ratio were only the independent variables which were showing significance in Pakistani market and these variables were highly significant in playing the vital role explaining the variation in the dependent variable of the prediction of corporate bankruptcy and the remaining independent variables could not explain the variation in the prediction of corporate bankruptcy. These results were not matching with the study conducted by Altman (1968). These results were varying because in various countries, there was difference in environments and circumstances and firms usually made decision accordingly. 5.2 Discussions Current ratio played a significant role in defining the variation in the prediction of corporate bankruptcy and this was also the case with the research study conducted by Altman (1968) because in his study the firm size was also playing a significant role. The variation in the prediction of corporate bankruptcy was not explained by the net profit margin ratio while it was significant in the study done by Altman (1968). The assets to long term debt ratio, and growth rate were not significantly explaining the variation in the prediction of corporate bankruptcy and study analyzed by Altman (1968), concluded the different results with some addition. 5.3 Implications and Recommendations This research was limited to the various firms listed on Karachi Stock Exchange of Pakistan only. The data taken from 44 firms which were took through various sectors of the KSE 100 Index for the year 2004-09 which were previously bankrupt and which were currently operating. It suggested that such type of study should be carried out in other countries of Asia as well, as to have comprehensive idea about the choices of the firms decision to file for bankruptcy. Moreover, it also suggested that other factors except ones examined in this study should be researched as to have perfect idea about the selection of the prediction of corporate bankruptcy. Besides that, this study can also be replicated in other developing countries. 5.4 Future Research This study helped various investors, management and other research conductors in analyzing and observing the behavior of firms regarding their decisions to file for the bankruptcy. Research students who want to work further on the prediction of bankruptcy can be benefited by this research study. Further more, the firms will become advantageous from this study because the study clarifies the distinctive financial characteristics or the financial ratios of different firms which significantly explain the variations in the prediction of corporate bankruptcy.