Jconstitutional law Essay Example | Topics and Well Written Essays - 2000 words

Jconstitutional law - Essay Example The concept judicial restraint is based on the Montesque’s idea of ‘division of powers’, which upholds separation of various organs of government for effective governance. For instance, when a judge rules on any case s/he should adhere to the rule of law and must not go beyond the strict interpretation of the law; which will, in result may usurp the power of legislature. Judicial activism is a practice, wherein judges’ personal or political views get more consideration than the existing law in judicial pronouncements. Judicial activism and judicial restraint are inevitable parts of the development of judicial processes in the United States. Thus, here, it becomes necessary for us to see the concrete practices of both judicial restraint and activism in the United States. The essay intends to analyze the development of law in the United States, by critically interrogating the notions of judicial restraint and judicial activism. II. Constitutional Powers of Ju diciary in the United States Framers of American constitution have adopted the idea of separation of powers wherein three wings of the government have equal powers whereas the British model follows the idea of parliamentary supremacy, in which parliament gets more power than other branches of the government; namely, judiciary and executive. Through checks and balances, the American model seeks to prevent all the branches of the government from wielding too much power. Constitutional provisions regarding judiciary have substantially influenced the judicial pronouncements in the country. Section 1 of the Article 3 of the United States’ constitution states that the â€Å"judicial Power of the United States, shall be vested in one supreme Court, and in such inferior Courts as the Congress may from time to time ordain and establish†. Further, Section 2 of the same article elaborates the duties of the courts in the United States. The section notes that the â€Å"judicial Po wer shall extend to all Cases, in Law and Equity, arising under this Constitution, the Laws of the United States, and Treaties made, or which shall be made, under their Authority.† Above provisions in the US constitution have permitted the Supreme Court to interpret laws and the core features of the constitution. The cases that are presented before the court could well be amenable to judicial activism at the level of Supreme Court wherein the judges could reinterpret the related laws, judgments, and constitutional provisions. In 1796, the Supreme Court annulled a Virginia law on the ground that it was against the spirit of a 1783 peace treaty with Britain. Again, in 1803 Marbury v. Madison case provided an opportunity to the Supreme Court to assert its powers (Hall, 2005). The Marbury v. Madison case was one of the landmark cases in the United States’ constitutional history, which empowered the United States’ Supreme Court with the power of judicial review. The j udicial review empowers the Supreme Court to cancel or void the pronounced acts of the federal and state governments, which are against the spirit of the constitution. And, thereby, actions of both legislature and executive are brought under the purview of the Supreme Court. Judicial review, a new weapon in the hand of judiciary in the early nineteenth century, raised many questions around application of judicial rights vis-a-vis the legislative powers. What stand should be taken about judicial review? Should judges try to restrain themselves?

The Origin Of Rice Essay Example for Free

The Origin Of Rice Essay Kernels- a whole seed grain, as of wheat or corn; small piece Wandering- moving from place to place without a fixed plan; roaming; rambling: Banquet- a lavish meal; feast; a ceremonious public dinner, especially one honoring a person, benefiting a charity, etc. Winnow- to free (grain) from the lighter particles of chaff, dirt, etc., especially by throwing it into the air. 1. Whenever you hear the phrase the wandering Jew, that is an allusion to a person who seems to be travelling nonstop and without direction. 2. Before the colonizers came, our ancestors believed in deities such as Bathala. 3. To prepare the palay for consumption, farmers also winnow them in order to remove the outer covering. 4. The former first lady relived the glory of her reign as first lady of the country when during her birthday, she hosted a big banquet for her many guests. 5. The tray containing kernels of corn and nuts was passed around so that the guests have something to munch while waiting for the main course to be served. Comprehension Guide 1. Why was rice not known to the Filipinos before? Because they rely on the gifts of nature and tilling of soil is unknown. 2. What is a balangay? It a group of people living together and it commonly known today as barangays. 3. What kind of relationship did gods and ordinary human beings have before? Gods and ordinary human beings has a close relationships wherein they gods interact with humans helping them to survive 4. What is the most important benefit of knowing how to plant rice to our ancestors? It improved their way of living and they were able to stay at one place surviving not only by depending on the gift of nature but also to what they themselves have raised.

Solutions To Overcome HR Issues

Solutions To Overcome HR Issues Reliance telecommunications LTD is an Indian telecommunication company founded by Anil Ambani in 2004.The headquarters of the company is in Navi Mumbai India. Reliance telecommunication is the 15th largest telecommunication provider in the world with 150 million subscribers and the second largest telecommunication provider in India. The company has segments like wireless and broadband in telecommunication industry. The company achieved a high growth in telecommunication industry from the beginning stage itself. Customer satisfaction and good company policies made them to competitive with other companies. Reliance communications follows good human resource policies and procedures even though it has some draw backs. Vision of the company-Providing information, communication, entertainment services and being the benchmark in customer experience, employee centricity and innovation is the main vision of the company. Mission of the company-meeting beyond customer needs and wants with a segmented approach, relentless offering of services and products that are value for cash and stimulate customers, offer a network experience that is best in the communication industry, make reliance in to an international brand which is a iconic brand by others and lead industry in target to purchase and faithfulness. INTRODUCTION TO HUMAN RESOURCE MANAGEMENT Human resource management refers to an assortment of policies used to systematize work in the employment relationship and centres on the management of work and the management of people who undertakes this work. Therefore HRM is concerned with recruitment, selection, learning and development, reward, communication, teamwork and routine management. While it is relatively easy to list activities that make up HRM, It is a subject that stimulates much debate and disagreement. The hr process is considered as important for the management of the consumer pleasure with human recourses. The clients find comfortable and will be satisfied when they understand the hr processes and how they are connected and the hr processes interact. Modern hr processes are measured and frequently analysed and identifies the irregularities in the activities and it brings the improvements for the benefits of the organisation. The success of Human Resources Management is in the connection of all HR processes as they provide the adequate supports to workers and the managers. So the main aim of Human Resource Management is to keep the human capital ready for action on the market and the rational grouping of HR Processes helps to interact and manage the individual processes. Every organisation has their own HR processes, but the main HR Processes are always same in all companies as it is the market HR Best Practices. Human Resource Management is considered as a comparatively new approach to Personnel Management. HRM emphasizes primarily on its strategic contributions and its closer alignment to business, HRM is a vital component of any organization, its involvement among other components of line management is notable (Paauwe. J, Jan 2009). Paauwe further suggests that HRM aims on its ultimate goals such as High job performance, low absence and high cost effectiveness through the efficient utilization of the man power of the company. Human resource is really the major component of any organization, the success or failure of an organization heavily relies on its Man power management. Maslows need Hierarchy theory is considered as guiding principle for HR Management across the globe. Maslow identified the very basics of human motivation factors. Following this principle it can be assumed that to motivate an employee HR manager should understand his level of expectations, potential of the employee, a nd should evaluate the performance before and after certain motivational measures implemented. KEY HUMAN RESOURCE ACTIVITIES OF RELIANCE TELECOMMUNICATIONS MANPOWER PLANNING Human Resource Planning is the integral part of Human Resource Management Human Resource Planning estimates the optimal level of Man power requirement on the basis of quality and quantity. Thus HRP can be considered as the foundation of Human Resource management. Although HR planning is very important it cannot be executed faultlessly in all cases, as HR is dependent on various factors such as employment situation of the country, influence of technological advancement, changes in the organization structures, Demographic factors such as age, population, composition of workforce, lack of skill, multicultural workforce etc. Certain pressure groups will also affect the precision of the HRP. Understanding of competencies of the Human resource is vital in forming a successful HR frame work. Lengnic-Hall, 1988, Milliman et al., 1991, describes the terms Internal and External fit, Internal fit refers to the extent to which the manpower constituents are linked in a logical way and how effecti vely they support themselves, on the other hand external fit primarily focus on the strategy of the organization, external fit reveals to what extent human resources systems are integrated. Manpower Planning or Human Resource Planning includes putting exact number of people, exact kind of people at the exact place, exact time at a low cost. Personnel Planning hold an important place in the world of industrialization. Personnel Planning has to be a systematic approach and is managed in a set of model operations. The procedure is as follows: Assessing the present manpower in the company Forecasting the future needs budding employment programmes Organising training programmes BENEFITS OF MAN POWER PLANNING Manpower planning is very important part of human resource management. A few importance of man power planning are. concentrated labour cost.-with the help of manpower planning there is most favourable operation of labour force in the organisation workers are given those jobs to implement for which they are skilled (right person for the right job).it leads to overall progress of the man power in the organisation. Optimum utilisation of manpower: it helps to utilise the labour force in the company which helps in the growth of manpower in the organisation. Develops business plan-Man power planning is an important part of overall business planning. No business can survive without having the right type and number of people doing the right work at the right time. Helps in career succession planning-with the help of better manpower planning it helps to produce a good career succession of employees which provides much lead time for internal succession of workers through higher position through encouragement. Development of the organisation- The man power planning helps in the expansion of an organisation. Growth in overall business planning-Manpower planning is a main part of overall business planning. Efficient manpower planning will help to improve the business. RECRUITEMENT AND STAFFING Recruitment and staffing is the process of selecting the right labours in to the organisation. The main aim of recruitment is to look for and be a magnet for persons with skilled to fill the vacancies. This process includes job analysis preparing personnel requirement sources of skilled employees. Job analysis Job analysis is a process of analysing the job in detail and providing the details of job needs to the HR planning department they present details as job specification and job analysis. Job analysis is important in the whole organisation. And they will provide the details of manpower requirements. The main sources of recruitment are Reliance communications have two main sources of recruitment internal and external internal external sources of recruitment(figure.2) Internal sources of recruitment are. Promotion-This is a normal source of recruitment, which means providing higher position, salary and responsibilities to the employee. So the position of the job vacancy is filled by promoting the suitable employee within the organisation. Transfers-It means transferring one employee to the other organisation without change in salary and position, so the vacancy can be filled by transfer. Advertising internally-Here the job vacancy is advertised within the organisation so the existing employees in the organisation can apply for the post. So the recruitment is take place inside the organisation. External sources of recruitment are. Selective recruitment through job boards-This is a major source of recruitment .To ensure most appropriate qualified candidates are being applied for the major position. The agency considers the following details for every positions junior, intermediate, senior, Level of education degree, diploma etc. Using these details the company determines which job boards, communication channels, and advertisement strategies are suitable for attract the right skilled candidates to apply for the job positions. Management consultants-For the vacancies in the higher positions in the company, management consultants are used to find the qualified and skilled employees. They act as a recruiter on the behalf of the company. Advertisement for public-The Company advertises the vacancy in internet, newspapers, Television etc. And this will provide the details of the company, job and the qualification required for the position. NEED AND IMPORTANCE OF STAFFING Keep space with new development-New developments are happening every day. A business will have to keep phase with new changes. This will be possible only if competent persons are employed who can adjust as per the new situation. Manpower Development-man power planning will have to be done in advance. The future requirements of personnel will be estimated quite in advance. The new staff will be recruited, people will be prepared for talking up higher responsibility jobs, and all this will be possible with a well planned staffing function. HUMAN RESOURCE DEVELOPEMENT This function helps the employees to develop their skills and knowledge for increasing their output. This process is not only done for the freshers but also to the existing employees in the firm to develop their skills and responsibilities. Human resource development helps to increase the total knowledge, abilities, skills, talents, and aptitudes of an organisations work force. Human resource development includes function such as training, career development. Training-Training is providing to improve the knowledge and skills of the employees there are mainly two types of training they are on the job training and off the job training. On the job training is a process of giving training in normal working situations using actual materials or documents, equipment, actual tools trainees will make use when completely moulded. Off the job training is usually provided away from the usual working environment, it may include more general skills and knowledge which is useful for the job. This type of training is given by the specialised trainers or from an outside company who outsource the trainers. METHODS OF TRAINING A.Programmed learning- It is a step by step process of self learning method,providing questions, facts, and problems to the learner then allowing the person to respond and providing feed back on the accuracy of the answer. B. Apprentiship training- It is a method of process that the employees will become efficient workers through grouping of classroom coaching and also through on job training. C. Audio visual based training- This method of training includes tools like power point presentation, online video conferencing, audiotapes and video tapes. D. Computer based trining- This training method is widely used to provide good training to employees, it is time consuming and easy way to provide training. It is cost effective while comparing to other training methods. E. Simulated training- In this method trainess will learn from the actual or simulated equipement they will use on the job, but actually trained off the job. F. Lectures- When their is a large number of trainees, this method is used it is the immideate way to give instruction of job related activities within a specified period of time. H. Internet and distance Training Internet training includes video conferencing and web based training, distance training means traditional training paper and pencil correspondence course. 1. Tele training where a trainer in a central location teaches groups of employees at remote locations via television hookups. 2. Videoconferencing Video conferencing will provide the opportunity to train the employees from one location and communicate live through video and audio visuals with people in different locations another country, city etc. 3. Training via the Internet the Internet based learning programs are very popular. Several companies simply let their employees to take online courses provided by online course providers while others use their intranets to facilitate computer-based training. CAREER DEVELOPEMENT Diagram demonstrating your personal development Carrer developement of employees is a crucial part of the organisation, It helps to identifies the overall acheivement of the employees .Career developement is becoming an essential part of HR departement due to todays everchanging organisaton enviornment and work place. Reliance communications helps the employees to attain a good carrer graph based on the company HR policies and procedures. First of all the company gather the strength and weakness of every individual, then they provide different opportunities to develop their carrer based on the strength and weakness. The basic formula for the career developement is self awareness every individual asses their own problems and issues and then the company will help to over come this issues .Now days people are changing their jobs to attain a good carrer success .Reliance communication identifies this problem and they had a good career sucession plan for every individual employee in the organisation. COMPENSATION AND BENEFITS Compensation and benefits is a basic motivational factor to the employees.Every employee will search for high paid jobs,benefits is also another important factor if the company provides good benifits the employees will get good attachment to the company. Benefits include bonus, medical insurance,retierment policies, life insurace, vacation etc.Reliance communicatons provide basic pay which is satisfiable for every employee to motivate the employees and to attract to qualified employees to the organisation. LEADERSHIP DEVELOPEMENT Leadership developement helps the organisation to achieve the goals, through the developement of good leadership in each employee reliance aims at the overall developement of the organisation as well as the growth in employees functioning.Every employee in the organisation is gaining a better leadership quality through the leadership developement function.Each emloyees in the company are closely monitored by the management and if they are weak in the work the company will encourage them.And the workers are councelled by the management to increase work efficiency.And their will be a structured plan to create a positive working enviornment.The main aim of leadership developement is to leading self,leading others and leading the organisation. MAJOR HR ISSUES FACED BY RELIANCE COMMUNICATION ISSUES IN RELIANCE COMMUNICATIONS EMPLOYEE RETENTION POOR HR POLICIES CASH AND COMPENSATION ISSUES 1.CASH AND COMPENSATION ISSUES: Cash and compensation issues is a major problem faced by HR managers in reliance communications. There is more pressure on HR function to pay more incentives and basic pay for the employees.However reliance paying basic salary to each individual employees the company faces more pressure to meet the employee beniefits . 2.EMPLOYEE RETENTION ISSUES: Most of the companies face the same problem of employee lay-offs. So the organisation have to prevent the issue by retaining the employee by providing good working condition and benefits whichever the employees need. In reliance industries there are so many employees leave the company due to lack of co-ordination between workers. The organisation tries to check the issue but fails sometimes. 3. POOR HR POLICIES : The plocies and practices adopted by the HR managers regarding their networking sector is an important example. They brought some new plans in mobile networking sector like low call rate for mobile users, low internet browsing charge.etc., but the competitors like AIRTEL communications, BSNL network, VODAFONE facilitated some more exciting offers than the reliance. In that situation the Reliance communication hesitated to change their HR policies and techniques. From the graphical representation of reliances communications profit from 2007 to 2012, we can easily determine that the profit is coming down in last two years comparing to the past this is due to the poor HR issues as mentioned above.The company is earning a high growth in 2008 and 2009 which is around 55000 million and it is dramatically falling down in the upcoming years.That means the company is facing some major HR issues and also high competition from other companies, so the organisation must change their HR policies eventually. SUGGESTIONS TO OVERCOME THE HR ISSUES Nowdays telecommunication industry is facing high competition from other telecommunication companies, If the company has no good HR stratergies the company cannot exist in the high competative world.Reliance communication is facing some HR issues as mentioned above, to overcome this problems company must do some good HR restructuring process in the company .The first main issue is ; Cash and compensation issues- As it is a major problem the company must find a good solution to overcome this issue, the suggestion to solve this problem is to pay cash and compensation based on the experience of the employees.As mentioned above the company is paying a basic salary to each individual, first of all the company must change this basic payment method,and the compensation and benifits must be paid according to the experience and skills of each individual. So the company can reduce the cost of labour so the company can meet the compensation and benifits of each individual according to the profit earned by the company. Employee retention issues-Retention of employees is another HR issue faced by the company, nowadays a lot of employees are leaving the company due to high pressure of work and lack of co-ordination between employees are the main employee retention issues faced by reliance communication, to reduce this problems reliance must provide good working enviornment to reduce the pressure of work, communication is another way to over come this problem good communication between the management and staff will make a good understanding between the employees and management, this will increase employees confidents and reduce the work pressure.A high rate of employees resigning their job and going to another companies who offer better working enviornment. Better co-ordination is the another way to improve employee retention,co-ordination will improve better relationship between employees and management.And this will result increase employees confidence and work efficiency. Poor HR policies-Due to high competition in communication industry lots of companies introducing new HR techniques to improve their company goodwill .Reliance communication is following the traditional HR policies and plans so the company is facing high market competition from other companies, to exists in the competative market company must improve their HR stratergies and policies.Nowadays companies are providing good offers to the employees so the company must realise the problems and try to overcome such issues.

Steam Distillation :: essays research papers

Steam Distillation Purpose: To use steam distillation to purify heat sensitive, natural products, like essential oils. Procedure Please refer to: Williamson, Macroscale &Microscale Organic Experiments 4th Ed., pgs.98-109 Results Table 1.1: Steam distillation Drop # (every third drop)  Ã‚  Ã‚  Ã‚  Ã‚  Temperature ( ºC)  Ã‚  Ã‚  Ã‚  Ã‚  Addition of 0.5 mL water 1  Ã‚  Ã‚  Ã‚  Ã‚  100.3  Ã‚  Ã‚  Ã‚  Ã‚  Water added 2  Ã‚  Ã‚  Ã‚  Ã‚  100.5  Ã‚  Ã‚  Ã‚  Ã‚   3  Ã‚  Ã‚  Ã‚  Ã‚  100.5  Ã‚  Ã‚  Ã‚  Ã‚  Water added 4  Ã‚  Ã‚  Ã‚  Ã‚  100.6  Ã‚  Ã‚  Ã‚  Ã‚  Water added 5  Ã‚  Ã‚  Ã‚  Ã‚  100.6  Ã‚  Ã‚  Ã‚  Ã‚   6  Ã‚  Ã‚  Ã‚  Ã‚  100.6  Ã‚  Ã‚  Ã‚  Ã‚  Water added 7  Ã‚  Ã‚  Ã‚  Ã‚  100.6  Ã‚  Ã‚  Ã‚  Ã‚   8  Ã‚  Ã‚  Ã‚  Ã‚  100.6  Ã‚  Ã‚  Ã‚  Ã‚  Water added 9  Ã‚  Ã‚  Ã‚  Ã‚  100.3  Ã‚  Ã‚  Ã‚  Ã‚   10  Ã‚  Ã‚  Ã‚  Ã‚  100.6  Ã‚  Ã‚  Ã‚  Ã‚   Observations: The residue was cloudy during distillation. This indicated that it was wet. The water was added when the solution appeared to be getting low in volume. Table 1.2: Recovery of organic material Object being weighed  Ã‚  Ã‚  Ã‚  Ã‚  Weight in grams Weight of empty, clean test tube  Ã‚  Ã‚  Ã‚  Ã‚  6.446 g Weight of clean test tube with spearmint oil  Ã‚  Ã‚  Ã‚  Ã‚  6.635 g Weight of spearmint oil  Ã‚  Ã‚  Ã‚  Ã‚  0.189 g Table 1.3: IR Spectroscopy Frequency  Ã‚  Ã‚  Ã‚  Ã‚  Corresponding Functional Group 3083.81  Ã‚  Ã‚  Ã‚  Ã‚  C-H 2923.91  Ã‚  Ã‚  Ã‚  Ã‚  C-H 1674.33  Ã‚  Ã‚  Ã‚  Ã‚  C=O Conclusion In this experiment, the process of steam distillation was used to purify a natural product, (the essential oil of spearmint). This phenomenon works because when two immiscible liquids are distilled, the boiling point of the mixture is below the boiling point of the both pure compounds. Since water has a significantly lower boiling point than spearmint, a much greater proportion of water molecules was vaporizing at any time during the distillation. Even though the components of spearmint oil have low vapor pressure, they are volatile enough to vaporize to some extent and a small amount will lifted off with the water molecules. This boiling will occur when the independent internal vapor pressures are equal to 760 torr, which is the external vapor pressure. It is noted that steam distillation, unlike regular distillation, it does not follow Raoult’s Law. After steam distillation was completed, the essential oil was recovered and a thin layer chromatography was conducted. When this TLC was conducted, there was one spot of pure essential oil and one of the distilled and recovered essential oil. The results indicated that the distilled, recovered oil was pure because it came out as a single spot, level with that of the pure oil. The infrared spectroscopy was performed next. IR spectroscopy is used to identify the functional by stretching and bonding frequencies of bonds. The peaks correspond to the functional groups.

Human Trafficing: Are We Doing Enough? Essay

Human trafficking has been around for the same amount of time as inequality among people; so basically, all of human history. People are bought and sold, and treated and traded like objects. This has always been part of our society, however dominate. Slavery, prostitution, illegal aliens – all of these things have roots in human trafficking. Since ancient Egypt, when thousands of Hebrews were forced build the pyramids, to present day Italy where hundreds of women are forced to submit their bodies every day. We are thankfully becoming less and less tolerant of this cruel practice in the modern world. Yet, because our tendency to look the other way, to pretend to not know the truth, hundreds upon thousands of people are still being trafficked every year, some right under our nose here in America. We’ve created anti-trafficking laws, passports, citizenship papers, as well as heightened border patrols and increased airport security. There are those who would have you believ e that this is enough – it isn’t. Many people see the fact that human trafficking is slightly declining as a sure sign of success. But like so many other things in the world, our nation’s economy, the availability of jobs, and the price of gas; human trafficking like all these things has fluctuation. Traffickers will find ways around our barriers, loopholes in the system, what have you – unless we stop this for good. Moreover, it is incorrect to say for sure that this problem is declining. How does one even come to that conclusion? Fewer traffickers are being caught so it’s obviously getting better – I’m not buying it. With human trafficking being what it is, underground, unspoken, unnoticed – we can never be sure of all of the statistics. And another frightening thought to explain this suggested decline: Perhaps have traffickers have just developed new smuggling methods and new ways of bypassing security. That would mean that more people are being trafficked then we currentl y estimate and that the problem may actually be increasing instead of decreasing. As stated earlier, prostitution, both legal and illegal forms, has very close ties to human trafficking. This can be seen mainly in several countries of Europe. While prostitution may not be legal across the whole continent, the countries in which it is have shown a distinctly higher rate of trafficked women. As author and activist Christine Stark states on Justice Talking, a National Public Radio station, â€Å"†¦What we have found is that legalization has caused an increase in the trafficking into the area where the legalization exists. The state then becomes the pimp.† Obviously, places where prostitution in legalized is going to have a higher demand for prostitutes, thus increasing the illegal trafficking of women there. Though it may sound like a radical idea in some parts of the world, the apparent solution here would be to ban prostitution everywhere, which would be much more of a possibility if people understood its effects. The U.S. Department of State in 2007 June issue of the â€Å"Trafficking in Humans Report† stated, â€Å"†¦prostitution is inherently harmful and dehumanizing and fuels trafficking in persons.† With any luck, people will start to accept this as a fact that it is rather than the opinion some see it to be. Another product of human trafficking is illegal immigration, or people living in countries unlawfully. Illegal immigration has a number of negative effects on a nation’s economy as well as its society. These illegal immigrants or aliens as they have come to be known, have quite a few disputes surrounding them. First is the argument of whether or not it is correct to use the term â€Å"illegal alien.† Though still an ongoing dispute, the side for it seems to have a lot more accreditation. Assessed January 18, 2007 on illegalaliens.us, â€Å"Calling an illegal alien an undocumented immigrant is like calling a burglar an uninvited house guest.† There’s also the threat of terrorism and terrorist attacks that comes with having undocumented people in a nation. And let’s not forget the public work force’s valid scare, the fact that illegal immigrants steal jobs from those people who reside in that country legally. All these things point back to human trafficking and the damage it causes wherever it goes. The U.S. itself has 11 million undocumented people living in its borders. That’s 11 million people we don’t have any records of, no information about, no accounts of any kind for. We need to put a stop to illegal immigration here and now, or it’s only going to get worse. What have we learned thus far? Prostitution is morally wrong and fuels the trafficking of women everywhere. Illegal immigration is a huge detriment to a nation’s economy and society. Human trafficking is like a slow moving hurricane, bringing terrible destruction wherever it goes. If something is not about this problem soon, we cannot hope to improve as a nation. If something is not done about this problem now, we cannot hope to improve as people.

Hemingway Essays - Ernest Hemingway, Free Essays, Term Papers

Hemingway Essays - Ernest Hemingway, Free Essays, Term Papers Hemingway ERNEST HEMINGWAY BIOGRAPHY On the date of July 21, 1899 Ernest Hemingway, a now known brilliant writer, was born. Hemingway was conceivably the only writer to achieve the combination of international celebrity and literary stature in the twentieth century. Hemingway was brought up in the village of Oak Park, Illinois, close to the prairies and woods west of Chicago. Both here and in Michigan, he could explore, camp, fish and hunt with his father, Dr. Clarence Hemingway. In Chicago he would attend concerts, operas and visit art museums with his mother, a musician and an artist. Hemingway attended Oak Park and River Forest High School, where he was an active writer. He wrote articles, poems and stories for the schools publications largely based on his own experiences. The year Hemingway graduated he quickly secured a job with the Kansas City Star. There he received a writing style sheet that instructed: Use short sentences. Use short first paragraphs. Use vigorous English. (Parshall 1). These were rules he never forgot to incorporate into his works to get to the heart of a story. The following year he entered World War I as a volunteer with American Red Cross ambulance unit as a driver. There he was wounded near the Italian/Austrian front. Hospitalized, he fell in love with his nurse, who later called off their relationship. After World War I, Hemingway returned to northern Michigan to read, write, fish, and later to work for the Toronto Star in Canada. In 1921 married his first wife and moved to Paris. In Paris he continued to write for the Toronto Star as a foreign correspondent. During his stay in Europe through the 1920s, Ernest was influenced by eccentric writers like Gertrude Stein and Ezra Pound their literary compression. Hemingways use of these methods in short stories and novels that captured the attention of critics and the public. In the 1930s, he turned to writing for causes, including democracy as he knew it in the Spanish Civil War and World War II. In each conflict he sought support for the side he favored. But he insisted on impartially describing the truth of both wars, which he knew from firsthand experience. In the years following World War II, many critics said Hemingways best writing was past. He surprised many of the critics when the novel, The Old Man and the Sea, was published.. This work led to his Pulitzer Prize in 1952. Two years later he received the Nobel Prize for his powerful, style-making mastery of the art or modern narration (Griffin 1) for The Old Man and the Sea. Hemingways years following these awards saw few works as successful as his novel or earlier writings. Hemingway was devastated that he could no longer write as he once did. During 1961 Hemingway, troubled by high blood pressure and mental depression, received shock treatments during two long confinements at the Mayo Clinic in Rochester, Minnesota. He died July 2, 1961 at his home in Ketchum, Idaho, as a result of self-inflicted gunshot wounds and was buried in Ketchum. But as he had hoped, his writing lives on. His works continue to sell very well and are translated in an amazing variety of languages around the world. HEMINGWAY HERO For Ernest Hemingway, the secondary world which he constructed in his many stories and novels served as a mirror to reflect his beliefs about the world in which he lived (Relations to Fact Through Fiction 1). Even though he reflected his beliefs in his works he never portrayed himself as the hero. Instead Hemingway created a hero that followed the same general code in all of his works. We generally, call this man the code herothis because he represents a code according to which the hero, if he could attain it, would be able to live properly in the world of violence, disorder, and misery to which he has been introduced and which he inhabits. The code hero, then, offers up and exemplifies certain principles of honor, courage, and endurance which in a life of tension and pain make a man, as we say, and enable him to conduct himself well in the losing battle that is life. The Hemingway hero of The Snows of Kilimanjaro is Harry. Harry is self pitying and views his present diseased state as the culmination of poor choices and false, convenient values. However, through final, confrontation with his own mortality, he achieved self-redemption. In The Short Happy Life of Francis Macomber Francis is the Hemingway hero because he had courage and

Java Expressions Introduced

Java Expressions Introduced Expressions are essential building blocks of any Java program, usually created to produce a new value, although sometimes an expression assigns a value to a variable. Expressions are built using values, variables, operators and method calls. Difference Between Java Statements and Expressions In terms of the syntax of the Java language, an expression is akin to a  clause in the English language  which portrays a specific meaning. With the right punctuation, it can sometimes stand on its own, although it can also be a part of a sentence. Some expressions equate to statements by themselves (by adding a semicolon at the end), but more commonly, they  comprise part of a statement. For example,(a * 2) is an expression. b   (a * 2); is a statement.  You could say that the expression is a clause, and the statement is the complete sentence since it forms the complete unit of execution. A statement doesnt have to include multiple expressions, however. You can turn a simple expression into a statement by adding a semi-colon:  (a * 2);   Types of Expressions While an expression frequently produces a result, it doesnt always. There are three types of expressions in Java: Those that produce a value, i.e., the result of (1 1)Those that assign a variable, for example (v 10)Those that have no result but might have a side effect because an expression can include a wide range of elements such as method invocations or increment operators that modify the state (i.e., memory) of a program.   Examples of Expressions Here are some examples of various types of expressions. Expressions that Produce a Value Expressions that produce a value use a wide range of Java arithmetic, comparison or conditional operators. For example, arithmetic operators include  , *, /, , , and %. Some  conditional operators  are ?, ||, and the comparison operators are , and .  See the Java specification for a complete list. These expressions produce a value: 3/2 5% 3 pi (10 * 2)   Note the parentheses in the last expression. This directs Java first to compute the value of the expression within the parentheses (just like the arithmetic you learned in school), then complete the rest of the computation. Expressions that Assign a Variable This program here contains plenty of expressions (shown in bold italics) that each assigns a value. int secondsInDay 0;int daysInWeek 7;int hoursInDay 24;int minutesInHour 60;int secondsInMinute 60; boolean calculateWeek true;secondsInDay secondsInMinute * minutesInHour * hoursInDay; //7System.out.println(The number of seconds in a day is: secondsInDay);if (calculateWeek true){  Ã‚  System.out.println(The number of seconds in a week is: secondsInDay * daysInWeek); } The expressions in the first six lines of the code above, all use the assignment operator to assign the value on the right to the variable on the left. The line denoted with //7 is an expression that can stand on its own as a statement. It also shows that expressions can be built up through the use of more than one operator. The final value of the variable secondsInDay is the culmination of evaluating each expression in turn (i.e., secondsInMinute * minutesInHour 3600, followed by 3600 * hoursInDay 86400). Expressions with No Result While some expressions produce no result, they can have a side effect which occurs when an expression changes the value of any of its operands. For example, certain operators are considered to always produce a side effect, such as the assignment, increment and decrement operators. Consider this: int product a * b; The only variable changed in this expression is the product; a and b are not changed. This is called a side effect.

Vicious Circles of Truth Telling †Creative Writing Essay

Vicious Circles of Truth Telling – Creative Writing Essay Free Online Research Papers Vicious Circles of Truth Telling Creative Writing Essay In the modern society, people have to deal with many things to adapt themselves to this complicated world. Of all these matters, the most important are human relations. Why are they so important? Do the matters have anything to do with us? Of course yes. Humans are gregarious. Since all of us are human beings, we cannot live alone. We have to live with others. Therefore, if we have good human relations, we can get along with others well and then get help from them. Following is an example of my classmates about human relations. Last year when I came to CCU for the first time, I made some friends. They were Katherine, Adnan, Joseph, and Phillip. The event occurred in an orientation. I sat in a row. Joseph sat between Phillip and me. Before us Adnan sat in another row. Joseph and Phillip kept on talking to each other because of the boring speeches. I also paid little attention to the speeches so I could hear what they were talking about. I heard a voice saying, â€Å"Is she your target?† I wasn’t sure who said it, but I could say the â€Å"she† meant Adnan. After several days, Adnan told me this event. She felt very uncomfortable on their behavior. Although I was not sure, I told her that the voice seemed to be Joseph’s. She accepted it and believed that it was Joseph who said the impolite words. I also told the event to Katherine. However, she told Joseph. I never thought that she would tell Joseph. To my astonishment, he said innocently that he didn’t remember anything at all. In fact, I didn’t think that one could forget everything within a week. Later on, I asked Phillip for the truth. He said that at that time Joseph asked, â€Å"if he had a girlfriend.† Phillip answered, â€Å"No.† Then Joseph pointed at Adnan and asked, â€Å"Is she your target?† Still, Phillip might tell a lie. But, at least, he didn’t forget everything like Joseph. From then on, I seldom had contact with Katherine. As to Joseph, I would take him just as a nodding acquaintance. In this case, I have to admit my mistake that I told Katherine this event, for it was not a good thing to spread and she was not involved in this event. However, since I told her, she was supposed to understand that she couldn’t tell anyone, Joseph in particular. But she did. Therefore, since the event happened, Joseph and Adnan have hardly talked to each other. If Katherine didn’t say it, with time passing by, maybe Adnan would forgive Joseph and they still could be friends in the foreseeable future. So, the vicious circle is like this: we can find that people like to gossip about others, and always the gossip has not been proved. This kind of behavior can do much harm to our human relations, for it will make people suspicious of others’ honesty. If we don’t trust other people, how can we get along with them? We would become skeptical of them and start to gossip about them again. So the double-edged key to this problem is trust. If everybody can trust others with earnest, then there will be only harmony but suspicion among people around the world. Research Papers on Vicious Circles of Truth Telling - Creative Writing EssayHarry Potter and the Deathly Hallows EssayCapital PunishmentComparison: Letter from Birmingham and CritoMind TravelEffects of Television Violence on ChildrenUnreasonable Searches and Seizures19 Century Society: A Deeply Divided EraHonest Iagos Truth through DeceptionGenetic EngineeringRelationship between Media Coverage and Social and

Fashion Magazines as Influence of Female Body Image Assignment

Fashion Magazines as Influence of Female Body Image - Assignment Example Magazines such as Cosmopolitan use language which asserts that women are socially substandard and not acceptable without sustaining the good looks of other women utilized in the magazine’s imagery. Over time, after being exposed to these messages and innuendos, women believe in this propaganda (Lemberg, 1999). When fashion magazines use images of unattainable physical perfection, it is said that this imagery diminishes feminist ideologies and begins asserting to women that maintaining a similar physical exterior is the fundamental objective of being a woman (Cash, Gitter, Kogel and Zaphirpoulos, 1997). Hence, women begin to develop ideologies related to vanity and seeking a magazine-asserted perspective of body perfection in order to be considered socially-viable which supersedes feminist beliefs. Furthermore, Suls, Martin, and Wheeler (2002) suggest that most women in society look toward social reference group figures when assessing their identities. This well-respected psychological theory suggests that women’s sense of identity is constructed by conducting social comparisons with aspirational figures in society that have built a positive social reputation, achieved fashion sense, or have achieved the body image portrayed in fashion magazines. Magazines seem to understand this phenomenon, which is why these publications use celebrity imagery because of their aspirational traits. Therefore, women look toward these social figures as a means of making status comparisons to themselves and the celebrity. When women see that they have more curves or fatness as compared to these slender and popular famous persons, they begin to develop a negative body image and reduced self-esteem. A study was conducted in which researchers used MRI technology to reveal changes in the brain as a result of exposure to fashion imagery.

European Union's Policy in Telecommunications Essay

European Union's Policy in Telecommunications - Essay Example Thus the EU telecom market has been undergone some revolutionary process, where new players have come to the market along with offering innovative new services, quality products and low prices. Mobile communications, online services, information through the super highway or the internet have revolutionized the continuous growth and use of telecommunication in almost every sphere of the EU region. Telecommunication companies in EU in particular have introduced not only new but also cheaper combined fixed and mobile service packages with alternative pricing formulas and new ways of paying methods (Noam, 1992). Thus these new developments in the telecommunication policy of EU will be crucial to become a part of the modern Information Society. In fact liberalization of telecommunication is the cornerstone of EU's transition, with lowering the price of communicating, encouraging innovation and investment in new services and networks and contributing to improved competitiveness and increased employment. Thus the Information and Communication Technology (ICT) acquired a significant dimension in the coordination efforts of EU in their both the regional and global operations. ICT i s increasingly becoming the world's most important determinant of integration related issues and actions. For instance EU's significance in the internal and external telecommunication strategy in its global operations can be seen with regard to the level of its applications in coordinating inter-country and intra-country operations. The changing telecommunication environment at overseas and operations has such a big impact on the ICT related decision making process in EU.Thus the transition from monopoly to liberalized telecommunication policy in the competitive world would be a very challengeable to the EU commission. In order to have concrete effects, detailed rules are necessary for the EU and also the application of those rules needs to be careful supervised. So the resources had to be focused on scrutinizing the implementation and practical application of the EU regulatory framework in the Member States. The National Regulatory Authorities (NRAs) for telecoms have been establis hed in member states of EU and range of tasks has set by the EU regulatory framework in order to grant number of telecom services including - to granting new mobile and fixed network licenses; to approving interconnection prices and agreements; policing prices charged to customers for changing operators, and dealing with the allocation of numbers to new market players. Thus the national competition authorities are also occupied with scrutinizing the new telecoms market. In the 1980's telecommunication policy in the EU was characterized by some public monopolies and run with postal services. Thus it has been revolutionized with the privatization and limited competition in some member countries in EU (Damro, 2000). The development of the telecommunication industry has basically been driven by the increasing application of modern information technology in the telecommunica

Offense Issues Essay Example | Topics and Well Written Essays - 500 words - 2

Offense Issues - Essay Example In order to avoid influencing the homicide and burglary crime investigating process, it is important to eliminate the problems of personal beliefs and investigation bias. This can be achieved when the investigator conducts a proper research that helps in getting some careful evidence which isolates and identifies the targeted criminal. This helps in avoiding investigation errors such as false accusation and jail sentence to wrong people. Besides, keep away the people who are not part of the crime investigation process so that crucial information is not leaked to the criminals. This facilitates a quick apprehension of the criminals. In fact, witnesses must be questioned properly to gather adequate information about the homicide and burglary crimes committed. Importantly, the investigator should not lead the suspects to his/her own ideas and the prosecution evidence not damaged or tampered with. Besides, it is important to tell the defendant his/her legal rights, and be allowed to hire a legal counsel to represent him/her in the criminal case (Territo, Swanson & Taylor, 2011). Indeed, if the prosecutor was unethical, a number of prosecution problems are likely to occur when the case is presented for trial. In fact, eagerness can make a prosecutor to commit some legal errors during the litigation and cross examination stages of the crime. The prosecutor can get evidence that suits his/her own personal interest. For instance, evidences on a person who has either committed homicide or burglary can be altered in the favor of the suspect, even before he/she is declared innocent (Walker & Rolando, 2007). The evidence tampered with affect the court proceedings of the case greatly since this leads to wrong delivery of judgment. There are even cases whereby the evidences of one person are used on another suspect so that a lighter

Criminology Theory Research Paper Example | Topics and Well Written Essays - 2500 words

Criminology Theory - Research Paper Example Theories allow scholars to make hypotheses, which are tested through empirical research in order to come up with assumptions that make us understand the world better. Theories, which depict the causation of crime, are complex but studies from the past and present helps the researcher in understanding the behaviors among criminals. These theories are used to determine the best causes of action that can be used in order to ensure that crime is prevented from happening in our society. Traditionally, punishment was very harsh and the police used brutality when recording statements from suspects without having to understand why certain people committed certain crimes. In addition, the punishments meted out on convicts were harsh and as a result, scholars begun to study criminology in order to ensure that punishments were fair (DeMelo, 2001). Classical School Before 1789, the law system, punishment, and access to justice were barbaric. The classical school’s interest was not the stu dy criminals but it focused on understanding the legal processes and law making. According to this school of thought, criminals knew the consequences of their actions and they even weighed the options before they engaged in any criminal activity. In addition, punishment was designed for the purposes of deterring crime and it was painful than the pleasure one got from engaging in any criminal activity. ... The human behavior is motivated by attainment of pleasure and the ability to avoid pain. Natural law reveals actions that people should not be engaged in, but the punishments that criminals received were not deterrent in nature, but brutal. No forms of punishments that criminals receive should be used to take way a person’s happiness while in the society. This is because according to Beccaria, a person is ready to relieve a minute amount of happiness in order to live in a secure and humble environment. Men do not want to be under scrutiny at all times and they feel more independent when the scrutiny is at the minimum (Beccaria 2009). Pleasures in human beings can be described as that of skill, wealth, sense, amity, piety, and benevolence. In addition, a good name, malevolence, memory, power, relief, and expectation constitute to feelings of pleasure in a person. Pleasures can be complex or simple. People will do everything to ensure that they have pleasure as opposed to pain. Pleasures and pains are caused by certain actions, however, the amount of the pleasure or pain felt is not proportional to the causing effect. Since majority in the society look for pleasure at all times, Bentham notes that people should be given a free will to enjoy their lives as long as they do not inflict pain on others (DeMelo, 2001). On the other hand, Bentham focused on utilitarianism because he believed greatest happiness for the majority. This could not be achieved without changing the justice system because the leadership of that time was corrupt and barbaric. The people, according to Bentham measure the probabilities between future and present pleasures against future

How Different Stakeholder Groups Build Brand Value Research Paper

How Different Stakeholder Groups Build Brand Value - Research Paper Example The concept of brand building has witnessed a striking change from the last decade. Traditionally the role of brands was just to provide a name or an identity to a product (Baehrens, 2012). Apart from being an identity is also the association which satisfies emotional and functional needs of the consumers (Glynn, 2009). A brand also helps to distinguish one company from the other (Dunn, 2004). However the modern concept of branding is a step of the entire marketing and selling process. According to Kotler (2008) branding is defined as the name which is associated with the product line of the companies and is used to recognize the product (Kautish, 2011). Apart from this American Marketing Association (AMA) defined brand as symbol, term, name, sign or design, or an amalgamation of all which are proposed to recognize the products and services of one company to that of the other. In other words brand helps to distinguish a product of a company from that of another company. However many authors have specified that brands are much more than just a mere mark of identification. Brands also act as the element which enhances the societal value of a company and the communal value of the user of a branded product. Kotler also mentioned brands as the major area of concern in the context of the product strategy. Since brand was only a part of the product strategy, the communication strategy also worked with it in the process of exploring the brand value and creating brand awareness. The brand development process is lengthy and there are a number of factors associated with it. Also there are a number of people starting from the employees and customers, who help in the process of creating brand. Hence there is a part played by the stake holders towards the... In this turbulent business environment creation of brand value is not an easy process and is mainly created due to active participation of the stakeholders. The situation worsens for the new companies who enter into a market. To cite an example it took many years for Pepsi, Coca Cola, Volkswagen, and Toyota, to get them established and to become renowned brands of the world. Thus, brand equity and brand value are the essential factors towards the success of an organization. Brand value is mainly used to define the association during the process of value creation, while on the other hand brand equity is imperative for the evaluation of the brand value that is also termed as the result for the relationship. After conduction the research about the impact of stakeholders on the creation of brand value, it can be concluded that the stakeholders plays the most essential role towards the development of a brand. The study also revealed that customers are an important group of stakeholder, bu t are not the sole responsible group for the development of a brand. Other stakeholders such as suppliers, distributors, business partners, other channel members, government, banks, Ngo’s, media and also competitors plays a major role in the process of brand value creation. The null hypothesis holds true for the project.

Financial Accounting and Reporting Essay Example | Topics and Well Written Essays - 1750 words

Financial Accounting and Reporting - Essay Example The formation of the bank was done in cooperation by Unit Trust of India, General Insurance Corporation of India, Life Insurance Corporation of India and also four other Public Sector Undertaking (PSU) companies of insurance namely The New India Assurance Company Ltd., United India Insurance Company Ltd., National Insurance Company Ltd. and The Oriental Insurance Company Ltd. (Axis Bank, 2007).Presently, the bank occupies the third position among the banks in private sector to have a Pan network in India which includes over 1281 branches and Automated Teller Machine (ATMs) numbering 6270 making the bank to have the biggest system of ATMs in the country (Pandit, 2008; Axis Bank, 2007). In the year 2007, a decision regarding having its own individuality different from UTI-I as its parent was taken by the bank authority. And this is how the brand name ‘Axis’ was born. The bank was successfully accomplished to rebrand itself with its new name as ‘Axis Bank’. Thi s had assisted the bank to get rid of the dim perception as an entity that was government owned (Pandit, 2008).According to Axis Bank’s Annual Report for the fiscal year 2011, Rs. 3,388.49 crores was reported as its net profit. The earnings as well as the business of the Bank grew sturdily over the previous years. The net profit of the bank also rose by a considerable amount of 34.76 percent compared to the previous year. The substantial expansion in the business in all the segments was revealed in the form of vigorous financial indicators. The total income of the bank increased by 26.97 percent and reached to Rs. 19,786.94 crores in the financial year 2010-11 in comparison to Rs.15,583.80 crores in the last year. The return from operations in this period augmented by 25.08 percent to an amount of Rs.11, 195.12 crores whereas the profit in relation to operations rose by 22.42 percent and amounted to Rs. 6,415.69 crores (Moneycontrol, 2011). The progress in terms of revenue ca n possibly be credited to the performance of the central income streams of the bank such as the income from net interest (NII) as well as other incomes and fees. NII augmented by a percent of 31.14 to an amount of Rs. 6,562.99 crores which was more in numbers compared to last year i.e. 2009-10, whereas other income as well as fee rose to Rs. 4,632.13 by 17.39 percent in comparison to the previous year i.e. 2009-2010. The increase in NII by such a considerable percent of 31.14 was an outcome of the vigorous progress in the low-cost deposits of Current Account and Savings Bank (CASA) and also in assets on a regular average basis. All through the period, the entire earning assets amplified by 34.70 percent to an amount of Rs. 179,573 crores on a regular average basis and which had augmented in comparison to last year i.e. 2009-10. A progress of 32.81 percent was also observed in relation to the low-cost deposits in CASA which had increased from the previous year i.e. 2009-10 on a regul ar standard basis and which even assisted the bank to hold on to the funding prices (Moneycontrol, 2011). Additional income including fees, miscellaneous income and trading profit even augmented to 4,632.13 crores by a percent of 17.39 compared to the previous y

Criminology Theory Research Paper Example | Topics and Well Written Essays - 2500 words

Criminology Theory - Research Paper Example Theories allow scholars to make hypotheses, which are tested through empirical research in order to come up with assumptions that make us understand the world better. Theories, which depict the causation of crime, are complex but studies from the past and present helps the researcher in understanding the behaviors among criminals. These theories are used to determine the best causes of action that can be used in order to ensure that crime is prevented from happening in our society. Traditionally, punishment was very harsh and the police used brutality when recording statements from suspects without having to understand why certain people committed certain crimes. In addition, the punishments meted out on convicts were harsh and as a result, scholars begun to study criminology in order to ensure that punishments were fair (DeMelo, 2001). Classical School Before 1789, the law system, punishment, and access to justice were barbaric. The classical school’s interest was not the stu dy criminals but it focused on understanding the legal processes and law making. According to this school of thought, criminals knew the consequences of their actions and they even weighed the options before they engaged in any criminal activity. In addition, punishment was designed for the purposes of deterring crime and it was painful than the pleasure one got from engaging in any criminal activity. ... The human behavior is motivated by attainment of pleasure and the ability to avoid pain. Natural law reveals actions that people should not be engaged in, but the punishments that criminals received were not deterrent in nature, but brutal. No forms of punishments that criminals receive should be used to take way a person’s happiness while in the society. This is because according to Beccaria, a person is ready to relieve a minute amount of happiness in order to live in a secure and humble environment. Men do not want to be under scrutiny at all times and they feel more independent when the scrutiny is at the minimum (Beccaria 2009). Pleasures in human beings can be described as that of skill, wealth, sense, amity, piety, and benevolence. In addition, a good name, malevolence, memory, power, relief, and expectation constitute to feelings of pleasure in a person. Pleasures can be complex or simple. People will do everything to ensure that they have pleasure as opposed to pain. Pleasures and pains are caused by certain actions, however, the amount of the pleasure or pain felt is not proportional to the causing effect. Since majority in the society look for pleasure at all times, Bentham notes that people should be given a free will to enjoy their lives as long as they do not inflict pain on others (DeMelo, 2001). On the other hand, Bentham focused on utilitarianism because he believed greatest happiness for the majority. This could not be achieved without changing the justice system because the leadership of that time was corrupt and barbaric. The people, according to Bentham measure the probabilities between future and present pleasures against future

Financial Accounting and Reporting Essay Example | Topics and Well Written Essays - 1750 words

Financial Accounting and Reporting - Essay Example The formation of the bank was done in cooperation by Unit Trust of India, General Insurance Corporation of India, Life Insurance Corporation of India and also four other Public Sector Undertaking (PSU) companies of insurance namely The New India Assurance Company Ltd., United India Insurance Company Ltd., National Insurance Company Ltd. and The Oriental Insurance Company Ltd. (Axis Bank, 2007).Presently, the bank occupies the third position among the banks in private sector to have a Pan network in India which includes over 1281 branches and Automated Teller Machine (ATMs) numbering 6270 making the bank to have the biggest system of ATMs in the country (Pandit, 2008; Axis Bank, 2007). In the year 2007, a decision regarding having its own individuality different from UTI-I as its parent was taken by the bank authority. And this is how the brand name ‘Axis’ was born. The bank was successfully accomplished to rebrand itself with its new name as ‘Axis Bank’. Thi s had assisted the bank to get rid of the dim perception as an entity that was government owned (Pandit, 2008).According to Axis Bank’s Annual Report for the fiscal year 2011, Rs. 3,388.49 crores was reported as its net profit. The earnings as well as the business of the Bank grew sturdily over the previous years. The net profit of the bank also rose by a considerable amount of 34.76 percent compared to the previous year. The substantial expansion in the business in all the segments was revealed in the form of vigorous financial indicators. The total income of the bank increased by 26.97 percent and reached to Rs. 19,786.94 crores in the financial year 2010-11 in comparison to Rs.15,583.80 crores in the last year. The return from operations in this period augmented by 25.08 percent to an amount of Rs.11, 195.12 crores whereas the profit in relation to operations rose by 22.42 percent and amounted to Rs. 6,415.69 crores (Moneycontrol, 2011). The progress in terms of revenue ca n possibly be credited to the performance of the central income streams of the bank such as the income from net interest (NII) as well as other incomes and fees. NII augmented by a percent of 31.14 to an amount of Rs. 6,562.99 crores which was more in numbers compared to last year i.e. 2009-10, whereas other income as well as fee rose to Rs. 4,632.13 by 17.39 percent in comparison to the previous year i.e. 2009-2010. The increase in NII by such a considerable percent of 31.14 was an outcome of the vigorous progress in the low-cost deposits of Current Account and Savings Bank (CASA) and also in assets on a regular average basis. All through the period, the entire earning assets amplified by 34.70 percent to an amount of Rs. 179,573 crores on a regular average basis and which had augmented in comparison to last year i.e. 2009-10. A progress of 32.81 percent was also observed in relation to the low-cost deposits in CASA which had increased from the previous year i.e. 2009-10 on a regul ar standard basis and which even assisted the bank to hold on to the funding prices (Moneycontrol, 2011). Additional income including fees, miscellaneous income and trading profit even augmented to 4,632.13 crores by a percent of 17.39 compared to the previous y

Poetrys Influences on the Harlem Renaissance Essay Example for Free

Poetrys Influences on the Harlem Renaissance Essay Racial equality has been the topic of many works for centuries. Many of those works weren’t written by those actually affected by inequality. During the 1920’s African Americans began to express their opinions on the issue more frequently through the arts. Poetry was among the most prominent forms of art used for spreading equality and justice. Poets like Langston Hughes, Countee Cullen, and Claude McKay wrote many poems that spoke on equality in society. African Americans felt betrayed after the civil war. They had given their lives and after the war nothing had changed (Cartwright, â€Å"The Harlem Renaissance†). They were still not treated equal and didn’t get paid as much as any other worker. During the 1920’s they started a cultural and racial movement in Harlem, New York called the Harlem Renaissance. The Harlem Renaissance was a time of growth of African Americans during the 1920’s. During this time ideas on equality and freedom spread through the African American community like wild fire. African Americans were expressing their emotions about racial equality in many different ways (Rau 167). Some chose poetry some chose painting or jazz. They used these arts to highlight the injustices they saw in their everyday lives. 1. Langston Hughes Langston Hughes is one the most well know poets of the Harlem Renaissance. Hughes was born in 1902 in Joplin, Missouri (Rampersad, â€Å"Hughes’s Life and Career†). His beginnings were more humble than most. At a very young age Langston’s Hughes parents divorced. After the divorce Hughes moved to Lincoln with his grandmother. This is where he began to write poetry (The Academy of American poets, â€Å"Langston Hughes†). Hughes ideals were closely based around his grandfather, who was a militant abolitionist (Rampersad, â€Å"Hughes’s Life and Career†) His poetry was influenced by many poets who shared his colorful writing style (The Academy of American poets, â€Å"Langston Hughes†). Hughes lived his life as he wrote, with passion. After high school Hughes spent a year in Mexico with his father who disliked his passion for writing and urged him to stop. At that time Hughes was beginning to get published in a number of places like magazines and children’s book. During this time he was noticed but W. E. B Dubois. Upon Hughes return to America he enrolled in Colombia University in New York. Hughes did not like the atmosphere at Colombia so after a year he left. After Columbia he moved to New York and began work on a freighter. This job took him to many places. He traveled to the coast of Africa, Spain, and Paris. ( Rampersad, â€Å"Hughes Life and Career†)He ended up staying in Paris for a couple of months this is where he began practicing a new style of poetry there. Hughes writing style was a lot different from the others. Throughout his life time Hughes wrote many poems that showed common experiences that all African Americans shared. Hughes never discussed the differences between his life and the lives of other Africans Americans. His poetry always showed the negative and positive sides of the African American experience. Hughes may have seen both sides of African Americans but when it came to issues between African Americans and Caucasians he had strong opinions. He (Rampersad, â€Å"Hughes’s Life and Career†) wrote many poems that touched on the controversial topics of that time. In poems like I, Too and The nergo speaks rivers Hughes talked about the struggles that African Americans went through. (Poetry Foundation and the National Endowment for the Arts, â€Å"Langston Hughes†). Hughes used his dislike for Caucasians often in his poetry. 2. Countee Cullen Countee Cullen might not have reached the fame that Langston Hughes has over the years but his poetry was just as influential. Countee Cullen was born in May 30, 1903 in New York when his grandmother died in 1918 Cullen was put under the custody of Reverend Fredrick A. Cullen. Cullen’s connection to the Salem Methodist Episcopal church through Reverend Cullen placed him in the center of black politics and culture at the age of 15. This gave him a more unconventional education. Instead of learning regular writing and math like other children his age he was taught about black ideals. Most of his education was provided by completely white influences. This gave him a well rounded look at racism. (Poetry Foundation, â€Å"Countee Cullen†). This was often shown in his writing. Cullen’s writing technique would never directly attack Caucasians like other poets during the Harlem renaissance. He was a new voice for the African Americans, one that was actually listened too Cullen graduated from New York University in 1925 as Phi Beta Kappa. At that time he was already writing some of the acclaimed poems published in books by Harper and Brothers: Color (1925), Copper Sun (1927). He won first prize in the Witter Bynner Contest in 1925. Graduating with a Harvard University M. A. egree in 1926, the poet traveled to France as a Guggenheim Fellow(A grant). Upon his return in 1928, he married Yolanda Du Bois, daughter of W. E. B. Du Bois. She divorced him two years later, saying that he told her he was sexually attracted to men. From 1934 on, Cullen taught English and French at the Frederick Douglas Junior High School, though he declined a Creative Literature invitation from Fisk University in Nashville. In 1940 he married an old friend, Ida Mae Roberson. (The Harvard Square Library, â€Å"Countee Cullen† He died in 1946 of gastrointestinal disorder Cullen’s upbringing helped his poetry reach both African American and Caucasian audiences. Cullen was able to do something most African American poets in the Harlem renaissance couldn’t and that was reaching both sides. Cullen was against the way that African Americans were treated but he also understood not all Caucasians had the same ideals. He was brought up with Caucasians in his life which causes him to show a less offensive type of poetry. Cullen’s poetry often presented the sad side of an African Americans life (Poetry Foundation, â€Å"Countee Cullen†). The poem The Little Brown Boy tells of the death of a young black boy (Nelson and Smethurst, â€Å"Countee Cullen poems†). This shows the method of persuasion he used. Countee’s poetry’s influence reached many and his voice spread far. 3. Claude McKay In 1889 Claude McKay was born in sunny vile, Jamaica to peasant farmers. His lower class up bringing taught him how to love himself and have pride in his African heritage. Similar to Cullen, McKay was unconventionally taught as well. McKay was home schooled by his older brother and neighbors. He studied romantics and many other European based things. In adult hood he moved to Kingston which would be the first time that he had actually experienced racism he was immediately disgusted with the way that African Americans were treated and returned home disgusted. Once he returned to sunny vile he published his first verse of poetry. (Academy of American Poets, â€Å"Claude McKay†) After hearing about Booker T. Washington’s Tuskegee institute he decided to move to Alabama and enroll. There he sees American racism for the first time. McKay took a lot of his influence for his writing from similar poets to Langston (University of Illinois, â€Å"Claude McKay’s Life†). As early as 1912 he had published his first volume of verse, Songs of Jamaica, which had been widely praised and had won a medal for poetry. McKay slowly decided not to return to Jamaica and stayed in America. In 1914 he left college and began work menial jobs typical of the African American in the Northern cities of America at that time. At different periods he worked as wheelwright, porter, dishwasher, waiter, and longshoreman. McKay didn’t take his jobs very seriously they were just a matter of earning enough cash to quit for a while and write. McKay’s interest in politics led him to the socialist like many other artist. He was associate editor of The Liberator, a socialist U. S. journal of art and literature. In 1923-24mckay went to Moscow, Russia to be a part of the Bolshevik Revolution. As a African American, McKay was used to show the soviets commitment to racial equality, and he was treated like royalty, being lavishly entertained and exhibited on platforms with the most famous revolutionary leaders. But McKay was skeptical of all this, though he had sympathy for the lives lost in to the Revolution. Claude traveled the world trying to find a peaceful place to write. He went to Morocco and France. In 1928 he published his famous novel, Home to Harlem, which was a national best-seller in the U. S. and was instantly a literary sensation. ( Though McKay reached great success in his life he died impoverished and unappreciated. Claude McKay’s experience with the racism in Alabama was the basis for a lot of his writing. McKay more geared towards the empowerment of blacks and less toward equality. McKay wanted to show that African Americans weren’t just equal but they were better. A lot of his poetry was written to show how much power African Americans had. (Academy of American Poets, â€Å"Claude McKay†) in the poem â€Å"If We Must Die† McKay writes about how African Americans must fight as hard as they can even if the end result is death. This poem says a lot about McKay’s style of writing. In the years after the Harlem renaissance African Americans expressed themselves more often than ever before. The Harlem renaissances effect on African Americans was obvious. Free ideas were flowing and battles were being fought for equal rights. In the thirties no one had much money so African Americans had even less opportunities for work. Each of these poets had a different style and finesse but there messages were all the same. They all grew up as African Americans and they all experienced racism in some way shape or form. They all took those situations and used them to empower those around them. Claude McKay, Countee Cullen, and Langston Hughes might have all had different writing styles but they all played a major role in the growth of African Americans in the United States of America.

The Theories And Implications On Corporate Financial Decisions Finance Essay

The Theories And Implications On Corporate Financial Decisions Finance Essay This paper concerns mainly on exploring the area of corporate valuation models and their implications in assessing the value of corporate firms. The models to be reviewed and analyzed are Economic Value Added (EVA), Capital Asset Pricing Model (CAPM) and Free Cash Flow (FCF). The selected models would be used on 5 publicly listed firms in the Bursa Malaysia. The aim of this study is to analyze the three models on how it can be utilized in helping a firm to create, sustain and access its corporate value. This paper consists of six parts, which are introduction, literature review, importance of theories and its implications on corporate financial decisions in Malaysia, application of concepts, tenets, fundamentals, technical issues, etc to the five chosen firms, methodology to analyze 5 years financial data of the selected firms and conclusion. Introduction In this paper, three corporate valuation models have been chosen as our main concern, which are Economic Value Added (EVA), Capital Asset Pricing Model (CAPM) and Free Cash Flow (FCF). We then apply the selected valuation models and methodologies to five publicly listed firms in the Bursa Malaysia from the food and beverage industry. The five companies are Dutch Lady Milk Industries, Fraser Neave Holdings Berhad, Nestle Ltd, QSR Brands Bhd and Yeo Hiap Seng (M) Berhad. Summary will be made by reviewing ten journal articles under the literature review part for a preliminary understanding of the models. This paper includes four journal articles for EVA as well as another seven journal articles for FCF and CAPM. In addition, we will identify the importance of the theories and describe its implication on corporate financial decisions in Malaysia. This study has provided us a great learning opportunity by accessing the company value of the real corporate firms. It also provides us a lear ning platform in how to utilize the valuation tools to evaluate companys performance for investment purpose in the future. Literature Review Economic Value Added (EVA) Economic Value Added (EVA) is a corporate valuation tool developed by Stern Stewart Co. to assist managers in their decision making by incorporate two basic principle of finance inside. The first principle is the financial goal of any company for shareholders wealth maximization and the second one is that a companys corporate value is based on the extent to which investors expect future earnings to exceed or fall short of the cost of capital. Another way to explain is that, EVA is developed to align decisions with shareholders wealth. According to Stewarts study in 1994, it is proved that EVA as the single best tool of measuring wealth creation on a contemporaneous basis and the result in describing changes in shareholders wealth is about 50 percent better than its greatest accounting-based rival of EPS, Return on Asset (ROA) and Return on Equity (ROE). EVA model assist managers in better investment decisions making, to identify improvement opportunities as well as to consider the short-term and long-term benefits for a firm. Based on Taubs study in 2003, it is observes that most of the valuation models used among industries focus only on the financial or accounting information. Unlike EVA, it combines factors like accounting, market and economy information in a companys performance evaluation. Various studies have proved the superiority of using EVA over other traditional models for evaluate companys performance due to its transparency and capacity to obtain more important information. According to Kudla and Arendts study in 2000, EVA can eliminate the arising conflicts and confusion when a company employs multiple measures like EPS, Return on Investment (ROI), Return on Equity (ROE) and Net Operating Profit after Tax (NOPAT). Furthermore, EVA can also be used as a tool to eliminate economic distortions of General Accepted Accounting Practice (GAAP) to focus decisions on the actual economic outcomes. It promotes better evaluation of decisions that have an impact on the income statement and balance sheet or trade-offs between each other. Also, EVA managed to cover every aspect of the managerial cycle through the use of the capital charge against NOPAT. There are also studies indicate that EVA is a superior measure of the managerial decisions quality. From Fishers study in 1995, EVA is suggested to be treated as a reliable pointer in estimating a firms value growth in the future. Also, according to Sterns study in 1989, the purpose of EVA is to change the management behavior as well as their performance, leading managers to act in the owners interest. It can be used as a motivation tool to encourage managers to create shareholder value by being a basis for management compensation. Importance of the theories and implications on corporate financial decisions in Malaysia As business grows wider and complex across the border, there is a demand for better valuation tool to evaluate the performance of the business. It is important to adopt more innovative performance metrics so that the companys management behaviors can be closely monitored to achieve the goal of maximizing the shareholders benefits. It is also important to access a firms value for any decision making regarding business expansion or contraction. According to the article of The Chartered Institute of Management Accountants (CIMA), Latest Trends in Corporate Performance Measurement (1992), many companies were experiencing difficulties in implementing measurement frameworks and these statements have been brought to today. There is a study conducted by Dr. Issham Ismail in Malaysia with the purpose to examine the relationship between EVA and the company performance in Malaysia. The study indicates that EVA has a strong relationship with stock return as compared to other measures due to its focus on long-term performance. EVA enhances stock performances by including more informational content in describing the stock returns. According to the study, EVA is considered as a better alternative to other traditional valuation tools such as EPS, ROE, etc. Its characteristic of transparency and capacity to provide more important information helps investors in Malaysia to make better investment decision as well as the resources allocations decisions. Besides that, EVA and MVA can be also treated as performance measures and signals for any strategic change (Lehn and Makhija, 1996). There is another study conducted by Norfarah, Suhaila and Wan Mansor in Malaysia regarding the adoption of EVA on real estate corporations in Malaysia. In Malaysia, real estate sectors have grown to become a large sector and continue to develop for the past two decades even through difficult economic period. Some has been performing well in the industry such as IOI Properties and Boustead Properties Bhd while some of them are experiencing hardship like Country Heights, Land General, and Damansara Realty. In order to identify the company potential of adding more shareholders value, an alternative corporate valuation model has been introduced, which is EVA, proposed by Stern Stewart Management Services. The adoption of EVA is considered to be more comprehensive as its measurement tool provides a clearer picture of whether a business is raising or reducing shareholder wealth. Most of the multinational companies such as Sony, Coca-Cola and Monsanto have formally announced their adoption and implementation of EVA as management systems in their quest of the value. On the other hand, EVA based performance plan produces positive result towards a company management. There is a study on the effects of adopting management bonus plans based on residual income measures. According to Wallaces study in 1997, EVA based performance plan motivates managers to utilize companys assets in a more productive and efficient way. This hence, reduce of the conflict between managers and shareholders interest and the decreasing agency cost eventually help the company to boost its profit after the adoption of the residual income based incentives plans. As a result, EVAs superiority is proved in encouraging managers for shareholder wealth creation. However, in order to work out the EVA compensation system, it requires large commutation effort and extensive training for both managers and their subordinates. Lastly, EVA and its practical applications as a management control system for performance measurement which helps manager to make better investment decisions. Methodology Economic Value Added is an evaluation tools used to examine a companys true economic profitability because it factors in net operating income after taxes interest minus the opportunity cost of capital deployed to earn that net operating income. In other words, EVA tells whether a companys financial performance is higher or lower than the minimum required rate of return for shareholders or business lenders. Besides that, EVA also tells investors if their amount of invested capital in the business is providing them a higher return than their minimum, or if it is better to shift their capital elsewhere. There are few steps required in calculating EVA and this is how Economic Value Added (EVA) is used by the financial analysts. Annual reports from the five selected firms have been sourced respectively in this report. First of all, we have to identify the earnings before interest and tax (EBIT) from the income statement. Next we have to calculate the Net Operating Profit after Taxes (NOPAT) by deducting the Income Tax Expenses from the EBIT. Afterwards, we need to determine the invested capital deployed in the business by deducting Non-interest Bearing Current Liabilities from Total Assets. Then, we need to calculate the Weighted Average Cost of Capital (WACC) using the Capital Asset Pricing Model (CAPM). WACC calculated by adding Risk Free Rate with Beta multiply by Market Risk Premium, where Market Risk Premium is calculated by deducting Risk Free Rate from Market Return. Take WACC multiply with the Invested Capital and finally, EVA can be found by deducting the multiplication of WA CC and Invested Capital from the Net Operating Profit after Tax. The calculation formulas for EVA are as follows: EVA = NOPAT (WACC * Invested Capital) where, NOPAT = Profit Lost Before Interest and Tax Income Tax Expenses and, Invested Capital = Total Assets Non-interest bearing Current Liabilities and, Cost of Equity, WACC is calculated by using CAPM Model where, WACC = Risk Free Rate + ( Beta * Market Risk Premium ) where, Market Risk Premium = Market Return Risk Free Rate Free Cash Flow Literature Review Free cash flow (FCF) refers to the cash generated by the assets of the business available for distribution to all the shareholders and it cant be affected by the businesss capital structure. A firms stock value is calculated by projecting the future free cash flow (FCF) that will be generated by the business assets and then compute the present value of FCF by discounting them at the appropriate required rate of return. FCF appeared to be an appropriate valuation model to be used when (1) the firm doesnt pay dividends at all or pays out lesser dividends than dictated by its cash flow, (2) free cash flow tracks profitability or (3) the analyst takes a corporate control perspective. The present value of FCF is the most fundamentally useful valuation tool used in assisting any investing decisions like investment opportunities appraisal and corporate valuation (Arumugam, 2007). It can also be used to measure the potential of investment opportunities as well as to forecast the firms future performance by accessing its corporate value. Based on an article written by Ben Lardes in March 2010, a companys free cash flow reflects a lot of information about the company performance. Obviously the higher the free cash flow of a business is, the more money you can expect to earn as the businesss shareholder. Every firm has different FCF, which is depends on how well is their performance over the periods. For instance, a well performing firm may have a good amount of positive cash flows. On the contrary, a firm may not have a positive cash flow at all if it has been struggling to succeed. A firm will have a negative FCF if its expenses are exceeding its income. By looking at the FCF, a company can decide whether to go on with its current business direction or to change its management operation. However, negative FCF does not always signify problems within a business. The negative FCF may be due to the preparation of business expansion in the future. The age of a company and its circumstances should always be in the consider ation before judging it purely based on its free cash flow. According to the study conducted by McClure, although FCF has its merits, it still has some limitations and the most significant one would be the garbage in, garbage out principle. Predicted FCF is used as the main input in DCF calculation to evaluate any investment decisions, thus the quality of FCF is very important in the valuation process in order to get an appropriate and reliable outcome. If all the FCF values have found to be inaccurate, then it will be useless in assessing the firms stock price. Therefore, the ability to make good future projections of FCF is critical. The more you confident about the future cash flow, the better project evaluation you can made, leading to a desirable profit from your investment. In this case, the forecast of potential cash flow appeared to be the tricky part, as you are required to prepare a full financial model to get a better estimation. This requires some serious analysis of the business, the macro-economic environment, the legal and regu latory framework and the competitive landscape (Cartmail, 2010). Importance of the Theories Implications on Corporate Financial Decisions in Malaysia Investing decisions can be made based on a simple analysis like selecting your desire firm with a product you expect to have high demand in the future. The underlying expectation is that the company will continue to produce and sell high-demand products and will generate cash flow back to the business. The second part is that the companys management will know where to spend this cash to continue its operations whereas the third assumption is that all of these expected future cash flows are worth more today than the stocks current price.   Free cash flow (FCF) tracks the remaining operating cash flow for the shareholders after laying out the money a firm required to expand or sustain its asset base. It is important as it allows business to pursue more opportunities that could enhance shareholders value. Present value of all free cash flows is the key indicator of a firms equity value. The growing FCF is often a prelude to increased profits. Firms that facing surging FCF as a result of revenue growth, debt elimination, improvement of operational efficiency and others, can reward their investors tomorrow. Thats the reason investors cherish FCF as a sound valuation metric. The odds are good when a firms FCF is increasing, it is believed that the firms share value will soon be increased as well. An important thing to note is that, negative FCF is not bad in itself, however it could represent a sign that a firm is engaging in large investments (Investopedia, n.d.). DCF is one of the favorable and sound tools to be used in corporate valuation because it can produce outcome, which has the closest value to an intrinsic stock value. Unlike other valuation tools like P/E ratio, DCF analysis relies on FCF. It is believed that FCF reflects a clearer view of a firms ability in generating cash, as profits can sometimes be clouded by accounting tricks, but cash flow cannot. The reason is because cash flow generation is hardly to be influenced by accounting assumptions and practices. Also, FCF is a trustworthy measure that eliminates most of the arbitrariness and guesstimates found in reported profits (Investopedia, n.d.). Other than that, FCF can be considered as a forward-looking metric because it depends more on future prospects rather than past results. In addition, it also enables expected operating strategies to be included in the valuation as it allows varies business components to be valued separately. On the other hand, free cash flow theory has important implications for the leverage effect on a firms investment financing decisions. The FCF model implies that for an over-investor, an increase in leverage should lead to a reduction in unprofitable investment spending. Additional leverage will leave less amount of free cash flow at the discretion of the managers at the same time that it increases the intensity level at which the companys activities can be closely monitored. Overall investment will become more efficient as the firm substitutes contractually obligated debt service for negative net present value investments. Empirically, the reduction in unprofitable investment spending should contribute to an increase in the firms stock price that reflects the improved efficiency of managerial investment decisions. Methodology Free Cash Flow (FCF) is the cash generated by the companys assets and it is available for distribution to all the shareholders. It is used to tracks the remaining operating cash flow available for the shareholders after laying out the money a firm required to expand or sustain its asset base. It is calculated by deducting Net Investment in Operating Capital from Net Operating Profit after Tax (NOPAT), where NOPAT is calculated by deducting Income Tax Expenses from the Profit Lost before Interest and Tax (EBIT) and Net Investment in Operating Capital is obtained by using the Operating Capital at time t to minus the Operating Capital at time t-1. Operating Capital is calculated by adding up Net Operating Working Capital (NOWC) and Net fixed Assets, where NOWC is calculated by deducting Non-interest Bearing Current Liabilities from Operating Current Assets. The calculation for FCF is as followed: Free Cash Flow (FCF) = Net Operating Profit after Tax (NOPAT) Net Investment in Operating Capital where, NOPAT = Profit Loss before Interest and Tax (EBIT) Income Tax Expenses and, Net Investment in Operating Capital = Operating Capital at time t Operating Capital at time t-1 where, Operating Capital = Net Operating Working Capital (NOWC) + Net fixed Assets where, NOWC = Operating Current Assets Non-interest bearing Current Liabilities Capital Asset Pricing Model Literature Review Basically, Capital Asset Pricing Model (CAPM) is based on Markowitz (1959) and Tobin (1958), who introduced the risk-return portfolio theory. The primary implication of the CAPM is the mean-variance efficiency of the market portfolio. The efficiency of the market portfolio implies that the positive linear relationship between expected returns and market betas is exists and only beta is playing a significant role in explaining the expected returns of stocks. Several attempts have been done to test the implications of the CAPM using historical rates of returns of securities and historical rates of return on a market index. The CAPM is relies on several assumptions with the fact that every investor wants to maximize the expected satisfaction of their wealth. An addition to the risk aversion is that all of them are having the same expectations towards the returns of the securities. The returns of the securities follow a normal distribution, which characterizes the phenomenon of homoscedasticity. Besides that, CAPM also assume that every investor is allowed to borrow any amount of money at the risk free rate. Finally, there are no taxes or other barriers which lead to an imperfection of every market, that is, the market is assume to be in equilibrium and have a perfect competition among all the participants in the market. According to Grigoris and Stavross study in 2006, one of the earliest empirical studies that support the theory of CAPM is that of Black, Jensen and Scholes [1972]. By using monthly data of return and portfolios rather than individual stocks, Black et al tested whether the cross-section of expected returns is linear in beta. By constructing a portfolio made up by an amount of securities, investors managed to diversify away most of the firm-specific risk, thus increasing the precision of the beta estimates and the expected rate of return of the portfolio. This approach eliminates the statistical problems that arise from measurement errors in beta estimates. The data found to be consistent with the predictions of the CAPM, at which the relationship between the average return and beta is close to linear and that portfolios with high (low) betas will have high (low) average returns. There is another classic empirical study that supports the theory conducted by Fama and McBeth in 1973. In the study, they examined whether there is a positive linear relation between average returns and beta. In addition, the author also investigated whether the squared value of beta and the volatility of asset returns can explain the residual variation in average returns across assets that are not explained by beta alone. There are several studies in the early 1980s suggested that there were deviations from the CAPM risk return trade-off due to other variables that affect this tradeoff. The objective of the studies was to find the missing components that CAPM omitted in explaining the risk-return trade-off and to identify the variables that created those deviations. Banz [1981] tested the CAPM by examining whether the size of firms can explain the residual variation in average returns across assets that remain unexplained by the CAPMs beta. CAPM is being challenged by indicating that firm size does explain the cross sectional-variation in average returns on a particular collection of assets better than beta. The author concluded that the average returns on stocks of small firms were higher than the average returns on stocks of large firms, vice versa. This study has known as the size effect. The general reaction to Banzs [1981] findings, that CAPM may be missing some aspects of reality, was to support the view that although the data may suggest deviations from CAPM, these deviations are not as significant to invalidate the theory. Importance of the theories and implications on corporate financial decisions in Malaysia CAPM, which is a theoretical representation of the financial markets behavior, can be used in the estimation of a companys cost of capital. Despite the limitations, the model can be a superior addition to the analytical tool kit of financial manager. The modern financial theory relies on three major assumptions. First, we assume the participants in the securities market are dominated by rational, at which all the investors are risk averse. Risk-averse person often seek to maximize satisfaction from the returns on their investment. CAPM also assume a perfect competitive market, which is in the equilibrium. It means that the financial market is populated with highly sophisticated and well informed buyers and sellers, meaning that the financial market has the characteristic of transparency. The third assumption implies that investors will choose to hold diversified portfolios, means that every investor wants to hold a portfolio that could reflects the stock market as a whole. Although i t is impossible to own the market portfolio, it is relatively easy and inexpensive for investors to eliminate specific or unsystematic risk and construct a portfolio that tracks the stock market through diversification. Another significant problem is that, it is not possible for investors to borrow at the risk-free rate in the real world. This is because the risk associated with individual investor is particularly higher than the risk associated with the Government. This inability to borrow at the risk-free rate means that the slope of the SML is shallower in practice than in theory. However, CAPM is generally considered as a better method to calculate the cost of equity and it explicitly takes into account the sensitivity of a companys security return to market risk. It is clearly superior to the WACC in providing discount rates to be used in investment appraisal. Research has shown the CAPM to stand up well to criticism, although the arguments against CAPM have been increasing in the recent years. Investment managers in Malaysia have widely applied CAPM as well as its sophisticated extension as the investment valuation metric. CAPMs application to corporate finance is the recent development. Although it has been employed in many utility rate-setting proceedings, it has yet to gain widespread use in corporate circles for estimating companies cost of equity. Methodology The Capital Asset Pricing Model indicates a simple linear relationship between expected rate of return and systematic risk or market risk of a security or portfolio. The model is an extension of Markowitzs (1952) portfolio theory. The researchers who are commonly credited with the CAPM development are Sharpe (1964), Linter (1965) and Black (1972) and that is the reason CAPM is normally referred as SLB model. Markowitz (1952) developed a concept of portfolio efficiency through the combination of risky assets that minimizes risk for a given return or maximizes return for a given risk. Variance of expected returns has been used as the measure of risk and then the efficient portfolio will be developed to minimize risk for a given rate of return. The equation of CAPM indicates the relationship between cost of capital and market returns. The general idea behind CAPM is that investors need to be compensated for two reasons: time value of money  and risk. The time value of money is represented by the risk-free rate, Rf  in the equation and investors are being compensated for the forgone opportunity cost and time value of money due to their investment over a period of time. The other half of the equation represents the risk and the risk premium is the compensation for the investors for taking on any additional risk. It is calculated by using a risk measure (Beta) to the market premium (Rm-rf). The calculation of CAPM is as followed: Ri = Rf + ( Beta * Market Risk Premium ) where, Market Risk Premium = Rm Rf where, Ri = return on equity or portfolio Rm = return on the market portfolio Rf = return on risk-free asset Beta = sensitivity of security or portfolio to the systematic risk The equation indicates that the expected rate of return on asset i is equal to the rate of return on the risk-free asset plus a risk premium. The risk premium is calculated by multiplying beta with the difference between the expected rate of the return of the market portfolio and the risk-free rate. Risk free rate can be obtained from the return on Malaysian Treasury bill at particular time of the stock trading while beta can be calculate from the historical prices of stock and the market and the market return can be calculated based on the market index. To calculate the beta value, we need to first calculate the covariance of the security and the market. Second, we need to calculate the variance from market return. Next, we need to divide covariance of the particular security and market by variance of market to obtain the value of beta.