The Death Of The Storm By Kate Chopin - 1839 Words

Through their contrasting demonstrations of marital fidelity and infidelity, Eloisa from Alexander Pope’s poem Eloisa to Abelard and Calixta from the short story The Storm by Kate Chopin both submit to situations that trigger socially unacceptable actions to take place. These acts of loyalty and disloyalty towards their spouses are merely human sexual desires and passion that have been socially, morally, and religiously repressed. Chopin implies that Calixta’s act of adultery was the reason for her happiness, and in turn her family’s happiness. On the other hand, as shown in Pope’s poem, the disapproval of Eloisa’s family regarding their relationship caused Eloisa and her teacher Abelard to suffer horrible outcomes such as, the castration of Abelard. Although, the conflict of whether infidelity always results in negative consequences or not is a subject of debate. Love, among other values, is the foundation of marital fidelity. The undeniable emotional bond that Eloisa and Abelard share proclaims that between two people true love is most important. In spite of the difficulties that stumbled upon their path, Eloisa and Abelard managed to get secretly married. This courageous act of rebellion emphasizes that true love directly corresponds to marital fidelity and devotion. Their total awareness of the fact that there are going to be consequences to their relationship, whether these consequences were caused by the morals of the society or by Eloisa’s family, did not stop themShow MoreRelatedThe Storm By Kate Chopin1649 Words   |  7 Pageslike writers in present day, Kate Chopin was a writer who wrote to reflect obstacles and instances occurring within her time period. Writing about personal obstacles, as well as issues occurring in the time period she lived, Chopin proved to be distinctive upon using her virtue. Kate Chopin was a determi ned individual, with true ambition and ability to produce writings that reflected women on a higher pedestal than they were valued in her time. â€Å"The Storm† by Kate Chopin is a short story written toRead MoreHow Did Kate Chopin Influence Literature949 Words   |  4 PagesKate Chopin’s distinct influence in literature Kate Chopin was an innovative influence for literature in the late 1800’s. Her stories and characters conflicted with the societal norms of inequality towards women. Women in the 1800’s were oppressed, and treated more like property than individuals. Living in the 1800’s as a woman meant they had no rights, or power to create a life of their own. The men, in that period of history, held all prestige positions; therefore, formed all of the laws, and socialRead MoreThe Story Of An Hour By Kate Chopin886 Words   |  4 Pages In Kate Chopin â€Å"The Story of an Hour†, the reader is presented with the theme of prohibited independence. In Kate Chopin â€Å"The Storm†, the scenery in this story builds the perfect atmosphere for an adulterous affair. The importance of these stories is to understand the era they occurred. Kate Chopin wrote stories with exceptional openness about sexual desires. In â€Å"The Storm†, a short story written by Kate Chopin in a time when women were expected to act a certain way and sexual cravings was consideredRead MoreThe Unique Style Of Kate Chopin s Writing1603 Words   |  7 PagesThe unique style of Kate Chopin’s writing has influenced and paved the way for many female authors. Although not verbally, Kate Chopin aired political and social issues affecting women and challenging the validity of such restrictions through fiction. Kate Chopin, a feminist in her time, prevailed against the notion that a woman’s purpose was to only be a housew ife and nothing more. Kate Chopin fortified the importance of women empowerment, self-expression, self-assertion, and female sexuality throughRead MoreThe Storm By Kate Chopin Essay1508 Words   |  7 Pages Kate Chopin was an American author who wrote the short story â€Å"The Storm†. It takes place somewhere down in Louisiana at a general store and at the house of Calixta, Bobinot who is the wife of Calixta, and their son Bibi. The other character in the story is the friend of Calixta, Alcee Laballiere. The story begins with Bobinot and Bibi in the general store to buy a can of shrimp; meanwhile, at home, Calixta is at home doing chores when a storm develops, which makes her worry about Bobinot and BibiRead MoreKate Chopin Literary Analysis793 Words   |  4 PagesKate Chopin was an innovative influence in literature in the late 1800’s. Her stories and characters conflicted with the societal norms of inequality towards women. Women in the 1800’s were oppres sed, and treated more like property than individuals. Living in the 1800s as a woman meant they had no rights, or power to create a life of their own. The men, in that period of history, held all prestige positions, and formed the laws, and social norms of that time. Kate Chopin, and other writers of herRead MoreFemale Characters Overthrowing Gender Roles1101 Words   |  5 Pagesthink of. Kate Chopin, a primarily short story writer, does not fall short of this statement. Through her stories, â€Å"The Storm,† and â€Å"The Story of an Hour,† the women seem to be trapped in confining gender roles. By the conclusion of each story all the women find a way to challenge their everyday roles and overthrow them in some matter. Although these stories are dissimilar from each other, both show the struggle that women have against one or several antagonists in their lives. Chopin shows hardshipsRead MoreKate Chopin, An American Writer1425 Words   |  6 PagesKate Chopin, an A merican writer, known for her vivid portrayals of women’s lives during the late 1800s. Her fiction works usually set in Louisiana, which contributed too much of her description of women’s roles. During Chopin’s time, Louisiana was in the midst of reconstruction and was having racial and economic issues. (Skaggs 4) Louisiana is the setting for many of Chopin’s stories, and they depict a realistic picture of Louisiana society. Kate Chopin published two novels and many short storiesRead MoreA Brief Note On Kate Chopin s Chopin 1642 Words   |  7 PagesMaddy Mummey Mrs. Corby AP English 12 20 April 2015 Kate Chopin Kate Chopin was a successful author of numerous short stories and novels during her life; many critics refer to her as a forerunner author of the 20th century (Kate). Throughout Chopin s life and the many experiences she endured, she grew a great sense of respect and empowerment towards women. However, she is not categorized as a feminist or a suffragist (Kate). Chopin insistently supported the revolutionary notion that women wereRead MoreEssay about Kate Chopin Short Stories1663 Words   |  7 PagesKate Chopin was an American feminist fiction writer and a woman ahead of her time. She lived in the socially conservative nineteenth-century, but in her stories, she wrote about unconventional characters, particularly women, that caused others to question her morality. Similar to the female characters in her stories, Kate Chopin was an independent woman. She would often smoke cigarettes or walk in the streets unaccompanied; these practices were considered unusual for a nineteenth-centu ry woman to

The British North American Colonies - 857 Words

At the dawn of the 17th Century, England was in a suitable position to colonize North America. England had finally reached peace with Spain, and England had many workers willing to travel to America for a chance at religious freedom, affluence, and exploration. Aided by the funding of the Virginia Company, roughly one hundred English settlers landed on the North American shore in 1607, at a place they would name Jamestown. In the ensuing decades, more people traveled to this new land, and they expanded their territories, eventually forming the Thirteen Original Colonies. At first glance, the colonies were very much alike, as they had all kept their English culture and remained loyal to England. However, after closer inspection it was evident that many concrete differences existed between the colonies, specifically between the New England, Middle, and Southern colonial regions. Despite the colonies’ loyalty to England and their similar cultures, the Thirteen British North Ameri can Colonies had distinct differences in their economies, moral and religious principles, and settling patterns. First of all, the Thirteen Original Colonies were disparate because they had different economies. For example, the Southern Colonies, which included Maryland, Virginia, North Carolina, South Caroline, and Georgia, were particularly known as the plantation colonies, as they had many large farms and plantations. Theses colonies mainly produced and exported â€Å"cash crops† such as rice andShow MoreRelatedSummary : The Plantation Economy Of The British North American Colonies 1312 Words   |  6 PagesZainab Omosanya HST 1510 LD 01 Analytical Essay 1 Prof. Korey Bowers-Brown Trace the shift from non-racially specific indentured servitude to perpetual race-based slavery in the British North American colonies. Why did this shift occur, and what impact did the shift have on the lives of colonial inhabitants? The plantation economy in the Atlantic created a tremendous need for human labor. In the absence of machinery, human labor was required for the cultivationRead More Origins of the British East India Company and Its Influence on the British Imperial Government and North American Colonies1117 Words   |  5 PagesThe British East India Company played a key role in one of the most successful periods of British history. The East India Company was responsible for the invasion of the Indian subcontinent, which became one of the empire’s leading supplier of profits. The East India Company was responsible for the overthrow of Hong Kong and other Asian countries; it was responsible for creating Britain’s Asian empire. The British East India Company began as a joint-stock corporation of traders and investors whichRead MoreEvaluate the extent which Trans-Atlantic interactions from 1600-1763 contributed to maintaining continuity as well as fostering change in labor systems in the British North American Colonies?610 Words   |  3 Pagesbut as â€Å"pagan†. The subtle change to racism occurred in this century as Trans-Atlantic trade developed. In the time period from 1600 to 1763, labor systems in British America changed drastically in the West Indian islands and the Southern colonies because of Trans-Atlantic trade, but they stayed similar in the Middle and New England colonies to what they were before constant trade across the Atlantic was introduced. First, there is the change resulting from the South Atlantic System. This systemRead MoreThe Identity Of The American Revolution1527 Words   |  7 PagesThe identity of the American colonists prior to the American Revolution was still work in progress because there were certain events that helped shape their identity and led to the American Revolution. The American colonies were trying to break away from the British control because they wanted to become independent and be their own nation. Once the British began to realize the intentions of the colonists, they began to create laws, acts, and other forms things to keep the colonists under their controlRead MoreCompare and Contrast Spanish and British Colonization Efforts in North America Prior to 1763.1475 Words   |  6 PagesCompare and contrast Spanish and British colonization efforts in North America prior to 1763. Prior to 1763, both Spanish and British colonization efforts expanded into various regions of North America. In less than a century, from 1625 to 1700, the movements of peoples and goods from Europe to North America transformed the continent. Native Americans either resisted or accommodated the newcomers depending on the region of the colony. Though the English colonies were by far the most populous, withinRead MoreUnited States Declaration of Independence Analysis Essay1075 Words   |  5 Pagesof Independence† which was published on July 4th, 1776. It was written by Thomas Jefferson and adopted by the Second Continental Congress, states the reasons the British colonies of North America sought independence in July of 1776. The declaration opens with a preamble describing the documents necessity, in explaining why the colonies have overthrown their ruler, and chosen to take their place as a separate nation, and to be independent in the world. The United States of America only has a littleRead More Evolution of British Policy in the Colonies: 1750 to 1776 Essay1428 Words   |  6 PagesEvolution of British Policy in the Colonies: 1750 to 1776 The relations between England and the British North American colonies could always be considered precarious. Prior to 1750 British essentially followed a policy of benign neglect and political autonomy in the American colonies. (Davidson p.97) The colonies were for the most part content with benign neglect policy, relishing in a â€Å"greater equality and representative government†(Davidson p.95) within the colonies. Competition among EuropeanRead MoreThe Confederation Act of 1867 Essay1134 Words   |  5 Pagesbelieve that despite the significance of events such as the British encouragement of uniting its North American colonies, the central and key reason for confederation was the fear of potential American (Yankee) inhabitance (whether by persuasion or invasion) of the divided and vast British North American colonies, and the way that the â€Å"Fathers of Confederation† were able to take advantage of this situation and persuade reluctant colonies to join Confedera tion. A strong and united nation could notRead MoreThe Dilemma Of American National Identity855 Words   |  4 PagesGreat Britain. The laws imposed on the colonies were usually unenforced giving the colonies free reign over most aspects of their life. Despite the distance between North America and the mother country, colonists considered themselves equal with British citizens living on the other side of the Atlantic Ocean. At this point, the colonists had no intentions of breaking off from the mother country. As John Murrin says in his essay â€Å"The Dilemma of American National Identity†: â€Å"Nothing is more ironicRead MoreThe Nineteen Years War : An Instrumental Turning Point For The American Colonies1746 Words   |  7 PagesThe Seven Years War in 1763 was an instrumental turning point for the American Colonies. Shortly after the initial excitement of winning the Seven Years War ended, tensions between the American colonies and the British Empire rose. These tensions were largely due to the financial mess that was created by the war, miscommunication, and a struggle for power. The British Empire’s need to regain power over the American colonies and organize the new territories gained by the war served to intensify the

Constructive Capitalization Operate Leases -Myassignmenthelp.Com

Question: Discuss About The Constructive Capitalization Operate Leases? Answer: Introduction The main purpose of this report is to analyze two companys financial report which belong two different industries. The companies which are selected for this report are Sirtex Medical ltd and Altech Chemical ltd. The report will also be analyzing specific areas of the financial statement and a comparison will be made between the two companies. Overview Sirtex Medical Limited is an Australian company which is engaged in providing medical treatment to the society. The company also provides medical services to the society and treats patients. The company specializes in radioactive treatment for inoperable liver cancer. The company has its headquarter situated in Australia and the company was established in 1997. (Sirtex.com 2018). The other company which is selected for this assignment is Altech Chemical Ltd which has its headquarters in Australia and it is also listed in the Australian stock exchange (Altechchemicals.com, 2018). The company is engaged in providing material and supply of minerals. The company specializes in the production of alumina. The company is engaged in exploration and mining activities. Concept Leasing is the process of financing which is used by the companies in day to day business. In a lease agreement, the lessor gives the right to use the property of the lessor to an individual who is known as lessee for a certain rate of interest. Nowadays lease agreement are used by businesses extensively for business purposes. The application of leases are more prominently used in airline industry, retail industry and shipping industries (Schallheim, Wells and Whitby 2013). Some of the airline business are also in the business of leasing the aircraft which is used in the business. Generally leases are of two types operating leases and financial leases. Operating leases is the lease which is of a short term basis and which is used by businesses to acquire equipment on short term basis. Generally the useful life of the asset acquired in an operating lease is more than the term of use of the lease. As per the previous standard on leasing operating leases were not disclosed and represent ed in the balance sheet of the company. Financial leases are more frequently used in business where assets are brought by the lessor in order to finance theses to the lessee for a certain rate of interest. Financial leases are recorded in the financial reports of the business. Company Analysis of Leases As per the balance sheet of Sirtex Medical ltd, the terms of leases of the company are that the lease payments for operating leases, where all the risks and benefits remain with the lessor and charged as expenses in the period in which such expenses are incurred. All leases are recognized as a liability and amortised accordingly on the straight line basis as per the policy of the company. Sirtex Medical ltd has recently replaced AASB 117 with the new lease standard AASB 16 which recognizes all leases as liability and are accounted for on balance sheet, other than short term and low value leases. The new lease standard provides new effect on the definition, application, sales and back accounting of lease transactions (Cornaggia, Franzen and Simin 2012). The new standard also requires proper disclosures of the same in the annual reports of the company. As the management has implemented the new AASB 16 currently so the effect on the financial report is not ascertained completely. Howeve r the management expects the following changes will take place: Significant increase in the leases assets and financial liabilities in the balance sheet. The value of lease assets will decrease more quickly than lease liabilities due to the effect of reported equity EBIT as shown in the profit and loss account will be higher as former leases interest will all be part of the finance cost of the business. The consolidated balance sheet shows that the company has leases in Sydney, Singapore, Germany and also in United States. The duration and the remaining useful life of such leases are shown in the figure below: As per the annual report of Altech Chemical ltd for 2016, shows that the company has leases in the financial statements. As per the companys policy such leases are recognized as operating or financial leases based on the economic substance of the lease which reflect the risk and benefits associated with that particular lease. The company policy is to recognize the leases as per the old standard of the company and apply straight line method of amortization on such leases. The company plans to introduce AASB 16 from 1st January 2019, till then the old standard will be used in order to recognize leases. As per the management of Altech Chemical ltd AASB 16 will introduce change in the management by not differentiating operating and financial leases from each other. The management of the company is of the view that the new standards implementation will be affecting the Groups financial statement but the exact estimate of impact is not possible to predict. As per the annual reports of the company for 2016, the company holds various mineral leases which they can use for exploration. The company is in the production of minerals and production of alumina. Literature Review As per studies show that as per the old standard on leases there are two types of leases which are recognized. One is the capital leases or finance lease which is shown in the financial statements and another is off balance sheet leases which are operating leases which are not recorded in the balance sheet of the company (Altamuro et al. 2014). In an article it is shown that a large number of business uses off balance sheet leases or operating leases in order to strengthen their balance sheet as the level of debts are not shown in such a balance sheet. Various time series data show such similar results (Cornaggia, Franzen and Simin 2012). Another study which was conducted on Hong Kong fast food industry shows the problem of implementation of the new standard of leasing. The lease was introduced by IASB in order to tackle the problems which the previous standard faced. The other aim was to ensure that the financial statements reflect true economic reality of the company (Tai 2013). A recent study shows that a research was conducted on how much amount of operating leases companies uses in order to finance their activities. The research was conducted on the top 40 JSE listed companies. The aim of the research is to show how the new standard on leases will impact such companies (De Villiers and Middelberg 2013). An investigation was undertaken to the effect of capitalizing operating leaseson firms immediacy to their debt covenant violations. The results of analysis show that the US companies uses such leases as instruments for generating capitalization in the companies (Lee, Paik and Yoon 2014). Measures and Findings As per the analysis of the above area on the lease of both the companies the following recommendations can be suggested which are given below: Sirtex Medical Limited has implemented the new standard AASB 16 which records all kinds of leases, however Altech Chemical has not yet implemented the new standard and therefore the company should implement the new standard as soon as possible earlier than 2019. The operating leases of Sirtex limited is much more as compared to Altech limited which can be reduced as with the implementation of the new standard the cost of the company will also be increasing. Both company uses straight line of amortization of such leases Earning per share is that portion of profit which can be attributed to each and every issued share capital of the company. In other words Earning per share(EPS) is the amount of profit per share which the investors of the company receives as dividends. As per the formula EPS is calculated by dividing Profit after tax (PAT) by the total number of shareholders of the company. a company which has high EPS is capable to provide dividends to the public or it can use this profits as retained earnings and reinvest in the business for the further growth of the business (Zeitun and Tian 2014). This is also a measure for profitability of the company. many investors use this EPS of a company to marketing decisions whether to invest, retain or sell the shares of the company. The EPS of the company is shown in the financial report of the company. EPS is shown in two parts Basic EPS and Diluted EPS. Basic EPS is the amount of profit which is available for the common shareholders of the company dur ing a reporting period whereas Diluted EPS considers the convertible shares also. These convertible shares of the company consist of preferred shares, convertible debentures, stock options. Company Analysis of EPS As per the analysis of the Sirtex Medical Limiteds financial report, the company has a growing EPS. The company has been targeting the earing per shares growth as the target of the company. The growing rate of Earning per share of the company will definitely be improving the performance of the group. Increasing earning per shares reflect that the company has increasing returns on the capital which was contributed by the shareholders. The basic earning per share of the company is 93.7 cents which has increased from the previous year eps which was 71.4 which shows the growth of the company in terms of EPS. As per the balance sheet of Altech Chemical ltd, the EPS of the company is subdivided in basic and diluted EPS. The basic earning per shares is calculated by dividing net loss by the weighted average number of shares of the company. The diluted earning per share is calculated by dividing net loss by weighted average number of shares and also dilutive potential shares. The basic EPS of the company is in negative figure .0008 which has slightly improved from the previous year figure. While analyzing the EPS of both the companies it is easily depicted that the EPS of the Sirtex ltd is much better than the EPS of Altech ltd. The basic reason for this is the Altech ltd has incurred a loss in the year 2016 as well as 2015, thus the EPS depicts a negative figure. The Eps of any company is a performance indicator of the company which the investors consider in the business. It is also an indicator for the investors whether to invest in the stocks or not. Thus investors and stock brokers consider the Eps of the company which has a growing Eps rate in order to invest in them (Sumangala 2012). Earning per share of any company is considered to be an important factor in order to determine the share price and value of the firm. Recent studies show that most of the investors take their decisions about investing in a stock on the basis of the EPS which the company has acquired (Islam et al. 2014). Any company is required to show the Eps of the company in the financial statements. The earning per share is divided into basic Eps and Diluted Eps (Jorgensen, Lee and Rock 2014). Earning per share is that portion of profit which can be attributed to each and every issued share capital of the company. In other words Earning per share(EPS) is the amount of pro fit per share which the investors of the company receives as dividends. As per the formula EPS is calculated by dividing Profit after tax (PAT) by the total number of shareholders of the company (Bonaim 2012). Measures and Findings As per the analysis of the above area on the earning per share of both the companies the following recommendations which can be provided are for Altech Chemical ltd. The company needs to improve their earning per share as this is an important indicator of how the company is performing. In addition to this the company needs strategies which can result in growth rates of Eps like Sirtex ltd. The liabilities of the company include the current and non current liabilities as per the balance sheet. The current liabilities consist of all the liabilities which have to be paid off with in a period of one year or even less such as trade payables and the non current liabilities includes liabilities which are of long term nature such as long term debts. Trade payables or the creditors which gives money or supplies to the company for credit (Kapan and Minoiu 2013). Long term debts on the other hand are also credits which the business takes for a longer period say 4 to 5 years or even longer. Company Analysis As per the financial statement of Sirtex Medical Limited, the company has current liabilities which includes trade payables and others, current tax liabilities and provisions. The total of trade payables and others show a figure of $28090000 for the year 2016. The break up of trade payable is $16296000 and the other payable as shown in the notes of accounts is $11794000. Then comes the current tax liabilities of the business which refers to the liabilities which relates to income tax of the company. The current tax liability of the company as per the financial statement of 2016 shows $7239000. The provision refers to the amount which is kept aisde keeping in mind for some future loss or expenses which the company might have to incur in near future. The provisions are both of short term nature and long term nature. The short term provisions of the company includes provisions for long service leaves, provision for clinical studies, provision for legal settlements and miscellaneous prov isions. The figure of the provision show a figure of $7009000 which is the total of the above mentioned provisions. The long term provisions of the company shows that the provisions amount is $1153000 as shown in the notes to accounts of the company. As per the balance sheet of Altech Chemical ltd, the liabilities section of the balance sheet shows that the company has only current liabilities in the balance sheet. The current liabilities of the company consist of trade and other payables, loan which is short term in nature and provisions. The current payables of the company show an amount of $348326 which is almost twice of the figure which was shown as trade and other payables in previous year. Trade and other payables is a combination of trade creditors, PAYG payables and other creditors of the company. The figure of provisions which is made up of provision for annual leave is shown at the amount of $62672 in the notes to accounts. The loan of the company which was $815000 which was at 8.15% interest rate in 2015 has been converted into fully paid ordinary shares of the company resulting in the issue of 13813565 shares of the company. Liabilities are shown in the balance sheet of the company which will always match with the asset side total of the balance sheet as per the double entry system. In a recent study it is shown how banks effectively maintain and manage their liabilities (Kreicher, McCauley and McGuire 2013). A study shows the impact of the 2008 financial crisis on companys trade payables. The impact of a financial crisis on the company performance was significant. In such a situation the availability to get credit from business becomes more and more difficult. The financial crisis had a negative impact on the performance of the company. However this impact was lower for firms which had trade payables in the balance sheet during the pre crisis period (Kestens, Van Cauwenberge and Bauwhede 2012). Another journal on banking and finance states that some of the business uses trade payables and trade receivables strategically in business to gain a competitive advantage for the business. If proper control on t rade payable and trade receivables are maintained than the business can attain growth by the use of such resources (Ferrando and Mulier 2013). A study shows that the bank sectors during a sample were subjected to different accounting rules with respect to provision less loans (Bushman and Williams 2012). Another journal shows the accounting for financial instruments which are used by businesses in respect to loan. As per the FAS these accounting for loans are done with the help of this standard (Ryan 2012). Measures and Findings As per the analysis of the balance sheet of both the companies the following measures can be suggested to the both the companies. Sirtex Medical Limited has both current liabilities and non current liabilities. The company has recorded various types of provisions in the balance sheet which relates to the activities of the business. The company has long term loans in the business. Then comes the current tax liabilities of the business which refers to the liabilities which relates to income tax of the company. The company needs to control the trade payables of the business and ensure these does not exceeds benefits associated with it. As per the balance sheet of the Altech Chemicals ltd, the company does not have any non current liabilities which is quite understandable as the company is trying to avoid risks which non current liabilities of the company bring into the equations. The current liabilities of the company consist of trade payables and provisions. A loan which was taken by the company in the year 2015 of $815000 was converted into equity share capital by the business. The company is trying to avoid the risks and getting into profit ways again as the business has been earning losses from two years that is 2016 and 2015. The company needs to control of the trade Intangible assets refer to the fictitious assets of the company which are shown in the balance sheet of the business. In other words the assets of the company which are intangible in nature are known as intangible assets. These types of assets of the company includes Goodwill, trademarks, patents and copyrights. Goodwill refers to the investments which the business undertakes in order to get some future benefits of the company. Goodwill are of two types internal goodwill and purchased goodwill which the companies purchases. Patents refers to the technological know how which the business may possess. The trade marks and copyrights refer to the business marks and product rights which the company has acquired for the business or developed the same. As per the analysis of the Sirtex Medical ltd, the company has certain intangible assets already in the balance sheet. the company during the year has generated internal intangible assets which is expenditure on a research phase of the project which are capitalized by the company. Development costs and certain clinical trial costs have been capitalised to the extent they satisfy the recognition criteria for internally generated intangible assets. The Group uses its judgment in continually assessing whether development expenditure meet the recognition criteria of an intangible asset. The company consist of the following intangible assets which are intellectual property, internally generated asset, software and assets work in progress. The following intangible assets are also subjected to amortization. The intangible assets of the company consist of software which is shown at cost which is subjected to amortization which will give the net figure of $2399000. The internally generated in tangibles is valued at $76153000 in 2016 and the company shows its intellectual property at $151000. The total intangibles assets of the company is shown at $68027000 and there has been certain additions which were made to intangible assets and a certain part of the intangible assets were amortised which gave a net figure of intangible assets of $82821000. As per the balance sheet of Altech Chemical ltd, the company does not have any intangible assets in the balance sheet of the company. The balance sheet of the company does not show any intangible assets. An article aims at supporting the management in the strategic planning of investments on critical value drivers, taking into consideration their impact on competitive advantage and the cumulative investments made on them. As investment of the company increase there is a high probability that the companys reputation and goodwill of the company will also increase (Greco, Cricelli, and Grimaldi 2013). Another article shows how effective management of intangible assets can help leading Russian food retail business to gain competitive advantage in the business. If the intangible assets of the company are used in an effective manner than the company make a brand name and also earn goodwill for the business as shown in the case of the Russian leading food retail business (Ivanov and Mayorova 2015). Intangible assets refer to the fictitious assets of the company which are shown in the balance sheet of the business. In other words the assets of the company which are intangible in nature are known as intangible assets. These types of assets of the company includes Goodwill, tra demarks, patents and copyrights (Andrews and De Serres 2012). A study shows the value and effects of changes in goodwill accounting in a European environment. International Financial Reporting Standard (IFRS) 3 substituted accounting rules that emphasized goodwill amortization which will then be keeping the balances of the goodwill low. Goodwill accounting under IFRS 3 largely relies on manager fair value estimates of acquired company. Using data of Sweden, we show that goodwill amortizations were not value-relevant prior to the adoption of IFRS 3. However, impairments reported in addition to amortization were significantly related to stock returns during that period (Hamberg and Beisland 2014). Measures and Findings As per the analysis of the financial reports of both the countries, Sirtex Medical Ltd has intangible assets in the balance sheet which are either internally generated or purchased by the company. The company consist of the following intangible assets which are intellectual property, internally generated asset, software and assets work in progress. Development costs and certain clinical trial costs have been capitalised to the extent they satisfy the recognition criteria for internally generated intangible assets and such has been developed by the business as internally generated goodwill of the company. in comparison to this the company Altech Chemical Limited doe not have any intangible assets as the balance sheet of the company does not show any such assets. The company Altech ltd needs to generate a goodwill for the business as this is also an indicator whether the firm is looking from a future perspective or not. Conclusion The report considers the annual financial reports of two companies which are Sirtex Medical ltd and Altech Chemical ltd. As per the findings from analyzing the four areas of the business of both companies which were Leases, Earning per shares, Liabilities of the company and intangible assets of the company, Sritex Medical Limited is better placed in comparison to Altech Chemical ltd. Sritex company has growth in EPS which is a sound financial indicator of the business whereas Altech ltd does not have such sound indicators and has incurred losses for the past two years. Reference Altamuro, J., Johnston, R., Pandit, S.S. and Zhang, H.H., 2014. Operating leases and credit assessments.Contemporary Accounting Research,31(2), pp.551-580. Altech Chemicals Limited - High Purity Alumina Producer. (2018).Altechchemicals.com. Retrieved 11 January 2018 Andrews, D. and De Serres, A., 2012. Intangible assets, resource allocation and growth: A framework for analysis.OECD Economic Department Working Papers, (989), p.0_1. Bonaim, A.A., 2012. Repurchases, reputation, and returns.Journal of Financial and Quantitative Analysis,47(2), pp.469-491. Bushman, R.M. and Williams, C.D., 2012. Accounting discretion, loan loss provisioning, and discipline of banks risk-taking.Journal of Accounting and Economics,54(1), pp.1-18. Cornaggia, K.J., Franzen, L.A. and Simin, T.T., 2012. Managing the balance sheet with operating leases.Available at SSRN,2114454. Cornaggia, K.J., Franzen, L.A. and Simin, T.T., 2012. Managing the balance sheet with operating leases.Available at SSRN,2114454. De Villiers, R.R. and Middelberg, S.L., 2013. Determining the impact of capitalising long-term operating leases on the financial ratios of the Top 40 JSE-listed companies.The International Business Economics Research Journal (Online),12(6), p.655. Ferrando, A. and Mulier, K., 2013. Do firms use the trade credit channel to manage growth?.Journal of Banking Finance,37(8), pp.3035-3046. Greco, M., Cricelli, L. and Grimaldi, M., 2013. A strategic management framework of tangible and intangible assets.European Management Journal,31(1), pp.55-66. Hamberg, M. and Beisland, L.A., 2014. Changes in the value relevance of goodwill accounting following the adoption of IFRS 3.Journal of International Accounting, Auditing and Taxation,23(2), pp.59-73. Islam, M., Khan, T.R., Choudhury, T.T. and Adnan, A.M., 2014. How earning per share (EPS) affects on share price and firm value.European Journal of Business and Management,6(17), pp.97-108. Ivanov, G. and Mayorova, E., 2015. Intangible assets and competitive advantage in retail: case study from Russia.Asian Social Science,11(12), p.38. Jorgensen, B.N., Lee, Y.G. and Rock, S., 2014. The shapes of scaled earnings histograms are not due to scaling and sample selection: Evidence from distributions of reported earnings per share.Contemporary Accounting Research,31(2), pp.498-521. Kapan, M.T. and Minoiu, C., 2013.Balance sheet strength and bank lending during the global financial crisis(No. 13-102). International Monetary Fund. Kestens, K., Van Cauwenberge, P. and Bauwhede, H.V., 2012. Trade credit and company performance during the 2008 financial crisis.Accounting Finance,52(4), pp.1125-1151. Kreicher, L., McCauley, R.N. and McGuire, P., 2013. The 2011 FDIC assessment on banks managed liabilities: interest rate and balance-sheet responses. Lee, B., Paik, D.G. and Yoon, S.W., 2014. The Effect of Capitalizing Operating Leases on the Immediacy to Debt Covenant Violations.Journal of Accounting and Finance,14(6), p.44. Ryan, S.G., 2012. Financial reporting for financial instruments.Foundations and Trends in Accounting,6(34), pp.187-354. Schallheim, J., Wells, K. and Whitby, R.J., 2013. Do leases expand debt capacity?.Journal of Corporate Finance,23, pp.368-381. Sirtex.com. (2018).Sirtex - US. [online] Available at: https://www.sirtex.com [Accessed 24 Jan. 2018]. Sumangala, J.K., 2012. Impact of Earnings per share on Market Value of an equity share: An Empirical study in Indian Capital Market.Journal of Finance, Accounting and Management,3(2), p.1. Tai, B.Y., 2013. Constructive capitalization of operating leases in the Hong Kong fast-food industry.International Journal of Accounting and Financial Reporting,3(1), p.128. Zeitun, R. and Tian, G.G., 2014. Capital structure and corporate performance: evidence from Jordan.

Tourist Attraction in Sydney-Free-Samples-Myassignmenthelp.com

Question: Discuss about the Tourist Attraction in Sydney. Answer: Introduction Sydney tower also famously known as Sydney Eye Tower, AMP Tower, Westfield Centrepoint Tower or just Centrepoint is the tallest structure in Australia and second tallest tower in Southern hemisphere. Sydney tower is also a member of World Federation of Great Towers. The height of the tower is 309 m (1014 ft) above Sydney central business district (CBD) is located in Market Street. Built in the year 1981 it took 11 years to complete this humongous project with an estimated cost of approx 26 million Australian dollars. Design and constructed by Donald Crone and Associates the Sydney tower was opened to general public in the year 1981. Golden turret on the tower top has a maximum capacity of 960 people. It is connected to three high velocity double Decker lift which regulates in high, low and moderate speed depending on the wind velocity (Amelung Nicholls 2014). SWOT Analysis SWOT analysis will determine the strength, weakness, opportunity and threat of the Sydney Tower will help to understand what Sydney Tower have to offer to its visitors and also an internal assessment of the Sydney Tower Strength The greatest strength of Sydney tower lies in its heritage as a tourist place with a 45 minutes guided tour of the Skywalk with an experienced guide that have to offer a breathtakingly beautiful scenic beauty of the entire city and suburbs. In the skywalk, one can view skyline of Sydney such as Sydney Opera House, Hyde Park, Sydney Cricket Ground, Sydney Harbor Bridge etcetera. Along with this Sydney tower, have Dinning and bar counters, restaurants, and Studio. 360 bar and Dinning offers view of the skyline of Sydney. Sydney Tower Buffet provides the luxury of buffet to the tourist. The Sydney tower also has the highest event space in the entire southern hemisphere and can hold guest up to 200 people as well as 156 sit-downs (Chen et al., 2013). Weakness The greatest weakness of the Sydney tower is the Mother Nature and natural calamities weather plays a major role as it can disrupt or close the place for uncertain period. Though the skyline authorities and tour organizer claims to provide the best experience and weather promise but who can guarantee weather. Australia home of the most envied climate still experiences Heavy Rain, Strong winds, Thunderstorms and White outs that hampers the sightseeing (Chung, 2013). Opportunity The larger number of crowed come to visit has increase with the inclusion of new and innovative approach given by the authority such as group tickets, events tickets, annual passes, combine sightseeing tickets and so on and so forth it would have the number of footfall in the site. The price of the ticket can be a drawback but the management is trying to provide the best price for all age group (Ma Hassink 2013). Threats Australian dollar have seen weakening against US dollar in the recent market scenario, which have decreased the Australian economic growth. Other threat would be different other tourist spot which have much to offer than just scenic beauty. The Sydney Tower is just a onetime visit site as it will be monotonous the next time apart from attending any functions or events (Baum, 2016). Market Segmentation and Target Audience The benefit of the market segmentation is needed to understand the want and need of the consumer, it will also help to determine market expense allocation efficiently, which would help to determine further development of the site and develop marketing strategies more precisely (Dredge Jamal, 2013). Way of Market Segmentation Nationality Demographics Lifestyle Equipment ownership Criteria of Market Segmentation Geographic Segmentation Psychographic Segmentation Demographic Segmentation Socio Culture Segmentation Product Related Segmentation The target market of the Sydney Tower is majorly in the age group of 8-15 and 35-55 this group of people has mid level lifestyle to high level lifestyle and comes from all around the world. The group of people would be adventure lover and thrill for heights References Amelung, B., Nicholls, S. (2014). Implications of climate change for tourism in Australia.Tourism Management,41, 228-244. Baum, T. (Ed.). (2016).Human resource issues in international tourism. Elsevier. Chen, B., Yang, Q., Wang, K., Wang, L. (2013). Full-scale measurements of wind effects and modal parameter identification of Yingxian wooden tower.Wind and Structures,17(6), 609-627. Chung, L. L., Wu, L. Y., Lien, K. H., Chen, H. H., Huang, H. H. (2013). Optimal design of friction pendulum tuned mass damper with varying friction coefficient.Structural control and health monitoring,20(4), 544-559. Dredge, D., Jamal, T. (2013). Mobilities on the Gold Coast, Australia: Implications for destination governance and sustainable tourism.Journal of Sustainable Tourism,21(4), 557-579. Ma, M., Hassink, R. (2013). An evolutionary perspective on tourism area development.Annals of Tourism Research,41, 89-109.

Living Conditions in Kenya Essay Example

Living Conditions in Kenya Essay Life CONDITIONS IN KENYA 1 This paper analyzes the life conditions in Kenya. Kenya is the biggest economic system in East Africa, and it has contributed greatly into the stabilisation of East African states. This includes Somalia, where the state has sent military personnels to assist in reconstructing order and security within the part. In explicating the life conditions in Kenya, this paper uses the societal justness theory, and the moralss of virtuousness theory. The moralss of virtuousness theory lays an accent on the function of an individual’s character, for intents of measuring and analysing the ethical behaviour of a individual ( Clayton and Williams, 2004 ) . Social justness theory on the other manus develops the rules that govern the societal order of a society. Social Justice refers to the ability that people have, for intents of recognizing their potencies, within the society in which they live ( Clayton and Williams, 2004 ) . On this footing, there is a demand of set uping establishments th at would assist the society to take a better and fulfilling life. The rules established by the theory of societal justness are, personal and political autonomies, equal chances, etc. This paper argues that the life conditions in Kenya are hapless, and bulk of people are unable to acquire better services because of inefficiency in the mode in which the national authorities distributes resources to the grassroots degree. We will write a custom essay sample on Living Conditions in Kenya specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Living Conditions in Kenya specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Living Conditions in Kenya specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Before December 2007, Kenya was categorized as one of the success narratives in Africa. This is because the state was sing a fledging democracy, and an unprecedented economic growing, which was characterized by a flourishing touristry industry ( Williams, 2012 ) . It is of import to understand that the population of the state is approximated at 35.5 million people, with about 10 million people populating in the urban countries ( Oppong and Oppong, 2012 ) . The capital metropolis is in Nairobi, with over three million people shacking in it. The 2007 elections in Kenya culminated into an electoral force that was so terrible and lifelessly. This force shocked the full universe, and this is because Kenya has been regarded as a symbol of peace and stableness within a part that was infested with civil wars and armed struggles. Kenya faces a series of jobs, such as corruptness, HIV/AIDS, higher criterions of life, poorness, malnutrition and hungriness, a hapless wellness sector, tribalism, and hapless leading and administration ( Oppong and Oppong, 2012 ) . These mentioned jobs are the chief causes that make the life conditions in Kenya to be hapless and substandard. For case, it is estimated that kids below 15 old ages of age signifier 50 % of the entire population of the state ( Campbell, Gray and Radak, 2011 ) . On this footing, the state faces a high dependence load, which is responsible for making a competition for the chief intent accessing quality instruction, wellness attention services, and other societal services. It is of import to understand that in every bit much as the economic system of the state usually see some growing, more than half of the population of the state live in poorness ( Williams, 2012 ) . That is they live in less than a dollar per twenty-four hours. The most vulnerable people are kids and adult females populating in rural countries, and in slums ( Oppong and Oppong, 2012 ) . Poverty in the state is attributed to inefficient administration construction that does non guarantee the just distribution of resources to the grassroots degree. Poverty is besides attributed to the widespread corruptness within the state ( Williams, 2012 ) . In fact, in an one-year study of the states that is the most corrupt in the universe. Kenya ranks amongst the most corrupt states in t he universe. Corruptness is widespread within the state, and it is really hard for an person to acquire services from the authorities without corrupting a authorities functionary ( Oppong and Oppong, 2012 ) . Amongst the establishments where corruptness thrives, are the constabulary forces, the military units, the bench, and sections responsible for supplying in-migration services. Harmonizing to the societal justness theory, it is the function of the authorities to supply a conducive ambiance that can assist people to do wealth, and live in prosperity. Eradication of poorness should be one of the major concerns of the authorities, and hence establishments must be put in topographic point, for intents of assisting the authorities to contend poorness, and its causes ( Williams, 2012 ) . It is of import to understand that there have been attempts and schemes developed for intents of contending corruptness within the state, which is one of the major, causes of poorness. Institutions such as the Kenya Anti Corruption Authority were established. However, these establishments have failed to undertake the jobs of corruptness, because of deficiency of authorities will. For case, there have been major dirts affecting the larceny of public money, and this includes the Goldenberg saga, whereby a concern adult male, with the aid of top authorities functionaries decided to steal revenue enhancement payer’s money by feigning that they could provide gold, to the state militias in the 1990s ( Oppong and Oppong, 2012 ) . Billions of shillings were lost in this procedure. Another state of affairs is the Anglo leasing dirt, which came to come up in 2005 whereby top authorities functionaries were able to steal one million millions of shillings from the authorities. It is of import to denote that failure by authorities anti-corruption establishments to forestall these dirts was an unfairness to the Kenyan society ( Williams, 2012 ) . This is every bit harmonizing to the societal justness theory, which lays accent on establishments to assist in advancing societal justness, and this includes equality of chance, and personal and political freedom. For illus tration, due to corruptness, the province is unable to raise financess that can assist it to develop roads, better on the instruction and wellness attention system, etc. On this footing, the authorities is forced to utilize the limited resources it has to develop certain countries, go forthing other parts in their development docket. This is clearly against the societal justness theory which advocates for just distribution of resources ( Hooft, 2006 ) . To cut down the jobs of corruptness in Kenya, there is a demand of utilizing the rules contained in the virtuousness theories of moralss for intents of commanding the behaviour of its senior authorities functionaries. This theory focuses on methods of bettering the morality of people, by set uping the regulations and processs that the people under consideration should follow. For illustration, corruptness is a negative phenomenon in the state, and there is a demand of set uping constabularies and mechanisms of contending corruptness. On this footing, the Kenyan authorities demands to ordain assorted Torahs and processs aimed at contending corruptness, and detering the frailty ( Williams, 2012 ) . These processs could include demonising this facet of corruptness, by taking civil retainers to developing seminars with the purpose of sensitising them on the dangers of corruptness. Through these actions, opportunities are high that the authorities might transfuse the moral virtuousnesss of honestness, and the demand to function amongst its senior civil retainers ( Hooft, 2006 ) . This will hold an consequence of minimising corruptness, taking to the decrease of poorness within the state ( Gifford, 2009 ) . Another factor that leads to hapless life criterions in the state is the country’s wellness sector, which is inefficient, and lacks adept medical practicians to work in these sectors. It is of import to understand that Kenya lacks adequate physicians and nurses to work in its wellness sector. The chief ground of this deficit is that the state does non hold equal preparation installations and resources that can ease the preparation of more medical practicians, and later en gaging these people ( Hornsby, 2012 ) . However, it is of import to understand that the country that is affected largely by this deficit of physicians is in rural countries. This is because most practicians do non like working in these countries because the wage is small, and they have small chances of progressing in their callings. Doctors in rural countries are ever employed by the authorities, and the wage offered by the authorities is non ever moneymaking ( Hooft, 2006 ) . On this footing, these physicians would instead remain in urban countries, where they can acquire better occupations, with honoring wage. On this footing, there is unjust distribution of service, with the rural countries being at a disadvantage. In the position of the societal justness theory, this is injustice, because people are unable to get services, which they have a right to ( Hooft, 2006 ) . This is because they are revenue enhancement remunerators, and therefore the authorities needs to supply the wellness attention services that they need. The instruction system in Kenya is besides hapless, and it favors kids from the rich background. In every bit much as the authorities introduced a cosmopolitan free primary instruction in the state, the educative services provided are non up to the criterion. This is because schoolrooms are congested, and there are cases whereby two kids are forced to portion a desk ( Haustein, 2011 ) . There is besides a deficit of instructors, and the authorities is loath to engage more instructors because it lacks the necessary financess to transport out the exercising. On this footing, the quality of instruction provided in authorities schools is low, and this is ever reflected in national test, where pupils from authorities schools do non execute better than pupils at private schools ( Haustein, 2011 ) . It is hence of import to understand that parents prefer taking their kids to private schools, for them to entree quality and good instruction. However, these schools are ever really expensive, a nd out of range of bulk of Kenyans. It is hence accurate to understand that the instruction system in Kenya is prefering the rich, and this goes against the rules established by the societal justness theory ( Clayton and Williams, 2004 ) . Harmonizing to this rule, there must be equity in the sharing of authorities resources, and on this footing, the Government failed in this sphere ( Hooft, 2006 ) . All that the authorities needs to make is to better the construction of free primary instruction, engage more instructors, construct more schools and schoolroom, and better on the accomplishments that its instructors have. By making this, opportunities are high that the authorities would better the quality of free primary instruction. From the position of the societal justness theory, it is the establishment of administration that plays a great function in guaranting whether there is just or unjust distribution of educational resources ( Williams, 2012 ) . This is because it is the authorities that has the duty of supplying instruction to the citizens of the state. Tribalism is besides a factor that leads to unjust distribution of resources. This is because senior authorities functionaries are acute at developing countries where their folks come from, at the disbursal of the full state. Loyalty is to the folk, as opposed to the whole state. In decision, the hapless life conditions in Kenya are chiefly caused by corruptness, and unjust distribution of resources. The societal justness theory and the virtuousness of moralss theory can be used to efficaciously explicate and supply a solution to these jobs. For case, the societal justness theory advocators for the publicity of just distribution of resources, and personal every bit good as political freedoms. In the position of this theory, establishments play a great function in guaranting that there is an just distribution of resources and the personal and political freedoms of people are guaranteed. On this footing, when these societal immoralities are depicted in a society, so the establishments of the society under consideration have failed. The same can be applied in the Kenyan state of affairs, whereby the establishments formed by the authorities to contend poorness, corruptness, tribalism and other ailments in the society have failed. The virtuousness moralss theory o n the other manus emphasizes on morality and the demand of holding a good character. Corruptness is an illustration a character that is non good, and this will take to the outgrowth of other societal ailments such as poorness, and in just distribution of wealth. On this footing, the authorities needs to engage people of unity and moral character for intents of keeping senior authorities offices. Bibliography: Campbell, B. C. , Gray, P. B. , A ; Radak, J. ( 2011 ) . In the Company of Work force: Quality of Life and Social Support Among the Ariaal of Northern Kenya.Journal of Cross-Cultural Geriatrics,26( 3 ) , 221-237. Clayton, M. , A ; Williams, A. ( 2004 ) .Social justness. Malden, MA: Blackwell Pub.. Gifford, P. ( 2009 ) .Christianity, political relations and public life in Kenya. New York: Columbia University Press. Haustein, J. ( 2011 ) .Christianity, Politics and Public Life in Kenya.Pneuma,33( 1 ) , 134-135. Hooft, S. v. ( 2006 ) .Understanding virtuousness moralss. Chesham [ U.K. : Acumens. Hornsby, C. ( 2012 ) .Kenya a history since independency. New York: I. B. Tauris. Oppong, J. R. , A ; Oppong, E. D. ( 2004 ) .Kenya. Philadelphia: Chelsea House. Williams, L. ( 2012 ) .Kenya enchiridion( 3rd ed. ) . Bath: Footprint.

Use of Symbols in Sir Gawain and the Green Knight

Use of Symbols in Sir Gawain and the Green Knight â€Å"Sir Gawain and the Green Knight† is an ancient poem that tells the story of the exchanges between Sir Gawain and a mysterious Green Knight. Sir Gawain is a blood relative of King Arthur and a brave knight while the Green Knight is a disguised character who sets out to test his opponent. â€Å"Sir Gawain and the Green Knight† was authored in an unknown date in the late 1300s by an anonymous author.Advertising We will write a custom research paper sample on Use of Symbols in â€Å"Sir Gawain and the Green Knight† specifically for you for only $16.05 $11/page Learn More The unknown author who wrote â€Å"Sir Gawain and the Green Knight† is also associated with three other poems that were found in the manuscript that contained this poem. The setting of the poem has always been believed to be Northern England. The author of this poem (referred to as the Gawain-poet in this paper) uses several stylistic devices that make this poem an outstanding work of literature. The poet uses several symbols in the poem to the benefit of the readers. The symbols that are used in â€Å"Sir Gawain and the Green Knight† help the Gawain-poet to instill deeper meanings to this literary piece. This essay explores the symbols that are used in Sir Gawain and the Green Knight and how they contribute towards the revelation of the poem’s meaning. The poem begins by narrating the events that are going on in King Arthur’s court during the new-year festivities. A mysterious character, the Green Knight, arrives at the King’s court albeit uninvited. The Green Knight proceeds to offer a challenge to all the feast attendees; any brave knight who is present at the court will have the opportunity to strike the Green Knight with an axe but in one year and a day’s time the volunteering knight would have to withstand a similar challenge. King Arthur steps forward and accepts the challenge but Gawain intercepts the King and takes up the challenge himself. Gawain carries on the challenge by striking the Green Knight’s head with an axe and manages to severe it. However, in a strange turn of events the Green Knight bends down and picks up his severed head. The Knight then reminds Gawain to honor his end of the deal by showing up to the Green Chapel to receive a similar challenge. Approximately a year after this encounter, Sir Gawain leaves for the Green Chapel to honor his end of the deal. The Gawain-poet details the adventures of Gawain throughout his journey in the rest of the poem.Advertising Looking for research paper on british literature? Let's see if we can help you! Get your first paper with 15% OFF Learn More One of the most prominent symbols that are used in this poem is Gawain’s shield and pentangle. The shield is a tool of protection especially for people who engage in armed combat. The pentangle that is contained in the shield is specific to the wearer (Sir Gawain). Therefore, the pentangle is a symbol of the virtues and values that are held by Gawain in the course of his Knighthood. According to the poem, the pentangle is a five-pointed-star that traces its origins to King Solomon. In most ancient texts, the pentangle is often a symbol of truth or a magical seal (Green 123). The interlocking nature of the pentangle symbolizes the complexity of human virtues. In the context of the â€Å"Sir Gawain and the Green Knight†, the pentangle brings together the influence of â€Å"the five virtues, the five wounds of Christ, the five senses, the five joys of Mary the mother of Jesus, and the five fingers (Besserman 220). Consequently, it is apparent that as a knight, Gawain also seeks his moral, physical, and spiritual strengths from other places. Gawain’s strengths and virtues are interwoven like the triangles in the pentangle. The endless pattern that is found in the pentangle echoes the perfection of Gawain ch aracter. For instance, when all the other knights are afraid of the Green Knight’s challenge he voluntary rescues the King from possible failure or humiliation. Solomon is said to have used the pentangle as a personal magic seal. However, later on Solomon became a symbol of wisdom, kingship, and might. The similarities between Solomon and Gawain’s use of the pentangle are that both personalities had flaws. At the end, Solomon turned away from God and eventually lost his kingdom while Gawain refused to honor a promise he made to his host. The Gawain-poet emphasizes the significance of the connection between Gawain and the pentangle. According to Professor Burrow, several lines in the poem are dedicated to establishing this connection. For example, the poet mentions that the pentangle is a symbol of fidelity or ‘trawpe’ that associates Gawain with the traits of faithfulness and fidelity. The poet then concludes that the object is befitting for the main chara cter (Morgan 779). The symbol of the pentangle helps in developing the themes of bravery and selflessness. These two concepts are presented from a Christian point of view and hence the pentangle is a symbol of fidelity and faithfulness.Advertising We will write a custom research paper sample on Use of Symbols in â€Å"Sir Gawain and the Green Knight† specifically for you for only $16.05 $11/page Learn More Color green is a symbol with several possible interpretations. The main antagonist in â€Å"Sir Gawain and the Green Knight† is the Green Knight. The Green Knight is presented by the poet as a mystical character with striking features. This character is noted to be green in color. In addition, the Green Knight has a green horse, green skin, a green beard, green clothes, a green-gold axe, and green hair. The portrayal of a completely green knight highlights the peculiar nature of Green Knight’s presence. In addition, the Green Knightâ €™s color uniformity suggests that he is a uniform character. Several analysts have debated about the symbolism of color green as used by the Gawain-poet. Some scholars have proposed that the Green Knight is a symbol of the god of vegetation and nature. According to Basserman, the green color of the Green Knight symbolizes the â€Å"dying and rising vegetation god† (220). Other medieval texts have also made references to green men. In some instances, a green man symbolizes a ‘wild man’ while at other times he symbolizes the ‘evil man’. The Gawain-poet combines both symbols because at the beginning of the poem the Green Knight is portrayed as a character with evil motives. However, by the end of the poem the Green Knight is portrayed as a straightforward character. Most scholars are in agreement over the fact that in traditional-English folklore the color green mostly symbolizes fertility and rebirth. In the poem, green is presented as a pure colo r except for the green-gold girdle. The mixture of green and gold is a symbol of change in the form of passing youth. The green color used in the girdle first serves a symbol of immortality. When Gawain is humiliated by his behaviors, he adorns the green girdle as a symbol of cowardice and shame. However, the Camelot knights finally adorn the green girdle as a symbol of honor. All these changes elaborate the ambiguity of color green as a literary symbol. The poem also employs the symbol of an axe that is held by the Green Knight during his entry to the king’s court. During the medieval times, the axe was a symbol of execution. Consequently, when the Green Knight is holding an axe he symbolizes the executioner. When the Green Knight enters the palace, he is holding an axe but he offers to be executed first.Advertising Looking for research paper on british literature? Let's see if we can help you! Get your first paper with 15% OFF Learn More This makes the Green Knight a strange and an unusual executioner. When the Green Knight picks up his severed head and rides away, it becomes clear that he is an extraordinary executioner, one who cannot die. In medieval texts, death is known as the only executioner who cannot die (Besserman 220). Apart from the axe, the Green Knight is also holding a holly bob. In medieval England hollies were constantly associated with death and ghosts who would often come back to haunt their former residences. Some medieval sources claim that it was â€Å"a well known fact within the English tradition that a holly bob carried into a house before Christmas foretells death in the coming year† (Krappe 214). Therefore, when the Green Knight enters holding an axe and a holly bob, his symbol as the executioner who foretells death is complete. The green girdle is another symbol that has ambiguous characteristics. The symbol of the girdle is like the one of color green and it keeps changing through out the poem. At first, the Gawain is given the girdle by his host’s wife with the promise that it has magical elements and it will make him immortal. However, when the identity of the Green Knight is revealed to be that of Gawain’s former host, the girdle instantly symbolizes cowardice and shame. Gawain resolves to wear the girdle for the rest of his life as a symbol of his shameful and cowardly act. However, when Gawain arrives at Camelot he finds all the other knights wearing the girdle as a symbol of triumph and honor (Tolkien 121). Given the poem’s religious undertones, the Gawain-poet might have used the symbol of the girdle as a parallel to the crown of thorns that was worn by Jesus during crucifixion. Jesus’ crown of thorns was a symbol of both humiliation and triumph. Furthermore, the crown of thorns signified the victory of Jesus after he had gone through turbulent times. Gawain goes through tough experiences that are similar to the ones that Je sus went through and in the end he receives a symbolic girdle. A thorough analysis of the symbols that are used in â€Å"Sir Gawain and the Green Knight† reveals that this poem contains several hidden meanings. These symbols also reveal that the Gawain-poet employs a strong religious theme. The poem also lacks a sole and definite meaning. Instead, the Gawain-poet chooses to indulge the readers in dual-meaning symbols. Symbols are also used to portray the weaknesses of mankind in the face of tribulations. Most of the symbols in this story dwell on the subjects of death, human triumph, defeat, temptation, and honor. The dual meanings in some of the symbols that are used in this poem suggest that the poet is not ready to pass judgments. A thorough analysis of â€Å"Sir Gawain and the Green Knight† indicates that symbols are prevalent in the poem and the Gawain-poet intended to use these symbols as tools of hidden meanings. Besserman, Lawrence. The idea of the Green Knigh t. ELH 53.2 (1986): 219-239. Print. Green, Hamilton. Gawains Shield and the Quest for Perfection. ELH 29.2 (2002): 121- 139. Print. Krappe, Alexander Haggerty. Who Was the Green Knight?. Speculum 13.2 (1938): 206-215. Print. Morgan, Gerald. The significance of the pentangle symbolism in Sir Gawain and the Green Knight. Modern (The) Language Review London 74.4 (1979): 770-790. Print. Tolkien, John and Norman Davis. Sir Gawain and the green knight, London, United Kingdom: Oxford University Press, 1967. Print.

Health insurance should be free Essay Example | Topics and Well Written Essays - 1250 words

Health insurance should be free - Essay Example This essay aims at showing the various reasons, both social and economic, as to why health insurance should be made free. Although the move to provide free health insurance has some disadvantages the purpose of this essay is to show how the positive side of free health insurance compares with the negative side. One among the major problems facing health-care access around the world and especially North America (U.S. and Canada) is poor access to health services. Due to poor income distribution, the affordability of health care has deteriorated from 2001 to 2005 and further from 2008 towards the end of 2014 (Bureau of Labor Statistics, para. 2-4). Among the reasons limiting access to health care is poor income distribution. For the middle and high-class social classes, health care costs are manageable and provoke few to no major affordability issues. Health care affordability means the ability of an individual to meet his/her medical care costs through self-sponsorship or employer-paid insurance cover. In order to ensure that health care affordability is accessible to members of the public, it is in the best interest of the public to either access income generating opportunities to unify accessibility or to have health care made free to everyone. The latter case is much practical and medical cover is a basic need to every individual. Unlike with the case of luxury and overall cost of living, health care should be made free and accessible to all citizens such that low income-earners can have the same accessibility as high-income earners. Due to the problem of income distribution and unemployment, it is documented that some countries such as the U.S. have a high number of uninsured people. As of 2012, 46% of adults aged between 19 and 64 years did not have insurance cover for the whole year. Based on the population in 2012, 46% of the adult population

Biggest Obstacle to Business Sustainability Essay

Biggest Obstacle to Business Sustainability - Essay Example In other words, it ensures the efficiency and effectiveness of the supply chain. According to Werther and Chandler (2011), there are several CSR-related concepts that used to overcome communication barriers in a business. The Strategic Corporate Social Responsibility: Stakeholders, Globalization, and Sustainable Value Creation contain ideas that improve communication. Specifically, these include accountability (p. 305), business ethics (p. 336), stakeholder relations (p. 374), and environmental sustainability (p. 326). Others include compliance (p. 313), the use of the media (p. 344), religion (p. 365), and sustainable development (Werther and Chandler (2011, p. 326). Accountability requires honesty and transparency in the auditing process within an organization. The economists and accountants preparing the audit reports should embrace answerability as a crucial tool for linking up with the stakeholders. According to Werther and Chandler (2011), accountability enables external auditors to assess the organization and the managers. Consequently, this enhances the reliability of the reports conveyed to the stakeholders. Specifically, it minimizes the instances of doubts within the organization. Accountability ensures a proper flow of information between the managers and the employees. For this reason, it is the most critical virtue that promotes responsibility of the managers. In response, the supervisors pass all the relevant, reliable information to the employees and the customers. Business ethics refers to the mode of conduct within an organization. Professional ethos and values dictate the behavior of the workers and managers. The principles encompass the behavior and responsibilities of the organizational fraternity. Corporate integrities assist in reducing instances of communication breakdown in an organization (p. 335). According to the ethics, it is the role of

Assignment 2 Essay Example | Topics and Well Written Essays - 1500 words - 1

Assignment 2 - Essay Example Such infections lead a patient to spend more time in ICU and hospital; the infection is responsible for a mortality rate of about 9%. The infection is estimated to occur 48 hours, or more after the patient receives tracheal intubation. Such pneumonia infection may be early onset or when it occurs at the initial stages or late onset at the late stages of mechanical ventilation. Below is the appraisal of several studies on VAP, with their findings and study designs illustrated, and a critical review of their strengths and weaknesses where relevant. Tolentino-DelosReyes, F. A., Ruppert, D. S., & Pamela, K. S. (2007). Evidence-based practice: Use of the ventilator bundle to prevent ventilator associated pneumonia. American Journal of Critical Care, 3 (4), 12-13. http://www.ncbi.nlm.nih.gov/pubmed/17192523 The study examined the knowledge of critical care nurses related to the use of ventilator bundles in preventing VAP. It was found nurses who complied with study findings improved n thei r knowledge and practical performance in preventing VAP cases. The study showed that short education session can indeed improve the performance of nurses and their knowledge. The study investigated factors that contribute to VAP. It was found that VAP rate increased in in CCU patients by 4%, from 24% to 28% in the fourth day caused by high secretions. Therefore, the education program on nurses to improve their knowledge regarding the use of VAP bundles was successful and resulted to the required change in nurses’ practices (Hawe et al., 2009). Zaydfudim, V. et al. (2009). Implementation of a real-time compliance dashboard to help reduce SICU ventilator-associated pneumonia with the ventilator bundle. Archives of Surgery, 144(7), 656-62 doi: 10.1001/archsurg.2009.117. This study investigated the effects of an electronic dashboard in improving compliance in reduction of VAP rates, and bundle parameters in surgical intensive care units (SICU). It was found that dashboard interve ntion increased the ventilator bundle compliance in SICU from 39% to 89% after the study. Therefore, the article demonstrates that adherence to using such ventilator bundles was effective in reducing VAP cases considerably. The study investigated the relationship between use of ventilator bundles and VAP infections. It was found that compliance with ventilator bundle improved from 39% to 89% by the end of July 2008 decreasing VAP rates by about 6.0 per 1000 ventilator days, from an initial mean of 15.2 t0 9.3 per 1000 ventilator days following the dashboard intervention. Therefore use of the dashboard resulted to the required change (Zambuto et al., 2010). Hawe, S. C., Ellis, S. K., Cairns, S. C., & Longmate, A. (2009). Reduction of ventilator associated pneumonia: Active versus passive guideline implementation. Intensive Care Med. 35(7), 1180-6 doi: 10.1007/s00134-009-1461-0. Epub The article involved the use of an active multifaceted bundle aimed at improving staff compliance with evidence based practices in reducing VAP cases. A VIP prevention bundle implemented actively and integrated in staff evaluation process resulted in compliance with VAP bundle use. The article analyzed VAP incidences and both mortality and morbidity rates in ICUs. In the findings, compliance with a VAP bundle increased with implementation of active multifacet

Analysis of the Capital Assets Pricing Model

Analysis of the Capital Assets Pricing Model Chapter I The QUARREL ON THE CAPM: A LITERATURE SURVEY Abstract The current chapter has attempted to do three things. First it presents an overview on the capital asset pricing model and the results from its application throughout a narrative literature review. Second the chapter has argued that to claim whether the CAPM is dead or alive, some improvements on the model must be considered. Rather than take the view that one theory is right and the other is wrong, it is probably more accurate to say that each applies in somewhat different circumstances (assumptions). Finally the chapter has argued that even the examination of the CAPMs variants is unable to solve the debate into the model. Rather than asserting the death or the survival of the CAPM, we conclude that there is no consensus in the literature as to what suitable measure of risk is, and consequently as to what extent the model is valid or not since the evidence is very mixed. So the debate on the validity of the CAPM remains a questionable issue. 1. INTRODUCTION The traditional capital assets pricing model (CAPM), always the most widespread model of the financial theory, was prone to harsh criticisms not only by the academicians but also by the experts in finance. Indeed, in the last few decades an enormous body of empirical researches has gathered evidences against the model. These evidences tackle directly the models assumptions and suggest the dead of the beta (Fama and French, 1992); the systematic risk of the CAPM. If the world does not obey to the models predictions, it is maybe because the model needs some improvements. It is maybe because also the world is wrong, or that some shares are not correctly priced. Perhaps and most notably the parameters that determine the prices are not observed such as information or even the returns distribution. Of course the theory, the evidence and even the unexplained movements have all been subject to much debate. But the cumulative effect has been to put a new look on asset pricing. Financial Researchers have provided both theory and evidence which suggest from where the deviations of securities prices from fundamentals are likely to come, and why could not be explained by the traditional CAPM. Understanding security valuation is a parsimonious as well as a lucrative end in its self. Nevertheless, research on valuation has many additional benefits. Among them the crucial and relatively neglected issues have to do with the real consequences of the models failure. How are securities priced? What are the pricing factors and when? Once it is recognized that the models failure has real consequences, important issues arise. For instance the conception of an adequate pricing model that accounts for all the missing aspects. The objective of this chapter is to look at different approaches to the CAPM, how these have arisen, and the importance of recognizing that theres no single ‘right model which is adequate for all shares and for all circumstances, i.e. assumptions. We will, so move on to explore the research task, discuss the goodness and the weakness of the CAPM, and look at how different versions are introduced and developed in the literature. We will, finally, go on to explore whether these recent developments on the CAPM could solve the quarrel behind its failure. For this end, the recent chapter is organized as follows: the second section presents the theoretical bases of the model. The third one discusses the problematic issues on the model. The fourth section presents a literature survey on the classic version of the model. The five section sheds light on the recent developments of the CAPM together with a literature review on these versions. The next one raises the quarrel on the model and its modified versions. Section seven concludes the paper. 2. THEORETICAL BASES OF THE CAPITAL ASSET PRICING MODEL In the field of finance, the CAPM is used to determine, theoretically, the required return of an asset; if this asset is associated to a well diversified market portfolio while taking into account the non diversified risk of the asset its self. This model, introduced by Jack Treynor, William Sharpe and Jan Mossin (1964, 1965) took its roots of the Harry Markowitzs work (1952) which is interested in diversification and the modern theory of the portfolio. The modern theory of portfolio was introduced by Harry Markowitz in his article entitled â€Å"Portfolio Selection, appeared in 1952 in the Journal of Finance. Well before the work of Markowitz, the investors, for the construction of their portfolios, are interested in the risk and the return. Thus, the standard advice of the investment decision was to choose the stocks that offer the best return with the minimum of risk, and by there, they build their portfolios. On the basis of this point, Markowitz formulated this intuition by resorting to the diversifications mathematics. Indeed, he claims that the investors must in general choose the portfolios while getting based on the risk criterion rather than to choose those made up only of stocks which offer each one the best risk-reward criterion. In other words, the investors must choose portfolios rather than individual stocks. Thus, the modern theory of portfolio explains how rational investors use diversification to optimize their portfolio and what should be the price of an asset while knowing its systematic risk. Such investors are so-called to meet only one source of risk inherent to the total performance of the market; more clearly, they support only the market risk. Thus, the return on a risky asset is determined by its systematic risk. Consequently, an investor who chooses a less diversified portfolio, generally, supports the market risk together with the uncertaintys risk which is not related to the market and which would remain even if the market return is known. Sharpe (1964) and Linter (1965), while basing on the work of Harry Markowitz (1952), suggest, in their model, that the value of an asset depends on the investors anticipations. They claim, in their model that if the investors have homogeneous anticipations (their optimal behavior is summarized in the fact of having an efficient portfolio based on the mean-variance criterion), the market portfolio will have to be the efficient one while referring to the mean-variance criterion (Hawawini 1984, Campbell, Lo and MacKinlay 1997). The CAPM offer an estimate of a financial asset on the market. Indeed, it tries to explain this value while taking into account the risk aversion, more particularly; this model supposes that the investors seek, either to maximize their profit for a given level of risk, or to minimize the risk taking into account a given level of profit. The simplest mean-variance model (CAPM) concludes that in equilibrium, the investors choose a combination of the market portfolio and to lend or to borrow with proportions determined by their capacity to support the risk with an aim of obtaining a higher return. 2.1. Tested Hypothesis The CAPM is based on a certain number of simplifying assumptions making it applicable. These assumptions are presented as follows: The markets are perfect and there are neither taxes nor expenses or commissions of any kind; All the investors are risk averse and maximize the mean-variance criterion; The investors have homogeneous anticipations concerning the distributions of the returns probabilities (Gaussian distribution); and The investors can lend and borrow unlimited sums with the same interest rate (the risk free rate). The aphorism behind this model is as follows: the return of an asset is equal to the risk free rate raised with a risk premium which is the risk premium average multiplied by the systematic risk coefficient of the considered asset. Thus the expression is a function of: The systematic risk coefficient which is noted as; The market return noted; The risk free rate (Treasury bills), noted This model is the following: Where: ; represents the risk premium, in other words it represents the return required by the investors when they rather place their money on the market than in a risk free asset, and; ; corresponds to the systematic risk coefficient of the asset considered. From a mathematical point of view, this one corresponds to the ratio of the covariance of the assets return and that of the market return and the variance of the market return. Where: ; represents the standard deviation of the market return (market risk), and ; is the standard deviation of the assets return. Subsequently, if an asset has the same characteristics as those of the market (representative asset), then, its equivalent will be equal to 1. Conversely, for a risk free asset, this coefficient will be equal to 0. The beta coefficient is the back bone of the CAPM. Indeed, the beta is an indicator of profitability since it is the relationship between the assets volatility and that of the market, and volatility is related to the returns variations which are an essential element of profitability. Moreover, it is an indicator of risk, since if this asset has a beta coefficient which is higher than 1, this means that if the market is in recession, the return on the asset drops more than that of the market and less than it if this coefficient is lower than 1. The portfolio risk includes the systematic risk or also the non diversified risk as well as the non systematic risk which is known also under the name of diversified risk. The systematic risk is a risk which is common for all stocks, in other words it is the market risk. However the non systematic risk is the risk related to each asset. This risk can be reduced by integrating a significant number of stocks in the market portfolio, i.e. by diversifying well in advantage (Markowitz, 1985). Thus, a rational investor should not take a diversified risk since it is only the non diversified risk (risk of the market) which is rewarded in this model. This is equivalent to say that the market beta is the factor which rewards the investors exposure to the risk. In fact, the CAPM supposes that the market risk can be optimized i.e. can be minimized the maximum. Thus, an optimal portfolio implies the weakest risk for a given level of return. Moreover, since the inclusion of stocks diversifies in advantage the portfolio, the optimal one must contain the whole stocks on the market, with the equivalent proportions so as to achieve this goal of optimization. All these optimal portfolios, each one for a given level of return, build the efficient frontier. Here is the graph of the efficient frontier: The (Markowitz) efficient frontier The efficient frontier Lastly, since the non systematic risk is diversifiable, the total risk of the portfolio can be regarded as being the beta (the market risk). 3. Problematic issues on the CAPM Since its conception as a model to value assets by Sharpe (1964), the CAPM has been prone to several discussions by both academicians and experts. Among them the most known issues concerning the mean variance market portfolio, the efficient frontier, and the risk premium puzzle. 3.1 The mean-variance market portfolio The modern portfolio theory was introduced for the first time by Harry Markowitz (1952). The contribution of Markowitz constitutes an epistemological shatter with the traditional finance. Indeed, it constitutes a passageway from an intuitive finance which is limited to advices related to financial balance or to tax and legal nature advices, to a positive science which is based on coherent and fundamental theories. One allots to Markowitz the first rigorous treatment of the investor dilemma, namely how obtaining larger profits while minimizing the risks. 3.2 The efficient frontier 3.3 The equity premium puzzle 4. Background on the CAPM â€Å"The attraction of the CAPM is that it offers powerful and intuitively pleasing predictions about how to measure risk and the relation between expected return and risk. Unfortunately, the empirical record of the model is poor poor enough to invalidate the way it is used in applications. The CAPMs empirical problems may reflect theoretical failings, the result of many simplifying assumptions.† Fama and French, 2003, â€Å"The Capital Asset Pricing Model: Theory and Evidence†, Tuck Business School, Working Paper No. 03-26 Being a theory, the CAPM found the welcome thanks to its circumspect elegance and its concept of good sense which supposes that a risk averse investor would require a higher return to compensate for supported the back-up risk. It seems that a more pragmatic approach carries out to conclude that there are enough limits resulting from the empirical tests of the CAPM. Tests of the CAPM were based, mainly, on three various implications of the relation between the expected return and the market beta. Firstly, the expected return on any asset is linearly associated to its beta, and no other variable will be able to contribute to the increase of the explanatory power. Secondly, the beta premium is positive which means that the market expected return exceeds that of individual stocks, whose return is not correlated with that of the market. Lastly, according to the Sharpe and Lintner model (1964, 1965), stocks whose return is not correlated with that of the market, have an expected return equal to the risk free rate and a risk premium equal to the difference between the market return and the risk free rate return. In what follows, we are going to examine whether the CAPMs assumptions are respected or not through the empirical literature. Starting with Jensen (1968), this author wants to test for the relationship between the securities expected return and the market beta. For this reason, he uses the time series regression to estimate for the CAPM ´ s coefficients. The results reject the CAPM as for the moment when the relationship between the expected return on assets is positive but that this relation is too flat. In fact, Jensen (1968) finds that the intercept in the time series regression is higher than the risk free rate. Furthermore, the results indicate that the beta coefficient is lower than the average excess return on the market portfolio. In order to test for the CAPM, Black et al. (1972) work on a sample made of all securities listed on the New York Stock Exchange for the period of 1926-1966. The authors classify the securities into ten portfolios on the basis of their betas.They claim that grouping the securities with reference to their betas may offer biased estimates of the portfolio beta which may lead to a selection bias into the tests. Hence, so as to get rid of this bias, they use an instrumental variable which consists of taking the previous periods estimated beta to select a securitys portfolio grouping for the next year. For the estimate of the equation, the authors use the time series regression. The results indicate, firstly, that the securities associated to high beta had significantly negative intercepts, whereas those with low beta had significantly positive intercepts. It was proved, also, that this effect persists overtime. Hence, these evidences reject the traditional CAPM. Secondly, it is found that the relation between the mean excess return and beta is linear which is consistent with the CAPM. Nevertheless, the results point out that the slopes and intercepts in the regression are not reliable. In fact, during the prewar period, the slope was sharper than that predicted by the CAPM for the first sub period, and it was flatter during the second sub period. However, after that, the slope was flatter. Basing on these results, Black, Fischer, Michael C. Jensen and Myron Scholes (1972) conclude that the traditional CAPM is inconsistent with the data. Fama and MacBeth (1973) propose another regression method so as to overcome the problem related to the residues correlation in a simple linear regression. Indeed, instead of estimating only one regression for the monthly average returns on the betas, they propose to estimate regressions of these returns month by month on the betas. They include all common stocks traded in NYSE from 1926 to 1968 in their analysis. The monthly averages of the slopes and intercepts, with the standard errors of the averages, thus, are used to check, initially, if the beta premium is positive, then to test if the averages return of assets which are not correlated with the market return is from now on equal to the average of the risk free rate. In this way, the errors observed on the slopes and intercepts are directly given by the variation for each month of the regression coefficients, which detect the effects of the residues correlation over the variation of the regression. Their study led to three main results. At first, the relationship between assets return and their betas in an efficient portfolio is linear. At second, the beta coefficient is an appropriate measure of the securitys risk and no other measure of risk can be a better estimator. Finally, the higher the risk is, the higher the return should be. Blume and Friend (1973) in their paper try to examine theoretically and empirically the reasons beyond the failure of the market line to explain excess return on financial assets. The authors estimate the beta coefficients for each common stock listed in the New York Stock Exchange over the period of January 1950 to December 1954. Then, they form 12 portfolios on the basis of their estimated beta. They afterwards, calculate the monthly return for each portfolio. Third, they calculate the monthly average return for portfolios from 1955 to 1959. These averaged returns were regressed to obtain the value of the beta portfolios. Finally, these arithmetic average returns were regressed on the beta coefficient and the square of beta as well. Through, this study, the authors point out that the failure of the capital assets pricing model in explaining returns maybe due to the simplifying assumption according to which the functioning of the short-selling mechanism is perfect. They defend their point of view while resorting to the fact that, generally, in short sales the seller cannot use the profits for purchasing other securities. Moreover, they state that the seller should make a margin of roughly 65% of the sales market value unless the securities he owns had a value three times higher than the cash margin. This makes a severe constraint on his short sales. In addition to that, the authors reveal that it is more appropriate and theoretically more possible to remove the restriction on the short sales than that of the risk free rate assumption (i.e., to borrow and to lend on a unique risk free rate). The results show that the relationship between the average realized returns of the NYSE listed common stocks and their correspondent betas is almost linear which is consistent with the CAPM assumptions. Nevertheless, they advance that the capital assets pricing model is more adequate for the estimates of the NYSE stocks rather than other financial assets. They mention that this latter conclusion is may be owed to the fact that the market of common stocks is well segmented from markets of other assets such as bonds. Finally, the authors come out with the two following conclusions: Firstly, the tests of the CAPM suggest the segmentation of the markets between stocks and bonds. Secondly, in absence of this segmentation, the best way to estimate the risk return tradeoff is to do it over the class of assets and the period of interest. The study of Stambaugh (1982) is interested in testing the CAPM while taking into account, in addition to the US common stocks, other assets such as, corporate and government bonds, preferred stocks, real estate, and other consumer durables. The results indicate that testing the CAPM is independent on whether we expand or not the market portfolio to these additional assets. Kothari Shanken and Sloan (1995), show that the annual betas are statistically significant for a variety of portfolios. These results were astonishing since not very early, Fama and French (1992), found that the monthly and the annual betas are nearly the same and are not statistically significant. The authors work on a sample which covers all AMEX firms for the period 1927-1990. Portfolios are formed in five different ways. Firstly, they from 20 portfolios while basing only on beta. Secondly, 20 portfolios by grouping on size alone. Thirdly, they take the intersection of 10 independent beta or size to obtain 100 portfolios. Then, they classify stocks into 10 portfolios on beta, and after that into 10 portfolios on size within each beta group. They, finally, classify stocks into 10 portfolios on size and then into 10 portfolios on beta within each size group. They use the GRSP equal weighted portfolio as a proxy for the whole market return market. The cross-sectional regression of monthly return on beta and size has led to the following conclusions: On the one hand, when taking into account only the beta, it is found that the parameter coefficient is positive and statistically significant for both the sub periods studied. On the other hand, it is demonstrated that the ability of beta and size to explain cross sectional variation of the returns on the 100 portfolios ranked on beta given the size, is statistically significant. However, the incremental economic benefit of size given beta is relatively small. Fama and French published in 1992 a famous study putting into question the CAPM, called since then the Beta is dead paper (the article announcing the death of Beta). The authors use a sample which covers all the stocks of the non-financial firms of the NYSE, AMEX and NASDAQ for the period of the end of December 1962 until June 1990. For the estimate of the betas; they use the same test as that of Fama and Macbeth (1973) and the cross-sectional regression. The results indicate that when paying attention only to the betas variations which are not related to the size, it is found that the relation between the betas and the expected return is too flat, and this even if the beta is the only explanatory variable. Moreover, they show that this relationship tend to disappear overtime. In order to verify the validity of the CAPM in the Hungarian stock market, Andor et al. (1999) work on daily and monthly data on 17 Hungarian stocks between the end of July 1991 and the beginning of June 1999. To proxy for the market portfolio the authors use three different indexes which are the BUX index, the NYSE index, and the MSCI world index. The regression of the stocks return against the different indexes return indicates that the CAPM holds. Indeed, in all cases it is found that the return is positively associated to the betas and that the R-squared value is not bad at all. They conclude, hence, that the CAPM is appropriate for the description of the Hungarian stock market. For the aim of testing the validity of the CAPM, Kothari and Jay Shanken (1999), study the one factor model with reference to the size anomaly and the book to market anomaly. The sample used in their study contains annual return on portfolios from the GRSP universe of stocks. The portfolios are formed every July from 1927 to 1992. The formation procedure is the following; every year stocks are sorted on the basis of their market capitalization and then on their betas while regressing the past returns on the GRSP equal weighted index return. They obtain, hence, ten portfolios on the basis of the size. Then, the stocks in each size portfolio are grouped into ten portfolios based on their betas. They repeat the same procedure to obtain the book-to-market portfolios. Using the Fama and MacBeth cross-sectional regression, the authors find those annual betas perform well since they are significantly associated to the average stock returns especially for the period 1941-1990 and 1927-1990. Moreover, the ability of the beta to predict return with reference to the size and the book to market is higher. In a conclusion, this study is a support for the traditional CAPM. Khoon et al. (1999), while comparing two assets pricing models in the Malaysian stock exchange, examine the validity of the CAPM. The data contains monthly returns of 231 stocks listed in the Kuala Lumpur stock exchange over the period of September 1988 to June 1997. Using the cross section regression (two pass regression) and the market index as the market portfolio, the authors find that the beta coefficient is sometimes positive and some others negative, but they do not provide any further tests. In order to extract the factors that may affect the returns of stocks listed in the Istanbul stock exchange, Akdeniz et al. (2000)make use of monthly return of all non financial firms listed in the up mentioned stock market for the period that spans from January 1992 to December 1998. They estimate the beta coefficient in two stages using the ISE composite index as the market portfolio. First, they employ the OLS regression and estimate for the betas each month for each stock. Then, once the betas are estimated for the previous 24 months (time series regression), they rank the stocks into five equal groups on the basis of the pre-ranking betas and the average portfolio beta is attributed to each stock in the portfolio. They, afterwards, divide the whole sample into two equal sub-periods and the estimation procedure is done for each sub-period and the whole period as well. The results from the cross sectional regression, indicate that the return has no significant relationship with the market beta. This variable does not appear to influence cross section variation in all the periods studied (1992-1998, 1992-1995, and 1995-1998). In a relatively larger study, Estrada (2002) investigates the CAPM with reference to the downside CAPM. The author works on a monthly sample covering the period that spans from 1988 to 2001 (varied periods are considered) on stocks of 27 emerging markets. Using simple regression, the authors find that the downside beta outperforms the traditional CAPM beta. Nevertheless, the results do not support the rejection of the CAPM from two aspects. Firstly, it was found that the intercept from the regression is not statistically different from zero. Secondly, the beta coefficient is positive and statistically significant and the explanatory power of the model is about 40%. This result stems for the conclusion according to which the CAPM is still alive within the set of countries studied. In order to check the validity of the CAPM, and the absence of anomalies that must be incorporated to the model, Andrew and Joseph (2003) try to investigate the ability of the model to predict book-to market portfolios. If it is the case, then the CAPM captures the Book-to-market anomaly and theres no need to further incorporate it in the model. For this intention, the authors work on a sample that covers the period of 1927-2001 and contains monthly data on stocks listed in the NYSE, AMEX, and NASDAQ. So as to form the book-to-market portfolios, they use, alike Fama and French (1992), the size and the book-to-market ratio criterion. To estimate for the market return, they use the return on the value weighted portfolios on stocks listed in the pre-cited stock exchanges and to proxy for the risk free rate; they employ the one-month Treasury bill rate from Ibbotson Associates. They, afterwards, divide the whole period into two laps of time; the first one goes from July 1927 to June 1963, and the other one span from July 1963 to the end of 2001. Using asymptotic distribution the results indicate that the CAPM do a great job over the whole period, since the intercept is found to be closed to zero, but there is no evidence for a value premium. Hence, they conclude that the CAPM cannot be rejected. However, for the pre-1963 period the book to market premium is not significant at all, whereas for the post-1963 period this premium is relatively high and statistically significant. Nevertheless, when accounting for the sample size effect, the authors find that there is an overall risk premium for the post-1963 period. The authors conclude then that, taken as a whole, the study fails to reject the null that the CAPM holds. This study points to the necessity to take into account the small sample bias. Fama and French (2004), estimate the betas of stocks provided by the CRSP (Center for Research in Security Prices of the University of Chicago) of the NYSE (1928-2003), the AMEX (1963-2003) and the NASDAQ (1972-2003). They form, thereafter, 10 portfolios on the basis of the estimated betas and calculate their return for the eleven months which follow. They repeat this process for each year of 1928 up to 2003. They claim that, the Sharpe and Lintner model, suppose that the portfolios move according to a linear line with an intercept equal to risk free rate and a slope which is equal to the difference between the expected return on the market portfolio and that of the risk free rate. However, their study, and in agreement with the previous ones, confirms that the relation between the expected return on assets and their betas is much flatter than the prediction of the CAPM. Indeed, the results indicate that the expected return of portfolios having relatively lower beta are too high whereas expected return of those with higher beta is too low. Moreover, these authors indicate that even if the risk premium is lower than what the CAPM predicts, the relation between the expected return and beta is almost linear. This latter result, confirms the CAPM of Black which assumes that only the beta premium is positive. This means, analogically, that only the market risk is rewarded by a higher return. In order to test for the consistency of the CAPM with the economic reality, Thierry and Pim (2004) use monthly return of stocks from the NYSE, NASDAQ, and AMEX for the period that spans from 1926-2002. The one -month US Treasury bill is used as a proxy for the risk free rate, The CRPS total return index which is a value-weighted average of all US stocks included in this study is used as a proxy for the market portfolio. They sort stocks into ten deciles portfolios on the basis of historical 60 months. They afterwards, calculate for the following 12 months their value weighted returns. They obtain, subsequently, 100 beta-size portfolios. The results from the time series regression indicate, firstly, that the intercepts are statistically indifferent from zero. Secondly, it is found that the betas coefficients are all positive. Furthermore, in order to check the robustness of the model, the authors split the whole sample into sub-samples of equal length (432 months). The results indicate, also, that for all the periods studied the intercepts are statistically not different from zero except for the last period. In his empirical study, Blake T (2005) works on monthly stocks return on 20 stocks within the SP 500 index during January 1995-December 2004. The SP 500 index is used as the market portfolio and the 3-month Treasury bill in the Secondary Market as the risk free rate. His methodology can be summarized as follows; the excess return on each stock is regressed against the market excess return. The excess return is taken as the sample average of each stock and the market as well. After estimating of the betas, these values are used to verify the validity of the CAPM. The coefficient of beta is estimated by regressing estimated expected excess stock returns on the estimates of beta and the regression include intercept and the residual squared so as to measure the non systematic risk. The results confirm the validity of the CAPM through its three major assumptions. In fact, the null hy