Marble Female Figure

Marble Female Figure Cycladic Final Neolithic, ca. 4500-4000 BC Bequest of Walter C. Baker, 1971 (1972. 118. 104) â€Å"The figure represents a rare type known as steatopygous characterized by particularly full legs and buttocks, and is undoubtedly indicative of fertility. â€Å" RACHELLE DARDEN Rachelle Darden Art History 11 Short writing Assignment 2 The marble female figure is a sculpture selected from the Ancient Greek and Roman Galleries at the Metropolitan Museum in Manhattan. It’s also known as the final Neolithical Cycladic marble.The figure, now missing its head is an example of an uncommon type known as steatopygous. This sculpture is a representation of the Human Body in which its described by its distinctive features. It has a thin torso or abdomen suggesting a slim like body however it can be defined by its abstract but round shape. This particular piece is non-realistic in which the form of the breasts are in the shapes of what look like rain drops however they don’t look like actual female breasts but because of their placement it’s obvious that’s what they’re supposed to be.The entire has a plump like nature to in which it suggests that it’s a larger female, not your average female from this era. The thighs on the sculpture are also suggestive because not only are they round but they have a bit of an outline suggesting that they are extra-large which coincides with the rest of the sculpture. The sculptor gave this piece some very distinct features. In fact the most significant piece to this particular sculpture would be the buttocks. The buttocks literally are the largest feature on the sculpture and protrude the rest of the body. The thin yet round abdominal like structure gives the idea of a hin female but definitely a thick one. In contrast, the figure's upper torso is flat in profile with the arms typically framing V-shaped, pendant breasts. The pudgy, evidently idealized thighs narrow to tiny, stu mp like feet. However on the feet there are no toes and they don’t stretch out like they would on a regular human body. The body proportions are accurate in which you can tell that this sculpture is a very developed female with a very mature body. Looking at the sculpture there’s also a lot of age because its proportioned so well and has a lot of femininity.

Leadership and Power with Teenagers Essay

Communication between patients and health care providers has always been an important topic. Specifically communication between teenagers and health care professionals, a study conducted by Jacobson and others (2001), shows that there has not been much research that specifically show how teenagers relate to the health services. Using the communication aspects of that study, the description of group dynamics shown in the textbook and the assigned readings, we will try to show a more effective way to communicate with teenagers as a health care professional. Power in a Group With few exceptions, most teenagers feel the need to belong to a group. For a teenager group dynamics help to define his or her identity. If we can understand how group dynamics work, we can then use that information to develop a strategy to help us as health care professionals communicate effectively with teenagers. Adler (2010) defines power as â€Å"the ability to influence others† (p. 308). There are many ways to influence other people using the different types of power. We will review a few of them in order to get a better understanding of what level of power we can have in a group. We will not be discussing if the â€Å"power† or level of influence in the group is used for good or bad, only that it is present. Legitimate Power Legitimate power is defined as power received because of title or position. A parent, a teacher or, in our case, a nurse or paramedic, has this kind of power when first approaching a patient. This kind of power is usually acquired through an authority that is recognized by society. We accept this authority because they have a position above us in the chain of command. The end result is the person with the power has the major influence. As a nurse or a paramedic, the uniform, the tools we use and even the environment we are in, are common ways that people recognize our title, is also highlights power and influence that comes with our title. This allows us to approach a patient and get their attention so we can begin their assessment and treatment. Expert Power Expert power comes from what lies behind the title; perceived knowledge â€Å"what we believe that they know or can do†(Adler, 2010, pg. 385). Nurses and paramedics are excellent examples of expert power. We respect their authority not because we know his or her personal background, what university they graduated from or how much experience that they have, but because the person has a professional title that we know has to be earned. This earned title means that the professional has certain level of knowledge in health field and we are more likely to follow their instructions because of it. After we present ourselves as a nurse or paramedic, it is our job to confirm the first impression caused by our uniform and shows the patient that we know how to do our jobs. Once we are assessing the patient it is important to demonstrate our medical knowledge and the experience we have while performing procedures. We do this in order to make the patient feel more comfortable with us and give them more confidence in communicating with us about their current condition. Referent Power Referent power comes from the interactions with the members of a group. It is not bestowed upon a person like the legitimate power and it is not related to the power a person gets because of their knowledge in a particular subject like expert power. The referent power is earned because of the respect that person has earned from the group. There are many important factors that we need to be considering when earning this kind of power; earning trust and admiration of the group member’s and likability, all take part in gaining this kind of power. Leadership is the word that best describes referent power. When a person becomes a leader, they support and push the group toward a common goal that is the best for everyone. Leadership is a skill, not a quality; nurses or paramedics need to develop this skill to have a better have a way to communicate with our colleagues and patients, especially our teenaged ones. Losing referent power. When a leader fails to be an effective, the ineffective leaser will lose the referent power they had gained. In one study a teenager was asked how they felt while talking to a doctor, they described there interpretation of a doctor as â€Å"an authority figure who communicated briskly† (Jacobson, October 2001, p. 813). This statement show the failure in meeting a teenagers need to. The results of the study show that most teenagers don’t trust their trust and respect their health care professional. The results of the study show that most teenagers don’t trust there health care professionals and this can lead to them failing to disclose important medical information. Communicating with a Teenager Patient Legitimate, expert and referent power demonstrate a persons ability to gain power and influence within a group. Returning to our main topic, we know that teenagers have a group mentality. This means that one way to get and maintain their respect is to use referent power. By using the skills of a leader, we are much better to able to connect and to build relationship with out teenaged patients. When we first have contact with a patient we inherently have both legitimate and expert power with us; then begin to develop the referent power and earn the trust and respect of that patient. If we are successful the patient will cooperate with us and we will have a good and open communication. This works for almost every patient, but if the patient is a teenager, we also have one extra challenge, time. Teenagers usually make quick decisions; they don’t usually take the time to consider all ramifications or consequences of their choices. We have to make sure they know we are there to help them and that they are important to us as a person. To earn their trust, they have to feel like they are being treated as an adult, not like another bratty teen and this must be accomplished in a short period of time due to the teenager’s tendency towards quick decisions To summarize, we have described a few of the different types of power a person can have in a group, legitimate, expert and referent. Then we further explained how you go from legitimate and expert power to the referent in your dealing with teenaged patient and how using referent power and being a leader is always your best option. This is so not only can we work better with them but we can do a better job as a health care providers overall. References Adler, R. & Rodman, G. (2006). Understanding Human Communication. Oxford, NY: Oxford University Press. Jacobson, L. Richardson, G. Parry-Langdon, N. Donovan, C. (October 2001). How do teenagers and primary healthcare providers view each other? An overview of key themes. The British Journal of General Practice, 51(471): 811–816. PMCID: PMC1314126 Sieh, A.& Bretin, L. (1997). The Nurse Communicates†¦ (pp. 85-102). Philadelphia, PA. WB Saunders Company.

Assignmnet on Accounting Budget Essay Example | Topics and Well Written Essays - 2000 words

Assignmnet on Accounting Budget - Essay Example The institution has 92 branches and also has a representative office on Dubai. The bank was voted four times consecutively for being the best bank in Oman by The Banker and by both EuroMoney and Global Finance Inc. also five times consecutively. Through the strategic planning and budgeting process, Bank Muscat has taken aggressive steps for many years to reduce costs and create more effective and efficient ways of operating, while at the same time preserving and enhancing quality services to its clients. The Bank has specifically shifted resources from administrative functions to support research and service thereby moving the resources to the most promising and effective programs, and eliminating duplication in programs and services. The Bank's current strategic planning process integrates planning, budgeting, and continuous quality improvement and this ensures that the budget allocations will be based on sound and well-thought-out plans. (Lynn, 2004) The bank's objectives are not only to maximise profit but also to meet the needs and wants of the clients within a sustainable financial context. A risk adjusted return on capital growth rate is set by private financial institution sector. All resource allocations of the bank are integrated in the context of competing uses and available gross income. This shows clearly that the bank is projected to have enough potential income to increase reserve as it meet budgeted core commitment and expenses. The Bank's planning council is comprised of the Chief Executive Officer, Deputy Chief Executive Officer, Chief Operation Officer and all General Managers of various sections with the institution. They review the strategic plans of each financial year and consider requests for resources from the Board of Directors and later on recommend funding levels. The strategic plan starts from the bottom whereby each section within the institution develops its own strategic plans. They review their services taking into account clients' interest, societal and commonwealth needs, developments in the field of banking and the sections' expertise. Strong programs and services that are central to the bank's mission are recommended for enhancement. Unpopular services are identified to determine if they should be continued, merged with other services or eliminated. The goals of the Bank's-wide strategic plan is complemented and supported by each unit's strategic plan. There are usually annual updates that are prepared to measure the progress and refine goals. (Lerner and Cashin, 2001) Due to scarce resources, BankMuscat turned to internal budget reductions and allocations to fund strategic priorities and critical operating needs. A deliberate process of budget recycling and reallocation was incorporated into the strategic planning process. Since then, the Bank's budget priorities have been to reallocate funds from administrative and support core mission activities of delivering qualities and efficient services to their clients. 2 BankMuscat being a banking institution, its main objectives is to offer

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

Amadeus - Essay Example e classical composer Mozart, director Milos Forman took the 1979 libretto of the musical play by Schaffer and turned it into a modern classic of high admiration among high brow film aficionados. The music of the film, being based on the original works of Mozart leaves the viewers glued to their seats at the film unfolds in relation to the chosen musical pieces. It was this music that gripped my interest when I first sat down to watch the film for our class. I cannot fault the film for its musical brilliance and its painstaking attention to the small details that went into the production of this movie. However, there were a few things about the production itself that struck me as odd. Simply because I found it hard to swallow a crossover of influences between the historical world of Mozart and the modern era of the 1980s. To begin with, I never expected to hear modern English slang being spoken in a film such as Amadeus. I had thought that the original play creator and then the Hollywood film maker would have done their best to stay true to the language of the era being portrayed. A necessary point, in my opinion, that adds to the authentic feel of the movie experience. The gyrating laughter of Tom Hulce also got on my nerves later on. I understand from the narration that the reason the laughter sounded that way was because it was meant to offend Salieri who felt that God mocked his talents by bestowing an immense talent in the spoiled brat name Mozart. This is also another point that left me wishing that the film makers had taken greater care in their portrayal of Mozart in the film. The heavily fictionalized account of the life and times of Mozart has become the basis by which most of todays students first get to know about the prolific composer. However, because the film does not present an accurate account of his life and the people of notable influence upon him, Mozart is instead seen as a madman who was always in need of money and uncaring for both his

Bayesian analysis of HMM-GARCH models in Finance Research Proposal

Bayesian analysis of HMM-GARCH models in Finance - Research Proposal Example The Bayesian approach allows small sample outcomes, fast evaluation, model bigotry and credible reports concerning non-linear roles of the model constraints. Reasonably based financial verdicts hold a gigantic normative characteristic (Bijak, 45). This report paper will explain in detail its purpose, objectives, methodology, limitations and ethical concerns in the study. The first four chapters bring in the research work and an overview of Bayesian analysis of the HMM-GARCH models in Finance. The subsequent two chapters illustrate the assessment of the HMM-GARCH models with standard improvements. Real financial data is used based on this estimate models. It is noted that still for hefty data analysis the perimeter calculate approximately and distance varies between the two models. Care must be used when basing judgments for these two classes of models. The last two chapters reflect on the limitations and ethical concerns associated with these two models. Introduction to the Problem A particle filtering technique is offered to chronological evaluation that will erect on the change- point model of Chib. GARCH models can not be estimated with an unidentified quantity of states through subsisting MCMC procedures. No procedures of computing trivial probabilities of these models exist. Therefore, it is highly not convenient to approximate these categories of models by using at hand MCMC methods. This can be possible if one is ready to assume that the integer of break points is also called a priori (Sebe et al, 36). Centre of attention must be on the in order filtering issue other than the smoothing issue of MCMC model. The path reliance that structural breaks persuade in GARCH models is removed. This is due to the main reason that merely the one-step-ahead prognostic sharing is needed in computation. This therefore, is a fundamental point in excess of two potential states unconfirmed on restrictions in the proposed structural fracture model (Francq et al, 37). Purpos e of the Study The Bayesian analysis of HMM-GARCH models in Finance permits the figure of breaks as well as models to be used in this research. Algorithms made up approximated the model parameters and the integers of structural breaks at each indicate. This is founded on a particular run of the particle filter algorithm. This therefore, makes the models use to be computationally proficiency (Terrell, 27). The confronting global scenery of set models administration is set apart by the ambiguity of the financial markets. The financial sector is always in an invariable activity. A good example of this; is the financial stock market where financial figures change at every moment. Therefore, the financial trade market is at constant change of financial integers. Incessantly, transforming the jeopardy or profit models manipulate on the latent of variation of intercontinental plus points distribution. The regime-switching models demonstrated enables, the two dissimilar systems. This is by the careful computation of the self-motivated risk or profit structure of any international benefit. The additional room to take account of singular asset types; for example alternative assets, stocks and bonds and in an

Proposed Tesco Store, Morning Lane, Hackney, London Essay

Proposed Tesco Store, Morning Lane, Hackney, London - Essay Example There will be space for eight other new shops, offices, restaurants and bars. There will be also further proposals, which include building 134 new homes, 414 car parking spaces, 252 cycle spaces and new improved pedestrian routes to and within the Tesco site including the landscaping and pavement widening in morning lane. These developments will have a major impact for the people living in that surrounding area and proper measures will be put to ensure the project is a success. This study will try to critically evaluate the retail, transport and environmental impact of the project. To achieve this proper planning have to be made and the right expert in the different fields that are being undertaken have to be consulted to achieve the desired objective. In addition, to that a detailed coordinated planning application was made which included the [preparation of retail impact assessment, planning statement, statement of community involvement. There was also coordination of the environme ntal statement, and the preparation of an impact assessment on the socio-economic impact and crime and safety (Broun, 2004, 37). The Role and Use of Evidence The use of evidence has been widely used in the planning of the proposed Tesco proposed project. The use of evidence in decision making involves integrating the best available research evidence with contextual factors including community preference, local issues, political preferences, and public health resources. The use of evidence can be applied in a range of decision-making that is at policy development, Implementation and evaluation. The benefits that can be achieved by the use of evidence as a source of information is the adoption of the most effective and cost efficient interventions, minimization of harm to the people and community as a whole and better infrastructure for the individuals and the communities. The evidence, which had been collected, has had major impact on the proposed project and have assisted in the pla nning, implementation and the evaluation of the Tesco project Transport Assessment A transport assessment report was prepared to assess the impact the project would on the transport sector and the community as a whole. An original transport assessment was submitted in 1999 on the site., but the application had some issues like for instance, the traffic queuing at the junction was considered to seriously detract from the character and the appearance of the high street/. There were other two applications, which were presented in 2003 with alternative access arrangements onto Bridge Street. Following consultations with the Highway Authority a supplementary transport assessment was produced to provide the additional information and analysis, this was submitted in the year 2004. There were further discussions with the Highway Authority and the representatives of the Local Plan Inquiry and amendments were made to the access of the road junctions, which now occupy the Bridge House Site. Th e Bridge House was to be demolished and replaced by a new building that was after discussions with the English Heritage. The assessment considered the access of important shopping centers, the trips that vehicles had to make to the store and the impact on the road networks, the walking and cycling abilities through the roads, public transport and for these to be achieved intensive consultations had to be made (Ganz, 2004, 400). According to the assessment, it was agreed that locating the

Quality Essay Example | Topics and Well Written Essays - 1000 words

Quality - Essay Example This bill required the California Department of health services to adopt stipulated regulations that established the minimum nurse to patient ratios in hospitals. This came as a response to the numerous concerns raised about patient safety as the dynamics of healthcare became more complex and hence resulting into a shortage of nurses in the late 1990s (Donaldson and Shapiro, 2010). The minimum staffing requirements set in place aimed to improve the quality of healthcare and patient safety as well as aiming to retain and acquire more nurses by improving the conditions of their working environment. As required by the law, the California Department of Health Services requires hospitals that provide acute care to maintain the minimum nurse to patient ratios. The stipulated ratios vary by unit ranging from 1:1 ratio in operating rooms, and 1:2 intensive care units, neonatal intensive units and critical care, as well as in post-anesthesia recovery and labor delivery. Further, the ratio is 1:4 in ante-partum and post-partum, emergency room and pediatric care and the emergency rooms. Its 1:6 on psychiatric units. In general, regular hospital units have a 1:5 ratio (Aiken et.al. 2010). In the subsequent years after the California law took effect, nurses became very optimistic about the stipulated ratios. According to the California Nurses Association, the ratio law has been a large success as demonstrated by a large increase in the number of registered nurses licensed in California. Moreover, there has been a reduction in the rate of nurse turnover as a result of better job satisfaction. In addition, it has been observed to improve patient safety and hence helped to save more lives and provided nurses with a platform to advocate for their patients (Cook et.al. 2012). However, in spite of these positive observations, hospitals are still not convinced especially in the absence of tangible evidence that the ratios set out actually improve the care provided by the nurses an d reduce errors. A study conducted in 2002, two years before the law was implemented provided shocking findings. It showed that when a nurse is assigned four patients under his/her care, the risk of patient death rises by 7% for each additional patient assigned. The legislation which was signed into law in 1999 took effect on 1st January 2004 giving hospitals five years to implement the required changes. Contrary to the positive expectations after implementation, various problems that make the implementation process difficult to implement have been observed. A key limitation being that it requires continuous compliance with the ratio which means that the number of patients under the care of each nurse should not exceed the stipulated number at any one point in time during their shifts in any particular unit. So if a nurse has to use a restroom, then the law provides for him to reassign his/her patients to another nurse. Despite these minor setbacks in the implementation process, the requirements set out by the legislation have been observed to have a positive effect on the working environment of the nurses. This positive effect can be demonstrated by the increase in the

Philosophy of healthcare in USA Essay Example | Topics and Well Written Essays - 250 words

Philosophy of healthcare in USA - Essay Example The target population includes the elderly especially the chronically ill older patients, children, and unemployed or underemployed people. Much attention has been given to older people because of their poor health and it is estimated by 2050 thirty percent of the population in USA will consist of elderly people. It is estimated that over 45 million people in USA are either uninsured or underinsured (Papadimos, 2007). This means that access to quality healthcare is little or none. In some instances political agendas have resulted in creating healthcare programs that are ineffective. This has downplayed the importance of better healthcare services to the population. The quality and appropriateness of healthcare services impact heavily on costs. The insured have access to better healthcare services than those uninsured. This means the uninsured and those unemployed or underemployed access cheap healthcare services that may be poor in quality. The government should make sure that all people have access to quality healthcare regardless of their socioeconomic status. Health insurance policies should at least cover the most vulnerable people in the population. Programs proposed by the Congress should be workable and

How can perceptions shape imaginative thought Essay

How can perceptions shape imaginative thought - Essay Example t is people’s sensory experience of the world around them involving both the behavior in response to stimuli and the recognition of environmental stimuli. Perception is known to incorporate the five senses of smell, touch, sight, taste and hearing (Heuer 1999). In this day and age concepts and thoughts are urged onward by an increasing amount of information and data made accessible to every person. This in turn makes one to respond to and anticipate transformations within their environment. Mental models are thus important in allowing individuals to process what would otherwise be considered incomprehensible volume of information (Heuer 1999). It is rather unfortunate that people tend to perceive what they expect to perceive and not what is actually there in reality. Perceptions shape imaginative thoughts. Creativity and imaginative thoughts can be said to be similar in a number of ways where majority of researchers have discovered that imaginative individuals tend to be more depressed as compared to the general population due to their perception of different situation they may be experiencing (Heuer 1999). Individuals considered to be highly creative or imaginative tend to explore unusual possibilities. Those who perceive the world around them in a limited perception tend not to be as imaginative or creative as those who are open minded and liberal. The left and right hemispheres of the human brain usually communicate with each other via a network of nerves joining these two parts of the brain. These also tend to possess different modes of thinking that may lead to conflicting interpretations with regards to awareness and perception. Imaginative thoughts are usually associated with the right brain hemisphere and for an individual to have clear perception of a given situation, the two hemispheres need to be in communication at the time of the experience in order for the person to better judge and act as per the

Aristotle and Aurelius Essay Example for Free

Aristotle and Aurelius Essay Aristotles Nicomachean Ethics goes to show that he believes that the end goal of all human actions is eudaimonia, or happiness through success and fulfillment. Following this concept Aristotle goes on to explain that through virtuosity a human being can lead a happy life. He defines virtue as a disposition to make the correct decisions that lead to the chief good of happiness. A perfect example is when he describes someone who does an action well as being good, but they are only considered good because of their distinctive activity. The distinctive activity for human beings can be considered our rationale. This is where virtue comes into play in the matter, but this translation could also be deciphered as excellence. Human beings do every single thing they do for a reason and that reason is to help towards an end goal. Although it may seem like the end goal might be something good like eating lunch, it is actually a chain to the ultimate good which is being happy. Happiness in Aristotles view is not second-by-second or even minute-by-minute but an entire lifetime. This is because we view happiness as and end goal which we hope to achieve by death and that way you can look back on a persons life to see if they succeeded in their goal, through virtuous moral character and virtuous intellectual character and through the act of temperance. A life-time of that act can guarantee a happy, fulfilling, and successful life. Being virtuous come through two different ways in our actions as said by Aristotle, â€Å"Excellence being of two sorts, then, the one intellectual and the other of character, the intellectual sort mostly both comes into existence and increases as a result of teaching whereas excellence of character results from habituation † (Nicomachean Ethics, 1103a15). Intellectual virtue comes from teaching, experience, and time while character virtue is formed through the habit of repeated virtuous actions and constant practice. This allows for every human being to potentially have a virtuous moral character for the fact that it cannot be learned but only practiced, and not one person can be born already virtuous. The only problem with this concept is that there is no exact guideline in which to follow in order to become virtuous and, ultimately, happy. Basically Aristotle explains that you can find virtue in the middle ground of your actions, for xample, he says â€Å"For to arrive at one of the two extremes is more erroneous, to arrive at the other less; so, since it is hard to hit upon intermediate with extreme accuracy, one should take to the oars and sail that way, as they say, grasping what is least bad of what is available † (Nicomachean Ethics, 1109a35) There is no teaching as to why, for example, courage is preferred over cowardice or rashness but that you need to practice being courageous in order to understand the reasoning for being courageous. This is true for all virtuous traits and merits of the human character and by combining the moral and intellectual teachings and habits can you start on the path of a virtuous disposition. The key to virtue is keeping within a balance between the vices. For an excessive vice there is excessive pleasure but also excessive pain and for the opposite there is no pleasure and no pain. The key is in a state of temperance in order to feel the correct amount of pleasure for a healthy lifestyle and choices. Aristotles views show that someone with a virtuous disposition should automatically or naturally choose the best action or behavior in any circumstances without having to rely on reason because the virtuous habit has been already learned. In response to someone arguing against an accidental choice, these views only perceive the deliberate and voluntary choices made by the person of virtue. Also a virtuous moral character will always aim for the good while unjust character will try to aim for what is their perception or the â€Å"apparent† good as said in â€Å"That wish is for the end, we have already said; but to some it seems to be for the good, whereas to others it seems to be for the apparent good. The consequence, for those who say that the object of wish is the good, is that what the person making an incorrect choice wishes for is not wished for.. † (Nicomachean Ethics, 1113a10). A virtuous person will always do the right thing and will never be surprised by their actions, nor will they do it the right thing with an ulterior motive. Though you cannot live a happy life just with a virtuous disposition because you still need to act within accordance to virtue, you absolutely cannot live a happy life without virtue. Having virtue in your actions will lead to the final goal of happiness because it far outweighs the happiness found in pleasure, awards or merits. II. Marcus Aurelius was a philosopher-king and emperor of the Roman Empire and was considered of of the most influential Stoic philosophers of all time. His greatest work Meditations is an honest portrayal of Aurelius thoughts as they were found in journal form, never meant to be publicized. He wrote these books for himself as a sort of guideline and thought-provoking inner voice. In his works of Meditations, Marcus Aurelius doesnt use arguments as a way to get his point across but rather states his words as truths and seems to be very confident in his uses. It seems he is prying at the meaning of life, the whys and hows of it all on the idea of living. He is very blunt in his use of understating the human existence in the world and compares them to specks in the grand scheme, but the point of this is to provide a sort of carpe diem lifestyle. By letting yourself let go of the things you cannot control, you begin to gain a better understanding of the things you can control and act accordingly. â€Å"We were born to work together like feet, hands and eyes, like two rows of teeth, upper and lower. To obstruct each other is unnatural. To feel anger at someone, to turn your back on him: these are obstructions. † (Meditations, 17). This quote goes to show how you cannot allow yourself to get angry at another person for what they have done, but to continue your existence and recognize what you need to do. He advises in his writings â€Å"To shrug it all off and wipe it clean-every annoyance and distraction-and reach utter stillness. † (Meditations, 54) and once you can do that you can realize what is natural. Stoicism being a very popular philosophy in ancient Rome for it called for a â€Å"cosmic determinism† in relation to â€Å"human freedom† by a parallel will to that of Nature . Aurelius,himself, was a firm believer in the Logos, which can be identified as a principle a guiding force for the universe, human beings and all matter. In fact, it is one of the most important concepts in Stoicism for the ancient Romans of the time. The stark and â€Å"manly† belief that every single citizen had a duty, whether they were a king or a peasant, were expected to follow it to the best of their abilities. The term utter stillness is used to acknowledge the state of no distractions. By achieving this you can focus solely on appropriate actions and how to follow your own road by the way of Nature on an unconscious level. Not by thinking about it but by acting naturally should you continue to help others, work for yourself, never stopping but continuing to reply to Natures demands. To do this all under the Logos, in order to find our common sense and avoid the annoying distractions all the while by controlling these actions through your inner unconscious/conscious self. III. The Greek philosopher Aristotle and the Roman philosopher-king Marcus Aurelius can be compared and contrasted in their similar and different ways of thoughts. First you can compare Aristotles ideas on eudaimonia and Aurelius use of utter stillness to help follow the logos, also the final step of death as the end of ones journey towards a life of fulfillment. Contrastingly, they have different outlooks on purpose of human life and how to lead to the fulfilling of that said life. Stoicism was developed within the framework of Greek theory and philosophies from Plato and Aristotle so obviously there are bound to be many similarities. Both of these men were truly brilliant and ground-breaking in their respective ways of thought and led centuries of intellectuals to search for more fulfillment and happiness’s in their lives. Some big differences between Aristotle and Aurelius were there views on mortality or death. While Aristotle concludes that our lives are given to us and as valuable as human beings want to make them, the Stoics view on life is that is shaped by death and that the thoughts, choices and actions are just based on the knowledge of death. Eudaimonia is a subject in which Aristotle and Aurelius were familiar with in their writings about philosophical life. Aristotle thought of eudaimonia as an activity done with virtue performed rationally and consciously. Aurelius and the other Stoics insist that the way for eudaimonia is to live a morally virtuous life, in regards to the fact that virtue is good, vices are bad and most everything else is neutral. A popular argument for this where a death in the family would be involved, according to Aristotle, that would rob the most virtuous person of their eudaimonia while the Stoics would consider that neutral. Another interesting fact about Aristotle is how he acknowledges how â€Å"dumb luck† can aid or block the journey for eudaimonia, for example being born beautiful or losing close friends and family. Basically, they agree that eudaimonia is self-sufficient; the chief goal in life and that eudaimonia is the most complete end result. Virtue is very important to both philosophers and their ways of thinking and considers it absolutely crucial for eudaimonia. Aristotle and Aurelius can agree that no one is born just virtuous as it must be an act learned. Virtue is believed to be how one can control their emotions for it helps them to stay stable and in moderation. Overall, living life virtuously is living a life full of dignity. Marcus Aurelius’s view is a much more justified view because it is more modern and more adaptable. As the stoicism wants people to better themselves within reasonable goals and change values into something that will bring upon an unconscious change so that they may make better decisions consciously. Aristotle instead relies too much on a proper upbringing and calls the loss of good and friends as a prevention of eudaimonia. Stoics learn to realize what is out of their control and move on to what they can control. Aristotelian views also say that if a person dies early that it is a tragedy and that they were taken away before they reached their prime which in the Stoics eyes, a virtuous person should never be afraid of death because their life is sufficient when living a virtuous life. The difference continues when viewing the topic of emotions for Aristotelian that emotions are not good nor bad, only bad when expressed inappropriately while the Stoics think the whole point of eudaimonia is to be free from emotion. Finally the stoics don’t see a difference between the rich, poor, slaves or free men, because in their views bodily and external things can no impact on their dignity, whereas Aristotle believes that a life based on virtues along with enough material and external goods like freedom, wellbeing, and close friends lead to a life of dignity. Overall, Aurelius and the Stoics have built upon and modified Aristotle’s view to be more realistic and to try and be more optimistic in leading the best possible life no matter the circumstances.

Relationship between Accounting Information and Market Risk

Relationship between Accounting Information and Market Risk Financial theory describes risk assessment as one of the most important part in an investment decision making process.  However, for a risk to be known, it is important for investors to interpret information flowing on the market. This study aims to examine the association between accounting information and the market risk over time. It also evaluates how far the beta value and accounting variables can be useful for investors in Mauritius. Beta estimates are calculated using Capital asset pricing model and accounting risk variables are derived from theoretical foundations and prior empirical findings. The relationship between the financial ratios and the level of systematic risk is obtained by regressing the variation in the beta against changes in the accounting variable. The empirical evidence shows that beta is valid on the Stock Exchange of Mauritius (SEM). However, the power of beta is relatively low in capturing the systematic risk. This finding is in line with Campbell (1995) who obtained similar observation for emerging equity market and with Bundoo (2000) who noted same result. Finally the result shows that a strong association exist between accounting variables and market risk and it also observed that this relationship is consistent over time. Accounting variables like growth rate, debt ratio, asset size, liquidity, profit margin and accounting beta are able to capture market risk where beta generally provides a high explanatory power of systematic risk. The findings contradict the some of the association between the market risk measures and accounting risk measure obtained Beaver et al (1979).   1  Introduction The growth experienced in the Stock Exchange of Mauritius (SEM) during the years 1989 to 2007 was with no precedence. Stock prices of quoted companies on the SEM boomed, causing a high influx of capital which caused the market to rise to its peak with a net market capitalisation of MUR 173 billion in the end of the financial year 2007. Local investors who had investments in fixed deposits from local commercial banks shifted some of their investments to the SEM, with view of higher return. But Stock prices started to fall soon after the end of the month of February 2008 and within a year the SEMDEX reached a position which was a low as the values experienced in September 2006. While this fall was largely attributed to the morose international situation, as a result of the international financial crisis; there is also the question whether the SEM effectively capture risk which is inherent by companies quoted and how far investors in Mauritius used the publish financial information to evaluate and predict the level of risk in the operating environment. Financial markets serve a key purpose in an economy by allocating productive resources among various areas so as to enable an efficient resource allocation, across different firms, investors assess the security and market expected prospects and risks and form a portfolio of investments based on their assessment. Security analysis usually involves an evaluation of the financial position and performance obtained from the financial statements published periodically by companies. In an efficient financial market the share prices is expected change to the fair value of the firm as new information flows into the market. Financial theory describes risk assessment as one of the most important part in an investment decision making process. The return of a stock is often considered to be narrowly related with the risk which the investor is taking while holding that stock. This makes the generally accepted principle that the higher is the risk in investing in an asset, the higher should be the asset’s expected return. This implies that there is a positive correlation between risk and expected return in holding a stock. 1.1  Problem Statement The analysis of stocks return is intricately linked with the analysis of risk. Empirical studies carried by Graham et al (2001) has shown that the Capital Asset Pricing Model (CAPM), (an asset pricing tool which uses risk as a basis to calculate assets return) is used, by more than seventy five percent of the chief financial officers, as primary tools in the portfolio selection process. However some authors in the capital markets literature (Campbell (1995) and Chan et al (1991)) have argued that in the case of emerging stock exchanges the CAPM is inapplicable and beta is not significant. However, for a risk to be known, it is important for investors to interpret information flowing to the market. Fama (1963) described three generic forms of market efficiency based on the market reaction to inflow of information. Markets which react to all past information are said to be in its weak form, those markets which react to all past and publicly available information are referred to as semi-strong efficient markets and those which react to all past, public and private information are considered as strongly efficient markets. A study made by Bundoo (2008) showed that Stock Exchange of Mauritius (SEM) has the characteristics of a market in its weak form. This implies that the SEM effectively responds to past information. Yet there is absence of empirical research which evaluates whether market return and risk are effectively pictured through accounting ratios. 1.2  Aims and objectives This paper aims at analysing the share prices in the SEM and key accounting ratios to evaluate the financial position, performance of a sample of companies quoted across various economic sectors of the SEM with the view of answering the above question. It also seeks to test whether investors can trust beta in their decision-making process on the SEM. The paper also aims at: understanding the relationship between the financial ratios, market return and risk; estimating the level of systematic for different business segment where financial market information is not available; and to guide investment in measuring the systematic in private and non listed companies in Mauritius. 1.3  Organisation of this paper The paper is organised as follows: Chapter 2 provides a summary of literatures concerning risk measures, accounting tools and market-based models to measure the performance and risk; It also surveys the empirical researches on the SEM  and similar markets; Chapter 3 develops the models which are to be used in the analysis of the relationship between systematic risk and accounting ratios; It also outline the methodology and sample data which is used in the analysis; Chapter 4 presents the key findings from the study and Chapter 5 concludes the paper. 2  Literature review Risk and return of a firm are the two most important factors in the development of financial strategy for both individual investors and firms. Risk is inherently multi-dimensional and as such it has multiple characteristics which may be classified as financial and non financial. These characteristics make up the risk profile of a security, which is generally observed as changing with time and at different levels of a market. These changes in turn, impact on the return of the investors either by creating value or destroying the initial value before the investment.   Modern financial theories have proposed different models which are founded on sound theoretical analysis which can be used to estimate the different degree of riskiness of a particular security. These risk measures are then used in valuation models to estimate the return which an investor, with a defined risk attitude, can expect from an investment. As described in chapter 1, above, the applicability of such financial theories remain untested in many emerging markets. This chapter reviews the financial models which are commonly used by practitioners for estimating of the risk of stocks and stock market and their corresponding returns. It also summarises the main financial ratios which are used to analyse the financial risk, financial performance and the value of the firm. Finally a summary of the accounting tools and market-based models to measure return is also presented. 2.1  Risk It has always been difficult for practitioners to reach a consensus on the definition of risk. Moles (2004), nevertheless, provides a simple definition which is taken in this paper as basis for risk measurement. He defines risk as â€Å"the chance (or probability) of a deviation from an anticipated outcome†. With this definition it is implied that risk is made up of at least these 3 elements: 1.  probability: which means that risk can be quantified and expressed as a parameter, number of value; 2.  deviation from anticipated outcome: which is extent to which the actual result may deviate from that which is expected; 3.  anticipated outcome: this means that it is the consequence of the actual results deviating from the expected results that leads to risk. Newbold et al (2003) states that probability can be measured using past data by considering the proportion of times that an event occurred. For the case of an investor the anticipated event would be the financial return which he or she can expect by holding an asset. The measurement of the deviation from the anticipated return is normally done using the standard deviation of returns generated by an asset with regard to the expected return. 2.1.1  Systematic and unsystematic risks The deviation from the anticipated return is caused by is explained by 2 levels of risk: systematic risk and unsystematic risk.  The sum of these two main categories of risk is the total risk to which an investor is exposed to. Systematic risk is associated with overall movements in the general market or economy and therefore is often referred to as the market risk. The market risk is the component of the total risk that cannot be eliminated through portfolio diversification. Unsystematic risk which is a component of the portfolio risk that can be eliminated by increasing the portfolio size, the reason being that risks that are specific to an individual security such as business or financial risk can be eliminated by constructing a well-diversified portfolio. 2.2  The Capital asset pricing model Markowitz (1952) constructed a mean-variance model to observe the trade-off between risks and return. The model mathematically proved that return can be maximised, while minimising the overall risk, by holding a diversified portfolio. The idea was based on the concept that securities that are inversely correlated or having coefficients which are less than one. Such negative or low correlation coefficient results in a low covariance between securities in the portfolio. The low covariance implies a comparatively low level risk. However, Sing et al, (2001) observed that the model ignore the general risk-averse attitude of most investors. The Capital Asset Pricing Model (CAPM), developed by Sharpe (1964), is based on the framework set out by Markowitz (1952) which considers that investors invest their money in a portfolio of assets. The CAPM states that the return which a risk averse can expect from investing in a risky asset is a risk premium over the risk free rate. The formula 1 below states the formula which can be used to calculate the expected return. E(Ri)  = Rf +  i  (  E(Rm)   Rf  )  (2.1) where: E(Ri)  Ã‚  expected rate return of stock I; i  Ã‚  relative risk of share I; E(Rm)  Ã‚  expected rate return of the market portfolio; and Rf   risk-free interest rate. Sharpe (1964) and Lintner (1965) explained that the correct measure of risk of an asset is its beta factor, a standardised measure of the systematic risk and that the risk premium per unit of riskiness is the same across all assets. CAPM has been developed by considering some assumptions such as normal distribution of assets return, perfect divisibility of assets and return, the existence of a risk free rate, perfect market conditions, inter alia, which might not exist in the real world. Despite the fact that most of the above assumptions are neither valid nor fulfilled, the CAPM has become an important tool in finance. It is widely used by finance practitioners for assessment of cost of capital, portfolio performance, portfolio diversification, valuing investments and choosing portfolio strategy among others. The ÃŽ ² factor in the equation 2.1 measures the volatility of the specific asset with regard to the volatility in the market, that is, the market risk. Mathematically it is expressed as in equation 2, below: (2.2) where: systematic_riskasset = covariance of the asset and that of the market market_risk is the volatility in the market portfolio, it is measured by the standard deviation of prices of the market portfolio. 2.2.1  Empirical review of Capital asset pricing model The empirical studies undertaken by Jensen et al. (1972) found supportive evidence for CAPM. The authors found that the actual return, for a sample of companies quoted on the New York Stock Exchange (NYSE), were consistent with the predictions of the CAPM.  They noted that the relationship between the average return and beta was very close to a linear one and that portfolios with high betas had high average returns. The same result was confirmed by Black et al. (1972), who studied of all the stocks on the NYSE over the period 1931-1965. Black et al. (1972) formed portfolios of stocks and analysed the abnormal return with regard to the beta factor, and found a linear relationship between the average excess portfolio return and the beta. Black et al (1972) observed that the beta factor measured the responsiveness of the share return to changes in the returns of the market. Stocks with high positive betas had stock price which rose faster than the market. This implies that high beta stocks bear a higher degree of risk compared to stocks which have their beta factor as negative. Stock with negative beta behave negatively to changes in the market, as such, in a bearish market, it is more attractive to invest in these stocks as it helps to preserve the value of the investor. Fama et al. (1973) also observed a larger intercept than the risk-free rate when analyzing the return against risk. They confirmed that there is a linear relationship between the average return and the beta, even over longer period. They further investigated whether the squared value of the beta and the volatility of assets returns explained the residual variation in the average returns across asset and found that, in addition to portfolio risk, there are other variables that affect expected return. 2.2.2  Critics against Capital asset pricing model There has been also several criticism of the applicability of the CAPM in many markets. Empirical research undertaken by Basu (1977) proposed other factors which have to be considered instead of relying wholly on a single variable, beta. According to Basu (1977) the price earnings ratio has a great influence in market return. Banz (1981) challenged the model by indicating that firm size have a considerable impact on the average returns of a particular stock and thus firm size could better explain the volatility than the market beta. The author observed that the average return of small firms were higher than the average returns on stocks of large firms. Chan et al (1991) made a further observation, on the Japanese market, that stocks with high ratios of book value of common equity have significantly higher returns than stocks with low book to market equity. In this respect, book to market equity started to be regarded as being an important variable that could produce dispersion in average returns. Fama and French (1992) came up with the conclusion that a more realistic approach of the risk in the market is the multi-index models. Their study concluded the findings of Basu(1977), Stattman (1980), Banz (1981) and Chan et al (1991) who argued that size of the firm and the books to market equity ratio are far superior in explaining asset returns. In contrast with CAPM which can be considered as a single factor model, Ross (1976) proposed a multifactor arbitrage pricing theory (APT).  Groenewold et al (1997) examined the validity of the model for Australian data and compared the performance of the empirical version of the APT and the CAPM. They concluded that APT outperforms the CAPM in terms of within-sample explanatory power. The APT, however, is a generic model and does not specify any factor which has to be considered in analysing return with regard to risk. 2.2.3  The ongoing debate on the applicability of Capital asset pricing model Nevertheless, there is no consensus in favour of CAPM due to the disparities in the empirical findings and the debate continues. In general, the studies challenge the data used by Fama et al (1993). Kothari et al (1995) argue that the findings of Fama et al (1993) depend essentially on how the statistical findings are interpreted. Amihudm et al (1992) and Black (1993) supported the idea that the data are too noisy to invalidate the CAPM and showed that when a more efficient statistical model is used, the relationship between average return and beta is positive and significant. The author further suggested the findings in respect of size effect could be simply in a sample period effect and that it may not be noted in another period. Similarly, Berk (1995) questioned the findings of Chan and Chen (1991). The author emphasised that stock prices (and market value of the equity (MVE)) depend on the expected future cash flows which is used by investor to estimate the risk and the required rate of return. Therefore, if two companies have a higher discount rate and consequently its price and MVE will be lower. In this sense, MVE captures the information about the company’s risk, since any change in investors’ perceptions of risk is immediately reflected in the stock prices. Furthermore, when the expected return of a firm is defined as the expected cash flow divided by its MVE, the relationship between MVE and return is clearly negative for companies with equivalent cash flows. Berk concludes that for companies of similar cash flows, the higher the risk of the cash flow, the higher the discount rate investors apply to it, which causes price to decrease and expected return to increase. This concept has contradicted the findings of Chan and al (1991), which attribute higher returns to smaller companies. Owing to its intuitive appeal, the CAPM has become an important tool in finance for assessment of cost of capital, portfolio performance, portfolio diversification, valuing investments and choosing portfolio strategy among others. However, there is no consensus in the literature as to what a suitable measure of risk is, and consequently, as to what is a suitable measure for evaluating risk-adjusted performance (Galagedera, 2007). As such, the debate for robust asset pricing models continues. Other studies (Ball and Brown (1969) and Beaver, et al (1970)) have focussed on accounting variable to convey information about the market risk. 2.3  Accounting variables as a measure of systematic risk Research in accounting variable as a measure of risk has increased considerably since the last forty years with a number of published papers by Beaver et al (1970), Lev et al (1974) , Bernard (1989), Ohlson (1995), and Kothari (2001). Beta measures the relative risk whereby risk itself is determined by some combination of firm characteristics, market conditions, and the sensitivity of the firm stock to market conditions. As such, understanding the relationship between the accounting variable and the systematic risk can provide an alternative basis to a market based estimation and prediction which will in turn guide the accounting policy formulation and investment decision making (Brimble et al, 2007). The study by Beaver et al (1970)  was the most quoted research in accounting and financial research. The author had improved the perdition of systematic risk by considering the firm specific characteristic and they identified significant association between market risk and firm specific accounting information. The financial statements of firms were mostly used in providing considerable information that could be used to measure the inherent risk. In fact, the Financial Accounting Standards Board (1983) stated that the objective of financial reporting is to provide information that is useful to present and potential investors and creditors and other users in making rational investment, credit, and similar decisions. A number of studies investigated how financial information becomes impounded in security prices and affects investment decisions. These accounting data are converted into the financial constructs, such as growth, operating leverage, profitability, liquidity, and efficiency. There is considerable evidence that since the late 1800’s ratio analysis has been widely used in the valuation of published financial data (Connor, 1973). Researchers and investors use mainly financial ratios for risk modelling purposes based on different criteria of comparison which are discussed as follows: Time series analysis: It also known as trend analysis and it is used to compare financial ratios over a period of time. Ratio analysis for one year may not present an accurate picture of the firm (Rao, 1989).  As such, to appraise a firm’s performance, the present ratios need to be compared with the past ratios. Cross-sectional analysis: This method compares ratios of one firm to the ratios of some other selected firms operating in the same industry at the same point in time (Pandey, 1999). Such comparison indicates the comparative financial position and performance of the particular firm. Industry analysis: According to Pandey this type of analysis helps to ascertain the firm’s financial standings and capacity vis-à  -vis other firms in the same industry. A study conducted by Beneda (2006) indicated that commercial lenders often consider the use of industry ratio analysis to be critical with regard to the potential success of the business. The main shortcoming of this analysis is that it is difficult to obtain the average ratio of an industry and if available the average ratio is composed of both strong and weak firms. Financial ratios were used for locating possible takeovers and mostly to predict major events such as corporate failures (Scott, 2004). Other studies reported on an association between accounting ratios and market risk measures, and proposed that certain accounting ratios can be used as proxies in predicting future security (Beaver et al. 1970; Elgers and Murray, 1982). 2.3.1  Usefulness of accounting variables The use accounting as means of estimating the systematic risk will allow the user of the financial statement to assess the investment alternative in terms risk, return and the value of the firms. Ryan (1997) has widely discussed the motive for relating accounting research to measures of market risk: The volatility of market betas over time indicates that the ex post measure of systematic risk is does not provide meaning full information in estimating the future risk. As such, understanding the relationship between accounting variables and systematic risk could indeed be useful in measuring and predicting the actual and upcoming market risk. Market based measures of risk, like the capital asset pricing model, fail to consider most of the firm specific characteristic such as the operational factors and environmental contingencies which influence risk. The accounting risk based information gets closer to the identification these economic fundamentals. Therefore accounting model provides an actual risk determinants rather than just determining the level of risk. Accounting risk model overcome the conventional problem were ex post measure of risk can not be applied due the fact that historical security returns is not available or insufficient like in the case non listed entities and for initial public offering Accounting variable are not affected by the noise found in traditional risk estimates which rely on past trading histories whereby significant variation in one period subsequently affect the overall risk level ; The development of trading strategies and the construction of portfolios with the desired level of risk. 2.3.2  Theoretical and empirical review of the relationship between individual accounting variable and systematic risk. Researchers on the association between systematic risk and accounting ratios were primarily initiated by Beaver (1970). The ratios used by the author were dividend payout, growth rate and leverage ratio, liquidity ratio, variability of earnings and co-variability of earnings. Other studies have further elaborated on these ratios and they also added other accounting based to measure the systematic risk. All these ratios aim at measuring the operating risk, financing risk and growth risk. The theories and empirical finding between these two variables are discussed as follows: Dividend Payout Corporate dividend policy has been the object of lively discussions in finance literature. The debate has revolved around the question of whether companies with generous distribution policies are less risky and whether there exists an optimal payout ratio. Theoretically, it is often asserted that firms with low payout ratios are more risky.  This is because that cost for external finance is relatively high for risky firm than firm with low risk. In this respect, risky firms rely on the utilization of their own reserves to carry out business activities. Dividend payout also affects the systematic risk by the information perceived by variation in the dividend policy. The original idea behind the information content of dividends, was developed by Lintner (1956) who claimed that managers only increased dividends when they believe that the levels of the firm’s earnings have permanently increased. He argued that decrease in dividend may be interpreted as cash flow or liquidity problem. Miller and Modigliani (1961) have argued, on the other hand, that dividend policy is irrelevant to the market value of shares. In a model which disregards taxes, they conclude that the payout policy which the corporation adopts, has no effect on the price of shares. Similarly Watts (1973) and Gonedes (1978) found no evidence that changes in dividend policy contain new information regarding firms future earnings. Gordon (1963) further pointed out that an increase in the proportion of retained profit now means higher cash dividends in the future and therefore conservative dividend policy has no effect on the risk factor. Still, Veikko (1967) explained that the higher the retention rate, the further in the future cash dividends are moved and the greater the uncertainty about their actual amount. Empirical evidence by Edward et al (1998) further showed that a significant negative relationship exists between the dividend pay out ratio and risk element. Growth rate Growth affects the systematic risk in two main ways as identified by Beaver et al (1973).  Firstly, where a firm earns excessive earning opportunities, that is, where the expected rate is higher than the cost of capital. Growth is normally attained by an expansion in the assets size either through the acquisition of new plants or by creating new product line or by takeovers.  The excessive earnings stream derived from these operations is argued to be more uncertain (i.e. volatile) than the normal earnings stream of the firm. In this respect the authors stated that a positive association exists between growth rates and risk. However, Harrigan (1984, 1986) have deepened this analysis and the author has observed different level of association over different industry life cycle characteristics. Harrigan argued that growth strategies, through takeovers and new product development, may be quite risky during an embryonic stage due to the high degree of product, process, and market uncertainty. In contrast, growth strategies may be less risky during times when demand conditions are growing in a stable manner. Finally, growth strategies are expected to become quite risky again as an industry is in transition to maturity because of the cut in the excessive earning streams. The second argument is related to the logic developed about the dividend payout ratio. Additional capital, utilized in the growth of the firm, would reduce the firm earnings in two main ways. If the expansion in asset is financed by the external debt, the firm earning would be eroded through finance cost. Whereas if the growth is financed through the retained earning, a sharp cut in earning attributable to the shareholder is expected. Both methods will ultimately lead to a reduction in dividend payout and thus increase the systematic risk. Asset Size Theoretically, larger firms are less risky than smaller firms. This is because large firms have better access to capital market, management skills and expertise and greater market liquidity. These factors provide opportunities to diversify and to seize new market opportunities to reduce operating risk which will impact on a lower beta than small firms. The studies of Dun et al (1970) reveal that the frequencies of failure are lower for large size firm than firm with low asset capitalization. Horrigan (1966) has shown that the most single important financial statement variable used to predict the bond rating of a firm was total assets. The author observed that if the asset returns are independent, the variance will decrease in direct proportion to the difference in asset size that is, as firm size doubles, the variance of the rate of return will be cut in half. Empirical work by Alexander (1949) observed that as firm size increase, the volatility in the earning streams decrease accordingly.   Moreover firm with wide operating activities are required to make more disclosure. For example the Mauritian companies act, 2001, stipulate that firms with Turnover above MUR 30 Million are required to file a complete set of financial statements with the Registrar of Companies. This information may be consulted by the members of the public upon payment of a nominal fee. Thus, more information is available to evaluate risk level. Collins et al (1987) have identified that small and recently incorporated firms have a high probability of financial distress. Accounting beta Research about the association between the market based beta and an accounting beta originated with Ball and Brown (1969). Accounting beta measures the degree of co-variability of firm earnings and the market earnings. Beaver et al (1970) argue that, if beta is being the used as the market determined concept of risk, then the most direct approach would be to compute the beta value on accounting earnings. Bowman (1969) demonstrated that the higher the accounting beta, the higher the systematic risk. Hence a positive relationship is expected between the two variables. Earning Variance The important relationship between earnings and the market beta is their covariability, accounting beta, is shown in the above. However, the empirical research has generally shown earnings variability to be superior to an accounting beta. Beaver et al (1970) found in a model that use accounting variables to forecast market risk that earnings variability was the most significant variable and that accounting beta did not make a statistically significant contribution. The relationship established by Ball and Brown (1969) is therefore theoretical. Empirical results may differ from theory for two main reasons as advanced by Bowman (1969). The assumptions (i.e there are only pure equity firms (no debt) in the market portfolio) of the theory may not be applicable to the universe being tested. Secondly, t

Walt Disney :: essays research papers

Walt Disney   Ã‚  Ã‚  Ã‚  Ã‚  Walt Disney was one of the famous motion-picture producers in history. He first became known in the 1920's and 1930's for creating such cartoon film characters as Mickey Mouse and Donald Duck. He later produced feature length cartoon films, movies about wild animals in their natural surroundings, and films starring human actors. Disney won 32 Academy Awards for his movies and for scientific and technical contributions to filmmaking. He also gained fame for his development of theme parks.   Ã‚  Ã‚  Ã‚  Ã‚  Walter Elias Disney was born on Dec. 5, 1901, in Chicago, Illinois. His family moved to Missouri, and he spent much of his boyhood on a farm near Marceline. At the age of 16, Disney studied art in Chicago. In 1920, he joined the Kansas City Film Ad Company, where he helped make cartoon advertisements to be shown in movie theaters.   Ã‚  Ã‚  Ã‚  Ã‚  In 1923, Disney moved to Los Angeles to become a film producer or director. When he failed to find a job, he returned to producing cartoons. He set up his first studio in the back half of a real estate office. For several years, Disney stuggled to pay his expenses. He gained success in 1928, when he released the first short cartoons that featured Mickey Mouse. Earlier filmmakers had found that animals were easier to animate than people. Mickey Mouse, drawn with a series of circles, proved ideal for animation.   Ã‚  Ã‚  Ã‚  Ã‚  In 1927, sound that had been added to motion pictures, and a process for making movies in color was developed a few years later. Disney and his staff made imaginative use of sound and color. Disney himself provided Mickey Mouse's voice for Steamboat Willie (1928), the first cartoon to use synchronized sound. His cartoon Flowers and Trees (1932) was the first cartoon in full Technicolor.   Ã‚  Ã‚  Ã‚  Ã‚  From 1929 to 1939, Disney produced a cartoon series called Silly Symphonies, which played in theaters along with other animated films featuring Mickey Mouse and other characters, like Donald Duck, Goofy, and Pluto. After 1924, Disney actually did more of the drawing necessary for his animated films. His genius lay in creating, organizing, and directing the films.   Ã‚  Ã‚  Ã‚  Ã‚  In 1937, Disney issued the first full-length animated feature film to be produced by a studio, Snow White and the Seven Dwarfs. It became one of the most popular movies in history. Disney's later full-length animated films included Pinocchio (1940), Fantasia (1940), Dumbo (1941), Bambi (1942), Cinderella (1950), Alice in Wonderland (1951), Peter Pan (1953), Lady and the Tramp (1955), Sleeping Beauty (1959), 101 Dalmations (1961), and the Jungle Book (released in 1967, after his death). In 1950, Disney released Treasure Island, his first full-length movie to use only human actors.

Integrins : Cell Movement :: Biology Cell Migration

Cell Migration We are all familiar with the workings of muscles, and we all know how to walk and move around. But did you know that some of the cells in your body are moving around too? * Cell migration is a critical process for every type of living organism. Cells in the body will often move from place to place to complete their functions. The process of cell migration is important in such things as wound repair and cell differentiation. * Understanding cell migration is also an important part of cancer research. In cancer, cells that normally would not migrate start to move. This is called metastasis, and is the difference between a benign and malignant cancer. Understanding how cells migrate can help us find new cures for cancer and better understand the body. Integrins So, how do cells move exactly? That is indeed a very complicated question, however it can surely be said that no migration could take place without an interesting set of proteins called Integrins. These proteins are so named because they integrate the function of the cell with the outside world. This exterior region is generally known as the Extracellular Matrix, or ECM. The ECM is composed of a wide variety of different molecules that "fill in the space" between cells. Integrins are transmembrane proteins which bind ligands found in the extracellular matrix. They exist in cells as "heterodimers." This means they are 2 separate interacting polypeptide chains which are not the same. Here is a drawing of what integrins look like: The shape of integrins are what is known as a beta barrel. This means that the polypeptide chain wraps around in a barrel shape. This allows the integrin to bind more easily to the extracellular matrix. How Integrins Work Integrins can be thought of as velcro on the surface of the cell. When the cell is at rest, most of the integrins are inactive, that is to say they are present, but do not bind the ligands present in the ECM. Here is a representation of how this works: When the cell decides to move, it turns on integrins in certain places, and turns them off in other places. Where this takes place depends on which direction the cell wants to move! Integrins on the "front" of the moving cell grip tightly to the ECM, pulling the cell forward.

The Direct And Indirect Impact Of Rhetoric Essay -- essays research pa

The Direct and Indirect Impact of Rhetoric   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  In the world that we live in, rhetoric always affects and is a part of everything that happens. Rhetoric, in its broadest sense, is communication, and how people relate to each other. The movie The Color Purple is about relationships. Therefore rhetoric plays a very important role in this movie. Throughout The Color Purple the impact of rhetoric can be seen in two groups of people, the communicator, or rhetor, and the audience. Celie, the main character of the movie, shows the impact of rhetoric in almost every aspect of her life. The effects of rhetoric in Celie's life are apparent through her relationships with Mr. Johnson, Shug Avery, and Sofia.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The relationship that Celie has with Mr. Johnson is unbalanced from the first time they meet. Celie's complacent and gentle nature leave her at the mercy of Albert Johnson's more dominant attitude. The rhetoric that she expresses to him, of innocence and always complying to his orders, forces her to live a large portion of her life sheltered and overshadowed by Albert, who continuously beats her into submission. Celie also passes on what she learned from â€Å"Mister† to his son Harpo, the rhetoric of â€Å"the importance of a man giving his wife a good beating.† Albert Johnson does not even realize how important Celie is to him until she is gone. At that poi... The Direct And Indirect Impact Of Rhetoric Essay -- essays research pa The Direct and Indirect Impact of Rhetoric   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  In the world that we live in, rhetoric always affects and is a part of everything that happens. Rhetoric, in its broadest sense, is communication, and how people relate to each other. The movie The Color Purple is about relationships. Therefore rhetoric plays a very important role in this movie. Throughout The Color Purple the impact of rhetoric can be seen in two groups of people, the communicator, or rhetor, and the audience. Celie, the main character of the movie, shows the impact of rhetoric in almost every aspect of her life. The effects of rhetoric in Celie's life are apparent through her relationships with Mr. Johnson, Shug Avery, and Sofia.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The relationship that Celie has with Mr. Johnson is unbalanced from the first time they meet. Celie's complacent and gentle nature leave her at the mercy of Albert Johnson's more dominant attitude. The rhetoric that she expresses to him, of innocence and always complying to his orders, forces her to live a large portion of her life sheltered and overshadowed by Albert, who continuously beats her into submission. Celie also passes on what she learned from â€Å"Mister† to his son Harpo, the rhetoric of â€Å"the importance of a man giving his wife a good beating.† Albert Johnson does not even realize how important Celie is to him until she is gone. At that poi...

Feasib Rationale of Restaurant Essay

Since the members of our group do like Philippine native foods, we decided to come up with a native restaurant business, the â€Å"Probinsyana†. The purpose of this native restaurant is supports the middle class to low class people. Being able to deliver great customer service, great food, and great atmosphere. A hit that will surely be loved by the masses is what this is all about. Probinsyana cuisines have its influences from different countries. This is due to the fact that traders and colonizers have visited the Philippines for centuries. The American and Spanish colonizers, and the Chinese and other Southeast Asian traders influenced and brought a twist on the Filipino cuisine. Chinese is one of the contributors of the Filipino cuisine. Chinese influences the Filipino on making noodles or what we call pancit. For many years Chinese people interact with the Filipinos and some of them stay and live in the Philippines. They teach their wife on how to cook some Chinese delicacy but using ingredients found in the Philippines. When the Spaniards came to Philippines, they introduced the Spanish culture. The Spanish colonies often influenced the Philippines in many different ways. As much as 80 percent of Filipino food originates from Spain. Tomatoes and garlic, for instance, both staple Filipino foods, were introduced from Spain, as was the cooking method of sautà ©ing using olive oil. For example, Adobo, Adobo means marinated sauce for pork. Spain can also lay claim to the delicious range of Filipino desserts and pastries. Baked goodies such as pan de sal and ensaymada are of Spanish origin. When American defeated the Spaniards and colonies the Philippines, they introduce a little American cuisine. Although Americans didn’t make that much of an influence in Philippine cuisine, they certainly changed the way Filipinos dine. They introduce the fast-food chain that and can goods which is until now available everywhere. Native Filipino cooking is not too spicy despite the fact that spices are plentiful and readily available in the islands. The basic staple is rice of which hundreds of varieties are cultivated. Main source of protein is fish which abound in oceans, lakes, rivers, streams and ponds. Meat, especially pork and poultry, is also commonly eaten. Beef is readily available but is more expensive; the cattle industry not being well developed in the country. Veal and lamb are not too popular but goat meat is considered a delicacy in some parts of the country as are frogs, rabbits and deer. It is often when sampling native Filipino dishes that one appreciates the regional variations in the country. For while it is true that Filipino culture is homogeneous, there are specific differences in cooking and food preferences that readily identify the regional origin of many dishes. Although these differences are not as pronounced as in the regional variations of Chinese cooking, for instance, they are widely recognized in the country where regionalism plays an important role because of its geographical division into many island-groups. Foreign Study The word restaurant was unknown until 1765. At that time a Frenchman called Boulanger opened such an establishment in Paris to serve meals and light refreshments. It was so successful that it was quickly imitated by others, and many new establishments with the same idea and calling themselves restaurants opened in France. The ward restaurant was not generally used in England until the end of the 19th century. In England, the restaurant idea spread more slowly than in France. At first there came the tea shops, and in 1873 the first restaurant was opened in London.

Dynamic Earth Essay

Has the Earth been static since the beginning of time? Well, Earth hasn’t been moving vigorously but it is changing at a steady rate. New geological features, rock formations, and locations of plates all rise and demolish some in a lifetime and others over a span of millions of years. Earth is dynamic; it constantly progresses and doesn’t rest. Through the churns and molds, the twists and turns, Earth is active because of plate tectonics and the rock cycle. The ideas and theories that make up plate tectonics have shown Earth’s dynamism. The position of plates on global maps didn’t always look similar to the maps shown today. 250 million years ago, there existed a super continent, Pangea, which contained all land masses on Earth. Before plate tectonics, people thought the plates were always in the same position; no one could explain how such a large mass could move. It split up some 200 million years ago but scientists recently accepted this idea of moving plates; continental drift. Even more recent was the idea of sea-floor spreading, the explanation for continental drift. These ideas merged to create what is now known as plate tectonics. In fact, it is more than likely that Earth will resemble Pangea in the future. The ideas that were brought up could easily have been within a person’s lifetime. Volcanoes and earthquakes are also common because of plate tectonics. There are about 500,000 earthquakes and hundreds of minor volcanic eruptions each year caused by the frequent interaction between plates. Plate tectonics are a major piece of evidence for the changing planet. The transformations that occur through the rock cycle have also shown Earth’s dynamism. The rock cycle describes the dynamic transitions that the three main types of rock undergo without any definitive order. A metamorphic rock will not always stay a metamorphic rock; it can turn into a sedimentary rock through weathering and erosion then compaction and cementation or an igneous rock through melting and cooling of magma. For example, the Andes Mountains were formed by the transformations of metamorphic and sedimentary rock. It began to take its present form about 80 to 100 million years ago. Even though the process for change is prolonged, it takes place nonetheless. The rocks we see today may be different millions of years into the future. Basically, nothing is ever set in stone or rather, rock. In conclusion, Earth’s dynamism is shown through plate tectonics and the rock cycle. It is constantly changing despite the slow rate. The features that are visible today won’t be there forever. Volcanoes that were once active will cease to erupt and continents that were once separated by water will be glued together. Beautiful rock formations will be torn down by the violent planet that is Earth. Due to the changing Earth, our understanding changes with it. Scientists constantly come up with new information to prove an idea or counter a theory. The winds of change are coming, can you feel it?

Chinese Inventions Essay

China is unlike any other country; winning a trip to China would be a dream come true! China is known for several years of their creative and useful inventions. Along with the many useful inventions, China was known for the first recorded observation of comets and solar eclipses. China has been creative for with their contributions to the world. China created useful inventions such as toilet paper, bristle tooth brushes, paper, printing, gun powder, and the compass. (China’s Science and Technology, 1999) Although, we as individuals cannot live without some of Chinese items, before the Chinese inventions we had no choose. Before the invention of paper; bamboo silk, papyrus and parchment were used for writing. In 105 BC, Chinese invented what we referre today as paper from bamboo, bark, hemp, and rags. Shortly after in 206 B.C- A.D. 220, paper and ink were invented, the first form of â€Å"printing on paper† came from rubbings. This process consisted of using a brush in o rder to smooth pieces of paper, the paper was then carefully coaxed into the depressions, and left to dry with a fan. Paper was also used to make things like raincoats, windows and umbrellas. In which brings us to our next most useful invention. (China’s Science and Technology, 1999) The fan was also invented by Chinese; the fan was mostly carried by women and solders. They were made out of bamboo and silk. The fan consisted of bamboo spines sticking out in almost a half-circle with silk wrapped around it. The silk that was used on the fan was also one of the creative inventions of China. Silk was discovered as one of the best materials for clothing. The Emperor’s wore only white silk robes to signify richness. Shortly after, silk was introduced to the general public and was used as clothing, decorations, musical instruments and even fishing lines. (China’s Science and Technology, 1999) The compass was made from a wooden circle and a magnetic spoon on top. It was used as a mechanism when houses were built to check for perfect harmony with nature. When invented, the compass was intended for religious purposes only. (China’s Science and Technology, 1999) Health was one of the most important things to the Chinese culture. The Chinese had many remedies that included natural herbs and acupuncture. Herbal remedies were not the only remedies used to heal the sick in China; doctors also used organs and parts from animals. Organs such as the sheep’s eye were given to patients to eat in order to get cured from the sickness. In some cases, the Chinese used Elixir, which was a potion that they believed would increase your years of living. Along with herbal medicine, within the 1st Millennium BC; Chinese invented a therapeutic method called Acupuncture, this was the most commonly used medical treatment. The intent of this technique was to restore health and well-being. It involved insertions of stainless steel needles into the â€Å"acupuncture points† of the body. (Acupuncture, 2010) China was also known for their Military inventions, They were responsible for the inventions of the crossbow, poison gas, tear gas, fire lance and rockets. Among the great Military inventions gunpowder was the most usefull. Gunpowder was accidentally invented, the intent was to make the elixir of life and to make the emperor immortal. (China’s Science and Technology, 1999) Toilet paper is something that is taken for granted. It was mentioned around 589 A.D. In Korea. Toilet paper was introduced in China in 1391, before toilet paper was invented Romans used saltwater-soaked sponge on a stick, in public restrooms. English used pages from books, Americans used newspaper and pages from books. After years and years, toilet paper has been mastered to what it is now. We cannot live without that clean feeling. (China’s Science and Technology, 1999) References China’s Science and Technology. (1999, 7 30). Retrieved 2 21, 2012, from Crystalinks: http://www.crystalinks.com/chinascience.html Acupuncture. (2010, 2 7). Retrieved 2 21, 2013, from Crystalinks: http://www.crystalinks.com/acupuncture.html

Economies of scale and diminishing returns Essay

In Business Economics, the short run is defined as the concept that within a certain period of time, in the future, at least one input is fixed while others are variable and the long run is defined as a period of time in which all factors of production and costs are variable. The law of diminishing returns is a short run concept, which states that increasing successive units of a variable factor to a fixed factor will increase output but eventually the addition to output will start to slow down and would eventually become negative. This is because if capital is fixed, extra labour will eventually get in each other’s way as they attempt to increase production. E.g. think about the effectiveness of extra employees in a factory that’s maximum workers is 100. If the firm employs 150 workers, then the productivity will eventually decrease, as they will get in each other’s way etc. However, this law only applies in the short-term, as in the long run, all factors are va riable. As you can see from the graph above, the average fixed cost (AFC) curve falls as output increases due to the fact that fixed costs are a decreasing proportion of total cost as output increases. Both the average total cost (ATC) and the average variable cost (AVC) curves fall, and then rise again. The curves start to rise after a certain point because diminishing return takes place. The distance on the y-axis between the ATC and the AVC represents the value of the average fixed cost (AFC). Just like the average variable cost and average total cost curves demonstrate, the marginal cost also falls, and eventually rises again as diminishing marginal returns take place. Economies of scale, however, refer to the advantages that arise from large-scale production, which in turn results in a lower average unit cost (cost per unit). It explains the relationship between the long run average costs of producing a unit of good with increasing level of output. Unlike  diminishing returns, economies of scale is a process that operates and is caused by a development over a long period of time. Economies of scale also have many sources whereas diminishing returns is the relationship between output and only one input of production.There are two different forms of economies of scale that could occur in a firm. The first is internal economies of scale. This refers to the advantages that are caused as a result of the expanding and growth of a firm/business. Internal economies of scale can be additionally categorized into commercial, managerial, financial and technical economies of scale. Commercial economies of scale arise from the purchase of raw materials and the sale of finished goods. When the firm’s output increases, they order larger quantities of the raw materials (bulk buying) and therefore these raw material firms favour these businesses, and offer lower prices due to their ordering of higher quantities. Managerial economies of scale is a process that follows the principle of the division of labour and creates specialization due to the firm’s ability to employ specialized employees, and this causes an increase in production efficiency. A financial economy of scale is when a large firm benefits by getting better credit facilities e.g. credit at cheaper rates, being able to negotiate better finance deals etc. Finally, a technical economy of scale arises due to large-scale production because there is a technical advantage in the use of large machinery in the production process. Technical economies of scale will most likely arise due to machinery being used in the production process, which are more efficient than human labour, and also require less maintenance, training and do not require payment. External economies of scale refers to the advantages firms/businesses can get as a result of the growth of the entire industry as a whole. Usually, the industry grows due to an improvement in a specific area of the industry, such as an increase in the local’s skill and training, and improving in the training facilities themselves, which causes an increase in the quality of training for the future employees or an increase in the foreign supply of labour with a higher skillset that before.

Define the terms health care policy, health care law, regulatory body, Term Paper

Define the terms health care policy, health care law, regulatory body, and health care compliance. Provide an example of each wi - Term Paper Example Health care refers to the provision and preservation of all aspects of a person’s health via the services offered by health care professionals (American Heritage ® Medical Dictionary, 2007). The set of rules, regulations, legislations and policies which overlook the orderly and effective delivery of health care is referred to as health care policy. Such policies govern almost all arenas of health care including finances, operations and management, and public, preventive and long term health care (Hoffman, 2003). Most health care policies are based on the integral concept of the universal access to health care for all alike, irrespective of their race, caste, culture and socioeconomic status. Health care policies can be broadly classified into two main types, viz. single payer system and social insurance system. In the United States, the existing health care policy is an amalgamation of both these systems (Hoffman, 2003). Examples of health care policies include Medicare and Medicaid which are government based health care insurance programs (Hoffman, 2003).

Management Accounting Research Paper Example | Topics and Well Written Essays - 1000 words

Management Accounting - Research Paper Example Management accounting is not a specific system of accounts, but could be any form of accounting which enables a business to be conducted more effectively and efficiently. Management accounting in the words of Robert S. Kaplan, is a system that collects, classifies, summaries, analyses and reports information that will assist managers in their decision making and control activities. Accounting may be defined as â€Å"the art of recording, classifying, and summarizing ... transactions and events and interpreting the results thereof†. Two types of accounting are usually taking place in organizations; financial accounting and management accounting. Financial accounting and managerial accounting are entirely different things even though some people perceive both as same thing. Financial accounting is a reporting method to stakeholders outside the organization whereas management accounting is a reporting method intended for the stakeholders inside the organization. In other words, management accounting helps managers inside the organization to take sound decisions. Management accounting is a multifaceted entity and therefore it undergoes various processes like data collection, analysis, interpretations, implementations of decisions etc. Management accounting can be considered as an extension to cost accounting since it uses many of the data used for cost accou nting. â€Å"From a management accounting point of view the primary purpose of management is to make decisions that may be classified as marketing, production, and financial† (Management Accounting and Decision-Making, n.d, p.24). Unlike cost accounting, management accounting is usually done through unregulated channels since it is intended for the internal use alone. Various sources of data such as accounting system, production and sales department, business process etc can affect management accounting. Sources of data for management accounting and how these data are used to make management decisions Accounts department, Production department, sales department and the business process are the major data sources for management accounting. Accounts department is the most important source of data for management accounting. In fact the top managers taking critical decisions about the future business strategies of an organization based on the feedbacks they receive from the accou nts department. Accounts department is the only entity in an organization which knows the current financial strength of an organization. They are the ones who hand the debts and credits of the organization. Moreover, they are the ones which estimate the profits and losses of an organization during a particular period. Accounts department also identifies the underperforming areas of the organization. All these information will help the top managers in taking sound decisions and guiding the organization towards prosperity. Only the production department knows the volume of raw materials, labor and time required for the completion of a particular job and therefore the accounts department should consult with production department before making any estimation about the probable cost an organization may spend for the completion of a particular work. Some jobs may appear simple in its nature; however, the complications involved in the actual production of such jobs are better known only to the production people. On the other hand, some other jobs would be easier for the production department even if it appears to be complicated. Since the accounts departments may not have the technical know-hows about the various mechanisms or methods used in the production of a particular product, costing of a job without consultation with the production department will always generate problems to the organization. The accounts department may quote more or less price for a particular job if they fail to seek the advices of the production de