Definition and Examples of Semantic Satiation

Definition and Examples of Semantic Satiation Definition Semantic satiation is a wonder whereby the continuous reiteration of a word in the end prompts a feeling that the word has lost its significance. This impact is additionally known asâ semantic immersion or verbal satiation. The idea of semantic satiation was depicted by E. Severance and M.F. Washburn in The American Journal of Psychology in 1907. The term was presented by analysts Leon James and Wallace E. Lambert in the article Semantic Satiation Among Bilinguals in the Journal of Experimental Psychology (1961). For a great many people, the way theyve experience semantic satiation is in a perky setting: purposely rehashing a solitary word again and again just to get to that sensation whenâ it quits feeling like a real word. Be that as it may, this marvel can show up in increasingly unpretentious manners. For example, composing educators will frequently demand that understudies utilize rehashed words with care, not on the grounds that it shows a superior vocabularyâ and a progressively articulate style,â but to maintain a strategic distance from the loss of criticalness. Abuse of solid words, for example, words with exceptional implications or obscenity, can likewise succumb to semantic satiation and lose their intensity.â See Examples and Observations beneath. For related ideas, likewise observe: BleachingEpimoneGrammatical Oddities That You Probably Never Heard About in SchoolPronunciationSemantics Models and Observations I started to enjoy the most out of control likes as I lay there in obscurity, for example, that there was no such town, and even that there was no such state as New Jersey. I tumbled to rehashing the word Jersey again and again, until it got moronic and inane. On the off chance that you have ever lain conscious around evening time and rehashed single word again and again, thousands and millions and countless a large number of times, you know the upsetting mental state you can get into.(James Thurber, My Life and Hard Times, 1933)Have you at any point attempted the analysis of saying some plain word, for example, hound, multiple times? By the thirtieth time it has become a word like snark or pobble. It doesn't get manageable, it turns out to be wild, by repetition.(G.K. Chesterton, The Telegraph Poles. Cautions and Discursions, 1910)A Closed LoopIf we articulate a word again and again, quickly and immediately, at that point the word is felt to lose meaning. Take any word, say, CHIMNEY . Let's assume it over and again and in quick progression. Inside certain seconds, the word loses meaning. This misfortune is alluded to as semantic satiation. What appears to happen is that the word shapes a sort of shut circle with itself. One expression leads into a second articulation of a similar word, this leads into a third, etc. . . . [A]fter rehashed articulation, this important continuation of the word is obstructed since, presently, the word drives just to its own recurrence.(I.M.L. Tracker, Memory, fire up. ed. Penguin, 1964) The MetaphorSemantic satiation is a representation of sorts, obviously, as though neurons are little animals to be topped off with the word until their little tummies are full, they are satisfied and need no more. Indeed, even single neurons habituate; that is, they quit terminating to a tedious example of incitement. Be that as it may, semantic satiation influences our cognizant experience, not simply individual neurons.(Bernard J. Baars, In the Theater of Consciousness: The Workspace of the Mind. Oxford University Press, 1997)Disconnection of Signifier and Signified-If you gaze persistently at a word (on the other hand, hear it out again and again), the signifier and connoted in the long run seem to self-destruct. The point of the activity isn't to change vision or hearing yet to upset the interior association of the sign. . . . You keep on observing the letters however they no longer make the word; it, all things considered, has evaporated. The marvel is called semantic satiation (first recognized by Severance Washburn 1907), or loss of the connoted idea from the signifier (visual or acoustic).(David McNeill, Gesture and Thought. College of Chicago Press, 2005)- [B]y saying a word, even a critical one, again and again . . . you will find that the word has been changed into a negligible sound, as redundancy channels it of its emblematic worth. Any male who has served in, let us state, the United States Army or invested energy in a school residence has had this involvement in what are called foul words . . .. Words that you have been instructed not to utilize and that ordinarily summon a humiliated or vexed reaction, when utilized again and again, are deprived of their capacity to stun, to humiliate, to point out a unique outlook. They become just sounds, not symbols.(Neil Postman, Technopoly: The Surrender of Culture to Technology. Alfred A. Knopf, 1992) OrphanWhy has my dads passing disregarded me feeling all in all, when he hasnt been a piece of my life in seventeen years? Im a vagrant. I rehash the word so anyone can hear, again and again, tuning in to it ricochet off the dividers of my youth room until it makes no sense.Loneliness is the topic, and I play it like an ensemble, in interminable variations.(Jonathan Tropper, The Book of Joe. Arbitrary House, 2004)Boswell on the Effects of Intense Inquiry (1782)Words, the portrayals, or rather indications of thoughts and ideas in humankind, however routine to us all, are, when dynamically considered, exceedingly superb; in such a great amount of, that by attempting to consider them with a feeling of extraordinary request, I have been influenced even with energy and a sort of trance, the outcome of having ones resources extended futile. I guess this has been experienced by numerous individuals of my perusers, who in an attack of considering, have attempted to follow the association bet ween an expression of normal use and its significance, rehashing the word again and again, and as yet beginning in a sort of silly awe, as though tuning in for data from some mystery power in the psyche itself.(James Boswell [The Hypochondriack], On Words. The London Magazine, or, Gentlemans Monthly Intelligencer, Volume 51, February 1782)

E business exam questions Essay Example | Topics and Well Written Essays - 2500 words

E business test questions - Essay Example The social government assistance of the organizations increment and they hope to build the government assistance to the clients. There can be value separation with the utilization of the Internet as the clients know about the items. The business houses may hope to diminish the cost of the merchandise to pull in the clients. The e plan of action of Amazon depends on offering items at lower costs. This aides in the expansion of the social government assistance. With the ascent of the Internet, different business openings are open for the business visionaries. Complementarities: The model has depicted the administrations as the complementarities. The administrations of the e plan of action ought to be fast and exact. The essential idea is to furnish the customer’s with important data that helps in the improvement of the business. Lock in: The lock in time of the business houses is generally low while utilizing the e plan of action. The quest for customers’ get faster and the expense is not as much as that of the customary procedure. Hence, the lock in of the organization is consequently diminished. The organization may likewise receive a model to deliver what is requested. Oddity: In the e plan of action, there has been an ascent in the oddity procedure with the ascent of advancement. The business houses hope to pull in the clients with the utilization of creative procedures. Amazon and Ebay offer limits and blessing vouchers, which urge the clients to shop on the web. (Kirikova and Grundspenkis, 2002; Pp 378-379) Porter’s esteem chain exercises portrays that a connection exists between the firm’s exercises in regards to the providers and the clients. The worth chain exercises of a firm can be depicted as follows: With the headway of innovation and the utilization of the Internet, the worth chain of an organization can be connected without any problem. The viability of an organization has expanded with the utilization of the Internet. All the parts in the worth chain have been profited by the utilization of the Internet. The

0% COLUMBIA UNIVERSITY - SIPA Admissions Blog

0% COLUMBIA UNIVERSITY - SIPA Admissions Blog I thought I would take the opposite tact of what you might expect today.   In past posts I have provided some information on the completion percentage of files in our office.   Rather than go that direction today, I thought I would try to put all of you in the same comfort zone by talking about our progress in reading files. Let me comfort all of you by saying the percentage of files read to date is basically zero.   Thats 0%, zip, nada, zilch. Classes just started this week and many members of the Committee just returned.   As you know, we have been busy in our office working as fast as we can to complete files, but we have sent out zero batches.   A very small number of applicants have a single read done on their file.   These individuals completed their applications well in advance of the January 5th deadline and a few staff members read these files over the winter break. However, rest easy everyone.   You are all in the same boat.   It does not matter if you received a your file is complete email last week or if you have yet to get one we have not started to send out batches yet so no one is behind.   Again, when a file is batched and sent out has no bearing upon the admission decision.   The admission file review process is not a race so do not fear. Thanks again for our patience.

The Food And Drug Administration Is A Regulatory Agency...

The Food and Drug Administration is a regulatory agency responsible for the public health of American residents. The agency is located in Silver Springs, Maryland. The current extent of FDA regulations reaches a wide variety of product groups such as electronic devices, cosmetics, foods, biologics, tobacco, medical devices, and veterinary devices (US Food Drug Administration, 2016). The FDA is also accountable for the safety of the food supply, prescription drugs, and the manufacturing of products such as tobacco (US Food Drug Administration, 2016). The FDA’s organization is divided into five offices: office of the commissioner, foods and veterinary medicine, medical products and tobacco, global regulatory operations and policy, and operations (FDA Organization, 2016). According to the FDA website, the President’s 2016 fiscal year FDA budget is 4.9 billion dollars (2016 FDA Budget Summary, 2016). The FDA’s origin did not begin as the federal consumer protection agency it is widely recognized for being today. Prior to the FDA transforming into the present-day agency, the FDA’s emergence can be traced back to the agricultural industry during the 1800’s (History, 2015). In fact, it was Congress that enacted the FDCA (Food, Drugs, Cosmetics Act) of 1938 that created the modern-day FDA (Allen, 2013). Despite the FDA’s passing of the tobacco law, the ongoing issues concerning the under and over regulation of products, and the high number of drug recalls suggests that theShow MoreRelatedThe Health Care Financing Administration2019 Words   |  9 Pagesprograms such as the Medicare and Medicaid programs established under the Social Security Act (SSA). The Department of Health and Human Services (HHS) administers Medicare through the Centers for Medicare and Medicaid Services (CMS), formerly known as the Health Care Financing Administration (HCFA). 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Biology Prefixes and Suffixes Erythr- or Erythro-

Leadership Value Free Essays

Leadership has been a common term and everyone has his or her own understanding of its meaning. Most of the time we understood leadership on one’s strong character combined with charisma. But this understanding is faulty as leadership is not a sole function of individual charisma or talent but a collective activity. We will write a custom essay sample on Leadership Value or any similar topic only for you Order Now Gilbert Fairnholm defines leadership as an interactive function of a leader and several followers jointly engaged† (p. 8) which means that there is a collective effort in terms of value and trust enough to prove each one’s confidence in participating in collective activity. Value on the other hand derived its roots from French and English word courage or valor. In business world, value means worth thus according to Kim S. Cameron, â€Å"value creation is the objective of every enterprise, every worker, and every leader and all employees are judged by their ability to create value† (p. 4). Leadership value therefore could mean a collected courageous undertakings being inspired by the leader’s own courage or the worth of having a leader in a collective effort. The leadership Principles Joseph A. Heim pointed out five principles of leadership that should be implemented in order to have a â€Å"successful management of people and technology† (p. 161). The first principle, the people understands the vision. Heim explained that when people understands the vision or the larger task of an enterprise, and are given the right information, the resources, and the responsibility, they will do the right thing (p. 161). The second principle is empowerment of individual. Heim noted that empowered people—and of course with a good leadership–empowered groups will have not only the ability but also the desire to participate in the decision process. Heim explained that the level of involvement will enable and encourage the individual to make decision rather than adopt a passive or reactive attitude, waiting to be told what to do. The third principle is a comprehensive and effective communications network. Heim emphasized that this network should distribute knowledge and information widely; embracing the openness and trust that allow the individual to feel empowered to affect the real problems. The fourth is integrated enterprise, it is the result of â€Å"democratization and dissemination of information through the network† (p. 161) in all directions irrespective of organizational position. The result of these first four principles, which is distributed decision-making, is the fifth principle. Heim pointed out that â€Å"information freely shared with empowered people who are motivated to make decisions will naturally distribute the decision making process through the entire organization. Leadership and Values According to Jeswal Salacuse, â€Å"Leadership express a complex and at the same time flexible concept† (p. 19). Salacuse noted that the English word â€Å"leader† is derived from the old English laedan which means to show the way, to be ahead of   moving a group of people willing toward and objective. It therefore implies the existence of followers. Like leadership, everyone may have already basic idea of what values are. Dran, Gila M. Von, and Jennifer Cargill point out that Values â€Å"are broad general beliefs about the way people should behave, or about some end state they should attain† (p. 121). They explained that people form their values in the same way in which they develop their personality, thus values are conclusive beliefs individual develop gradually about what is true or right or good about their world. They pointed out â€Å"values come from the early conditioning, experience, and significant events in one’s life† (p. 121) and are the criteria for selecting actions, goals, and methods. Leadership Traits Pieter John Diederik Drenth, Henk Thiery, and Charles Johanes Wolff, pointed out that leadership traits â€Å"is founded on the assumption that leaders poses certain personal qualities, such as courage, intelligence, strength of character, vision, or charisma, which followers do not possess† (p. 326) But this assumption waned because according to Drent, Thiery, and Wolff, â€Å"it has proved impossible to find a single set of characteristic that enables a clear and reliable distinction to be drawn between†¦ leaders and followers† (p. 326). But recent study admits that certain characteristics are only important in certain circumstances such as in athletic or sports. Drent, Thiery and Wolff pointed out the studies conducted in 1981 by Bass which concludes that â€Å"Leadership as such is not a property of an individual’s personality, but there are nonetheless certain fixed personal characteristic that seem to play part in the exercise of leadership† (p. 326). Leadership Skill Like leadership and values, skill is a familiar term. Skill is the ability to do something well. Robert Eugene Lefton and Victor Buzzota identified four basic leadership skills that a leader needs. First, The sizing-up skills or the ability to observe what do in work situations as objectively as you can; Second, Communication skills or the ability to find out what others think and for getting your own ideas across, Third, Motivational skills or the ability to create an environment in which people do what they are capable of because they have a compelling reason to do so, and fourth, Adaptive skills or the ability to relate to people as a unique individual. Advance leadership skills Advance leadership skills according to William Christ, are â€Å"blends of knowledge, skill, and attitude and require greater levels of behavioral flexibility and adaptability† (p. 29). Below are some of the advance leadership scales that Christ delineated. (1) Manage and resolve conflicts effectively, (2) Develop messages that influence attitudes, beliefs, and actions, (3) Ability to demonstrate credibility and ability to manage multiple communications effectively, (4) Creative management skills, and (5) interpersonal skills. Leadership Behavior Leadership behavior according Manuel London is the result of perceiving situations, relating situational perceptions to accumulated knowledge, and then using scripts to guide the production of situationally appropriate behavior.   Studies on leadership behavior shows that exemplary leaders always balanced high task orientation and high person orientation, according to Gary Monroe Crow, Joseph Mathews, and Lloyed Mc Cleary, task orientation focused such behaviors as planning, monitoring and coordinating, while person-orientation focused on such behavior as informing of decisions and praising their accomplishment (p. 11). Assessing Leadership and measuring its Effect Assessing leadership according to Daniel Goleman , Rechard Boyatzis, and Annie Mckee can be done through a series of interviews   and observations by a professional executive coach. Goleman, Boyatzis, and McKee point out that a â€Å"typical process include conversations about the leaders career and life history, discussion of current managerial and leadership challenges, and discussion of the organizational-level issues as well as including things such as climate, politics, and system† (p. 228). Novick, Morrow, and Mays discussed measuring leadership effect.   According to them, one question that a leader should ask is, ‘How am I doing as a leader?’   They suggested that by using psychological assessment instruments can help measure leadership effect or effectiveness.   This instrument that help assess one’s self and appreciate the contribution of others is available in many forms. Work Cited Cameron, Kim S. Competing Values Leadership: Creating Value in Organization. Christ, William. Leadership in Times of Change: A Handbook for Communication and Media Administrators (Lawrence Erlbaum Associates, 1998) Crow, Gary Monroe, et.al. Leadership: A Relevant and Realistic Role for Principals. (Eye on Education, Inc., 1996). Drenth, Pieter Johan Drederick, et.al., Organizational Psychology. (Psychology Press, 1998). Fairnholm, Gilbert W. Leadership and Culture of Trust. (Praeger/Greenwood, 1994). Heim, Joseph. Manufacturing Systems: Foundations of World Class Practice. (National Academies, 1992). Goleman Daniel, et.al. Primal Leadership: Learning to Lead. (Harvard Business School Press, 2004). Lefton, Robert Eugene and Buzzota, Victor. Leadership Through People Skills. (McGraw-Hill Professional, 2004). London, Manuel. How People Evaluate Others in Organization. (Lawrence Erlbaum Associates, 2001). Novick, Lloyd, et.al. Public Health Administration: Principles for Population Based Management. (Jones and Bartlett, 2007) Salacuse, Jeswal W. Leading Leaders: How to Manage Smart, Talented, Rich, and Powerful People. (AMARCOM Div. American Management Association, 2006).             How to cite Leadership Value, Essay examples

Atomic bomb Example For Students

Atomic bomb Where did the atomic bomb come from? In this paper, I will look at the development of the ideas needed to create an atomic bomb. Specifically, what did scientists need to know for them to theorize that a cataclysmic explosion would result when a critical mass of certain elements undergo a chain reaction of nuclear fission. However, I will only look at scientific ideas generally, as they progressed towards fission. This development of ideas was propelled by genius, persistence and tenacity, coupled with flashes of insight into the nature of the universe. We see that this development is tied closely to the ability to free the teathers of erroneous paradigms and build better models of the universe in their place. We will be concerned, principally, with the development of physics. Einstein wrote the following on the definition of physics: What we call physics comprises that group of natural sciences which base their concepts on measurements; and whose concepts and propositions lend themselves to mathematical formulation. (Weaver, 78) Although physics today is more focused, this is the basis of all science. One of the first groups of people to freely think about the universe and make an attempt to explain their world scientifically were the Greeks. II. The Greek Ideology The Greeks investigation of science demonstrate that their minds were on par with the best of this era, specifically Aristotle (384 322 B. C. ), who formed many brilliant theories. He, along with others, put the theories into sophisticated form that created the basis of scientific thought for close to two millennia. In his universe were four elements: Earth, Water, Air, and Fire. The Earth was the common center of all the solid materials and had a natural place as the center of the universe. If all the solid material sought a location as close to the center as possible, then the Earth had to be a sphere. He had likewise ordered the other elements into spheres. Water had its natural place on the surface of the sphere Earth. Air had its natural place on the surface of the sphere Water. Fire had its natural place outside the sphere of Air. Observations corresponded to this view of the universe. However, he performed no experiments. He stated that heavier objects would want to move faster toward their respective spheres than lighter objects. It is regrettable that he did not perform any of a number of simple experiments to prove or disprove his ideas. These Greek philosophers worked to explain the motion of matter. Their ordering of the universe defined what happened when an element found itself outside of its sphere. It simply sought its correct sphere. They also did well with basic types of motion, stating that when one object had contact with another it would create motion in that object. There were other types of motion they had trouble with. For instance, why does a ball keep rolling even after your hand no longer has contact with it? Another problem that arises from the Aristotelian classification is how would two objects affect each other in a vacuum? Aristotle had theorized that vacuums would create difficulties, but in his day they were only considered a philosophical abstraction. The problem did not need to be dealt with seriously. Nevertheless, motion in the absence of the element Air was unthinkable. For them, Air had inherent physical properties. Also, it encompassed everything that could possibly have motion. The absence of Air meant the absence of motion. Before we can answer these questions, however, we must look at when and how observation combined with experimentation. III. Unifying Observation and Thought with Experimentation The Aristotelian universe was generally accepted for about 1600 years. During the late Middle Ages the view began to change slowly. Scholars began to view experimenting as a method of testing theories. The following passage explains the beginning of the change in ideas when scientists used experimentation methodically. Historically we may say the revolution in ideas began with Copernicus and his heliocentric theory of the solar system, but Keplers work is much closer to modern science than that of Copernicus, for in formulating his three laws of planetary motion, Kepler proceeded much the way the contemporary physicist does in constructing theoretical models of structures such as atoms, stars, or galaxies. Even so, Galileo and Newton were the initiators of modern science, for whereas Keplers work was primarily empirical, the work of Galileo and Newton has all the elements of what we now call physics. This work was an enormous step forward in that it revealed the relationship between the motion of a body and the forces acting on it. (Weaver, 18) Lets back track slightly to Galileo Galilei (1564 1642). It was not until Galileo that the Aristotelian universe collapsed in a flurry of ingenious and conclusive experiments. Galileo did not invent experimentation, but he forever united it with science. For a brief background of Galileo, we turn to Segres From Falling Bodies to Radio Waves. Galileo passed the first ten years of his life in Pisa, went to Florence around 1574, and was back in Pisa in 1581, registering as a student of medicine at the university. When he was nineteen years old he became acquainted with geometry by reading books and meeting the mathematician Ostilio Ricci (1540 1603). what a revelation the discovery of geometry must have been for the young man. He was studying something probably distasteful to him, and all of a sudden he found the intellectual for which h e was born and which somehow had escaped him previously. Probably only passionate love can equal the strong emotion aroused by such an event. (Segre, From Falling , 16) Galileo was the first person to create a shop for the pursuit of scientific study. Some experiments dealt with time-keeping, not an easy task four hundred years ago. He dripped water down inclined planes and achieved useful results. He also experimented with rolling balls of various weights on these inclined planes. It is not difficult to prove that the amount of time for the ball to traverse the plane is independent of the mass of the ball. In other words, it requires an equal amount of time for two balls of different weights to roll down an inclined plane. From this, and other experiments, he made the generalization that all bodies fell through equal distances in equal times. There were other significant discoveries made. Aristotelian thought was proved incorrect. Or we may say the generalizations made by Galileo provides a base to explain more phenomena when compared to the Aristotelian universe. After other people performed experiments and formed theories, and a hundred years passed, Sir Issac Newton (1642 1727) enters the stage. Newton developed mathematical tools to help him solve the problems created by his scientific pursuits. The nature of the phenomena he was pursuing forced him to create calculus. The following passage fills in some of the details. Using the calculus, Newton deduced Keplers three laws of planetary motion. This changed the methodology of scientific research forever, for it showed that a correct physical law (Newtons law of gravity) combined with logic (mathematics) can reveal new truths with relatively little effort and in a relatively short time. Keplers empirical formulation of the laws of planetary motion represents some sixty man-years of research (thirty years of Tycho Brahes observation and thirty years of Keplers arithmetic analysis), were as Newtons derivation took only an hour or two. (Jefferson, 19) The development of the correct mathematical tools was an important event. When mathematics is combined with experimentation and thought, a new method of discovering the laws of nature is possible. The importance of this event can not be understated. Here is another example of the power of Newtons laws, applying thought and using mathematics. At the beginning of the 1800s , Uranus was found to have perturbations in its orbit. These perturbations were different from the orbit calculated by Newtons law of gravitation. This fact threatened to dismantle the Newtonian universe. Then in the 1840s, John Couch Adams (1819 1892) and Jean Joseph Leverrier (1811 1877), believing Newtons law to be correct, developed a theory which could account for the differences between the predicted location for Uranus and its actual location. This theory was that another planets gravitational influence was perturbing Uranuss orbit. Subsequently, Neptune was discovered. Still the difficulty of how objects affected each other remained. We return now to the different types of motion to appreciate the scientific problem facing people in the 17th century. IV. Action at a Distance Recall that the Greeks had difficulty explaining how a ball, once rolling, keeps rolling, and how objects would affect each other through a vacuum. Newton was able to explain the first problem with his first law: An object in motion tends to stay in motions. This is also know as inertia. The ball that is rolling stays in motion because the only way to change its motion is to subject it to more force. Community Service Projects, Lo EssayThese charges were concentrated in a comparatively small volume of space. This nucleus was circled by a similar number of negative charges. (He knew there were problems with this theory, but he used this theory in the same way that Newton was willing to use action-at-a-distance. It was close enough to make useful calculations. ) The alpha particles that shot into the foil and bounced back were deflected by the nucleus. This deflection was the result of the mutual repulsion two protons have for each other. It is governed by the mathematical description of Coulombs law. Without field theory, Rutherford would have had to figure out how two very small protons are able to feel each others presence inside an atom. But with field theory, he did not need to concern himself with it too much. Rutherfords next problem dealt with finding the neutron. The neutron had been hypothesized from the fact that helium has a weight of four protons but an electrical charge of only two. The question of the extra weight was perplexing. The idea of a neutral particle, with the properties that are associated with what is now known as the neutron, was first proposed by Rutherford in 1920. James Chadwick (1891 1974) and Rutherford performed a search for this theoretical particle, but were unable to prove its existence. Shortly, we will see what had to happen first to make the discovery of the neutron possible. Thus, the atom could be shown to exist. Shortly after Rutherfords evidence that the atom is like planetary system, but on a very small scale, was made known, many people commenced work in this new field which later became known as nuclear physics. Some, such as Rutherford and the Curies, made this topic their lifes work. The experiments lead to quantum mechanics, which was also worked on steadily through this time period. It is still pursued today, but unfortunately, we will not look at quantum mechanics in this paper. VIII. Fission Frederic Joliot (1900 1958) and Irene Curie (1897 1956), his wife, were performing experiments in 1931 with polonium, which had been discovered by her mother, Marie Curie. Their experiments produced very strange results; literal transmutations of elements were occurring at the atomic level for which they could not account. They published these results on January 18, 1932. When Chadwick saw the report he repeated the experiments, using additional elements, and proved that the radiation contained a neutral particle whose mass was approximate to that of a proton. He called it a neutron in a report sent to Nature on February 17, 1932. Continuing his work found that slow moving neutrons were more apt at producing these transmutations than protons. When he received the Nobel Prize in 1935, he discoursed on the usefulness of the neutron as a catalyst to fission. A small excerpt from his lecture follows. The great effectiveness of the neutron in producing nuclear transmutations is not difficult to explain. In the collisions of a charged particle with a nucleus, the chance of entry is limited by the Coulomb forces between the particle and the nucleus; these impose a minimum distance of approach which increases with the atomic number of the nucleus and soon becomes so large that the chance of the particle entering the nucleus is very small. In the case of collisions of a neutron with the nucleus there is no limitation of this kind. The force between a neutron and a nucleus is inappreciable except at very small distances, when it increases very rapidly and is attractive. Instead of the potential wall in the case of the charged particle, the neutron encounters a potential hole. Thus even neutrons of very small energy can penetrate into the nucleus. Indeed slow neutrons may be enormously more effective than fast neutrons, for they spend a longer time in the nucleus. (Weaver, 733) As stated in the quote, slow moving neutrons have a greater incidence of affecting the nuclei of the material than fast moving neutrons. By bombarding of the elements, and determining the reactions that took place, physicists found the neutron to proton ratio of a wide range of these elements. They also found that the neutron to proton ratio increased as the number of protons in the nucleus increased. The element with the most protons known at the time was uranium. It has 92 protons and 146 neutrons. (It is usually known as uranium-238. ) Bombarding uranium yielded the most spectacular results yet. The uranium atom was actually split into two atoms of approximately the same size and fission was accomplished. This released significant amounts of energy. It was found that an isotope of uranium, uranium-235, easily fissioned with slow neutrons to yield krypton and barium. Taylor, 353) Unfortunately, uranium-235 is found in naturally occurring uranium only about 1 part in 137. Extracting it is not an easy process. (Segre, From X-rays , 210) This provides the last piece of information needed to deduce the possibility of an atomic bomb. IX. Sustained Reactions The Atomic Bomb In 1940, Otto Frisch and Rudolph Peierls posed an important question. From Nuclear Fear, we may read this question. Exactly what would happen, they asked themselves, if you could cull from natural uranium a mass composed purely of the rare uranium-235? Bohr and others had told the public that there could be enough energy there to blow up a city, but nobody had worked it out as a serious technical possibility. Now Frisch and Peierls realized that with fissionable uranium-235 atoms all crammed together, there would be no need for a moderator to slow the neutrons down, since even the fast neutrons emitted in each fission would have a good chance to provoke another fission. The whole chain reaction would go so swiftly that, before the mass had a chance to blow itself apart, a run away many of the uranium-235 atoms split and release energy. (Weart, 84) This question may have been left academic for years had it not been for World War II. As the awesome power of an atomic bomb was realized by leaders of several countries, a race began to be the first to make a working bomb. As a result, a simpler method was discovered than separating uranium-235 from uranium-238. This simpler method starts when uranium-238 absorbs a single neutron a new element, called neptunium-239, is created. (Neptunium-239 has 93 protons and 146 neutrons. ) This element decays into plutonium-239 (94 protons and 145 neutrons). Plutonium is stable and also has the property of undergoing fission with slow neutrons. Hence, the atom bomb was conceivable. Plutonium was produced in a reactor. (Weart, 87) The United States was one of the nations was one of the countries searching for the technology to make the atomic bomb a reality. On July 16, 1945, they succeeded when the first atomic bomb was detonated. In an isolated spot named Alamogordo, moments before first light , night exploded noiselessly into day. Searing colors gold, purple, blue, violet, gray illuminated everything in sight. From the floor of the desert, a ball of fire rose like the sun (only brighter, one report read, equal to several suns in midday). Thirty seconds later came a blast of burning air, followed almost instantaneously by an awesome roar. A cloud the shape of an immense mushroom ascended nearly eight miles, was caught by the desert winds, and curled into a giant question mark. (Stoff, 1) This was the realization of a long trek through history. Thought and experiment combined with field theory, a knowledge of chemical properties of the elements, and the discovery of radioactivity. This gave people the ability to answer the question: What is the structure of the atom? Not only was the structure determined, but it was found that the number of protons and neutrons could change. Protons and neutrons together are known as nucleons particles that inhabit the nucleus. ) Changing the number of nucleons has several names: radioactivity, fission and fusion according to how the atom is changing and what is causing the change. Generally energy is released as a result of this change. Using Einsteins bold statement that E=mc^2, the nature of this energy became known. The energy is a direct conversion from part of the mass of the atom. As we saw, it was a short technological step to use the same source of energy for the sun, as a source of energy on the earth.

20 Slang Terms for Law Enforcement Personnel

20 Slang Terms for Law Enforcement Personnel 20 Slang Terms for Law Enforcement Personnel 20 Slang Terms for Law Enforcement Personnel By Mark Nichol A variety of more or less colorful colloquialisms referring to police officers and similar authority figures have developed in American English, sometimes inspired by other languages. Here is a list of such terms. 1. barney: This gently derogatory term refers to Barney Fife, a bumbling small-town deputy sheriff in the classic 1960s sitcom The Andy Griffith Show. 2. bear: This term, from truckers’ slang, alludes to a style of hat worn by some law enforcement personnel- one that resembles the one worn by fire-safety icon Smokey the Bear. (See also Smokey.) 3. the boys in blue: This folksy phrase refers to the frequent use of blue as the color of a police officer’s uniform- and harks back to a time when only men could become police officers. 4. bull: a term prevalent in the first half of the twentieth century, primarily referring to railroad police but pertaining to regular police officers as well and alluding to the aggressiveness of these officials. 5. cop: A truncation of copper from British English usage, referring to someone who cops, or captures. 6. dick: A derogatory abbreviation of detective. 7. federales: Originally a Spanish term for federal police in Mexico, but jocularly used in the United States to refer to police in general. 8. the feds: A truncation of federal, referring to federal law enforcement personnel. 9. five-O: A term for police derived from the title of the television series Hawaii Five-O, about a special police unit by that name. 10. flatfoot: A reference to a police officer, with several possible origins, including the association that police who walked a beat supposedly would get the medical condition of flat feet. 11. fuzz: Originally a British English term referring to felt-covered helmets worn by London police officers, later borrowed into American English. 12. G-man: A term (derived from â€Å"government man†) from the mid-twentieth century, referring to FBI agents. 13. gendarmes: Originally a French term for rural police officers, borrowed into American English as jocular slang. 14. gumshoe: A term alluding to soft-soled shoes worn by detectives that are more comfortable than hard-soled shoes and/or enable them to follow suspects surreptitiously. 15. the heat: A reference to the pressure that law enforcement officials apply to suspects. 16. the law: A collective term for law enforcement. 17. the man: A term alluding to the imposing authority of law enforcement personnel. 18. pig: A derogatory term dating back to the 1800s that fell into disuse but was revived during the civil rights era. 19. po-po: A reduplicative term referring to police officers. 20. Smokey: A term for law enforcement personnel, derived from an association of the style of hat worn by some state troopers with the one worn by Smokey the Bear. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:20 Great Opening Lines to Inspire the Start of Your StoryBody Parts as Tools of MeasurementIs "Number" Singular or Plural?

Geography of Madagascar

Geography of Madagascar Madagascar  is a large island nation located in the  Indian Ocean  east of Africa and the country Mozambique. It is the fourth largest island in the world and it is an  African country. Madagascars official name is the Republic of Madagascar. The country is sparsely populated with a  population density  of only 94 persons per square mile (36 persons per square kilometer). As such, most of Madagascar is undeveloped, incredibly biodiverse forest land. Madagascar is home to 5% of the worlds species, many of which are native only to Madagascar. Population:  21,281,844 (July 2010 estimate)Capital:  AntananarivoArea:  226,658 square miles (587,041 sq km)Coastline:  3,000 miles (4,828 km)Highest Point:  Maromokotro at 9,435 feet (2,876 m)Lowest Point:  The Indian Ocean History of Madagascar It is believed that Madagascar was uninhabited until the 1st century C.E. when sailors from Indonesia arrived on the island. From there, migrations from other Pacific lands as well as Africa increased and various tribal groups began to develop in Madagascar- the largest of which was the Malagasy. The written history of Madagascar did not begin until the 7th century C.E. when Arabs began setting up trading posts on the islands northern coastal regions.European contact with Madagascar did not begin until the 1500s. At that time, the Portuguese captain, Diego Dias discovered the island while on a voyage to India. In the 17th century, the French established various along the east coast. In 1896, Madagascar officially became a French colony.Madagascar remained under French control until 1942 when  British troops  occupied the area during World War II. In 1943, though the French retook the island from the British and maintained control until the late 1950s. In 1956, Madagascar began moving toward independence and on October 14, 1958, the Malagasy Republic was formed as an independent state within the French colonies. In 1959, Madagascar adopted its first constitution and achieved full independence on June 26, 1960. Government of Madagascar Today, Madagascars government is considered a republic with a legal system based on French civil law and traditional Malagasy laws. Madagascar as an executive branch of government that is made up of a  chief of state  and a head of state, as well as a bicameral legislature consisting of the Senat and the Assemblee Nationale. Madagascars judicial branch of government is comprised of the Supreme Court and the High Constitutional Court. The country is divided into six provinces (Antananarivo, Antsiranana, Fianarantsoa, Mahajanga, Toamasina, and Toliara) for local administration. Economics and Land Use in Madagascar Madagascars economy is currently growing but at a slow pace. Agriculture is the main sector of the economy and employs about 80% of the countrys population. The main agricultural products of Madagascar include coffee, vanilla, sugarcane, cloves, cocoa, rice, cassava, beans, bananas, peanuts, and livestock products. The country does have a small amount of industry of which the largest are: meat processing, seafood, soap, breweries, tanneries, sugar, textiles, glassware, cement, automobile assembly, paper, and petroleum. In addition, with the rise of  ecotourism, Madagascar has seen a rise in tourism and the related service sector industries. Geography, Climate, and Biodiversity of Madagascar Madagascar is considered a part of southern Africa as it is located in the  Indian Ocean east of Mozambique. It is a large island that has a narrow coastal plain with a high plateau and mountains in its center. Madagascars highest mountain is Maromokotro at 9,435 feet (2,876 m).The climate of Madagascar varies based on location on the island but it is tropical along the coastal regions, temperate inland and arid in the south its portions. Madagascars capital and largest city, Antananarivo, which is located in the northern part of the country somewhat away from the coast has a January average high temperature of 82 °F (28 °C) and a July average low of 50 °F (10 °C).Madagascar is most well-known around the world for its rich biodiversity and  tropical rainforests. The island is home to about 5% of the worlds plant and animal species and about 80% of those are endemic or native only to Madagascar. These include all species of  lemurs  and about 9,000 different species of plants. Because of their isolation on Madagascar, many of these endemic species are also threatened or endangered due to increasing  deforestation  and development. To protect its species, Madagascar has many national parks, and nature and wildlife reserves. In addition, there are several  UNESCO certified  World Heritage Sites  on Madagascar called the  Rainforests of the Atsinanana. More Facts about Madagascar Madagascar has a life expectancy of 62.9 years. Its official languages are Malagasy, French, and English. Today, Madagascar has 18 Malagasy tribes, as well as groups of French, Indian Comoran, and Chinese people. References Central Intelligence Agency. (27 May 2010).  CIA - The World Factbook - Madagascar.Infoplease.com. (n.d.).  Madagascar: History, Geography, Government, and Culture, Infoplease.com.United States Department of State. (2 November 2009).  Madagascar.Wikipedia. (14 June 2010).  Madagascar, Wikipedia, the Free Encyclopedia.

Team Model Assignment Example | Topics and Well Written Essays - 1250 words

Team Model - Assignment Example Workers may be indistinct in respect to what strengthening implies in substantial terms. The assignment includes the task to others of the power for specific capacities, errands, and choices. Strengthening is giving representatives the ability to make their employment. The idea of strengthening is nearly interfaced to inspiration and client administration. Representatives need to feel that their activities tally and strengthening are about getting this going (Boynton & amp; Fisher, 2005). Imparted choice making can enhance the quality and acknowledgement of choices, support specialist inspiration and respect toward oneself, expand the feeling of possession and enhance interpersonal relations with representatives (Lencioni, 2002). It is not simple to delegate. A rancher asked why his laborers came specifically to him with their issues and inquiries, skipping directly over the foreman. Upon further reflection, this cultivator understood that he was empowered this conduct by noting inquiries and tackling issues for the representatives. Rather, he required to help his foreman by having workers go to him with these matters (McConkey, 1974). There is a dubious equalization, here, on the other hand. While specialists ought to feel the need to work out normal issues straightforwardly with the ranch foreman, the entryway ought to be left open for laborers to sense that the rancher can hear them out, as well. In one homestead operation, the cultivator made it clear to the workers that his entryway was interested in listening on the off chance that they ever required talking. When the agriculturist would leave the field, be that as it may, the foreman would close that entryway, by advising workers that they were not to ever trouble the producer (Webb, 2002). The only way good team effectiveness can be felt is when the team work as a group to develop individual strength to maximize their

The rising cost of college tuition Research Paper

The rising cost of college tuition - Research Paper Example Some parents and students harbor the feeling that college education is an investment (Butler and Foundation Heritage 3). Therefore, they anticipate returns from the money spent. The societal perspective towards college education is to a given extent pegged towards cost whereas on another extent pegged towards the value that one would achieve out of this investment. The high cost of college education deprives persons from low-income families to acquire college education. Alongside meeting the high cost of living that has skyrocketed in the last few decades, parents have to spend more dollars in meeting the education needs of their children. The result is a continuous struggle by the low-income communities to change their lives. On the other sense, some analysts hold the view high cost of college education derail the prestige and the status of the United States higher education. Many people have started questioning the whether the students get the value for the money they pay in their bid to acquire college education. The rise in cost of college education in various states is quite astonishing given the need to acquire education for the future. ... Arguably, the challenges as well as the demands in the society seem to limit individuals from stopping the quest for college education. Some critics have pointed out that rate of increase in tuition cost have consistently exceeded the overall inflation rate. The view of critics comparing the rise in college cost to the inflation rate concludes that there has to something wrong somewhere with industry whose firms consistently raise prices faster than the inflation rate. It is unusual for firms to experience growth that is much higher than the inflation rate. The rise in the college cost has predisposed many students to seek alternative funding including acquiring education loans that they are not able to pay until they acquire employment. Many students have huge debts, which they have acquired because of their attempt to seek college education. Further, some students have to enroll for work-study program in order to raise tuition fee for their education. Although education is instrume ntal to the lives of the people today, the high college cost seems to favor a given clique in the society. The cost for engineering or medical course, for example is not affordable to a student who comes from a humble background. The fear that some critics tend to harbor is that while everybody seems to appreciate the importance of education, many might not be able to acquire such services in future especially students from low-income communities (Wilson). Largely, this argument seems to point on social economic constraints experienced by the parents and students from less fortunate families. Since money defines the type of course that a student would pursue in college, there are some possibility that some students would settle on pursuing careers that they did not

Dividend Discount Model and Price Earning Model

Dividend Discount Model and Price Earning Model Financial theory holds that the value of a share of stock is equal to the sum of the discounted future expected dividends. The Dividend Discount (DD) requires two inputs, firstly a forecast of future dividends and secondly, a rate at which these dividends will be discounted to their present value. The appropriate discount rate that will be used is the rate of return available on risk-free investments plus a risk premium. The Capital Asset Pricing Model is one of the most widely used models for calculating discount rates. Once the discount rate estimated, all future dividends must be discounted to their present value. Although near term dividends may be estimated with some confidence, to make the DD model operational an assumption regarding long term dividends is necessary. Two common assumptions regarding dividend growth and their associated valuation models are: (i) Earnings growth as well as dividend growth will be constant with the Gordon Model, and (ii) Multiple stages of growth can be approximated. Therefore, it is obvious that the forecasts and the assumptions necessary for operating DD models induce the emergence of significant errors into this theoretically correct approach. Common Stock Valuation Concepts The value of a common stock can be defined as the present value of the future dividend stream in perpetuity. This concept is consistent with the assumption that the corporation will indeed have a perpetual life, in accordance with its charter. If the value of a stock is equivalent to the value for a perpetual annuity with a constant level of payments, the general formula is as follows: Value per share of stock = Where = Expected dividend per share = Cost of equity The formula shown above for stock valuation treats the firm together with its stock as if they will exist forever. There are two basic inputs to the model. First is the expected dividends and secondly the cost on equity. To obtain the expected dividends, we make assumptions about expected future growth rates in earnings and payout ratios. The required rate of return on a stock is determined by its riskiness, measured differently in different models, the market beta in the CAPM, and the factor betas in the arbitrage and multi-factor models. The model is flexible enough to allow for time-varying discount rates, where the time variation is caused by expected changes in interest rates or risk across time. Zero growth model In this model it is assumed that the same amount of dividend will be paid for all the time periods up until infinity. The formula is given as follows after it has been simplified by using the formula sum to infinity of geometric progression: Where V = value, D = dividends per share k = percentage discount rate However, this model is quite restrictive as it is unreasonable to assume that the same amount of dividend will be paid by a stock for an indefinite time period. The model may be useful for determining the value of preferred stock which usually yields a fixed amount of dividend. Constant (Gordon) growth model The major drawback of the zero growth model is that it is assumed that a firm will pay the same dividend throughout its lifetime. However, in the real world most companies are expected to grow over time and consequently make more profits leading to more dividends being paid. This model assumes that there is a constant growth rate for the corporation being analysed and it is most suitable for valuation of stable and mature companies. This model was created by Myron Gordon, and thus it was named as the Gordon Model. The formula for constant growth model is derived from the zero growth model. If the dividends are assumed to grow at a certain constant rate, the formula becomes: Where g = annual constant percentage growth in dividends per share D = next years dividends. The Gordon growth model is a simple and powerful approach to valuing equity. In order for the model to work the following assumptions must be held: Dividends will grow at a constant rate and it will continue for an infinite period. The required rate of return is greater than the steady growth rate. The required rate of return is constant until infinity. It is also important to note that the model has some limitations. The Gordon growth model is a simple and convenient way of valuing stocks but it is extremely sensitive to the inputs for the growth rate. Used incorrectly, it can yield misleading or even absurd results, since, as the growth rate converges on the discount rate, the value goes to infinity. As the growth rate approaches the cost of equity, the value per share approaches infinity. If the growth rate exceeds the cost of equity, the value per share becomes negative. Multistage Dividend Discount Model The assumption of the Gordon Growth Model that there is a stable dividend growth rate from now on to the indefinite future is not realistic for many or even most companies. The studies of Sharpe, Alexander and Bailey (1999) state that the growth fall into three stages namely the growth phase, transition phase and the mature phase. Two-stage Dividend Discount Model The two-stage growth model allows for two stages of growth an initial phase where the growth rate is not a stable growth rate and a subsequent steady state where the growth rate is stable and is expected to remain so for the long term. While, in most cases, the growth rate during the initial phase is higher than the stable growth rate, the model can be adapted to value companies that are expected to post low or even negative growth rates for a few years and then revert back to stable growth. The model is based upon two stages of growth, an extraordinary growth phase that lasts n years and a stable growth phase that lasts forever afterwards. Value of the Stock = PV of Dividends during extraordinary phase + PV of terminal price Where DPSt = Expected dividends per share in year t ke = Cost of Equity (hg: High Growth period; st: Stable growth period) Pn = Price (terminal value) at the end of year n g = Extraordinary growth rate for the first n years gn = Steady state growth rate forever after year n There are three problems with the two-stage dividend discount model. The first two would apply to any two-stage model and the third is specific to the dividend discount model. The first practical problem is in defining the length of the extraordinary growth period. Since the growth rate is expected to decline to a stable level after this period, the value of an investment will increase as this period is made longer. The second problem with this model lies in the assumption that the growth rate is high during the initial period and is transformed overnight to a lower stable rate at the end of the period. While these sudden transformations in growth can happen, it is much more realistic to assume that the shift from high growth to stable growth happens gradually over time. The focus on dividends in this model can lead to skewed estimates of value for firms that are not paying out what they can afford in dividends. In particular, we will under estimate the value of firms that accumulate cash and pay out too little in dividends. The H Model for valuing Growth Fuller and Hsia (1984) presented the H model is a two-stage model for growth, but unlike the classical two-stage model, the growth rate in the initial growth phase is not constant but declines linearly over time to reach the stable growth rate in steady stage. The model is based upon the assumption that the earnings growth rate starts at a high initial rate and declines linearly over the extraordinary growth period (which is assumed to last 2H periods) to a stable growth rate. It also assumes that the dividend payout and cost of equity are constant over time and are not affected by the shifting growth rates. However, the limitations of this model is that it avoids the problems associated with the growth rate dropping precipitously from the high growth to the stable growth phase, but it does so at a cost. First, the growth rate is expected to strictly decline linearly. Therefore small deviations from this assumption do not affect the value significantly, but large deviations can cause problems. Another important point is that the assumption that the payout ratio is constant through both phases of growth exposes the analyst to an inconsistency i.e. as growth rates decline the payout ratio usually increases. Three-stage Dividend Discount Model The three-stage dividend discount model combines the features of the two-stage model and the H-model. It allows for an initial period of high growth, a transitional period where growth declines and a final stable growth phase. It is the most general of the models because it does not impose any restrictions on the payout ratio. This model assumes an initial period of stable high growth, a second period of declining growth and a third period of stable low growth that lasts forever. This model removes many of the constraints imposed by other versions of the dividend discount model. In return, however, it requires a much larger number of inputs for instance year specific payout ratios, growth rates and betas. For firms where there is substantial noise in the estimation process, the errors in these inputs can overwhelm any benefits that accrue from the additional flexibility in the model. Estimating k and g Companies with unpredictable or recurring earnings pattern, or rapidly thriving companies, require a more complex dividend capitalisation model framework that can accommodate dissimilar dividend growth patterns. In practice, applications may require elaborate variations of the dividend capitalisation model, nevertheless this simplified form provides a convenient means of analysing the determinants of stock value. To begin with, the value of the stock should be greater, the greater the earning power and capacity of the corporation to pay out current dividends, D. Correspondingly, the higher the growth rate of the dividends, g, the greater the value of the corporations stock. Finally, the greater the risk of the corporation (the higher the discount rate, k) the lower will be the value of the stock. The discount rate is alternatively referred to as a required return. It is composed of two elements-a risk-free return and a risk premium. The risk-free return is, in turn, generally considered to consist of a real return component and an inflation premium. The real return is the basic investment compensation that investors demand for forgoing current consumption or, alternatively, the compensation for saving. Investors also require a premium to compensate for inflation; this premium will be high when the inflation rate is expected to be high and low when the inflation rate is expected to be low. Because the real return and the inflation premium comprise a basic return demanded by all investors, the risk-free return is a component of all securities. The risk premium is made up of the following elements-interest rate risk, purchasing power risk, business risk and financial risk. The risk premium might be considered to be a function of the stocks systematic risk (beta), which is determ ined by these four fundamental risk factors. As securities differ in their exposure to these risk elements, the premium or return that investors require to compensate for risk will differ across securities. The constant dividend growth model reveals that the following three factors affect stock prices, ceteris paribus: 1) the higher the dividend, the higher the stock price; 2) the higher the dividend growth rate, the higher the stock price; 3) the lower the required rate of return r, the higher the stock price. Empirical Studies on the DDM Issues of dividend policy range from its puzzle by Black (1976) to its irrelevance by Miller and Modigliani (1961), to its relevance by DeAngelo et al. (1996). Other issues include theories on dividend payment, such as stakeholders theory, pecking order theory, agency cost, signalling theory, bird-in-hand fallacy and clientele effect. The information asymmetry between managers and shareholders, along with the separation of ownership and control, formed the base for another explanation of why dividend policy has been so popular. Dividend irrelevance theory Miller and Modigliani (1961) proposed that dividend policy is irrelevant to the shareholder and that stockholder wealth is unchanged when all aspects of investment policy are fixed and any increase in the current payout is financed by fairly priced stock sales. The main assumption is that there is 100 per cent payout by management in every period. Other assumptions are: that there exist perfect capital markets; that is, no taxes or transactional cost, the market price cannot be influenced by a single buyer or seller, and free and costless access to information about the market; that investors are rational and that they value securities based on the value of discounted future cash flow to investors; that managers act as the best agents of shareholders; and that there is certainty about the investment policy of the firm, with full knowledge of future cash flows. Bird-in-hand theory Al-Malkawi (2007) asserts that in a world of uncertainty and information asymmetry, dividends are valued differently from retained earnings (capital gains): A bird in hand (dividend) is worth more than two in the bush (capital gains). Owing to the uncertainty of future cash flow, investors will often tend to prefer dividends to retained earnings. Though this argument has been widely criticised and has not received strong empirical support, it has been supported by Gordon and Shapiro (1956), Lintner (1962) and Walter (1963). The main assumptions are: that investors have imperfect information about the profitability of a firm; that cash dividends are taxed at a higher rate than when capital gain is realized on the sale of a share; and that dividends function as a signal of expected cash flows. Signalling hypothesis Though Miller and Modigliani (1961) assumed that investors and management have perfect knowledge about a firm, this has been countered by many researchers, as management who look after the firm tend to have more precise and timely information about the firm than outside investors. This, therefore, creates a gap between managers and investors; to bridge this gap, management use dividends as a tool to convey private information to shareholders (Al-Malkawi, 2007). Petit (1972) observed that the amount of dividends paid seems to carry great information about the prospects of a firm; this can be evidenced by the movement of share price. An increase in dividends may be interpreted as good news and brighter prospects, and vice versa. But Lintner (1956) observed that management are reluctant to reduce dividends even when there is a need to do so, and only increase dividends when it is believed that earnings have permanently increased. Clientele effects of dividends theories. Investors tend to prefer stocks of companies that satisfy a particular need. This is because investors face different tax treatments for dividends and capital gains and also face some transaction costs when they trade securities. Miller and Modigliani (1961) argued that for these costs to be minimised, investors tend towards firms that would give them those desired benefits. Likewise, firms would attract different clientele based on their dividend policies. Though they argued that even though clientele effect may change a firms dividend policy, one clientele is as good as another, therefore dividend policy remains irrelevant. Al-Malkawi (2007) affirms that firms in their growth stage, which tend to pay lower dividends, would attract clientele that desire capital appreciation, while firms in their maturity stage, which pay higher dividends, attract clientele that require immediate income in the form of dividends. Al-Malkawi (2007) grouped the clientele effect into two groups, those th at are driven by tax effects and those driven by transaction cost. He argued that investors in higher tax brackets would prefer firms that pay little or no dividends, to get reward in the form of share price appreciation, and vice versa. Transaction cost-induced clientele, on the other hand, arises when small investors depend on dividend payments for their needs; this clientele prefers companies who satisfy this need because they cannot afford the high transaction cost of selling securities. Dividends form the hard core of stock values. As Justice Holmes remarked, the commercial value of property consists in the expectation of income from it. (In Galveston, H. S. A. Ry. Co. v. Texas, 210 U. S. 217, 226.) Black (1976) observed, The harder we look at the dividend picture, the more it seems like a puzzle, with pieces that just dont fit together Williams applied Fishers work on stock valuation and developed the famous dividend discount model (DDM) (Fewings, 1979, p. 12). Williams defines the investment value of stock as the present worth of all the dividends to be paid upon it (Williams, 1956, p. 55). He further makes it clear that the investment value of a common stock is the present worth of its net dividend to perpetuity (Williams, 1956, p. 63). Amid this theoretical research, the academic world was divided and a fierce debate erupted concerning the irrelevance of dividend policy in the determination of the valuation of firms or their stocks. The inconsequence of dividend policy in the stock valuation contemplates the equivalence of the valuation using earning approach and the valuation using discounted dividend approach. Fishers inter-temporal investment and consumption model predicted that earnings which are reinvested at the going rate of capital instead of being released for consumption neither adds nor subtracts from the value of the overall stream of benefits (Fewings, 1979, p. 17). Thus, according to Fisher, dividend policy is irrelevant in the valuation of stocks. One must remember that Fishers theory is applicable under perfect capital markets with certain futures. At the same time, Graham and Dodd (1934) developed their valuation methodologies based on the assumption that the firms main objective is to pay dividends to shareholders. Empirical evidence in the market suggested a positive correlation between stock prices and dividend payout (Harkavy, 1953), suggesting the relevance of dividends in the valuation of stocks. Gordon and Shapiro (1956), Walter (1956) and Solomon (1963) supported this hypothesis. In accordance with the relevance of the dividend policy on the valuation of stocks, Gordon extended Williams model of stock valuation to include retained earnings. He further developed the model to include continuous equity financing. These dividend dependent models are called the bird-in-the-hand models by authors like Frankfurter et al. (2003), as they are based on the assumption that there are two opportunity rates one for the firm and the other for the investor. The firm should retain 100 per cent of its earnings if the opportunity rate of a firm is greater than the opportunity rate of the investor. The seminal paper of Miller and Modigliani (1961) argued the irrelevance of dividend policy and the equivalence of the valuation of stocks using four approaches, namely the discounted cash flow (DCF) approach, the current earnings plus future investment opportunities approach, the discounted dividend approach and the stream of earnings approach. This equivalence was proven under assumptions of perfect capital markets, rational behaviour and perfect certainty. In addition, Miller and Modigliani (1961) point out that the dividend policy may be relevant when a revision in the dividend policy points to some information that the investors do not know. This information content of dividends argument led to the development of dividend signaling models. The irrelevance of dividends is not resolved. Academics are still divided into two, if not more, schools of thought on the subject. Price Earnings Ratio A firms profitability, risk, quality of management, and many other factors are reflected in its stock and security prices. Hence, market value ratios indicate the markets assessment of the value of the firms securities. The price/earnings (P/E) ratio is simply the market price of the firms common stock divided by its annual earnings per share. Sometimes called the earnings multiple, the P/E ratio shows how much investors are willing to pay for each dollar of the firms earnings per share. Earnings per share comes from the income statement, so it is sensitive to the many factors that affect the construction of an income statement, from the choice of GAAP to management decisions regarding the use of debt to finance assets. The price/earnings ratio is stated as: Stock prices are determined from the actions of informed buyers and sellers in an impersonal market. Stock prices reflect much of the known information about a company and are fairly good indicators of a companys true value. Although earnings per share cannot reflect the value of patents or assets, the quality of the firms management, or its risk, stock prices can and do reflect all of these factors. Comparing a firms P/E to that of the stock market as a whole, or with the firms competitors, indicates the markets perception of the true value of the company. While the P/E ratio measures the markets valuation of the firm relative to the income statement value for per-share earnings, the price-to-book value ratio measures the markets valuation relative to balance sheet equity. The book value of equity is simply the difference between the book values of assets and liabilities appearing on the balance sheet. The price-to-book-value ratio is the market price per share divided by the book v alue of equity per share. A higher ratio suggests that investors are more optimistic about the market value of a firms assets, its intangible assets, and the ability of its managers. The price-to-book value ratio is stated as: Market value indicators reflect the markets perception of the true worth of a firms future prospects. As such, market perceptions of a firms value are important to the financial analyst. However, the market may not be perfect; investors may become overly optimistic or pessimistic about a firm. The fact that a firm presently has a higher P/E or price-to-book-value ratio than its competition does not automatically imply that the firm is better managed or really deserves its higher valuation. Some firms may have low market value ratios because they truly deserve them; other firms may suffer from extreme and undeserved pessimism on the part of the market. High market value ratios can be similarly deceptive. The analyst must determine whether a firm deserves its market value ratios or not. Empirical Studies on the P/E model Ball and Brown (1968) are amongst the first pioneers who provided evidence that accounting earnings are potentially useful to investors for the valuation of equity. Furthermore, Beaver, Clarke and Wright (1979) also concluded that earnings act as a major determinant for equity valuation. Despite many researchers were inspired by the work of Ball and Brown prior study on price earnings ratio may trace back to 1934 when Graham and Dame considered that the major factors affecting price earnings ratio are factors coming from investors and companies. Internal scholars pay more attention to price earnings ratio status and qualitative or quantitative studies using cross sectional data model or time serials model are made in detail when stock market is established. As an important index measuring stock investment value and reflecting stock market development status, price earnings ratio is not only useful for department of banking custody to make sound regulation measures but helpful for inv estors to distinguish stock investing risk and select advisable invest strategy. Shroff (1995) cites that earnings of firms with high P/E ratio and high return on equity exhibit higher explanatory powers for stock returns. According to Barth et al. (1998) income statement plays fundamental role for equity valuation. Burgstahler Dichev (1997) found that book value and earnings being interrelated, act as component of equity value. Therefore it implies that the value of the firm can be expressed as a function of both earnings and book value of equity. Consequently, the higher is the earnings to book value ratio, the more relevant earnings will be as a determinant of equity value. While a lower earnings to book value ratio will imply book value being more important determinants of equity value. According to the work of Jan Ou (1995) firms which are reporting net losses, their earnings explain very little of equity price, but on the other hand book value of equity is an important determinant of stock price. Penman (1998) finds that book value provides greater relevance than earnings in equity valuation for firms with an extreme earnings to book ratio. Collins et al. (1997) further report that the value-relevance of earnings and book value of equity moves inversely to each other. Ou and Penman (1989) note that P/E ratios are good predictors of future earnings while changes in share price are poor predictors of future earnings. Ou Sepe (2002) find that the larger the spread between analysts forecasts of a firms future earnings and reported current earnings, the less value-relevant current earnings and the more the market relies on book value for equity valuation. Researches undertaken by Nicholson (1960), McWilliams (1966), Latane et al. (1969), Dowen and Bauman (1986), Keim (1990), and Fama and French (1992) provide evidence that stock returns are linked to P/E ratios. Penman (1996) notes that the P/E ratio acts not as a predictor of share price or returns but of future earnings levels. Allen et al. (1998) conclude similarly as their results indicate that firms with high E/P stocks have relatively low earnings growth while companies with low E/P shares experience high earnings growth. Furthermore, Fuller et al. (1992) conclude that low P/E ratio stocks generate low future earnings growth while high P/E ratio shares result in high earnings growth. Another line of research (e.g., Beaver, 1989; Mande, 1994) provides strong evidence that earnings aids investors in evaluating a firms dividend paying ability. As Larcker (1989) notes, share price is determined in the market through capitalisation (i.e., discounting) of the future cash flows or dividends expected to accrue to stockholders. Since earnings provide an information signal about future cash flows, stock price is affected by expectations concerning earnings. Because P/E ratios act as predictors of future earnings, these ratios are also linked to share price or returns. Moreover Nelson and Kim (1993) and Campbell and Shiller (1988) have documented that dividend yield predicts stock returns with some success, as it capture expectations about dividend growth as well as expected returns. While Lamont (1998) argues that the P/E ratio has independent predictive power for excess returns in addition to the dividend price ratio. Ang and Bekaert (2003) detect a strong role for the P/E ratio as a predictive instrument for future dividend growth. Since the P/E ratio is a function of expected growth in earnings, obviously expected growth in earnings are eminent in the valuation of a stock. Limitations of P/E The P/E is a fairly simple tool for assessing company value. But it has been argued that  the P/E ratio is not always reliable. There are plenty of reasons to be wary of P/E based stock valuations. The P/E ratio is supposed to enumerate how many years worth of current earnings a company will need to produce in order to arrive at its current market share value. Naturally, investors want to be able to buy more earnings for every dollar they pay, so the lower the P/E ratio, the less expensive the stock. The calculation of the ratio sounds simple enough, but here are some of the dangers associated with taking P/E ratios at face value. The first part of the P/E equation, price, is straightforward. The market price is easily available from the stock exchange market. On the other hand, coming up with an appropriate earnings number can be tricky. You have to make a lot of decisions how to define earnings. Earnings are not always clear cut. Earnings can be affected by unusual gains or losses which sometimes obscure the true nature of the earnings metric. Whats more, reported earnings can be manipulated by company management to meet earnings expectations, while creative accounting choices, shifting depreciation policies or adding or subtracting non-recurring gains and expenses, can make bottom line earnings numbers bigger and, in turn, P/E ratios, smaller and the stock appear less expensive. Investors need to be wary of how companies arrive at their reported EPS numbers. Appropriate adjust ments often have to be done in order to obtain a more accurate measure of earnings than what is reported on the balance sheet. Then there is the matter of whether to use trailing earnings or forward earnings figures. Located right in the companys latest published income statement, historic earnings are easy to find. Unfortunately, they are not much use for investors, since they say very little about what earnings are in store for the year and years ahead. Its the companys future earnings that investors are interested in most since as they reflect a stocks future prospects. The biggest limitation of the P/E ratio is that it tells investors next to nothing about the companys EPS growth prospects. If the company is growing quickly, you will be comfortable buying it even it had a high P/E ratio, knowing that growth in EPS will bring the P/E back down to a lower level. If it is not growing quickly, you might shop around for a stock with a lower P/E ratio. It is often difficult to tell if a high P/E multiple is the result of expected growth or if the stock is simply overvalued. A P/E ratio, even one calculated using a forward earnings estimate, does not always tell whether or not the P/E is appropriate to the companys forecasted growth rate. Finally, theres the tricky issue of a companys debt load. The P/E ratio does nothing to factor in the amount of debt that a company carries on its balance sheet. Debt levels have an impact on financial performance and valuation, yet the P/E does not allow investors to make comparisons between debt-free firms and those bogged down with outstanding loans and liabilities.

Essay on Social Networking Sites

Essay on Social Networking Sites Social networking sites peaked the year 2007. These sites encouraged online social connections. Early sites such as SixDegrees. com and Friendster allowed people to manage a list of friends. One drawback to these sites was that they did not offer users the ability to publish content like blogs. Social networking sites begin with a group of founders sending out messages to friends to join the network. In turn the friends send out messages to their friends, and the network grows. When members join the network, they create a profile.Depending on the site, users can customize their profile to reflect their interests. They also begin to have contact with friends, acquaintances, and strangers. Founded in 2002, Friendster used the model of friends inviting friends to join in order to grow its network. It quickly signed on millions of users. Unfortunately, as the site grew larger, technical issues surfaced. Painfully slow servers made it difficult for users t o move around the site. Additionally, management enforced strict policies on fake profiles. These false profiles, or â€Å"fakesters,† as they were known, were deleted by the site.This approach turned off users. Eventually, Friendster began to lose members in the United States. Fellow networking site SixDegrees. com closed its doors after the dot-com bust in 2000. Within a few years, these early social networking sites found their popularity declining. At the same time, a new social networking site called MySpace was beginning to take off. THE RISE OF MYSPACE MySpace brought together the social features of networking sites and the publishing capabilities of blogs. The combination of the two tools struck a home run with teens. Young people were looking for a more social way to blog.MySpace provided the solution. In 2003 Tom Anderson and Chris DeWolfe launched MySpace in Santa Monica, California. As music fans, the pair designed the site as a place to promote local music acts. They also wanted to be able to connect with other fans and friends. On MySpace, users created a Web page with a personal profile. Then they invited other users to become their friends. According to DeWolfe, the bands were a great marketing tool in the beginning. He said: â€Å"All these creative people became ambassadors for MySpace by using us as their de facto promotional platform.People like to talk about music, so the bands set up a natural environment to communicate. â€Å"1 Anderson and DeWolfe were determined to keep MySpace an open site. Anyone could join the community, browse profiles, and post whatever they wanted. User control was one of their founding principles. It also made initial financing hard to find. According to Anderson: â€Å"We'd get calls from investor types who wanted to meet us. They would say ‘Your site isn't professional. Why do you let users control the pages? They're so ugly! ‘†2 In the meantime MySpace continued to sign people up. Teens and young adults loved the site.They flocked to create their own profiles. The ability to customize pages, load music, and share videos added to the MySpace appeal. Unlike other early social networking sites, MySpace gave users a media-rich experience. Users could express themselves on their Web page by adding music and video clips. At the same time, they could socialize with friends. MySpace made social contact easier with tools such as e-mail, comment posts, chat rooms, buddy lists, discussion boards, and instant messaging. MySpace brought together the ability to express oneself and to socialize in one place.The timing was perfect. Over the next two years, MySpace grew at a tremendous pace. The site's success brought attention from investors. Rupert Murdoch, famous for his media empire, wanted to buy MySpace. Murdoch had interests in television, film, newspapers, publishing, and the Internet. In 2005 Murdoch purchased MySpace for an amazing $580 million. By early 2008 MySpac e had grown to a mind-blowing 110 million active users. It signed an average of thirty thousand people up every day. One in four Americans was on MySpace. The Web site had become the giant among social networking sites.It was the most trafficked site on the Internet. MySpace's influence traveled outside of the United States. The company built a local presence in over twenty international territories. MySpace could be found in places such as the United Kingdom, Japan, Australia, and Latin America. In a few short years, MySpace had become a worldwide cultural phenomenon. SOCIAL NETWORKING BEYOND MYSPACE The success of MySpace in the social networking arena spurred the development and redesign of many other online social networks. Some sites appealed to a general audience.Others, such as Black Planet, LinkedIn, and MyChurch, sought to serve a niche market. Facebook was one site that emerged as an alternative to MySpace. In February 2004 Harvard student Mark Zuckerberg launched Facebook . The site began as a closed network for college students. Closed networks only allow users to join if they meet certain criteria. In contrast, sites such as MySpace and Friendster were open social networking sites. Anyone could sign up for an account. Open and closed social networks have advantages and disadvantages. Open networks foster interaction between adults and teens.Parents can check up on their teen's profile and decide if they are comfortable with their child's online image. On the other hand, open access means that profiles are completely public and can attract unwanted attention. Closed networks are generally smaller. As such, there is a greater chance a user will know other members both online and offline. But a closed network blocks parents from reading their teen or college student's profile. Being closed also limits a social network's ability to grow and attract new users. As a closed college network, Facebook grew by adding more colleges to its network.By the end o f 2004, Facebook had almost 1 million active users. As Facebook's popularity grew, it expanded beyond colleges to high school and international school users. At this point, however, the site was still restricted to a limited pool of student users. In 2006 Facebook made a pivotal decision. It opened the network to the general public, expanding beyond its original student base. By May 2008 Facebook boasted over 70 million active users. At that time, it was the second-most trafficked social networking site behind MySpace and the sixth-most trafficked site on the Web.As an alternative to MySpace, Facebook's social network gained popularity with business professionals and colleagues. Facebook's purpose was to help users connect online with people that they already knew offline. Unlike the wild-looking pages found on MySpace, Facebook promoted a clean, orderly online experience. VIDEO- AND PHOTO-SHARING SITES Online social networking evolved into a full multimedia experience with the arri val of video- and photo-sharing Web sites. Users could upload visual content to share with friends and other users. Photo-sharing sites such as Flickr enabled users to transfer digital photos online to share with others.Users decided whether to share their photos publicly or limit access to private groups. Users could also use the site's features to organize and store pictures and video. One of the most popular video-sharing Web sites was YouTube. The site, founded in 2005, used Adobe Flash technology to display clips from movies and television, music videos, and video blogs. Users could upload, share, and view video clip topics from the latest movies to funny moments captured on film. Not everyone wanted to create a profile, write a blog, or upload pictures and video.Other social networking tools allowed these users to participate online. E-mails sent messages to a friend's electronic mailbox. Instant messaging was a real-time conversation between two people online at the same time . Comment posting allowed users to interact and talk about a friend's blog, profile, or pictures. Even online gaming was a form of social networking, allowing players to meet other people with similar interests online. WHY IS ONLINE SOCIAL NETWORKING SO POPULAR? The popularity of online social networking has prompted researchers to explore the similarities between online social networks and tribal societies.According to Lance Strate, a communications professor at Fordham University, social networks appeal to people because they feel more like talking than writing. â€Å"Orality is the base of all human experience,† said Strate. â€Å"We evolved with speech. We didn't evolve with writing. â€Å"3 Irwin Chen, an instructor at Parsons design school, is developing a new course to explore oral culture online. He agrees with Strate. â€Å"Orality is participatory, interactive, communal and focused on the present,† he says. â€Å"The Web is all of these things. â€Å"4 Mi chael Wesch teaches cultural anthropology at Kansas State University.He studied how people form social relationships while living with a tribe in Papua New Guinea. He compared the tribe to online social networking. â€Å"In tribal cultures, your identity is completely wrapped up in the question of how people know you,† he said. â€Å"When you look at Facebook, you can see the same pattern at work: people projecting their identities by demonstrating their relationships to each other. You define yourself in terms of who your friends are. â€Å"5 Despite the connections between social networks and tribal cultures, significant differences exist.In tribal societies relationships form through face-to-face contact. Social networks allow users to hide behind a computer screen. Tribal societies embrace formal rituals. Social networks value a casual approach to relationships. Millions of people across the world have joined online social networks. Perhaps their popularity stems from o ur innate desire to be part of a community. According to Strate, social networking â€Å"fulfills our need to be recognized as human beings, and as members of a community. We all want to be told: You exist. â€Å"6

Injections and Withdrawals Essay

Injections and Withdrawals are important features in our understanding of economic activity and the business cycle. Explain the relationship between them and how they influence national income. * Injections-only part of demand for firms arises through consumers, the remainder comes from other sources outside the inner flow. Investment- This is the money firms spend after obtaining it from various financial institutions, either past savings or loans or through new issue of shares. They may invest in equipment or building up stocks. Government Expenditure- When government spend money on goods and services produced by firms. This has a negative impact on national income as it reduces money available but can increase national income through expenditure and increased production. Export Expenditure- Money floes into circular flow from abroad when residents abroad buy our exports of goods and services. Positive for economic growth and increases national income. (source:economics) * Withdrawals- only part of households income spent goods and services, the remainder will be withdrawn from the inner flow. Net Saving- Saving is money households choose not to spend and put aside for future. If households don’t spend as much then national income falls, not many products brought, revenue falls. Whereas if they spend instead of save, national income increases. Net Taxes- Withdrawal of money from inner flow with no choice. National income increases by collecting taxes, more money available for government. However paying benefits to unemployed workers money flows other way and reduces national income. Import Expenditure- Households spend some of their income on imported goods and services. Although money consumers spend on such goods initially flows domestic retailers, it eventually finds it way abroad decreasing national income. (source:economics) GDP – Measures national income. GDP = Gross Domestic Product. * Measures of national income- > Product approach- Net saving increases, products brought and sold decreases, GDP falls which decreases national income > Income approach- Net taxes increases, households incomes are reduced and therefore have less disposable income which reduces national income. > Expenditure approach- expenditure increases more money entering economy, increasing GDP and national income. (source:Bized) Relationship between Injections and Withdrawals. Indirect links- * Saving and Investment- o If more money is saved then there will be more money for banks and other financial institutions to lend out. o Saving increases then investment falls o Saving increases then national income decreases since people are saving and not spending, GDP falls.(source: Business) * Taxation and Government Expenditure- o If tax receipts are higher, the government may be more keen to increase its expenditure. o Taxation increases government expenditure increases. o Taxation increase, households have less disposable income, hence GDP falls which reduces national income. (source:Business) * Imports and exports- o If imports increase, incomes of people abroad will increase, which will enable them to purchase more of our exports. o Imports increase then the balance of payments becomes deficit. (source:Business) * However there’s no guarantee. o Firms may wish to invest more or less than people wish to save o Governments can spend more than they receive in taxes or vice versa; o Exports can exceed imports or vice versa; (source:tutor2u.net) > Decisions to save and invest are made by different people , thus they plan to invest and save different amounts. > Demand for imports may not be equal to demand for exports > Governments may choose not to make taxation equal to government spending, it may choose to spend all of its tax revenues- budget surplus, or spend more than it receives in tax- budget deficit. THUS PLANNED INJECTIONS MAY NOT EQUAL PLANNED WITHDRAWALS. Bibliography Economics- John Sloman Business Environment- Dr Phil Drummond www.Bized.ac.uk www.Tutor2u.net