Bill Of Life Essay Example for Free

Bill Of Life Essay What is your life worth? Envision a future wherein the individuals who are master life and the individuals who are star decision have battled a second polite war over the sacredness of life. They end the war by settling on a â€Å"Bill of Life† that expresses all pregnancies must come to term; nonetheless, guardians and gatekeepers have the correct when their kid is between the ages of thirteen and eighteen to prematurely end them. The youngster doesn't bite the dust however. Every single piece of the youngster is kept alive; along these lines they are in fact still alive, just in independent pieces. This procedure is known as â€Å"unwinding.† Once the loosen up request is marked, no progressions can be made; regardless of whether the parent alters their perspective, it is irreversible. Connor finds his own loosening up request in the wake of researching tickets he discovers, passes to the Bahamas for everybody in his family, with the exception of him. Connor is a decent high schooler, however like numerous teenagers, his feelings can improve of him and his folks make some hard memories controlling him. Risa is a dependent of the government of Ohio and the halfway house is stuffed. She attempts to persuade the director of her value, however screws up her opportunity when she commits five errors at her piano presentation. Lev cheers in his fate at a gathering exclusively devoted to praising him and his life. Lev’s family is very given to their religion; Lev, as the tenth kid in his family, is bound to be a human offering, a human penance. Lev appreciates the consideration this brings and is glad to satisfy his fate. These three youngsters meet when Connor chooses to go AWOL and getaway his loosening up request. The book creates through their, and others, exchanging perspectives of what befalls a young person once the request is agreed upon. Connor, Risa, and Lev’s excursion to their future follows their developing acknowledgment of what their life intends to them. Shusterman prods the peruser with simply enough data to continue onward, yet keeps on building this upsetting perspective on the future as the storyline creates. Puzzling references to clappers and storked babies are clarified all the more completely later in the book and these individuals balance the agitating powers at work in this grieved society. This very provocative book would not leave my psyche for a considerable length of time, or honestly weeks, subsequent to understanding it. This book has gotten out and about of the adolescent administrations division and one of my collaborators despite everything gives me distress over the books a long time subsequent to understanding it. Not for the cowardly, particularly as the peruser gets familiar with the loosening up process, this upsetting novel will cull at your mind and make them wonder what your life is worth.

Same Sex Marriage Revelation through Media Assignment

Same Sex Marriage Revelation through Media - Assignment Example From the conversation it is clear thatâ while Murray stays upon the two sides of reality, he is likewise skilled to striking at the sympathy of the crowd by speaking to correspondence just as religion for the strict devotees. Despite the fact that greater part of republicans comply with the standard that states ought to reserve the option to plan their laws themselves, yet Congress favors of the Defense of Marriage Act which shows that relationships acted in different states will be disregarded and the government precludes the acknowledgment from claiming lawful gay relationships. Utilizing pertinent statements of insightful pundits, the Murray shows how the law and the legislative issues meet at the blaze point, which is a similar sex marriage. This exposition features thatâ quite dexterously, both the writers here have abstained from laying an excess of accentuation looking into it for same sex marriage and never offer any close to home input of theirs all through the article. They simply feature the truth and occurrence of same sex marriages.â simultaneously they distinguish the legitimate and political measurements which bolster the case for the issue instead of supporting the issue themselves. Simultaneously they anticipate the restricting assessments of pundits lastly by featuring the legitimate legal disputes, they attempt to demonstrate that equivalent sex relationships are being acknowledged by the law at a phase where ‘equality’ requests of most extreme attention. Murray is liberal in his standpoint and furthermore bring up another reality this is such an issue with respect to which various states contrast in their decisions.

I graduated

I graduated This is what Websis has to say: Wow. *     *     * Im on the train with my family, and Boston is now out of sight. I havent managed to process what happened on Friday, so for now Ill just show you some pictures and tell you roughly what happened. We were assigned station numbers based on major (Course 8 was Station 19) and asked to report to Johnson Track by 8:15am. I was at Johnson at 8, only to find a line stretching across the front of the student center and almost all the way to Mass Ave: I was not pleased. But the weather was beautiful and I had waited four years to graduate from MIT, so I figured I could wait another 20 minutes or so. Inside Johnson, I was struck by how many people in the Class of 2014 didnt look familiar at all, as well as how much affection I felt for them all anyway. I pushed my way to the muffin baskets, which were against the wall and continually refilled by magic. I had been feeling nauseous all morning but forced two blueberry muffins down anyway. At some point (I dont really know how this happened I dont recall doing anything in particular) it was 8:45am and I decided to make one last break for the bathroom. I was in the last group allowed to use the facilities and when I hurried back into the main room I realized that I had completely forgotten the physics line number (18? 25? 49? 61?) In a total panic, I ran around the perimeter with visions of everybody leaving without me. Finally my brain resumed normal operations: it occurred to me to check a sign for my line number (19) and all was well. We wore stickers on our regalia (I was #21) and stood in line accordingly. I was next to someone with the last name Huffman, and we quickly figured out that well both be in Pasadena post-grad (hell be at NASA JPL). Hooray! A new friend :) Course 8 was next in line to Course 9, so I managed to get a picture with Emad: After an eternity (around an hour) we were cleared to leave Johnson. We cheered and filed out into the sunshine only to be led to the outdoor track, which was in the opposite direction of Killian Court and graduation. One final fitness test before we could be cleared to graduate? Surrpise mile run? Were they walking us to the shore of the Charles by New House for a final swim test? Most people took the swim test during freshman orientation, so maybe they wanted to make sure we could still swim. such were the text messages exchanged between myself and my friends while bored out of our minds in line. And then the line got moving again. We walked down dorm row as a class, across Mass Ave (I felt sorry for anyone trying to drive around MIT campus that morning), along Memorial Drive, and finally into Killian Court. The dome has never looked so grand to me. We filed into our seats. The commencement booklet had a leaflet that could be folded into a paper airplane (there were numbered dotted lines!) so we got busy. The ceremony started at around 10:20. There were a bunch of speeches (Rafael Reif was SO GREAT!) and Anika 14 (our class president) led us in flipping over our brass rat. Brass rats have the Boston skyline on one side and the MIT skyline on the other: undergrads wear it so that theyre looking out at the Boston skyline, and alumni wear it so that theyre looking back at the MIT skyline. As of that moment, I wear mine as an alumna. Then we started receiving our diplomas: School of Engineering first, School of Science nearly last. Each individuals name was read out loud, so I had a long time to wait. I cheered and screamed for friends, took a few bathroom breaks, visited my family in the audience. I counted how many names in the booklet I recognized: about 17% of the class. I was startled when my row was asked to stand up and get in line. This is it! someone in front of me said. The names in front of me were a blur, and then my name was called, and I walked passed professors in elaborate robes, waved at Prof. Bertschinger, accepted my diploma, shook President Reifs hand, walked off the stage and sat down again. Chris shouted my name and I looked over it was an enormous relief to see his familiar friendly face. He took a picture: After that, the afternoon became a blur of camera clicks and cheek exercises. With the French House seniors (left to right: Emma in Course 2, Sophie in Course 8, Sumin in Course 5, Elizabeth in Course 16, myself): With the fam: After lunch, we went to the Physics Department reception in the Pappalardo room. The room has pictures on the walls of MIT faculty-Nobel laureates shaking hands with the King of Sweden. One of those faculty is Wolfgang Ketterle, so it was a little surreal to see him wandering around the room. He doesnt know me at all, but I figured why the heck not and asked him for a picture. I got my very dear friend Sophie (who also lived in French House!) to join us. We also got a picture with Prof. Peter Fisher, who taught me 8.022 and 8.033 and is now the head of the department: and, of course, I got a picture with Prof. Alan Guth, my academic advisor. In Prof. Guths Early Universe class (8.286, which I took sophomore fall) I met Eric, who became one of my best friends and J-Lab partner: And theres Sam, who I met during CPW as a prefrosh, before I had even decided to come to MIT. We met a party on the rooftop of Baker and for the rest of the night he supplied me with cough drops, a pool lesson, and conversation. Hes been one of my best friends ever since. We took a picture in the Faraday cage: Its hard to celebrate being done with MIT when it means saying goodbye to the friends who got you through it. Post Tagged #Commencement

Relationship Between Institutional Holdings And Firm Performance Finance Essay - Free Essay Example

Sample details Pages: 17 Words: 4959 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? The study under consideration Role of Institutional Investors in Corporate Governance in India has been conducted to examine whether institutional investors and its constituents play an active role in corporate governance practices of companies and whether they do have any impact over financial performance of respective companies. This study is essentially empirical and exploratory in nature. It is empirical in the sense that it is a data based research used to derive meaningful conclusions that are capable of being verified by observation or experimentation. Don’t waste time! Our writers will create an original "Relationship Between Institutional Holdings And Firm Performance Finance Essay" essay for you Create order It is exploratory in the sense that it explores the evidences of role of institutional investors in corporate governance practices and their financial performance. The study tried to maintain reasonable level of accuracy in constructing corporate governance score and data collection. Widely acknowledged statistical approaches have been used to achieve the study objectives. Objectives of the Study: The present study attempts to achieve the following objectives: To construct corporate governance score To establish relationship between institutional holdings and corporate governance score To establish relationship between institutional holdings and firm performance To establish relationship between corporate governance score and firm performance The Sample Design and Data: The study was started with a vast sample of 4,000 non-finance companies but due to lack of information on all the required variables, sample of 200 companies was considered adequate for the study. The present study is based on the secondary data. It covers a period of five financial years from 1st April 2004 to 31st March 2008. It is considered long enough to generalize on the role of institutional investors. Data has been collected on the institutional holdings in total as well as on different constituents of institutional holdings from nseindia.com. Institutional holdings are further segregated into three constituents. The mutual funds being the first one. The second constituent includes various public and private sector banks, all the developmental financial institutions (like IFCI, ICICI, IDBI, SFC) and insurance companies like the LIC, GIC, and their subsidiaries. The last constituent comprise of foreign institutional investors. The secondary data regarding annual report s to construct the corporate governance score have been collected from respective company websites and sebiedifar.com. The firm performance measures have been divided into two categories, one being the accounting measures while others are based on market returns. The accounting return measures include (%) return on networth, (%) return on capital employed, Profit After Tax, (%) Return on Assets, Net Profit Margin and Earning Per Share. Whereas, market return based measures include Tobins Q, (%) Risk Adjusted Excess Return and (%) Dividend Yield. Data for the study period on financial performance measures have been collected from Prowess Database. The annual published reports incorporate information in quantitative form about the past performance of a business unit but the use of these reports for in-depth analysis and interpretation is not without limitations. The financial position reflected by the annual reports is true only for the last day of accounting year and it may not be relevant for the remaining part of the year. Hence, the conclusions drawn in the present study should be taken in the light of these deficiencies of data. The collected data has been analyzed by using various statistical tools. Table 3.1 Name of Companies Selected For Analysis Company Code Name of Company Company Code Name of Company 1 Aban Offshore Ltd. 101 Jaiprakash Hydro-Power Ltd. 2 Ador Welding Ltd. 102 Jubilant Organosys Ltd. 3 Agro Dutch Industries Ltd. 103 Jet Airways India Ltd. 4 Aarti Industries Ltd. 104 Jindal Steel and Power Ltd. 5 Alfa Laval India Ltd. 105 Jaypee Hotels Ltd. 6 Aditya Birla Nuvo Ltd. 106 JSW Steel Ltd. 7 Aegis Logistics Ltd. 107 Kajaria Ceramics Ltd. 8 Alembic Ltd. 108 Kansai Nerolac Paints Ltd. 9 Alps Industries Ltd. 109 KCP Ltd. 10 Apar Industries Ltd. 110 Khaitan Electricals Ltd. 11 Apollo Hospital Ent erprises 111 Lakshmi Machine Works 12 Arvind Remedies Ltd. 112 LGB and Bros. Ltd. 13 Asian Paints Ltd. 113 Larsen and Toubro Ltd. 14 Ashok Leyland Ltd. 114 Liberty Shoes Pvt. Ltd. 15 Asahi India Glass Ltd. 115 Lumax Industries Ltd. 16 Asian Electronics Ltd. 116 Lotte India Corporations Ltd. 17 Asian Hotels Ltd. 117 Lupin Chemicals Ltd. 18 Aurobindo Pharma Ltd. 118 Mahindra and Mahindra Ltd. 19 Balaji Telefilms Ltd. 119 Marico Ltd. 20 Bombay and Burmah Trading Corporation Ltd. 120 Maruti Suzuki India Ltd. 21 BASF India Ltd. 121 Max India Ltd. 22 Bell Ceramics Ltd. 122 Madras Cements Ltd 23 Berger Paints (I) Ltd. 123 Malwa Cotton Spinning Mills Ltd. 24 Bharat Rasayan Ltd. 124 Moser-Baer India Ltd 25 BEML Ltd. 125 Nagarjuna Construction Co Ltd. 26 Bharat Electronics ltd. 126 NationalAluminium Company Lt d. 27 Bharat Petroleum Corporation Ltd. 127 Navneet Publications (India) Ltd. 28 Bharat Forge Ltd. 128 NEPC India Ltd. 29 Bharti Airtel Ltd. 129 Neyveli Lignite Corporation Ltd. 30 Blue Star Infotech Ltd. 130 Nirma Ltd. 31 Bharat Heavy Electricals Ltd. 131 Nahar Industrial Enterprises 32 Bhushan Steel and Strips Ltd. 132 NTPC Ltd. 33 Birla Corporation Ltd. 133 OCL India Ltd. 34 Biocon Ltd. 134 Omax Autos Ltd. 35 Bombay Dyeing and Manufacturing Co. Ltd. 135 ONGC Ltd. 36 Britannia Industries Ltd. 136 Oil Country Tubular Ltd. 37 Balmer Lawrie and Co. Ltd. 137 Pantaloon Retail India Ltd. 38 Cadila Healthcare Ltd. 138 Petron Engg. Construction 39 Century Textiles and Industries Ltd. 139 Petronet LNG Ltd. 40 Cyber Media (I) Ltd. 140 Premier Ltd. 41 Chambal Fertilizers and Chemicals Ltd. 141 Patel Engg. Ltd. 4 2 Chennai Petrochemical Corporation Ltd. 142 Patspin India Ltd. 43 Chemplast Sanmar Ltd. 143 Radico Khaitan Ltd. 44 Cipla Ltd. 144 Rajesh Exports Ltd. 45 CCL Products (I) Ltd. 145 Rashtriya Chemicals and Fertilizers ltd. 46 Cheslind Textiles and Industries Ltd. 146 Radaan Mediaworks (I) Ltd. 47 Crompton Greaves Ltd. 147 Reliance Industries Ltd. 48 Dabur India Ltd. 148 RPG Cables Ltd. 49 DCW Ltd. 149 R S W M Ltd 50 Delta Magnets Ltd. 150 Rico Auto Industries Ltd. 51 Dharani Sugars and Chemicals Ltd. 151 Rane Holdings Ltd. 52 Deepak Fertilizers Ltd. 152 Ruchi Soya Industries Ltd. 53 Dalmia Cements (Bharat) Ltd. 153 Ramco Industries Ltd. 54 DCM Ltd. 154 Saksoft Ltd. 55 D-Link India Ltd. 155 Saregama India Ltd. 56 Dr. Reddys Laboratories Ltd. 156 S Kumars Nationwide Ltd. 57 Eicher Motors Ltd. 157 Sand esh Ltd. 58 Elgi Equipments Ltd. 158 S Band T International Ltd. 59 Eurotex Inds. and Exports Ltd. 159 Sah Petroleum Ltd. 60 Eveready Inds. Ltd. 160 Sesa Goa Ltd. 61 Everest Industries Ltd. 161 Shipping Corporation of India Ltd. 62 Exide Industries ltd. 162 Salora International Pvt. Ltd. 63 Four Soft Ltd. 163 Sintex Industries Ltd. 64 F D C Ltd. 164 Seamec Ltd. 65 Fame India Ltd. 165 Sterlite Industries India Ltd. 66 Finolex Industries Ltd. 166 Shiva Texyarn Ltd. 67 Fertilizers and Chemicals Ltd. 167 Supreme Petrochemical Ltd. 68 Gas Authority of India Ltd. 168 Sundaram Brake Lining Ltd. 70 Gabriel India Ltd. 170 Tata Consultancy Services Ltd. 71 Godrej Industries Ltd. 171 Tata Power Company Ltd. 72 Grasim Industries Ltd. 172 Tata Tea Ltd. 73 GTN Industries Ltd. 173 Tata Coffee Ltd. 74 Gujarat Minera l Development Corporation Ltd. 174 Texmaco Ltd. 75 Geometric Ltd. 175 TIL Ltd. 76 HCC India Ltd. 176 Tips Industries Ltd. 77 HEG Ltd. 177 Trent Ltd. 78 Hero Honda Motors Ltd. 178 TTK Prestige Ltd. 79 HCL Technologies Ltd. 179 Thermax Ltd. 80 Halonix Ltd. 180 Titan Industries Ltd. 81 Hind Syntax Ltd. 181 Thirumalai Chemicals Ltd. 82 Hitachi home and life solutions India Ltd. 182 TVS Motor Co. Ltd. 83 Heritage Foods (I) Ltd. 183 TV Today Network Ltd. 84 Hindalco Industries Ltd. 184 Usha Martin Ltd. 85 Hindustan Machine Tools Ltd. 185 Ultratech Cement Ltd. 86 Hindustan Petroleum Corporation Ltd. 186 Uttam Galva Steels Ltd. 87 Hindustan Organic Chemicals Ltd. 187 Unitech Ltd. 88 Indian Hotels Company Ltd. 188 United Phosphorous Ltd. 89 IFGL Refractories Ltd. 189 Voltas Ltd. 90 Impex Ferro Tech Ltd. 190 VIP Industries Ltd. 91 Indian Oil Corporation Ltd. 191 Vardhman Holdings Ltd. 92 IFB Agro Industries Ltd. 192 VST Industries Ltd. 93 Infosys Technologies Ltd. 193 Welspun-Gujarat Stahl Rohren Ltd. 94 IPCA Laboratories Ltd. 194 Wipro Ltd. 95 India Glycols Ltd. 195 Wheels India Ltd. 96 ITC Ltd. 196 Wyeth Ltd. 97 IVRCL Infrastructures and Projects Ltd. 197 Xpro India Ltd. 98 Jai Corporation Ltd. 198 Zee Entertainment Enterprise Ltd. 99 Jain Irrigation System Ltd. 199 Zenith Computers Ltd. 100 Jaiprakash Associates Ltd. 200 Zuari Industries Ltd. Construction of Corporate Governance Score: Various researchers have considered alternate measures of corporate governance. Some of them have used single measure, while others have used the multiple measures in the form of indices. Some researchers have used board characteristics as an effective measure of corporate governance as Hermalin and Weisbach (1998, 2003) have used board independence, Bhagat, Carey and Elson (1999) have used stock ownership of board members and Brickley, Coles and Jarrell (1997) have used the occupation of Chairman and CEO positions by the same or two different individuals. Whereas, Gompers, Ishii and Metrick (2003) have constructed a governance measure comprising of an index of 24 corporate governance provisions such as, classification of board of directors, measures taken by corporations to discourage unwanted takeover attempts, various lucrative benefits offered to the top executives if they are discharged of duties after the takeover and others, carrying equal weights collected by the Investment Responsibility Research Center. Bebchuk, Cohen and Ferrell (2004) created an entrenchment index consisting of six provisions in total out of which four include limit to shareholder rights and other two related with potential hostile takeovers. While the above-mentioned reports use data compiled by IRRC, Brown and Caylor (2004) applied Institutional Shareholder Services (ISS) data to construct their governance index. This index considered 51corporate governance features covering eight corporate governance categories: ownership, board of directors, director eduction, executive and director compensation, , progressive practices, audit, charter/bylaws, and state of incorporation. Similarly, Mohanty (2002) has developed nineteen measures of corporate governance and combining it into one composite measure by giving higher weightage to the measures relating to the shareholders compared to the other stakeholders. The details of these measures are: Providing valuable and timely informati on to shareholders, Exceeding projections made at the time of issue of shares, asymmetric treatment of shareholders, quality of earnings, investor grievances, consistent difference between free cash flow to equity and dividends, improvement in credit rating, transfer of wealth from bondholders to shareholders, bondholders grievances, employee turnover rate, strikes and lockouts, customer satisfaction, timely or deferring payment to suppliers, evasion of duties and taxes, building social infrastructure, producing socially useful products, adopting street children, polluting environment, reneging on commitments made to the society. Bhagat and Bolton took GIM G-Index (constructed from data compiled by Investor Responsibility Research Centre), BCF E-Index (6 provision subset of the G-Index), TCL Benchmark Score (based on whether the board is classified, whether the outside directors constitute a majority on the board, whether the board has an independent chairman or lead director, wheth er the audit committee consists of only independent directors, whether the board has adopted a formal governance policy, number of directors with more than fifteen years tenure, number of directors who serve on more than four boards, number of old directors, and CEO compensation structure), BC Gov Score (as described by Brown and Caylor), Board independence, Median Director Dollar Value Ownership, Median Director Percent Value Ownership, CEO Chair duality and some alternative governance measures (the percentage of directors who are currently active CEOs, the percentage of directors currently serving on more than four boards, the percentage of directors who have served on the sample firms board for more than fifteen years, the percentage of old directors, the percentage of women directors, and (6) the percentage of directors not possessing any stock in the sample firm, as governance variables). In the present study, Corporate Governance Score has been developed on the basis of key characteristics of Standard and Poors Transparency and Disclosure Benchmark. Standard and Poors provides a range of corporate governance analyses and services, the crux of which is the Corporate Governance Score. CGSs are based on an assessment of the qualitative aspects of corporate governance practices of a company. Information has been collected on the attributes given below from the latest available annual reports of sample companies. The methodology, with 98 questions in three categories and 12 sub-categories, is designed to balance the conflicting requirements of the range of issues analyzed and the tractability of the analysis. Transparency and Disclosure is evaluated by searching company annual reports for the 98 possible attributes broadly divided into the following three broad categories: Ownership structure and investor rights (28 attributes) Financial transparency and information disclosure (35 attributes) Board and management structure and process (35 attri butes) Each question has been evaluated on a binary basis to ensure objectivity, and rankings for the three broad categories and an overall ranking is developed from the answers to individual questions. 98 Individual Transparency and Disclosure Questions: (1) Ownership Structure and Investor Rights Transparency of ownership: Provide a description of share classes? Provide a review of shareholders by type? Provide the number of issued and authorized but non-issued ordinary shares? Provide the par value of issued and authorized but non-issued ordinary shares? Provide the number of issued and authorized but non-issued shares of preferred, non-voting, and other classes? Provide the par value of issued and authorized but non-issued shares of preferred, non-voting and other classes? Does the company disclose the voting rights for each class of shares? Concentration of Ownership Top 1,3,5, or 10 shareholders disclosed? Shareholders owning more than 10,5, or 3 percent is disclosed? Does the company disclose percentage of cross-ownership? Voting and Shareholder meeting procedures Is there a calendar of important shareholder dates? Review of shareholder meetings (could be minutes)? Describe procedure for proposals at shareholder meetings? How shareholders convene an extraordinary general meeting? How shareholders nominate directors to board? Describe the process of putting inquiry to board? Does the annual report refer to or publish Charter or Code of best corporate governance practices? Are the Articles of Association or Charter Articles of Incorporation published? (2) Financial Transparency and Information Disclosure Is there a discussion of corporate strategy? Report of the kind of business it is pursuing in detail? Does the company give an overview of trends in its industry? Report of the products or services manufactured/provided? Provide the analysis of various segments broken down by business line? Does the market share of any or all of businesses of company disclosed? Does the company report basic earnings forecast of any kind? In detail? Disclose output in physical terms? Does the company give an output forecast of any kind? Does the company give characteristics of assets employed? Does the company provide efficiency indicators Does the company provide any industry-specific ratios? Does the company disclose its plans for investment in the coming years? Does the company disclose details of its investment plans in the coming years? Accounting Policy Review Provide financial information on a quarterly basis? Does the company discuss its accounting policy? Does the company disclose accounting standards it uses for its accounts? Does the company provide accounts according to the local accounting standards? Does the company provide accounts in alternate internationally recognized accounting method? Does the company provide each of the balance sheet, income statement, and cash-flow statement by internationally recognized methods? Does the company provide a reconciliation of its domestic accounts to internationally recognized methods? Accounting Policy Details Does the company disclose methods of asset valuation? Does the company disclose information on method of fixed assets depreciation? Does the company produce consolidated financial statements? Related Party structure and transactions Provide a list of associate companies in which it carries a minority stake Is ownership structure of affiliates is disclosed by the company? Is there a list/register of related party transactions? Is there a list/register of group transactions? Information on Auditors Does the company disclose the name of its auditing firm? Does the company reproduce the auditors report? Disclose how much audit fees is paid to the auditor? Disclose any non-audit fees paid to auditors? (3) Structure of Board and Management and its Process Is there a chairman listed? Are details, vital information, about the chairman disclosed? Is there a list of board members (names)? Are there details about directors (other than name/title) Details about current employment/position of directors provided? Are details about previous employment/positions provided? Disclose the dates of joining of directors on the board? Are directors classified as executive or outside directors? Role of the Board Is the role of Board at the company is disclosed in detail.? Is list of matters reserved for the board is disclosed? Is there a list of board committees? Review last board meeting (could be minutes)? Is there an audit committee? Disclosure of names on audit committee? Is there a remuneration/compensation committee? Names on remuneration/compensation committee? Is there a nomination committee? Disclosure of names on nomination committee? Other internal audit function besides audit committee? Is there a strategy/investment/finance committee? Director training and compensation Disclose whether they provide director training? Disclose the number of shares in the company held by directors? Discuss decision-making process of directors pay? Are specifics of directors salaries disclosed (numbers)? Form of directors salaries disclosed (cash, shares, etc.)? Specifics disclosed on performance-related pay for directors? Executive compensation and evaluation Names of senior managers who are not on the board Details (background information) of senior managers disclosed Disclose the numbers of shares held by the senior managers Disclose the number of shares held by managers in other associated companies Disclose the process of decision-making of managers pay who are not on the board Numbers of managers (not on board) salaries disclosed? Form of managers (not on board) salaries disclosed? Specifics disclosed on performance-related pay for managers? Details of the CEOs contract disclosed? Measures of Financial Performance: To measure the impact of corporate governance on financial performance different researchers have used different financial measures. Hermalin and Weisbach (1991) has taken Tobins Q as the single measure of financial performance. Bhagat and Black (2002) took return on assets, asset turnover and stock returns. Bhagat and Bolton (2007) considered annual return, annual return on assets and annual Tobins Q as performance variables. Brown and Caylor (2004) have used six industry-adjusted performance measures as return on equity, net profit margin, sales growth, Tobins Q, Dividend Yield, Stock Repurchases. Mohanty (2002) has used Tobins Q and stock returns as the measures of financial performance. Overall, nine measures of financial performance have been taken in the present study. Some are based on accounting profits and accounting ratios while others are related to stock prices of sample companies for the sample period. Different measures are stated below: Return on Net worth This is a tool of measuring profitability of a company. It is arrived at using the following formula: Profit After Tax net of non-recurring item x100 Average Net Worth Net worth This represents the share capital and retained earnings of a company. It is arrived at using the following formula: Equity Capital Preference Capital Reserves and Surplus-Revaluation reserve-Misc. expenses not written off Return on capital employed This is another ratio to measure the profitability of a company. It is arrived at using the following formula: Profit After Tax net of non-recurring item x100 Average Capital Employed Capital employed This represents the share capital plus reserves and long- term debt of a company. It is arrived at using the following formula: Equity Capital Preference Capital+ Reserves and Surplus-Revaluation Reserve-Misc. expenses not written off+Total borrowing- (Bank Borrowing+Short- term commercial paper). Profit After Tax This is the net profit of the company after tax. It is derived by deducting all expenditures from the sum of all source of income including changes in stock. This net profit includes all the regular, prior-period and extraordinary sources of income on the income side. Correspondingly, it includes all kinds of revenue expenses including those for prior-period transactions, extraordinary in nature, cash or non-cash in nature, etc. Expenses also include all indirect and direct taxes. Return on Assets This is another ratio to evaluate the profitability of a company. It is calculated using the following formula: Profit Before Depreciation, Interest and Tax x 100 Total Assets Risk Adjusted Excess Return This is a market return based measure of financial performance of a company. It is calculated using the following formula: 365 Days Excess Return over Nifty x100 Beta (a measure for Risk) Beta: It is also known as the systematic risk parameter indicating the volatility of the funds portfolio compared to the benchmark index. It has gained worldwide acceptance as the primary risk measure for asset selection. Unlike standard deviation, which is also a measure of the risk, beta measures the past volatility of a security relative to something else, usually a benchmark index. Tobins Q This is a measure of the financial performance of a company. It is calculated using the following formula: (Market Capitalization+Book value of Debt) x 100 Book value of Assets Market Capitalization: It is defined as the product of the closing price of shares of a company on that date and the number of outstanding equity shares as on the same date. Dividend Yield It is the return earned by an equity shareholder by way of dividends. It is calculated on the closing price on a given date. It is calculated using the following formula: Face value of Equity shares x Dividend rate Closing Price Net Profit Margin This is the profitability margin ratio derived considering into account the profit after tax, which is net of non-recurring item as percentage of gross sales. It is calculated using the following formula: Profit After Tax net of non-recurring item x100 Gross Sales Earning Per Share It is defined as the ratio of the profit after tax net of non-recurring transactions of the company in the 12month period to the number of shares outstanding as on that date. Statistical Tools The study has been conducted in light of three perspectives. The first aspect intends to find out whether the institutional investors and its different constituents do invest in the companies with good governance practices and simultaneously, do their presence improve the governance practices of companies. The second aspect deals with verifying whether institutional investors as whole and its different constituents have any significant and positive impact over financial performance of companies. And the last aspect deals with affirming whether the companies with good governance practices also have better financial companies than the firms with poor governance practices. To throw light on the above aspects and to establish the relationship between Institutional Holdings and Corporate Governance Score, Corporate Governance Score and Institutional Holdings, Institutional Holdings and Firm Performance and Corporate Governance Score and Firm Performance, simple linear regression analysi s has been used. Regression analysis is a statistical tool for the investigation of relationships between variables. In the present study, an attempt has been made to ascertain the causal effect of one variable upon another. Data has been assembled on the variables of interest and employed regression to estimate the quantitative effect of the causal variables upon the variable that they influence. The study also typically assesses the statistical significance at 5 percent level of the estimated relationships, that is, the degree of confidence that the true relationship is close to the estimated relationship. In order to achieve the objectives stated earlier, the present study conceptualized the following null hypotheses for validation of positive relation between institutional holdings, corporate governance and firm performance H01: Institutional/its components Holdings and Corporate Governance score are very closely related in a manner as to depict a positive relationship between the two H02: Corporate Governance Score and Institutional/its components Holdings are also very closely related in a manner as to depict positive relationship between the two H03: Institutional/its components Holdings and various measures of firm performance are very closely related in a manner as to depict positive relationship between the two H04: Corporate Governance Score and various measures of firm performance are very closely related in a manner as to depict positive relationship between the two To investigate these hypotheses, data has been collected from the earlier mentioned sources on institutional holdings and its sub-categories, corporate governance score and different measures of financial performance. The hypothesized relationship between any two variables is written as: Y =  Ãƒâ€šÃ‚ ¡ +  Ãƒâ€šÃ‚ ¢X +  Ãƒâ€¹Ã…“ Where  Ãƒâ€šÃ‚ ¡ = the constant value when value of X is zero  Ãƒâ€šÃ‚ ¢ = the eff ect of X on Y, hypothesized to be positive  Ãƒâ€¹Ã…“ = the error term reflecting other factors that influence Y variable Variable X is termed as independent, explanatory or exogenous variable and variable Y is termed the dependent or endogenous variable Hence, Standardized Co-efficient in terms of Constant value,  Ãƒâ€šÃ‚ ¢ value and Standard Error has been calculated by taking different variables as independent (Institutional Holdings and different constituents of Institutional Holdings1) and (Corporate Governance Score2) and dependent variables (Corporate Governance Score1, Institutional Holdings in total and different constituents of institutional holdings2) in one chapter. Similarly, in other chapter, (Institutional Holdings and different constituents of Institutional Holdings3) is taken as independent variable and (different measures of financial performance3) is taken as dependent variable. Likewise, in another chapter, (Corporate Governance Score4) is taken as independent and (different measures of financial performance4) as dependent variables. t-statistic has also been calculated to determine the relative importance of each variable in the regression model at 5% level of significance. This statistic can be positive or negative as the parameter estimate from which it is derived is greater or lesser than the hypothesized true value of the parameter. R2 has been calculated to see the proportion of variation in the dependent variable explained by the regression model. It is equal to one minus the ratio of the sum of squared estimated errors (the deviation of the actual value of the dependent variable from the regression line) to the sum of squared deviations about the mean of the dependent variable. Intuitively, the sum of squared deviations about its mean is a measure of the total variation of the dependent variable. The sum of squared deviations about the regression line is a measure of the extent to which the regression fa ils to explain the dependent variable (a measure of the noise). Hence, the R2 statistic is a measure of the extent to which the total variation of the dependent variable is explained by the regression. The values of R2 ranges from 0 and 1. Small values indicate that the model does not fit the data well whereas; a high value suggests that the regression model explains the variation in the dependent variable well. To find out whether the results are reliable or not Durban/Watson values have been calculated. Organization of the Study The study under consideration has been divided into seven chapters, which are mentioned below: Chapter I An Introduction Chapter II Review of Literature Chapter III Research Methodology Chapter IV Institutional Holdings and Corporate Governance Chapter V Institutional Holdings and Firm Performance Chapter VI Corporate Governance and Firm Performance Chapter VII Summary and Conclusion Significance of Study Corporate Governance has been emerged as the most pertinent issue in the corporate world in the recent era. Agency problem is considered as the central cause of governance problems around the world. The large number of small shareholders virtually do not have any control on the managers. They are only informed of the financial results on a periodical basis while the managers control the firms assets. This widely held structure provides an opportunity to the managers to expropriate shareholders wealth and to misappropriate the funds by way of transfer of money as loans to his own companies, or sale of the company assets to themselves at a lesser price or pay himself more perks leading to poor governance practices. To overcome this agency problem and to improve the governance practices, the role of institutional investors have become vital now a day. Being the large investors, they have potential to influence the company strategy and executive decision-making. They can engage in d ialogue with management, attending annual meetings, submitting shareholder resolutions, bringing lawsuits, and other mechanisms designed to communicate shareholder interests to the corporation. Even their selling of shares can have significant pressure on the companies improve their governance practices. But, to the contrary it is also supposed that institutional investors have their own specific objectives and they are more concerned about the return on their investments to the governance practices adopted by the corporations. Therefore, if the institutional investors invest in the companies with higher returns and good governance as well, is justified. Therefore, while investigating into the role of institutional investors in corporate governance, two more related issues have to be considered. Whether the institutional investors presence improve the firm performance and whether the governance practices adopted by the corporations have any impact over their financial performance. H ence, the intricacy of role of institutional investors in corporate governance, impact of institutional investment on firm performance and impact of corporate governance over firm performance needs attention. Various studies have been conducted so far on the above issues around the world and in India also on the above issues and the results have been inconclusive so far. Results are mixed as to the whether the institutional investors invest in the companies with good governance practices or their investment improve the governance practices adopted by the corporations. Similarly, the impact of institutional holdings over financial performance of firms is also not clear and the results are not coherent regarding the impact of corporate governance over firm performance also. The present study is expected to draw the attention of corporate world and researchers towards the role of institutional investors in corporate governance practices in India. The present research work would prov ide important guidelines for institutional investors too whether they should concentrate on the financial performance of target companies only or they should also value the governance practices followed therein. Similarly, it will draw the attention of policy makers towards institutional investor activism in India and thereafter, making policies to enhance the same. Limitations of the Study The conclusions drawn in the present study are of tentative nature, subject to the veracity of the data available. The published annual reports have been taken as the base for constructing corporate governance score and for collecting data on other variables too. But these reports show the position on a particular day, which may not prove true for the whole year. But the researcher, with time constraint, has to depend upon these reports because it is not possible to compile the data originated at different times during the period under study. Corporate Governance Score has been constructed on the basis of information derived from annual reports of only year 2008, therefore, the other limitation of the study. Though it is constructed on the basis of comprehensive attributes but only one score is taken for the study period instead of taking separate scores for individual years as the other variables are taken. This is a maiden attempt on the part of the researcher; therefore, lack of experience may be considered as a stumbling block. This, however, is a mammoth task beyond the reach of an individual researcher. ********

Effects Of Global Warming On Human Activity - 2070 Words

Statement of the problem: Nowadays the climate of the Earth is changing rapidly due to the increase of greenhouse gases. 90% of this gases released in environment is due to the human activity by burning of fossil fuels. Due to the climate change the health sector is affected mainly children, adults and whole population. The climate change is danger to the health system, the increase in temperature is causing in heat waves that leads to less rainfall, rise in sea level and flood. Due to this the health of population is affecting by various diseases like respiratory problems, heart diseases, cancer and many more. The world health Organization states that the increase in global warming is due to human activities that changes in climate†¦show more content†¦During the last two decades the respiratory problem has increased in United States due to the climate factors. The irritants comes from the deserts that travel through by ocean waves which are increased by the warmer temperatures. Plant pollen has inc reased which are involved in air that comes in the form of irritants. Due to this it has resulted in respiratory problems. It has shown in 2003 the Europe the rise in temperature has killed 40,000 people in six countries. In India it was around 4000 people who die due to heat waves. In Chicago it was 700 people who suffered with respiratory problems. It is estimated that if the warming is increased by two degree in Atlanta results in heat related deaths. Some researchers stated that blaming activities of human being for destruction is not at all true. They explained that life has evolved 400 million ago and the amount of co2 was more than 10 times than now and it had decreased time to time. By this they stated that the human activity is not merely the main cause. Some researchers argued that human activities and natural process has increased the greenhouse gases. Increase in carbon in air and climate change both have an effect in health sector. The consumption of food which is contaminated with carbons and inhaling the air has increased the body mass. The changes in climate has shown the stress to the mankind like the disasters which is facing today by the environment. Increase in weather

Comapring the Speeches of Mark Antony and Brutus in...

Comapring the Speeches of Mark Antony and Brutus in William Shakespeares Julius Caesar The play Julius Caesar reaches a peak of tension at the point of the two speeches, and so it would seem whichever speech was enjoyed more by the crowd would make the speaker the more popular. This was in fact the case in the play. Mark Antony used better techniques of speech than Brutus and he prevailed in the end. After the conspirators have killed Caesar, Brutus agrees to let Antony perform a speech, which Brutus thought would be a eulogy. Antonys speech would be after Brutus and Brutus hoped that the crowd would understand his reasons, though this was secondary to his hope of a better Rome. We know that†¦show more content†¦The crowd look more to his techniques of speech than to his content, as Brutus speaks down to them and speaks in a tone and manner which suggests that he is of a higher intellect than they are, making himself impossible to understand for the largely un-educated crowd. However, while Brutus does talk down to the crowd, he clearly tries to compliment them as he goes along. He says Censure me in your wisdom, implying that the crowd members have wisdom to offer. This would make the crowd like Brutus more, and would be the first part of swaying them onto his side. We also see that Brutus wants, and is, in control of the situation at all times, he says, He comes the body, mourned by Mark Antony as if he was in control of that occurrence. He makes sure it does not appear that anything is happening that he does not want to happen. We see throughout the speech of Brutus the use of rhetoric. He says, Who here is so vile that will not love his country? If any, speak, for him I have offended. I pause for a reply, which of course gets no answer, but gives the crowd time to reflect and think about what he has just said, while at the same time he gets the idea into the heads of the crowd that to go against what Brutus did is a vile act. The two characters giving these speeches use rhetoric often, and this was a useful and powerful technique that Shakespeare would have known

Theory and Principles of Conflict Resolution for Intervention - myassi

Question: Discuss about theTheory and Principles of Conflict Resolution for Intervention. Answer: Introduction Conflict and dispute are two terms which are often used interchangeably, however there is a stark difference between the two terms. This discussion is focused on the very difference between these two terms. Conflict v Dispute In words of John Burton, conflict refers to such issues which cannot be negotiated upon and which are often related to the ontological needs of the humans, which cannot be sacrificed or compromised upon. On the other hand, he deems disputes as the negotiable interests, which can be solved easily. In terms of time, disputes are short term based, whilst the conflict have long term basis and also are problems which are deeply rooted, making it resistant to any kind of resolution. Another difference between the two is that dispute is something which is studied under the law, where as conflict is something, which is dealt in the studies of social science[1]. When it comes to the day to day life, conflicts are deemed as the next stage and the more serious stage of dispute. So, conflicts are actually seen in a broader sense which involves a higher number of people, which are deeper and are also more systematic in comparison to disputes. The difference between the two can be explained through the argument with the cashier being a dispute and the nuclear war between North Korea and South Korea is a conflict. Similarly, the resolution of conflict is a more complex task in comparison to that of a dispute. Conclusion Thus, the discussion taken in the preceding part highlights the difference between a conflict and a dispute. Bibliography Secondary Sources Books Mayer B, The Dynamics of Conflict: A Guide to Engagement and Intervention (2nd edn, John Wiley Sons 2012) [1] Bernard Mayer, The Dynamics of Conflict: A Guide to Engagement and Intervention (2nd edn, John Wiley Sons 2012)