Are Treaties a Better Source of International Law?

Are Treaties a Better Source of International Law? Universal settlement commitments are established upon the proverb pacta sunt servanda (â€Å"pacts must be respected†). This is explicitly perceived in the Preamble to the Vienna Convention[1] which â€Å"notes† that the standards of free assent and great confidence and the pacta sunt servanda rule are â€Å"universally recognisedâ€Å". In any case, it may be contended that such a Convention is more an acknowledgment of business as usual than an inventive advancement in global law. Article 2(1)(a) of the Convention characterizes an arrangement as â€Å"an worldwide understanding closed between States in composed structure and represented by universal law, regardless of whether typified in a solitary instrument or in at least two related instruments and whatever its specific assignment [emphasis supplied].† This quickly causes to notice the way that the term â€Å"treaty† is more nonexclusive than explicit and covers a scope of global understandings which may similarly be alluded to by such terms as conventions, agreements or shows. The effect of arrangements upon residential enactment fluctuates as indicated by purview. The difference is every now and again drawn between the situation in the US and the UK. In the previous, the arrangement making power is vested under the Constitution in the President yet he requires the â€Å"advice and consent† of 66% of the individuals from the Senate present and casting a ballot. In the United Kingdom it is contended that the creation of bargains is an activity of privilege power. This is questionable: it may be recommended that right force must be practiced by the Crown. Be that as it may, the favored methodology may be that of Dicey who proposes that a right demonstration is any demonstration of government that isn't approved by rule. Notwithstanding, it ought to be noticed that there is a level of Parliamentary control. Initially, there exists the purported â€Å"Ponsonby Rule† which applies to arrangements which have been arranged and marked however have no t become effective in light of the fact that they have not as far as universal law been endorsed by the gatherings. Under this standard, the administration must tell Parliament of the bargain and should not endorse it spare in instances of criticalness until 21 parliamentary days have passed. Second, Parliament may confine the intensity of the official to go into bargains by explicitly giving that they require parliamentary assent. At long last, the creation of a settlement doesn't naturally guarantee its application in household law. It was held in A-G for Canada v A-G for Ontario[2] that â€Å"the creation of an arrangement s an official demonstration, while the presentation of its commitments, in the event that they involve change of the current residential law, requires authoritative action.† Further, it was held in Rayner (Mincing Lane) Ltd v Department of Trade[3] that â€Å"except to the degree that a settlement gets fused into the laws of the United Kingdom by rule, the courts†¦have no capacity to uphold bargain rights and commitments at the command of a sovereign government or at the command of a private individual†. This examination uncovers arrangements as having a fairly unsure establishment with regards to their usage in the states in question. This quandary was delineated in the dubious occurrence of the Maastricht Treaty on European Union and prompted a test to the bargain making influence of the official in R v Secretary of State for Commonwealth Affairs ex p Rees Mogg[4]. The bargain was to become effective upon confirmation by the Member States. In the UK there was considerable resistance to the arrangement on all sides of the House and the issue brought up in the prosecution was whether the legislature had the ability to sanction the bargain without such endorsement. The British government took the supposedly â€Å"safe† course of not alluding the settlement under the Ponsonby Rules contending rather that its sanction was an activity of privilege power. The Queen’s Bench Division held that this choice was not defenseless to legal audit. By differentiate it may be contended that standard law is an unmistakably increasingly shapeless idea. In worldwide law, standard law alludes to the legitimate standards that have created through the normal trades which have happened between states after some time. Such standards gain their acknowledgment from understanding upon certain all inclusive qualities. Two effectively refered to models may be slaughter or subjugation which are commonly held to be inadmissible conduct by cultivated countries. Be that as it may, Alder[5] is suspicious: â€Å"The impact of standard qualities isn't really kind and custom may turn out to be dead wood yet at the same time repress lawful change.† He refers to for instance the way that albeit an expansion of the establishment occurred during the late nineteenth century, the development of female testimonial was repressed by the way that the courts would not decipher the authoritative utilization of the word â€Å"person† as including ladies. It is in this manner presented that the endeavor to decide if bargains are a superior wellspring of worldwide law than custom is misinformed. As may be seen from the above contention, arrangements while having a high-sounding title are regularly minimal in excess of an endeavor to formalize standard commitments that as of now exist between states. The division is additionally obscured on the off chance that one delays to consider the way wherein settlements are deciphered. Article 31 of the Vienna Convention is encircled in phenomenally wide terms: â€Å"1. An arrangement will be deciphered in compliance with common decency as per the normal importance to be given to the provisions of the bargain in their unique circumstance and in the light of its item and purpose.† Article 32 which manages â€Å"supplementary methods for interpretation† expands the extent of understanding even more: â€Å"Recourse might be needed to advantageous methods for understanding, including the preliminary work of the settlement and the conditions of its decision, so as to affirm the importance coming about because of the use of Article 31, or to decide the significance when the translation as indicated by Article 31: (a) leaves the importance equivocal or dark; or (b) prompts an outcome which is plainly foolish or unreasonable.† This hazy spots the differentiation among arrangements custom despite everything further since it prompts a circumstance where a settlement can be deciphered so broadly as to permit practically any importance to be set upon it consequently further sabotaging its status as a conclusive archive. At long last, a further regard wherein the status of arrangements as a legitimate wellspring of universal law is sabotaged originates from the way where bargain commitments can be finished. Commitments in worldwide law are viewed as emerging from the assent of the contracting parties instead of from remotely settled standards that can be held to be for all time official. Part IV of the Convention controls the â€Å"Amendment and Modification of Treaties† and clarifies that agreement is required for a bargain to stay in power. Nonetheless, Article 43 is, it is submitted, profoundly noteworthy: â€Å"The shortcoming, end or reprimand of an arrangement, the withdrawal of a gathering from it, or the suspension of its activity, because of the utilization of the current Convention or of the arrangements of the bargain, will not at all disable the obligation of any State to satisfy any commitment exemplified in the settlement to which it would be subject under global law autonomously of the bargain [emphasis supplied].† It might be contended that this arrangement lethally subverts the status of bargains: as a result, while settlements may rise and fall viably at the desire of the taking part states, global legitimate commitments remain. It might be addressed, in this way, regardless of whether arrangements ought to appreciate any genuine legitimate status or whether they should all the more precisely be viewed as a types of discretion and minimal in excess of an impermanent explanation of aim inside the predominant international strategy of the gatherings. Taking everything into account, accordingly, it might be proposed that while settlements include become an ordinary inside global law, they ought not be concurred the status with which residential enactment, for instance, is respected. On the off chance that this reason is acknowledged, the job of custom in universal law turns out to be increasingly unmistakable. As has been seen, it is custom that genuinely educates worldwide law. To be sure, it is conceivable to contend that alleged â€Å"international law† is close to the acknowledgment of built up standards among sovereign and free states. Global law can't be viewed as coming from any unmistakable universal governing body and is enforceable just because of the quiet submission of the states in question. In the last examination, it may be smarter to get rid of the idea of â€Å"international legislation† and concentrate rather upon the concurred rules of conduct between states. In such manner, custom becomes undeniab ly increasingly persuasive in deciding worldwide commitments and arrangements for all their composed convention and assumed authority ought to be viewed as meager in excess of a set up account of standard guidelines. List of sources Birch, J., General Principles of Constitutional and Administrative Law, (fourth Ed., 2002) Allen, M. Thompson, B., Cases and Materials on Constitutional and Administrative Law, (seventh Ed., 2003) Barnett, H., Constitutional and Administrative Law, (fifth Ed., 2004) Bradley, A. Ewing, K., Constitutional and Administrative Law, (thirteenth Ed., 2003) Global and Comparative Law Quarterly Merrills, J., International Dispute Settlement, (fourth Ed., 2005) Joined Nations, Vienna Convention on the Law of Treaties, (1969) Westlaw Commentaries [1] United Nations, Vienna Convention on the Law of Treaties, (1969) [2] [1937] AC 326 at 347 [3] [1990] 2 AC 418 at 477 [4] [1994] QB 552 [5] Alder, J., General Principles of Constitutional and A

Prison Healthcare Essay

In looking into medicinal services in the jail framework there appeared to be a positive distinction in the kind of directed social insurance being given or even offered to detainees. Jails have state and government laws that they should keep in conveying medicinal services administrations to their detainees. In this way this paper will examine the Federal Bureau of Prisons which happened in 1930 and was assembled to convey humane and liberal consideration for Federal detainees. What's more, the BOP (Federal Bureau of Prisoners) was executed to change the jail human services administrations to have the option to offer a progressively proficient kind of care. The administration office being examined in this paper is known as the Federal Bureau of Prisons. The BOP’s head office is situated in Washington D.C. what's more, is a piece of the U.S. Equity Department. The Federal Bureau of Prisons is considered responsible for the activity and organization of the government jail assoc iation. The principle thinking behind the BOP is to convey an impartial and thoughtful kind of treatment for government prisoners in the United States prison framework. The BOP additionally gives prisoners any medicinal services they may require in concurrence with any Federal and State laws. The BOP is responsible for the assurance and upkeep of about 200,000 concentrated detainees and is responsible for setting the standard for government penitentiaries scattered through the U.S. The BOP begins by choosing where a detainee ought to be put, for example, what office? The following thing BOP would then survey is the degree of security required for the detainee and what kind of directing the person may require while serving their time in jail? Notwithstanding advising administrations the detainee will be surveyed for any psychological wellness issues as of now too. After a large number of these sorts of inquiries are addressed concerning the detainee the BOP will at that point evaluat e what kind of medicinal services benefits the detainee needs and too what degree they are required. A case of this could be if a detainee needs some kind of Prison Health Care Agency 3 prompt medical procedure, at that point the person in question would be put at the top need level for care required. These kinds of inquiries are immediately evaluated alongside organization to figure out where the detainee should serve their time. The explanation behind this announcement is a prison’s prisoner limit alongside the degree of treatment ready to be offered at a particular jail may impact a choice to put a guilty party at one area over another. As per the United States Department of Justice (2013), â€Å"the Federal Bureau of Prisons are liable for restricting government guilty parties in detainment facilities that are protected, sympathetic, cost-productive, and secure† (Agencies). As per the Federal Bureau of Prison’s (2008), â€Å"as part of these obligations, the BOP can control medicinal services in penitentiaries by being answerable for the conveyance of therapeutically vital social insurance to detainees as per material principles of careâ₠¬  (Executive Summary). The American Correctional Association has built up across the nation standards associated with the sheltered, compelling and proficient activity of amendments offices. These qualities are essential pioneers with respect to the strategies and techniques that shield the prosperity and security of workers and detainees of the jail. These standards are often surveyed by a gathering investigating the norms. The changes are grounded on choices based by the court, practice meetings, and established associations. So as to consent to both government and state laws, clinical offices or social insurance administrations must be given at penitentiaries and state-run restorative offices. This kind of undertaking would require the joined endeavors of a few segments inside the American Correctional Association which is basically connected with the Administrative Services, Offender Operations, Support Services, and Health Services. What's more, things, for example, making bu dgetary game plans for the development and upkeep of clinical offices would tumble to the commitment of Administrative Services and the Offender Prison Health Care Agency 4 Activities. What's more the Health Services at a jail are those liable for the everyday systems of the prison’s clinical treatment communities. To ensure that the medicinal services being given to detainees is meeting a significant level of value the American Correctional Association has required and expects accreditation and affirmation from any offices in regards to the National Commission on Correctional Health Care. The NCCHC social insurance standards and gauges are planned to help things, for example, jail medicinal services centers satisfy universal and national guidelines of fundamental human rights. By November 29, 2007, the BOP had held 166,794 detainees in around 114 BOP jails at 93 distinct locales (The Federal Bureau of Prisons, 2008). Additionally, all through 2007 the Federal Bureau of Prisons was obligated around $736 million for human services being offered to detainees in the United States. The Federal Bureau of Prisons keeps on conveying human services administrations to detainees primarily by inside restorative suppliers working by the BOP or distributed to the BOP from the Public Health Service, and even tually contracted social insurance doctors which were the ones’ that conveyed wide-extending treatment or separate medicinal services administrations offered for a solitary individual (The Federal Bureau of Prisons, 2008). At that point with altering or controlling the developing costs in regards to social insurance and the different administrations the Federal Bureau of Prisons executed assets that were expected to offer extra skilled medicinal services to detainees. The Federal Bureau of Prisons efforts to get some sort of control on medicinal services in penitentiaries started by learning the different stages a detainee must experience before the individual in question is moved or sent to their allocated prison. To begin detainees are sent to a jail built up around the degree of treatment that is required by this specific prisoner. As per the Federal Bureau of Prison’s (2008) â€Å"the Department of Justice Office of the Inspector General (OIG) started a Prison Hea lth Care Agency 5 review to decide if the BOP was properly containing human services costs in the arrangement of vital clinical, dental, and psychological wellness care administrations; just as successfully managing its clinical administrations contracts and viably observed its clinical administrations providers† (Executive Summary). To ensure that government and state laws are being followed with respect to social insurance offices being offered at prisons just as state-run restorative offices. For something like this task to occur would involve the joint endeavors of various regions inside the ADC, basically Administrative Services, Offender Operations, Support Services, and Health Services. With regards to arranging and planning for the development and upkeep of medicinal services places this is eventually the commitment of the Administrative Services and Offender Operations. Along these lines, the medicinal services that is being given to detainees must be of a high caliber and worthy. So as to guarantee that the nature of human services being given to detainees is of a high caliber or more analysis the ADC got confirmation from a self-administering organization to get their accreditation which was the National Commission on Correctional Health Care (NCCHC). The medicinal services guidelines that are set up by the NCCHC were imagined to help detainment facilities with social insurance habitats for their prisoners just as making a point to meet and follow the worldwide and national standards in regards to essential human rights. Prisoners everything bei ng equal, race, shading, statement of faith and nationality can get a proportionate standard degree of treatment in regards to ones’ wellbeing that is offered to the open that are not be held in the slammer. As indicated by Health Care in Prison (2013), â€Å"This general guideline is delineated in Prison Service Order 3200, which expresses: The Prison Service in association with the NHS has a duty to guarantee that detainees approach wellbeing administrations that are extensively equal Prison Health Care Agency 6 to those the overall population gets from the NHS† (What Healthcare Services is Prisoners Entitled to). This implies detainment facilities as of now give wellbeing training, tolerant instruction, avoidance and other wellbeing advancement mediations in that general context.† likewise, it is a prerequisite that every single detainee have the option to discover the penitentiaries’ strategy explanation with respect to the social insurance benefits that are advertised. In this arrangement proclamation it must have the option to be seen in a recognizable detect that is in an open area for all detainees. The arrangement explanation must clarify in detail what explicit essential consideration, dental and expert clinical administrations are accessible to detainees, alongside who is answerable for giving them (Health Care in Prison, 2013). All jails must give the approach articulation to any detainee who demands this data in regards to the medicinal services administrations accessible to them inside a specific time span. Jail Health Care Agency 7 References: Chen, S. (2009, November). Jail social insurance costs ascend as detainees become more seasoned and more debilitated. CNN Justice, (), 1-3. Recovered from http://articles.cnn.com/2009-11-13/equity/aging.inmates_1_prison-prisoner biggest jail frameworks clinical expenses? Medicinal services in jail. (2013). Recovered from http://www.aidsmap.com/Health-care-in-jail/page/1503575/ The Federal Bureau of Prisons. (2008). Recovered from http://www.justice.gov/oig/reports/BOP/a0808/final.pdf The United States Department of Justice. (2013). Recovered from http://www.justice.gov/ag/

Blog Archive Wharton Team-Based Discussion 2015 What to Expect and How to Prepare

Blog Archive Wharton Team-Based Discussion 2015 What to Expect and How to Prepare The Wharton School at the University of Pennsylvania plans to send out interview invitations tomorrow, and once again the school is using its team-based discussion format to evaluate MBA candidates, in place of a traditional business school admissions interview. Understandably, Wharton applicants get  anxious about this atypical interview, because the approach creates a very different dynamic from what one usually encounters in a one-on-one meetingâ€"and with other applicants also in the room, one cannot help but feel less in control of the content and direction of the conversation.  Yet despite the uncertainty, here are a few things that interviewees can expect: You will need to arrive at the interview with an ideaâ€"a response to a challenge that will be presented in your interview invitation. Having the best idea is much less important than how you interact with others in the group and communicate your thoughts. So while you should prepare an idea ahead of time, that is only part of what you will be evaluated on. Your peers will have prepared their ideas as well. Chances are that ideas will be raised that you know little or nothing about. Do not worry! The admissions committee members are not measuring your topical expertise. Instead, they want to see how you add to the collective output of the team. After the team-based discussion, you will have a short one-on-one session with someone representing Wharton’s admissions team. More than likely, you will be asked to reflect on how the team-based discussion went for you; this will require self-awareness on your part. To give candidates the opportunity to undergo a realistic test run before experiencing the actual event, we created our  Team-Based Discussion Simulation. Via this simulation, applicants participate anonymously with three to five other MBA candidates in an online conversation, which is moderated by two of our experienced Senior Consultants familiar with Wharton’s format and approach. All participants then receive feedback on their performance, with special focus on their interpersonal skills and communication abilities.  The simulation builds confidence by highlighting your role in a team, examining how you communicate your ideas toâ€"and withinâ€"a group of (equally talented) peers, and discovering how you react when you are thrown “in the deep end” and have to swim.  Our Wharton Team-Based Discussion Simulation allows you to test the experience so you will be ready for the real thing! To learn more or sign up for a session, visit our  Wharton Team-Based Discussion Simulation page. Share ThisTweet Business School mbaMission Events News University of Pennsylvania (Wharton)

Ethical Situations in Business - 1062 Words

Ethical Situations in Business 3/26/2012 Evaluation and Recommendations by: David ________________________________________________________________________ Many businesses, such as Company Q, are faced with ethical decisions every day. And many of these ethical situations can conflict with the overall profit margin of a company. In three distinct area Company Q has made ethical choices, electing to put the company first, and its customers and community second. In our scenario Company Q has made three ethical decisions that have directly affected the company, employees with the company, the community in which Company Q does business, and to the needy people that count on companies such as Company Q. In our first situation†¦show more content†¦Each year, more than 36 million Americans, in communities across the country, are making difficult choices—seniors who are forced to choose between buying food or buying medicine; parents who might feed their children but not themselves; and working families who must make the difficult decision between paying their utilities or putting food on the table. Non-perishable and unspoiled perishable food can be donated to local food banks, soup kitchens, pantries, and shelters. Local and national programs frequently offer free pick-up and provide reusable containers to donors. To encourage food donations, the â€Å"Good Samaritan† law was created to prevent to prevent good food from going to waste and to protect companies from liability surrounding their donations.† (â€Å"EPA† n.d. http://www.epa.gov/osw/conserve/materials/organics/food/fd-donate.htm). Although communities need assistance from grocers, Compan y Q has decided not to donate food due to its lack of confidence in its own employees to not steal or fraudulently give away food. As stated by the citation many food banks offer free pick up service from the grocer. Extra security cameras can also be installed in areas where donations are picked up to help prevent fraud by employees. Management could also create a new position in its stores that addresses food donations. This added cost might slightly affect theShow MoreRelatedEthical Situations Of Business : Task 2 Essay1654 Words   |  7 PagesSean Dailey Student # 425090 Ethical Situations in Business – Task 2 A. Dress Code: Company X requires its employees to dress and maintain a clean, professional appearance. The employees of Company X represent this company and it is important that their appearance is professional. All staff members are expected to present themselves in an acceptable appearance to our team, clients, and the public. Supervisors are required to assist Company X in monitoring its employee’s appearance. Pants- JeansRead MoreWgu Ethical Situations in Business Task 1680 Words   |  3 PagesEthical Situations in Business Task 1 John Mackey, founder of Whole Foods once said Business social responsibility should not be coerced; it is a voluntary decision that the entrepreneurial leadership of every company must make on its own. (Mackey, 2005) In today’s society it is increasingly common for businesses to actively identify and become directly involved in the country and the global social issues and needs. It is now common place for companies to market this information alongsideRead MoreA Sticky Situation Is The Ethical Dilemmas Of The Business World And How Ethical Theories Can Provide Various Solutions1574 Words   |  7 PagesA Sticky Situation is a case that exemplifies the ethical dilemmas individuals face in the business world and how ethical theories can provide various solutions. In this case, Kent Graham has been an account manager at Dura-Stick Label products for two years, a deserved forerunner in the industry of label converting for durable-products. Although Kent was hired with 10 years of previous experience in label converting, his work at Dura Stick has not been up to par with the company’s reputation. DueRead MoreEthical And Legal Perspectives, What Do You Feel Business? Learned From The Scrushy Situation?972 Words   |  4 PagesFrom ethical and legal perspectives, what do you feel business has learned from the Scrushy situation? Richard Scrushy defrauded, stakeholders, stockholders, and the community out of millions of dollars. His deceptive, unethical, and commanding behavior was the stone that caused the biggest misappropriation avalanche of all time. We must consider this question, how is corporate cheating happening and who is heading the deception? Behind every crime, there is a ringleader or a group of individualsRead MoreImportance Of Ethics In The Workplace1572 Words   |  7 Pages In their personal and professional lives, people can and, unfortunately, sometimes do go against their moral and ethical standards. Ethical standards are what it means to be a good person, the social rules that govern our behavior. Ethics in business is essentially the study of what constitutes the right and wrong or the good or bad behavior in the workplace environment. A business is an organization whose objective is to provide goods or services for profit. The organization has a group of peopleRead MoreThe Ethics Of Business Ethics Essay1097 Words   |  5 Pagescrucial in business. There are three key ideas used to understand this. Firstly, making ethically wrong decisions tend to cause more upset than other general mistakes as purposeful unethical actions are not as easily forgiven or forgotten. Secondly, ethics provides businesses with a broader understanding of everything to do with their business. Business ethics is effectively just business it its larger human context. Thir dly, being unethical can tarnish the public image of a business which can leadRead MoreDiscuss the Importance of Ethics in Business in Light of the Recent Global Financial Crisis (Gfc)1119 Words   |  5 Pagesadvanced of borrowing mortgages for the companies. The change of ethics through enterprises demonstrate how business approaches to ethics over the past years where ethics is seen in different perspectives. 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Brief Snapshot of the situation: The situation is that Tina started theRead MoreEthical Dilemmas in Workplace1634 Words   |  7 PagesEthical Dilemmas in Workplace Personal values may conflict with ethical decision making if those personal values are different than the organizational norms of the business or institution. Constructing, and maintaining personal ethics in the workplace rests with the individual, and how willing he or she is in assimilating to the evolving cultural dynamic of the corporate world. Many times a person find their personal, cultural and/or organizational ethics conflicting and must reconcile a course ofRead MoreApple s Ethical Decision Making Essay1479 Words   |  6 Pagestechnology. There are many aspects of the company that contribute to Apples success. One of the most important aspects is the company’s ethical decision making. Apple has a strong ethical code of conduct that represents the company as being ethical in all decisions being made. Despite Apples positive representation, the company has been faced with many ethical issues. Apple has been involved in many litigations ranging from a domain name dis pute and patent infringement, to the use of refurbished

The Bravery of Nelson Mandela - 1431 Words

â€Å"For to be free is not merely to cast off one’s chains, but to live in a way that respects and enhances the freedom of others† (Newsone.com, 2011). Bravery is a phrase topped up with numerous connotations. Bravery is to stand your ground and gaze worry in the face and overcome the unrealistic. One will not face their fears or display anyone can be a champion, but it is the brave and audacious hearted actions of an individual that divides them from other amateurs that cannot fit the recount. Not anything in life is free or arrives without trying. In alignment to be brave, a person should have courageous, persistent, and honest Nelson Mandela, the previous leader of South Africa, did not choose to take an easy walk to flexibility. Mandela†¦show more content†¦Like any other citizen seeing their people being mistreated, â€Å"The injustice infuriated Mandela—and catapulted him into action† ( Winfrey, 2001). Nelson Mandela and other actvists foug ht long and hard against this discrimination (NelsonMandelas.com, 2012) . He had to endure the impossible to maintain the justice in his country. Mandela’s country was his main priority, he wanted to get rid of all racial discrimination. Mandela was part of the ANC. The African Nationwide Congress which was South Africa’s national liberation movement. But unlike other activists instead of enduring violence as a mean of unity he chose a different route. For this exact cause, Nelson Mandela was highly regarded and a figure for the South African people. Brian Walden had this to say â€Å"In the revolution led by Mandela to transform a model of racial division and oppression into an open democracy, he demonstrated that he didnt flinch from taking up arms, but his real qualities came to the fore after his time as an activist† (Brink, 1998). Mandela wasn’t the type to person to kill or hurt anyone, he believed strictly peaceful protest, he used wisdom and brav ery to explain his problem. The moment the ANC was ostracised then Mandela searched to execute activity and to halt the injustice. Over his 27 years in jail, Nelson Mandela became the symbol of an entire peoples struggle against injusticeShow MoreRelatedNelson Mandela My Role Model1211 Words   |  5 PagesNelson Mandela, full name Nelson Rolihlahla Mandela, pet name Madiba, Mandela was born on July 18, 1918, in Mvezo, South Africa and died on December 5, 2013, in Johannesburg. The black nationalist and the first black president of South Africa (1994–99). His agreement in the early 1990s with South African Pres. F.W. de Klerk helped end the country’s system of racial segregation and started in a peaceful transition to majority rule. Mandela and de Klerk were jointly awarded the Nobel Prize for PeaceRead MoreEssay on Nelson Mandela, My Superhero, Our Superhero850 Words   |  4 Pagesâ€Å"Nelson Mandela was the symbol of justice, equality, and dignity.† (Obama, 2013). He was born in Mves o, Transkei, South Africa on July 18, 1998 as a Madiba clan (Les Prix Nobel, 1993). Since he was young, he always dreamt to be able to contribute to create a free and democratic country where everyone could live in harmony. He started his anti-apartheid movement by joining the African National Congress (ANC) when he was 20 (Cachalia, 2013). He was first banned in 1952, and was finally arrested onRead MoreBiography of Nelson Mandela1334 Words   |  6 PagesNelson Mandela Born and raised in South Africa. According to the Nelson Mandela Foundation, Rolihlahla Mandela was born in Mvezo, Transkei, on July 18,1918 to parents Nonqaphi Nosekeni and Nkosi Mphakanyiswa Galda Mandela. Rolihlahla Mandela was raised in a home with a family that always worked towards bettering the future. Mandela’s childhood was peaceful, he spent time on cattle herding and other rural pursuits. He was one of thirteen children, and had three older brothers all who were ofRead MoreNelson Mandela s President Of South Africa1309 Words   |  6 PagesThere isn’t much that can be said about nelson Mandela that everybody in the world doesn’t know already. For most of his life He has worked tirelessly to ensure freedom for not just black majority in south africa, but for all races. He has endured many things in his quest for peace, including being put on trial and going to jail multiple times. He is well known in his country as a hero who strived for peace. His f ight eventually led him to becoming the first democratically elected president of SouthRead MoreThe Forms of True Bravery800 Words   |  4 PagesThe Forms of True Bravery Nelson Mandela once said â€Å"I learned that courage was not the absence of fear, but the triumph over it. The brave man is not he who does not feel afraid, but he who conquers that fear.† And fear is just a state of mind, a strong and thick barrier that prevents us from success and achieving our dreams or what we believe is right to us, but it is weak and thin when standing against courage, and once it is defeated, those barriers dissipate. But the main question is how canRead MoreMandel A Symbol For Justice, Equality, And Dignity1736 Words   |  7 PagesNelson Mandela was a symbol for justice, equality, and dignity. He spent the entirety of his life fighting for the things he was most passionate about. He often risked his life for his cause, and even spent decades in prison. In this paper, I will argue the relevance of Mandela’s passion and how individuals in todays society can learn from his activism. Mandela was born and raised in South Africa, which was a country that, up until 1994, was full of racial oppression and apartheid. Much like theRead MoreThe Great Individuals Of Transformative Education1198 Words   |  5 Pagesand doing what is right regardless of the consequences. Honor is standing up to a problem when it seems like there is no way out. Nelson Mandella, Barack Obama, and Walt Disney all share types of dignity, reputation, good name, and good sense of what is morally correct. Nelson Mandella is one of the individuals who exhibited honor in everything that he did. Nelson Mandela was a round and complete leader. He naturally exhibited all types of leadership qualities which is what led him to his success.Read MoreThe Hero Of The Odyssey By Homer, Louis Zamperini, And The Fictional Iron Man1723 Words   |  7 PagesHowever, a few have survived the test of time. Many of modern day heroes, as well as past heroes, do hold these long enduring traits, like Nelson Mandela, Marcus Luttrell, Louis Zamperini, and the fictional Iron Man. Odysseus, the main character in The Odyssey by Homer, portrays the traits necessary to be dubbed a hero. One is a hero if he or she shows leadership, bravery, resilience, and creativity throughout their actions. Throughout the novel, Odysseus shows leadership as he sails over the oceansRead More The African National Congress and the Fight Against South African Apartheid1666 Words   |  7 Pagessegregation system, called Apartheid, based upon skin color was established by the South African government. Although there were various international responses, the actions of such groups as the African National Congress displayed defiance and bravery in the midst of severe situations. Racial segregation and white domination had become main aspects of South African policy way before apartheid began. Although apartheid in South Africa technically formed in 1948, Africa’s history of racial oppressionRead MoreDesmond Tutu : The Most Influential Peacemakers Of The Past Century1708 Words   |  7 PagesChurch. He became the president of the All African Conference of Churches from 1987 to 1997. The South African apartheid ended in 1993, which happened due to no small part from Tutu’s relentless campaigning and able leadership. He introduced Nelson Mandela, who later became president in 1994, to the citizens. In 1992, he was awarded the Bishop John T. Walker Distinguished Humanitarian Service Award. Four years later, Tutu became the first person to receive the Archbishop of Canterbury’s Award for

The First Naval Voyage Of Spain Essay - 1412 Words

During the early years of the fifteenth century, Europe had tried to make itself a competing force in the world. With the failed efforts of the crusades and the attempts to spread their catholic religion, it is easy to say that they were not succeeding in establishing themselves as a civilization. However, they always sought new frontiers in order to improve their cultivation. At this time in history, several different groups around the world began venturing out beyond their native boarders, by sea. These excursions were usually brought about by a natural curiosity of the world and the new technology of sea travel. For the Europeans however, the beginning of their overseas voyages were mostly credited to a fascination with the East. They had known about the marvelous riches and fantastic wonders that reside there. There were several great voyages of that time, but there is one that can be argued as a legitimate turning point in history. The first naval voyage of Spain’s Christ opher Columbus would ultimately change the world forever. The reasons why this specific naval voyage is a turning point in history is because it inspired other voyages, discovered a new world for the Europeans, and established a lasting presence in America. The first European country to embark on sea voyages was Portugal. They began by attempting to sail around the continent Africa in order to reach the wonders of the East. These early expeditions, sponsored by Portugal’s Prince Henry the Navigator,Show MoreRelatedThe Impact Of Maritime Technology On The Age Of Exploration1264 Words   |  6 Pagesvery limited. This uncharted, inaccessible territory caused a major separation of mankind. However, these oceans sparked curiosity and desire for explorers to venture beyond their native land. This curiosity was the driving force to the invention of naval travel, a highly important and massive step for all growing communities during the Age of Exploration. Maritime technology’s advancements through history greatly aided in the Age of Exploration, allowing provinces to break their land boundaries andRead MoreGuantanamo Bay1444 Words   |  6 PagesFisherman’s Point on his second voyage to the â€Å"New World† and n amed the bay Puerto Grande, or† Great Port†. In the first part of the18th century, during the War of Jenkins’ Ear, a struggle between England and Spain from 1739 to 1741. The British took control of the bay and called the bay Cumberland. In 1790 the British garrison had died from yellow fever, as had a previous British force, before they could attack Santiago by land. Following the Seven Years’ War, Spain is given back Cuba, forRead MoreSir Francis Drake : A Man Who Inspired All Of England1111 Words   |  5 PagesSir Francis Drake, an Englishman, was a bold sailor who inspired all of England on his expeditions. Drake was a hero in England who was called â€Å"El Draque†, which meant â€Å"the dragon†, in Spain. Spain hated Drake because he was a big threat. Drake was most famous for his successful circumnavigation around the world. In the circumnavigation, he found many riches and spices which made him even more famous and crowned a knight by Queen Elizabeth. He proved that he was more than a famous sailor, he wasRead MoreWhy Did The Muslim World?1162 Words   |  5 PagesBeginning in the 15th Century, nations such as Spain, Portugal, Germany, Britain, and the Netherlands started exploring for new lands and colonizing them. Driven for power, trade, or expansion, many European powers colonized the New World. 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Every country heardRead MoreFerdinand Magellan1074 Words   |  5 PagesDuke Manuel did not like Ferdinand, so even though Ferdinand wanted to sail, it was not until 1505 that he f inally got his chance. In 1505 Magellan sailed to India under the leadership of Captain General Almeida, and set up Naval Bases along the way. They set their first base up at Kilwa, and the chief there had promised to be nice to sailors coming through, and said each time sailors came through, he promised to give some gold to the King of Portugal. However he broke the promise, so the CaptainRead MoreEssay on The Spanish Armada2030 Words   |  9 Pagesof English aggressions against the colonies and possessions of the Spanish Crown; (II) it was however all but destroyed by a weeks fighting and a disastrous cruise; (III) this led to the gradual decadence of the maritime power of Spain; (IV) Catholics on the whole supported the Armada, but with some notable exceptions. I. ENGLISH PROVOCATION At the commencement of Elizabeths reign (1558) Philip had been her best friend. His intercession helped to save her lifeRead MoreThe Rise of Western Power: When China Ruled the Sea Essay905 Words   |  4 Pagesthrough its glory days was the Ming Dynasty which endured more than 250 years until its decline in 1644 (Dardess 1). Before the Ming dynasty, China had become little more than a portion of the Mongol Empire. Hongwu, formerly Zhu Yuanzhang, became the first emperor of the Ming Dynasty after the successful rebellion that pushed the Mongols out of China (Roberts 119). The Ming Dynasty became known for its effective and organized government system that provided the foundation for the prosperity that wouldRead MoreJamestown Research Paper1044 Words   |  5 Pages The governing body of Virginia, the Virginia General Assembly, held a session there, a parade was held, and even Dick Cheney and Queen Elizabeth II of the United Kingdom attended a ceremony honoring the historic site where English settlers would first find a permanent home in the future United States (Lessig and Payne, 2007). Looking backward, it seemed almost inevitable that the settling of Jamestown was the beginning of the United States as it’s known today. Yet in its time, the future of JamestownRead MoreModern Day Knowledge Of Scurvy And Treatment1640 Words   |  7 PagesEuropean sailing ships first penetrated deep into the Indian and Pacific oceans in the 15th century with the intent of exploration, wealth, and war. The casualties were appalling. Historical records document that the Portuguese explorer Vasco Da Gama lost two-thirds of his crew to scurvy symptoms while traveling to India in 1499. Circumnavigator Ferdinand Magellan suffered 80% casualties to Scurvy. Among Magellan’s fleet of five galleons, only one ship survived the globe-trotting excursion.

Of Gardens Essay Example For Students

Of Gardens Essay God Almighty planted a garden. And indeed it is the purest of human pleasures. It is the greatest refreshment to the spirits of man; without which, buildings and palaces are but gross handiworks; and a man shall ever see, that when ages grow to civility and elegancy, men come to build stately sooner than to garden finely; as if gardening were the greater perfection. I do hold it, in the royal ordering of gardens, there ought to be gardens, for all the months in the year; in which severally things of beauty may be then in season. For December, and January, and the latter part of November, you must take such things as are green all winter: holly; ivy; bays; juniper; cypress-trees; yew; pine-apple-trees; fir-trees; rosemary; lavender; periwinkle, the white, the purple, and the blue; germander; flags; orange-trees; lemon-trees; and myrtles, if they be stoved; and sweet marjoram, warm set. There followeth, for the latter part of January and February, the mezereon-tree, which then blossoms; crocus vernus, both the yellow and the grey; primroses; anemones; the early tulippa; hyacinthus orientalis; chamairis; fritellaria. For March, there come violets, specially the single blue, which are the earliest; the yellow daffodil; the daisy; the almond-tree in blossom; the peach-tree in blossom; the cornelian-tree in blossom; sweet-briar. In April follow the double white violet; the wallflower; the stock-gilliflower; the cowslip; flower-delices, and lilies of all natures; rosemary-flowers; the tulippa; the double peony; the pale daffodil; the French honeysuckle; the cherry-tree in blossom; the damson and plum-trees in blossom; the white thorn in leaf; the lilac-tree. In May and June come pinks of all sorts, specially the blushpink; roses of all kinds, except the musk, which comes later; honeysuckles; strawberries; bugloss; columbine; the French marigold, flos Africanus; cherry-tree in fruit; ribes; figs in fruit; rasps; vineflowers; lavender in flowers; the sweet satyrian, with the white flower; herba muscaria; lilium convallium; the apple-tree in blossom. In July come gilliflowers of all varieties; musk-roses; the lime-tree in blossom; early pears and plums in fruit; jennetings, codlins. In August come plums of all sorts in fruit; pears; apricocks; berberries; filberds; musk-melons; monks-hoods, of all colors. In September come grapes; apples; poppies of all colors; peaches; melocotones; nectarines; cornelians; wardens; quinces. In October and the beginning of November come services; medlars; bullaces; roses cut or removed to come late; hollyhocks; and such like. These particulars are for the climate of London; but my meaning is perceived, that you may have ver perpetuum, as the place affords. And because the breath of flowers is far sweeter in the air where it comes and goes like the warbling of music than in the hand, therefore nothing is more fit for that delight, than to know what be the flowers and plants that do best perfume the air. Roses, damask and red, are fast flowers of their smells; so that you may walk by a whole row of them, and find nothing of their sweetness; yea though it be in a mornings dew. Bays likewise yield no smell as they grow. Rosemary little; nor sweet marjoram. That which above all others yields the sweetest smell in the air is the violet, specially the white double violet, which comes twice a year; about the middle of April, and about Bartholomew-tide. Next to that is the musk-rose. Then the strawberry-leaves dying, which a most excellent cordial smell. Then the flower of vines; it is a little dust, like the dust of a bent, which grows upon the cluster in the first coming forth. Then sweet-briar. Then wall-flowers, which are very delightful to be set under a parlor or lower chamber window. Then pinks and gilliflowers, especially the matted pink and clove gilliflower. Then the flowers of the lime-tree. Then the honeysuckles, so they be somewhat afar off. Of beanflowers I speak not, because they are field flowers. But those which perfume the air most delightfully, not passed by as the rest, but being trodden upon and crushed, are three; that is, burnet, wild-thyme, and watermints. Therefore you are to set whole alleys of them, to have the pleasure when you walk or tread. For gardens speaking of those which are indeed princelike, as we have done of buildings, the contents ought not well to be under thirty acres of ground; and to be divided into three parts; a green in the entrance; a heath or desert in the going forth; and the main garden in the midst; besides alleys on both sides. And I like well that four acres of ground be assigned to the green; six to the heath; four and four to either side; and twelve to the main garden. The conceptual models of human resource management EssayAnd for fine devices, of arching water without spilling, and making it rise in several forms of feathers, drinking glasses, canopies, and the like, they be pretty things to look on, but nothing to health and sweetness. For the heath, which was the third part of our plot, I wish it to be framed, as much as may be, to a natural wildness. Trees I would have none in it, but some thickets made only of sweet-briar and honeysuckle, and some wild vine amongst; and the ground set with violets, strawberries, and primroses. For these are sweet, and prosper in the shade. And these to be in the heath, here and there, not in any order. I like also little heaps, in the nature of mole-hills such as are in wild heaths, to be set, some with wild thyme; some with pinks; some with germander, that gives a good flower to the eye; some with periwinkle; some with violets; some with strawberries; some with cowslips; some with daisies; some with red roses; some with lilium convallium; some with sweet-williams red; some with bears-foot: and the like low flowers, being withal sweet and sightly. Part of which heaps, are to be with standards of little bushes pricked upon their top, and part without. The standards to be roses; juniper; hory; berberries but here and there, because of the smell of their blossoms; red currants; gooseberries; rosemary; bays; sweetbriar; and such like. But these standards to be kept with cutting, that they grow not out of course. For the side grounds, you are to fill them with variety of alleys, private, to give a full shade, some of them, wheresoever the sun be. You are to frame some of them, likewise, for shelter, that when the wind blows sharp you may walk as in a gallery. And those alleys must be likewise hedged at both ends, to keep out the wind; and these closer alleys must be ever finely gravelled, and no grass, because of going wet. In many of these alleys, likewise, you are to set fruit-trees of all sorts; as well upon the walls, as in ranges. And this would be generally observed, that the borders wherein you plant your fruit-trees, be fair and large, and low, and not steep; and set with fine flowers, but thin and sparingly, lest they deceive the trees. At the end of both the side grounds, I would have a mount of some pretty height, leaving the wall of the enclosure breast high, to look abroad into the fields. For the main garden, I do not deny, but there should be some fair alleys ranged on both sides, with fruit-trees; and some pretty tufts of fruit-trees; and arbors with seats, set in some decent order; but these to be by no means set too thick; but to leave the main garden so as it be not close, but the air open and free. For as for shade, I would have you rest upon the alleys of the side grounds, there to walk, if you be disposed, in the heat of the year or day; but to make account, that the main garden is for the more temperate parts of the year; and in the heat of summer, for the morning and the evening, or overcast days. For aviaries, I like them not, except they be of that largeness as they may be turfed, and have living plants and bushes set in them; that the birds may have more scope, and natural nestling, and that no foulness appear in the floor of the aviary. So I have made a platform of a princely garden, partly by precept, partly by drawing, not a model, but some general lines of it; and in this I have spared for no cost. But it is nothing for great princes, that for the most part taking advice with workmen, with no less cost set their things together; and sometimes add statuas and such things for state and magnificence, but nothing to the true pleasure of a garden.

Governments’ Responsibility to Global Temperatures Essay Example

Governments’ Responsibility to Global Temperatures Essay Name: Course: Tutor: Date: We will write a custom essay sample on Governments’ Responsibility to Global Temperatures specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Governments’ Responsibility to Global Temperatures specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Governments’ Responsibility to Global Temperatures specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Governments’ Responsibility to Global Temperatures The Kyoto Protocol and the Copenhagen Climate Council are some of the many establishments that many countries, both in the developed and the developing countries, have been signatories to the agreements. The main aim of these agreements by the world governments is to ensure that the world’s temperatures do not increase by more than two degrees Celsius by the year 2050 (Cirman, et al. 29). Despite the governments’ efforts to curb this situation, which has threatened life in the universe, the main debate lies on whether these agreements are as effective as anticipated. The bigger question is whether the governments are adhering to these agreements. With the increase in industrial activities as countries try to improve their economies, the recession, and other factors that influence the quantity of carbon emissions, governments are not fulfilling their ethical and business responsibilities when proposing to act collectively to limit the rise in the global temperatures to t wo degrees Celsius by the year 2050. Implications of Carbon Emission Reduction Company or Corporation Corporations or companies are the biggest carbon emitters in this carbon emission cycle. According to the Global Carbon Project, a 5.9% carbon emission rise was noted in the year 2010[1] was had the corporations as the majority contributors (â€Å"Global Warming† 2011). Most of these companies/corporations are owned by the governments. During the recession, period, it was estimated that the global emissions had decreased. The European emissions decreased by 3% in the year 2008 (Bowen Nicola 12). However, it is estimated that the Kyoto Protocol only played a forty percent role in this reduction. Thirty percent of the reduction was made possible by the recession while the remaining percentage was brought by the switch from coal to natural gases (Bowen and Nicola 13)[2]. China, India and the United States are the highest ranking in greenhouse gas emissions. The United States has the Clean Air Act, which dictates on the assurance of clean air. In order to ensure that there are policies put in place in order to reduce the emissions, the government allows trading of permits and licenses that give the limit of gasses to be emitted by a given entity (Treves 15). This mostly applies to corporations/companies. Entities exceeding their limit are allowed to purchase the allowances of the entities that have not exhausted their limit. This is a major step in adhering to the agreements made. However, governments are not taking any visible actions on the companies that exceed their limits without purchasing the extra allowance. This governments’ ignorance is evident with the increase of greenhouse gas emissions having the companies contribute to the greater percentage. Additionally, there has been an increase in economic activities using coal. In a country like China, the companies are still using coal under the government’s watch. Although the Chinese government proclaims that it had reduced in their use of coal in a report given in the year 2009, this reduction has not reached the required part. Organizations focusing on the global warming report that the Chinese government is not putting the required pressure to reduce the use of coal fuel on the companies in question. As earlier noted, a percentage of the emission decrease noted is due to the switch made from using coal to using natural gases. Unfortunately, most companies have switched to fossil-based natural fuel. Fossils emit carbon, which is the key component contributing to global warming. The targets for greenhouse gas emission have only been met by a few countries such as the United Kingdom, Germany and France, amongst a few others (Treves 20). Approximately forty countries have been able to reduce their reduction by five percent while the majority of the remaining countries increased their emissions by ten percent. Although there is a decrease noted due to the agreements set, the governments are not doing enough to ensure that the policies set are followed to the maximum. Employees The commonly known Mc-Cain Lieberman or the Climate Stewardship Act of 2005 was estimated to bring forth approximately 800,000 job opportunities in the United States by the year 2025. According to the study, 510,000 job opportunities would be established by the year 2015. The number would have risen to 602,000 by the year 2020 and a toll of 801,000 would be recognized by the year 2025 (Treves 35)[3]. This act was put in place in order act on the agreements set in the Kyoto Protocol. If the needed follow up was done, most job opportunities would be in the medical service industry, retail and wholesale and the construction industries as there would be an increase in energy efficiency. It was also identified that most of the employment opportunities would be in Wisconsin, South Dakota, Ohio, New York, Nevada, Minnesota and Michigan (Trves 36). Although this is seen as though it will only benefit the United States, employees in the other countries can also benefit if the government makes sure that the policies and laws to ensure the reduction in greenhouse gas emissions are put in place as agreed in the Kyoto Protocol amongst other agreements. By the year 2012, the promised jobs have not been very evident especially due to the recession that affected most economies. Additionally, the United States government has not been very effective in ensuring that the policies put in place in line with the act have been greatly followed. Consumers The consumers are the most affected on the business hierarchy in relation to the greenhouse gas emissions. Although the government is more focused on the corporations/companies, the consumers have their own role to play. If all the other factors were assumed or held constant, companies would not make products if the consumers failed to buy them. On the other hand, the consumers buy products due to existing needs. However, consumers have choices most of the time. For example, a consumer has choice of using electricity over using charcoal fuel (Cirman et al.33)[4]. If consumers chose to buy products that have been manufactured using no or less greenhouse gas emission over the others, then they would play a major role in encouraging the companies to emit less if no greenhouse gas. Additionally, governments can create consumer awareness over the choices they have. For example, the government can educate the consumer on which products emitting more greenhouse gas during their manufacturing. The consumers have a significant role to play in the reduction of greenhouse gas emissions as the corporations are. The governments need to create more awareness to the consumers. Shareholders The shareholders of any company/corporation are as part of the business as the managers and the employees in that business. They should engage in the implementation and follow-up of the policies put in place to curb the greenhouse gas emissions. Although governments are more focused on a company’s stakeholders, the shareholders have their role to play. They can enquire for the company’s statistics on the emissions during a particular period when they attend the annual meetings. They can also inquire for bi-annual or quarterly reports on the effectiveness of the policies pit in place. The governments rarely ask for the shareholders’ help in the control of the company/corporations, emission regulation, but they should do so as the process will be more effective. Society The Society is the most affected by all the activities related to greenhouse gas emissions and regulation. The society inhales the gases and experiences all the consequences of environmental pollution. However, the society has its own role to play if the government could focus on them more that it is focusing on them. Individuals can take part in activities that will decrease the emissions. For example, a family can choose to use one car instead of using the two, three or four of them. A society can decide to use fuels that do not emit carbon or any other harmful gases. Non-governmental organizations are greatly involved in the societal awareness of ways they can discourage the corporations from emitting high levels of gases[5]. These organizations also educate the society on ways of reducing the carbon emission (Cirman et al. 50). However, the government has not put much focus on the society. Educating the society on the type of cars and the best fuel to use, making the society aware about the companies that are not concerned about the environment, are good ways of adhering to these agreements (Bowen Nicola 7). Ethical Implications The government has an environmental ethical responsible towards its citizens. A government’s concern is not assessed by its promises but rather the concern is assessed by the results of the government’s actions. The governments should see that the policies put in place are followed and the entities failing to follow these policies are reprimanded in one way or another. Allowing companies to reap large profits as the expense of the environment is not ethical at all. Although most of these activities boost most of the countries’ economies, they are harmful to the environment in the end. If governments were ethically responsible for the environment as they are supposed to be, the noted increased percentages in the greenhouse gas emissions even after the signing of the agreements should not be present. If countries like the United Kingdom, France and Germany, which have powerful economies have reached the targeted emission level, other governments have a responsibility of reaching their targets. They owe it to the society. Works Cited Bowen, Alex Nicola Ranger. Mitigating Climate Change through Reductions in Greenhouse Gas Emissions: The Science and Economics of future Paths for Global Annual Emissions. Policy Brief, December 2009: 1-45. Cirman, Andreja, Polona Domadenik, Matjaz? Koman, and Tjas?a Redek. â€Å"The Kyoto Protocol in a Global Perspective.† Economic and Business Review. 11.1 (2009): 29-54. Print. â€Å"Global Warming and Climate Change† (2011). New York Times, Dec 21. Retrieved from http://topics.nytimes.com/top/news/science/topics/globalwarming/index.html Treves, Tullio. Non-compliance Procedures and Mechanisms and the Effectiveness of International Environmental Agreements. The Hague, Netherlands: T.M.C. Asser Press, 2009. Print. [1] This is despite the recession experienced during this period as indicated by the Global Carbon Project in the New York Times article.

Simple Conjugations for the French Verb Baigner

Simple Conjugations for the French Verb Baigner In French,  baigner  means to bathe someone else. Its used in a different context than  laver  (to wash)  and  mouiller  (to wet, drench). For instance, you would use  baigner le chien when you want to say to bathe the dog. This is a rather useful verb to learn and conjugating it to the present, past, and future tenses is relatively easy. The following lesson will guide you through the many forms of  baigner. Conjugating the French Verb  Baigner First of all, the pronunciation of  baigner  is not [bag-ner] as the GN creates a softer sound. You can hear it  in  champagne  and  une  baignoire  (bathtub). Once you get the pronunciation correct, youll be happy to know that the conjugations of baigner follow the pattern of a  regular -ER verb. This means that if you can conjugate common verbs like  adorer  (to adore)  and  dà ©clarer (to declare), you can use those same endings in these verb forms. To do this, simply pair the subject pronoun with the appropriate tense needed for your sentence. For instance, I bathe is je baigne and we will bathe is nous baignerons. Subject Present Future Imperfect je baigne baignerai baignais tu baignes baigneras baignais il baigne baignera baignait nous baignons baignerons baignions vous baignez baignerez baigniez ils baignent baigneront baignaient What is the Present Participle of  Baigner The  present participle  of baigner  is  baignant. Notice how this transformation is done by replacing the -er  ending with -ant, which is equivalent to the English -ing. Baigners Past Participle and Passà © Composà © The  past participle  of this verb is baignà ©. It is used along with an  auxiliary verb  to create the common past tense of  passà © composà ©. The auxiliary verb  avoir  needs to be conjugated, though the past participle remains the same no matter which subject pronoun you use. As an example, I bathed is jai baignà ©. Similarly, we bathed is nous avons baignà ©. More Useful Conjugations of  Baigner There are a few other verb forms you may need from time to time. Of these, the subjunctive and conditional are most common and each implies a level of uncertainty to the action. For the conditional, the action of bathing may or may not happen depending on the circumstances. You may not use or see the passà © simple or the imperfect subjunctive very often. These are often reserved for formal French writing, though you should be able to recognize their association with  baigner. Subject Subjunctive Conditional Passà © Simple Imperfect Subjunctive je baigne baignerais baignai baignasse tu baignes baignerais baignas baignasses il baigne baignerait baigna baignà ¢t nous baignions baignerions baignà ¢mes baignassions vous baigniez baigneriez baignà ¢tes baignassiez ils baignent baigneraient baignà ¨rent baignassent One last conjugation is important to note for  baigner. The imperative is used in direct requests and demands and there is no need to use the subject pronoun. For these instances, simplify nous baignons to baignons. Imperative (tu) baigne (nous) baignons (vous) baignez

Crime in Perspective-105 Essay Example | Topics and Well Written Essays - 250 words

Crime in Perspective-105 - Essay Example One’s personal contention is that crime is the result of environmental conditions, such as poverty, urban pressures and a poor home life, which is consistent with social theories where society fails to control and monitor activities that could prevent criminal behavior. Crime is the result of failure to establish strong bonds with society: family, community, and productive peers. The strong attachment and appropriate support from parents and siblings could provide the initial and crucial bond to prevent tendencies for criminal behavior. Likewise, the involvement in rewarding activities, including pursuing continuing education and the recognition to contribute to society through employment would enable one to refrain from delinquent behavior. The circle of friends with positive backgrounds would provide one with a holistic and well balanced disposition in life. When society fails to provide an appropriate environment that would support and sustain humane living conditions and h as inefficiently implemented rules and legislations that would monitor and prevent deviant behavior, then, an environment of crime is initiated. References Reader's Digest.

Skills Gap Article Example | Topics and Well Written Essays - 500 words

Skills Gap - Article Example The labor force is suffering a great deal. However, Murphy (2014) indicates that the solution to skills gap lies in the hands of the entire society. In the event that training programs are invented, the skills crisis will be solved a great deal. Additionally, competitive wages can be paid to the workers as a way of motivating them. The government can also link up with community colleges in an endeavor to provide them with funds that can help create a skilled workforce for the present day demanding market (Murphy, 2014). Prior to completing their studies, college studies can be absorbed in the market so as they can attain the expected skills before getting fully absorbed. These students will also be imparted with the right skills that are required of their careers. Murphy (2014) argues that a lot of career builders are wary of the present skills gap. The statistics of these career builders stand at 80% though half of these professionals do not care much about the existing problem (Murphy, 2014). A lot of employers have resulted to being choosy when hiring employees. The employment standards have risen with the hope of getting the best persons for the right kind of employment. With the many requirements piling up on the desks of many managers, the skills gap is likely to increase with the day (Murphy, 2014). Still, with lots of employers failing to settle for a lesser candidate, the process of hiring is also likely to get more complicated with the day. The logic of the skills gap is indeed real. Even with many business persons thinking of the fact as a fantasy, it is evident that a lot needs to be done regarding the issue (Murphy, 2014). It is recommended that businesses take the initiate of bridging the gap that exists in the labor force. As opposed to compiling of the incompetence of the employees, the managers may opt to hire workers then initiate training programs that will help the workers make a difference in the labor market

The Birth of the Republic Essay Example for Free

The Birth of the Republic Essay During the Seven Year War against France, England encountered many expenses which lead to the nation falling into a great debt. This debt created many issues between the British government and its people. Englands people felt as if the King was trying to rule over them and not take their own personal beliefs into consideration. The government tried to resolve the issues of their debt by creating new acts that would hopefully pay for the war expenses, the new territory of Canada and Mississippi, and its troops to defend as well as take care of their new land. The British saw an opportunity to tax the colonies as well as demand more of their property from them to help benefit their own economic issues. They continued to tax the colonies until finally the Colonial people had had enough. The parliament tried to pass the Stamp Act which stated that the newspapers and other legal and commercial documents had to be taxed. They also tried to pass the Sugar Act which tried to tax people three cents on not only sugar but coffee, indigo, and wine as well. Most of the people felt that the British parliament did not have the right to tax them, and many of whom migrated to the colonies to escape British rule, yet they were still being controlled heavily by them. Before the Stamp Act could be finalized the Colonial people made for certain that the act did not get passed. Essentially there were two groups in Parliament led by William Pitt and Marquis of Rockingham who favored repeal. Pitt was head of the Parliament during the war against France; in which many seemed to turn to him during this crisis. After the war, the parliament limited his role within them due to his dictating qualities. This led to Pitt and his remaining followers arguing in the House of Commons that taxation is no part of the governing or legislative power. He not only wanted the Stamp Act repealed but also for the parliament to admit this act was based off of a flawed principal. Rockingham had more followers than Pitt in the repeal of the Stamp Act, and momentarily the King supported him. In time Rockingham found himself being the leader of a foundation he did not support due to the circumstances with Grenville which ultimately led to him repealing the Stamp Act. During this time Rockingham got Benjamin Franklin to stand before The House of Commons to state that Americans were much oppressed by the Stamp Act. This eventually led to the arrangement of the Declaratory Act which affirmed Parliaments right to make laws and statutes binding the colonists. The Americans were uncertain of the Declaratory Act due to the vagueness of the Parliaments representation of it. Shortly after this occurrence the Townshend Act was in acted which told the Americans that they needed to provide the British soldiers with food and shelter. When this act was initiated the plan was that they would stack America with external taxes; since they all believed what Franklin said. Americans then rebelled by not importing British goods and then came to say they had no right to be taxed. Pitts popularity continued to decrease, while Rockingham switched his belief, parliament began to destroy American legislative assemblies, and Americans began to show hatred toward officials from England. The Parliament then decided it was time to show who was boss by sending over two regiments. After some time the Americans developed a distinction between taxation and legislation which lead to the Americans demanding more of the distinction, resulting in the determination of the Parliament members to teach them that they could not overrule the Parliaments authority. Repeal of the Stamp Act momentarily took away the thought of the colonists fear of the army that England had sent over, but the Townshend Act renewed their fears resulting in a suspicion of a colonial drive to liberation. In Boston they began to notice that it was time for a reassessment of the colonial position. They started to believe that maybe it was time to overlook Parliaments right to tax and question the limits of its right to legislate too. Right before the troops were about to arrive in Boston, the people of Boston gathered at a  town meeting and declared without their consent in Person or by Representatives of their own free Election, would be an infringement of their natural, constitutional and Cha rter Rights; and the employing such Army for the enforcing Laws made without the consent of the People, in Person, or by their Representatives would be a Grievance. Some Bostonians were not satisfied with this encounter to Parliaments legislative authority, and wished to back words with weapons if the troops did indeed try to land. The town called upon the delegates to go to a convention but unfortunately no one showed resulting in the troops coming in completely armed. There was absolutely no confrontation and no complaints. Protests against the Townsh end A cts and intimidation tactics against tax collectors, government officials and merchants violating the boycott of British goods, prompted Governor Francis Bernard to request troops in order to keep civil order in Boston. On October 1768 additional British troops started to arrive in Boston joining another regiment and adding up to a total of 4,000 soldiers, a large number considering the population of Boston was 20,000 at the time. The 14th and 29th regiments were to protect government officials, restore order, reinforce the collection of taxes and take action as needed. Eventually this backfired and a street brawl broke out which became to be known as the Boston Massacre. The Bostonians mostly kept to themselves but found several ways to harass the troops who had been harassing them. The Americans still felt strongly about the danger to their liberties from the Parliamentary taxation, but were slowly learning to extend their inquiries to Parliamentary legislation too. Soon after all of this had taken place, yet another act was initiated called the Tea Act. The Tea Act was an act of Parliament of Great Britain; its principal objective was to reduce the massive surplus of tea held by the troubled British Eat India Company in its London warehouses and to help the struggling company survive. This act did not settle well with the colonists because they did not want to have to pay a tax on the tea and it eventually led to them firing back and dumping thousands of pounds of tea into the harbor. After this happened the patience of the ministry in Boston grew very slow, as well as the Parliament getting very angry, so they enacted a series of laws known as the Coercive Acts. This was a series of four different laws that closed the ports of Boston until the leaders paid for the tea that was dumped into the harbor. This law  would force the colonists to follow laws they thought were unfair. Although these laws were aimed at Boston, many of the other colonies were expected to learn from it. Although England experienced an extensive debt problem, the government tried to fix the issue by creating new acts. Many of the acts were not well liked among the people which resulted in them backfiring and trying to get the acts revoked. This revolt against the King lasted for several years.

Christopher Columbus :: Christopher Columbus Essays

Christopher Columbus is the most well known explorer by most school age children. When children are young, teachers tell them that Columbus was a very good person, a hero even. To be politically correct though, Christopher Columbus brought death and destruction with him to the Americas. He stole, killed, and tortured the natives. Christopher Columbus was not a true explorer, but he was a conqueror of people.   Ã‚  Ã‚  Ã‚  Ã‚  When Christopher Columbus set out on his voyage (August 3rd, 1492) to find a new route to the Indies there was no way that he could know that it would turn out the way it did. When he landed at the Caribbean Islands (October 12th, 1492), the people there were scared, but still friendly toward him. This next quote is from Columbus’ journal: â€Å"As I saw that they were very friendly to us, and perceived that they could be much more easily converted to our holy faith by gentle means than by force, Weapons they have none, nor are acquainted with them, for I showed them swords which they grasped by the blades, and cut themselves through ignorance, But they seemed on the whole to me, to be a very poor people. They all go completely naked, even the women. I was very attentive to them, and strove to learn if they had any gold. Seeing some of them with little bits of this metal hanging at their noses† As you can see it was very easy for Columbus to take the m over and treat them badly because they had no protection. That is a good example to show how cruel Columbus could act toward people he knew couldn’t fight back. This is one proof of Christopher Columbus being a conqueror.   Ã‚  Ã‚  Ã‚  Ã‚  In the movie we watched in class, it told us how Columbus was just out to get gold and riches. He ordered the natives to proclaim him governor of the lands. Since he was governor he made a law that said the natives had to bring him one bag of gold dust every three months. If they did not give him this gold (simply because their wasn’t that much gold on the islands) he would order to have their hands cut off, and they would bleed to death. If they escaped, then he would hunt them down with dogs. Christopher Columbus also ordered his men to hang and burn some natives that wouldn’t do exactly as he told them.

Dividend Policy and Stock Price Behaviour in Indian Corporate Sector: a Panel Data Approach

Dividend Policy and Stock Price Behaviour in Indian Corporate Sector: A panel data approach Upananda Pani? Abstract: This paper attempts to explore the possible links between dividend policy and stock price behaviour in Indian corporate sector. A sample of 500 listed companies from BSE are examined for the years 1996-2006. Dividend policy has always been a source of controversy despite years of theoretical and empirical research both in developed countries and emerging economies. The present paper features a panel data approach to analyze the relationship between dividend-retention ratio and stock-price behaviour while controlling the variables like size and long-term debt-equity ratio of the firm. The sample is taken across six different industries namely electricity, food and beverage, mining, non-metallic, textile and service sector. The results are based on the fixed-effect model, as these perform statistically better than random effects and pooled OLS model. Results of the fixed-effect models indicate that dividend-retention ratio along with size and debtequity ratio plays a significant role in explaining variations in stock returns. The fixed effect models show the presence of firm level effect in explaining the possible links between dividend policy and stock price behaviour of the firm. In another words it exhibits the possibility of â€Å"clientele effect† effect in case of some industries. Therefore the model helps to understand the intricacies of dividend policy and stock-return behaviour in Indian corporate sector for the same period. Although the results are not robust enough as in the case of developed markets but shades some more interesting facets to the existing corporate finance literature on dividend policy in India. Kew Words: Dividened Policy, Stock Price, Corporate Finance, Fixed Effect Model JEL Code: G30, G35 Research Scholar, Indian Institute of Technology, Khragpur-721302. The author can be contacted [email  protected] ac. in ? 1 1. Introduction Dividend policy still remains an academic debate amid the clouding picture of its importance among the financial economists till today. There are few aspects of corporate financial policy where the gap between the academics and the practitioners is larger than that of the dividend policy. From Miller & Modigliani (1961)1, ,Gordon & Linter to Fama & French (2001)2 ,the research on the topic exhibits conflicting trends in dividend payments & firm value. The academic consensus shows that dividends really don’t matter very much for the market nor is relevant, when firms pay dividend as a signal to the investors. Both corporate officials and investment analysts, still continue to insist that a firm’s dividend policy matters a great deal for conveying the information to the stakeholders. One side of the argument on the basis of economic theory is, it doesn’t matter or is irrelevant. But the practitioners believe it as information content to the public, which reflects seriousness of the problem that is inherent in the reaction mechanisms of the market to the dividend policy announcements. I want to foreground an explanation before the practitioners, why, in the face of all this evidence of price increase in response to dividend announcements, otherwise sensible academics believe that a firm’s dividend policy really doesn’t make much difference. At the same time, I’11 argue that the dividends do matter for a firm. Dividend Policy & Share prices The dividend policy of a firm becomes the choice of financial strategy when investment decisions are taken as given. It is also imperative to know whether the firm will go for internal or external source of financing for its investment project. There are a number of factors affecting the dividend policy decisions of a firm such as investor’s preference, earnings, investment opportunities; annual vs. target capital structure, flotation costs, signaling, stability & Government policies and taxation. In the presence of asymmetric information, signaling is one of the crucial factors that influence the market. Dividends may convey information about the company, so it suggests the possibility of its influence 2 on the stock market. Paying large dividends reduces risk and thus influence stock price (Gordon, 1963) and is a proxy for the future earnings (Baskin, 1989) Baskin (1989) takes a slightly different approach and examines the influence of dividend policy on stock price volatility, as opposed to that on stock returns. He advances four basic models which relate dividends to stock price risk. He terms these as the duration effect, the rate of return effect, the arbitrage pricing effect and the informational effect. The difficulty in many empirical works examining the linkage between dividend policy and stock volatility or returns lies in the setting up of adequate control over the factors that influence both. For example, the accounting system generates information on several relationships that are considered by many to be measures of risk. Baskin (1989) suggests the use of the following control variables in testing the significance of the relationship between dividend yield and price volatility are operating earnings, the size of the firm, the level of debt, the payout ratio and the level of growth. So he had tried to explain the underlying linkage between dividend policies (dividend yield and dividend payout ratio) and stock price risk in his empirical work on USA. A number of theoretical mechanisms have been suggested that cause dividend yield and payout ratios to vary inversely with common stock volatility. As dividends can be cash dividends, stock dividends, stock splits & share repurchases, the question comes about the nature of the dividend & its impact on the share price and whether market is more volatile to high dividend yield share than normal share comes into the picture. There is a need to study the sensitivity of market to the nature of dividends. The linkage etween dividends & share price should be examined by controlling other factors which are responsible for affecting the dividend policy of a firm. Study of dividend policy and stock price in India As Indian stock market is one of the most volatile stock market in the world. As the no of private corporations are growing day by day, & financial markets becoming more developed, there need of the study of different policy implications by corporate sector. 3 There are a number of stu dies existing on the determinants of dividends3 behaviour in Indian context. All the studies have determined the dividend behaviour from the perspective of the factors influencing the dividend behaviour in the short run as well as in the long run4. But a very few literature captures the intricacies of market reaction to the dividend announcement by Indian corporate sector. The study by Reddy, Y S (2003) on dividend behavior of Indian corporate firms over the period 1990 – 2003 shows a conflicting picture of the dividend policy of firms across different industries. The study explores dividend trends for a large sample of stocks traded on the NSE and BSE, indicate that the percentage of companies paying dividends has declined from 60. 5 percent in 1990 to 32. 1 percent in 2003 and that only a few firms have consistently paid the same levels of dividends. Further, dividend-paying companies are more profitable, large in size and growth doesn't seem to deter Indian firms from paying higher dividends. Analysis of influence of changes in tax regime on dividend behavior shows that the tradeoff or tax-preference theory does not appear to hold true in the Indian context. This paper shows the contradictory results from the previous one. The limitations of these papers are they have taken only cash dividends for analyzing the determinant behaviour. The present paper is structured as follows as introduction. The subsequent section II follows the theoretical strands and section III highlights ed model for the purpose. The section IV denotes the data sources and variable construction. The section V shows empirical results and discussion. The last and final section displays the findings. II. Theoretical Strands and Literatures study The dividend irrelevance theory of Modigliani and Miller (1961) proposed the absence of any significant impact of the dividend policy on the value of shares because it’s impact is offset exactly by other means of financing and is thus irrelevant. This theory was formulated by assuming perfect market conditions, which didn’t take into account the imperfections like taxes, transaction cost or asymmetric information. Consequently, dividend policies have little impact on the market value of the firms. In a perfectly competitive market situation both the company, through its profit retention, and the 4 hareholders, through their dividends, might invest in the same assets, and hence, who’s making the investment does not matter for the economy as a whole. However, since the capital market is neither perfect nor complete the dividend irrelevance proposition needs to be applied carefully by focusing on effects of taxes, information content, agency cost and other relevant affecting variables. The Gordon model (1959) stock valuation model states the fair value of a stock should equal to the stock-dividend per share and the difference between the discount rate and the long-term dividend growth rate. The model assumes that the firm’s dividend will grow at a constant rate and that the discount rate stays the same for ever. The theory suggests if there will be an increase in dividend rate there will be simultaneously an increase in stock value of the firm. Fama (1998) is the advocate of modern corporate finance theory, which states that firms should be managed to create and maximize value. Here the value depicts the total price of a firm commands in the market that is the sum of the values of its equity and debt. Thus, the criteria and rules for correct financial decisions are oriented towards maximization of the total value of the firm. In theory, value maximization is appealing because it is associated with efficient allocation of resources, provided the capital market operates efficiently. That is, it rewards the most to firms that channel their resources to the best uses. Extensive empirical work on capital Market behaviour shows that the prices of corporate securities indeed respond to firms’ decisions in a way that appears to be consistent with expectations about the appreciation or depreciation of value in the market. The theory emphasizes the importance of corporate financing decisions on the value of the firm in the market. Thirumalvan & Sunita (2005) studied the impact of Share repurchases & Dividend announcements on Stock prices in the context of Indian Corporate sector during the period (2002-2004). They examined the signalling effect of Stock repurchases and Dividend announcements. The study examined abnormal returns across various repurchases level. They have taken the firms listed in the BSE Index for the purpose of 5 empirical investigation. The study covers the impact on stock prices five days prior and after the dividend announcement. The result exhibits the upward trend of share price movement after the dividend announcement. The crucial point of their findings is that positive signalling existed only for a day after the announcements. After which the extent of positivism of shares starts declining. Their finding shows that market reaction in the Indian context to events or announcements such as share repurchases and dividends generally fluctuate around day or two. The study can be cited as important for the present study. Sen and Ray (2003) have explained an interesting phenomenon regarding the key determinants of stock price in India. The study is based upon the stocks comprising the BSE index over a period 1988-2000. The empirical study revealed dividend pay-out is by far the single important factor affecting stock prices. The second factor comes earning per share which has very weak impact on the share prices. So the study explored one of the crucial factor dividend pay-out ratios having impact on Indian stock price. Black and Scholes (1974) in their study on the effects of dividend yield & dividend policy on common stock prices & returns They stated uninformed demand for dividends can result from dividend decisions which in turn derive from imperfections such as taxes, transaction costs and institutional investment constraints. Given the above background, the study makes an attempt to examine the effect of dividends and retention earnings on the stock price behaviour in Indian corporate sector in a partial macro economic framework. III. Proposed Derived Model In analyzing dividend and stock price behaviour, the most important point to begin with is an objective function representing a firm’s preference regarding dividend-retention mix instead of taking only dividend yield or payout ratio. Because the objective function is related to firm’s main motives & there has been a shift in it’s motives due to the dominance of joint stock corporations & the associated characteristics of separation of ownership & control. This shift can be characterized from the sole motive as maximization of rate of return on capital to other set of motives such as sales maximization, expansion of business. This set of motives contributing to an increase in the market value of the firm, also, is in consonance with the managing agency system of operation, which is a characteristics of Indian companies. Moreover, the separation of ownership & control also implies a difference in the objectives & preferences between firm’s management & its shareholders. From the shareholders side, their preferences depend upon mainly their income level & the degree of understanding of corporate stock –dealings & associated tax implications. Nevertheless, the behaviour of the shareholders may be generalized as that they prefer stable dividend rates & that the effect of taxes is only on the preference of the shareholders as the shareholders, who belong to the richer classes prefer low dividends and high retained earnings. The opposite is applicable in the case of middle income group of shareholders. On the other hand, the management behaviour can be relatively & conceptually distinguished between a ‘passive’ & an ‘active’ type5. The motives of passive management are similar to those of the shareholders & it efforts to ensure stable dividend. But firm also requires sufficient profit retentions to satisfy the firm’s long-term needs such as investment demand & liquidity needs etc. But the ‘active’ management aims at increasing the market value of the firm & the market price of shares as well. So while its credibility requires to emphasize on the shareholders preference, it’s general tendency would be to reduce dividends on the basis of different excuses like high tax rates on distributions, ‘tax shelter’ benefits. Given the vast diversity of stockholders, it is not surprising that, over time, stockholders tend to invest in firm’s whose dividend policies match their preferences. Stockholders in high tax brackets who do not need the cash flow from dividend payments tend to invest in those companies which either pay low or no dividends. By contrast, stock holders with low tax bracket will invest in companies with high dividends. This clustering of stock-holders in companies with dividend policies that match their preferences is called as clientele effect. So it suggests that firms get the investors they deserve since the dividend policy of a firm attracts 7 investors who like it. Second, it means that firms will have a difficult time changing an established dividend policy, even if it makes complete sense to do so. However in practice, it is reasonably assumed that managements are neither extremely ‘passive’ nor extremely ‘active’ and shareholders are neither rich nor badly dependent or dividend income alone but contain all the elements in different combinations. Thus, let’s consider a typical firm having a map of dividend preference curves, each indicating a specific level of utility obtained by alternative combinations of dividends & retentions. So the dividend preference function can be noted as: U = f (Dn, R) (3. 1) Where, Dn and R are the dividend and retention net of all taxes at all levels. The utility level can be seen as monotonically related to the motives of the management with respect to the shareholders preference. The shape of the utility curves might be a result of a process of accounting for their relative performances & the factors influencing such preferences as well. The second step is to represent the hypothesis that dividends affect stock prices or market value of the firm. The utility function can be represented as the function for optimizing the market value of the firm. The market value of the firm can be represented as Market value of the Firm = ? ? Dividends ? f ? Net profit , ? Re tained earnings ? ? ? (3. 2) The market value of the firm here is basically represented on the basis of Accounting Earning Analysis. Here the Net profit is derived from the current investment of the firm. The higher the net profit the higher will be the stock price. The market value of the firm also depends upon the ratio of Dividends to Retained Earnings because the profit is basically segregated into either dividend or retained earnings. If clientele effect is not present in the firm then higher dividends will lead to higher value of the share price whereas if the investors are rich then they will prefer lower dividend to retention. The 8 return on equity entirely depends on the net worth6 of a company. Equity return of a company depends upon dividends and retained earnings. If a company is going for dividends then the retained earning will be less, leading the firm to go for either newequity issues or External financing. If the flotation cost7 is high, the company will go for external financing which will be costlier for the firm than internal financing through equity. So the firm has to maximize the dividend to retained earnings ratio for any new investment aimed at firm’s growth. We can represent it through the following function; ? D? Pt = f ? Y , ? ? R? (3. 3) Where Y represents the net profit of the firm D represents ratio of dividends to retention earning of the firm. The ratio of R ividends to retained earnings acts as a proxy for future cash flow of the firm and share price, Pt , acts as the proxy for the absolute market value of the firm. While calculating the stock return on an equity share, we are basically interested to calculate the change in current price with respect it’s price in the previous period. So the equation (3. 3) can be represented as ? Pt ? ?P ? 0 ? ? ? ? = f ? Y , D ? , ? P R? ? ? ? 0 ? (3. 4) The eqn (3. 4) represents the change with respect to base price. We have assumed a CobbDouglas type of function represented as the following ? Pt ? ? Y ? ? D ? 2 ui ? ? = A? ? ? e ? P ? R ? P ? ? 0? ? ? ? 0? ?1 ? (3. 5) The equation (3. 5) can be expressed alternatively as 9 ?Y ? ?P? ?D? ln ? t ? = ln A + ? 1 ln ? ? + ? 2 ln? ? + ui ? P ? ?P ? ?R? ? 0? ? 0? (3. 6) We can write the above equation as ?Y ? ?D? ln Vit = ? i + ? 1 ln? ? + ? 2 ln? ? + uit ? P ? ?R? ? 0? (3. 7) Where ln A = ? i = 1†¦ N t = 1†¦ T, There may be potential links between size and volatility of stock returns of the firm. The size of the firm also exhibits crucial link between size and volatility. Small firms are likely to be less diversified in their activities and subject less investor’s scrutiny for the firm. But research is still confined to large listed companies. The Information on the stocks of smaller listed companies could conceivably be less informed and illiquid in nature. These firms are subject to greater price volatility as a result of above posed factors. So a control variable, long-run debt equity ratio is being added . When asymmetric information comes into the picture, there is also likely to be a link between borrowing & dividend policy. Baskin (1989) suggests that firms with a dispersed body of shareholders may be more disposed towards using dividend policy as a signaling device. The dividend policy may also be a function of size and there is a need to introduce size as a control variable. There is also a need of introducing control variables, which will reflect the corporate leverage. The earlier models have been aimed at capturing the effect of stock price and dividends but very few of them have tried to include the control variables such as debt-equity ratio and size of the firm. So in the present study, the focus is to fillup the limitations of the previous studies by using context-specific Panel-Data models including the control variables like leverage ratio and size of the firm. Through panel data estimation we can observe firm effect8 and time effect throughout the sample period. So now the eqn (3. 7) can be stated as ? Y ? ?D? ?D? ln Vit = ? i + ? 1 ln? ? + ? 2 ln? ? + ? 3 ( SZ ) + ? 4 ? ? +  µi + ? it ? P ? ?E? ?R? ? 0? (3. 8) Where V = value of the firm SZ = Ln (Total Assets) 10  µ i = firm specific component ? it = disturbance term IV. Analytical Framework We have already discussed the proposed model to be tested here to analyze the impact of dividends on stock returns. So in this section we will analyze the methodological issues over our proposed derived model. Simultaneously we will discuss other options available for the analysis. We will first analyze the results of different industry and then aggregate data over all the industry. The proposed model is here is ? Y ? ?D? ?D? Ln Vit = ? i + ? 1 ln? ? + ? 2 ln? ? + ? 3 ( SZ ) + ? 4 ? ? +  µi + ? it ? P ? ?R? ?E? ? 0? 4. 1 Where SZ = Ln (Total Assets)  µ i = Firm specific component ? it = Disturbance term Here the null Hypothesis is dividend or D/R ratio affects stock return i. e. H0: D/R affects Vit . We will test the results of the classical linear regression model and other tests. Then we will proceed to see if Panel data models improve the estimation. So we will propose different models before proceeding to fixed effect model. We will define four basic models to be tested before proceeding towards final estimation. 1. y it = ? + ? it (No group effect or xs) 2. y it = ? i + ? it (Group dummies only) 3. y it = ? + ? ?X it + ? it (Repressors only) 4. y it = ? i + ? ?X it + ? it (Xs and group effects) Model 1 on 2: H0: (no group effects on the mean of y) Model 1 on 3; H0: (no fit in the regression of y on xs) Model 1 on 4; H0: (no group effects or fit in regression) 11 Model 2 on 4; H0: (group effects but no fit in regression) Model 3 on 4; H0: (fit in regression but no group effects) We have tested the data set for applying the panel data models with the above five different hypothesis. The LR, F and LM Test along with the Hausman Specification test favors the use of fixed effect models for Food and Beverage, Mining Industry and Nonmetallic Industry whereas the diagnostic tests rejects the use of fixed effect models for Other services, Textile industry, and Mining industry. The Aggregate data is also not satisfying the qualifying criterion for applying Fixed effect models. V. Data Sources and Sample Design The study mainly relies on the Prowess database of the CMIE (centre for monitoring on Indian economy) in India in order to mitigate the above noted objectives. Since the present study aims at exploring the dividend and stock return volatility with the assumptions of â€Å"semi strong efficiency† in the stock market a sample of 500 companies from â€Å"A1† and â€Å"B1† group of shares is selected for the empirical analysis. All of them are spread across six different industries namely Electricity, Food and Beverage, Mining, Non-metallic, Textile and Service Sector. The first filtering criterion for selecting the stocks is their consistency with the dividend payment history for the study period 19962006. The second filtering criterion used for the selection is that the market-capitalization of these companies should be more than ten crores. The third filtering criterion is that the scrip must be traded continuously without any interruption during the above mentioned period. However, the study has conceptualized the dependent variable (i. e. market value of the firm) and the explanatory variables such as size of the firm, dividends to retain earning ratio, and debt to equity ratio. The stock return is considered as proxy for the market value of the firm (dependent variable) and for other subsequent variable, Ln (total assets of the firm) have taken as a proxy. 12 Sock Return: Market value of the firm which is the dependent variable of our interest is being represented by Stock Return . This can be calculated by taking closing share prices of each company. Stock returns should be calculated using the log return of the closing price of the stock, where the Closing price is defined as the last trade price of the stock. Vit = ln (Pt/Pt-1). Net profit Here the net profit is taken as the profit after taxes. Average book value of equity Profit after taxes is calculated as the difference between the profit before taxes and tax for the year. PBIT or Profit before interest and taxes is generally calculated as the sum of operating profit and non-operating surplus/ deficit. This represents a measure of profit which is not influence by financial leverage and the tax factor. Hence, it is pre-eminently suitable for inter-firm comparison. Hence it is assumed that higher Net profit of a firm leads to higher share prices as opposed to stock returns. It is denoted as Y in the study. P0 Dividend ? D? ? ? This can be calculated by adding together all the annual Re tained earnings ? R ? cash dividends paid to common shareholders & then dividing this summation by the total no of outstanding equity shares in each year. The average of all available years will be used. Retained earnings is calculated as the difference between profit before taxes and dividends and dividend by the total no of outstanding equity shares each year . Like Earnings, dividends act as proxy for the future profitability . Therefore this ratio is expected to have positive relationship with the stock return. Long term debt (Debt to Equity ratio) is calculated as the sum of each company’s debentures, mortgages & loans with a maturity greater than one year to total equity is to be calculated. The average over all the years will be used. 13 Size of the Firm (SIZE) The variable size should be constructed in such a way that it will reflect the value of the firm in real terms. Here the natural log of Total assets is being used as a proxy for size. VI. Empirical Estimation and Results Discussion The basic principles of fixed-effect model have already been discussed in the previous section. So in this section we attempt to estimate our proposed model. In this section we present the results in two sections. We present first the results of those industries that how the applicability of fixed effect models by our previous section of hypothesis testing. And those industries that don’t satisfy our criterion in another sections (table 4. 9). Here we test the other models and the significance of our target variables. The results from the regression analysis are discussed in two sub-sections. The first section is the result of the Table 8, which exclusively covers the regression result of one-way fixed effect model for Electricity, Food and Beverage and Non-Metallic Industry. The other section of the result from the Table 9,covers the regression from the other three industries that did not satisfy the filtering criterion of hypothesis for fixed effect model. These industries are other services, Textile and Mining. In the last section we discuss about the results of aggregate data. Electricity Industry:As we have already discussed in the previous chapter, we have taken one-way fixed effect model. The result for the electricity industry can be summarized as follows. Before estimating the final model, we have tested different combination of variables. The estimation of one way fixed firm effects multivariate regressions illustrate that controlling for the underlying time-invariant heterogeneity of firms has significant effect on results. The coefficient for PAT/P0 is 9. 32 which is significant at 5% level of significance. It explains 9. 32% variation in the model. The variable D/R is also exhibiting positive relationship with stock-returns. It implies higher the dividend paid 14 to the investor higher will be the return in the long-run. The co-efficient for D/R is 2. 48 which is significant at 1% level. This implies validity of the model through the dividends and retention. The coefficient of leverage ratio or D/E ratio is -1. 89% which is significant at 10% level. The negative sign of the coefficient implies the negative relationship between the stock return and D/E. As the leverage ratio will be higher then it will have a negative impact on the stock-return. The coefficient for another variable size is . 96 which is coming insignificant at any level of confidence. The standard error is also coming very high at 12. 54. The R2 for the model is 0. 44, which is explaining 44% variation for variation in the dependent variable stockreturn. The p value of F-test is significant at 1% level. The computed F-tests (Fixed firm effect versus pooled OLS) of the null hypothesis that all coefficients are jointly equal to zero are rejected. The one-way fixed effect model explains the relationship more clearly as it explains more than 50% level of variation of firm-specific component in the model. So the over all explanatory power of the model is high in the Electricity Industry. Food and Beverage Industry:- The computed F-test results favors the use of the fixed-effect model over the Pooled OLS is justifiable over the test of OLS vs. Fixed effect model. The Hausman statistics is also high suggesting the use of the fixed effect model over the random effect model. Before estimating the model with variables D/R, PAT/P0, D/E and SZ with Stock return, we have tried with different combination of independent variables with the stock-return. The Current model gave the high R2 and low standard errors. The coefficients for the variables D/R, PAT/P0, D/E and SZ are 3. 05, 11. 09,-1. 41, . 68 respectively. Here the variables D/R and PAT/P0 are significant at 1% and 5% level of significance. The coefficients for the control variable which is included to control the heteroscedasticity is significant for size of the firm which explains 68% variations in the stock-return is and the coefficient for the debt-equity ratio is -1. 41. The most important result is that the dividend retention ratio is positive and explains 11. 09% variation in stock return. The R2 is 0. 36, explaining 36% variation in the dependent 15 variable i. e. Stock return. The F-test for Pooled OLS Vs Fixed effect turns out to be significant and the null-hypothesis that all the co-efficients are zero is rejected here. Non-metallic industry:- The coefficients for the variables D/R, PAT/P0, D/E and SZ are . 024, 10. 58,0 -. 88 and 30. 5 respectively. The variables are significant at 5%, 1%, and 10 %( Sz. ) level of significance in T-test for testing the null-hypothesis that the means of the co- efficients are zero. The sign of the D/R remains positive here. It explains positive relationship with the stock-return. So the D/R ratio explains 11. 98% variation in the stock-return behaviour of the firms. It supports the null-hypothesis that D/R affects the stock prices. Another important observation is that the coefficient of size of the firm is 30. , which is quite high in comparison to the other industry. The variables are insignificant in other models like pooled OLS, so the F-test rejected the hypothesis that all co-efficients are jointly equal to zero. The R2 is coming with improved performance of 0. 46%, which is high in comparison with other two industries. After all Non-metallic industry is showing robust result with th e expected sign as proposed in methodology. Results from the Table 9:- We have presented another analysis for other services, Textile Industry and Mining industry because these industries are not satisfying the criterion for the fixed effect model. So the next best alternative is to test it with pooled OLS and Random effect model. We have done comparison with these three models for these industries. Other Services Industry:- If we compare the results of the fixed effect model and Random effect model here, then some interesting picture emerges. The co-efficients for the fixed firm effect model for the variables D/R, PAT/P0, D/E and SZ are coming 6. 37, . 33,-10. 54, 2. 61 respectively. Among the co-efficients D/R and D/E are significant at 10% level of 16 significance. D/R is surprisingly significant with a positive sign according to our prior expectation. We then compare the R2 value of two models, which is very low i. e. 0. 09 for fixed firm effect model and 0. 11 for the random effect model. Although R2 turns out to be very low the variable D/R and D/E ratio is exhibiting correct sign as per the hypothesis is concerned. The F-test for comparing the coefficients are equal to zero or not is becoming insignificant for the variables. This can be observed through the p-value which comes out 0. 9870. This is not significant at 1%, 5%and 10% level of significance. In the Random effect model the Coeff for the variables D/R, PAT/P0, D/E and SZ are 4. 9, 0. 53,-8. 09 and 13. 96 respectively. The R2 improves by two points to 0. 11 the target variable D/R ratio remain insignificant in the model. May be the cause for insignificant variables and low explanatory power of the model is due to improper specification which is affected by the industry characteristics. The firms in the Services industry generally went for less dividends and more retenti on in the study period. These are high growth firms which require more flow of money for the projects. So the investors got return through the capital gains here. Textile Industry:- If we observe the Coeff for the variables D/R, PAT/P0, D/E and SZ, the values are 5. 28, . 10, -1. 73,5. 95 and for the Random effect model the values are coming out 4. 83,. 17,-1. 30 and 0. 87 respectively. The results show some unexpected outcomes in the model. The signs of the Coeff are as per prior expectation but D/E ratio is out significant at 5% level in fixed firm effect model and other variables are remaining highly insignificant with R2, 0. 04 . In the Random effect model, the target variable D/R is significant at 5% level and PAT/P0, D/E ratio are significant at 10%, 1% level of significance respectively. The R2 for the random effect model has improved to 0. 13%. When we compare the result between two models, random effect model turns out to be more robust than the fixed effect model. 17 Mining Industry:- The values of the co-efficients for the variable D/R, PAT/P0, D/E and SZ, are 17. 07, 14. 75,-13. 77, 4. 09 and for the Random effect model the co-efficients are 16. 01, 10. 08,-6. 63 and 1. 66 respectively. In fixed effect model three Coeff. of PAT/P0, D/R and D/E ratio remain significant at 5%, 1%, and 10% respectively. The R2 for the fixed firm effect model remains at 0. 0 and for the random effect model it is 0. 14. We cannot judge the models by the R2 only because we have to check out the significance of the variables. So given these conditions, the fixed effect model is more appropriate in the Mining industry. Aggregate Industry Data:- As we have examined above the different industry wise data, only three Electricity, Food and Beverage and Non-metallic satisfy the tests for use of the fixed firm effect model whereas other three industries namely Textile, Mining and Other services do not satisfy the test criterion in favour of fixed effect model. Aggregate industry data doesn’t shows any robustness for using fixed-effect model over other possible models such as pooled OLS and Random Effect model. The results from fixed-effect models is having leverage over the random effect model results . The aggregate data of whole industries is affected by those industries, which are not satisfying the criterion for fixed effect model. The overall explanatory power of the Aggregate industry data are affected the fluctuations in other industries as the data set is characterized by different industry. So when we run the regression of one-way fixed effect model, the R2 is also exhibiting very low at 0. 12 only. The value of the Coeff of the variables D/R, PAT/P0, D/E and SZ are coming out 3. 10, . 34,-. 60, -. 15 respectively. If we observe the sign of the variables D/R, D/E and PAT/P0 remains as per prior expectation. Among the Coeff of variables, PAT/P0 and D/E come out significant at 1% and 5% level of significance. Whereas if we compare the result with random effect model, we will find that no variables are significant and the R2 turns out to be very low at 0. 08 18 only. The p-value of F-test is also coming very high at 0. 6, which is well above the 0. 01and 0. 05 level of significance. The use of the fixed effect model in aggregate data explained the variation of the independent variables more clearly than Random effect model and Pooled OLS model. VII. Conclusion We have tried to explore the relationship of dividends and stock return by using a simple Specification of stock r eturn as a function of net profit and dividend-retention ratio with two control variable such as size & debt-equity ratio of the firm. There was an attempt to test different structural tests before proceeding towards the final estimation through panel-data modeling. The exclusive tests of different model allow us to go for the use of panel-data modeling. As we have given six different industry classifications for the study, we have tested the proposed model for each industry separately with different combination of variables. The results display statistical significance and linearity when the industry classifications are given. The regression on aggregate data remains in significant. .However, the direction of relationship between the dependent variable is as per prior expectation. In other words dividend retention ratio is positively related with the stock-returns. In case of aggregate data which consists of all firms above from industry classifications, the regression lacks statistical significance, the null hypothesis that there is no relationship between the dependent variable and independent variable cannot be rejected. 19 When the fixed firm effect regression is applied on sample firms of classified industry category-wise, we observe some industry specific peculiarities. Firms of Electricity, Food and beverage and Non-Metallic Product show some robustness in the results of the regression. The signs of the coefficient and their value remain significant in the analysis. Other three industries, textile, mining and other services are exhibiting insignificant coefficients values and very low R2. This conflicting trend of these variables is also visible when we have tried Pooled OLS and Random effect model. When we relax the industry classification and with the same data set and variables, fixed effect model shows the regression is significant at 0. 05 level of significance as the p value of getting a higher or equal value than calculated f-value is 0. 0497, which is we can reject the null hypothesis that all coefficients are equal to zero. Another important result is the sign of the leverage ratio and the coefficient remain as per prior expectation. The negative sign of the debt-equity ratio implies the negative relationship between the stock-return and debt-equity ratio. As the firm will go for more debt, then its value is going to be affected by stock-return. Size of the firm remains consistently positive but in many cases it turns out to be insignif icant. So we can not generalize about the variable size. So we can conclude that dividends have impact on the stock-return in Indian corporate sector, which is industry specific. The study explores that the dividend paying companies are large, profitable and growth rate of the firm does not seems to dissuade the dividend payment. Although the regression is not showing high R2 but Net profit and Dividend and Retention Ratio remains significant in other services, mining and Textile industries. 20 Appendix Electricity Industry (Table 1) Models R2 H0 LRTest Chisqu. 114. 3 pvalue F-test FVal. 52. 06 pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. X-variables only 4. X & group effect 5. Fit in Reg. but no Group effect. . 0000 M1 on 2 M1 on 3 M1 on 4 M2 on 4 M3 on 4 0. 001 0. 000 Chi 2 (1) 36. 21 p value; chi 2 =0. 000 0. 4245 123. 4 156. 6 0. 000 0. 000 113. 5 121. 9 0. 002 0. 010 1. 52 p ; chi 2 (1) 0. 2183 0. 2135 0. 63 141. 5 0. 100 128. 6 0. 000 0. 24 129. 5 0. 000 134. 7 0. 100 Note: – Large values of Hausman statistics argue in favour of the fixed effect model over the random effect model. 2. Large val ues of the LM statistics argue in favour of the one factor model (either Fixed or Random depends upon further Hausman Specification test) against the classical regression with no group effects. . A large value of the LM-statistics in the presence of a small Hausman statistics argues in favour of the random effect models. 4. If p ; 0. 10, then the test is significant at 90% confidence level, if p; 0. 05, then the test is significant at 95% level of confidence. If p; 0. 01, then the test is significant at 99% level of confidence. 5. The p-value of the LR test will be set to 1 if it is determined that your estimate is close enough to zero to be, in effect, zero for purposes of significance. Otherwise, the p-value displayed is set to one-half of the probability that a chi-square with 1 degree of freedom is greater than the calculated LR test statistic. 21 Food and Beverage Industry (Table 2) Models R2 H0 LRTest Chisqu. 113. 4 pvalue F-test FVal. 112. 9 pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. X-variables only 0. 000 M1 on 2 M1 on 3 M1 on 4 M2 on 4 M3 on 4 0. 000 0. 000 Chi 2(1) 34. 21 2. 53 0. 32 134. 2 0. 000 132. 5 0. 000 p ; chi 2(1) p; chi 2=0. 000 0. 41 4. X & group effect 0. 53 103. 5 142. 8 0. 000 0. 000 126. 5 176. 5 0. 004 0. 3831 0. 001 5. Fit in Reg. ut no Group effect. 0. 24 121. 7 0. 002 183. 5 0. 000 Mining Industry (Table 3) Models R2 H0 LRTest Chisqu. 116. 070 pvalue F-test F-Val. pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. X-variables only 4. X & group effect 0. 00 M1 on 2 M1 on 3 M1 on 4 M2 on 4 M3 on 4 0. 000 52. 084 0. 000 Chi 2(1) Chi 2 (1 ) 2. 02 p; chi2 (1) 0. 7318 0. 21 150. 894 0. 001 170. 23 0. 000 1. 21 p ; chi 2(1) 0. 32 161. 23 0. 003 232. 419 0. 000 0. 2721 0. 42 277. 186 0. 005 186. 03 0. 001 5. Fit in Reg. but no Group effect. 0. 15 172. 5 0. 000 58. 78 0. 000 22 Non-Metallic Industry (Table 4) Models R2 H0 LRTest Chisqu. 119. 070 pvalue F-test FVal. 21. 00 pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. X-variables only 4. X & group effect 0. 00 M1 on 2 M1 on 3 M1 on 4 M2 on 4 0. 000 0. 000 chi2(1) = 3. 92 chi2(3) = 1. 23 Prob;chi2 = 0. 0013 0. 21 154. 894 0. 000 31. 01 0. 000 Prob ; chi2 = 0. 0477 0. 13 165. 23 0. 000 12. 02 0. 064 0. 25 267. 186 0. 000 49. 64 0. 000 5. Fit in Reg. but no Group effect. 0. 31 M3 on 4 172. 05 0. 214 64. 57 0. 741 Models R2 Other services Industry (Table 5) H0 LRpFTest value test ChiFsqu. Val. 0. 060 11. 00 on 2 pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. Xvariables only 4. X & group effect 5. Fit in Reg. but no Group effect. 0. 01 M 1 109. 70 164. 89 0. 087 chi2(1) = 0. 30 chi2(4) = 1. 39 Prob;chi2 = 0. 8460 0. 24 M 1 on 3 0. 000 41. 01 0. 001 Prob ; chi2 = 0. 5812 175. 23 0. 000 52. 02 0. 020 0. 14 M1 on 4 217. 19 0. 000 79. 64 0. 000 0. 33 M 2 162. 05 on 4 M3 on 4 0. 000 95. 4 0. 000 23 Textile Industry (Table 6) Models R2 H0 LRTest Chisqu. 139. 070 pvalue F-test FVal. 71. 00 pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. X-variables only 4. X & group effect 5. Fit in Reg. but no Group effect. 0. 03 M1 on 2 M1 on 3 M1 on 4 M2 on 4 M3 on 4 0. 000 0. 000 chi2(1) = 7. 75 Prob ; chi2 = 0. 0054 = 3. 50 0. 14 124. 894 0. 000 44. 00 0. 000 Prob;chi2 = 0. 4774 0. 21 195. 23 0. 000 22. 02 0. 000 167. 186 0. 000 152. 05 0. 000 69. 67 96. 8 0. 000 0. 001 0. 43 Aggregate Data (Table 7) Models R2 H0 LRTest Chisqu. 169. 70 pvalue F-test FVal. 31. 01 pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. X-variables only 4. X & group effect 5. Fit in Reg. but no Group effect. 0. 02 M1 on 2 M1 on 3 M1 on 4 M2 on 4 M3 on 4 0. 000 0. 00 chi2(1) = 0. 01 chi2(4) = 1. 28 0. 11 184. 94 0. 000 51. 01 0. 000 Prob ; chi2 = 0. 9425 Prob;chi2 = 0. 8649 0. 21 145. 23 0. 000 62. 42 0. 000 0. 24 257. 186 0. 000 172. 95 89. 84 0. 000 24 Table 8 Results of Fixed-effect model Industry Variables Coeff. Fixed effect model S. E R2 F. V PAT/P0 Electricity Industry D/R D/E Size PAT/P0 Food & Beverage D/R D/E Size P AT/P0 Non-Metallic D/R D/E Size 9. 32** 12. 48* -1. 89*** . 96 3. 05* 11. 97** -1. 41* . 68 . 024** 10. 58* -. 88 30. 5** 5. 84 . 0794 4. 38 12. 54 1. 63 . 18 0. 71 1. 79 . 04 1. 74 2. 72 4. 70 0. 46 0. 36 0. 44 F(4,56)=11. 49 P;F= 0. 000 F(4,256) = 1. 26 0. 01 F(4,232) = 12. 21 Prob ; F = 0. 0000 Note:-1. Fixed effect model has no constant term. 2. *, **, *** represents 10%, 5% and 1% level of significance respectively 25 Table 9 Comparison of results of fixed effect model and Random effect model. Industry Variables C. F PAT/P0 D/R Other services D/E 6. 37 (12. 52) 0. 33*** (. 443) 0. 09 -10. 54*** (24. 56) 2. 61 (15. 52) 5. 28 (1. 83) 0. 10 (. 704) -1. 73** (1. 28) 5. 95 (2. 73) 17. 07** (10. 57) 14. 75* (27. 90) -13. 77*** (10. 79) 4. 09 (5. 80) 3. 10* (. 095) D/R Aggregate Data D/E . 34 (. 10) -. 60** (1. 89) -. 15 0. 10 0. 04 F. E R 2 R. E F F (4,182) = 0. 08 p;F = 0. 870 -8. 09*** (16. 69) 13. 96** (8. 43) 4. 83*** (1. 51) . 172** (. 667) -1. 30* (1. 066) . 87 (. 459) 16. 01** (8. 67) 10. 08*** (22. 26) -6. 63 (7. 39) 1. 66 (4. 91) -. 011 (. 0945) . 31 (. 1051) -1. 06 (1. 40) 0. 14 0. 13 C. F 4. 69 (9. 81) 0. 053 (. 426) 0. 11 R2 W W chi2(4 =2. 86 p;chi 0. 5819 Size PAT/P0 D/R Textile D/E Size PAT/P0 D/R Mining D/E Size PAT/P0 F (24,244) =0. 33 p;F =0. 990 Wald Chi 2(4)=10. 36 p;chi 2=0. 0348 F (4,46) =2. 00 p;F =0. 1097 Wald Chi 2 (4) =6. 35 p;chi 2 = 0. 1747 F (124,1232) = 16. 49 p;F 0. 76057 Wald Chi 2 (4) 0. 08 = 2. 31 p; chi2 0. 8745 0. 12 Size 1. 55 (1. 037) Note:- *, **, *** represents 10%, 5% and 1% level of significance respectively 26 References:Aharony, J. and I. Swary, 1981, â€Å"Quarterly Dividends and Earnings Announcements and Stockholders' Returns: An Empirical Analysis,† Journal of Finance, Vol 36, 1-12. Altman, E. 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S. 1982) Growth, beta and agency costs as determinant of dividend payout ratios, Journal of Financial Research, Fall, 249-59 Sharpe, W. , 1964, Capital asset prices: A theory of mar ket equilibrium†, The Journal of Finance, 19(1): 425-442. End Notes:1 Miller, Merton, and Modigliani, Franco, (1961) Dividend Policy, Growth, and Valuation of Shares, Journal of Business. 34. PP. 411-433. 2 Fama, Eugene F. & French, Kenneth R. , 2001. â€Å"Disappearing dividends: changing firm characteristics or lower propensity to pay? ,† Journal of Financial Economics, Elsevier, vol. 60(1), pages 3-43, April. 3 The term ‘dividends’, is defined inclusively under the Income Tax Acts, 1922 and 1961. The definition of Dividends includes distributions from accumulated profits wheather capitalised or not, which reduces the assets of a company or in the form of 28 debentures issue, distributions on liquidation or in the form of loan or advances to the extent such distributions are attributable to to accumulated profits. The definition for certain companies of closely held category, the definition is more inclusive 4 Sarma, JVM. (1990). â€Å"Taxation and corporate dividend behaviour in India†, Y V Reddy (2003). The trends of dividend Behaviour in Indian corporate sector. NSE working paper. 5 Sarma, J V M (1990) , Taxation and Corporate Dividend Behaviour in India, Harman Publishing House. 6 Net worth of a company refers to the difference between Total assets and Total debt of a company. 7 It refers to the cost of new-equity issues to be borne by the company, under the condition of imperfect market. 8 Firm effect refers to the effect of factors affecting the behaviour of an individual firm, if it is constant overtime. The time effect refers to the economic condition of particular time point : it varies over time. 29