Financial Analysis On Financial Statements - 854 Words

Firm Performance: A Review of Financial Statements Financial crises like dot-com bubble in the late 1990s and the housing market crash in the late 2000s prompted investors, and firms, to reconsider the criticality of financial discipline. Transparency would be necessary to entice investors to spend money again, thus a firm’s financial statements became their marketing tools. These examples reinforce the importance of financial statements’ relation to the financial wellbeing of a company. This paper serves as a report on the purpose and aspects of the various financial statements and their applicability to the performance of a firm. Income Statements Income statements, also known as profit-and-loss statements, are one of the core financial statements publicly held firms must present annually. Serving as the officially documented representation of company expenses and revenues over a set duration, the income statement is often used to assess the performance and profitability of a company (Alvis, n.d.). The key expense items included on an income statement are: general and administrative expenses (GA), research and development expenses, depreciation/amortization, and cost of revenue (Alphabet, 2014). The crucial importance behind the income statement lies in its ability to lay out the relevant facts in a simplistic manner. By reviewing a company’s income statement, one can instantaneously ascertain the financial productivity of a company and their currentShow MoreRelatedThe Implications Of Bank Specialization On Its Financial Statement Analysis1097 Words   |  5 PagesWhen making a financial analysis on a bank, the type of business it conducts need to be considered. Specialization can lead a bank to operate in different practices and have a varied structure of their balance sheet. If the structure and composition of the bank is not to be considered, financial statement analysis will provide misleading information. This report will investigate the implications of bank specialization on its financial statement analysis. Specialization Larger banks specialize inRead MoreLet s Talk About Financial Statement Analysis1874 Words   |  8 PagesLet’s talk about Financial Statement Analysis is the process of reviewing and analyzing a company’s financial statements to make better decisions. When you are dealing with financial statement analysis you will be looking at income statement, balance sheet, statement of cash flows, and a statement of retained earnings. The larger field of business analysis is very significant and essential. Forecasts and jeopardy are part of the process in business analysis. Most business will make sure they haveRead MoreFinancial Statement Analysis And Financial Statements1704 Words   |  7 Pagesinformation to those that need it (Siam, Rashid, 2010). Financial statements analysis is very important to various users because it helps to express the overall financial health of the organization (Gibson, 2013). Managers use the financial statements to measure the profitability of a company, manage day to day activities and make important decisions about pricing, production that will benefit the organization (Gibson, 2013). Financial statements are also used to form contracts between organizationsRead MoreFinancial Statements And Financial Statement Analysis Essay3026 Words   |  13 PagesLITERATURE REVIEW INTRODUCTION Financial statements are usually means of communicating information on a company’s operations. 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Chief Financial Officer and other executivesRead MoreFinancial Statement Analysis : Financial Analysis759 Words   |  4 PagesWoolworth Financial Analysis Financial statement analysis assists a business entity, business shareholders and other people interested, to analyze the figures in financial statements to present them with superior information about such most important factors for decision making and ultimate business survival. As exemplified by Gibson (2001), income statement, balance sheet, and cash flow statements project the financial performance a company at the present and probably the future. According to theRead MoreFinancial Statement Analysis and Financial Forecasting4304 Words   |  18 PagesFinancial Statement Analysis and Financial Forecasting 4.1 Introduction. The lesson will consist of basic financial statements, its relevancy, reliability and quality as a basis for making decisions. Focus on the decision-making role of accounting system has to be elaborated. Also ratio analysis as decision tool with forecasting models is discussed. The basis concept of preparation of financial statement and its usefulness is included with ratio analysis. Cash flow analysis and financial planningRead MoreFinancial Statement Analysis1293 Words   |  6 PagesFinancial Statement Analysis April Cruz, Litesha Forbes, Phillip Gibson, Jessica Hewlett, Lily James, Velda Justin, and Nzingha Reel ACC/561 September 27, 2010 Mark Tischler Financial Statement Analysis The accounting information of this paper provides a financial statement analysis for three distinct companies: Mercedes Benz, a foreign manufacturer of vehicles; Macy’s Inc, a retail department store, and American Airlines, an airline company. The analysis for each companyRead MoreThe Analysis Of Financial Statements1876 Words   |  8 PagesThe analysis of financial statements is the critical process that is aimed at assessing the present and past financial position and the results of operations that are carried out in a company. The primary objective of this analysis is to establish the best possible estimates and predictions about future results and conditions that the company can reach. It is based on two primary pieces of knowledge, where the first is the in-depth knowledge of the accounting model and the second would be the domainRead MoreFinancial Statement Analysis4339 Words   |  18 PagesChapter 2 Introduction to Financial Statement Analysis 2-1. What are the four main financial statements? What checks are there on the accuracy of these statements? The four financial statements are: the balance sheet, the income statement, the statement of cash flows, and the statement of changes in shareholders’ equity. Financial are required to be audited by a neutral third party, who checks and ensures that the financial statements are prepared according to GAAP or accounting standards

This Paper Investigates The Application Of Attachment Theory

This paper investigates the application of Attachment Theory to the study of infants with sensory-motor disabilities. It first summarizes the tenets of classic Attachment Theory as developed by Bowlby and Ainsworth in the second half of the twentieth century. Next, it argues that some of the underlying assumptions of the canonical form of Attachment Theory need to be revised in light of feminist and cultural critiques and work in Disability Studies in order to develop more appropriate metrics and to apply Attachment Theory in a more sensitive and effective manner to a diverse population. It concludes by pointing to ways forward to develop a more inclusive approach to understanding the development of attachment in infants with sensory-motor†¦show more content†¦This paper will begin by discussing the history and current practice of Attachment Theory, especially as it pertains to infants and describes the process of child development and how it has proved extremely useful in h elping us understand certain populations of children and plan interventions in certain types of situations which potentially impede their development. It will also critically engage with some of its underlying cultural assumptions. It will next discuss some of the basic issues raised by disability studies and how it also provides an important perspective on how people think about people with disabilities. The next section of the paper explores existing literature concerning the development of Deaf children and critically engage with how we can best combine Attachment Theory with Disability perspectives to understand their development and socialization. Origin, Overview, and Critique of Attachment Theory Originally created by renowned social scientists, John Bowlby and Mary Ainsworth, Attachment Theory is primarily interested in the relationships of infants and preschool-aged children with their primary caregivers and how these relationships affect the way infants learn to build relationships with their caregivers, other persons, and environments. It is a foundational theory within the field of childhood development and the subject of many published, empirical papers, and theoretical studies. (Cassidy andShow MoreRelatedApplying Theory1698 Words   |  7 PagesRunning head: APPLYING THEORY Applying Theory Dinah M. Creamer University of Washington-Tacoma Human Behavior and the Social Environment TSOCW402-Theodora A. Drescher November 24, 2008 OUTLINE This paper will focus on problems commonly linked to adolescents and their formation of relationships by applying attachment theory. INTRODUCTION PART ONE: Development milestones and tasks in adolescents (ages 13 to 18 years) †¢ Attachment experiences †¢ Trust Read MoreThe Case Of Serial Killer Aileen Wuornos1145 Words   |  5 Pageskiller Aileen Wuornos, the attachment and life course theories can be applied. Ms. Wuornos was neglected and abused by her guardians multiple times, which led her to a life of criminal activity. She began with small-scale crimes at an early age and eventually escalated to murder. This paper explores how the attachment theory played a major part in the life (and death) of a serial killer and how many lives could have been saved had Aileen’s circumstances been different. 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This reality has touched my life in many ways and these experiences continue shaping me as a human being and as social service provider. I will try to cover in this paper the subject of child abuse, its definitions, and the scope of the problem andRead MoreIntegrated Marketing Communications Is The Exception Rather Than A Rule1451 Words   |  6 Pagesdeal of evidence to suggest that truly integrated marketing communications is the exception rather t han a rule† (Percy and Rosenbaum-Elliott, 2012) Introduction Initial discussions on IMC were based on definitions and theoretical understanding, and this discussion is still taking place. IMC or Integrated Marketing Communications according to Schultz (1993) combine and evaluate strategic role of diverse communications to produce a greater impact. It is a process that produces and applies differentRead MoreThe Transition from Civilian to Front Line Combat Soldier: A Thematic Analysis1191 Words   |  5 Pagescultural solidarity. Being in the Military is an occupational culture in which a study by Weiss (1982, cited in Shulman et al, 2000) stated that close bonds are formed in army recruits which could be classed as attachments due to proximity and stressful conditions individuals are placed in, this then helps the military promote the loss of individuality and promote group identity (Arkin Dobrofsky, 1978). There are two views in what happens in basic training affecting individuality to make a soldier;Read MoreA Brief History of Attachment Theory3423 Words   |  14 PagesSummer 2006 A Brief History of Attachment Theory The theory of attachment was originally developed by John Bowlby (1907 - 1990), a British psychoanalyst who observed intense and distressful behaviors among orphans in hospitals during and after World War II. Between 1948 and 1952 Bowlby, along with his employee and then colleague, James Robertson, came to realize that infants who had been separated from their parents were not able to form an attachment with a primary caregiver, leadingRead MoreHow Important are Emotions in Human Cognition? Essay2043 Words   |  9 Pagesthe impact on our abilities to be rational? To tackle this question, we need to understand what emotions are, but not solely in the manner we are all familiar with, we need to understand them from a cognitive nature involving our physiology, psychology, and environment. Cognition, according to the Oxford definition refers to â€Å"the mental action or process of acquiring knowledge and understanding through thought, experience, and the senses†. By this definition alone we can say that emotions are incrediblyRead MoreErp vs Legacy System6788 Words   |  28 Pagesin-house systems still continue to be developed. This research employs symbolic interactionism as the informing theoretical perspective in an ethnography study of a large government authority in Singapore. Our findings surprisingly indicate that the IS professionals supporting the systems tend to attach rather negative symbols to their SAP system, while viewing their legacy system and in-house software development work in a more favorable light. In this paper, we first describe the different symbolismRead MorePsyc Essay3833 Words   |  16 Pagesacweidman@psych.ubc.ca Phone: N/A Office Hour: Thursday, 1:00-2:00PM Course Description: This course will provide students with a broad introduction to theory and research in the area of personality psychology. Students will examine topics of concern to personality psychologists and the methods they use to investigate these topics. We will consider a number of distinct theoretical perspectives on personality in this course. Among the theoretical perspectives that we will consider are the trait, motive

Fashion for a cause free essay sample

Having a ribbon on your outfit to support a cause is a thing of past. Today a brand needs to be more deeply involved with different social causes as well as provide us with fashionable clothes. But what is the primary motivation for a buyer in this scenario? Does he buy such products because he wants to support the social cause behind it or because of the product itself and the brand name it carries? Is it just a onetime buy? Is the consumer completely aware about the social concern the product is working for? Are the Indian customers ready to adopt such brands? Objectives 1. To understand if there is a direct relationship between the social concern factor and the brand equity of the product. 2. To know the primary motivation of the buyer of such brands. 3. To check the brand loyalty of these consumers for such brands. 4. To check if the consumers are aware of the social concern around which the product is being promoted. 5. To check if the consumers in India are ready to adopt such social brands. 2 CHAPTER 2 3 Review of Literature (Fernandez, 2013) ‘It is not how much we give, but how much love we put into giving,’ wise words by Mother Teresa. In today’s world that is fuelled by money, it is endearing to find people who try to fuel the world with love and so, it is in this nature that companies have started to verge toward campaigns themed with more ‘selfless giving‘. In the past few years there have been a trend towards various noble causes: charity events, concerts, and other philanthropic endeavours brought about by various companies in a number of industries. There are also a wide a number of advocacies that include: AIDS, HIV, cancer, global warming, gay rights, and many others, in need of charitable donations. And while the whole idea of fashion-brands-going-the-extra-mile-for-a-better-cause may give us the warm feeling and a restored faith in humanity, there is still that quiet looming reminder that in the world of business, nothing comes free. (Times of India, 2013) Fashion may be used to promote a cause, for example, to promote healthy behaviour, to raise money for a cancer cure, to raise money for local charities, for example a Juvenile Protective Association, (Martin, 2013) or to raise donations for a childrens hospitals. (Sultan, 2011) â€Å"Most people do not take the time to donate to the charities yet a small donation can make a very big difference in another persons life. The most important aspect of donating to charity is the fact that you will be helping out a needy person get basic human necessities improving a life in the process. † In today’s busy life not many people take out time to make donations and do charity work but everyone has time to buy new clothes and if buying these clothes can help someone in need wouldn’t that be worth it? (Singh, 2013) â€Å"The global appeal and charitable nature of stores like Being Human not only gives a unique shopping experience to the customers, but also gives them satisfaction of doing good. † The idea of following a film star always appeals to the masses. (Khan, 2013) â€Å"All fashion labels are about looking good, Being Human is also about doing good. † (Beig, 2013) â€Å"Wearing Being Human means you ‘look good, do good’ because you help people by the simple act of slipping on your clothes every day. † (Mandhana, 2013) â€Å"The ‘Being Human’ line is designed to offer comfort, quality and style while supporting an endeavour of good cause. † (Chase, 2009) In a study of how a clothing brands affiliation with a social cause would affect buyers spending habits the research team conducted a survey of Generation Y college students to find out how their support of an existing line of apparel, 7 For All Mankind, might change should the brand begin campaigning with, say, Breast Cancer Awareness. The study reported that both college men and women would hold such brands to a higher esteem in general, and 89% would likely switch from Brand A to Brand B if Brand B was associated with a socially/environmentally focused cause (assuming price and quality are held constant). Additionally, 72. 4% stated they had intentionally purchased a brand name product due to the fact that the brand was affiliated with a cause they agreed with. 4 (Markson, 2012) Purpose is being integrated into marketing efforts in more concerted ways and with favourable consumer response. According to Markson, the marketing world is coming to an understanding that purpose must carry as much weight in crafting an effective ad campaign as the traditional Four Ps of Marketing: Price, Placement, Product and Promotion. In the United States, after quality and price, social purpose (at 47 percent) ranks higher as a purchase motivator than brand loyalty (27 percent) and design and innovation (26 percent). In addition, if a brand of similar quality supports a good cause, 75 percent of consumers claim they would buy it and 76 percent claim they would recommend and share positive experiences about such a brand. Sixty-two percent of U. S. consumers say they would also switch brands if a brand of similar quality supported a good cause. Finally, U. S. consumers willingness to actually promote a brand that supports a good cause jumped 19 percent from 2008 (47 percent) to 2010 (66 percent). (Barkley Cause Survey, 2010) A full 88 percent of American men say it is important for a brand to support a cause. Such a finding points to a new masculine ideal taking hold, an evolution beyond the bad-boy tough guy ideal. American men are comfortable with having a good heart. Maybe they dont want to wear it on their sleeve. But they do want to contribute through their purchases, and in fact a majority demands it, 55 percent of men said they would switch brands from a company that did not support a cause to one that did. (Storm, 2013) Fashion is fun, but sometimes it’s more than that. Certain brands answer to a higher calling than simply making shoppers look fabulous and consumers seem willing to pay extra for it. According to Nielsen’s Global Corporate Citizenship Survey, 46 percent of consumers are willing to pay more for products and services from companies that give back to society. (Nielsen, 2012) New findings from a Nielsen survey of more than 28,000 online respondents from 56 countries around the world provide fresh insights to help businesses better understand the right audience for cause marketers, which programs resonate most strongly with this audience, and what marketing methods may be most effective in reaching these consumers. In the study, respondents were asked if they prefer to buy products and services from companies that implement programs that give back to society. Anticipating a positive response bias, respondents were also asked whether they would be willing to pay extra for those services. For the purposes of this study, Nielsen defines the â€Å"socially conscious consumer† as those who say they would be willing to pay the extra. Two thirds (66%) of consumers around the world say they prefer to buy products and services from companies that have implemented programs to give back to society. That preference extends to other matters, too: they prefer to work for these companies (62%), and invest in these companies (59%). A smaller share, but still nearly half (46%) say they are willing to pay extra for products and services from these companies. These are the â€Å"socially conscious consumers,† as defined by and focused upon in this report. Sixty three percent of global, socially-conscious consumers are under age 40, they consult social media when making purchase decisions and are most concerned about environmental, educational and hunger causes, according to a new study from Nielsen, a leading global provider of information and insights into what consumers watch and buy. 5 6 Few of the brands I came across during my research: 2. 1 Sseko Designs Mission and Impact on Sseko Designs official webpage: Sseko Designs uses fashion to provide employment and scholarship opportunities to women pursuing their dreams and overcoming poverty. To date, theyve enabled 33 to continue on to University. They provide employment (along with access to a comprehensive social impact program) to their team of 45 women in Uganda. And they do it all through a financially selfsustaining model. Issue 1: Female students, due to a lack of economic opportunity, are not able to continue on to university and pursue leadership positions in society. Solution 1: Sseko Designs provides employment during the 9 month gap between high school and university where high potential young women are able to earn and save enough money to pay for college tuition. 50% of their salary each month goes into a savings account that is not accessible until tuition is due. This ensures that their income goes towards education. This also protects the women in the program from the social pressure they often feel from their families to give away the money they are earning which can perpetuate the cycle of poverty. At the end of each term, Sseko Designs grants university scholarships that match up to 100% of the savings each woman has made during her 9 month session with Sseko. Issue 2: In a patriarchal and male dominated society, women are not afforded the same employment and economic opportunities as their male counterparts. Although 66% of the worlds labour is done by women, they own less than 1% of the worlds assets. As long as women are not afforded educational and professional equality, extreme poverty will continue to exist. Solution 2: For every dollar a women in a developing economy earn, she will reinvest 90% of it into her family. Empower a woman and you empower an entire community. In addition to providing employment to women working their way towards university, Sseko partners with women from all walks of life. Sseko employs university graduates who comprise the upper level management team. These are women that use their education, experience and voice to help shape their company. Sseko also works to provide employment for women who have aged out of the education system and have no other form of income generation. They partner with a local non-profit in Uganda that works with young women who have recently come out of the commercial sex industry. Providing stable, dignifying and fair wage employment is a key component to keeping women from entering back into prostitution. They believe that every woman has the capacity to end the cycle of poverty and that it can be done in a way that is fair, dignifying, honouring and life-giving. Issue 3: Although charities and non-profits play a vital and necessary role in all societies, sometimes charity and aid can play a negative role by enabling dependencies and damaging the local economies. Like any of us, our African friends need and desire opportunity, dignity, job creation and empowerment. Solution 3: Instead of treating the symptoms, they aim to address the deeper, underlying issues of extreme poverty. Although Sseko Designs has been built for the purpose of impacting a 7 specific social sector, they have chosen very intentionally to use a sustainable, self-sufficient business model to do this. Their hope is to help create industry and fair-trade with the belief that a large component of economic development lies in the business sector. They believe in the power of responsible consumerism. Instead of competing for limited donor dollars, they hope consumers will think about the story behind their stuff. If they considered the impact that each product they consume has on the lives of those who produced that product and chose to see consumerism as a force and opportunity for positive social change, they believe the world would be filled with beautiful products with even more beautiful stories. 2. 2 World Clothes Line Everyone loves the smell of a clean t-shirt. Or the feeling of a new sweatshirt, soft. Or the look of a brand new outfit, confident and ready to conquer the day. Yet every day, millions of people around the world do not have a clean change of clothes. No options. No choice. World Clothes Line is dedicated to helping them. World Clothes Line will match every item sold with a new item for someone in need. Therefore, when customers purchase merchandise for themselves, they also provide clothing for others. In January 2010, World Clothes Line was born. 2. 2. 1 Their Vision As given in their name, their vision is to clothe the world. At World Clothes Line, they give clothes to people who need them. Through the generosity of their customers and dedication of their team, they hope to spread their message and continually help others. Their shoot for the stars goal is to create an active clothing collection for every country of the world. 2. 2. 2 Their Clothes Their styles are basic: t-shirts, sweatshirts, pants. Their main concerns are functionality, protection, and comfort. The designs are unique. They find that most people are inspired by the world. Every World Clothes Line collection is designed specifically to reflect its countrys people and culture. World Clothes Line is a socially conscious brand. All items are manufactured sweatshop-free at fair wages with environmentally-friendly practices. 8 2. 2. 3 Why Clothes? Clothing is one of our most basic needs. It ranks among air, food, water, and shelter. Clothing provides protection from the elements, reducing the effects of sun exposure, wind rash, and frostbite. It also provides defence against diseases, many of which are spread through mosquitoes and other insect bites. Proper clothing contributes to cleanliness, comfort, ease of movement and overall health. The simple act of changing and washing clothes can prevent infection, chafing, skin disorders and the spreading of viruses. However, in cases of extreme poverty, clothing is often one of the first needs to be ignored. Statistically, more than one billion people in the world live on less than one dollar a day. Almost 2. 7 billion people (thats 40% of our population) survive on less than two dollars per day. In such circumstances, daily necessities like food and water take top priority. Clothing, which can be reworn, therefore is reworn. Day after day. After day At World Clothes Line, they make clothes their number one priority. 2. 3 No One Without N. O. W: One At A Time No One Without water is their non-stop mission. Every product in a purchase provides clean water to one person for 25 years through a concrete Bio-sand filtration system and their partnership with Thirst Relief International. Studies have proven that these filters effectively remove more than 90% of bacteria and 100% of the parasites found in untreated water. Nearly one billion people lack access to clean water and each year 2. 5 million people die from contaminated water, 90% are under 5 years old. The World Health Organization has declared a worldwide water crisis among the worlds poorest people. Society has conditioned us to be overwhelmed with statistics and the quantity of need in the world. The easy thought process is to say theres too much and Im only one person. By taking one step at a time, one day at a time, one person at a time, theyre breaking down numbers and they believe in the power of one. 9 No One Without has aligned themselves with the Thirst Relief mission: To overcome death and disease resulting from the consumption of contaminated water by providing safe, clean water to those in need around the world. 2. 3. 1 Why Water? The solution to the clean drinking water need is found in the concrete Bio-sand filter. The Biosand filter has the ability to produce safe, clean drinking water from both contaminated surface water, and ground water sources. As a result, the simple yet affective technology provides a long-term, sustainable and economical drinking water solution to those in poverty stricken areas around the world. Thirst Relief International currently has Bio-sand filter placements in Brazil, Cameroon, Kenya, Rwanda, Tanzania, and Uganda. No One Without will follow Thirst Relief International around the globe on the quest for clean water. 10 2. 4 TOMS In 2006, American traveller Blake Mycoskie befriended children in a village in Argentina and found they had no shoes to protect their feet. Wanting to help, he created TOMS, a company that would match every pair of shoes purchased with a pair of new shoes given to a child in need. One for One. Realizing this movement could serve other basic needs, TOMS Eyewear was launched. With every pair purchased, TOMS will help give sight to a person in need. One for One. Over the past seven years, theyve listened and learned with every pair of new shoes given. With the support of their amazing network of Giving Partners and the continued support of their community, theyve reached this major milestone and proven that business can fuel good and sustain giving. They have seen remarkable results with shoe giving. Shoes are helping improve school attendance and enrolment. Theyre combined with screenings to combat malnutrition. Theyre given in conjunction with medication to fight hookworm. Further, their model is one that can work beyond shoes. Since they launched TOMS Eyewear, theyve helped restore sight to more than 150,000 individuals around the world. And they look forward to finding new ways to help others. They currently make Giving Pairs in Ethiopia, Kenya, Argentina and China. Within two years, they will produce one third of their Giving Shoes in the regions where they give them. By producing more shoes locally they will create and support jobs in places where they are needed. They are testing production in India and are looking to expand manufacturing in Africa and other regions. In Haiti, they are in the early stages of getting production off the ground. Theyve also partnered with local artists to create a line of hand-painted shoes for their customers helping create and support jobs in a place where they also give. And theyre looking to offer more styles that feature locally produced textiles. Their sight giving empowers communities and supports sustainable eye-care organizations in the developing world. They work with locally based organizations that train residents to provide professional care. So its an investment in clinics, people and even local jobs. 11 2. 5 Common Threadz Common Threadz is a non-profit organization helping orphans vulnerable children in developing nations to reach their full potential through the empowerment of the children, their caretakers the local grass roots community organizations that support them. 2. 5. 1 School Uniforms for Orphans Vulnerable Children This was the first initiative that Common Threadz created in 2008. For every t-shirt or bracelet that they sell from their Shop to Help Store, they give a school uniform to an orphan or vulnerable child (OVC) so they can go to, or stay in school. Some of the children they care for had been refused schooling for not being able to afford a uniform. Uniforms are a requirement in most schools in Africa and they want to make sure that all these children have the chance to go to school, make friends and learn so that they can reach their full potential. Since the inception of this program, hundreds of uniforms have been handed over to OVC’s. Typically a uniform will last a year and so there is an ongoing need for uniforms. As the caregivers they continuously work to identify the OVC’s in need and as support for this program grows, they plan to hand over many more uniforms in the future. 2. 5. 2 Orphan and Vulnerable Children (OVC) Mentor Program They currently operate a mentor program in Obanjeni, South Africa. This program teams responsible and employed adults from the local community with orphans and vulnerable children (OVC’s) as role models on a one-to-one basis. Each of their mentors supports many children, meeting with each child for at least one hour per week. The mentors spend time helping with homework, chatting about personal hygiene, advising on healthy lifestyles and most of all, listening to the child. In some cases these mentors have come back to them to report abuse and a child has had to be moved to a place of safety and the police and social workers are called in. The mentors are their ears and eyes in the community. The program has rolled out with many young children and teenagers benefiting greatly. Still in its infancy, this program has been a great success and will be replicated and expanded moving forward. 2. 5. 3 The Feeding Program Common Threadz provides the funding and nutritional guidance for grassroots non-profit organizations in rural South Africa, such as Siyathuthuka Obanjeni, to provide daily meals to over 200 orphans and vulnerable children (OVC’s) that they have identified in the area. Proper nutrition is a fundamental need for the children to grow and learn and although the government says that it’s a child’s right not to go hungry, this is far from the reality for many thousands of children in South Africa. This program has grown from its inception last year when caregivers began to cook three meals a week for children after school. Now an employed cook prepares a cooked meal every day for the children to eat after school and in April 2010 they started to provide high protein porridge for the children to eat on their way to school, as the teachers have indicated that it is very difficult for the children to concentrate when they are hungry. 12 Once again this program has much room to expand and reach many more needy OVC’s but it would not be possible without the support of their customers. 2. 5. 4 Shoes for Kids This program complements the School Uniforms Programme by providing new school shoes to barefoot children in need, namely orphans and vulnerable children (OVC’s). School uniforms might give these children entrance to school, however many of them walk for up to four hours a day to go to school barefoot. A new pair of school shoes is usually the only new pair of shoes most of these children will ever receive and for most of them it will be the only pair of shoes they will own. All it takes is $10 to provide an OVC with a new pair of shoes so that they can go to school with confidence. 2. 6 Threads for Thought What began as a small business manufacturing and marketing graphic tee shirts that were made exclusively from organic cotton, gave back to charity, and promoted a cleaner environment, or advocated for peace, has grown into a complete lifestyle brand. They have never deviated from their primary mission, to promote a sense of responsibility for those who share this world with us, but rather than simply broadcasting that message on the front of tee shirts, the company has incorporated those principles into their very existence. 2. 6. 1 How their threads are sustainable Threads 4 Thought fabrics are made using the most sustainable materials possible such as organically grown cotton and polyester derived from recycled water bottles. Their fabrics are dyed using low impact dyes whenever possible often the water used in the dye process is purified and then reused rather than being discarded. 13 2. 6. 2 Organic Cotton vs. Conventional Cotton ? ? ? ? ? ? ? Organic cotton is 90% less toxic than conventional cotton. Conventional cotton crops use more than 25% of all the insecticides in the world and 12% of all the pesticides while growing on only 2. 5 % of cultivated lands in the world. Organic cotton uses untreated seeds that are never genetically modified while conventional cotton uses genetically modified seeds, hurting the crops soil over time. Organic Cotton plants stay strong through crop rotation and retain water efficiently due to increased organic matter in the soil. Conventional cotton plants use synthetic fertilizers. Organic Cotton fields use seasonal freezes and water management for defoliation. Conventional cotton does this through the use of toxic chemicals. Weeds are physically removed by hand hoeing and cultivation. Farmers use beneficial insects and trap crops to control pests. Conventional cotton uses a toxic aerial spraying technique. 2. 6. 3 Turning Plastic into fashion 1. The plastics are sorted according to colour and SNV plastics. 2. Next, the plastic goes through a sterilization process. Then, it is dried and crushed into chips. Next, liquefaction occurs under high temperatures, as a mixture of the recycled chips and some new plastic from petroleum derivatives are melted together to form a smooth, syrup-like material. 3. The first threads are formed when the liquefied material is forced through holes and exposed to air. The hardened threads, called tow, then go through a strengthening process. 4. The drawing process strengthens the molecular bonds of the tow; the tow is pulled to double their size and then shrunken. 5. The threads then go through a dryer where they develop a woolly texture. The texture is inspected for strength and thickness, and then spun into a finer yarn that is then ready to be dyed and knit into fabric. 14 2. 7 147 Million Orphans Profits from 147 Million Orphans are directed to the 147 Million Orphans Foundation, where they are given to Love+ 1 Projects and feeding programs. The 147 Million Orphans Foundation was created to impact the lives of children through the provision of food, water, and medicine. They invest directly in projects that help provide these basic needs to those who desperately need it, and most of their projects occur in Haiti, Honduras, and Uganda. As with any good foundation you must lay one brick at a time. Whether that is a medical clinic in Haiti, homes in Honduras, Water Wells in Sudan, or a store house full of food for Uganda, they want to show the love of Christ. The rebuilding of the wall in Nehemiah was accomplished by people just doing their part and helping others to do theirs. The Love+ 1 projects are steps in rebuilding, and they would love for us to be a part of the rebuilding. 2. 7. 1 During 2012 and 2013, the Love+ 1 Projects Included: ? ? ? ? ? ? ? ? ? ? ? ? ? ? Provided funding for over 100,000 meals for children in Uganda, Haiti, and Honduras Helped to build clean water wells in Sudan and Honduras Provided funding for HIV education and medicine in Uganda and Haiti Provided funding for a vehicle, appliances and kitchen construction for an orphanage in Haiti Funded the construction costs of 27 homes in Mt. Olivos, Honduras for displaced families. These 2 bedroom, concrete homes with running water are allowing families to remain intact and raise their children in a healthy environment. They are building a strong community, including a school and a weekly worship service. Provided over 150 cans of formula to an infant feeding nutrition program in Haiti Raised $200,000 of the $250,000 needed for construction of the Love+ 1 Medical Centre in Gressier, Haiti where there are currently no medical or dental facilities available to the 35,000 residents. This centre will include a doctor’s office with a pharmacy, a dental office, an urgent care clinic, and an operating room. This clinic will be located on land adjoining a school that currently serves over 400 children. Raising the final $50,000 and beginning construction of the Love+ 1 Medical Centre in Haiti – a 5,000 square foot facility with medical and dental facilities for a community of 35,000 people with no medical care. The medical facility is expected to open in October 2013 with ongoing funding needs for supplies and equipment. Construction of a tilapia pond for the community of Mt. Olivos, Honduras. Completion of the construction of all homes in Mt. Olivos, Honduras. Formula for an infant feeding and nutrition program in Haiti Food and medicine to children in Uganda, Haiti, and Honduras Bedding and supply needs for an orphanage in Uganda Food to children in Tennessee through a weekly backpack program 15 2. 8 I Am A Star I AM A STAR is built on a solid foundation of trust and collaboration. It is rooted in the Somali diaspora communities leadership, and it makes room for the solidarity and creativity of motivated people everywhere. Together, theyre providing relief in Somalia, and shining a light on a culture of poets, artists, mothers and fathers, children, innovators, farmers, businesspeople. Each one, a star in his or her own right. Perched on the very tip of the Horn of Africa, Somalia has suffered two decades of hardship, violence and displacement. Its estimated that 25% of the countrys population have fled their homes, traveling to Kenya and Ethiopia or to other parts of Somalia. Since the summer of 2011, the country has faced a crippling food crisis. Between 50,000 to 100,000 Somalis have died as a result. US Secretary of State, Hillary Rodham Clinton called it the most severe humanitarian emergency in the world today-and the worst East Africa has seen in decades. Thanks to the spirit and efforts of the worldwide Somali Diaspora and other compassionate individuals, organizations and governments, relief is getting to people who need it. Donors have looked past the negative imagery of Somalia in the media and sent their support. That support has saved the lives of mothers and fathers, children, poets, artists, innovators, farmers, businesspeople, human beings. But there is still so much that needs to be done in Somalia. The famine has ended, but 1 in 5 Somali children are still malnourished. 2. 5 million people are still dependent on food aid in order to survive. It will take an investment of time and great effort to shake off the legacy of 20 years of war and unrest in Somalia. The country has the worlds lowest rates of school enrolment, and experts estimate that 18% of children born in Somalia will not live to age 5. 2. 8. 1 With Support from: ? ? ? ? ? ? ? ? ? ? KNAAN 4Real IDEO Pivotal Labs Heroku Music for Relief Mataano Chef Roble Co. Faarrow Mosaic 16 2. 9 Soles 4 Souls Soles4Souls is a global not-for-profit institution dedicated to fighting the devastating impact and perpetuation of poverty. The organization advances its anti-poverty mission by collecting new and used shoes and clothes from individuals, schools, faith-based institutions, civic organizations and corporate partners, then distributing those shoes and clothes both via direct donations to people in need and by provisioning qualified micro-enterprise programs designed to create jobs in poor and disadvantaged communities. Based in Nashville, Tennessee, Soles4Souls is committed to the highest standards of operating and governance, and holds a four-star rating with Charity Navigator. Founded in 2004, Soles4Souls is a global not-for-profit institution dedicated to fighting the devastating impact and perpetuation of poverty through the distribution of shoes and clothing. Soles4Souls distributes shoes and clothing in two ways. Most new items collected primarily from corporations and retailers are given directly to people in need, both in the U. S. and overseas. The organization has relationships with several of the world’s leading apparel brands, which provides Soles4Souls with new but non-marketable overstocks, returns, discontinued models and other shoes or clothing items. At the same time, Soles4Souls receives millions of articles of used shoes and clothing that have been collected by individuals, schools, faith-based institutions, civic organizations and corporate partners. After sorting items in its national warehouse system, Soles4Souls typically sells the used shoes and clothing, as well as some new items allocated by manufacturers, to carefully selected micro-enterprise organizations. These both private and non-profit companies are contracted to provide shipping, financing, inventory, training and other support to ultrasmall businesses in countries like Haiti where there are virtually no jobs to generate personal income. Through the collection and sale of used (and new) clothing and shoes, Soles4Souls helps create self-sustaining jobs that generate desperately needed revenues throughout those communities. The sale of footwear and apparel to support micro-jobs also provides the majority of funding to sustain Soles4Souls operations and further expand its donations of new shoes and clothing. 17 2. 10 FEED FEED Projects mission is to create good products that help FEED the world. They do this through the sale of FEED bags, be

Photosynthesis Formal Lab Report Essay Example

Photosynthesis Formal Lab Report Paper This captured energy is used to convert carbon dioxide into complex energy-rich molecules that can be used by themselves or other organisms. Photosynthesis is the conversion of light energy to chemical energy in the form of sugar and other organic molecules. (Russell, Wolfe, Hertz, Starr, 2010). Photosynthesis can be categorized into two main processes: light-dependent reactions and light-independent reactions. For the purpose of this lab, light- dependent reactions will be investigated. The reactants involved in photosynthesis include carbon dioxide, water and sunlight to produce glucose, oxygen, and water. The light reactions involve the capture and use of light energy by pigment molecules to synthesize NADIA and AT P. Plants use this light energy to produce glucose from carbon dioxide. The glucose is stored mainly in the form of starch granules, in the chloroplasts of cells. Glucose in the form of starch is non-polar and is not soluble in water, allowing it to be stored much more compactly. The chloroplast is formed from an outer membrane, an inner membrane, and an intermediate compartment. The aqueous environment within the inner membrane is called the stoma. Within the stoma is the ayatollahs, which are flattened, closed sacs. It is in these sacs that the specific molecules required to carry out the light reactions of photosynthesis are contained, including the pigments, electron transfer carriers, and the TAP syntheses enzymes for TAP production. A pigment is able to absorb photons of light and differ by the wavelengths of light they can absorb. We will write a custom essay sample on Photosynthesis Formal Lab Report specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Photosynthesis Formal Lab Report specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Photosynthesis Formal Lab Report specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The amount of energy in a photon is inversely related to its wavelength. Blue light has a shorter wavelength and consists of photons that have higher energy than the longer wavelength red light. When photons of light hit an object, they can be reflected off the object, transmitted through the object or absorbed by the object. The absorption of light by a pigment results in electrons becoming excited and moving to a higher energy state. Color is determined by the wavelengths that it cannot absorb, therefore chlorophyll is green since it does not absorb green light. If a pigment absorbs all wavelengths of visible light, the object appears black. A large variety of pigments can be found in plants. The most common are chlorophyll a and b and carotids, located in he chloroplasts of cells, and anticyclones, located in the cell vacuoles and do not contribute to photosynthesis. Each of these pigments has different properties and performs different functions for the plant, including absorbing light in different parts of the spectrum. The more light absorbed equals the more energy available for a plant. The pigment molecules that can be found in plants are specifically arranged in and around photometers that are embedded in the ethylated membranes of chloroplasts. Each contains a reaction centre surrounded by an antenna complex. Light from the sun travels into the holocaust and goes through the antenna pigment. The energy trapped by the antenna complex is funneled to the reaction centre, called IPPP, where it is used to oxidize a chlorophyll molecule and donate an electron to a primary acceptor molecule to continue into carbon fixation to ultimately release glucose sugar (Oracle Thinkers, 2010). The reaction centers are named after the wavelength (in manometers) of their red-peak absorption maximum. Most plant parts, especially leaves, contain some combination of the three main pigments, even if only one is especially obvious. It is possible to separate these segments from each other using a technique called paper chromatography. In this process, plant tissue extract is applied to a piece of chromatography paper. A solvent is allowed to travel up the paper, and if the pigment is soluble in the solvent, it will be carried along with it. (Benny, 2009) Different pigments have different affinities for the solvents or polarity and will travel at different rates. Chlorophyll, anticyclones, and carotids are typically non-polar. For lab 12, it is hypothesized that chlorophyll a and b are present in a plant leaf and contribute to the starch production in photosynthesis. Also, products of photosynthesis will be present in leaf tissue exposed to red and blue light wavelengths for sever al days, but a decreased presence in leaf tissue exposed to green and black light wavelengths. In lab 13, it is expected that since chlorophyll a and b are more polar and smaller molecules than the anticyclones and carotids, they will travel higher up the chromatography paper than the other pigments. Materials and Methods Lab 12 In the first part of this laboratory experiment, a multi-colored leaf was removed from a Coleus plant that was in direct sunlight for several hours. The hypothesized results for which pigments were present and the results of an kill starch test were then recorded. A boiling alcohol bath was set up, which consisted of a IL beaker containing mall of water on a hot plate, and a mall beaker containing mall of 80% ethyl alcohol inserted into the larger water beaker. The water was brought to a slow boil and the leaf was placed into the boiling alcohol solution in order to extract the pigments. When the leaf became almost white, the leaf was removed, placed into a Petri dish, and covered with distilled water. KAKI solution was added to the distilled water until a pale amber lour was obtained. The leaf produced a purple-black color in some areas which show a positive test for starch. In the second part of the lab, part of a leaf was taken from a germanium plant that had been covered for several days with different color filters: blue, green, red, and black. In order to differentiate between the leaves taken from different filters, the black filter leaf had one notch taken from leaf, the green had 2 notches, the red had 3 notches, and the blue had 4 notches. The leaves were then place into the alcohol bath that was used in the first experiment. When the leaves became mostly white, they were removed using forceps, placed into a Petri dish, and rinsed and covered with distilled water. Kill was added to the distilled water until an amber color was achieved. The observation of the reaction of the leaves with the kill after 5 minutes was then recorded. See appendix for original lab report. Lab 13 In this laboratory experiment, pieces of spinach leaves were mashed in a mortar and pestle in order to extract the plants pigments. These pigments were transferred to a piece of chromatography paper with a marked pencil line CM room the bottom by means of a capillary tube. The chlorophyll pigment was allowed to dry and was re-applied 5 times, drying between each application. The chromatography paper rolled and stapled and was placed into a jar containing a petroleum ether and acetone solvent. The chromatography was allowed to proceed until the solvent reached about CM from the top. The paper was removed and examined for separations of pigments. See appendix for original lab report. The control for the overall experiment was the original leaf taken from the Coleus plant in lab 12, both before and after the 121

Reasons Why Investment Trusts Trade at a Discount The WritePass Journal

Reasons Why Investment Trusts Trade at a Discount Abstract Reasons Why Investment Trusts Trade at a Discount Abstract IntroductionReasons for discounting Investment TrustsMisestimating the Net Asset Value (NAV)Agency Costs and Managerial AbilityTaxesInvestor SentimentConclusion ReferencesRelated Abstract The fact that investment trusts and close-end funds in general trade at a discount has elicited debates among financial scholars and practitioners, often referred to as the closed-end puzzle. Based on this, this paper explores and explains some of the reasons that investment trusts trade at a discount. It also provides an in-depth explanation of characteristics of close-ended funds and conditions that lead to the classification of the share price as either a discount or a premium. Investment trusts trading at a discount are those trading at prices that are below their net asset value. Those trading at a price higher than the net asset value are considered as being sold at a premium. Some of the main reasons that are explored in this paper include miscalculation of the net asset values of the investment trust, taxes on realized capital gains, agency costs, managerial abilities and investor sentiment. Even with the explanations that are provided in this paper, the closed-end fund prize puzzle continues to be debated upon and researched. Introduction The fact that investment trusts often trade at a discount is an aspect that has drawn interests from academics and practitioners in the field of finance. To have a better understanding of these reasons, it is ideal to provide an exhaustive definition of investment trusts. Investment trusts, which are typical to the United Kingdom, are defined by Barnhart and Rosenstein (2010) as types of investment firms that are formed with the primary aim of holding securities for other companies and the obtainment of capital from the public issue of shares trading on the stock market. They are also referred to as closed-end funds because they only offer a fixed quantity of shares that new investors can purchase from already existing shareholders (Hartzell et al., 2006). The prices of shares of investment trusts are determined by the forces of supply and demand in the share market. As a consequence, there are incidents where the price of a share may either be higher or lower than its net asset valu e. Whenever a share trades at a price that is higher than its net asset value, it is considered to be trading at a premium. On the contrary, if a share trades at a value that is lower that its net asset value, it is considered to be trading at a discount (Berk Stanton, 2007). In this regard, this report intends to discuss reasons why they trade at a discount. Reasons for discounting Investment Trusts One main characteristic of investment trusts and closed-end funds in general is the fact that they are permanent capital ventures and thus, the shares’ supply is fixed (Chan et al., 2008). Numerous attempts that have been made by researchers and practitioners to explain the investment trust discounts, and have resulted in conflicting results, commonly referred to as the closed-end fund puzzle. Even though these funds are known to trade at discounts, it is important to note that newly opened investment trusts and closed-end funds in general, usually begin trading at a premium of approximately 10% of their net asset value. After their initial premium trading, they shift towards trading at a discount that is at average rate of 10% within the first 120 days. After which, discounts remain substantial. In case closed-end funds are closed or terminated, there is an increase in their share prices, which in turn eliminates the existent discounts (Cherkes et al., 2009). Explanations for investment trust discounts that have been made by researchers include the risk of liquidity, the past and future performance of shares on the market and the miscalculation of the fund’s net asset value. Investor sentiment is also another reason for discount trading in investment trusts (Yanran Liyan, 2007). This section intends to provide a more in-depth discussion of these reasons. Misestimating the Net Asset Value (NAV) This reason has been pointed out by Halkos and Krintas (2006), who argue that such miscalculations of the NAV can result from a possible accumulation of capital gains illiquid assets that had not been realized. The reason why funds with high capital appreciations that have been unrealized ought to trade at a discounted share price is that potential holders of such funds will assume a potential tax liability. In a research that was carried out by Kousenidis et al. (2011) on the effect of liquidity on closed-end funds, he established that there is a possibility of illiquid assets to be traded at a discount to provide higher expected returns. In support of inaccuracy of NAV measurement as a reason for discounts in closed-end fund trading, Yanran and Liyan(2007)suggested that when closed-end funds own large amounts illiquid assets or restricted stock that are not fairly trading in the market, their NAVs can fail to provide an accurate reflection of their true value. As a consequence of this, the shares might either trade at a lower or higher value than the NAV. Investment trust discounts are also affected by restricted stock holdings. However, given that such holdings are often quite small or at a zero value, they do not hold as valid reasons for investment trusts trading at a discount. For investment trusts, there is usually no assurance that there will always be an available market. Therefore, this lack of an assured redemption of shares makes their valuation to be discounted. In addition to this, investment trusts that hold relatively liquid securities are valued lower than their net asset values (NAVs) at the marketpla ce (Cherkes et al., 2009). Putting appropriate measures in place to avoid miscalculation of the trust net asset value is vital to solve this issue. Agency Costs and Managerial Ability Discounts in closed-end funds could be a reflection of poor performance in the management of the fund or an overcharge of management fees (Bradley et al., 2010). Agency costs may also vary according to the agency issues or conflicts that may occur due to different interests between agents and principals. Managerial abilities have also been listed by researchers as being among the main factors that determine whether investment trusts can trade at a premium or a discount. The theory that investment trusts can trade at a discount if the managers charge a fee was originally proposed by Boudreaux in 1973 (Berk Stanton, 2007). He suggested that if fund managers charge investors a fee but fail to add value to their investments, then the value of the fund is likely to be less than its NAV. In a case where managers add value to the investment trust, the reason why it might trade at a discount is when investors are made to believe that the funds’ managers are not good at investing thei r funds. If investors believe that their money is being managed by people who are good at selecting viable investments, then the fund will trade at a premium. In a research carried out on the ownership of closed-end funds Cherkes et al.(2009) established that investment trusts with larger percentage of insider ownership are likely to trade at higher discounts. This is because investors of funds that are selling at higher discounts stand a chance of receiving windfall gains in case the funds undergo immediate liquidation at their net asset value. He also established that higher expense ratios lead to higher discounts of funds because management fees are considered as being deadweight losses. Thus, discounts are used to represent the capitalization of the management fees value. Management of trusts also affects their future performances in the market, which also determine whether investment trusts are to be traded at a discount or premium. Halkos and Krintas (2006) argue that in cases where investment trusts are managed in a highly professional manner and with a positive track record, investors may have the will to pay a premium for a share of the funds. This is also due to the fact that such trusts are often expected to maintain their superior performances in future. On the other hand, funds that are expected to underperform in the market are expected to be traded at higher discounts, mainly because of the scepticism that potential investors may have for the fund (Berk Stanton, 2007). Estimation of future performance of investment trusts can be done by comparing trends in the NAV, which are estimated on a frequent basis. It can also be done by evaluating the managerial capabilities of the fund. It can be thus argued that investment trusts whose management has a good reputation tend to perform well in the market and therefore, trade at a premium. On the contrary, poorly managed trusts fail to thrive in the market and therefore, are likely to trade at a discount. Taxes Another reason why investment trusts trade at a discount is taxes. According to Jin(2006), full taxes on the realized capital gains of a fund are paid for by the current shareholders, even though the highest percentage of their gains was accumulated before the investors bought the shares. Based on this, it can be argued that funds whose accumulated gains are large ought to trade at a price lower than their NAVs also suggests that investment trusts that have a high appreciation of unrealized capital sell at discounts because holders of such funds assume potential tax liabilities that depend on the holding periods of the investors. Berk and Stanton (2007) posit that discounts in closed-end funds are partially caused by the fact that investors usually lose valuable opportunities to trade tax because of holding shares in closed-end funds. Some of the tax trading approaches include individual portfolio movement. On comparing British and U.S. closed-end funds, Cherkes et al.(2009) establis hed that British funds do not have the freedom of distributing capital gains as the US funds do. In addition, shareholders have no liability in case the invested capital gains tax, except if they decide to put the holdings that they have in the fund up for sale. Yet U.S. and British closed-end funds behave in a quite similar manner. Thus, it can be concluded that discounts in investment trusts and closed-end funds cannot be explained based on country-specific tax factors. Investor Sentiment Many researchers have focused on the aspect of investor sentiment as a reason for discounts in investment trust trading. This hypothesis was proposed Lee, Shleifer and Thaler in 1991 (Yanran Liyan, 2007). According to them, premiums and discounts in closed-end funds are determined by the attitudes of opinions that investors have about them. To explain this hypothesis, two kinds of investors are identified. These are the noise investors and rational investors. Whereas the expectations of rational investors on their asset returns are rational, noise investors’ expectations are influenced by sentiment. They have the tendency of either overestimating or underestimating the expected returns on investment. Therefore, when investment trust shares are traded, noisy and rational investors make their investments based on their respective judgments. Due to the risk associated with assets and the fact that every investor is risk averse, closed-end funds ought to trade at equilibrium pric es that reflect opinions of the noisy and rational investors, which are often discounts. A proposal was made by Halkos and Krintas (2006) that noisy investors tend to concentrate more on the closed-end fund ownership than on the ownership of the underlying assets of the funds. Pessimism by noise traders on the future of fund drives down its price to a value lower than its NAV. This causes rational investors to avoid the buying the fund’s shares because of the risks associated with trading the funds at a discount. Chan et al. (2008) also argue that the sentiment of noise traders is stochastic and, therefore, cannot be accurately predicted by rational traders. Particularly, it is impossible for rational investors to make a perfect forecast whether noise investors will either be pessimistic or optimistic at the time that they intend to sell their assets. Due to the fact that rational traders are careful about the prices with which they will resale their assets, the unpredictable nature of noise traders’ sentiment increases the level of risk on the assets they intend to trade (Kousenidis et al., 2011). The biggest risk associated with noise investors is that they will be pessimistic at the time when rational investors intend to sell their assets, causing a drop in prices. Since there is always a risk of an adverse sentiment shift, the possibility of trading shares at a discount is always existent (Yanran Liyan, 2007). Conclusion This paper has provided an in-depth explanation of some of the reasons why investment trusts usually trade at a discount. Apart from this, other aspects of investment trusts have been explained. One of the main characteristics of investment trusts that has guided the establishment of reasons discussed in this paper is that it is a closed-end fund. This means that supply of shares is fixed, regardless of the market dynamics. Therefore, fluctuations of these funds that result into premiums or discounts are mainly caused by demand factors. The main reasons why investment trusts trade at discounts include the attitudes that investors have on the fund, commonly referred to as investor sentiment, agency costs and managerial abilities, taxes and miscalculation of the net asset value of the fund. However, the factor that is contented upon by most researchers in this field of finance is investor sentiment, which is a behavioural approach of understanding this concept. Some of the other reason s that have been cited in several other researchers include the institutional ownership and performance of the trust in the market. In future research, a more specific research could be carried out by focusing on a specific investment trust in the UK. References Barnhart, S.W. Rosenstein, S., 2010. Exchange†Traded Fund Introductions and Closed†End Fund Discounts and Volume. Financial Review, 45(4), pp.973-94. Berk, J.B. Stanton, R., 2007. Managerial Ability, Compensation, and the Closed†End Fund Discount. The Journal of Finance, 62(2), pp.529-56. Bradley, M., Brav, A., Goldstein, I. Jiang, W., 2010. Activist arbitrage: A study of open-ending attempts of closed-end funds. Journal of Financial Economics, 95(1), pp.1-19. Chan, J.S., Jain, R. Xia, Y., 2008. Market segmentation, liquidity spillover, and closed-end country fund discounts. Journal of Financial Markets, 11(4), pp.377-99. Cherkes, M., Sagi, J. Stanton, R., 2009. A liquidity-based theory of closed-end funds. Review of Financial Studies, 22(1), pp.257-97. Halkos, G.E. Krintas, T.N., 2006. Behavioural and fundamental explanations of discounts on closed end funds: an empirical analysis. Applied Financial Economics, 16(5), pp.395-404. Hartzell, J.C., Sun, L. Titman, S., 2006. The effect of corporate governance on investment: evidence from real estate investment trusts. Real Estate Economics, 34(3), pp.343-76. Jin, L., 2006. Capital gains tax overhang and price pressure. The Journal of Finance, 61(3), pp.1399-431. Kousenidis, D.V., Maditinos, D.I. Ã…  ević, ., 2011. Premium/Discount Of Closed-End Funds As A Measure Of Investor Sentiment: Evidence From Greece. Journal of Applied Business Research, 27(4), pp.29-52. Yanran, W. Liyan, H., 2007. Imperfect Rationality, Sentiment and Closed end fund Puzzle. Economic Research Journal, 3, pp.117-29.

Meaning and History of the Surname Clement

Meaning and History of the Surname Clement From the Late Latin given name Clemens, the Clement surname means merciful and gentle. CLEMENT is the English version and CLÉMENT is French. CLEMENTE is a common  Italian and Spanish version of the surname, also originating from the given name Clemens. Surname Origin: French,  English, Dutch Alternate Surname Spellings: CLEMENS, CLEMENTS, CLEMENTE, CLEMMONS, CLEMONS, CLEMMENT Fun Fact  about the Surname Clement Clement was the name of fourteen different popes, including Saint Clement I, the fourth  pope and first of the Apostolic Fathers. Famous People with the Surname CLEMENT Gustave Adolphe Clà ©ment-Bayard -  19th-century French entrepreneur and industrialistJean-Pierre Clà ©ment - French economist and historianMartin W. Clement - 11th president of the Pennsylvania railroadNicolas Clà ©ment - French chemist- MLB baseball player and humanitarian Where is the CLEMENT Surname Most Common? According to surname distribution from  Forebears, the Clement surname is found most prevalently in Nigeria, but in the greatest numbers in France, where it ranks as the 75th most common surname in the country. Clement is also a fairly common last name in Luxembourg (195th most common surname), Wales (339th), Canada (428th) and Switzerland (485th). Genealogy Resources for the Surname CLEMENT French Surname Meanings and OriginsDoes your last name have origins in France? Learn about the various origins of French surnames and explore the meanings of some of the most common French last names. How to Research-French AncestryLearn about the various types of genealogical records available for researching ancestors in France and how to access them. Clement Clements Clemmons Y DNA ProjectJoin with other genealogists interested in combining Y-DNA testing with traditional genealogy research in order to identify common Clement ancestors worldwide. Surnames included in the project include Clement, Clements, Clemmons, Clemons and Clemens. Clement Family Crest - Its Not What You ThinkContrary to what you may hear, there is no such thing as a Clement  family crest or coat of arms for the Clement surname.  Coats of arms are granted to individuals, not families, and may rightfully be used only by the uninterrupted male-line descendants of the person to whom the coat of arms was originally granted. CLEMENT Family Genealogy ForumSearch this popular genealogy forum for the Clement  surname to find others who might be researching your ancestors, or post your own Clement query. DistantCousin.com - CLEMENT  Genealogy Family HistoryExplore free databases and genealogy links for the last name Clement. GeneaNet - Clement  RecordsGeneaNet includes archival records, family trees, and other resources for individuals with the Clement  surname, with a concentration on records and families from France and other European countries. The Clement  Genealogy and Family Tree PageBrowse genealogy records and links to genealogical and historical records for individuals with the Clement  surname from the website of Genealogy Today. Sources Cottle, Basil.  Penguin Dictionary of Surnames. Baltimore, MD: Penguin Books, 1967. Dorward, David.  Scottish Surnames. Collins Celtic (Pocket edition), 1998. Fucilla, Joseph.  Our Italian Surnames. Genealogical Publishing Company, 2003. Hanks, Patrick, and Flavia Hodges.  A Dictionary of Surnames. Oxford University Press, 1989. Hanks, Patrick.  Dictionary of American Family Names. Oxford University Press, 2003. Reaney, P.H.  A Dictionary of English Surnames. Oxford University Press, 1997. Smith, Elsdon C.  American Surnames. Genealogical Publishing Company, 1997.

Security Risk Analysis for Intrusion Detection and Prevention of Essay

Security Risk Analysis for Intrusion Detection and Prevention of Cybercrime - Essay Example Data and alert correlation in the military network and the future of intrusion detection and prevention methods are touched upon. The paper recommends appropriate procedures to control the threats and reduce the vulnerability of the system to lower the level and make them acceptable keeping in mind the military network and the sensitivity of data protection in this case. Top five risks are analyzed and briefly reviewed. Current federal legislation and the standards based on securing and preventing cybercrime will be analyzed. Steps will be recommended to implement and maintain the strategy proposed. Risk analysis terms Security risk analysis also referred called risk assessment, is a basic requirement of any organization. Essentially, controls and expenditures are largely commensurate with the risks to that an organization posses. Many conventional means for conducting a security risk analysis are turning out to be more indefensible in terms of criticality, flexibility and usability. Qualitative Risk Analysis It is the most pervasively used approach to security risk analysis. No probability data is required and only estimates of potential loss are used. Elements of qualitative risk analysis: Vulnerabilities – These are factors that make a system prone to attack or make an intrusion more likely to succeed or have an impact. For example, flammable material. Threats – What could go wrong or something/ situations that can attack the information system. For instance, fraud or fire. Controls – The countermeasures put up by management for vulnerabilities. They include preventive control, detective controls, deterrent controls etc. Security Risk Analysis for Intrusion Detection and Prevention of Cybercrime The satellite communication systems form the backbone of net centric warfare for the US Military and give it considerable advantage over others. The close integration of the communication system and its distribution to local level commanders puts this system far ahead of other armies as by (Bufkin 2011) â€Å"This is unique feature of this system – no other department of defense satellite system can relay information from the satellite all the way down to war fighters, portable communications packs and handheld radios†. The system, however, like any other is not perfect and present some vulnerabilities in its operation. The modern communication systems have evolved and are far more secure than their predecessors. The interception methods have evolved along with these advancements and therefore security and threats are circling in an infinite loop. Both are constantly evolving. Contrary to popular opinion, cybercrime is a risk to all industries including military networks. If intrusion detection methods are not effective, cybercrimes results in security breaches long before the victims become aware that the systems are compromised. In case of military networks, the stakes are very high as the data includes sens itive information that may even include strategic plans, communication infrastructure details and even present situation reports. Any of these if intercepted can jeopardize complete communication network and leave military in a blackout. As per Foreign Affairs, Defense and Trade Division in 2008 â€Å"

M1A2- Leadership and Ethics Assignment Example | Topics and Well Written Essays - 750 words

M1A2- Leadership and Ethics - Assignment Example The rumors were about the managing Director embezzle the company’s resources. To add on that, the aspect of mismanagement, where employees were not included in planning and the issue of ethnicity and racism was so much in practice. This caused a lot of unrest among the staff that the managing director went into hiding. The situation was so bad, that even the organizational output decreased tremendously. The breech in ethical principles and etiquette cost the organization a great deal, as they had to come up with strategies on guidance and counseling for all the staff members to reach and address the root cause of the problem. Hence, the inter relationship between values, morals and work ethics was established in a bid to solve the crises. According to Duska (1998), values refer to the definition of the good and bad in society. Moral values are those attributes that are upheld and valued in the society. Typical values include honesty, integrity, compassion, courage, honor, resp onsibility, patriotism, respect and fairness. By that definition, one could categorize the values listed above (honesty, integrity, compassion †¦) as â€Å"moral values† - values derived from a higher authority. When one acts in ways, which are consistent with our beliefs (whether secular or derived from a moral authority), we will characterize that as acting ethically. Hence, for one to be ethical, they need to posses ethics and moral values. According to Naagarazan (2006) the strategies to address the ethical crises apply in real life, whereby one attends therapy sessions and guidance and counseling in case, they face conflicts at home and the workplace. These tactics instill self-confidence in the individual, in that they are able to address and face their problems. This strategy is therefore effective in both the work place and real life situations. Reference List Duska, R. F. (1998). Education, leadership and business ethics: Essays on the work of Clarence Walton. K luwer Academic Publishers: Dordrecht Naagarazan, R. S. (2006). Textbook on professional ethics and human values. New Age International (P) Ltd., Publishers: New Delhi. A true leader should be able to address the specific organizational requirements while rendering his or her duties of ethical leadership. Discuss how you think virtues of character and leadership skills are acquired or developed within specific organizational contexts. For any given organizational framework, analyze parameters that will help you identify principles of best practice for leadership development. Identify and analyze attributes and competencies of effective leadership that can help implement these principles of best practice. Sucher (2008) wrote that, some of the leadership traits like humility, aggressiveness, and patience are innate, in that one is born a leader. They are nurtured in the day-to-day handling of the people in the organization. On the other hand, there are those traits that are acquired th rough practicing leadership for example, conflict resolution and team building. There are also those traits in leadership that are acquired through training, for example, listening and empathy skills from guidance and counsel ling classes, conflict resolution and team building from the managing people courses that people attend. Peterson & Sondergaard (2008) asserted that an organization that experiences effective ethical leadership, experiences high output. The staff on the other

Prior Knowledge Deficit Essay Example for Free

Prior Knowledge Deficit Essay Prior knowledge comes from visual experiences, seeing those mental pictures of a subject. Prior knowledge comes before understanding what readers read, or understanding the subject. A deficit in prior knowledge inhibits student learning by taking away their educational experiences and replacing them with standardized testing. To begin with, prior knowledge plays an important role in enabling students to learn to read, and to read to learn. First, learning to read starts in kindergarten and continues through third grade, where teachers use books called primers. Primers teach students how to read because they tell stories about subjects that students already have visual experience with, such as family, friends, food, pets, or games. Since students know the basic information about such subjects, when they are being taught how to read, they understand the primers. Finally, when students enter fourth grade, they begin reading textbooks to learn about science and social studies. These students developed prior knowledge of science and social studies from kindergarten through third grade, when they attended field trips to zoos and museums, watched educational films, and completed science projects. If they learned this basic information about the natural world of science, and about the human world of social studies, students are able to understand their textbooks. As a result, they can add new knowledge to further their education. Additionally, many students struggle with the prior knowledge deficit because of standardized testing. First of all, standardized testing takes time away from educational experience by using all the time and money on the tests. Teachers use the time on teaching students how to become test takers, instead of educating them in different experiences of the world. In the past, schools would take students on field trips to teach them mostly about science, and social studies. However, such field trips cost a lot of money; money that is currently being used on standardized tests. On one hand, traditional education consisted of students reading and writing to understand and explain the knowledge of the world. On the other hand, now day’s students are test takers, and they use their reading and writing skills for the test, just like knowledge is used to memorize all the information without understanding it. Teachers need to focus on this method because they are evaluated by the student s test scores. To summarize, prior knowledge deficit hinders students learning by taking away their educational experiences and focusing their time on standardized testing. A solution to the prior knowledge deficit is for teachers to dedicate more time on teaching students about subjects that will be used later on in further education, rather than teaching students how to become test takers.

Sitting on your Hands as an Alternative to Money :: essays papers

Sitting on your Hands as an Alternative to Money The old adage money can’t buy happiness apparently was never learned in the small town of Dilley, Oregon. Jonathan Hawes is a convicted sex offender who was released into society after serving a five-year prison sentence. Upon his release from prison he planned to move into his mother Wendy Brewton’s house in Dilley, Oregon. Under Megan’s Law, police are required to notify neighbors when a convicted sex offender is classified as predatory. Before Hawes was classified, Ms. Brewton’s daughter alerted neighbors of Hawes’ imminent arrival. This upset the small community of 300 to 400 people. Suddenly, neighbors began researching the use of deadly force and the effect of watchdogs. The town called a meeting to discuss the situation with Ms. Brewton. The meeting became quite heated and at one point a resident threatened Hawes life. The meeting left it clear to Ms. Brewton that Hawes was not wanted in her house, which was located a mere 200 feet from a school bus stop. To resolve the conflict, at least three families pooled their money together and paid $250,000 to buy Ms. Brewton’s house. The families arrived at the dollar amount by taking the average of two state-approved appraisals on the twenty-seven acre land and house. The neighbors put $50,000 down and took out a mortgage on the remainder to insure that a convicted sex offender is not among them. Bilateral Problem: When analyzed from an economic perspective, it is clear that the problem of what to do to prevent Hawes from moving in is reciprocal. According to Coase, the traditional question would be if Hawes inflicts harm on the residents of Dilley how should Hawes be restrained. The real question is who should be allowed to harm whom to avoid the more serious harm. To analyze which harm is greater, both sides must be taken into account. The neighbors are attempting to avoid the potential harm to their neighborhood. With Hawes arrival, they are on heightened alert for their children’s safety. This constant fear brings down the property values in the neighborhood because of its undesirable nature. Hawes is also harmed by not being able to move into familiar surroundings that he has a legal right to move into. In the end, the neighbors decided that the harm was great enough to warrant paying Ms.

Legacy of colonialism and the economic development

One of the impacts of colonialism is in the development of trade and commerce between regions and countries that continue to be major factors in today’s economics. South Asia’s economy remains intimately connected to that of its colonizers, primarily with that of the United Kingdom’s. One of the key studies in the development of colonial to modern economics in the region is that of India (United Nations, 2003).The British East India Company was instrumental in expanding and developing India’s economy at the beginning of the 17th century (Reddaway, 1962). At the beginning, the Company had little leverage on the trade since India had little demand for the goods that it brought to the country but traders made lucrative profits in bringing Indian products to Europe. The commercial reforms reflected British policies and administration but also paved the way for the Indian traders and businesses who became significant in international commerce in the 18th centur y.The development of the agrarian economy, which similarly is a focus of current development objective of India, became the main industry. The policies integrated to the Indian customs and thus it did not significantly change the economic structure of the country but it provided more ground for UK companies to be established in the country (Rothermund, 1993).The shift in power developed through the India was effectively colonized by the crown, but the country’s economy remained closely linked with that of the UK (United Nations, 2003). The impact of such a relationship defied the prevalence of the US and Japan in Asian economics. One of the main reasons for the scenario is the degree by which social and cultural influences have been adopted by both countries. Support to UK companies and enterprises have been attributed to the number of Indian immigrants in the UK as well as of British citizens in India (Rothermund, 1991).According to the assessment of the management firm, McK insey & Company (2004), the history shared by India and the UK, both good and bad, has created long-term and successful partnerships that remain to be the critical factors with either country. The importance of economic systems and businesses established since the colonization of India is evident in the degree of confidence given to them in the country’s stock markets which have traditionally been conservative outside of the information technology industry (Levine & Zervos, 1996). Warren (1980) believes that countries that have a colonial history have adopted the capitalism that prevails in most of these countries today because imperialism has crated the economic and industrial foundations suited to capitalist economies.Rothermund (1993) furthermore points out that beyond the business and economic structures, the influence of colonialism can also be seen in the standards, practices and market preferences of Indian businesses: majority of Indian business follow UK standards an d prefer exporting to Europe than to the US, though McKinsey & Company (2004) qualifies such conditions maybe because of the China’s domination in US partnerships. Another indication of the influence of India’s colonial history is that most of its business leaders have been educated in the United Kingdom and the adoption of UK bases English to business communications.In conclusion, the impact of India’s colonial experience is apparent in the economic and business structures that still serve as the main architectecture of its industries. The influence can also be seen in the preferences and treatment of UK and Indian businesses of each other in both countries. Another indication of this influence is the characteristics of its markets, investments and policies that are in place both as a response to the needs of existing industries but also because of the close social and political ties between the two countries.ReferencesLevine, R. and   Zervos, S. (1996).   Stock Market Development and Long-Run Growth.   The World Economic Review, 10, p.323-339.McKinsey & Company (2004). China and India: The Race to Growth. McKinsey Quarterly . Retrieved on June 7, 2007 from http://www.mckinseyquarterly.com/article_page.aspx?L2=19&L3=67&ar=1487&pagenum=1.Reddaway, W.B. (1962). The Development of the Indian Economy.   Homewood, IL: R.D. Irwin.Rothermund, D. (1993) An Economic History of India: From Pre-Colonial Times to 1991.   New York: Routledge.United Nations (2003).   Country fact sheet: India.   World Investment Report 2003 FDI Policies for Development: National and International PerpectivesPerspectives.   New York: United Nations Publications, E.03.II.D.8.Warren, B. (1980). Imperialism: Pioneer of Capitalism. London: Verso Press.

Fire and Ice Analysis

Kailey Ausley Ms. Shumpert English 1102 TGAF 04 April 2013 An Ambiguous Meaning A poem is used to express the emotions and experiences of the author. There are four types of poems: narrative, lyric, didactic, and dramatic. A narrative poem contains a sequence of events in chronological order that tells the reader a story. A dramatic poem is normally used for onstage performances with dramatic monologue. A lyric poem is songlike, but the subject matter is not song appropriate. A lyric poem has rime, which is where words look alike, and rhyme, which is where the words sound alike only.A didactic poem teaches the reader morals or a lesson. A reader can, however, develop many meanings behind the poem due to a certain way he is feeling or a life experience. In poetry, there is no right or wrong meaning. Poetry speaks to each of its readers differently. In Robert Frost’s poem â€Å"Fire and Ice,† it is both a lyric and didactic poem. There are several meanings that can be arg ued in â€Å"Fire and Ice. † Is Frost’s â€Å"Fire and Ice† about the world ending or a past love that has ended? In the first two lines, Frost writes, â€Å"Some say the world will end in fire, / Some say in ice. The first thought that comes to mind when reading these two lines is that the poem is about the debate on how the world will one day end. Christians believe that the world is going to end in fire as the Bible says. Second Peter chapter three, verse twelve declares, â€Å"But the day of the Lord will come as a thief in the night, in which the heavens will pass away with a great noise, and the elements will melt with fervent heat; both the earth and the works that are in it will be burned up. † People not of the Christian faith believe that the world is going to end, just not in fire.The Earth once experienced an ice age, and scientists have deemed it true that this is how the Earth will end once again. A reader may not interpret the first two li nes to be related to a past relationship in any way. Consequently, the context will probably have a literal meaning until reading further into the poem. The third and fourth lines however may cause the reader to begin questioning the meaning behind the poem. Frost writes in these lines, â€Å"From what I’ve tasted of desire/ I hold with those who favor fire† (Frost 441).Frost states that he has experienced desire at some point in his life, and he delighted in it. Frost could have experienced the love of God and could have known He is existent. Frost could also be using these lines to inform the reader of a passionate relationship. Although the reader does not know exactly what Frost is referring to, it is recognizable that he has a deep passion towards something. Frost writes in lines five through nine, â€Å"But if it had to perish twice, / I think I know enough of hate/ To say that for destruction ice/ Is also great/ and would suffice† (Frost 441).These five l ines give the impression of contradiction to the first four lines. Frost goes from talking about death by â€Å"fire† to death by â€Å"ice† (Frost 441). Frost says though that if he had a second chance he would choose ice. The reader can comprehend here that Frost is saying everything will come to an end eventually. If he is talking about how the world will end, he knows that human death is inevitable and everyone will die. Perhaps Frost is talking about a relationship; he knows that all good things must come to an end.He would rather the relationship to end in â€Å"fire,† or passion, but if it ends in cold, heartless â€Å"ice,† it is okay because it was going to end at some point (Frost 441). To simply say that this poem was about either of the aforementioned would not be fair. Poetry has its own way with each and every reader. However, there are two things that are certain no matter who the reader is; this poem is a didactic because it teaches a less on and lyric because it has rime and rhyme. The lesson of this poem is that everything must come to an end, whether it is good or bad.Frost never revealed the true reason of writing this poem, but he did write it to express his emotions. Maybe he was literally talking about how the world was going to end, or he could have been talking about a lost relationship. Because Frost never gave the true meaning, the reader is left to let the imagination wonder. Without a true meaning, the reader can form his own opinion from what speaks to him within the poem. Frost, Robert. â€Å"Fire and Ice. † Backpack Literature: An Introduction to Fiction, Poetry, Drama, And Writing. Ed. X. J. Kennedy and Dana Gioia. New York: Pearson, 2012. 441. Print.

The Symbolism Of Young Goodman Brown Essays - Young Goodman Brown

The Symbolism Of Young Goodman Brown Essays - Young Goodman Brown The Symbolism Of Young Goodman Brown The Symbolism of Young Goodman Brown Nathaniel Hawthorne is a nineteenth-century American writer of the Romantic Movement. Hawthorne was born is Salem, Massachusetts, and this is the place he used as the setting for some of his works: such as The Scarlett Letter, the Blithedale Romance and Young Goodman Brown. In writing, Hawthorne was known for his use of allegory and symbolism, which made his stories a joy for everyone to read. Hawthorne was said to be the first American writer who was conscious of the failure of modern man to realize his full capacity for moral growth. His stories contain much about the life he knew as a child being brought up in a Puritan society. As Hawthornes writing continued it was filled with the same amount of sin and evil as his first writings. Evil that was revealed through his works. Young Goodman Brown was said to be one of the best stories ever written by Hawthorne (Adams70). The Marble Faun: and the Scarlett Letter were some of the other stories written by Hawthorne, and they were said to be Young Goodman Brown grown older. In this selection there is a question of maturity for Goodman Brown and whether he is good or evil. There is also a transition from childishness to adolescence to maturity. This short story in particular has a feeling of adultery, betrayal, and deception as in some of his other works. It was said by Richard P. Adams that young Goodman Brown was a germ for nearly all his best work that followed (Adams 71). The use of symbolism in young Goodman Brown shows that evil is everywhere, which becomes evident in the conclusion of this short story. Hawthornes works are filled with symbolic elements and allegorical elements. Young Goodman Brown deals mostly with conventional allegorical elements, such as Young Goodman Brown and Faith. In writing his short stories or novels he based their depiction of sin on the fact that he feels like his father and grandfather committed great sins. There are two main characters in this short story, Faith and Young Goodman Brown. Young Goodman Brown is everyman seventeenth-century New England the title as usual giving the clue. He is the son of the Old Adam, and recently wedded to Faith. We must note that every word is significant in the opening sentence: Young Goodman Brown came forth at sunset into the street of Sale, Village; but put his head back, after crossing the threshold, to exchange a parting kiss with his young w2ife. She begs him to put off his journey until sunrise, but he declares he cannot. [It] should not escape us that she tries to stop him because she is a similar compulsion to go on a journey herself-She talks dreams, too, Young Goodman Brown reflects as he leaves her. The journey each must take alone, in dread, at night, is the journey away form home and the community from conscious, everyday social life, to the wilderness where the hidden self satisfies or forces us to realize its subconscious fears and prompting in sleep. We take that journey with him into the awful forest. Noting the di fference between the town and the forest. We see Hawthorne using the Puritan association of trees and animals. When Young Goodman associates returns to Salem Village, his eyes are opened to the true nature of his fellowmen, that is human nature; he inescapably knows that what he suspected of himself is true of all men Hawthorne has made a dramatic poem of the Calvinist experience in New England. The unfailing tact with which the experience is evoked subjectively in the more impressive concrete terms, is a subordinate proof of genius. I should prefer to stress the wonderful I control of local and total rhythm, which never falters of stackers, and rises from the quest but impressive opening to its poetic climax in the superb and moving finale. Hawthorne has imaginatively recreated for the reader that Calvinist sense of sin, that theory did in actuality shape the early social and spiritual history of New England. But in Hawthorne by a wonderful feat of translation, it has no religious significance; it is as a psychological