Candy Coffee Filter Chromatography

You can do paper chromatography using a coffee filter to separate the pigments in colored candies, like Skittles or MM candy. This is a safe home experiment, great for all ages. Difficulty: Easy Time Required: about an hour Candy Chromatography Materials Basically, you need colored candies, a coffee filter or other porous paper, and salt water for this project. Skittles or MM candiesCoffee filterTall glassWaterTable saltPencilToothpicksPlate or foilPitcher or empty 2-liter bottleMeasuring cups/spoons Procedure Coffee filters usually are round, but its easier to compare your results if the paper is square. So, your first task is to cut the coffee filter into a square. Measure and cut a 3x3 (8x8 cm) square from a coffee filter.Using a pencil (ink from a pen would run, so pencil is better), draw a line 1/2 (1 cm) from the edge of one side of the paper.Make six pencil dots (or however many colors of candy you have) along this line, about 1/4 (0.5 cm) apart. Underneath each dot, label the color of the candy you will test on that spot. You wont have space to write the whole color name. Try B for blue, G for green, or something equally easy.Space 6 drops of water (or however many colors you are testing) equally distant on a plate or piece of foil. Position one candy of each color on the drops. Give the color about a minute to come off into the water. Pick up the candy and eat it or throw it away.Dip a toothpick into a color and dab the color onto the pencil dot for that color. Use a clean toothpi ck for each color. Try to keep each dot as small as possible. Allow the filter paper to dry, then go back and add more color to each dot, a total of three times, so you have lots of pigment in each sample.When the paper is dry, fold it in half with the color sample dots on the bottom. Ultimately, you are going to stand this paper up in a salt solution (with the liquid level lower than the dots) and capillary action is going to draw the liquid up the paper, through the dots, and toward the upper edge of the paper. The pigments will become separated as the liquid moves.Prepare the salt solution by mixing 1/8 teaspoon of salt and three cups of water (or 1 cm3 of salt and 1 liter of water) in a clean pitcher or 2-liter bottle. Stir or shake the solution until it is dissolved. This will produce a 1% salt solution.Pour the salt solution into a clean tall glass so that the liquid level is 1/4 (0.5 cm). You want the level to be below the sample dots. You can check this by holding the paper up against the outside of the glass. Pour out a little salt solution if the level is too high. Once the level is correct, stand the filter paper inside the glass, with the dot side down and the edge of the paper wetted by the salt solution.Capillary action will draw the salt solution up the paper. As it passes through the dots, it will begin to separate the dyes. You will notice some candy colors contain more than one dye. The dyes separate because some dyes are more likely to stick to the paper, while other dyes have a higher affinity for the salt water. In paper chromatography, the paper is called the stationary phase and the liquid (salt water) is called the mobile phase.When the salt water is 1/4 (0.5 cm) from the top edge of the paper, remove it from the glass and place it on a clean, flat surface to dry.When the coffee filter is dry, compare the results of chromatography for the different candy colors. Which candies contained the same dyes? These are the candies that have corr esponding bands of color. Which candies contained multiple dyes? These are the candies that had more than one band of color. Can you match any of the colors with the names of the dyes listed on the ingredients for the candies? Further Experimentation: You can try this experiment with markers, food coloring, and powdered drink mixes. You can compare the same color of different candies, too. Do you think the pigments in green MMs and green Skittles are the same? How can you use paper chromatography to find the answer?What do you expect to happen if you use a different type of paper, such as a paper towel or a different brand of coffee filter? How do you explain the results?

Fraud and Highest Embezzlement Case - 1938 Words

Embezzlement: Attempting to Find the Easy Way Out Name School Envy and greed has existed since the beginning of time. Maybe we are born with those traits or maybe we are taught through life’s lessons. The rich are perceived as having a carefree un-stress-filled life. The reality shows and news stories of the wealthy buying yachts, taking lavish vacations with their Barbie doll mate, summer homes that are actually castles and extravagant parties. The rest of the world seems to be the servants of the wealthy. How can society not be envious or greedy to obtain what the few have in their life? Part of society is happy with their position in life; just being able to pay the bills, and take care of their family is what drives them.†¦show more content†¦(Marquet, 2010) Ricardo Carrasco, a Uruguayan national, was able to embezzle $97.7 million from the BankBoston Corp located in Boston Massachusetts. As the same as the Beesemyer’s case, officials were unable to determine the length of the fraud. He was uncovered in 1998 at the age of 41. Yet, Carrasco suspected that the bank officials finally caught on to him, so he went into hiding. Carrasco started his association with the BankBoston Corp in 1977 at the Uruguayan branch. In 1998, the bank transferred him the Boston location. Carrasco executed fraudulent loans to an Oldemar Laborda in Argentina. Oldemar Laborda has been known for having a highly suspicious past. The FDIC ordered Carrasco to repay $73 million. The bank wrote off $66 million and even offered a $10,000 reward for information leading to his arrest. But to this day, he remains a fugitive. (Marquet, 2010) The Chief Operating Officer of Tenens Corp., dba Essex Street Associates of Beverly Massachusetts embezzled for seven years the amount of $72.3 million. John Doorly started with the company as a clerk, and with hard work, was able to rise to the CFO position. The clients trusted him, the company trusted him. In the seven years, he transferred assets from the clients trust accounts to his own personal accounts. Doorly established personal credit cards that the company unknowing paid for. He even overcharged clients in the excess of $61Show MoreRelatedWhite Collar Crime1407 Words   |  6 Pagescrime is defined as various crimes, as embezzlement, fraud, or stealing office equipment, committed by business or professional people while working. Generally the person accused of a white collar crime is someone of high prestige. White-collar crime is a broad term that encompasses many types of nonviolent criminal offenses involving fraud and illegal financial transactions. 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Advertising and Older Consumers Image and Ageism Free Essays

In past years the market that most advertisers aimed towards was the Gen X group. Now many advertisers are shooting at the even younger Generation Y. The interesting thing is that many of these products advertised are items that all generations use, such as food, soft drinks, clothing, cars, entertainment, etc. We will write a custom essay sample on Advertising and Older Consumers: Image and Ageism or any similar topic only for you Order Now Rarely are older generations revealed using these products in print ads or commercials. The Issue: This creates the issue to advertisers that they stereotype older generations and reinforce society’s misconception that people over 50 are feeble, pitiable, or incompetent. In many cases advertisers do just this. Remember the commercial for Lifecall emergency alert device in the early 90’s where the elderly Ms. Fletcher fell in her bathroom and, while lying there helpless, she calls out, â€Å"I’ve fallen and I can’t get up.† Despite the importance of this product to seniors who live alone, the commercial quickly became the brunt of many jokes, including skits on Saturday Night Live and the Tonight Show. Could Lifecall have designed a better advertising campaign that would not have alienated or mocked its target market? This brings up the question of whether advertisers have a responsibility to change the mindset that being over 50 is old? Are they responsible to change the way society views 50+? Can they even change society’s views of 50+? Absolutely! By utilizing cross-generational advertising, marketers can benefit the consumers, companies, advertisers, and society as a whole. The Stakeholders: 50+ Consumers – The nature of the 50+ age group is rapidly changing. Humans are living longer and are more active than ever before. They don’t feel old and feeble, so why would they want to support product advertising that makes them appear weak and vulnerable? They don’t. Advertisers/Corporations – Advertising is the primary source that companies use to inform and educate the public about their product while influencing consumers to purchase it. In the past marketers have primarily advertised towards younger generations because they have more impulsive buying behaviors. Also, according to the case, many executives in the marketing field are from younger generations; therefore, they create advertising campaigns with which they can identify. Society – The overall public, including the target market, views marketing campaigns. Almost everyone has access to publications and television that contain advertising directed at specific groups. For example, children watch the programs their parent’s watch and parents watch children’s programming. We are all exposed to advertising that might or might not be directed towards our generational market and it influences our opinions about those groups. Utilitarianism Theory: Cross-generational advertising is a method of marketing that illustrates many generations using the same products without segregating or degrading any generational groups. This will produce the greatest long-term benefits to the most number of stakeholders. First, using models from Generation Y through the GI Generation will create awareness and a better understanding of age diversity in the consumer market. In turn, stereotypes of older generations will be broken. This could lead to a social and economic breakthrough. Older generations will feel more accepted in society and will have the urge to be more active. As they become more active, greater consumer spending is generated which benefits the corporation’s overall profits and its stockholders. Free Market Theory: According to the IPC Magazine survey identified in the case, 62% of women prefer to see women their own age advertising products towards them1. In addition the over-50 age groups claim the majority of wealth and generate over 51% of consumer spending in the United States2 (see Graph). If companies would advertise using over-50 models and actors, brand recognition would be established because the older consumers would identify with the advertisement and therefore purchase the product. If you look at this from a company’s perspective, there is a substantial market vying for cross-generational advertising. Since the company exists to make money for its shareholders, what would be better than to target the market that possesses the greatest wealth and majority of consumer spending? Rights Theory: Companies have the right to advertise their products to the target markets of their choice. At the same time the consumer has a right to be informed without being misled or deceived. In many cases the messages that advertisements relay give consumers misperceptions about a particular generational group. For example, the majority of pharmaceuticals are advertised using 50+ models. Rarely are these models used for products such as apparel, soft drinks, or new cars. This gives the general public the misconception that anyone over 50 is sick, weak, and unable to use the products that â€Å"everyone† else uses. Justice Theory: When reviewing ageism in advertising, the over-50 population is treated less equitably. A cross-generational marketing strategy would allow 50+ models to advertise everyday products while still appealing to younger markets. This would compensate for past injustices to older generations by finally giving them an accurate portrayal in the media. Marketing campaigns could also incorporate models from different generations to distribute equal time and equal representation in advertising. In the end, future retribution will be given to millions of older Americans as age discrimination in the media is diminished. Social Contract Theory: In the end, advertisers need to gain the trust of their consumers. As long as they continue to mock older generations or ignore them all together, they run the risk of â€Å"punitive reactions – consumer boycott, regulation, media hostility, financial loss, and above all loss of reputation1.† They also owe society a picture of reality when it comes to the aging population. The Baby Boomer generation, with a population of 76 million, is the largest and most economically powerful demographic group in the US3. As a majority of this group has already passed the 50-year mark and the rest are soon to follow, an accurate depiction of our modern day aging process is needed because eventually everyone will pass through these same life stages. How to cite Advertising and Older Consumers: Image and Ageism, Papers

Statistical Analysis and Decision Making

Question: Discuss about the Statistical Analysis and Decision Making. Answer: Introduction Statistical analysis is plays an important role in the process of decision making. For any type of data set, we use the statistical analysis for the different variables for finding the facts regarding data. Here, we have to analyze the data regarding the two variables sunshine and sunlight for the Liverpool city in United Kingdom. We have to use the descriptive statistics for these variables for the data for the sunshine and sunlight from the year 1981. The descriptive statistics gives us general idea about the nature of data. Also, we have to use the scatter diagrams for finding the relationship between the two variables. Also we have to use testing of hypothesis for checking the different claims regarding the variables included in the data set. We have to use the Mann-Whitney test for median, two sample t test for the population means for checking the significant difference between the two medians and means. Let us see this statistical analysis in detail given as below: Objectives An objective for this study is to use of descriptive statistics and testing of hypothesis for making decisions about the variables included in the study. Also, by using the different techniques of testing of hypothesis we have to check the different claims given as below: Is there any significant difference between the two medians? Is there any significant difference between the two means? Statistical Analysis From the scatter diagram, it is observed that there is a positive relationship exists between the average monthly sunshine hours and average monthly sunlight hours. The average sunshine hours for the February month is given as 65.15 with the standard deviation of 3.54 while the average sunlight hours for the February month is given as 73.85 with the standard deviation of 4.84. From the comparison of the above two seven year moving average plots, it is observed that there is a larger variation for the sunshine data than the sunlight data. Also, the prediction line shows that there is more variation in the sunshine data than the sunlight data. The overall pattern for the sunshine and sunlight data has the same pattern of variation and this facts show that there is a relationship between the sunshine data and sunlight data. The Mann-Whitney test is used for checking the significant difference between the medians. The test is significant at 5% level of significance. This means we conclude that there is a significant difference between the medians of the hours of sunshine. Two sample t test for population means is used for checking the significant difference between the population means. For this test we get the p-value as 0.00, so the test is significant at 5% level of significance. So, we conclude that there is a significant difference between the means of the hours of sunshine. Results are always sensitive for the observations included in the data set and if any artificial errors occur in the data then this may impact on the results of the hypothesis tests used for checking the claims. Due to these observations the values for the mean, standard deviations would be change and this will results into increasing or decreasing the value of test statistics and P-value. We take the decision based on the P-value and this fact bias out results regarding the null hypothesis. So, it is important to avoid these types of errors in the data set for research studies. The chi square test for independence is used for investigating the preferences on the alternative uses of farmland for the Biofuels for transport, Photovoltaic arrays and Wind turbines. For this test we get the p-value = 0.00 approximately which is less than alpha value or level of significance 0.05, so we reject the null hypothesis that two categorical variables are independent. This means we conclude that two categorical variables are not independent. Conclusions The average sunshine hours for the February month is given as 65.15 with the standard deviation of 3.54 while the average sunlight hours for the February month is given as 73.85 with the standard deviation of 4.84. We conclude that there is a significant difference between the medians of the hours of sunshine. We conclude that there is a significant difference between the means of the hours of sunshine. The chi square test for independence for investigating the preferences on the alternative uses of farmland for the Biofuels for transport, Photovoltaic arrays and Wind turbines shows that two categorical variables are not independent. References Casella, G. and Berger, R. L. (2002). Statistical Inference. Duxbury Press. Cox, D. R. and Hinkley, D. V. (2000). Theoretical Statistics. Chapman and Hall Ltd. Degroot, M. and Schervish, M. (2002). Probability and Statistics. Addison - Wesley.

Eighteen Year Old Vote Essays - James Madison, Constitutional Law

Eighteen Year Old Vote When the thirteen British colonies in North America declared their independence in 1776, they laid down that governments are instituted among Men, deriving their just powers from the consent of the governed. In so doing they were consciously echoing the words of the Great Charter which King John had sealed 561 years before, wherein he had undertaken that no tax may be levied in our kingdom without its general consent. Similarly, the federal constitution which the newly independent states drew up in 1787 was to a large extent the formal statement of rights and liberties already won in Britain. However, while England had for centuries been intent on limiting the power of the absolute monarchy, American constitution-writers now focused on limiting the power and potential danger of the new absolute ruler - Congress, and the power of federal government institutions generally. This they sought to achieve not only through constitutional provisions and the Bill of Rights, but also through the celebrated checks and balances whereby two Houses, and the President as Executive, exercise discipline and restraint over one another. The judiciary was also placed to act as a restrictive force; indeed the US Supreme Court has traditionally seen itself as the ultimate discipline upon government power, and champion of the citizen against government excesses. The supremacy of the constitution over any and all branches of government was seen by America's Founders as the essential assurance of orderly and disciplined government, a view clearly described by Mr Hugo LaFayette Black, Associate Justice of the US Supreme Court, 1937-1971. The form of government which was ordained and established in 1789 contains certain unique features which reflected the Framers' fear of arbitrary government and which clearly indicate an intention absolutely to limit what Congress could do. The first of these features is that our Constitution is written in a single document. Such constitutions are familiar today and it is not always remembered that our country was the first to have one. Certainly one purpose of a written constitution is to define and therefore more specifically limit government powers. An all-powerful government that can act as it pleases wants no such constitution - unless to fool the people. England had no written constitution and this once proved a source of tyranny, as our ancestors well knew. Jefferson said about this departure from the English type of Government: Our peculiar security is in the possession of a written Constitution. Let us not make it a blank paper by construction. A second unique feature of our Government is a Constitution supreme over the Legislature. In England, statutes, Magna Carta, and later declarations of rights had for centuries limited the power of the King, but they did not limit the power of parliament. Although commonly referred to as a constitution, they were never the supreme law of the land in the way in which our Constitution is, much to the regret of statesmen like Pitt the elder. Parliament could change this English Constitution; Congress cannot change ours. Ours can only be changed by amendments ratified by three-fourths of the States. A third feature of our Government, expressly designed to limit its powers, was the division of authority into three co-ordinate branches, none of which was to have supremacy over the others. This separation of powers with the checks and balances which each branch was given over the others was designed to prevent any branch, including the legislative, from infringing individual liberties safeguarded by the Constitution. All of the unique features of our Constitution show an underlying purpose to create a new kind of limited government. [Completion of the Constitution was followed shortly after by James Madison's proposed ten additions or Amendments, these first ten Amendments becoming collectively known as the Bill of Rights. Mr Justice Black continues:] Central to all of the Framers of the Bill of Rights was the idea that since Government, particularly the national government newly created, is a powerful institution, its officials - all of them - must be compelled to exercise their powers within strictly defined boundaries. As Madison told Congress, the Bill of Rights' limitations point sometimes against the abuse of the Executive power, sometimes against the Legislative, and

Formal and Informal Communication Essays

Formal and Informal Communication Essays Formal and Informal Communication Paper Formal and Informal Communication Paper Formal and Informal Communication in Health and Social Care Informal communication is used between people who know each other well, for example friends and family. Friends and family may use jargon between one another that others would not understand, therefore wouldnt be suitable to use with other people, such as slang words only used locally, which someone from another part of the country may not understand. Very informal language would be inappropriate to use in many health and social care settings, such as in a doctors surgery, as this would create communication barriers between yourself and the patient, and you may come across as impolite. For example, it would be acceptable when a patient enters a doctors office for the doctor to greet them formally, address them as Mr or Mrs, and shake their hand in a respectable tone at a volume that is not too quiet for the patient to hear, but not too loud that you are shouting at them. If, when the patient entered the room, the doctor said Alright mate hows it going? It would not be surprising if the patient was taken aback, and offended at the doctors speech. In addition to the use of informal language possibly being seen as impolite, using slang/jargon with someone from another country, who may not speak English as their first language, could also create language barriers between the two of you. The person may feel uncomfortable as they do not understand what you are saying and there could be misunderstandings and misinterpretations of what is being said. Formal communication is used in many health and social care situations, as it is understood by the majority of people and usually doesnt create communication barriers in the ways which other forms of communication, such as informal language, might do. Formal communication shows respect to the people you are communicating with. When someone enters a reception desk, for example in a day care facility, we expect to be greeted politely. If we were greeting with something like what do you want then it would cause offense and would be seen as very rude. : However, the degree of how formal the language is differs between the situation in which it is being used in, and the care worker must adjust the way they are speaking depending on which situation they are in. If someone speaks too formally they may put the person they are talking to on edge and make them feel uncomfortable, but if someone is being spoken to too informally, then they may feel as if they are not being taken seriously or being respected.

Innovation in management services in supply chains(SCM) Essay

Innovation in management services in supply chains(SCM) - Essay Example Importance of innovation Innovation is best described as the development and creation of unique possibilities for making value added contributions in a particular industry. The entire process of innovation goes beyond the traditional method of implementing new manufacturing processes or developing innovative products because it comprises of much broader aspects such as innovation in the market, organization and input resources (Kim, Kumar, & Kumar, 2012; Ozturen & Sevil, 2009). Innovation in tourism and hospitality industry In the last few years, the researchers such as Boon-itt and Pongpanarat (2011), Martinez-Ros and Orfila-Sintes (2009) and Spekman, Spear and Kamauff (2002) have done extensive studies on the role of innovation in service sector especially tourism and hospitality industry. Tourism and hospitality industry consists of many areas and dimensions and the study is catered across different elements. As the world has become global, travelling to different destinations wor ldwide is now the favorite leisure activity of majority of the consumers of any society. It has been reported by many countries such as France, USA, UK, Malaysia, Singapore, Turkey, China and Canada that the number of tourists is increasing at a faster pace than expected (Nassiry, Ghorban, & Nasiri, 2012). In order to provide exceptional tourism experience to the visitors, the tourism and hospitality industry of each country has to introduce innovative products and services that will meet the expectation level of the customers (Anthony, Johnson, & Sinfield, 2008). This industry is mainly made up of tour operators, travel agencies, hotels and accommodation service providers and airline companies. One of the key areas of focus by the players in the respective industry is the development of an effective Supply Chain Management (SCM) that ensures that the tourists are provided the most satisfying level of services (Zhang, Song, & Huang, 2009). Real life examples of SCM initiatives and i nnovations Since the demands of customers change at an accelerating pace in each market, it is required by every company to closely monitor the changing patterns of innovation requirements in the products and services. The customers of tourism and hospitality industry are looking for open service innovation which was the concept introduced by FedEx. Almost all the firms existing in the industry have ensured that they employ the latest technology in their services so that they have a strong presence in the market (Gunasekara, 2006). The consumers need to know about the tourism and hospitality industries so that they develop an interest in trying out the services. Some of the initiatives that have been observed in the Tourism supply chain (TSC) are integration of supplier and buyer relationship (Rizova, 2006), taking the suppliers on board when developing new products so that the feasibility of the project can be effectively designed (Handfield & Lawson, 2008) and eliminating the unne cessary intermediary steps so that the cost can be saved to a much larger extent (Miles, 2008). Such types of initiatives is a necessary act to be conducted by the organisations as

Was Hitler a Weak Dictator between 1934-1939 Essay

Was Hitler a Weak Dictator between 1934-1939 - Essay Example If there was a weakness to be found in Hitler's dictatorship then it would have had to be his own greed and desire to conquer the entire world, which was an impossible feat, yet Hitler failed to see the reality of his circumstances. However, with regard to his iron rule over his people and the control he had over other countries, he was by no means weak but rather he was an extremely powerful and suffocating force, making all the necessary decisions concerning his homeland. The conclusion will show that the reign of Hitler still haunts the memories of many due to the delirious atrocities he placed upon thousands, which inevitably brings the validity needed to prove he was cruel and vindictive but never could he be classified as weak. Hitler's role was much too central in Germany for him to have ever been considered a weak dictator. Furthermore, in order to validate the point being made that Hitler was indeed not weak during these years it can be pointed out that he had a hefty amount of control over all areas of socialization and political governance during this time. This was through his tyranny on the people themselves and his say so in how the educational system worked, his persecution of the minorities in the country, the development of propaganda and censorship, and his overall pull in the maturing belief of Nazism (Jackson & Spielvogel 1996, pg. 12). Hitler pretty much controlled every activity that people participated in on a daily basis, from leisure activities to their quality of life at work and home as well. This is basically why there have been statements made about him of how he ruled Germany through his threatening presence alone (Klaus & Fischer 1997, pg. 110). Just for an example, Hitler had more control over the people than what has ever actually been realized. He forced German citizens and his military to pledge an oath to his allegiance and those who did not were dismissed and later executed. In fact, during these very year's history has shown that Hitler was at the rise of his popularity within Germany and in other regions of which he had conquered so there is no logical way to assume he was in any way weak at all but rather, as was stated previously, a very serious extremist and unrelenting dictator (Jackel 1972, pg. 55). The Rule of Hitler The question of if Hitler was able to be a strong dictator lays in the arguments of functional and intentionalists. A functional argument is the belief that Hitler didn't have a plan but used what was in front of him to his advantage, and an Intentional view is that Hitler had a plan and stuck by his plan therefore leading us to the question, 'was Hitler strong enough to have a plan and succeed it' Hitler knew how to abuse the chaotic government and he knew how to use the circumstances (Mitchell 1990, pg. 89). He knew exactly what the people wanted and what the military wanted. All of these aspects could have made Hitler strong. From the end of the 1st world war the military wanted rearmament and the people wanted revenge. These two circumstances assisted Hitler in having his voice heard more clearly and defined him as being a very strong leader throughout the years that he was gaining his control of the country. The weak government and the

Love. Response papers week 7 Assignment Example | Topics and Well Written Essays - 500 words

Love. Response papers week 7 - Assignment Example The same applies to nursing. Apart from the experience of the original responder, there are other evidences indicating that practicing nurses utilize intuition, and it has been powerful in changing patient outcomes (McCutcheon and Pincombe, 2001). The power of intuition also cuts across disciplines including the sciences. According to Holton and Elkana (1997), some scientists have agreed that intuition has had a part to play in innovation and scientific discovery. The power of intuition therefore transcends human intellect and innovation in scientific discovery. Improved patient outcomes, witnessed by nurses using intuition over logic in their nursing practice, are testimony to the importance of intuition. Because of its influence on the wellbeing of patients, there is a need to recognize intuition as an important tool in the nursing practice. The world desperately needs a unique role model, a person different from the common leaders so as to stop the endless reports of abandoned values, exploitation, manipulation, betrayed trust and discrimination. It is important for leaders to adopt the Lead Like Jesus style to achieve success and to attain to constructive influence. Just like the traits portrayed by Jesus, the characters outlined by Blanchard (2005) are somehow universal. By acting that way, Jesus was able to accommodate sinners transform them. The same should apply to modern leaders. Never will all members of a sports team or employees of a company possess the same characters, but the leader must focus on how to bring out the potential in them. This means that the first thing is to make them feel appreciated, mold them to fit the organizational culture, and then dig into their potentialities and talents. Tim Tebow can be said to have achieved this very well as demonstrated by the â€Å"Tebowing† practice. â€Å"Tebowing† is evidence that Tim’s unconditional love has generated an integrative and accepting

Mass Media And The Fashion Magazine Media Essay

Mass Media And The Fashion Magazine Media Essay Fashion magazines are a printed periodical publication of articles which are often illustrated indicating the recent trends in the fashion industry depicting the latest models of clothing, perfumes and shoes indicating their current prices. They also features articles on holiday destination guides and celebrity styles, best buys of fashionable items and gift guides, the best fashion, beauty, shopping, health, runway slideshows, travel and culture trends as the main contents of fashion magazines. (Wales, 2010) Fashion magazines are normally produced at regular intervals and are one of the major media of mass information regarding the fashion industry. The general model of the magazine exerts a great influence among its readers as it indicates the various interests of different people and social classes hence greatly influencing fashion trends and fashion related purchasing patterns among various individuals and organizations, depicting how greatly fashion magazines influence the public opinion regarding fashion. These magazines enable individuals to examine events in a broad perspective and only to dwell on what is most important which is mostly done through illustrations which show case models, entertainers and public figures clad in the various models of clothes, shoes and cosmetics. Following a tremendous increase in the volume and complexity in the information produced by modern society, the role of the fashion magazine as a medium of presenting, analyzing and evaluating factual fashion material has increased significantly in the recent years. There were plenty of fashion magazines around the turn of the 19th century. With the French magazines making the most impact in the world of fashion, they acted as trendsetters to other fashion magazine publications. Following changes in technology, leisure, work, cultural and moral values lifestyle trends have been turn influencing the clothes we wear. The first fashion magazine to report on the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s fashion trends was the Le Mercure Galant whose name which refers to the god Mercury; messenger of the gods was founded in 1672 and produced in 1678 by the writer Jean Donneau de Vise. (Ellwood, 1999) This magazine indicates how the French invented fashion and glamour from back in the 17th century up to the early 19th century. The magazine was founded with its main objectives being to inform the well-to-do society about life in the artistic and literally circles featuring developments in courts, theatrical and fashion reviews, songs and news on the latest gossip on marriages and other major social events. Its publication stopped in 1674, but in 1677 its publication started once again with the magazineà ¢Ã¢â€š ¬Ã¢â€ž ¢s name being changed to Nouveau Mercure galant which was a monthly issue as opposed to its earlier version the Le Mercure Galant which appeared irregularly. This magazine played a major role in the propagation of news on luxury goods, court life and fashion at the time both locally and overseas. In the 1724 the title of the Nouveau Mercure gallant was changed to Mercure de France which became the overt trendsetter of French arts and humanities as it played a major role in the à ¢Ã¢â€š ¬Ã…“Quarrel of the Ancients and the Modernsà ¢Ã¢â€š ¬Ã‚ , a debate on whether the arts and literature of the 17th century had achieved more than the illustrious writers and artists of antiquity. Hence gaining it the title of the most important literary journal in prerevolutionary France. . But during the revolutionary era its title was temporarily changed to le Mercure Francais. In 1811 its publication was stopped with the review being resurrected in 1815 and being published last in 1825. Providing a fashion magazine entails undertaking a very detailed research in order to assess the prevailing mood of a particular season and also so as to identify the trends to be photographed and articles to feature in a particular edition. Photos of galleries and runway shows and of gifts, holiday desti nations make up the larger part of fashion magazines. But in order to make those photos to look perfect they have to be edited which is normally carried out by fashion magazine editors. Hence the reason why most fashion editors use such publishing software such as adobe Photoshop to edit the photographs collected from their research. The process of producing a fashion magazine involves the following several steps. The first step requires an individual to come up with a concept of what to include in that particular fashion magazine. This is the initial stage before starting a fashion page. It involves planning the idea that one plans on putting on a page, which should be something that readers should enjoy seeing and finally buy. This should be done with considerations about the season and hence suggesting an appropriate fashion trend that will be fascinating to readers. The second step involves gathering of the necessary prerequisite materials to be included in the fashion page .It in includes collecting and assembling articles and photos from the research carried out earlier on; that one would want to include in the fashion magazine. Photos should be of high resolution and need to be edited by cropping and resizing before being saved on file. Articles should be in PDF or word format while photos being in picture extensions like jpeg or bmp. Creating of pages is the stage that follows. It involves use of publishing software like Adobe Photoshop. Through which a new file is created which now becomes the new field on which the fashion page will be created and designed with the name of a particular page being written in the name slot. The page can be preset by changing the background to a different colour to make it more attractive and presentable. The fourth stage involves placing of the selected images in the page created. This step involves placing the selected photos in the page created. Editing of images with the designated photo on the fashion page is the fifth stage. It involves changing the effects of the photos uploaded by moving it to the desired place and design by adjusting it to the desired size. This requires great creativity and imagination in order to come up with a superbly attractive fashion page. The sixth step is inserting of text or captions alongside the photos that have been placed on the page and with this the page design is finished. After which the page is saved prior to printing. Printing the fashion pages is the final stage of preparing a fashion magazine. The already saved fashion pages are printed with an overview of how the pages being printed will look like. Vogue is the most popular fashion magazine as of now. It was founded in 1892 by Arthur Baldwin Turnure as a bimonthly publication. The magazine focused mainly on fashion trends during that period but it also featured columns on sexuality. In 1973, the magazine underwent some extensive editorial and stylistic transformation as a response to changes in the lifestyle of the target audience. Nowadays, the most profitable and biggest fashion magazine company is still the Vogue magazine. This is due to the fact that it showcases unique models which attracts many customers and is also one of the magazines that most readers vote as the best as it covers a wide range of fashion products. There exists a deep relationship between mass media and the fashion magazine. With fashion magazines being an important media of mass information they exert a great influence among its readers. For the readers with trendy fashion ideas, they can use fashion magazines to learn about new collections being delivered by fashion designers. This could play to their advantage as such readers will get to read about such collections even before they actually get to the fashion malls. Fashion magazines are primarily published to give its readers ideas on how to improve their sense of fashion, improve their careers, health and finances. When it comes to the fashion advice sections, they have photos as well as back up articles that help both men and women visualize what their fashion suggestions are Through the editorial and mail box columns. Fashion magazines can be educational in terms of fashion and lifestyle in that fashion experts give responses on questions posted by readers for clarification. Hence through such replies fashion magazine readers can gain a lot of expertise regarding fashion trends. From fashion magazines you will also learn about the fashionable items that best suit your body type. Through the different clothing styles displayed in the magazines Through fashion magazines, readers get to know about colour combinations that actually match their skin colour and body shape. Since clothing is an instrument that we can use to highlight our good features and hence boosting our morale either at places of work or even at social gatherings. Fashion magazines use attractive online advertisement networks to attract more readers. Using the website, Fashion magazine editors can upload photos that would attract most people who visit the site. The fact that these magazines are colourful is one of the major reasons why most individuals end up reading fashion magazines. Offering the magazine either as a periodical or monthly issue ensures that readers develop a trend of waiting for the next edition to be released so as to buy it. As these magazines contain a variety of general articles, interviews by designers or fashion freaks, help columns for assistance to the readers on discounted stores where they can get those products. Charging a normal price for a magazine makes it more attractive, as it tires to cater for all classes of people in society. This way a magazine records more sales and is greatly appreciated by most people. Most fashion magazines consist of five parts on average with some having an extra part for exclusives. These parts are the cover page, cover story, editorial, mailbox, feature and the exclusive section. The cover page of the fashion magazine consists of both the front and back cover pages. These pages are generally the photos of top models or public figures clad in the most recent and fashionable clothes, shoes and cosmetics. The cover story section consists of a short article in the magazine whose subject matter appears in its front cover of the magazine. For the editorial section it is a letter from the senior editors of the fashion magazine to the readers congratulating them for sending in their comments, questions and more so for actually buying the magazine reflecting the opinion of the readers towards the magazine. The mailbox section consists of a subscription form for readers who would want the magazine mailed to their mail box. In the feature section, fashion reality shows w hich are one of the major parts of the fashion magazine are included. The exclusives section features those new releases in the world of fashion like cosmetics, clothes, iPods and other products. Providing a fashion magazine entails undertaking a very detailed research in order to assess the prevailing mood of a particular season and also so as to identify the trends to be photographed and articles to feature in a particular edition. Photos of galleries and runway shows and of gifts, holiday destinations make up the larger part of fashion magazines. However, in order to make those photos to look perfect they have to be edited which is normally carried out by fashion magazine editors. Hence the reason why most fashion editors use such publishing software such as adobe Photoshop to edit the photographs collected from their research.

Exercise Prevents Osteoporosis Essay -- Healthy Lifestyle Essay

DiSilvestro et al., 2007, conducted an 8-week study; examining increased micronutrient intake in young adult women would enhance exercise-induced changes in bone metabolism that could lower the risk of osteoporosis later in life. Subjects were 24 female students 18-24 years old that were overall healthy and assigned to either the PG (Placebo group, n=12) or MG (micronutrient group, n=12). Fasting blood and urine samples were taken before and after the 8-week study to determine changes in: 25-OH-vitamin D, parathyroid hormone (PTH), bone specific alkaline phosphatase (BAP), Urine deoxypyridinoline (DPD) and helical peptide (AHP). A resistance exercise program consisting of: (3 sets/8-12 reps) bench press, bicep curl, shoulder press, seated row, leg extensions, hamstring curl, (1 set/failure) calf raises and abdominal crunches were conducted 3 d/wk for the 8-week study. The researchers compared the PG to the MG by paired t-test using Excel with a p A study by Maimoun et al., 2007, examined 13 healthy individuals (9 women and 4 men) aged 69-79 years old in an 8-week experimental study to test the effects of antioxidant supplementation with aerobic tr... ...nopausal osteopenia or osteoporosis. Gynec Endo. 2009;25(9):616-620. 5) DiSilvestro RA, Crawford B, Zhang W, Shastri S. Effects of micronutrient supplementation plus resistance exercise training on bone metabolism markers in young adult women. J Nutr Envi Med. 2007;16(1):26-32. 6) Kemmler W, Engelke K, Stengel S, Weineck J, Lauber D, Kalender WA. Long-term four-year exercise has a positive effect on menopausal risk factors: the erlangen fitness osteoporosis prevention study. J Strength Cond Res 2007;21(1):232-239. 7) Maimoun L, Simar D, Caillaud C, Peruchon E, Sultan C, Rossi M, Mariano-Goulart D. Effect of antioxidants and exercise on bone metabolism. J Sport Sci. 2008;26(3):251-258. 8) Pearson JA, Burkhart E, Pifalo WB, Palaggo-Toy T, Krohn K. A lifestyle modification intervention for the treatment of osteoporosis. Am J Health Promot. 2005;20(1):28-33.

Examples of US Federal Government Authority Expansion Essay

If you were to ask one hundred Americans what caused the civil war I think ninety five out of that one hundred would say slavery. The Civil War was about the rights of states. They felt they had the right to secede from the Union. This was primarily due to the states feeling there rights were being taken away. This feeling was similar to how the colonies felt. We do remember that resulted in the Revolutionary War. The south was being force to purchase products produced in the north. Those products were more expensive. The southern states felt they were losing political power. Examples of U. S. Federal Government Authority Expansion Congress was authorized in 1865 to eliminate slavery. They did so by creating the Thirteenth Amendment. President Abraham Lincoln had already presented the Proclamation to stop slavery as an executive order. The Thirteenth Amendment made that Proclamation the law of the land. The Political Structure showed the second part of the Proclamation granted Congress the power to enforce through legislation what is considered the most important part. It gave them the ability to take further action against the Ten Confederate States. This would also give the government a way to introduce and pass further Proclamations in regards to the rights of slaves. Social structures showed that full civil rights were still a long way off. The law and public opinion are not always in alignment. While by law freed slaves and their descendants were citizens and had the same rights as whites, there were still treated differently. Segregation became institutionalized, under â€Å"Jim Crow† laws. The rise of the Ku Klux Klan in the early 20th century brought violence against African Americans. They used force to get the change they wanted. Separate but Equal† was the norm until the civil right movement. Economic structures naturally changed. Without slave labor, the way agricultural business ran had to be changed, and profit margins sank until the market compensated. Wages were poor, but African Americans were free to set up their own businesses, and to travel to other regions to find work. The Eighteenth Amendment written in 1919 prohibited the manufacturing, importing, and exporting of alcoholic beverages. This is only one example of how the Federal governed started using the power to restrict trade goods in the U. S.  To do so many offices had to be created. The Food and Drug Administration (FDA) assures the quality of food and pharmaceuticals, the Environmental Protection Agency (EPA) works to insure clean air and waters by restricting the use of toxic material in manufacturing processes, and the Drug Enforcement Agency restricts trafficking of illegal narcotics. The Eighteenth Amendment was later changed to the Twenty Fifth Amendment. Social structures changed, people found ways to work around the law. With the demand for liquor continuing to increase the black market started. Moonshiners and big Mobster Bosses reated organized crime. The moonshiners manufactured the liquor and the Mobster Bosses bought the liquor. The Mobsters then provided places where people could gather to consume the illegal alcohol. Prohibition was in full speed. The economic structures, showed two things that happened. First, breweries and distilleries either went out of business or shifted into something else. Second, an underground economy sprang into existence, flowing through the black market liquor business. The Twentieth and Twenty-Fifth Amendments each changed the terms of presidential succession. They changed such things as the date and time a newly elected President takes office. The Twentieth Amendment gives the House of Representatives the power to select the President in the event of death, when no line of succession is clear. It also grants the Senate the power to appoint the Vice President under the same circumstances. The Twenty-Fifth Amendment provides Congress with the power to decide to permanently remove the President from office, should he become disabled and unable to perform his duties, and declare the Vice President to be not just the acting President pro tempore but officially the President. The political ramifications of this are not so much applicable to overall Federal power, but to the power of separate political parties. If the President is the minority party, and the House majority is controlled by the opposing party, this could grant that party a great deal of power contrary to the will of the voters. The impact on social and economic structures remains largely hypothetical. It would depend on the party makeup of Congress, the issues at stake, and how the American people and America’s allies and enemies felt about the situation. Legislation that would have been vetoed gets passed, and vice-versa.

Summer Jobs Might be Harder to Find This Summer

Summer Jobs Might be Harder to Find This Summer From lifeguarding at the local pool to mowing lawns, most adults have fond memories of the summer jobs of their youth. But is this generations-old tradition going the way of the dinosaur? A recent report from JPMorgan Chase (JPM) indicates that it may be. Let’s take a closer look at this phenomenon, along with what it means for this year’s crop of employment-seeking teens and young adults. The 411 on Youth EmploymentJPM’s January 2015 report, â€Å"Building Skills Through Summer Jobs: Lessons From the Field,† reveals some unhappy statistics: less than half (46 percent) of young people who sought out summer employment in 2014 ended up landing jobs. This decline was consistent across nearly all industries.But it’s not just lack of jobs that’s the problem. It’s also a decline in youth employment in general. Over the past 12 years, there has been a near 40 percent drop in summer youth employment, with just over a quarter of young adults ho lding paid summer jobs in recent years.The outlook grows even more grim based on findings that economically disadvantaged youth, in particular, are even more impacted by the employment shortage.It’s no surprise that these less-than-optimistic figures led JPM’s Head of Workforce Initiatives Chauncy Lennon to conclude, â€Å"Young people are facing an employment crisis.†More Than a Loss Of JobsWhile the loss of jobs in itself is concerning, another factor is equally unsettling: the loss of skills which would otherwise be acquired on the job. After all, the expression goes that the â€Å"best way to get a job is to have a job.† And with the American workforce already facing a shortage of qualified workers, this decline in opportunities will only further slow the pipeline of trained employees into the workforce.Unfortunately, the situation is something of a vicious cycle. While some of the job cuts may pertain to the replacement of workers by technology and t he hiring of older works, a report from the Federal Reserve Bank of Boston, â€Å"Uncertain Futures: Youth Attachment to the Labor Market in the United States and New England,† yields another reason: a shift toward job openings which require more experience and skill than the typical high schooler brings to the table. But how can they be expected to develop these experiences and skills without a job market willing to take a chance on them?Searching for SolutionsWhile in the past the government has funded skills training programs, growth of these initiatives has stagnated in recent years. According to JPM, the solution is for employers to begin designing summer jobs focused on helping American teens and young adults gain the skills they need to succeed. To that end, JPM is in the process of investing $5 million over the next two years in summer youth programs within several American cities to support the growth of youth talent.But in the meantime what should teens do who are l ooking for work? Lennon recommends the importance of networking - from friends and family members to online job boards. And while finding these jobs may not be as simple a matter as opening up the â€Å"Help Wanted† section of the newspaper, perseverance offers significant payoffs - both for young adults and the economy their talent and experience will fuel.

Commentary on Lord Of The Flies Simons Death Essays

Commentary on Lord Of The Flies Simons Death Essays Commentary on Lord Of The Flies Simons Death Paper Commentary on Lord Of The Flies Simons Death Paper Essay Topic: Lord Of the Flies Simons Death, Lord Of The Flies In this passage that I analyzed, it’s right before Simon gets killed. The other guys on the island killed Simon and it was a truly brutal murder. They attacked Simon like a hunter attacking his prey; it was as if the boys were all animals. This passage actually shows how the boys changed towards the end of the book and it shows the effects of the island on the boys. The island has turned the boys into monsters. William Golding believed that human beings were born evil and the lack of rules just let them show their true selves, I don’t believe this, I believe that people are raised evil and especially childhood traumas can effect the future of the person. If a child was abused and didn’t have a loving family as a child they might unconsciously act the same way towards their children or people surrounding them. The children on the island had no boundaries, they did whatever they pleased, they didn’t have a stable lifestyle with people taking care of them and giving them food and a safe place to sleep in. On the island the boys had to do everything themselves, they had to build homes, a fire, and they had to hunt for food. These children were very young and the hunting must have seemed extremely cool to them and they must have loved the feeling that comes with killing another living thing because most of them did not even feel a tiny amount of guilt when they killed Simon, this is very upsetting. Simon was the representation of peace and spirituality in the book, after Simon’s death the boys lost the last bit of serenity they had amongst them and caused chaos all over the island, in the end they lit the island on fire and it was the representation of war. The boys murdered Simon in a brutal way while singing and dancing by the campfire. The boys have changed so much throughout the course of the book. The boys started off as innocent scared boys and turned into brave, psychotic murderers.

Customer Relationship Management in Luxury Hair Salon Essay

Customer Relationship Management in Luxury Hair Salon - Essay Example Thus, Nevin submits marketing a bit broader than the CRM, though he does not negate the significance of customer relationship management. Customer relationship management has been the matter of special attention for the organizations, marketers, investors, and retailers. Feinberg et al. have conducted their research with a special concentration on CRM in electronic retails under the title â€Å"The State of Electronic Customer Relationship Management in Retailing† and concluded that it is customers which serve as the pivotal point around which all the activities and schemes of the business environment revolve. â€Å"A business and marketing strategy†, they submit, â€Å"aims to integrate its technology, productivity, and all business activities around the customers of the organization.† (2002: p 473) Hence, they viewed customers and their satisfaction as the asset of the companies, without the help of which no strategic policies could be adopted or implemented. Parvartiyar & Sheth have strived to find out the relationship of marketing with the customer relationship management. â€Å"CRM†, according to them, â€Å"represents an enterprise approach to developing full knowledge about customer behavior and preferences and to developing programmes and strategies that encourage the customers to continuously enhance their business relationship with the company.† (2001: p 2-3) The writers are of the view that customer relationship management is highly supportive in completely understanding the growing needs and requirements of the customers, which is the most important issue for the growth and development of the organization. Hill, in his article, vehemently emphasizes upon the capturing of profitable customers for the enhancement of marketing and sales. â€Å"The most important thing in sales and marketing†, he views, â€Å"is  to attract and retain your most profitable business customers. In order to accomplish this feat, you must devise and implement a customer strategy that builds, fosters, nurtures and extends relationships with your customers. Your company profits only when the earnings from retained customers exceed the costs to acquire and to service customers over time.† (Retrieved from Helium.com)

Sex Addiction Among Teenagers Essay Example | Topics and Well Written Essays - 2250 words

Sex Addiction Among Teenagers - Essay Example indicated that they had been sexually abused, and 72% said that they were physically abused as children3. Families with fixed and repressed attitudes about sex, or families mired and/or dissociated are susceptible to producing sex addicts. Often these addictions have a component in general, in which the addict is satisfying the frustrated or repressed sexual desires of a sexual abuser (during early childhood), of a parent or of another ancestor. Signs of Sexual Addiction As with any addiction or compulsive behavior like alcoholism or drug addiction, there are warning signs for sex addiction too. The following includes many of the warning signs that are visible in teenagers dealing with sexual addiction4: Frequently telling sexual jokes or making sexual comments or innuendos Engaging in sexual activity-especially with several partners Spending considerable time in activities that could lead to sexual activity such as cruising for potential partners or spending hours online in chat rooms trying to hook up with others Visiting pornographic websites or looking at pornographic magazines, books, or videos Neglecting obligations such as work, school, or family in pursuit of sexual activity Continuing to engage in illicit sexual behavior despite the negative consequences related to such activities Escalating the scope or frequency of sexual activity to achieve a desired effect, such as more frequent visits to Web sites or sex with more partners Frequently isolating themselves from parents and friends and not informing others of their whereabouts Getting angry if someone shows concern or questions them about sex or their use of pornography Feeling irritable when unable to engage...According to the fact sheet, Marketing Sex to Children6, released by Campaign for a Commercial-Free Childhood7, there is a massive bombardment of sexual content and messages upon children: Setting aside TV, movies, and music, which may be controlled to a large extent, one most important and probably the biggest source of sexual content, which lies uninhibited, is the Internet. It caters to teenagers' desires by providing endless information on sex as well as a constant supply of people willing to discuss sex. With their identities remaining unknown, teens find it safer to search for information on sex. Links to porn content comes to them automatically through porn spam on their e-mail inbox or by being compelled to click on a link to a porn site. These sites conjure up a highly twisted image of normal relationships before their immature minds. In fact, pornography is directly related to sexual abuse, rape, and sexual violence. Excessive exposure to "hard-core" pornography tends to desensitize teens to "soft" porn and taking recourse to highly compromising images of bondage, rape, sadomasochism, torture, group sex and violence. AGI, Teenage pregnancy: overall trends and state-by-state information, New York: AGI, 1999, Table 1; and Henshaw SK, U.S. Teenage pregnancy statistics with comparative statistics for women aged 20- 24, New York: AGI, 1999, p. 5.

Food Allergys Essay Example | Topics and Well Written Essays - 500 words

Food Allergys - Essay Example Family background and age seem to be known causes of certain allergies. Hay fever, asthma, hives and eczema can be traced back to specific family backgrounds. While allergies such as milk, soy, wheat and eggs are considered to be more age related and occur mostly in children. In adults, food allergies are most commonly connected with the ingestion of peanuts, fish and shellfish. Recent studies also suggest that an immune system defect may also cause food allergies. Dr. Claudio Nicoletti of the Institute of Food Research in the United Kingdom believes that an allergy happens in 2 stages. He explains that "There are two stages to food allergy. The first is sensitisation, when the immune system starts producing an antibody in response to eating a food. The second is when that food is eaten for a second time, triggering an allergic reaction. We have identified an immune response malfunction that occurs in the sensitisation stage, which could provide a target for future therapies," (qtd. in FoodQuality news.com) Food Allergies are estimated to occur in 6 to 8 percent of infants and young children. A number of these children outgrow their Food Allergies over the first three to five years of life.

Half The Sky Essay Example for Free

Half The Sky Essay With Pulitzer Prize winners Nicholas D. Kristof and Sheryl WuDunn are great authors who give us true stories of girls and woman from Africa and Asia and their extraordinary struggles. We view the Cambodian teenager sold into sex slavery and an Ethiopian woman who suffered devastating injuries in childbirth. Drawing on the breadth of their combined reporting experience, Kristof and WuDunn view our world with anger, sadness, clarity, and, ultimately, hope. Through these stories, Kristof and WuDunn help us see that the key to economic progress lies in unleashing women’s potential. They make clear how so many people have helped to do just that, and how we can each do our part. In much of the world, the greatest unemployed economic resource is the female half of the population. Countries such as China have prospered precisely because they emancipated women and brought them into the formal economy. Realistic, and inspirational, this book is essential reading for everyone. They tell of an attempt to help a woman dying in childbirth in an African hospital, and the institutional, social, and financial problems that block efforts. They discuss how their support for legalization of prostitution was undercut by the more sordid reality they discovered behind the apparent success of just such a legal zone in India (in Kolkata), and examine how legalization of prostitution in the Netherlands compares as an anti-trafficking technique with the criminalization of sex-service purchases in Sweden. They point out how the campaign against female circumcision has been set back by the campaigners’ use of terminology (â€Å"female genital mutilation†) that turned the people they wanted to help against them. Kristof and WuDunn emphasis how important it is for individuals speaking up and resisting—but it’s here that their proposals (or, at least, their exhortations) seem questionable. (Mukhtar Mai) name we have heard before, Usha Narayane, and Sunitha Krishnan are clearly remarkable women, and deserve every support, but it is also true that they are very brave, and driven individuals—and lucky, because of their risk.

The Miller And Modigliani Capital Structure Irrelevance Theorem Finance Essay

The Miller And Modigliani Capital Structure Irrelevance Theorem Finance Essay Contrary to Modigliani and Miller (1958, MM hereafter), Capital Structure is not irrelevant when we consider a firm with a dividend payout policy. This article extends the MM capital structure theorem by relaxing the full payout assumption and introducing retention policy. The theoretical contribution shows that it is possible to verify the theorem when we suppose an investor who exchanges his initial holding for another portfolio composed of consumption and investment. The empirical analysis of this new approach is based on a data set of the USA Electric Utilities and Oil companies for the period 1990-1998. The results show that the relationships between leverage and firm value are significantly affected by the firms payout ratio. 1. Introduction Miller and Modiglianis (1958) irrelevance theorem is one of the important and puzzling issues in modern corporate finance theory [1], which has challenged the traditional view[2], that an optimum leverage exists. The main source of the puzzle stems from the fact that financial research dont seem to explain the firm financing behaviour as we attempt to reconcile the MM theory with the evidence(Myers 1984, Gordon1994, Rajan and Zingales1995). The MM theorem(proposition I) has shown that under a perfect market hypothesis the market value of any firm is independent of its capital structure (Stulz2006). This fundamental proposition explicitly indicates that the aptitude of investors to engage in personal or homemade leverage is sufficient to ensure that corporate leverage in itself cannot modify the total market value of the firm [3]. In other words, the theorem provides conditions under which arbitrage by individuals keeps the value of the firm depend only on cash flow generated by the i nvestment policy. Literature about the validity of the MM-proposition is discussed about whether investors can really accomplish the required conditions of the arbitrage method without changing the overall value of the company. In this context, many authors have shown the inadequacy of the theorem when variables that deal with the real world are introduced. Following the seminal paper of MM (1958), most theories have been put forward in corporate finance to reconcile the shortcomings of the irrelevance theorem with variables that explain the firms choice of capital structure. According to the previous debate, criticism against this theorem can be grouped in two types of arguments: on the one hand, there are papers which deal with the limitations of the arbitrage conditions; on the other hand, there are studies which analyze the effect of market imperfections on the firms choice of capital structure. Despite the importance of these interventions, we note that all of the limitations deal with the explicit assumptions used by MM, but none deals with the critiques of the MMs implicit assumptions. More recently, DeAngelo and DeAngelo (2006, DD hereafter) have challenged MMs irrelevance dividend policy. Dealing with this alternative of earnings as fully distributed, these authors have showed the irrelevance of the MM dividend irrelevance theo rem when MMs assumptions are relaxed to allow retention. As DeAngelo and DeAngelo(2006, page 294) wrote When MMs assumptions are modified to allow retention with the NPV of Investment policy fixed, a firm can reduce its value by paying out less than the full present value of FCF, and so Payout policy matters and Investment policy is not the sole determinant of value . According to DD(2006), the MMs irrelevance theorem forces firms to choose only among dividend policies that distribute the full present value of free cash flow(FCF) to shareholders. Distributions below the totality of earnings are ruled out by the implicit hypothesis. Dealing with this alternative of fully-distributed earnings, MM(1958) used the same hypothesis in the development of the irrelevance of capital structure.. As pointed by the authors à ¢Ã¢â€š ¬Ã‚ ¦.as will become clear later, as long as management is presumed to be acting in the best interests of the stockholders, retained earnings can be regarded as equivalent to a fully subscribed, pre-emptive issue of common stock. Hence, for present purposes, the division of the stream between cash dividends and retained earnings in any period is a mere detail. MM, 1958 p266. However, MM(1958) failed to recognize that proposition I implies that firms distribute all their cash flow to shareholders without paying any attention to their retention policy. This paper constitutes a new extended proof of the MM theorem by not considering the hypothesis of earnings as fully distributed. We will show that it is possible to verify the theorem when we suppose an investor who exchanges his initial holding fo r a mix of consumption and investment. The rest of the paper is organized as follows: in the next section, we demonstrate the irrelevance of the MMs capital structure irrelevance when earnings are not fully distributed. We propose the possibility of extending of the MM theorem. Furthermore, we show that the two firms are not forced to distribute their full earnings; and the irrelevance is hold in the presence of the mix of investment and consumption. Section III describes the data set, introduces the methodology, examines the hypothesis of the variables and investigates whether the empirical Modigliani-Miller capital structure irrelevance is influenced by dividend payout ratio. Section IV provides some concluding remarks. 2. How do we reconcile MMs capital structure irrelevant theorem with the firms payout choice? 2.1 The failure of the MM theorem when earnings are not fully distributed. As indicated by Rubinstein (2003), the law of the conservation of investment value of MM(1958) was anticipated by many studies (Fisher (1930), Williams[5] (1938), Durand (1952); Morton (1954) for examples) but none of these authors have used arbitrage mechanism to prove the invariance of the cost of capital under changes in leverage. The MMs theorem demonstrates that under certain hypothesis of market conditions, the value of the firm is independent of its debt-equity ratio and is given by capitalizing the expected return generated by its assets. This model can be expressed as: for any firm j in class k (1) Where V stands for the market value of the firm, S for the market value of its common shares, D for the market value of its debts, X for its expected earnings before interest on its assets, for the capitalization rate appropriate to its class. The analysis of the MMs arbitrage steps shows the implicit hypothesis of full payout ratio which plays a crucial role in the model. The MMs capital structure irrelevance theorem constrains firms to distribute all of their earnings. In particular, we note that the validity of the proof developed by MM is based on this implicit assumption. MM(1958) consider (see MM(1958) pages 269-270 ) the return of the investor Y as a fraction of the net income available (X-rD for levered firm and X for unlevered firm) for the stockholders. (2) Where: is the return of the investor before arbitrage process, L is levered firm and U is Unlevred firm and is fraction of the total outstanding shares owned by the investor. Obviously, MM(1958) confuse artificially return of the investor(dividend return) and net income which should be distributed between dividend and retention. MM(1958 page 266) assert that the division of the stream between cash dividends and retained earnings in any period is a mere detail. When we derive the MM capital structure theorem for firms that are not distributing all their earnings as dividends, it follows a non-adequacy of the arbitrage operations, a non-proof of the irrelevance model. Table I shows the two cases used by MM(1958) when we introduce a level of payout different from 100%. Therefore, when we use the same arbitrage as MM(1958), we must then admit that the two firms distribute all the available income to verify the leverage irrelevance proposition. As will be shown later, this assumption can modify the validity of the MM theorem. To justify this thesis, we suppose the same steps of the MM first proposition but with a slight difference: here we suppose that firms are not constrained to distribute all of their earnings. This means that we introduce in the arbitrage reasoning the payout ratio (PR) as a new variable. Table I below shows that MM theorem is not verified. The difference between returns (before and after arbitrage operations) is not the sa me as showed by MM (1958). Table I. The irrelevance of the MM capital structure irrelevance when payout ratio is different from 100% First possibility  : VL > VU Second possibility  : VU > VL First stage  : the initial return of the investor YL Second Stage: Arbitrage process Sold his initial worth of the firm L Borrows an additional amount dL with the same interest rate r Acquired new shares of the firm u sold his initial worth of the firm U Acquired new shares of the firm L Acquired new bonds b of the firm L Third stage: the return of the investor YU Final stage: Difference of earnings à ¢Ã‹â€ Ã¢â‚¬  Y= YU -YL Interpretations It is not possible to verify the MM results when we introduce the hypothesis of payout ratio different from 100%, the difference of returns will depend on the all components of the equation. When we pose PRL=PRU=1, it is easy to obtain the same difference of returns as MM(1958): or Notes: Using the MM formulation, we consider two firms L and U, for which the expected return is the same XL = XU = X. Company U is financed entirely by stock SU and company L by stock SL and debt D. The market value of each firm is then VU = SU and VL = SL + D, We denote PRL and PRU the payout ratios of the levered and unlevered firms (MM 1958 suppose PRL = PRU = 100% all expected return is distributed).sL =SL, sU =SU denote the value of shares owned respectively by an investor in the levered and unlevered firm with a fraction 2.2 The possibility of extension;The two firms are not obliged to distribute all their income: the mix of investment and consumption solution. The object of this section is to show that it is possible to demonstrate MMs proposition I without the hypothesis of earnings are fully distributed. In other words, we present an extension of the MM capital structure theorem for the case in which firms are allowed to have a payout policy. To prove this new proposition, we suppose the same hypothesis used by MM (1958), except that earnings are not fully distributed. Using the MM formulation, we consider two firms U, L for which the expected return is the same XL = XU = X. Company U is financed entirely by stock SU and company L by stock SL and debt D. The market value of each firm is then VU = SU and VL = SL + D. * Case 1: we suppose the value of the levered firm VL , to be greater than that of the Unlevered firm VU ( ). We denote respectively, PRL and PRU the payout ratios of the levered and unlevered firms (MM 1958 page 269) suppose PRL = PRU = 100% all expected return is distributed). First stage (initial return): consider an investor who owns sL dollars worth of the stock in the company L representing a fraction of the total outstanding shares SL, where sL= SL. His return YL can be written as: (3) The return from this portfolio, denoted by YL, will be a fraction of the income distributed for the stockholders of company L, which equals the multiplication of the payout ratio PRL by the difference between to total return X and the interest charge r DL. Where, r is the interest rate which the firm pays on its debt D. Second Stage (Arbitrage process): now suppose that an individual investor who adjusts his own personal leverage in order to increase his profits. He makes the following operations: (a ) Sold his worth sL of the company L and he divided it as follows: (i) he partially invested an amount IU = PRL.sL (which equals: IU=PRLSL) in acquiring shares (ii) he consumes the remainder CL= (1-PRL)SL. where sL= IU + CL . (b) Borrowed an additional amount . (c) Acquired an amount of the shares of the company U. He could so by using the amount IU from the sales of his initial holding and the amount d from borrowing. Third Stage (the new return): the income of the investor ((i) who holds sU dollars worth of the shares of the company U (ii) and who must pay interest of personal debt d would be: (4) Last Stage: Arbitrage profit: Comparing (4) with (3) we obtain: (5) Thus, under this approach we can distinguish two situations: First situation: If PRU= PRL = 1 then we find the same result as obtained by MM (1958 page 270). (6) Second situation: We can also verify the same result of MM(1958 page 270) without the hypothesis of PRU = PRL = 1, we can simply assume PRU = 1, while the payout ratio of the levered firm PRL is likely to vary between 0% and 100%, we get then: (7) From equation (7), we conclude that as long we must verify, so that it pays shareholders of corporation L to sell their investments, by this means decreasing SL and hence VL, and replace them with a mix of consumption and portfolio investment, which contains shares of the unlevered firm and personal debt, thereby growing SU and thus VU. This arbitrage process will be finished when equilibrium restores the stated equalities between the values of the two firms. * Case 2: we suppose the value of the unlevered firm VU , to be larger than that of the Levered one VL ( ). First stage: The return of the investor who holds sU dollars of shares of company U representing a fractionof the total outstanding stock SU . Where (8) The return from this portfolio denoted by YU will be a fraction of the income distributed to shareholders of the unlevered firm U. Second stage: suppose that the investor exchanges his initial holding in U by another portfolio in the levered firm L. The arbitrage process with consumption behaviour will take the following form: the investor sold his worth of company U: and divided it as follows: (i) He invested partially of the shares of the company L (ii) He invested also of bonds of the company L (iii) The remainder will be consumed. From IL and IB , we can write respectively: Third stage: The return of the investor (i) who holds IL dollars worth of the shares of the company L (ii) and who holds IB dollars worth of bonds of the company L. (9) Last stage: Arbitrage profit: comparing YL (from 9) with YU (from 8) we obtain: (10) In order to get a profitable arbitrage opportunity for the investor, we must consider a positive difference of returns. Analysing equation (10), we can easily formulate two possibility of payout ratio: In the first, if we suppose a full earning model for the two firms (PRL = PRU = 1), therefore we will obtain the same results as showed by MM(1958) (page 270). According to this situation, equation (10) can be written as: (11) In the second, the MMs results can also be obtained if we just assume a full earnings for levered firm PRL= 1 while the payout ratio of the unlevered firm PRU is likely to vary between 0% and 100% implying that the firm can use a payout policy, which is not restricted to full earnings. Such a representation is written as: (12) In this context, it is also important to show that as we must obtain , hence it pays the shareholders of company U to sell their holdings and substitute them with a mix of consumption and portfolio investment, which contains shares and bonds. If, all investors in firm U will accomplish the three stages below, decrease the value of the unlevered firm U and increase the price of the levered firm L. This switching process will be over when equilibrium restores the stated equalities between the values of the two firms. From these demonstrations (case 1 and case 2) we can conclude that we are not compelled to suppose that the two firms distribute all of their returns. In other words we can make arbitrage process merely by considering that the overpriced firm (levered firm L in the first case and unlevered firm U in the second case) has a payout ratio PR which is not restricted to be 100% of the earnings. The table below summarizes the theoretical findings. Table II: the MMs arbitrage and the payout hypothesis Conditions Conclusions MMs arbitrage conditions without dividend payout MMs(1958) irrelevance theorem MMs arbitrage conditions with a payout ratio Failure of the MMs proof MMs arbitrage conditions with a payout ratio and consumption hypothesis Proof of the MMs irrelevance theorem(Extension) 3. The Empirical Analysis The previous part of this paper provides a new extension of the relationship between firm value and capital structure when the firm has a payout policy. In this section, we attempt some possible empirical tests. The central issue is, whether or not the leverage ratio affects firm value when earnings are not fully distributed?. Modigliani and Miller (1958) have taken two samples of 43 electric utilities during 1947-1948 and 42 oil companies during 1953. The data are provided respectively by two studies conducted by Allen (1954) and Smith (1955); and they estimated the weighted average cost of capital (wacc) according to the financial leverage of the firm. The regression form of the model was: (13) Where wacc is the weight cost of capital approximated by X /V , here X is the expected return net of taxes, V is the market value of all securities and the financial leverage of the firm measured by the ratio D/V, where D is the market value of Bonds and preferred stock. The results of the tests (as shown MM(1958page 282) are favourable to Modigliani and Miller (1958)s hypothesis. The values of the correlations coefficients are small and not statistically significant. Weston (1963) criticizes Modigliani-Miller empirical result. In particular, he assumes that the lack of effect of capital structure on the overall value of the firm is due to deficiency of the approach to take account of other factors that may be influencing the firms cost of capital. Contrary to MM, the author shows in the empirical tests that leverage is correlated negatively with firm value in the presence of the hypothesis of earnings growth. 3.1 Data and Methodology In order to conduct an empirical analysis similar to MMs, we have collected data on the same sectors from the same country as done by Modigliani and Miller 1958. The data we use are annual standardized financial information of US firms observed in the period 1990-1998. Our sample is formed by two sub samples: from the Electric sector we use 256 companies, and from the oil sector we take 223 companies. These data were obtained from the Worldscope Database (SIC Code 13 and 49). Contrary to Weston(1963), we consider the hypothesis of risk-class can be verified in the oil industry and the electric sector (as supposed by MM 1958). According to MM(1958), a linear model was constructed to explain the relationship between leverage and the firm value. The variables used in our regressions are constructed (see table III) as the same way as presented by these authors. The corresponding models used by MM(1958) are: For Model 1 :see MM(1958) page284 (note 38), for model 2,see MM(1958) page282; For Model 3,see MM(1958) page284 (note 39); For. With regard to the basic capital structure irrelevance theorem to be estimated; we propose three regression models as follows: Model 1: (14) Model 2: (15) Model 3: (16) Where wacc is the weighted average cost of capital; Leverage 1: first measure of leverage; ML1: modified leverage 1; Value: the ratio of the firm value; , ER: earnings ratio; DR debt ratio. The purpose of model 1 is to test the effect of leverage (as measured by Debt ratio DR) on firm value, while the Model 2 and model 3 test the effect of leverage (measured by Leverage1) on the cost of capital (measured by WACC). The variable ML1(modified leverage 1) is included in model3 to test the U-shaped hypothesis that the coefficient e of this variable should be significant and positive to confirm the traditional view, and not significantly different from zero to confirm the irrelevance theorem.. Note also that according to our approach the correlation between these variables should be different from zero. To test the validity of the MMs proposition when earnings are not fully distributed, we alternatively estimate all the above regressions in the absence (model MM58 and the model MM58supp) and the presence of the payout ratio. We validate this last alternative in two steps: In the first step, we test the models for all firms (model MMExt). In the second step, we test the models for subsamples: First Quartile sample (Firms Payout ratio is less than 25%), Second Quartile sample (firms payout ratio is between 25% and 50%), Third Quartile sample (firms payout ratio is between 50% and 75%), and Fourth Quartile sample (firms payout ratio is more than 75%). The tableIII below reports the different measures of variables and their predicted effects. Table III. Measures of variables and predicted signs Variables Symbol Measure MM Hypothesis Our Hypothesis Dependants variables Weighted average cost of capital WACC X/V Firm value ratio Value V/A The explanatory variables First measure of leverage Leverage 1 D/V Zero effect Significant effect Modified Leverage 1 measure ML1 D.D/V.S Zero effect Significant effect Earnings ratio ER X/A Debt ratio DR D/A Zero effect Significant effect Payout ratio Payout Div/NI Not tested Significant effect Notes: the table reports the different measures of variables where V: firm value= market value of equity S +market value of debt D, X: Earnings before interest and Taxes (EBIT), A: is the value of the total assets, NI net income. ML1 modified leverage 1 measure = (D/V) ²/(1-D/V). We measure the value of the Debt D by the amount of total liabilities. 3.2 Descriptive statistics As indicated in Table IV, the descriptive statistics shows that the average value of cost of capital is 5.92% for electric utilities and 4.48% for oil companies[6]. On average, we have a leverage ratio of 51.79%(37.85%), this measure is 62% (50.2%) when we use total assets as deflator . The average firm has a value ratio of 1,38 for electric utilities which is much weaker than those of oil companies (1,99). For these firms, earnings ratio ranges from 0% to 2.7% for electric utilities (0% to 66% for oil companies). In terms of net income, the average value of payout is more important for electric utilities (45%) ranging from 0% to 99,9%, than those of oil companies (16%). These results show that the division of the stream between cash dividend and retained earnings in any period is not a mere detail as supposed by Modigliani and Miller (1958 page 266). None of firms in the two samples and during the whole period (1990-1998) has distributed the totality of its income. For the normal di stribution of the series around the mean (see table IV), all of the distributions of the variables are not symmetric since their skewness values are different from zero. This conclusion is also verified by the values of the Kurtosis which are quite different from 3. Table IV. Descriptive Statistics of Variables (256 Electric Utilities and 223 Oil Companies) Variables Sample Mean Minimum Maximum Std. Dev Skewness Kurtosis Obs WACC Elect 0.05924 0.00000 0.29090 0.03188 0.292328 6.376099 2304 Oil 0.04481 0.00000 0.69582 0.05448 4.75993 42.0526 2007 Leverage1 Elect 0.51796 0.01573 0.99416 0.17873 -0.46925 3.36365 2304 Oil 0.37857 0.0000 0.98237 0.21714 0.20952 2.36431 2007 Value Elect 1.38155 0.09087 9.77112 0.82268 5.51989 45.7871 2304 Oil 1.99172 0.14447 138.56 5.40308 18.7716 397.615 2006 ER Elect 0.07353 0.0000 0.027612 0.04158 0.77790 7.94274 2304 Oil 0.06418 0.0000 0.664303 0.06683 2.104262 11.546 2007 DR Elect 0.62322 0.02761 0.995066 0.14891 -0.9991 4.78983 2304 Oil 0.50220 0.0000 0.9978 0.22065 -0.2593 2.4847 2006 ML1 Elect 1.34913 0.000252 169.346 6.6480 17.3645 344.950 2304 Oil 0.61298 0.0000 23.2454 1.5346 8.6309 103.96 2006 Payout Elect 0.45169 0.00000 0.99980 0.35978 -0.15569 1.40417 2304 Oil 0.16381 0.0000 0.9991 0.27721 1.50967 3.90646 2006 3.3 The effect of Leverage on the firm value (model 1) The MM(1958)s theorem is confronted with our hypothesis in order to know the crucial effect of payout ratio on the sensitivity of firm value to leverage. If our prediction is true, we should find a significant coefficient of leverage ratio, otherwise the MMs view should be confirmed. As indicated in table V, estimates result shows that coefficients of earning ratio (ER) and debt ratio (DR) are significantly different from zero, which fails to support the MMs view. Since our results, as presented below, demonstrate that the coefficient of debt ratio is significantly negative and contrary to the traditional view. We prefer to give more explanations of this relationship based on the presence of the payout policy. The latter has a negative influence on the two samples (see Model MMExt , table V) which is in the opposite direction as obtained by the cost of capital regressions (see tableVI). There are two main explanations for this result: According to Brigham and Gordon(1968), the relationship between stock price and leverage depends on the association between R (return on assets and investment) and i ( the rate of interest which the firm pays on its debt), not on the level of Leverage L. This can be written as: (16) Where E is the book value of the common equity per share, k is the rate at which dividend is discounted. It is evident, when R is less than i, the leverage effect on stock price P will be negative. Furthermore, the negative influence of the dividend ratio on the firm value confirms the leverage impact when the return on investment is less than the cost of debt. This means that firms experiencing lower rate of investment tend to use funds from internal and external resources to display higher payout ratio. The leverage measure is not the same: in Wacc regression, this variable is measured by debt on firm value (D/V), while in firm value regression (Value), the debt ratio is measured by debt on total Assets (D/A). The fact that both variables are divided by different deflators may be affected by a random disturbances of the market value of the firm. This bias correlation is not observed in the firm value regression. According to Modigliani and Miller (1958), the constant term in the previous regression should give more information on the value of the unlevered firm. As shown in table IV below, the estimated coefficient of this variable is not only significantly different from zero, but is quite positive and greatly relative to the coefficient of the debt ratio. This conclusion is confirmed for the two samples with large values for the oil companies. Table IV. Directs Pooled Least-Squares Estimates of the effects of leverage on the firm value Coefficients of Regressions Sample Constant ER DR Payout AdR ² Obs MM 58 Elect 1.893a -0.158a -0.805a 0.025 2304 Oil 2.464a -6.730a -0.668 0.048 2007 MM Ext Elect 1.963a -0.131a -0.466a -0.625a 0.095 2304 Oil 2.465a -6.703a -0.642 -0.086 0.048 2007 First Quartile Elect 1.969a -0.133b -0.412c 0.005 801 Oil 2.342a -7.490a -0.286 0.052 1440 Second Quartile Elect 1.465a 2.650a -0.554a 0.187 216 Oil 1.659a -0.197 -0.501a 0.033 279 Third Quartile Elect 1.206a 1.823a -0.249a 0.096 738 Oil 1.224a 3.229a -0.055 0.113 207 Fourth Quartile Elect 1.080a 1.809a -0.105 0.102 549 Oil 7.197a 0.983 -9.064a 0.676 72 Notes: a, b and c indicate significance at the 1%, 5%, and 10% levels respectively. 3.4 The effect of leverage on the cost of capital (model 2 and Model 3) According to Modigliani and Millers proposition I: the average cost of capital Wacc (Xt/V) should tend to have the same value independently of the degree of leverage MM (1958, page281). In other words, the leverages coefficient parameter in the Wacc regression should be insignificant and statistically equal to zero. The results of the MM model tests are shown in table V (models: MM58 and MM58supp). According to this table, the MM hypothesis is only verified in the oil sample, while leverage in the electric utilities has a negative and significant effect (coefficient is equal -0, 1162) on the cost