Saturday, May 23, 2020

Overview On The Rest Of The Chapters Finance Essay - Free Essay Example

Sample details Pages: 16 Words: 4716 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Cause and effect essay Did you like this example? This chapter provides overview about the thesis topic that will be addressed. It also demonstrates the relevancy of the study and its need and purpose and defines its objectives. This chapter includes a preliminary literature review which helped in directing the research path. Overview: Every equity investment decision must be based on solid grounds. This requires a substantive knowledge regarding investment methodologies, assessment tools, and a good sense of know-how. The academic side provides finance people with the technicalities and methods, such as the discounted dividends, discounted cash flow analysis, discounted abnormal earnings, discounted abnormal earnings growth, and price multiples (Palepu, Healy and Peek, 2010). Damodaran (2005) categorize equity valuation approaches to include discounted cash flow valuation, liquidation and accounting valuation, relative valuation and contingent claim valuation. Each approach generally will yield differing equity value based on the projections of its future returns and assumed risks, or based on its current and past performance (Penman, 2001). The choice of equity valuation method used will affect the assumed value of equity versus the asked price, thus affecting the decision of whether to invest or not. The on going debate in academic world about the superiority of one method over other presents mixed results. Jorgensen,Lee, and Yoos (2011) examination suggest that residual income valuation is more accurate than abnormal earnings growth model. On the other hand, Supattarakul and Khanthavit (2011) found that both dividend discount model and residual income model underestimate equity value. But in general, most academic literature describes dividend discounted model as the method of choice by finance professionals (Palepu et al, 2010). Don’t waste time! Our writers will create an original "Overview On The Rest Of The Chapters Finance Essay" essay for you Create order Preliminary Literature Many researchers have inspected different facets of sell-side and buy-side analysts.Palepu et al (2010, p. 407) define sell-side analysts as analysts at brokerage houses, while they define buy-side analysts as analysts that work at the direction of fund managers for various institutions. Ashton and Cianci (2007) investigated the motivational and cognitive determinants of the earnings forecasts difference between the two types. Groysberg, Healy, and Chapman (2008) found that buy-side analysts provide less accurate and more optimistic forecasts. Analysts and investors are provided by the literature with many valuation methods to choose from. Foerster and Sapp(2011) advocate the use of Gordon Growth Model, while Supattarakul and Khanthavit(2011) suggest that dividend discount modelprovides more accurate valuation than the residual income model. Steiger(2008) advocates the use of Discounted Cash Flow methods (DCF), although warning of associated massive assumptions which can create bias and modify the value of equity. These articles, among others will provide the base for academic world preference of equity valuation methods. Most of the literature advocates the use of DCF methods. However, practitioners have different views (Bing, 1971, Dukes et al, 2006). Researchers have attempted to fill the gap between literature and finance practitioners of thechoice of equity valuation methods. Pereiro (n.d.) found that 73% of financial advisors and 50% of banks and insurance firms in Argentina use DCF methods, which are lower than the 100% preference in USA. Dukes et al (2006) also found that DCF methods are used less frequently by practitioners compared to other methods. This research fits between existing works as it will examine finance practitioners preference of equity valuation methods in the emerging market of KSA, thus establishing an addition or contradiction to the works of Pereiro (n.d.) and Dukes et el (2006). The articles will aid the author in di scovering the views of academic world to equity valuation method preference, while answering the research questions of practitioners preferences. They will act as theoretical and conceptual basis for this research. Need for the study: As a CFO dealing with many investments ranging from projects appraisals to venture capitals and private equity, equity valuation is crucial in the authors line of work. Equity valuation can be conducted using various methods, such Discounted Cash Flow Model (DCF), Discounted Abnormal Earnings, and Price Multiples (PM). In finance world, the choice of method will affect the value of equity, and consequently will affect the decision to invest or not. Based on this relation, it is important to understand why finance professionals and investors choose one method over others, or whether they utilize a combination of methods and base their decision on a weighted average. Objectives of the study: The author intends to describe the relationship and examine the cause-effect reason of practitioners equity valuation method preference. This research is based on collection of facts and then deduction of reasons behind the preference. It also aims to investigate if such preference changes with the introduction of additional criteria. Methodology: The author intends to generate a quantitative research that utilizes surveys and questionnaires. The sample includes finance practitioners from various sectors in Saudi Arabia. Finance practitioners include those working in investment banks, CFOs, fund managers, financial analysts, and private equity advisors. Overview on the Rest of the Chapters: Chapter 2: Review of the Literature Examining the literature relevant to the thesis problem, reviewing different researches and studies that were conducted about the thesis topic, the research questions are formulated accordingly. Chapter 3: Methodology Describing the methodology, the approach that is used to conduct the study, the tools that are used in collecting data and the limitations faced during the survey implementation. Chapter 4: Descriptive Statistics Explaining the collected data and illustrating them in tables and graphs, then summary of the descriptive statistics findings are presented. Chapter 5: Inferential Statistics Performing statistical analysis for many factors to study their effects on the outcomes of descriptive statistics Chapter 6: Analysis of Data Analysis of data is performed, based on the statistical analysis that yielded descriptive and inferential statistics. The findings of the statistical analysis are linked to the findings in the literature revirew. Chapter 7: Conclusions and Recommendations Stating the conclusions drawn from the research, the implications of the results and then giving the recommendations based on the conclusions that were made. CHAPTER 2: LITERATURE REVIEW Chapter two explores the literature that is relevant to understanding the development of, and interpreting the results of this study. It includes the definition of the financial terms used, the purpose of this literature review is to provide the reader with a general overview of the valuation methods and all the techniques involved in the equity valuation. 2.1. STOCK DEFINITION AND CHARACTERISTICS: 2.1.1. Stock Definition: A stock is a security that represents ownership in a corporation and has claims on part of the corporations assets and earnings per share. There are two main types of stock: common and preferred. A stockholder (a shareholder) has a claim to part of the corporations assets and earnings. In other words, a shareholder is an owner of the company. Ownership is determined by the number of shares a person owns relative to the number of outstanding shares. For example, if a company has 1,000 shares of stock outstanding and an investor owns 100 shares, that investor owns and has a claim to 10% of the companys assets. Stocks are a major component of investor portfolios because historically they outperform most other investments over the long run (Bauman, Scott, Conover and Miller, 1998). 2.1.2. Methods to Value a Common Stock: 2.1.2.1. Value Definition: In general, the value of an asset is the price that buyer is willing and able to pay to a willing and able seller. If both, the buyer and seller, are not willing and able then an offer does not set up the value of the asset (Capaul, Carlo, Rowley and Sharpe, 1993). 2.1.2.2. Types of Value: There are several types of value, such as: Book Value: It is the carrying value on the balance sheet of the firms equity. Tangible Book Value: It is the book value minus intangible assets such as goodwill, patents, etc. Market Value: It is the price of an asset as determined in a competitive marketplace. Intrinsic Value: It is the present value of the expected future cash flows discounted at the decision makers required rate of return. 2.1.2.3. Investment Styles: A. Value Investing The fundamental goal of value investing is, quite simply, to buy a stock when it is low and sell when it is high. Seems easy, right? Though it may seem like common sense, the vast majority of investors do not do this. Very few use this strategy effectively. Some of the greatest investors of all time, such as Warren Buffett and Benjamin Graham, used a value approach in their investing careers. Value investors want to see that the company is making money and that the stock is cheap relative to the value of the company. There are many ways of determining this, but perhaps the most widely used method is to look at the price-to-earnings ratio (P/E) of the company. This ratio allows the investor to quickly determine the value of the stock relative to the amount of earnings generated by the company. The lower the ratio, the better the bargain the investor is getting. B. Growth Investing: Growth investors attempt to purchase stocks that have high expected future growth rates. Some growth investors are more disciplined with regard to the price they are willing to pay for future growth. They seek growth at a reasonable price (GARP). While their emphasis may be different, GARP investors are essentially equivalent to value investors who seek future earnings growth. The fundamental goal of growth investing is to buy a stock no matter what its price is and sell it for more. Those who choose the growth approach consistently underperform the market. In the last 20 years, the SP 500 has obtained compound annual returns of 13% per year. Also in the last 20 years, small-capitalization companies (smaller than 2 billion dollars) that were considered growth obtained compound annual returns of 8.8%, worse than all other types and over 40% less that of value investment returns of 15%. C. Blend Investing: It is a mutual fund style that employs a combination of value investing and growth investing. This blending can happen in two ways. First, they can select growth stocks on a value basis. If their assessment of the growth stocks they buy on a value basis is correct, they get returns from both growth and the eventual adjustment of the stocks prices to their intrinsic value. Second, blend funds also may make pure value and pure growth investments, thus making their portfolios a blend of growth and value investments. The value/growth blend approach to investing requires the use of the valuation metrics described previously as well as a utilizing certain growth criteria. While most of the valuation metrics utilize hard facts, the growth aspect is much more difficult to understand. No one knows what will happen in the future. If someone says they do, run for the hills. If an investor views the world economy as a whole, though, he or she can get a pretty good sense of macro-economic tr ends likely to be significant in the next few years. This is not an exact science, and requires much research and a vast amount of economic knowledge. When performing this test, it becomes apparent that there are several industries that will most likely see prolonged growth in the next decade. 2.2. Others Findings: Palepu et al (2010) identify three general categories of analysts based on the purpose of their investigation. The individual investors, the sell-side analysts and the buy-side analysts value equity for differing objectives. Equity itself has various classifications, such as Initial public offerings, common stock, and privately held stocks. These factors, combined with the industry of valuation target, affect the choice of equity valuation method. Demirakos, Strong, and Walker (2001) investigated how UK investment banks value equity, and found that industry of valuation target affects the valuation method preference. Roosenboom (2007) indicated that although the choice of method used depends on industry type and firm age in case of IPOs equity valuation, valuators tend to use a weighted average of a combination of methods, giving each a rank depending on the associated factors. Roosenbooms (2007) examination of IPOs valuation by underwriters suggests that industry also play a major part in method choice, as multiples valuation is used for valuing technology, rabidly growing, and profitable companies. Mature industries and older firms IPOs are associated with dividend discount model; while economic value-added method is associated with high aggregates stock market returns IPOs. The gap between academics and practitioners regarding valuation methods preference has been identified by Dukes, Peng and English II (2006). Their results indicate that, contrary to common belief by academics, finance professionals tend to use other methods while using dividend discount model only as a check of otherapproaches (p. 99). This study comes in line with the results of Bing (1971) some forty years ago, indicating that the gap between reality and theory is still wide. METHODS THAT THE MAJORITY OF FINANCE PROFESSIONALS PREFER AND THEIR CRITERIA OF THEIR SELECTION: When trying to figure out which valuation method to use to value a stock for the first time, most investors will quickly discover the vast number of valuation techniques available to them. There are the simple ones to use, such as the comparables method, and there are the more implicated methods, such as the discounted cash flow model. Unfortunately, there is no one method that is best suited for every situation. Each stock is different, and each industry sector has unique properties that may require varying valuation approaches (Nguyen, 2011). Analysts and investors are provided by the literature with many valuation methods to choose from. Foerster and Sapp(2011) advocate the use of Gordon Growth Model, while Supattarakul and Khanthavit(2011) suggest that dividend discount modelprovides more accurate valuation than the residual income model. Steiger(2008) advocates the use of Discounted Cash Flow methods (DCF), although warning of associated massive assumptions which can create bias and modify the value of equity. These articles, among others will provide the base for academic world preference of equity valuation methods. Most of the literature advocates the use of DCF methods. However, practitioners have different views (Bing, 1971, Dukes et al, 2006). Researchers have attempted to fill the gap between literature and finance practitioners of the choice of equity valuation methods. Pereiro (n.d.) found that 73% of financial advisors and 50% of banks and insurance firms in Argentina use DCF methods, which are lower than the 100% preference in USA. Dukes et al (2006) also found that DCF methods are used less frequently by practitioners compared to other methods. This research fits between existing works as it will examine finance practitioners preference of equity valuation methods in the emerging market of KSA, thus establishing an addition or contradiction to the works of Pereiro (n.d.) and Dukes et el (2006). Studies show that the methods that a re becoming increasingly popular are those based on cash flow discounting. These methods view the company as a cash flow generator and, therefore, assessable as a financial asset. Some of the more popular valuation methods available to investors and the appropriate use for each model are as follows: Dividend Discount Model (DDM): The dividend discount model (DDM) is one of the most basic of the absolute valuation models. The justification for using dividends to value a company is that dividends represent the actual cash flows going to the shareholder, thus valuing the present value of these cash flows should give you a value for how much the shares should be worth. So, the first thing you should check if you want to use this method is if the company actually pays a dividend. Secondly, it is not enough for the company to just a pay dividend; the dividend should also be stable and predictable. The companies that pay stable and predictable dividends are typically mature companies in mature and well-developed industries. These type of companies are often best suited for this type of valuation method (Nguyen, 2011). Discounted Cash Flow Model (DCF): if the company doesnt pay a dividend or its dividend pattern is irregular, the company use the discounted cash flow model. Instead of looking at dividends, the DCF model uses a firms discounted future cash flows to value the business. The big advantage of this approach is that it can be used with a wide variety of firms that dont pay dividends. The first requirement for using this model is for the company to have predictable free cash flows, and for the free cash flows to be positive. Based on this requirement, small high-growth firms and non-mature firms will be excluded due to the large capital expenditures these companies generally face (Nguyen, 2011). Comparables Method: this method if there is no ability to value the company using any of the other models. It doesnt attempt to find an intrinsic value for the stock like the previous two valuation methods do; it simply compares the stocks price multiples to a benchmark to determine if the stock is relatively undervalued or overvalued. The rationale for this is based off of the law of one price, which states that two similar assets should sell for similar prices. The intuitive nature of this method is one of the reasons it is so popular. The reason why it can be used in almost all circumstances is due to the vast number of multiples that can be used, such as the price-to-earnings (P/E), price-to-book (P/B), price-to-sales (P/S), price-to-cash flow (P/CF), and many others. Of these ratios though, the P/E ratio is the most commonly used one because it focuses on the earnings of the company, which is one of the primary drivers of an investments value (Nguyen, 2011). P/E multiple can be used for a comparison if the company is publicly traded because the price of the stock is needed and there is a need to know the earnings of the company. Secondly, the company should be generating positive earnings because a comparison using a negative P/E multiple would be meaningless. And lastly, the earnings quality should be strong. That is, earnings should not be too volatile and the accounting practices used by management should not distort the reported earnings radically (Nguyen, 2011). These are just some of the main criteria investors should look at when choosing which ratio or multiples to use. If the P/E multiple cannot be used, they can simply look at using a different ratio such as the price-to-sales multiple (Nguyen, 2011). Despite the large number of valuation methodologies that exist, there are five that are used in over 95% of SME valuations. These are: capitalization of future maintainable earnings; discounted cash flow; net realizable assets; industry method; and, cost to create. So how these SME choose their valuation methods (Rady and Nunez, 2012) Capitalization of future maintainable earnings v alues a business at some multiple of its maintainable earnings, with the multiple being determined by the risk rating of the business. Most SMEs have a multiple somewhere between one and five times. This approach is commonly used for mature businesses where there is a history of reasonably stable earnings. The discounted cash flow method is commonly used for businesses where there is a defined time life to the business and where cash flow is reasonably predictable. Net realizable assets approach ignores the existence of any goodwill and assumes that value exists principally in the realization of the assets held by the business. This approach is commonly used for farming businesses or businesses where there is significant investment in plant equipment or other assets. Some heavy engineering or road transport businesses may use this approach. The industry method is the least scientific of all the approaches and is sometimes criticized for its lack of rigor. It assesses value by a simple formula that will be calculated against some factor of the business such as revenue, gross profits or recurring income. It is only used for small businesses and it seeks to reflect market activity. For an industry method to exist you need to have a reasonably large number of businesses in the sector, have ongoing turnover of these businesses and where some level of market information is available. The businesses all typically have a very similar business model. Examples of business sectors where an industry method does exist include newsagents, pharmacies, cafes, real estate agents and financial planning practices. The cost to create method is a more recently accepted method that has emerged due to the large number of micro businesses. It values a business on its tangible assets plus a limited premium for goodwill based on the fact that a buyer would prefer to pay such a premium for having the business established rather than incurring the cost, risk and time of tryi ng to establish a small business. This goodwill premium is normally limited to up to one year net income. WHAT ARE THE REASONS FOR CHOOSING ONE OR A COMBINATION OF METHODS? No one valuation method is perfect for every situation, but by knowing the characteristics of the company, there is ability to select a valuation method that best suits the situation. In addition, investors are not limited to just using one method. Often, investors will perform several valuations to create a range of possible values or average all of the valuations into one. The majority of financial professionals prefer using many different methods and then comparing the results, which is likely to be the wisest way to approach stock valuation. This is similar to the approach that a person uses if he/she is valuing, for example, a house, hence, he/she might check out what similar houses in a neighborhood have sold (a relative approach) while also assessing the quality of materials via a survey (similar to intrinsic valuation). Severe market dislocations demand to adjust valuations, thus, to reassess the metrics by which those valuations are derived. Economic and absolut e measures allow the analyst to filter out much of the noise in the market place and provide a theoretically sound means of determining the basic value. (Pablo Fernandez 2004). As a matter of fact, valuations are mainly relative, though, in practice most valuations are relative valuations.  This is most likely because multiple-based methods are simple and easy to relate to. According to Damodaran, a finance professor at NYU, almost 85% of equity research reports are based upon a multiple and comparables, and more than 50% of all acquisition valuations are based upon multiples (Damodaran, 2006). He also notes that, even discounted cash flow valuations used in consulting are often relative valuations masquerading as discounted cash flow valuations (the objective being to back into a number that has been obtained by using a multiple) (Damodaran, 2006). Its important to recognize that relative valuation is weighed down with issues. Firstly, it relies on accurate comparisons but no two firms are ever exactly similar in terms of their risk and growth profile. Secondly, when the companies, which a person is using as a benchmark, are themselves mispriced, relative valuation can lead him/her badly adrift. If the market, for example, is trading at a P/E ratio that is very high by historical standards, then a stock can appear cheap in relative terms but still be priced unsustainably. For the reason, as proved by experts, the best approach is likely to combine relative valuation with a healthy dose of intrinsic valuation (Reuters, 2012). DOES VALUATION PREFERENCE CHANGE WITH EXPOSURE TO ADDITIONAL EXPERIENCE? So as indicated earlier, not all businesses are valued in the same way. And as shown, there are over twenty different valuation methodologies, and applying different methods will not produce the same result. To know what a business is really worth, there is a need to identify the most appropriate valuation methodology to apply to the business (Knight, 2012). The Valuator either will have the necessary industry background or will gain the industry knowledge through research. The Valuators understanding of the business is necessary for the purpose of understanding key value drivers and risks, as well as the expected future operating results of the entity. Appropriate research will uncover variables that might impact value and affect the Valuators conclusions. At this stage, the Valuator often will assess the need for additional specialists to assist with various aspects of the valuation. The Valuator will actually assess and select from a number of different valuation approaches. The selection of the appropriate approach is based on the nature of the business, its asset base, historical performance; future expected operating performance, and other factors (Knight, 2012). It is important to note that the valuation of any entity, whether public or private, is determined at a point in time. Thus, it is the factors that exist at the valuation date and the markets future expectations at that point in time that affect the value of a business. The economic laws of supply and demand come into play in the pricing of publicly traded shares. The stock price of a publicly traded share is impacted by many issues. The issues tend to be forward looking (Knight, 2012). Unlike publicly held shares, private companies are valued in a notional setting without the direct impact of market influences. However, market and general economic conditions are considered by Business Valuators in assessing the risks and the ability of the entity to achieve expected results. A busines s valuation in a notional setting is conducted by an experienced Business Valuator with the insight and experience of an organizations senior management team (Pontoni, 2011). Valuations of privately held businesses typically are performed for purposes of strategic planning, divesting of business interests, acquisitions, corporate restructuring, succession planning, and resolving matters between shareholders and spouses(Pontoni, 2011). The Valuator will assess the future sustainable earnings of the business, often requiring some level of judgment on the part of the Valuator. The Valuator often will turn to the businesss historical performance and financial forecasts, adjusting for cost structures and revenue streams that are not normal to the operations (Knight, 2012). Redundancies must be considered in any valuation. Fair market value and normalized earnings/cash flow are adjusted for these redundancies, which may be apparent or hidden. Assessing the value of redundancies r equires experience and significant judgment (Pontoni, 2011). Inherent in the value of a going concern entity is commercial goodwill, which is attributable to the product or service, the location of the operations, the systems and processes of the operations, the customer base, and other key value attributes. The difference between the going concern value of an entity and its tangible asset base is considered goodwill. In order for goodwill to retain any value, it must be transferable with commercial value. Personal goodwill typically rests with the individual and is not transferable, and therefore has no value. The Valuator uses his/her judgment along with managements insight to assess the transferability of goodwill (Knight, 2012). A business valuation is a complex process for uncovering the true value of an enterprise through a series of questions, research and techniques. A trained and experienced Business Valuator is critical to the process (Pontoni, 2011). 2.6. CONCLUSION: Understanding the true value of the business requires first of all determining what valuation method is most appropriate. This can only be done by understanding the business and its underlying characteristics. For most businesses, by a process of elimination, the one or two most appropriate methods are determined. Failing to select the right valuation methodology can result in an assessment of value that is highly inaccurate. Valuation methodology is not simply determined by the industry or sector the person is in. It is also influenced by the size, age, profitability and other characteristics of the business. Even though several financial ratios and factors are involved with the equity-valuation process, the final figures can provide a relatively accurate assessment of a companys financial status and revenue prospects. In choosing a business valuator, consideration should be given to the practitioners credentials and experience. The purpose of the valuation often will dic tate the type and/or level of experience required by the business valuator.  However, many valuators have experience across a broad number of industries. Typically, business valuators deal with a broad range of industries since the purpose of the valuation is usually not industry specific.   Certain industries such as mining and oil and gas require certain industry expertise so there can be some industry specialization. 2.6.1. RESEARCH QUESTIONS: Based on the findings in the literature review, the research questions are formulated and are investigated accordingly in the Saudi Arabia context, these questions are: Which method do the majority of finance professionals prefer in Saudi Arabia (bankers, CFOs, fund managers, private equity investors, financial analysts, and others)? What are the reasons for choosing one or a combination of methods? Does such preference change with exposure to additional experience (education, work, research, magnitude of the investment, volatility of the market, perceived risk)?

Tuesday, May 12, 2020

Globalization And Its Impact On Society - 1637 Words

1. Introduction Globalization as ‘the acutely adamant affiliation of economies, societies and cultures into a borderless accepted communications [technology] and accumulation arrangement [is] a world-transforming process, not all which is pleasant,’ (Morrison, 2010, p. 32). Although globalization is, and will apparently abide for some time, one of ‘a lot of ambiguous and misunderstood’ concepts, there is some accepted arena to be beginning an allotment of all the confusion (White, 2008). That is the abstraction of admission and relationships that go above the immediate, bounded ambiance. ‘Globalization is the action by which all peoples and communities appear to acquaintance an added accepted economic, amusing and cultural environment; but globalization as a theory, deals with the compression of the region and accession of alertness of the region as a whole’ (Robertson, 1992, p. 8). For a social order to be completed and experimented in a group of individuals, it makes certain an offering of business and cultural basis. With business ideology, comes a great sense of power, which is important and significant for the cause of getting ahead in several other circumstances of a society. It is a power that is eligible for any reforms and several individuals determine how it can be used in a benefitting and influential manner (Giroux, 2000). A business ideology can be followed very closely and it can also have a broader inspiration from a collection if ideology points withoutShow MoreRelatedThe Impact Of Globalization On The Society1114 Words   |  5 Pages The Impact of Globalization 3 Introduction The effects of globalization are visible everywhere. The mixing of cultures and races throughout our society is everywhere. It’s on television, in our homes and woven into our workplace. This is not necessarily a new construct; it’s just more noticeable today than in the past. The Roman Empire opened all trade in Europe, Africa andRead MoreGlobalization And Its Impact On Society Essay925 Words   |  4 PagesGlobalization is the process by which different societies, culture, and how regional economies integrate through a worldwide network of political beliefs through communication, marketing, and transportation. Predominately, globalization has made a worldwide impact on many nations in numerous ways such as; politically, economically, as well as socially. Globalization has shaped the independence of various nations, thus leading to worldly affairs based on a global level. Leading to trends in cultureRead MoreGlobalization And Its Impact On Society1369 Words   |  6 Pages Globalization is a broad term used in multiple social studies classes. There are three types of globalization: cultural, economical and political. As both positive and negative views exist on globalization; using just the word globalization isn’t specific enough to understand these viewpoints. 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It is a way of bringing markets around the world closer together to form better partnerships and improve communication between the different countries, governments and businesses that are motivated by investments and international trading. Glob alization has been adapted to foster political and diplomatic affiliations between countries. This way of conducting business creates a competitive market place, and keeps the organizationsRead MoreGlobalization And Its Impact On Society1307 Words   |  6 PagesGlobalization is a phenomenon involving the integration of ideas circulating worldwide, connecting people from everywhere (Friedman). Globalization affects everything, but most importantly it impacts our own cultures. Culture is the way that groups of people act, believe, and live. This is crucial to life because without culture, we wouldn’t be unique. Cultures are linked together through globalization because globalization can spread cultures worldwide, altering them in the process. GlobalizationRead MoreGlobalization And Its Impact On Society942 Words   |  4 PagesGlobalization has, from the late twentieth century, led nations and their borders to be called into questions. Populations, often driven by their yout hs, now have instant access to information on everything that happened around the world. Meanwhile, and because of this globalization, states have been forced to open up to the world and to free their borders to facilitate exchanges. Therefore, people began to feel less constrained by their nationality and became what is often referred to as citizensRead MoreGlobalization And Its Impact On Society1274 Words   |  6 Pagespeople alike, yet globalization is a vastly broad and unfamiliar concept to a majority of people. Personally, before enrolling in this class, I thought I knew what the general idea of globalization was, as rudimentary and elementary as my knowledge of the topic had been. However, after only exposing myself to a minuscule amount of cultural literature throughout the course of this class thus far, I have greatly expanded my understanding of what the true meaning of globalization is: a process thatRead MoreGlobalization And Its Impact On Society Essay1550 Words   |   7 PagesGlobalization defines practically all facets of modern life. The jobs available to the public, the cultures people embody/emulate, the relationships individuals engage in, are all continuously altered by the profound forces of the globalizing process. Capital, people, images, commodities and ideology transcend national borders, and information races around the globe at accelerating speeds (Inda 4). The theme of globalization has emerged generating considerable amounts of controversy in its wake,Read MoreGlobalization And Its Impact On Society Essay1980 Words   |  8 Pagesphenomenon is called globalization. As humans continue to advance technologically, we, as humans, will become more unified. This unification has many benefits. We will be able to work together on an economical, political, and social level. The state-of-the-art capabilities in commerce and trading between countries globalization fosters immense economical growth. Consequently, this growth will lead to an increase in jobs and overall economic health. Nevertheless, some claim that globalization will have certain

Wednesday, May 6, 2020

The Lord of the Rings in the 21st Century Free Essays

Films or movies are representative of cultures and the nature of the generation from which it is spun. Films or movies seem to represent a piece of reality within them that seeks to inform its viewers, transform thoughts and ideals of its audience, influence change, and such. However, in this case, the role of the film or movie is to represent our society as it is now in the 21st century. We will write a custom essay sample on The Lord of the Rings in the 21st Century or any similar topic only for you Order Now   The Lord of the Rings trilogy, adapted from the books written by J. R. R. Tolkien, represents our generation in the 21st century as it illustrates the war between good and evil that we are battling at present. We exist in a world in chaos, where nations battle for peace and harmony amidst a war-stricken world, and yet like the purpose driven by the Fellowship of the Ring, the people struggle and hope that we may be able to withstand the turmoil to reach tranquility. The Lord of the Rings Trilogy follows the structure of a typical â€Å"good versus evil† movie. The theme was instigated by encompassing feelings of fear – fear from being corrupted and restricted by the malevolent and iniquitous nature of man. Moreover, the vulnerability of man to be seduced by power and authority establishes the central theme of the trilogy. The evil that entices man will lead him to destroy the peace and goodness that exists on earth and seek to annihilate everyone who dares to oppose him in his quest for supremacy. This poses the thought that man is feeble, unable to resist his surrender to wickedness for his personal vested interests. Sauron, the antagonist in the film trilogy, represents the greed for power. The ring, which Sauron seeks, is the symbolism of power, and with this power, the ability to rule all of earth according to his desires. Perhaps this builds on one cultural myth that illustrates the growing need of man to earn power or a valuable position in society. As the world grows and deteriorates into a society that nurtures unfairness, inequality, deceit, war, value for money and status rather than life, the mind set of people grows and changes along with it. This kind of society builds on competition, such that the more power you have, the more authority you gain to obtain what you want and need. Moreover, this kind of society has instilled in the minds of the people that they need to struggle and compete with other people no matter the cost, just to obtain power. Sauron is greed that grows inside every human being, always in search for that ring of power, believing it to be their saving grace to survive in the mess of the world. On a more practical or technical perspective, the society that we live in at present is more of a capitalist society. The foundation of capitalism is built on the kind of competition already discussed in the previous paragraph. People compete for ownership and profit, without being controlled or restricted, which will lead them to occupy a highly revered position. Under the context of business, capitalists manipulate the people into purchasing what they sell in order to earn profit and obtain ownership over the majority. Moreover, capitalists compete among themselves and will do everything at all costs to obtain an advantage over competitors. Like the characters of Isildur and Smeagol (Gollum) in the trilogy, capitalists have been corrupted by the greed for power (Sauron and the ring). Isildur was a great king and Smeagol was an innocent hobbit, however, their brief possession of the one ring has corrupted them. Isildur chose not to destroy the ring but keep it for himself in order to maintain his position as king, while Smeagol became fixated on the ring which hindered him from having a good and happy life. This is similar with what is happening now. Capitalists have built a world according to their terms where people are urged to earn more money in order to spend it on what capitalism has dictated as their wants and needs – and this is all motivated by greed. Instead of thinking about equality and justice, capitalists chose to be in power and from there obtain more of it by relying on the weaknesses of the people who are at a disadvantage. The people too, who submit to the deceit that capitalists impose on them, are being tempted like Smeagol. People nowadays are never happy about earning a regular salary – they have to earn more. People are not contented with having a roof above them – it has to be a big house with large windows, a pool, overlooking the mountains, etc. The discontentment is caused by the influence of capitalists for people to have more, and by having more, they mean having more from them. How to cite The Lord of the Rings in the 21st Century, Papers

Sunday, May 3, 2020

Mohandas Karamchand Gandhi, also known as mahatma Essay Example For Students

Mohandas Karamchand Gandhi, also known as mahatma Essay Gandhi, was a Indian nationalist leader, who established his countrys freedom through a nonviolent revolution. Gandhi became a leader in a difficult struggle, the Indian campaign for home rule. He believed and dedicated his life to demonstrating that both individuals and nations owe it to themselves to stay free, and to allow the same freedom to others. Gandhi was one of the gentlest of men, a devout and almost mystical Hindu, but he had and iron core of determination. Nothing could change his convictions. Some observers called him a master politician. Others believed him a saint. Gandhi became a leader in a difficult struggle, the Indian campaign for home rule. He worked to reconcile all classes and religious sects. Gandhi meant not only technical self-government but also self-reliance.After World War I, in which he played an active part in recruiting campaigns, he launched his movement of passive resistance to Great Britain. When the Britain government failed to make amends, Gandhi established an organized campaign of noncooperation. Through India, streets were blocked by squatting Indians who refused to rise even when beaten by the police. He declared he would go to jail even die before obeying anti-Asian Law. Gandhi was arrested, but the British were soon forced to release him. Economic independence for India, involving the complete boycott of British goods, was made a result of Gandhis self-ruling movement. The economic aspects of the movement were serious, for the exploitation of Indian villagers by British industrialists has resulted in extreme poverty in the country and the virtual destruction of Indian home industries. As a solution for such poverty, Gandhi supported revival of cottage industries; he began to use a spinning wheel as a token of the return to the simple village life he preached, and of the renewal of native Indian Industries. Gandhi became the international symbol of a free India. He lived a spiritual and ascetic life of prayer, fasting, and meditation. He employed propaganda, agitation, demonstration, boycott, noncooperation, parallel government , and strikes. He refused earthly possessions, he wore the loincloth and shawl of the lowliest Indian and lived on vegetables, fruit juices, and goats milk. Indians thought of him as a saint and began to call him Mahatma. Mahatma meant great soul, a title reserved for the greatest leaders. Gandhis nonviolence was the expression of a way of life understood in the Hindu religion. By the Indian practice of nonviolence, Gandhi said, Great Britain would eventually consider violence useless and would leave India. The Mahatmas political and spiritual hold on India was so great that the British authorities dared not to interfere with him. In 1921 the Indian National Congress, the group that spearheaded the movement for nationhood, gave Gandhi complete executive authority, with the right of naming his own successor. A series of armed revolts against Great Britain broke out, culminating in such violence that Gandhi confessed failure of the civil-disobedience campaign he had called, and ended it. The British government again seized and imprisoned him in 1922. In 1930 the Mahatma proclaimed a new campaign for civil disobedience, calling upon the Indian population to refuse to pay taxes, particularly the tax on salt. The campaign was a two hundred mile march to the sea, in which thousands of Indians followed Gandhi from Ahmadabad to the Arabian Sea, where they made salt by vaporating sea water. Once more Gandhi was arrested, but he was released in 1931, halting the campaign after the British made compromises to his demands. In the same year Gandhi represented the Indian National Congress at a conference in London. In 1932, Gandhi began new civil-disobedience campaigns against the British. Gandhi fasted for long periods several times; these fasts were effective measures against the British, because revolution might well have broken out in India if he had died. In September 1932, while in jail, Gandhi undertook a fast unto death to improve the status of the Hindu Untouchable s. The British, by permitting the Untouchables to be considered as a separate part of the Indian voters, were, according to Gandhi, aid an injustice. Although he was himself a member of the Vaisya (merchant) caste, Gandhi was the great leader of the movement in India dedicated to terminating the unjust social and economic aspects of the caste system. .u316f0a09c960dd05fe5642e36bc91d74 , .u316f0a09c960dd05fe5642e36bc91d74 .postImageUrl , .u316f0a09c960dd05fe5642e36bc91d74 .centered-text-area { min-height: 80px; position: relative; } .u316f0a09c960dd05fe5642e36bc91d74 , .u316f0a09c960dd05fe5642e36bc91d74:hover , .u316f0a09c960dd05fe5642e36bc91d74:visited , .u316f0a09c960dd05fe5642e36bc91d74:active { border:0!important; } .u316f0a09c960dd05fe5642e36bc91d74 .clearfix:after { content: ""; display: table; clear: both; } .u316f0a09c960dd05fe5642e36bc91d74 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u316f0a09c960dd05fe5642e36bc91d74:active , .u316f0a09c960dd05fe5642e36bc91d74:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u316f0a09c960dd05fe5642e36bc91d74 .centered-text-area { width: 100%; position: relative ; } .u316f0a09c960dd05fe5642e36bc91d74 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u316f0a09c960dd05fe5642e36bc91d74 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u316f0a09c960dd05fe5642e36bc91d74 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u316f0a09c960dd05fe5642e36bc91d74:hover .ctaButton { background-color: #34495E!important; } .u316f0a09c960dd05fe5642e36bc91d74 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u316f0a09c960dd05fe5642e36bc91d74 .u316f0a09c960dd05fe5642e36bc91d74-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u316f0a09c960dd05fe5642e36bc91d74:after { content: ""; display: block; clear: both; } READ: Early Days Of Christopher Columbus Essay We will write a custom essay on Mohandas Karamchand Gandhi, also known as mahatma specifically for you for only $16.38 $13.9/page Order now In 1934 Gandhi formally resigned from politics. He raveled through India, teaching nonviolence. A few years later, in 1939, he again returned to active political life because of the pending federation of Indian principalities with the rest of India. Public unrest caused by the fast was so great that the colonial government intervened and the demands were granted. The Mahatma again became the most important political figure in India. When World War II broke out, the congress party and Gandhi demanded a declaration of war aims and their application to India. As a reaction to the unsatisfactory response from the British, the party decided not to support Britain in the war unless the country was granted complete and immediate independence. The British refused, offering compromises that were rejected. By 1944 the Indian struggle for Independence was in its final stages, the British government having agreed to independence on condition that the two contending nationalist groups, the Muslim league and the Congress party, should resolve their differences. Gandhi stood steadfastly against the partition of India but ultimately had to agree, in the hope that internal peace would be achieved after the Muslims demand for separation had been satisfied. India and Pakistan became separate states when the British granted India its independence in 1947. During the riots that followed the partition of India, Gandhi pleaded with Hindus and Muslims to live together peacefully. Riots engulfed Calcutta, one of the largest cities in India, and the Mahatma fasted until disturbance ceased. On January 13, 1948, he undertook another successful fast in New Delhi to bring about peace. Religious violence soon declined in India and Pakistan, and the teachings of Gandhi came to inspire nonviolent movements elsewhere. Within fifty five years of his self awakening after being evicted from South Africa train compartment, Gandhi managed to evict the British Empire from India.

Wednesday, March 25, 2020

Drug Essay Essays - Drug Control Law, Psychoactive Drugs

Matthew Screws English 1101 Anderson 2/25/19 Decriminalize All Drugs Everyone is aware of what illegal drugs are and how people who use illicit drugs are viewed by societies throughout the world. This can eas ily be defined by what Thomas Hobbes, Rousseau, and John Locke stated in the Human Project; "For them the effectiveness of the social contract depends on our ability to obtain a satisfactory balance between what we want and what we're prepared to give up getting it. The social contract breaks down when people believe they're surrendering too much o r not getting enough in return." It is not unheard of to have laws to protect us from relatively harmful substances and not from devastating effects of other substances that happen to be legal. Tobacco causes 480,000 deaths per year in the United States, including more than 41,000 deaths resulting from second hand smoke exposure. Alcohol claims the life of around 88,000 people annually and that number grows when looking at alcohol related sicknesses. These facts suggest that may be the public is being led astray and being taught to fear the wrong substances and into complacency with hazardous substances by allowing their sale and consumption. So why is there more concern of illicit drugs when more deaths result from cigarettes and alcohol. The decriminal ization of drugs will no longer punish harmless individuals for victimless crimes, support lower addiction rates , and improve the relationship between law enforcement and the communities they have sworn to protect and serve. In 2017 the FBI's uniform crime report showed that law enforcement made 1.6 million arrests for drug violations in which more than eighty five percent were for simple possession. That means that every twenty seconds someone is being arrested for a drug law violation. Instead of getting these people the help they deserve they will be dragged through the legal system and have the book thrown at them. Each day thousands of people are convicted and cycled through jails and prisons. These people often spend extended periods on probation or parole and are left with debt from the court ordered fines they have to pay. Having a possession charge on your criminal record automatically puts you at a disadvantage from someone without. Jobs, housing authorities , educational institutions, and many others will judge you solely because of your criminal record. Those impacted are disproportionately communities of color and the poor. Now imagine if drug possess ion was decriminalized . Police would no longer be spending millions of hours, and billions of taxpayer dollars arresting people who possess a small amount of drugs for personal use. Furthermore, drug decriminalization will lower the addiction rates by treating this as a health problem and not as a criminal on e. With drug possession decriminalized it gives addicts a way out to seek the help they deserve without being criticized so harshly by the public. A good country to look at is Portugal who decriminalized drugs in 2001. They treat addiction like an illness and people caught in possession is either given a warning, small fine, or told to appear before a local commission which consists of a lawyer, doctor, and social worker. This commission helps the offender by educating them about treatments and harm reduction. Another thing they provide is clean needles and other paraphernalia involved in using drugs. They even provide places to do it at. This is great because it takes away the stereotypical abandoned house and dirty needles situation and instead gives people who are sick a place to come without fear and make themselves f eel better again. People often do things just because they are told not to and w ith drug possession decriminalized there is also the chance that people will leave drugs alone because there is not the illegal allure that there once was. Finally, the last change decriminalization can make is how people view law enforcement. If someone is making their way down the road and they are in possession of drugs they will do everything possible to avoid police officers. There is a fear set out by the police that it does not matter what amount of drugs you have but they are going to throw you in jail

Friday, March 6, 2020

Free Essays on Prisoner of Azkaban

An Elegantly Woven Tapestry Plotlines in Prisoner of Azkaban In a way, it's true that there is no single central plot in Prisoner of Azkaban, because one candidate (Quidditch) lacks gravitas and another (Sirius v. Harry) proves to be an illusion. But in terms of what plotline drives the book, I would say it's the latter. We "know" from very early on that Sirius Black is trying to kill Harry, and we know there will be a confrontation at the endand there is. The only reason that we look back and say "that wasn't the main storyline" is that there's a twist. And that's why the story doesn't wrap up in the Shrieking Shack, even though that scene seems like it's going to be the climax. Beyond that, there is another focal point: the whole backstory of MWPP (and S). One of the many things I love about the book is that while Harry is going about his lifelighter things like wanting to go to Hogsmeade and playing Quidditch, heavier things like hearing his parents and coping with Dementorsthere is another drama mostly invisible to him (and to us, until the second reading): that of Lupin, Black, Snape, and, if you think about it, Pettigrew. We think the story is about Black trying to kill Harry, so the plot seems focused on that; but that's not what the story is about. It's about Sirius in a whole different way, and it's as much about Pettigrew, and right on out of the pages of this volume to Voldemort. The more I think about the plotting of PA, the more impressive it seems. JKR has all these threads going, and they're interwoven in amazing ways: -the most-important-to-Harry thread (Quidditch) -the emotional thread (Dementors/J&L). It is interwoven with Quidditch, without which Harry wouldn't keep hearing his parents' voices. -the drives-the-plot thread (Sirius trying to kill Harry), interwoven with the seemingly trivial thread of Harry trying to get into the village (key because of the Sirius plot, and because it in... Free Essays on Prisoner of Azkaban Free Essays on Prisoner of Azkaban An Elegantly Woven Tapestry Plotlines in Prisoner of Azkaban In a way, it's true that there is no single central plot in Prisoner of Azkaban, because one candidate (Quidditch) lacks gravitas and another (Sirius v. Harry) proves to be an illusion. But in terms of what plotline drives the book, I would say it's the latter. We "know" from very early on that Sirius Black is trying to kill Harry, and we know there will be a confrontation at the endand there is. The only reason that we look back and say "that wasn't the main storyline" is that there's a twist. And that's why the story doesn't wrap up in the Shrieking Shack, even though that scene seems like it's going to be the climax. Beyond that, there is another focal point: the whole backstory of MWPP (and S). One of the many things I love about the book is that while Harry is going about his lifelighter things like wanting to go to Hogsmeade and playing Quidditch, heavier things like hearing his parents and coping with Dementorsthere is another drama mostly invisible to him (and to us, until the second reading): that of Lupin, Black, Snape, and, if you think about it, Pettigrew. We think the story is about Black trying to kill Harry, so the plot seems focused on that; but that's not what the story is about. It's about Sirius in a whole different way, and it's as much about Pettigrew, and right on out of the pages of this volume to Voldemort. The more I think about the plotting of PA, the more impressive it seems. JKR has all these threads going, and they're interwoven in amazing ways: -the most-important-to-Harry thread (Quidditch) -the emotional thread (Dementors/J&L). It is interwoven with Quidditch, without which Harry wouldn't keep hearing his parents' voices. -the drives-the-plot thread (Sirius trying to kill Harry), interwoven with the seemingly trivial thread of Harry trying to get into the village (key because of the Sirius plot, and because it in...

Wednesday, February 19, 2020

William Faulkner's A Rose for Emily Essay Example | Topics and Well Written Essays - 750 words

William Faulkner's A Rose for Emily - Essay Example In â€Å"A Rose for Emily†, the narrator has highlighted some of the extremes of isolation and seclusion which are the true reflections of Emily’s physical behavior and mental attitude towards herself, the relatives and the society in general. The character Emily is emerged as a true personified character which covered the main theme of the story under the umbrella of isolation. This feeling of being isolated led Emily to react in a certain way which kept everybody out of the enlarged circle drawn on the basis of isolation. Thesis Statement â€Å"Emily’s life is a reflection of isolation that can be experienced from her acts, behaviors and attitudes.† In the story â€Å"A Rose for Emily†, the narrator presented several times the withdrawal of the character Emily. Emily withdrew herself from her close relatives even from her father, her lover, the community and townspeople around her. Every now and then the proofs of her seclusion from different peop le around her are found in the story. The script witnessed that Emily lived a substantial period of her life with his father only. After her father’s departure, his lover entered into her life, entered into her house but never came out. The townspeople looked the corpse of her lover, Homer, after the death of Emily. There were no signs of Emily getting married to any man and involving herself towards creation of a family which also reflects as how badly she wanted to be stay away from the people. No women of the town had ever seen her house till†¦ Her isolation with man and woman of the town can be observed in the beginning of the story where narrator describes the event of Emily’s funeral. The narrator states that â€Å"The women mostly out of curiosity to see the inside of her house, which no one save an old man-servant--a combined gardener and cook--had seen in at least ten years.† This shows that how unaware were the women of that town that even at this sad occasion, every women was looking at her house more than sharing grief of the death of Emily. To all the women, the personality of Emily was hidden and none of those women ever had any relationship wtih Emily. The other thing that can be observed from the narrator’s statement is that there was only a single servant, elder in age, had the duties of gardening and cooking. This shows that not even a single woman ever entered into her house and maintained any sort of relationship with Emily. People of the town observed her presence very rarely even after†¦ The story also depicts her isolated behavior of living in the town. For instance, at one point in the story, the narrator describes her persistent isolated behavior even after the death of her father and after the departure of her lover. Her father kept her away from the men till the end of his life. In this way, she remained isolated from men and it can be said that her young age was spoilt by her father. There is al so an evidence of her isolation when her lover disappeared from her life, which can be characterized as another incident of her isolation. The narrator states these lines in the story showing her isolation as â€Å"After her father's death she went out very little; after her sweetheart went away, people hardly saw her at all.† These lines tell her isolation in many ways like isolation due to death of her father, isolation due to departure of her lover, and isolation due to lack of her interest towards the town as anyone hardly observed her presence in the town even after the disappearance of those people. Emily had no interest towards†¦ The reason behind her isolation was the way her father brought her up to stay away from the people especially from men. Even when was she was in her thirties, she was still single. The