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Strategic Corporate Finance- Presentation to Google

Strategic Corporate Finance- Presentation to Google Free Online Research Papers I will be submitting a detailed assessment of the three models Capital Asset Pricing Model (CAPM), Arbitrage Pricing Theory (APT), and The dividend Growth Model. By analyzing all three models and making a clear stance and determination which of the three would be the best conclusion for the Google Inc. I examined each of the applications as well as their respective ease of use. The Capital Asset Pricing Model is a single factor model that establishes a relationship between risks and required, expected returns of an investment in an asset. This concept is based on the general idea that investors demand higher returns for bearing riskier investments (Downes Goodman, 2003). The Arbitrage Pricing Theory is an alternative to the Capital Asset Pricing Model. The APT is a multi-factor model that is based on the measurement of the volatility of multiple risk factors common to the market (Downes Goodman, 2003). The Dividend Growth Model is an approach that assumes dividends grow at a constant rate in perpetuity. The value of the stock equals next years dividends divided by the difference between the required rate of return and the assumed constant growth rate in dividends. The basic assumption in the Dividend Growth Model is that the dividend is expected to grow at a constant rate and that this growth rate will not change for the duration of the evaluated period (http://financial-dictionary.thefreedictionary.com). All three concepts have the same general purpose as for measuring the risk and required return for an asset, but achieve this goal through different means. CAPM is a single factor model in which risk measurement is concerned primarily with an asset’s volatility in relation to the general market, while APT is a multi-factor model where risk measurement is based on an asset’s volatility in relation to a various number of common market factors. CAPM is a more simplified, general approach to how an asset has historically moved in relation to the general market, while APT is a more difficult, complex concept laden with estimation errors, uncertainty, and possibly distracting factors. In this report I will discuss the Capital Asset Pricing Model, the Arbitrage Pricing Theory as well as the Dividend Growth Model and I will explain why I believe CAPM is a better approach than either of the other two for your company to use when measuring risk and required returns. Here is the three models in detail; Dividend Growth Model In this approach it is assumed that dividends grow at a constant rate in perpetuity. The Dividend Growth Model is better suited for those stable companies that fit the model. Those that are growing quickly or that don’t pay dividends do not fit the assumption parameters, and thus this model cannot be used. In this model, a company may not exceed the market growth rate. In addition, since the dividend growth rate is expected to remain constant indefinitely, the other measures of performance within the company are also expected to maintain the same growth rate. If in the current state, the dividend rate is greater that earnings, in time this model will show a dividend payout greater than the earnings of the company. Conversely, if earnings are growing faster than dividends, the payout rate will converge towards zero. Capital Asset Pricing Model The Capital Asset Pricing Model (CAPM) is a better approach for financial professionals to use than the Arbitrage Pricing Theory (APT) when measuring the risk and required return for assets. The Capital Asset Pricing Model is a single factor model that establishes a relationship between risk and required/expected returns of an investment in an asset. This concept is rooted in the general idea that investors demand higher returns for bearing riskier investments (Downes Goodman, 2003). The CAPM is a single factor model in the sense that a single variable, the beta, is the foundation for all the differences in returns for all securities (Smart, Megginson, Gitman, 2007). The beta is the measure of how stocks move and its relationship to the market as a whole. It is essentially a measure of systematic risk that affects the market as a whole and cannot be neutralized by diversification. Assuming that the market as a whole moves at a beta measurement of 1, then a beta of higher than one would indicate that an asset moves more drastically than the market in general, while a beta of lower than one implicates that an asset moves less drastically than the market as a whole. The beta is the single factor in the CAPM equation that denotes differences throughout all securities. The CAPM equation used to measure the risk and required return of an asset centers around three inputs. These inputs are the risk free rate, the expected market return rate, and an asset’s beta. By using these three pieces of information we can assume that the required rate of return to accept the risk on an asset equals the sum of the risk free rate and an asset’s beta multiplied by the risk premium, which is the difference between the expected market return rate and risk free rate. As long as we have this information we can calculate the required rate of return for accepting the certain level of risk associated with an individual asset (Hamm, 2006). An asset’s beta is the only true variable in this equation as the risk free rate and expected market return rate will stay constant among the different assets with varying betas. Utilizing an asset’s beta, the risk free rate, and the expected market return rate, the CAPM equation can be a very useful tool in evaluating an assets risk and reward element in relation to the rest of the market as a whole. The CAPM equation and its ability to give a reasonable calculation about the required rate of return for accepting particular levels of risk in the market are enabled under a number of assumptions. A few of these assumptions are that all investors are generally risk averse and do require a higher level of returns for riskier investments, that diversifiable or unsystematic risk can be neutralized through diversification and that as a result investors are only concerned with the systematic risk of an investment, that the market offers no reward for unsystematic risk, and that all investors possess homogeneous expectations (Smart, Megginson, Gitman, 2007). Many of the assumptions associated with CAPM are not entirely realistic and exist in the most part to simplify this model for decision making (The CAPM and APT). The general purpose of the CAPM is to give investors a reasonable estimate of a required rate of return that would be needed on an asset in order to accept its level of risk. Assuming that unsystematic risk has been or can be diversified in a portfolio, CAPM is primarily concerned with the affect of systematic risk or general market risk on an asset. Using its historical volatility in correlation to market movement as an indicator as well as the risk free rate and expected market return rate, this model gives investors a general idea as to the risk and reward associated with a particular asset. Even though it is simple in nature, this model can be a very powerful and useful tool in investment decision making. An alternative to the Capital Asset Pricing Model is the Arbitrage Pricing Theory. Arbitrage Pricing Theory Unlike CAPM, APT is founded in the idea that the risk and return of an asset are affected by a group of different market factors (Smart, Megginson Gitman, 2007). As opposed to the CAPM, where the systematic risk of the market as a whole is applied to assets, the APT segregates the total systematic risk into smaller components of market risk. APT does not specify, identify, or give any guidance as to what these factors are or how many exist (The Economist, 1991). These different risk factors signify different types of systematic risk that cannot be neutralized by diversification. All assets are affected by each individual market factor and its own individual factor beta (Smart, Megginson Gitman, 2007). The APT attempts to break many of the basic assumptions of the CAPM. This theory establishes the idea that different assets will have a varying level of sensitivity to these smaller, common market risk factors. The theory also asserts that investors have varying levels of risk tolerance and need to structure portfolio selection and portfolio risk management to their own specific goals (Otuteye, 1998). This is a more advanced concept than the CAPM, but still presents an issue in regards to the unknown set of smaller risk factors that constitute the systematic risk. The complexity of this theory in addition to a random amount of unknown factors is where we begin to see problems with this concept. No one knows the exact factors that constitute the systematic risk of the market that have a significant movement affect on assets, affecting their risk and return (Otuteye, 1998). The volatility of assets in relation to the different risk factors may have either a relevant and useful affect or misleading influence. APT allows for multiple sources of risk within the systematic risk realm that affect an asset’s market sensitivities. Neither professionals nor academics can come to an agreement on the number or identity of these different risk factors. The more risk factors that an investor includes in risk and return evaluation of an asset, the more misleading noise they may have to endure (The CAPM and APT). The inability to accurately identify correct sets risk factors or even predict their behavior can significantly impact estimates and exp ectations as well as severely hinder investment evaluation and decision making. APT could be a very useful tool in theory. It is a much more advanced concept than CAPM. However, the current APT contains many errors in association with the many different risk factors, especially as a result of the unknown number and identity of the various, common risk factors. The APT is certainly more complex and difficult to use than the CAPM. APT’s main issue is that of theory versus practicality (The CAPM and APT). In theory, this could be a great tool in determining the varying degree of sensitivity and risk associated with different assets in the market as a result of the varying factors of systematic risk. In practice, our inability to accurately identify the number or type of risk factors affect the sensitivity of assets make this a difficult, complex, and inconclusive model to follow. Regarding the ease of use of the three models, I will submit the following analysis. There are a number of reasons why CAPM is the better approach than APT and the Dividend Growth Model for our company to use when evaluating the risk and return of an investment. CAPM is a very simple yet powerful and useful tool in evaluating the risk and return acceptable in decisions about investments. It uses historical volatility in correlation to the market movement in order to provide a reasonable indication of required or expected returns for varying levels of risk associated with different assets. Also, many of these reasons are a result of the difficulties associated with APT. Some of the difficulties and problems that arise with APT are estimation error, uncertainty of varying risk factors among assets, risk factors change over time, timing differences among factors, and its complexity. Estimation and expectation errors occur with APT as a result of the issue pertaining to the unknown number or identity of risk factors (The CAPM and APT). It is difficult for any multi-factor model to not have a clear set of influential parameters for analysis and evaluation. â€Å"This can make the model difficult to understand and increase the role of misleading â€Å"noise† that can significantly distort any results† (eMasterTrade, APT). The uncertainty of varying risk factors among assets can also create a problem when using the APT. The behavior of every individual asset is different. As a result of this, every individual asset will have its own composite of risk factors that will affect its volatility. This situation makes it difficult to match or use â€Å"sets† of factors among assets. The composition and makeup of these sets of risk factors will also change over time. This means that APT’s model will only be relevant for an undisclosed period of time and must be continually rebuilt as necessary. Many of the risk factors that affect an asset may change. This relates to another problem with this the model of APT and varying risk factors. Risk factors are not predictable and do not exist on a schedule. Different risk factors will affect the sensitivity of an asset at different times that are not determinable. â€Å"This can create another issue with the estimation or expectation of risk a nd return on an asset† (eMasterTrade, APT). Overall, APT is far too complex, involving too many parameters and risk factors that cannot be properly identified or predicted. This is a concept that is great in theory, but cannot practically be applied in a predictable, reasonable, or accurate manner. CAPM on the other hand utilizes a simple model based on indicating historical volatility in relation to the movement of the entire economy and market. The CAPM is easier model to use and understand. As a result of the differences inherent in these two models, the CAPM model can give us more reasonable estimates of the required rate of return acceptable in relation to the level of risk associated with an asset. Regarding the Dividend Growth Model it is quite an appealing approach to certain companies, but The Dividend Growth Model approach to estimating the cost of equity has some appeal to management as it directly links the strategic plans, goals, and objectives to the cost of capital, and it is simple to calculate. However, if a company does not pay a dividend or it has an erratic or uncertain growth rate, the dividend growth model cannot be used (Finance and Accounting for the Nonfinancial Managers, J.Fred Watson, pg 285). This makes this model a little less desirable and I would opt for the certainty of the CAPM over it for our company. In summary, I would recommend the Capital Asset Pricing Model due to it is a much simpler and straightforward approach to calculating the risk and required return associated with an asset than the Arbitrage Pricing Theory and the Dividend Growth Model. The Arbitrage Pricing Theory is much more complex, while containing unknown variables which it behavior and affect cannot truly be measured, while the Dividend Growth Model works well for those companies growing at a rate equal to or lower than that of the economy and have an established and stable dividend payout. Although it is conceptually more advanced than the Capital Asset Pricing Model, the Arbitrage Pricing Theory is inherent with potential disadvantages. These potential disadvantages, in addition to the more reasonably accurate evaluative and analytical ability of its alternative, the Capital Asset Pricing Model, make CAPM the best approach for Google to use when calculating the risk required and expected return of possible i nvestments. References: 1. APT Arbitration Pricing Theory. E-Mastertrade.Com. 12 Feb. 2007 . 2. Downs, John, and Jordan E. Goodman, eds. Arbitrage Pricing Theory. Dictionary of Finance and Investment Terms. 6th ed. New York: Barrons Educational Series, Inc., 2003. 3. Downs, John, and Jordan E. Goodman, eds. Capital Asset Pricing Model. Dictionary of Finance and Investment Terms. 6th ed. New York: Barrons Educational Series, Inc., 2003. 4. Hamm, D.B.(2006) â€Å"Managerial Finance: Chapter 13-Return, Risk, the Security Market Line. 5. Otuteye, E. (1998). The arbitrage pricing dichotomy. Canadian Investment Review. Winter 1998. Retrieved online from the ProQuest database, Touro Cyberlibrary 6. http://financial-dictionary.thefreedictionary.com/Dividend+growth+model 7. Risk and Return. The Economist 318 (1991): 72. ProQuest. TUI. 12 Feb. 2007. 8. Smart, Scott B., William L. Megginson, and Lawrence J. Gitman. Corporate Finance. 2nd ed. Mason: Thomson South-Western, 2007. 226-235. 9. The CAPM and APT; Does One Outperform the Other? Geocities.Com. 13 Feb. 2007 . Research Papers on Strategic Corporate Finance- Presentation to GoogleIncorporating Risk and Uncertainty Factor in CapitalResearch Process Part OneOpen Architechture a white paperBringing Democracy to AfricaAnalysis of Ebay Expanding into AsiaPETSTEL analysis of IndiaBionic Assembly System: A New Concept of SelfThe Project Managment Office SystemDefinition of Export QuotasMarketing of Lifeboy Soap A Unilever Product

Mechanism of Locating the Client's DaTa in the Clouds Research Paper

Mechanism of Locating the Client's DaTa in the Clouds - Research Paper Example Owing to the current rapid prevalence of Cloud computing many clients are increasingly using the clouds to store sensitive information and this necessitates encrypting the data so as to protect the stored data against unsolicited access (Lasica, 76). A major challenge of data encryption in the clouds is that it makes it difficult for the Clients to locate their data. This is particularly with regard to the fact that the encryption of data in cloud computing significantly limits the ability of clients to use the traditional keyword searches in locating their data. Additionally data in the clouds usually require protection of their key word privacy to enhance the security of the stored data. This paper explores the potential use of string matching algorithms as a mechanism to enable clients using cloud computing effectively locates their stored data within the cloud. String matching (Fuzzy keyword) algorithms Generally cloud data systems usually consist of the client, data service prov ider and the cloud server. Advances in computing technology have enabled the use of networks and data identifier algorithms to build a mechanism that allows the clients to locate their data in the clouds based on string matching of the any data. ... data identifiers algorithms are usually designed to enable clients determine the location of their data in the cloud using the infrastructural network. These algorithms are also used to track and monitor the movement of data within the servers. Many methods can be used to determine the string familiarity of the cloud data. For example the edit distance measures string match of the given keywords. This not only allow the clients depending on cloud storage services to locate their data but it also help them to effectively correct potential errors and problems in their stored data. Additionally the similarity of the located data and the intended search may also reveal potential problems such as duplicate data and lack of uniformity in the content and format (Armbrust, 56). String matching algorithm as a data identifier mechanism also enhances the search correctness of the data being searched by the client. For example if the client needs to locate some data using an input that matches t he data in the clouds, then the server will accurately locate the file using the keywords search request. The clients are therefore able to determine the location of their data within the virtual cloud network. On the other hand, any errors in spelling or inconsistencies in the format of the search keyword for the data being searched often bring the possible closest result based on the similarities of the keywords. How string matching data identifier algorithms work String matching algorithms function by allowing clients to locate data within the clouds using exact matching words. According to Abadi (33), the closeness of the match of the data being located is usually measured using the possible number of operations needed to convert the string into the exact match. The number is usually

Software Engendering Assignment Example | Topics and Well Written Essays - 750 words

Software Engendering - Assignment Example Additionally, it can be stated that the fact that this kind of a development method helps the customers to select the next set of releases by pinpointing on the most valuable features (often called stories) while analyzing them on the basis of cost factors plays a major role in reducing the time period required for development (Beck 71). The fourth characteristic of this kind of a development method is the fact that the larger project can be divided in to multiple smaller assignments and can be handled individually by the various team members in a very short time span. Another very important characteristic is the fact that this kind of a development method has an iteration step, the main goal of which is to produce the new stories that have been already tested. Types of software that can be developed by using the agile development and extreme programming method While trying to identify the software that can be developed by implementing an agile development, the focus needs to be give n on the nature of operations that are associated with this development method. It has to be mentioned that this kind of a development requires continuous engagement as well as participation of the client (Fowler, â€Å"Is Design Dead†). ... The continuous interaction of the client with the developers as well as the need to develop the projects in a very short time span will greatly help in implementing and following this kind of a development method. Apart from outsourced projects, this kind of extreme programming as well as agile development method can be followed in-house project developments for SME organizations where the requirements are not properly defined (Beck, 1999, p. 77). Comparing agile development method with Waterfall model It needs to be highlighted that the waterfall model comprises four different and very important steps like analysis, design, implementation as well as test. The waterfall model requires a proper planning of the entire processes. Each of the four important stages of the waterfall model is very time consuming in nature. It also needs to be stated that since the entire process is very stringent in nature, the ability to make any incremental changes in the development process of the softwa re is very low. The long development cycles of the waterfall model makes it very y harmful for the entire developing team as it unnecessarily blocks the required amount of resources. In comparing the waterfall model with that of the agile development method, it can be stated that the agile development method is highly flexible in nature. Also, the entire development time can be reduced in a great manner under the agile development model. Comparing agile development method with Iterative model In elaborating about the iterative model, it can be stated that the model follows similar stages as compared to that of the waterfall model. However, the time consumption in the process of project development is relatively shorter as

Hinduism, History of Christian Thought, and Greek Philosophy Research Paper

Hinduism, History of Christian Thought, and Greek Philosophy - Research Paper Example A study of the religious scriptures in Hindu mythology reveals various forms of Krishna and its simultaneous worships. The figures of Krishna as the supreme manifestation of power have been portrayed in every form. Three levels of Krishna mythology have been evident from the study of religious doctrines. The oldest and the most popular form of Krishna are evident in the oldest core of the Mahabharata. In Mahabharata Krishna is depicted as the son of the Vasudeva and Devaki. In Mahabharata Krishna has been portrayed to belong from the Yadava society and plays an instrumental part in the war of Kurukshetra where he served as the charioteer of Arjuna. In the expanded version of Mahabharata we find Krishna as the incarnation of Vishnu and the wisdoms of the Bhagwad Gita, The holy book of the Hindu’s are proclaimed through him. The form of incarnation of Visnu was found after 300 B.C.E which is popularly known as the early Hindu period. After 200 C.E. Krishna is depicted as the cowherd of Vrindavana and symbolizes as the passionate lover of Gopis and Radha in particular. This depiction of character of Krishna is found in Harivamsa and Vishnu purana. Other than a passionate lover Krishna he is portrayed as a slayer of demons. However in the Pre Aryan period there is no evidence of w orship of Krishna. The first two images of Krishna as the chief of Yadava and the reincarnation of lord Vishnu settled from the area of Dwarka to Mathura. However the form of Krishna as the cowherd of Vrindavana is not there in the Bhagwat Gita. The divine power of Krishna is evident in the Vishnu purana from his childhood where he demolishes various demons encountered by him. In Viishnu Purana however Krishna is not portrayed to take part in the war nor is a teacher of Gita. (Hopkins, p 99-104) The different form of Krishna often raises confusion. But the portrayal of Krishna in different forms in different era of Hindu mythology stresses on the fact that the presence of Krishna is there as a form of good source of energy and its presence cannot be ignored. The idea of re-incarnation of Vishnu as Krishna also is based on the same propositions as Vishnu is claimed to have ten other avatars. The Hindus have handled the different adaptations oh Krishna but worships them as a single fo rce of power. The importance of historical study is important in understanding the theology of Hindu. The different forms of Krishna and its significance can be clearly understood by studying the different religious chronicle in different times of history. The division of Hindu mythology is also very vast and should be studied minutely to have a clear understanding of the proceedings. The depiction of varied character of Krishna in Vishnu purana and Gita shows considerable link between them and helps to conclude that both of the characters are of the same person. Worksheet -15 1. The teachings of Athanasius were held as harsh by the church of Alexandaeria. His teachings tried to pry matters outside his domain which made him look unpopular. However his teachings were in favor of the council of Nicaea. He also used homousious and he believed that the divinity of the worlds would not have been possible by the divine participation of god. His meltian opponents were Eusebius and Arsenius . He exiled to Trier to prevail peace between the church and the east and the rise of the hostility with the opponents. He refused to attend many types of council as charges would be stacked against him. (Frend, 524) 2. The council of Sardica took place under a series of events. Constantine was governing the empire and he himself murdered his wife Fusta. The eastern frontier on the other hand was managed by his nephew. Constantine used his administrative skills to manage the empire. The importance of the council lies in the fact that the three brothers who were ruling had different views. Constantine II and Constants promoted the views of Nicaea whereas Constantius was guided by the view of Eusebi. In order to prevent the difference of view and reach a

Good Country People Stereotypes And Narcissism English Literature Essay

Good Country People Stereotypes And Narcissism English Literature Essay People must be comfortable with every aspect of themselves, because certain people, who in this story are represented by Manley Pointers character, can easily exploit their weaknesses. Hes good country people and the salt of the earth as Mrs. Hopewell refers to Manley Pointer who really is a demon that they must face. A demon to remind them of their weaknesses. Beginning with Mrs. Hopewell, the title of the story comes from what she likes to call the poorer and less fortunate people that live off the land and work their whole lives just to hang on to some scrap of a life. This is how she views these people. She believes that they are good country people not a bad seed among them, that they are all eager to help out and bow in humility to the upper class. The gullible nature of Mrs. Hopewell betrays her true vision of a situation. She is one of those people who are all goody-goody to people who they view as less fortunate. Shes a person that commends or speaks for the people she knows nothing about. Altogether this is her true weakness that is taken advantage of by Manley Pointer. One of Mrs. Hopewells favorite sayings, Nothing is perfect, is seen in the very beginning of the story. Her saying was just that; a saying. The quote acts as foreshadowing for what her attitude towards life will be. We later find out that she is right, but that she does not live by her credo. Manley Pointer exploits this weakness as soon as she opened her door. Showing up as a pathetic bible salesman with an ailing heart (which is coincidentally exactly what Joy-Hulga had) laying the old guilt trip on Mrs. Hopewell on how no one wants to deal with a simple country boy like himself, he attacks her weakness right at the heart of it. Not more than two minutes after he knocked on the door, he ends up eating dinner with them and at the conclusion is even invited to return any time hed like. His persona blinds Mrs. Hopewell and prevents her from being somewhat suspicious of Manley. At the en d of the story, we see that Mrs. Hopewell is still clouded by her weakness and refers to Manly as simple as he passes through a field by Mrs. Hopewell and Mrs. Freeman. Unlike Mrs. Hopewell, Joy-Hulga faces and comes to a realization of her weakness. Joy-Hulga, who had grown cynical and cold as she grew up with only one leg and heart ailment, creates an image that she is smarter and better than the rest of the characters in the story. Her education and self-absorption seemed to instill this attitude in her to greater extent than if she hadnt studied and read so much. Her weakness is the feeling of power she believed she gained from her studies. She refers to herself as a person who sees through nothing. Little does she know that she is stating her greatest weakness by saying this. Her hidden desires cause her several problems later on. After years of education and self-absorption, Joy-Hulga felt that she had no weaknesses. Science wishes to know nothing of nothing and this is the cr edo followed by Joy-Hulga. Her line of thinking turned out to be a weakness in itself. Her weaknesses are so prominent and hurtful from her childhood that she doesnt want to be reminded of them. Manley Pointer puts Joy-Hulga into a position where she feels in control. She took all his shame away and turned it into something useful. She believes that she is manipulating Manley, but it is he who is doing the manipulating. She lets her guard down because she feels in such great control and becomes comfortable with Manley. She is being manipulated from the start, and no amount of education can stop the fact that she doesnt see it coming. As soon as she admits to loving Manley Pointer, he sees the opening to completely destroy the facade she worked so hard to create her whole life. Before Joy-Hulga even knows it, her glasses are off and Manley has removed her leg. Physically she is broken down, but the real damage is done mentally. She knows that all control of the situation is out of he r hands, and she once again feels the discomfort felt during her childhood days. Manley Pointer exploits joy-Hulgas weakness to the fullest extent, because she never sees it coming. Joy-Hulga believed she was superior because she learned to see through nothing, but she doesnt realize that Manley has known this much longer than she which is even more prominent coupled with his seemingly lack of conscience. Manley is the only character in the story that has no apparent weakness. Taking into consideration the religious theme within the story, he takes on a persona of a devil-like character. He seems to be an almost omniscient character, which would fall in line with a powerful type of being. Being the protagonist in the story he acts not on an individual level, but more of a level revolving around mankind. His use of religion as a tool to carry out his acts of degradation and deception support this persona. He even says to Joy-Hulga, I hope you dont think I believe in that crap. Other things that represent this devil-like character is the hollow bible in which he kept instruments of a sort of sin. A definite clue to this is also when he also states to Joy-Hulga that He uses a different name every place he goes. The fact that the devil is referred to by many different names in all different regions of the world and different time throughout history shows another similarity between Manley Pointer and the devil. Manipulation and degradation seem to be his only objectives in life. At the conclusion of the story when Manley is passing by Mrs. Freemen and Mrs. Hopewell, the onion shoots that they are picking are even referred to as evil smelling the moment he passes. Mrs. Freemen is more of a minor character in the story but she is referred to as having two emotions, forward and reverse. This is important because then a person is forced to go in reverse they must face something or learn something they dont want to know about themselves. This seems to be what happens during the course of the story for Joy-Hulga. Although all the characters in the story are stuck in reverse, the only character that is forced to realize her weakness, which destroys the facade that she created is Joy-Hulga. It seems that in this story as in life the most high and mighty suffers the greatest fall. Joy-Hulga was the one who perceived herself to be the high and mighty of the characters. This attitude is displayed with many of her comment to Mrs. Hopewell. Perhaps when Joy-Hulga remarks to Mrs. Hopewell, Woman, do you ever look inside? she shouldve taken her own advice.

The Road To Salvation Essay -- essays research papers

Dhanpat Rai Shrivastava was born on July 31, 1880 in the small village of Lamahi, located near the city of Banaras in India. Although born into the Hindu Kaystha caste, made up of professionals including writers, doctors and lawyers, his family was poor. His father was a low paid postal employee. His mother died when he was only eight years old. His father remarried, but Dhanpat Rai did not like his stepmother. He studied Urdu and Persian, languages used in literature and administration in 19th century North India at a nearby school. He recalles his childhood fondly in one of his stories, so it is fairly safe to assume that he was a happy and well cared for child. Dhanpat Rai was married at the early age of fifteen. This marriage did not last long, possibly because he was rushed into the marriage by his father. He later remarried a balavidhava, or childhood widow named Shivrani Devi. This marriage was a happy one, and they had several children together. She was said to be very supportive of him throughout their lives together. Dhanpat Rai graduated from school at the age of eighteen and began to teach around the countryside. He taught for a few years in various North Indian towns while earning a college degree. Dhanpat Rai began to write when he began teaching school. He took up the pen name Premchand when he began writing. His writing was more than just a past time for him; it was an attempt to change the social structure of India. Premchand died at the age of 56 on Oc...

Gender, Race, and Religion in the Colonization of the Americas Essay

Colonization is associated with the occupation of a foreign land. The definition of colonization is broad. However, it is used in the materialist and the traditionalist sense, rather than the metaphorical, to refer to the expropriation and exploitation of land and/or resources by one group over another. Various countries and continents fell under the York of colonization, and one such case is the African continent. The motivation for European’s colonization of different regions such as Africa was a combination of curiosity, missionary effects, scientific inquiry, exploitation of natural resources, and philanthropic desire to bring progress to Africa and its inhabitants. This is as per the definition of the Europeans. While Christianity and some desire to promote commerce were primary drivers of European interest in Africa, the dominating view was one of laissez-faire politics, assuming that contact with Europe and the desire to trade and interchange would stimulate African dev elopment. Beginning 1800 European powerhouses such as Britain, France, Spain, Belgium, Portugal, Germany, and the Netherlands expanded their rule and influence to different parts of Africa. This led to the rise of colonial rule that affected nearly all institutions, politics, and social settings including growth and control of certain industries, government structures, education systems and health practices (Udeze, 2009). In the early periods of the twentieth century, European governments were claiming sovereignty over all, but six of the roughly forty political units into which the African continent had been divided by European missionaries and exploration. By doing this, these countries had already begun to lay claim to African territory, and this may have been attributed more to their competition with each other in Europe as opposed to the desire of developing colonies. In large part, the main focus of the colonial powers was to extract resources from Africa such as ivory, rubber, ores et c etera. In the case of colonization in Africa, there has been a significant debate about the impact of colonialism in Africa. In the grand scheme of the continent’s history, the colonial era lasted a short time –less than a century. The Eurocentric scholars often gave the early accounts of the colonial period in Africa and they emphasized the positive impacts of colonization by focusing on the introduction of new technology, civilizing mission, medical advances, and the onset of modernity. On the other hand, the era of African nationalism resulted in the emergence of Afrocentric and Marxist analysis of colonization in Africa that was hardly sympathetic to the European point of view. In general, these studies concluded that the colonial era interrupted Africa’s natural development and condemned the continent to stagnation and continued exploitation. That being said, it is clear that colonization in Africa came with its fair share of positive and negative outcomes alike. The nature of economic activities promoted during the colonial period caused the spread of cash crop agriculture, which in some cases allowed Africans to acquire wealth and raise their standard of living. Economically speaking, colonialism fostered the construction of economic infrastructure –roads, railroads, telegraph, and ports. However, the purposeful emphasis on cash crop agriculture impeded industrial development in Africa. This is because European nations did not want industrial competition. Furthermore, Africa’s integration into a world economy resulted in a system that encouraged Africans to produce what they could not use and use what they did not produce, creating national economies extremely susceptible to an economic crisis. America is another classical example of countries that were subjected to colonialism. American was a former colony of the British. Some of the most heated debates about colonization in America concerned whether this was primarily a form of gradual emancipation and a conservative alternative to abolitionism, or whether it is understood as a racist movement that ultimately reinforced slavery in America. Through colonization, America was able to realize its economic potential and today it is one the leading economies across the globe. Furthermore, colonization in America led to the introduction of an employee benefits program that helps to add to economic stability whereby the income and welfare of American families are guaranteed (Yarema, 2006). However, it cannot go without saying that the colonization of America increased the widespread of slavery that is often considered as a negative impact of colonialism in America. A lot of people from Africa were shipped to America to work as slaves. In its most benevolent formulations, the colonization movement proposed that, due to prejudice within the United States, free blacks and those who worked as slaves could not experience the full benefits of freedom, equality, or citizenship in America. This acted as a catalyst for racism, and some African-Americans did agree that the best course would be to leave the country and start freshly in Africa. In other cases, slaveholders made colonization a condition of manumission, leaving African-American women and men with the choice between slavery and Liberia (Jaffary, 2007). Other than slavery, the other negative impact of colonization in America is that it was premised on the assumption that a multiracial republic could not function prope rly. Effects of one culture trying to colonize the other are bound occur in one way or the other. The subject of colonization in the African historical experience; should explain why every cultural trend discovered in Africa by later observers should not be simply tagged as original African culture and the tradition of the group living it; or of Africa as a whole. The strongest arguments are based on the dramatic change and twists inflicted on the original African culture by the acts of colonization by the West in the history of Black Africa. As a result of Europeans invading Africa on the pretext of exploration, this did not only retard the steady growth of the original African cultures, it created confusion, a distortion and a form of syncretism. Based on the incompatible nature of these two cultures, the Europeans amalgamated cultures indiscriminately. This act of colonization inflicted an enormous long-term suppression on the totality of the African cultures colonized, and effected an extensive implant of the colonizing foreign cultures that are better referred to as Western cultures. The act of one culture colonizing the other cannot escape the fact that culture is a man-made reality; thus, it is a product of man. Each culture has its specific imperfections. The situation becomes worse when one culture, with all its imperfections, imposes itself indiscriminately on another culture; thus permeates its victims with its own imperfections; hence, proliferating evil and imperfections (Rieder, 2008). Because of the indifference of these two cultures, the European colonizers treated Africa as only a vast extension of land mass and paid very little or no attention to the people occupying that land mass except when they could consider them as a commercial vehicle or as any other means and instrument of making their insatiable material cravings come to fruition within the grips of their fingers. References Jaffary, N.E. (2007). Gender, Race, and Religion in the Colonization of the Americas. Burlington: Ashgate Publishing. Rieder, J. (2008). Colonialism and the Emergence of Science Fiction. Middletown, CT: Wesleyan University Press. Udeze, B. (2009). Why Africa?: A Continent in a Dilemma of Unanswered Questions. Xlibris Corporation. Yarema, A. E. (2006). American Colonization Society: An Avenue to Freedom? Maryland: University Press of America. Source document

The Terror - History of the French Revolution

The Terror - History of the French Revolution In July 1793, the revolution was at its lowest ebb. Enemy forces were advancing over French soil, British ships hovered near French ports hoping to link up with rebels, the Vendà ©e had become a region of open rebellion, and Federalist revolts were frequent. Parisians were worried that Charlotte Corday, the assassin of Marat, was only one of the thousands of provincial rebels operating in the capital ready to strike down the leaders of the revolution in droves. Meanwhile, power struggles between sansculottes and their enemies had begun to erupt in many sections of Paris. The whole country was unfolding into a civil war.   It got worse before it got better. While many of the Federalist revolts were collapsing under both local pressures- food shortages, fear of reprisals, reluctant to march far- and the actions of Convention Deputies sent on mission, on August 27th, 1793 Toulon accepted an offer of protection from a British fleet which had been sailing offshore, declaring themselves in favor of the infant Louis VII and welcoming the British to port. The Terror Begins While the Committee of Public Safety wasnt an executive government- on August 1st, 1793, the Convention refused a motion calling for it to become the provisional government; it was the closest France had to anyone being in overall charge, and it moved to meet the challenge with utter ruthlessness. Over the next year, the committee  marshaled the nations resources to tackle its many crises. It also presided over the bloodiest period of the revolution: The Terror. Marat may have been killed, but many French citizens were still forwarding his ideas, chiefly that only the extreme use of the guillotine against traitors, suspects, and counter-revolutionaries would solve the countrys problems. They felt terror was necessary- not figurative terror, not a posture, but actual government rule through terror.   The Convention deputies increasingly heeded these calls. There were complaints about a spirit of moderation in the Convention and another series of price increases were quickly blamed on endormers, or dozer (as in sleeping) deputies. On September 4th, 1793, a demonstration for more wages and bread was quickly turned to the advantage of those calling for terror, and they returned on the 5th to march to the Convention. Chaumette, backed by thousands of sans-culottes, declared that the Convention should tackle the shortages by strict implementation of the laws. The Convention agreed, and in addition voted to finally organize the revolutionary armies people had agitated for over previous months to march against the hoarders and unpatriotic members of the countryside, although they turned down Chaumette’s request for the armies to be accompanied by guillotines on wheels for even swifter justice. In addition, Danton argued that arms production should be increased until every patriot had a musket and that the Revolutionary Tribunal should be divided to increase efficiency. The sansculottes had once again forced their wishes onto and through the Convention; terror was now in force. Execution On September 17th, a Law of Suspects was introduced allowing for the arrest of anyone whose conduct suggested they were supporters of tyranny or federalism, a law which could be easily twisted to affect just about everyone in the nation. Terror could be applied to everyone, easily. There were also laws against nobles who had been anything less than zealous in their support for the revolution. A maximum was set for a wide range of food and goods and the Revolutionary Armies formed and set out to search for traitors and crush the revolt. Even speech was affected, with citizen becoming the popular way of referring to others; not using the term was a cause for suspicion. Its usually forgotten that the laws passed during the Terror went beyond simply tackling the various crises. The Bocquier Law of December 19th, 1793 provided a system of compulsory and free state education for all children aged 6 – 13, albeit with a curriculum stressing patriotism. Homeless children also became a state responsibility, and people born out of wedlock were given full inheritance rights. A universal system of metric weights and measurements was introduced on August 1, 1793, while an attempt to end poverty was made by using ‘suspects’ property to aid the poor. However, it is the executions for which the Terror is so infamous, and these began with the execution of a faction called the Enrages, who was soon followed by the former queen, Marie Antoinette, on October 17th and many of the Girondins on October 31st. Around 16,000 people (not including deaths in the Vendà ©e, see below) went to the guillotine in the next nine months as the Terror lived up to its name, and around the same again also died as a result, usually in prison. In Lyons, which surrendered at the end of 1793, the Committee of Public Safety decided to set an example and there were so many to be guillotined that on December 4th-8th, 1793 people were executed en masse by cannon fire. Whole areas of the town were destroyed and 1880 killed. In Toulon, which was recaptured on December 17th thanks to one Captain Bonaparte and his artillery, 800 were shot and nearly 300 guillotined. Marseilles and Bordeaux, which also capitulated, escaped relatively lightly with only hundreds executed. The Repression of the Vendà ©e The Committee of Public Safetys counter-offensive took the terror deep into the heart of the Vendà ©e. Government forces also began winning battles, forcing a retreat which killed around 10,000 and the whites began to melt away. However, the final defeat of the Vendà ©es army at Savenay was not the end, because repression followed which ravaged the area, burnt swathes of land and slaughtered around a quarter of a million rebels. In Nantes, the deputy on mission, Carrier, ordered the guilty to be tied up on barges which were then sunk in the river. These were the noyades and they killed at least 1800 people. The Nature of the Terror Carriers actions were typical of autumn 1793 when deputies on mission took the initiative in spreading the Terror using revolutionary armies, which may have grown to 40,000 strong. These were normally recruited from the local area they were to operate in and were usually comprised of artisans from the cities. Their local knowledge was essential in seeking out hoarders and traitors, usually from the countryside. Around half a million people may have been imprisoned across France, and 10,000 may have died in prison without trial. Many lynchings also occurred. However, this early phase of the terror was not, as legend recalls, aimed at nobles, who made up only 9% of the victims; clergy were 7%. Most executions occurred in Federalist areas after the army had regained control and some loyal areas escaped largely unscathed. It was  normal, everyday people, killing masses of other normal, everyday people. It was a civil war, not class. Dechristianization During the Terror, deputies on mission began attacking the symbols of Catholicism: smashing images, vandalizing buildings, and burning vestments. On October 7th, in Rheims, the sacred oil of Clovis which was used to anoint French kings was smashed. When a revolutionary calendar was introduced, making a break with the Christian calendar by starting on September 22nd, 1792 (this new calendar had twelve-thirty day months with three ten-day weeks) the deputies increased their dechristianization, especially in regions where rebellion had been put down. The Paris Commune made dechristianization an official policy and attacks began in Paris on religious symbols: Saint was even removed from street names. The Committee of Public Safety grew concerned about the counter-productive effects, especially Robespierre who believed that faith was vital to order. He spoke out and even got the Convention to restate their commitment to religious freedom, but it was too late. Dechristianization flourished across the nation, churches closed and 20,000 priests were pressured into renouncing their position. The Law of 14 Frimaire On December 4th, 1793, a law was passed, taking as its name the date in the Revolutionary Calendar: 14 Frimaire. This law was designed to give the Committee of Public Safety even more control over the whole of France by providing a structured chain of authority under the revolutionary government and to keep everything highly centralized. The Committee was now the supreme executive and nobody further down the chain was supposed to alter the decrees in any way, including the deputies on a mission who became increasingly sidelined as local district and commune bodies took over the job of applying the law. All unofficial bodies were shut down, including provincial revolutionary armies. Even the departmental organization was bypassed for everything bar tax and public works. In effect, the law of 14 Frimaire aimed to institute a uniform administration with no resistance, the opposite of that to the constitution of 1791. It marked the end of the first phase of the terror, a chaotic regime, and an end to the campaigning of the revolutionary armies who first came under central control and were then closed on March 27th, 1794. Meanwhile, factional infighting in Paris saw more groups go to the guillotine and sansculotte power began to wane, partly as a result of exhaustion, partly because of the success of their measures (there was little left to agitate for) and partly as a purging of the Paris Commune took hold. The Republic of Virtue By the spring and summer of 1794, Robespierre, who had argued against dechristianization, had tried to save Marie Antoinette from the guillotine and who had vacillated over the future began to form a vision of how the republic should be run. He wanted a cleansing of the country and committee and he outlined his idea for a republic of virtue while denouncing those he deemed non-virtuous, many of whom, including Danton, went to the Guillotine. So began a new phase in the Terror, where people could be executed for what they might do, not had done, or simply because they failed to meet Robespierres new moral standard, his utopia of murder. The Republic of Virtue  concentrated power at the Centre, around Robespierre. This included closing all provincial courts for conspiracy and counter-revolutionary charges, which were to be held at the Revolutionary Tribunal in Paris instead. Parisian jails soon filled with suspects and the process was speeded up to cope, partly by scrapping witnesses and defense. Furthermore, the only punishment it could give out was death. As with the Law of Suspects, almost anyone could be found guilty for anything under these new criteria. Executions, which had tailed off, now rose sharply again. 1,515 people were executed in Paris in June and July 1794, 38% of which were nobles, 28% clergy and 50% bourgeoisie. The Terror was now almost class-based rather than against counter-revolutionaries. In addition, the Paris Commune was altered to become docile to the Committee of Public Safety and proscribed wage levels were introduced. These were unpopular, but the Paris sections were now too centralized to oppose it. Dechristianization was reversed as Robespierre, still convinced that faith was important, introduced the Cult of the Supreme Being on May 7th, 1794. This was a series of Republican themed celebrations to be held on the rest days of the new calendar, a new civic religion.

Louis Sullivan essays

Louis Sullivan essays The Autobiography of an Idea was published 1924. Louis Sullivan wrote this autobiography as a way to let you know who he was and what he believed in. He felt that his life was dedicated in forming a new style of architecture that would set the United States apart from the European countries. He wanted to break away from the tradition styles that have been used for the last century and a half. This tribute shows you that architecture was his passion, and he wanted everyone to follow him. Louis Sullivan was born on September 3rd 1856 in Boston, Massachusetts. His father Patrick, and his mother Andrienne, had a rough way of life. They both made their way to America from different regions of Europe. Louis was raised by his parents until he was the age of five. He then was taken to his grandparents in a small town called South Reading. As he grew he found that he enjoyed to art of dancing and began to love natures beauty. Louiss father opened a summer school in Newburyport. Patrick had told Andrienne that her parents were too soft for their son, and they pampered him. His mother arrived to reclaim her son and also to visit with her parents. Soon after, both left for Newburyport by train. He later endured another move, the return to Boston. Here he would join another school that would help him with his creative mind. At the age of 9 Louis was enrolled in The New Rice Grammar School. He later entered the Boston English High School where he dropped out at the age of 16 to attend the Massachusetts Institute of Technology. After only one year he dropped out once again to move to Philadelphia, Pennsylvania to live with his grandparents. In Philadelphia, while living with his grandparents, he decided he would try to gain employment with Furness and Hewitt. He later had a disagreement with George Hewitt and moved to Chicago, Illinois with his parents. There he gained employment with William Jenney. ...

Compare and contrast Essay Example | Topics and Well Written Essays - 500 words - 18

Compare and contrast - Essay Example According to this theory, the indication or manifestation of individual character materializes beginning with an individual’s believes and assumptions of how s/he is viewed by others, opinions by others about him/her, and also the emotions and sentiments arising from these believes. It is important to posit that this theory engages discernment as well as outcome. Discernment concerns how individuals are viewed by others whereas outcome depicts the consequences associated with opinions towards an individual portrayed by others (Cooley 14). The postulation of looking glass self is considered an important notion since individuals react and take action based on how other people imagine they should react. Therefore, the development of character or personality is a collective and shared course of action that is founded on associations between people (Brinkerhoff 57). In addition, the development of character is founded on individual aptitude of individual expression. The bio-ecological theory on the other hand posits that there are a number of stages associated with external surroundings that affect the creation of personality. According to Papalia, Feldman, and Martorell â€Å"Bronfenbrenner illustrated the micro-system as the setting within which the individual was behaving at a given moment in his or her life and the meso-system as the set of Microsystems constituting the individual’s developmental niche within a given period of development† (35). Bronfenbrenner introduced the hypothesis known as the bio-ecological theory that presents perfect support geared towards deliberating on the associations among certain traits in children as well as ecological attributes. According to this theory, a kid is portrayed as the most essential and fundamental stature. Micro-systems are the unswerving relationships among close relative, teaching instructors, and other individuals. The meso-systems connect the micro-systems and

The Global Significance of the Middle East Essay - 66

The Global Significance of the Middle East - Essay Example From this paper it is clear that most leaders in the region as well as superpowers try to take control of the area so as to gain in this viable energy business. The large oil wells in the region have caused its global significance as it meets most of the oil needs in the world.  The global significance and dependence on the Middle East for oil and energy resources is known to have begun with the British navy that intended to use the petroleum from this region to give them a strategic advantage during the Great War.  From this time, the region has been dominated by the great powers who struggle to take control of the looming oil business.  Today leading nations are at conflicts in the struggle to control the lucrative oil market, and an example is the crisis in Iraq, which the United States and Britain invaded pretending that it had weapons of mass destruction, and this led to war in the region, causing death of many civilians, US and British soldiers. As the paper highlights the struggle for control of oil in the Middle East has led to wars, overthrow of leaders and dictatorships in the effort of taking over the oil business. An example is the Libyan crisis, which occurred due to the authoritarian rule of Gadhafi, and there were protests to remove him from power. Gadhafi was a dictator and had used the wealth generated from the oil wells in Libya for his own and family benefit while other citizens languished in poverty. The West intervened to remove him from office, which some people think was a plan of the superpowers to gain control of the oil in Libya, one of the Middle East countries.