Monday, September 30, 2019

A Year in the South: Four Lives in 1865 Essay

Prompt: How did the different backgrounds of John, Cornelia, Lou, and Samuel affect their abilities to adjust to the end of the war? How did the end of the war affect their daily lives? Explain, making sure to support your answer with evidence and quotes from the text. A Year in the South: Four Lives in 1865 The background of an individual allows the individual to adapt to new circumstances no matter how radical the change may be. It is very apparent that in the book, A Year in the South: Four Lives in 1865, that people whether they were black or white suffered different hardships, however their background was what enabled them to succeed or fail after the war. There were four people which this book was focused upon: Louis Hughes, who was an educated slave in the Deep South, in Tombigbee, Alabama; Cornelia McDonald, who was the wife of a Confederate soldier, and the mother of 7 children in Lexington, Virginia; Samuel Agnew, who was a priest exempted from military service due to his position in the church, in Tippah County, Mississippi, and John Robertson, who was an ex-confederate soldier looking to settle down and live a religious life accepting defeat as a Confederate soldier, in East Tennessee. Although the backgrounds of each of these individuals were different, their skills gained f rom their background is what led them to be able to adapt or fail to adapt to the end of the war. Louis Hughes was an educated slave who was taught many skills by his master whom he refers to as boss, and skills he learned from various jobs but not limited to nursing, working in the fields, and working the salt works. Louis Hughes was very highly skilled for a slave. â€Å"Nursing was only one of many skills Lou acquired in the McGehee household. He could drive a carriage, cultivate an ornamental garden, and even operate a sewing machine, not to mention serve expertly as butler and body servant.† (Ash 25) This shows how well rounded Lou was as a slave and as an individual. Lou was also of an entrepreneurial mindset and is shown when he was in the salt works, where he borrowed money from the other slaves and bought tobacco plugs to sell. Having discerned that the area could only produce salt, he was highly successful and procured a fifty dollar profit from the sales which granted attention from N.S. Brooks. Brooks then obtained five hundred plugs for Lou  to sell in which he made a huge profit from. Lou had noticed that â€Å"it was all rebel money† but was sharp enough and â€Å"bought up all the silver† he could get his hands on. (Ash 21) This lead to believe that Lou would buy something that will retain its value if the confederacy were to lose or win. That way he could keep his assets safe. As soon as the first sign of invasion was near Madam had sent for all her slaves. Lou had been sent out to the fields for the remainder of the time of the invasion was upon arrival, even though there was hardly a presence in the remote area he was in. During the time he was working in the field he remembered how his master had shown two sides of his master. On one side, his master had been seen as a benevolent and would go out and cure people. On the other hand, there was one where he was seen as temperamental and aggressive. Lou has held much resentment towards this side, and recalls a time where Boss gave him a whipping. This made Lou’s yearning for freedom even greater than it was before. Eventually in the summer, Lou and another slave named George had decided to escape, not knowing that the war had ended and they were granter freedom. The two unknowing freedmen then made their way to Memphis, mostly by foot with fear that they might be caught and sent back. The last bit, after they felt more secure was by train, Lou had purchased using his earnings from the plugs. There they were turned down by the official in charge, found that the war had ended in the Union victory and traveled back Senatobia. On their way there, with a rented wagon and two bottles of whiskey presumably bought with the silver that Lou had obtained by selling plugs, ran into two union soldiers. He bartered to have the Union soldiers go to Madam’s house to announce the confederate defeat in exchange for a whisky bottle. The union soldiers did exactly that. After doing so the freedmen and their wives along with other freedmen headed to Memphis, escorted some of the way by the same soldiers. There they made a living, or idled about enjoying their new freedom. However, Lou and his company had decided to go to Cincinnati to see if they could find Matilda’s mother which eventually they did. Lou was able adapt and succeed in almost any job he was given due to his background of working with similar jobs he had held before. Lou was able to adapt in such a way to where it is believed he was successful after the war in the terms of the new freedom he had attained. Lou was able to supersede adversity of the changing political and economic  crisis of the south after the war. Samuel Agnew was a priest in Tippah County, Mississippi. His family were avid supporters of the Confederate cause, running and hiding at the alarm of Yankee invasion. Sam was exempted from the war because he was a minister, although accosted he was a few times under the presumption that he was avoiding the draft. He had heard of the devastation that the confederate soldiers had endured, and kept a keen interest in news about the war, and the policies that the Confederacy was putting in his free time. He tried to cultivate opium and tobacco, as a hobby and to sell to make money to use to buy provisions. In times of heavy depression, and where prices kept going up and money and supply were scarce. Even though the war was over and Sam had accepted that fact he still had a strong sense of confederacy patriotism which came from his family holding a small plantation, and using slave hands to tend to it. His father, â€Å"Enoch had listed the value of his plantation as $23,500,† whic h he Union via President Johnson had declared that along with the generals and officials of the Confederacy, any citizen with more than twenty thousand dollars in assets. â€Å"That provision was clearly aimed at the planters, a class whom Johnson despised and whom he blamed for the breakup of the Union. This was something the Agnews would have to reckon with†. (Ash 145) This was one of the hardships that could not be avoided by Sam as to see that living with his father and his small plantation would be greatly affected by this. Eventually, Sam had to gather the slaves and announce that they were freedmen, however none of them left immediately, they stayed and did only the necessary work, but did not work as efficiently as they did when they were slaves. Sam dictates that the freedmen were â€Å"‘doing as they please: they go off in daylight on their own business and are not giving their master’s concerns any attention.’ As a consequence, Sam found himself taking on unaccustomed chores around the plantation: making a new rope for the well bucket, gathering and cleaning the loose bits of cotton scattered around the floor of the gin house.† (Ash 151) This shows that even though he had little practice cultivating, he was ill prepared for the jobs that he had his slaves at the time do. Sam could not adapt to the end of the war. He had no experience in the work that the slaves did thus was struggling to meet ends meet, which is also displayed in their dying livestock. Later on  he would hire the freedmen to work in the fields and pay them to do so. Disgusted at the level he was at negotiating with what used to be his family’s property. Eventually this disdain, and losing assets would leave him with no freedmen come New Year’s Day of the following year after the war. This would leave his family in ruins and unable to cope with the post war times ahead. Thus Sam Agnew was not prepared for the end of the war economically, and with the lack of skills seeing as how they were ruined with no workers or livestock that would help them with the plantation that his father had owned. Sam after having lost everything had failed to change with the ending of the war and the new policies of the United States and had suffered economically. John Robertson was a young ex-confederate soldier whom after being captured in the war and forced to surrender to get out of prison, was looking for a religious revival and to have a normal life. He planned to become a minister as he professed to Tennie, and â€Å"John was an old hand† at raising â€Å"wheat during the years John was growing up in Greene County.† (Ash 172) Showing he had some skills to go upon and would have self-sufficiency. Even though he had surrendered and allowed to go back home he remains bitter and still harbors hate towards the union after the confederate loss. As soon as the Unionist established dominance in East Tennessee, he realized that he hated the native unionist more than the Unionist that came from other states. This is mainly due to the fact that he was a Confederate from Tennessee and saw the native unionists as traitors. This played a giant role in making his daily life really difficult especially in the church due to governor Brownlow, who had resented all of the confederates that imprisoned him. Later on, John would pay the price for his war acts. The Lincolnites â€Å"were determined to kill him, there was nothing he could do to stop them—nothing, that is, except go where they could not find him. Through the waning days of August, he agonized over his plight. By September, he had decided he must leave.† (Ash 180) This shows that John’s past would dictate how he would live his future and that he would have to evade the Unionists that were looking for revenge for his past sins, thus pressured him to leave Tennessee and retreat to Springfield. He settled down and immersed himself in education and religion. Although he had settled there with an uncle he was  determined to go back, thus John’s background is preventing him from having a successfully way to cope with the end of the war emotionally due to his inability to see his love, Tennie. Cornelia McDonald was the wife of a wealthy confederate army officer. Cornelia had relied heavily on her husband’s salary thus when she died everything went downhill very fast. She had no basic house skills except for sewing and mending clothes. She lacked basic skill so she â€Å"had to hire someone to do the cooking for the same reason she had to pay for carding, spinning, and weaving: as a well-bred woman who had always had money and slaves, she had never learned those skills because she never had to perform those chores.† (Ash 38) This will play into account when the war comes around as those are necessities and will affect and drain the money from Cornelia in the latter half of the year. She would have to pay someone else for these essential skills. As for the skill she did have was to tutor for painting and foreign languages, these seem more of a luxury than a necessity as will be seen in at the end of the book. She is barely able to support herself and her family after her husband dies and the meager earning she gets goes to food and not enough is left over rent and she engrossed in debt and eventually becomes ruined financially. Cornelia is struggling emotionally as well and claims to see her â€Å"‘noble sons, little daughter, and pretty little boys dragged down so low.’† (Ash 158) This was one of her greater struggles as she could not believe that just a few years ago they were so prosperous and now doing jobs that were so â€Å"beneath them†. This is just a clear indicator that she was not able to adapt to the circumstances of a changing political climate and her lack of ability to adapt is shown very clearly financially and emotional ly. All in all most of the Southerners had a tough time coping with the end of the war because of their inability, and lack of essential self-sustaining skills. Lou and John were the only ones to see progress in their life although not in significant amount but they were better off than those of the rich white plantation and slave owners. The reason was their ability to cope with hardships way before the end of the war and these times of hardships helped them transition into the post war era, whereas Cornelia and  Sam were ruined, because they lived a life where they had enough money to sustain themselves, and did not need to worry about the skills until it was too late. The background of each of the southerner, and their essential skills or lack thereof have left them in in the state they were in either with stability or instability financially, or emotionally. Bibliography Ash, Stephen V. A Year in the South: Four Lives in 1865. New York City: Palgrave Macmillan, 2002.

Sunday, September 29, 2019

Jane Eyre by Charlotte Bronte

Jane Eyre, by Charlotte Bronte is a gothic, Romantic novel that was seen by critics at the time as a controversial text. All though not revolutionary it did contain elements of social rebellion. Elizabeth Rigby from the Quarterly Review labelled ‘Jane Eyre’ an â€Å"anti-Christian† novel and an â€Å"attack on the English class system†. When read from a 21st century context, the novel shows, through the use of various motifs and imagery, the development of one central character. You can read also Analysis of Literary Devices of Jane Eyre Bronte shows Jane’s development, while highlighting aspects of her own social and personal context through the characterisation of Jane’s friends, family and acquaintances. A contemporary contextual reading allows the audience to view Jane Eyre as a character based novel. One critical paper known as the â€Å"Tablet† described Jane Eyre as being â€Å"simply the development of the human mind†. This bildungsroman genre underpins this reading of Jane Eyre. Similar to other Victorian authors of the time, like Charles Dickens, Bronte uses Jane to represent an individual’s search for identity and their adjustment to society. Q. D Leavis wrote that â€Å"the novel is not†¦but a moral psychological investigation†. As such the novel becomes laden with varying themes and ideal and is neither restricted by genre or by political view (much like the human mind) Characterisation is used consciously from the beginning of the novel to show the development of Jane’s individual nature and strength. One of the motifs used to represent Jane’s character is the colour red. A fine example of how the colour gains various meaning as the Jane develops is in the first 3 chapters. While in the first Chapter she is enshrouded by the curtains, which provide here with haven from The Reeds the colour soon becomes one symbolic of anxiousness, fear and anger as she is locked up in the red room. â€Å"A bed supported by massive pillars of mahogany , hung with curtains of deep red damask. † The description of the magnificent bed reflects Jane’s feeling of inferiority and belittlement. However in chapter 3 she awakes to the soft red glow of the fire which provides here with warmth and comfort. Bronte continues to use this theme later on to represent Jane’s passions for Mr Rochester and the wild nature of Bertha. Jane is represented as a strong-willed character with her own opinions, morals and mindset. While she is somewhat repressed by the society and context she lives in, she does not let this limit her entirely. Jane is not afraid to speak her mind even from a young age, nor is she afraid to think outside the conventional framework of society. â€Å"Women feel just as men feel†¦they suffer too rigid a constraint†. All other characters are seen through Jane’s eyes, and it is their impact on her development that is important, rather than their individual personalities. In the early stages of the novel, Jane is seen to be in conflict with Mrs Reed but later in the novel, the maturity that Jane has developed is seen, when Jane overlooks Mrs Reed’s cruelty, and treats her with kindness. â€Å"A strong yearning to forget and forgive all injuries†. Bronte’s use of setting provides a backdrop against which Jane develops from a young girl to an adult. The Five main settings symbolise the stages in Jane’s quest to find herself. The setting traces Jane’s childhood development at Gateshead Hall, followed by her schooling and work at Lowood institution and the development of Jane’s passionate nature at Thornfield. Moor House is then characterised by a moral and religious development of Jane. â€Å"God directed me to a right choice†. This counteracts the critic E. Rigby’s anti-religious reading of Jane Eyre, discussed later. Jane’s development concludes with her reunion with Rochester at Ferndean. Jane’s words â€Å"Reader, I married him†; show her internal fulfilment as she has found a balance between passion and reason and found her place as an individual in society. The gradual development of character highlights the textual integrity of â€Å"Jane Eyre† and enables readers in all contexts to trace the development of a central character. The narrative technique used by Bronte shows the gradual development of Jane as the central character. The first person narrative voice given to Jane enables a closer connection between Jane and her readers, allowing expression of feelings and emotions as her character develops. â€Å"Reader, though I may look comfortably accommodated, I am not very tranquil in my mind†. A duality present in Jane’s narration presents a child’s voice, echoed by a mature and intelligent adult voice of reasoning and reflection. â€Å"I should, if I had deliberated, have replied to that question†. This self-reflexivity is important in showing Jane’s character development. Consistency of Romantic imagery, linking nature and weather to characters, also adds to character development and sustains textual integrity. â€Å"The sun was just entering the dappled east and his light illuminated the wreathed and dewy orchard trees†. The imagery reflects the implications of characters choices and its impact on future character development. In the garden, after Jane agrees to marry Rochester, a storm breaks out and the great chestnut tree is damaged. This imagery symbolises the forbidden relationship that Jane agreed to. Throughout Bronte’s novel, elements of her personal and social context are highlighted, adding depth to her characters and her novel. Religion was significant in Bronte’s personal context, and in the Victorian context. Changing religious ideas, religious doubt, and an increase in non-conformists had emerged due to science and history. While the critic E. Rigby labels Jane Eyre an â€Å"anti-Christian† novel, I believe Bronte is representing religion without taking a clear stance on the issue. Bronte conveys no specific religious message but instead shows more of a general concern for religion, reinforced with religious language. â€Å"No nook in the grounds more sheltered and Eden-Like†. The text does not ignore religion or openly oppose Christianity; rather it represents the contextual importance of religion, while adding depth to Jane’s character development. Feminism is another contextual influence in Jane Eyre. The critic S. Gilbert suggests that Jane Eyre is â€Å"a traditional feminist reading of the Bronte’s†¦Ã¢â‚¬ . This critic has drawn parallels between Bronte’s life and Jane’s life, inferring that Bronte was exploring her contextual feminist struggle through the character of Jane. While there are some elements of feminism in the novel (mostly due to the independent ubringing of Charlotte Bronte) it is not the central theme. As seen from the above discussion, Jane Eyre is about the development of a human mind, with feminist themes simply an influence on Jane. Jane’s feminist comments show her character exploring the social context. â€Å"Women are supposed to feel very calm generally, but women feel just as men feel†. These elements link back to a â€Å"moral psychological investigation† rather than an exploration of feminism. ‘Jane Eyre’ is primarily focused on the development of an individual. The text shows Jane’s development from a child to an adult using characterisation, setting, narrative voice and romantic imagery. Bronte adds depth to characters by introducing aspects of her social and personal context. While critics in the Victorian context label Jane Eyre as a â€Å"feminist novel† or an â€Å"anti-Christian book†, in my contemporary reading it is neither of these things. Its merely the exploration of an individuals development.

Saturday, September 28, 2019

Dividend Policy & Capital Structure

â€Å"Comparative Analysis of Dividend Policy & Capital Structure† Prepared For: Lutfur Rahman Senior Lecturer, Department of Business Administration, East West University. Course Code: FIN-435 Course Title: Managerial Finance Prepared By: Md. Habibur Rahman Utpal Kumar Ghosh ID: 2006-2-10-175 ID: 2006-2-10-179 Date of Submission: August 11, 2009 East West University 43, Mohakhali C/A, Dhaka-1212 Introduction ? ? Origin of the Report: Mr. Lutfur Rahman, Senior Lecturer, East West University, has assigned this report to us, as this report is a requirement of the course â€Å"Managerial Finance†. Objectives of the Report: The broad objective of the report is to build a strong familiarity about the Dividend policy & Capital Structure to measure the performance of the company. By preparing this report we are trying to acquaintance of the overall dividend policy & capital Structuring. Moreover the superficial objective of the report is to acquire knowledge about the insights of interpreting the ratios. Preparing this report such kind of topic is extremely beneficial for us as the students of finance. Scope of the Report: This report is based on the dividend policy & capital Structuring. Through this report we are try to focus on the area related to the financial performance of the companies. We particularly focus on dividend policy & capital Structuring and related ratios; as those are the major indicator of the performance assessment of a firm. Methodology: For execution of the report we use MS office software. Topic of the report is not permitting us to input data from primary sources. As the report must be factual, the data source of this report is basically secondary sources. We gathered our relevant data from the different periodicals published by the two cement companies. We also collect our relevant information from different books as well. We also collected some data from the internet to broaden our scope of analysis. Dhaka Stock Exchange websites, Meghna Cements mills website, Confidence Cement Ltd, websites are few of them. Limitations: †¢ Inadequate knowledge in studying reports. †¢ Lack of in-depth understanding of certain terms and concepts prevented us from going into details. †¢ Lacks of research. †¢ Unavailability of updated data. †¢ Time limitation is also been there. †¢ Lack of information and coordination. Confidentiality of data was another imperative barrier that was faced during the conduct of this study. †¢ Power Crisis. ? ? ? 2|Page Dividend Policy ? Dividend: Dividends are payments made by a corporation to its shareholders. It is the portion of corporate profits paid out to stockholders. When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business (called retained earnings), or it can be paid to the shareholders as a dividend. Many corporations retain a portion of their earnings and pay the remainder as a dividend. For a joint stock company, a dividend is allocated fast as a fixed amount per share. Therefore, a shareholder receives a dividend in proportion to their shareholding. For the joint stock company, paying dividends is not an expense; rather, it is the division of an asset among shareholders. Public companies usually pay dividends on a fixed schedule, but may declare a dividend at any time, sometimes called a special dividend to distinguish it from a regular one. Cooperatives, on the other hand, allocate dividends according to members' activity, so their dividends are often considered to e a pre-tax expense. Dividends are usually settled on a cash basis, as a payment from the company to the shareholder. They can take other forms, such as store credits (common among retail consumers' cooperatives) and shares in the company (either newly-created shares or existing shares bought in the market. ) Further, many public companies offer dividend reinvestment plans, which automatically use the c ash dividend to purchase additional shares for the shareholder. ? Forms of Payments: ? Cash dividends (most common) are those paid out in the form of a check. Such dividends are a form of investment income and are usually taxable to the recipient in the year they are paid. This is the most common method of sharing corporate profits with the shareholders of the company. For each share owned, a declared amount of money is distributed. Thus, if a person owns 100 shares and the cash dividend is $0. 50 per share, the person will be issued a check for 50 dollars. ? Stock dividends are those paid out in form of additional stock shares of the issuing corporation, or other corporation (such as its subsidiary corporation). They are usually issued in proportion to shares owned (for example, for every 100 shares of stock owned, 5% stock dividend will yield 5 extra shares). If this payment involves the issue of new shares, this is very similar to a stock split in that it increases the total number of shares while lowering the price of each share and does not change the market capitalization or the total value of the shares held. ? Property dividends are those paid out in the form of assets from the issuing corporation or another corporation, such as a subsidiary corporation. They are relatively rare and most frequently are securities of other companies owned by the issuer, however they can take other forms, such as products and services. ? Other dividends can be used in structured finance. Financial assets with a known market value can be distributed as dividends; warrants are sometimes distributed in this way. For large companies with subsidiaries, dividends can take the form of shares in a subsidiary company. A common technique for â€Å"spinning off† a company from its parent is to distribute shares in the new company to the old company's shareholders. The new shares can then be traded independently. |Page ? Types of Dividend Policies: ? Constant-Payout-Ratio Dividend Policy: A dividend policy based on the payment of a certain percentage of earnings to owners in each dividend period. ? Regular Dividend Policy: A dividend policy based on the payment of a fixed-dollar dividend in each period. Often firm that use this policy increase the regular d ividend once a proven increase in earning has occurred. ? Low-Regular-and-Extra Dividend Policy: A dividend based on paying a low regular dividend, supplemented by an additional dividend when earnings are higher than normal in a given period. Argument for Dividend Relevance : Gittman (10th edition) divided stock into two types, such as common stock and preferred stock. He also showed that dividends are the outcome of investment. So, common stocks are an ownership claim against primarily real or productive asset (Higgins, 1995), but he also said that if the company prospers, stockholders are the chief beneficiaries, if it falters, they arc the chief losers. Smith (1988) presented that stocks arc one of the most popular forms of investment. People buy stocks for various reasons: Some are interested in the long-term growth of their investment by buying low priced stock of a new company in the hope of substantially growth of share price over the next few years. Another reason he suggested that in a well established firm stockholders expect the stock growth will be stable over the long run. (Smith. 1988). Stockholders expect dividend but it is not promised (Gitman, 10th edition). Common stocks are hold by true owners of the business. Sometimes they are known as residual owners’ as they receive whatever left after winding up of the company (Gitman, 10th edition; Higgins 1995). Another type of stock is known as publicly owned stock. Common stock owned by a broad group of unrelated investors or institutional investors is called as publicly owned stock. However, all common stock of a firm owned by a small group of investors is denoted as closely owned stock. When all the stock is owned by a single person is known as privately owned stock. Due to the limit of number of share, stock can be classified in to four types. Such as authorize share, outstanding share, treasury stock and issued stock (Gitman, 10th edition). Authorized shares represent the maximum number of shares a firm allows to issue. Outstanding shares are hold by public. Treasury stock is repurchased by firm itself and it is no longer considered as outstanding share. Issued shared are the shares that have been put into circulation. Recently stock repurchase option is very popuLar as it is able to increase stock value by decreasing outstanding stock number (Port. 1976). Port also suggested that firms should avoid issuing stock to pay dividend as they slow down company growth. According to Short and Wclsch (1990), Johns (1998) and Port (1976), a dividend is a usually distributed in cash form to stock holders of a corporation approved by the board of director. It may also include stock dividend or other forms of payment. A stock dividend represents a distribution of additional shares to common stockholders (Higgins, 1995). On the other hand. Ross et al. (2005) divided earnings into two parts; either it is retained or paid as dividend. Whereas Wild et al. (2001), Johns (1998) and Kieso et al. (2004) argued that retained earnings are the primary source of dividend distribution to the stockholder. Dividends are only cash payments regularly made by corporations to their stockholders (Johns, 1998). He also specified that they are decided upon the declaration by the board of the directors and can range from zero to virtually any amount the corporation can afford to pay. 4|Page Jones (2005) said that dividends are the only cash payment a stockholder receives directly from firm and these are the foundation of valuation for common stocks. Stock price response to an unexpected dividend change announcement is related to the dividend preferences of the marginal investor in that firm where other things remaining same (Denis et al. , 1994). In addition, a company. Which changes dividend policy, is expected to xperience upward or downward trends in share returns (Gunasekarage et al. , 2006). They also said that for the initiating firms, the share prices continued to rise even after the initial public offering (IPOs). Higgins (1995) said that if the company will have less money to invest or it will have to raise more money from external sources to make the same investments stockholders cl aim on future cash flow, which reduces share price appreciation. Moreover, during dividend announcement period stock price also fluctuate due to announcement of dividend. Mulugetta et al. 2002) examined the impact of Standard and Poor are ranking changes on stock prices. In addition, Affleck-Graves & Mendenhall (1992) found that stock price reacts after 8 days on average up to 54 days of such earning announcement. With this believe, Hampton (1996) said that value of stock increase by more dividend and share remain undervalued by lower dividend policy. In addition, he also showed that there are two schools of thought regarding with the effect of dividend on stick price, one is dividends do not affect market price and the another one is dividend policies have profound effects on a firm’s position in the stock market. Benartzi et al. (1997), Ofer and Siegel’s (1987) and Bae (1996) found a positive correlation between share price and dividend. Furthermore. Campbell and Shi ller (1988) found a relationship between stock prices, earnings and expected dividends and he drives a conclusion that earnings and dividends is powerful in predicting stock returns over several years. Wilkic analyzed a 76 months share price index and dividend announced. He found a correlation coefficient. Which was under 0. 7 for the period 76 months and he also get that the maximum value of the regression coefficient being reached after 79 months. Moreover. ShilLer (1984. 1989) recommended investors in his study to buy the stocks when price is low relative to dividends and to sell stocks when it is high payoffs. On the other hand to their opinion, Jensen and Johnson (1995) suggested that, dividend cut results reduction in share price. More interesting matter is that if capital markets are perfect, dividends have no influence on the share price (MilLer and Modgliani, 1961). MiLler and ModgLiani (1961) also states that if the market is imperfect, dividend may affect stock price. ? Current Practices of Dividend Policy in Bangladesh: As Bangladesh is a developing country, the corporate culture is growing very slightly in our country. Dividend policy is a major financing decision that involves with the payment to shareholders in return of their investments. Every firm operating in a given industry follows some sort of dividend payment pattern or dividend policy and obviously it is a financial indicator of the firm. Thus, demand of the firm’s share should to some extent. Dependant on the firm’s dividend payment pattern. Many investors like to watch the dividend yield, which is calculated as the annual dividend income per share divided by the current share price. The dividend yield measures the amount of income received in proportion to the share price. If a company has a low dividend yield compared to other companies in its sector, it can mean two things: (1) the share price is high because the market reckons the company has impressive prospects and isn’t overly worried about the company’s dividend payments, or (2) the company is in trouble and cannot afford to pay reasonable dividends. At the same time, however, a high dividend yield can signal a sick company with a depressed share price. Dividend yield is of little importance for growth companies because, retained earnings will be reinvested in expansion opportunities, giving shareholders profits in the form of capital gains. 5|Page MEGHNA CEMENT limited (MCML) ? OVERVIEW OF THE COMPANY The Meghna Cement Mills Limited (MCML) was the first undertaking Bashundhara Group in the manufacturing sector. This enterprise produces world-class cement and, as a testimony to this, stands the fact that the concern has been awarded the ISO-9001 certification for sustained quality control effort. The Company markets its cement under the registered trademark of King brand†. ? Basic Information: Market Category: A 400. 0 225. 0 100 2250040 Foreign 0 Public 10 Listing Year:1995 Authorized Capital in BDT (mn) Outstanding Capital in BDT (mn) Face Value Total no. of Securities Share Percentage Sponsor/Director 58 Govt. 0 Institute 32 Graph 1: The Market price of share of MCML in 2008-2009 (Highest Value: 678. 25, Lowest Value: 336. 25) 6|Page ? Dividend Policy Followed By Meghna Cement Ltd: EPS Dividend Payout Cash Ratio 24. 15 279 216% 25. 00 22. 80 348 164 25. 00 7. 37 246 75 25. 00 5. 93 277 54 25. 00 5. 35 352 46 30. 00 65. 6 1502 75 130 13. 12 300. 75 26 Table 1: Financial Data of MCML from 2004-2008 P/E ratio Share Price(MKT. ) Dividend Bonus Share 0 0 0 0 0 0 0 Total 25. 00 25. 00 25. 00 25. 00 30. 00 130 26 Year 2004 2005 2006 2007 2008 Total Average 11. 57 15. 25 33. 38 46. 71 65. 86 172. 77 34. 554 Interpretation: According to the above information it is visible that the company is following regular dividend policy (according to definition as given above). From 2004-2007 though the profit has increased subsequently but it was not sufficient for payment of dividend at a rate of the preceding years to all share holders of the company. For upholding the benefit and interest of general public the sponsors shareholders/Directors have decided to give up their dividend during those years under review of maintaining 31 consistent dividend policy for the 30 general public shareholders. So the 29 board of directors of the company 28 pleased to recommend cash dividend 27 26 @ 25% on par value of shares for the 25 public share holders taking into 24 consideration the profit and liquidity 23 position of the company during that 22 period under reviewed. 004 2005 2006 2007 2008 But In 2008, the EPS increased by almost Total Dividend 25 25 25 25 30 Paid 50% from previous year. So the directors ? Dividend decided to increase the dividend percentage to 30% instead of 25%. The company paid 25tk per share as dividend from 2004-2007 but in 2008 as the income increased by almost 50% than the previous year it paid a dividend of 30tk for the earnings of 2008. Total Dividend Paid Share Price(MKT. ) 400 350 Share Price (MKT. ) 300 250 20 0 The dividend policy that followed by the company has an impact on its share price. 150 As the graph shows the share price has 100 an increasing trend. As the company 50 declared 25% dividend per share from 0 2004-2005 this was more than its EPS so 2004 2005 2006 2007 2008 the share price increased and reached to Share Price(MKT. ) 279 348 246 277 352 350tk. But in 2006- 2007 the dividend was lower than its EPS so the share price declined and again increased in 2008 with an increase in dividend. 7|Page Confidence Cement Limited (CCL) ? OVERVIEW OF THE COMPANIES Confidence Cement Limited is the first private sector cement manufacturing company in Bangladesh established in early 90's with having 4,80,000 M/T annual production capacity at Chittagong, 16 K. M away from Chittagong port, besides Dhaka Chittagong highway. CCL is the first ISO-9002 certified cement manufacturing in Bangladesh. It has a unique management system in quality Assurance, Marketing, Sales, and Procurements. It manufactures ordinary Portland cement. Our company aims to be the number one cement manufacturing company in Bangladesh, through continuous development and by producing high & consistent quality cement to meet all customers requirement at all time. To achieve these objectives CCL uses modern machineries, calibrated testing equipment's, computerized packing & raw materials mixing devices in its production process. Additionally the company frequently arranges internal & external training program for the staff of all level to develop the potentiality and skill of its human resources. CCL is always keen to keep the customers satisfied by proving the best possible service. ? Basic Information: Market Category: A 500. 0 209. 0 100 2090000 Govt. 0 Institute 25. 37 Foreign 0 Public 49. 17 Sponsor/Director 25. 46 Listing Year:1995 Authorized Capital in BDT (mn) Outstanding Capital in BDT (mn) Face Value Total no. of Securities Share Percentage Graph 2: The Market price of share of MCML in 2008-2009 (Highest Value: 627. 25, Lowest Value: 268. 5) 8|Page ? Dividend Policy Followed By Confidence Cement Ltd: Earnings per share -12. 65 10. 95 21. 65 27. 73 -14. 98 Diluted Earnings per share n/a n/a n/a n/a -13. 62 Net Asset Value Per Share 319. 83 326. 28 332. 93 345. 66 330. 67 Diluted Net Asset Value Per Share n/a n/a n/a n/a 300. 62 Net Profit After Tax (mn) -24. 04 20. 81 41. 13 52. 8 -28. 46 Year End P/E -9. 50 10. 78 6. 40 13. 30 n/a % Dividend % Dividend Payout Ratio 46% 69% 54% Year 2004 2005 2006 2007 2008 5. 00 5. 00 15. 00 15. 00 10%B Interpretation From the above information it is visible that the company follows the regular dividend policy. That is the policy of the company is to pay a perticular dividend amount and if there’s higher earning for perticular year and if earning pe r share increases they also increase their Dividend amount. In 2004, due to tough competition the company couyld not earn desiered profit. This year EPS is tk(12. 65). However considering the 16 interest of shareholders the board of 14 directors decleared 5% dividend from 12 dividend equalization fund. In 2006 and 10 2007 , as the EPS increases than the 8 previous year so the board of director 6 decided to pay dividend of 15% per 4 share. But in 2008 the company 2 decleared a 10% bonous dividend which indicates the company has used 0 2004 2005 2006 2007 their earnings for farther investment so the company didn’t give any cash % Dividend 5 5 15 15 dividend. Dividend From the graph it is easily indentifiable that the share price had strong relationship with dividend. In 2004 the company decleared a dividend of 5% per share when it had a EPS of (12. 65) the increased. In 2006-2007 for an increased dividend of 15% the share price also maxmized and again declined in 2008 due to 10% Bonous dividend decleared by the company. Share Price (MKT) 400 350 300 250 200 150 100 50 0 Share Price (MKT) 2004 289 2005 250 2006 225 2007 368. 8 2008 318 9|Page Capital Structure Capital structure refers to the way a corporation finances its assets through some combination of equity, debt, or hybrid securities. A firm's capital structure is then the composition or ‘structure' of its liabilities. For example, a firm that sells $20 billion in equity and $80 billion in debt is said to be 20% equity-financed and 80% debt-financed. The firm's ratio of debt to total financing, 80% in this example, is referred to as the firm's leverage. In reality, capital structure may be highly complex and include tens of sources. Gearing Ratio is the proportion of the capital employed of the firm which come from outside of the business finance, e. g. by taking a long term loan etc. The Modigliani-Miller theorem, proposed by Franco Modigliani and Merton Miller, forms the basis for modern thinking on capital structure, though it is generally viewed as a purely theoretical result since it assumes away many important factors in the capital structure decision. The theorem states that, in a perfect market, how a firm is financed is irrelevant to its value. This result provides the base with which to examine real world reasons why capital structure is relevant, that is, a company's value is affected by the capital structure it employs. These other reasons include bankruptcy costs, agency costs, taxes, information asymmetry, to name some. This analysis can then be extended to look at whether there is in fact an optimal capital structure: the one which maximizes the value of the firm. 10 | P a g e Capital Structure Meghna Cement Mills LTD. Items Total Current Asset Fixed Asset Total Asset Current Liability Long term Debt Total Debt/ Total Liability Total Equity Share Outstanding Net Income Earnings Before interest and tax Retained Earnings Interest Charges/ Financial Expenses Market Price Per Share Debt to Total Assets Long term Debt ratio = Debt to Equity = Year 2004 1,003,252,653 1,422,581,752 2,500,368,171 952,991,742 923,377,280 1,885,115,488 615,252,683 2,250,040 26,021,799 195,208,573 390,248,683 162,297,008 279 Financial Information Year Year 2005 2006 979,316,891 1,427,560,032 2,406,876,923 970,701,416 812,529,812 1,783,231,228 623,645,695 2,250,040 34,311,762 176,319,775 398,641,695 67,785,759 3 48 2004 75. % 2005 74. 1% 1,189,929,096 1,397,087,008 2,587,016,104 1,197,987,718 718,168,213 1,916,155,931 670,860,173 2,250,040 75,106,875 201,332,892 445,856,173 118,067,797 246 2006 74. 1% Year 2007 1,064,749,181 1,378,737,392 2,443,486,573 1,128,318,964 787,868,674 1,916,187,638 527,298,935 2,250,040 105,096,707 236,610,206 88,286,676 120,127,996 277 2007 78. 4% Year 2008 1,588,397,601 1,307,816,629 2,896,214,230 1,443,833,003 833,152,269 2,277,035,172 619,228,958 2,250,040 148,181,023 278,378,580 57,399,542 99,849,906 352 2008 78. 6% Long Term Debt Solvency 6. 9% 33. 8% 27. 8% 32. 2% 28. 8% 3. 06 2. 86 2. 86 3. 63 3. 68 Times Interest Earned = 1. 20 2. 60 1. 71 1. 97 2. 79 Interpretation: According to the above information we can say that the company has a higher debt in its capital structure. As its Debt/Asset ratio shows from 2004-2008 it has been maintaining almost same amount of debt which is 75% of total assets in its capital structure. It indicates the company is a hi ghly leveraged firm and more risky in terms of debt. According to Long term debt ratio the company maintained a long term debt of around 33% from 2004 – 2008, which also indicates that the company had higher short term debt than it’s long term debt. Time interest earn ratio indicates that the company has enough liquid asset to payback its interest expenses. However Debt/Equity ratio shows the company had a capital structure containing higher debt than its equity. The total debt amount fluctuates throughout this given 5 years but it remains almost three times than its total equity. 11 | P a g e Capital Structure: Confidence Cement Mills LTD. Financial Information Items Year 2004 Year 2005 482627000 570818000 1053645000 429290000 4421000 52985936 433711722 619933000 1900000 20814000 176,319,775 208362754 21573000 250 Year 2006 424937956 580334331 1005272287 362205475 10501799 61807398 372707274 661065000 1900000 41132000 201,332,892 220862754 17559894 225 Year 2007 535307861 564884690 1100192551 413902667 1040702 97073198 414943369 685249000 1900000 52684000 236,610,206 240862754 19968848 368. 8 Year 2008 564074297 590057449 1154131746 525841496 0 58606753 525841496 628290000 1900000 -28459000 278,378,580 221862754 26294826 318 Total Current Asset Fixed Asset Total Asset Current Liability Long term Debt Account Payable/ Trade Creditors Total Debt/ Total Liability Total Equity Share Outstanding Net Income Earnings Before interest and tax Retained Earnings Interest Charges/ Financial Expenses Market Price Per Share 357315000 579526135 936841360 329088697 83293 39197784 329171990 607669370 1900000 -24039000 195,208,573 207412754 25264715 289 12 | P a g e Long Term Debt Solvency Debt to Total Assets = 2004 35. 1% 2005 41. 2% 006 37. 1% 2007 37. 7% 2008 45. 6% Long term Debt ratio = Debt to Equity = 0. 00% 0. 4% 1. 0% .01% 0. 00% 0. 05 0. 02 .02 .01 .01 Times Interest Earned = -1. 951485 -0. 035183 2. 54968 2. 9453453 -2. 0823 Interpretation: According to the above information we can say that the company has a lower debt in its capital structure. As its Debt/Asset ratio shows from 2004-2008 it has been maintaining increasing amount of debt in its capital structure which was 35. 1% in 2004 & reached to45. 5% in 2008. It indicates the company is a moderately levered firm and risky in terms of debt. According to Long term debt ratio the company maintained nonexistence long term debt only 2% in 2006, which also indicates that the company had higher short term debt than it’s long term debt. Time interest earn ratio indicates that the company has did not had enough earning to payback of its interest other than the year of 2006 &2007. However Debt/Equity ratio shows the company had a capital structure containing lower debt than its equity. The total debt amount remained almost constant throughout this given 5 years which is very negligible than its total equity. 13 | P a g e Comparative Analysis 14 | P a g e Divedend Policy Comparative Financial Data Analysis The financial data we gathered to find out the relationship between various variables with price of two different cement companies arc given. We attempted to explore some conclusion on the behavioral pattern of changing the share market price due to dividend, dividend policies followed. The data are extracted from annual reports of two selected companies that are The Meghna Cement Mills Limited (MCML) and Confidence Cement Limited . The annual data of these companies has been taken from the annual reports and other annual publications of Dhaka Stock Exchange. Confidence Cement Ltd Net Net Year % Asset Profit End Dividend Value After P/E Per Tax Share (mn) Meghna Cement Ltd Net Year % Profit End Dividend After P/E Tax (mn) Industry Average Net Year % Profit End Dividend After P/E Tax (mn) Year Earning per share % Dividend Payout Ratio Earning per share Net Asset Value Per Share Dividend Payout Ratio Earning per share Net Asset Value Per Share % Dividend Payout Ratio 2004 2005 2006 2007 2008 -12. 65 10. 95 21. 65 27. 73 -14. 98 319. 83 326. 28 332. 93 345. 66 330. 67 24. 04 20. 81 41. 13 52. 68 28. 46 -9. 5 10. 78 6. 4 13. 3 n/a 10%B 5 5 15 15 46% 69% 54% 11. 57 15. 25 33. 38 46. 71 65. 86 273. 44 26. 02 277. 17 34. 31 298. 15 320. 42 275. 20 75. 11 105. 10 148. 18 24 . 21 25. 00 20. 61 25. 00 216% -0. 54 164 13. 1 75 27. 515 54 37. 22 46 25. 44 301. 72 315. 55 333. 04 302. 93 27. 56 58. 12 78. 89 59. 86 15. 69 7. 02 9. 61 5. 35 15 20 20 30 105 72 54 46 296. 63 0. 99 7. 5 15 216 7. 64 5. 92 5. 35 25. 00 25. 00 30. 00 15 | P a g e Interpretation: Earnings Per Share: The industry average of EPS is tk. (. 54), 13. 1, 27. 51, 37. 22, and 25. 44 for the year 2004, 2005,2006,2007,2008 consecutively. In 2004 EPS of Meghna Cement Ltd was 11. 57 & after that EPS has increased and reached up to 65. 86 in 2008, So that, the graph shows that the EPS of Meghna Cement is well above of the industry average EPS. In 2004 EPS of Confidence Cement Ltd was (12. 65) & after that EPS has increased and reached up to 27. 63 in 2007. After that EPS has decreased again and reached to (14. 8)So that, the graph shows that the EPS of Confidence Cement is well below of the industry average EPS. Comperative EPS 70 60 50 40 30 20 10 0 -10 -20 2004 2005 2006 2007 2008 Confidence -12. 65 10. 95 21. 65 27. 73 -14. 98 Cement Ltd Meghna 11. 57 15. 25 33. 38 46. 71 65. 86 Cement Ltd Industry Average -0. 54 13. 1 27. 515 37. 22 25. 44 So, according to our Comparative EPS analysis, we can easily say that Meghna Cement Ltd. is in the best position where Confidence Cement Ltd is the worst position. Price Earnings Ratio: The industry average of P/E ratio is tk. 7. 5, 15. 69, 7. 02, 9. 61, and 5. 5 for the year 2004, 2005,2006,2007,2008 consecutively. In 2004 P/E ratio of Meghna Cement Ltd was 24. 21 & after that P/E has decreased gradually and reached to 5. 35 in 2008, so according to Industry average, the graph shows that the P/E ratio of Meghna Cement is well above up to 2006 of the industry average P/E, then in 2007 it’s ratio falls below the industry average and in 2008 equal to industry average due nonexistence of P/E ratio of Confidence Cement in 2008. Comparative P/E Ratio 30 25 20 15 10 5 0 -5 -10 -15 Confidence Cement Ltd 2004 -9. 5 2005 10. 78 2006 6. 4 7. 64 2007 13. 5. 92 2008 Meghna 24. 21 20. 61 Cement Ltd 5. 35 In 2004 P/E ratio of Confidence Cement Ltd was Industry 7. 35 15. 69 7. 02 9. 61 5. 35 Average (9. 5), after that EPS has increased to 10. 78 in 2005, then again decrease in 2006 and in 2007 it has increased to 13. 3. In 2008 there is no existence of P/E due to no cash dividend declared by the company. So, according to Industry average, the graph shows that the P/E ratio of Confidence Cement is well below up to 2006 of the industry average P/E, then in 2007 its ratio rise above the industry average and in 2008 no P/E as discussed earlier. So, according to our Comparative P/E ratio analysis, we can easily say that Meghna Cement Ltd. is in the best position where Confidence Cement Ltd is the worst position. 16 | P a g e Comparative Dividend Dividend Per Share: The industry average of DPS is tk. 15, 15, 20, 20, and 30 for the year 2004, 2005,2006,2007,2008 consecutively. From 2004 to 2007 DPS of Meghna Cement Ltd was 25 & after that DPS has increased to 30 in 2008 due to extra earning as discussed before. So according to Industry average, the graph shows that the DPS of Meghna Cement is well above up to 2007 of the industry average DPS. In 2008 DPS is equal to industry average due nonexistence of Dividend of Confidence Cement in 2008. 35 30 25 20 15 10 5 0 Confidence Cement Ltd Meghna Cement Ltd Industry Average 2004 5 25 15 2005 5 25 15 2006 15 25 20 2007 15 25 20 2008 30 30 From 2004 to 2005 DPS of Confidence Cement Ltd was 5 & from 2006-2007 DPS has increased to 15 in 2008 due to extra earning as discussed before. So according to Industry average, the graph shows that the DPS of Confidence Cement is well below up to 2007 of the industry average DPS. In 2008 there in no DPS of Confidence Ltd. due nonexistence of Dividend. So, according to our Comparative DPS analysis, we can easily say that Meghna Cement Ltd. is in the best position where Confidence Cement Ltd is the worst position. Dividend Payout Ratio: The industry average of Payout ratio is 216, 105, 72, 54, and 46 for the year 2004, 2005,2006,2007,2008 consecutively. In 2004 Payout ratio of Meghna Cement Ltd was 216 which is equal to the industry average payout ratio because of non existence of payout ratio of Confidence Cement Ltd. in 2004. After that payout ratio has decreased gradually and reached to 46 in 2008, so according to Industry average, the graph shows that the payout ratio of Meghna Cement is equal to the industry average payout ratio in 2004, then it’s ratio rise above the industry average up to 2006 and in the last two years equal to industry average. Compative Payout Ratio Compative Payout Ratio 250 250 200 200 150 150 100 100 50 50 00 Confidence Confidence Cement Ltd Cement Ltd Meghna Meghna 216 216% Cement Ltd Cement Ltd Industry Industry 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 46 46 164 164 69 69 75 75 54 54 54 54 46 46 46 46 16 216 105 105 72 72 54 54 Average Average In 2004 there was no Payout ratio of Confidence Cement Ltd as mentioned earlier. After that payout ratio has increased in 2006 and then again decreased in 2007. In 2008 there is no payout ratio because there is no cash dividend. So according to Industry average, the graph shows that the payout ratio of Confidence Cement i s well below compare to the industry average payout ratio in 2005 & 2006, and then its ratio is equal to the industry average in 2007. In 2008 there is no payout ratio as discussed before. So, according to our Comparative DPS analysis, we can easily say that Meghna Cement Ltd. is in the best position where Confidence Cement Ltd is the worst position. 17 | P a g e Capital Structure Interpretation: Debt/Asset Ratio: The industry average of Debt/Asset Ratio for the year 2008 is 62. 1%. Debt/Asset Ratio of Meghna Cement Ltd is 78. 6% and Confidence Cement Ltd. is 45. 6%. So, according to industry average Confidence Cement is in the best position while Meghna Cement Ltd is in the worst position. Long Term Debt Ratio: The industry average of Long Term Debt Ratio for the year 2008 is 14. %. Long Term Debt Ratio of Meghna Cement Ltd is 28. 8%, and Confidence Cement Ltd. Is 0%. So, according to industry average Confidence Cement is in the best position and Meghna Cement Ltd is in the worst position. Debt Management Ratio 4 3 2 1 0 -1 -2 -3 Debt to Total Assets Confidence Cement Mills LTD 2008 Industry Average 0. 456 Long term Debt ratio 0 0. 288 0. 144 Debt to Equity 0. 01 3. 6 8 1. 845 Times Interest Earned -2. 0823 2. 79 0. 35385 Meghna Cement Mills LTD 0. 786 0. 621 Debt to Equity Ratio: The industry average of Debt/equity Ratio for the year 2008 is 184. 5%. Debt/equity Ratio of Meghna Cement Ltd is 368%, and Confidence Cement Ltd. is 1%. So, according to industry average Confidence Cement is in the best position Meghna Cement Ltd is in the worst position. Time Interest Earned: The industry average of Time Interest Earned for the year 2008 is 0. 5385. Time interest earned for Meghna Cement Ltd is 2. 79; Confidence Cement Ltd. is -2. 0823. So, according to industry average Meghna Cement is in the best position and Confidence Cement Ltd is in the worst position. Return on Assets: The industry average of Return on Assets for the year 2008 is 2%. Return on Assets of Meghna Cement Ltd is 5. 1%, and Confidence Cement Ltd. Is (2. 5%). So, according to industry average Meghna Cement is in the best position Confidence Cement Ltd is in the worst position. Return on Equity: The industry average of Return on equity for the year 2008 is 0. 26%. Return on Equity of Meghna Cement Ltd and Confidence Cement Ltd. Is (4. 5%). So, according to industry average Meghna Cement is in the best position Confidence Cement Ltd is in the worst position. Profitability Ratio 30. 00% 25. 00% 20. 00% 15. 00% 10. 00% 5. 0% 0. 00% -5. 00% -10. 00% Meghna Cement Confidence Cement industry Average Return on Asset 5. 10% -2. 50% 2% Return on Equity 23. 90% -4. 50% 26% 18 | P a g e References ? Intermediate Accounting ( 11th Edition),Donald E. Kieso ? The Analysis and Use of Financial Statements(3rd Edition),Gerald I. White ? Scott Besely & Eugene F. Brigham, â€Å"Essentials of Managerial Finance†, Thirteenth Edition, ? ? ? ? Thomson South-Western, Ohi o, 2006 www. bashundharagroup. com/mcml/ www. confidencegroupbd. com/cement/ www. dsebd. org www. wikipedia. com 19 | P a g e

Friday, September 27, 2019

Note's response Essay Example | Topics and Well Written Essays - 250 words

Note's response - Essay Example Social sites such as Facebook and tweeter have provided a platform of exchanging ideas and establishing networks although it is not all who embrace them for various reasons. It is insightful to note that blogs are preferred for news because many are specialized and dedicated to news provision only (Sacco, 2012). The assertion that it is not true that everybody has access to new media landscape is correct. However, it is not true that one’s ability to afford a computer and other accessories that allow access to the internet is the only determining factor why some people have not accessed the internet. This is because there are cyber cafes, which one could go to in order to access the internet at a fee. The questions of how there are people who have not interacted with the new media or the telephones are pertinent. They are kind that those who have interacted with these technologies ask after using them for so long that they lose memory of how they survived without them (Sacco, 2012). It is true that journalistic approach to the coverage of different issues seeks to uphold fairness and balance. However, the assertion that scientific issues deserve more scientific inquiry and insight than the fairness and balance elements of the journalistic approach is not entirely correct. If these elements were lacking, purely scientific information can create the sky-is-falling impression. Therefore, the two should be complementary (Sacco,

Thursday, September 26, 2019

Protesting inequality - Harassment and protest in India Essay

Protesting inequality - Harassment and protest in India - Essay Example In India, women are married young, become young mothers at a young age that then burdens them with stringent financial and domestic responsibilities. A great number of women in India are malnourished as traditionally they should be the last to eat and last to receive medical attention. In relation to education 76%, men in India are educated while only 54% of women are educated; they receive little or no schooling and suffer from unfair and biased divorce and inheritance laws. To generate change the Indian people use the anti-reservation protests, in these protests, they push for integration of women into all the sectors mostly education, and also push for a revision of the existing policies. Other tactic people use to improve the conditions for women is the use of social media. In these, the people understand that the media possesses immense power in regard to influencing masses. In these, they ensure that the media covers all the women issues in India bringing them open to the publi c. In India, Television is one of the pervasive and powerful media that women use to ensure that their message is communicated to the public. Faithful patriots: religion and nationalism Islam is the official religion in Pakistan; the country has the second largest Muslim population after Indonesia. The 2007 census found that 96% of Pakistanis total population was Muslim with 20% being Shia and 76% Sunni. Historically, Islam arrived in Pakistan back in 711CE, after Umayyad dynasty sent a Muslim Arab army against the ruler of Sindh.

Questions on Law Essay Example | Topics and Well Written Essays - 1250 words

Questions on Law - Essay Example The Court reasoned that there was a binding obligation on the Member State to take measure so as to achieve the desired result in the directive and this was clearly stipulated within Article 189 of the Treaty. Furthermore, the duty was on all authorities which included courts of the Member States. The Court also relied upon Article 191 and stated that directives had legal effect from the time of notification to the Member State. As for directive 91/156 the court stated that the time provided was to allow Member States to take measures to achieve the prescribed result. The Court cited that according to Article 5, Article 189 and the directive measures which would seriously compromise upon the prescribed result should be refrained from. The Court finally went on to give what the national court had to consider, for example the implementation of the directive in stages, certain provisions not transposed and its effect on the overall result. b)i) The name of the Advocate General was J.Kok ott (ii) The employer was Ellinikos Organismos Galaktos   (iii) The Court in this question considered what would happen if a directive is transposed belatedly and the relevant provisions do not have direct effect. The first reasoning that was provided was that when the national courts were interpreting domestic law they should take into account the directive and its conformity exclusive of the adoption of the directive. The courts did consides the rules of legal certainty and non retroactivity but went on to say that that interpretation should be in a manner so as to give effect to objectives of the directive. The court cited authorities which included Frankovich wherein the requirement of making good damage to individuals and the criteria within was dealt with. The Court considered Article 10 and 249 EC and stated when it applies that is lack of direct effect. The court went on to consider the fact that expiry of time allows the interpretation and conformity requirements. The Cou rt reasoned that after expiry of time limit if transposition had not been done then the courts of Member States should refrain from interpreting domestic law so as to compromise on the prescribed objective. Thus the court stated that belated transposition means that the domestic court are bound to interpret domestic law in line with the directive so as to achieve the results prescribed therein. (iv) The Court in respect of the case at hand went at length about the details of indirect effect. Furthermore the conditions of non retroactivity and legal certainty were also discussed. The important aspect in respect of this case was the fact that even though in indirect effect there has been the long standing phenomena that case that came under its head were where the time limit for bringing such an action had passed, in the case it was stated that the national courts were under a duty to take into account of the directive even when the time for the directive had not passed and the time l imit had not expired. Thus the courts took a new approach in respect of indirect effect whereupon the courts of the member states have been placed under and obligation to interpret

Wednesday, September 25, 2019

Primark and the 5 Gaps Model Essay Example | Topics and Well Written Essays - 3000 words

Primark and the 5 Gaps Model - Essay Example Primark is famous because they sell their items of clothing at budget end prices of the market. This is the main reason of success of Primark as they supply their sources cheaply. The clothing they have is of simple fabrics and designs. Sizes of the clothes are of the standards sizes and they make it in bulks with different types of varieties (About us- Primark, 2010). These are some of the brands of Primark (About us- Primark, 2010): Atmosphere — Women wear/footwear Active - menswear Backswing - Women and men’s sportswear Butler & Webb — formal menswear Cedar wood State — casual menswear Denim Co. — women wear, casual men's and children’s wear Early Days — baby wear (newborn-23mnths) Essentials - basic cheaper items Girl 2 Girl — young girls wear (2yrs-7yrs) Limited Edition — women wear Competitors of Primark The main competitors of Primark are all the fashion retail stores such as Marks and Spencer, John and Lewis, Zara ’s and other such brand retail stores. The difference between Primark and its competitors are that Primark has adopted a low cost strategy in fashion retailing and its competitors are high priced. ... The type of services provided by the organisation is at times very difficult to measure as service is an intangible thing (Wisniewski, 2001). There have been many definitions discussed on the term service quality and the most common ones are the service quality is the meeting of the expectation of the needs of the customers (Lewis and Mitchell, 1990). It should be strongly adhered by all organisations that they should constantly work upon improving their service quality so that they can attain a large customer base. The type of services provided by the organisation has to be valued against the perceived service by the customer. In other words it is the difference between the expectations of a customer of the service and the perceived service (Asubonteng et al., 1996). All service organisations need to match up to the expectation level of the customers so that they have a good perception level of the organisation. If the customers have expected vey high and the performance is not up t o the level, then dissatisfaction is observed from the customer (Parasuraman et al., 1985). Organisations need to constantly work upon improving their standards of service delivery so that they can attain a high level of customer satisfaction from their valuable customers (Dotchin and Oakland, 1994). Reasons for Primark’s Success In the midst of high competition in the fashion retail market, Primark has successfully managed to overcome their tough competitors such as Marks & Spencer, John & Lewis and other such fashion retail stores. The reasons for Primark’s success are as follows: Primark implemented the low cost strategy in their organisation and this strategy worked perfectly for them. In the time periods of high inflation, everyone has to work upon their budgets; they cannot

Tuesday, September 24, 2019

Using Power in Achieving Different Goals Assignment

Using Power in Achieving Different Goals - Assignment Example Barack Obama's eloquence has been fundamental in establishing trust and influencing other people within the society. Such influence has been fundamental in winning elections throughout his political career. He has effectively utilized power to influence multitudes and gain essential support from different socio-cultural groups. He has used power in achieving different goals from promises made during the camping periods. Commitment and accountability have been fundamental traits in the utilization of power by President Obama. He always appears calm and relaxed despite the challenges facing the government in containing growing socio-economic issues, within the country. Effectively members of the government have been empowered to perform and make decisions regarding the state at the international level (Nye Jr, Rachman, Mead, & Mearsheimer, 2012). Many of the ambassadors perform their responsibilities independent of governmental influence. This has been an incremental approach to ensuri ng the passing of power and subsequently gaining positive benefits. Many international relationships have been established and restored following this careful transfer of presidential power to ambassadors. Within the real world, individuals become advised to refrain from hoarding power in seeking to ensure that power empowers others. The transfer of power must be undertaken carefully to eliminate the possibility of misusing such power. The element of communication remains incremental in ensuring power enhances social agendas and not personal benefits (Bal, Campbell, Steed, & Meddings, 2008). The language utilized in communications must, therefore, be clear and eloquent in delivering messages. This effectively results in insufficient understanding between communicating individuals or centers. Individuals can establish relationships based on an understanding of each other, and reflection of their situations and emotions. Fundamentally, individuals exhibit power through their capacity to transmit ideologies and perceptions  effectively, to other individuals.  

Monday, September 23, 2019

Queer approach to analyzing mainstream culture Essay

Queer approach to analyzing mainstream culture - Essay Example f seeking to understand this to a greater and more complete level, this brief analysis will consider one scene of the film and attempt to go in depth with regards to the different understandings of sexuality, identity, and gender that are therein represented. The scene in question that this author has chosen for analysis is that of the discovery of Mulan as a woman. This scene is a powerful indication of cultural approaches to gender and sexuality in a number of ways. As such, the first determinant that will be measured is with relation to the identity that is revealed within the given scene. In this way, as the men of the story find out that Mulan is indeed a woman, she is manhandled and forced out of the residence. This is importance for a number of reasons. Firstly, the revelation of her true identity is something that gives the men in the story the courage to treat her in a way that they would have never considered before had she still been considered a man. Her identification as a woman does not only change the way that the men physically treat her but the way in which their worldview is formed with relation to how they think of her. This is represented in two distinct ways within the scene in question. Firstly, as she is taken forcibly from her tent and pushed into the snow, the viewer is made aware of the clear and determinate connection between this action and the rejection fro mthe Garden of Eden; also presumably he result of female weakness. The inclusion of this reference to early mythology is unique due to the fact that it serves to further differentiate the response of the men within the scene to the gender that Mulan now represents. With regards to gender, the men make a clear and determinate change in the way that they speak to Mulan after the revelation. Indeed, the characters state â€Å"I knew there was something wrong with you†Ã¢â‚¬ ¦Ã¢â‚¬ a woman – treacherous snake† (Mulan 1). These words belie the true underlying motivations and

Sunday, September 22, 2019

Coal mining Essay Example for Free

Coal mining Essay Coal mining has been around for decades since the 1800s and coal has been powering our lights even till today. The documentary called, Burning the future: Coal in America presented a lot of vital information about how the coal industries work and how coal helps the nation stay lit. Countries that build the worlds biggest coal plants are the United States, China and India. The states that practice coal mining are Kentucky, Tennessee, and Virginia. Coal power plants emissions contain many elements and compounds including sulfur dioxide, nitrous oxide and other elements including one of the largest sources which are carbon dioxide. Burning the future discusses the many factors that cause devastating outcomes. Mountain top removal and strip mining is a process to obtain the coal and procedure has been practiced for many years in America. Coal supplies more than half of the energy for America and in the documentary, Ed Hopkins who is a director of environmental Quality in the sierra club states that, Coal supplies more than half of the energy right now, we are going to rely on coal in the near future there is no way around that. Coal supplies may be the only energy that can produce half of the nations electricity but there are other alternatives that can replace coal. The process in coal mining is basically mountain top removal. Mountain top removals consist of about five steps. The first step in mountain top removal is forest are cleared-cut and in this process miners must destroy wild life habitat and also using explosives to get deep into the core of the mountain top to obtain the coal seam. The second process is using huge shovels to dig into the soil and trucks that haul away the remains and push it into the valleys. The third process is to dig into the rock and expose the coal. Coal industries have machines that weigh nearly eight million and these big machines are operated by mine workers. These machines can tear up a mountain in a year and these coal industries make a lot of money because they provide electricity for people like us. The fourth process is when the machines gather a large layer of coal, dumping them on the adjacent valleys which creates valley fills. The last process is basically coal industries are usually supposed to reclaim the land but usually they leave the area bare. Although majority of the industries replant vegetation in reality the mountain will never return to its original state and this can cause many  issues to the people in the area and also around the world. Mountain top generates a huge amount of waste because coal must be burned and it generates a lot of liquid waste which forms into slur. It contains carcinogenic compounds and toxic heavy metals and the slur is stored in large areas of water that sometimes can leak or break and the outcome is floods and water contamination. Coal mining contributes to climate changes and also health issues. The main issues we are having today are air pollution, disrupted weather caused by coal burning and the toxic emissions from coal power plants. Air pollution is a very huge deal for America and all of the countries in the world. Green America.org states that, Pollution from coal power plants typically causes thirty thousand deaths a year in America. Pollution creates a lot of health problems for the people that live close by the coal areas. Health effects are hospitalization, pulmonary disease, hypertension, kidney disease, heart disease and even cancer. Those who drink polluted water in the area create bone damage and many other issues that result to death (Hendryx Ahern, 2008; Hitt Hendryx, 2010). In west Virginia, women who live near coal mining usually have poor birth rates caused by the increase issues caused by coal mining industries. Children in the area also suffer health issues which are asthma, severe headaches, blisters, and frequent runny noses because of being exposed to water contamination and air pollution from coal practices in the area. Some of the residents also reported skin issues because of using polluted water during baths and showers (Blankenship, 2006; Reece, 2006). Pollution from coal burning power plants kill more than those who drunken drive and have AIDS combined and the toxic from coal will just keep growing because we are not stopping or reducing the usage. Acid rain is another issue caused by the formation of sulfur dioxide and nitrogen oxide entering the atmosphere because of coal burning and when it reacts with water and oxygen it then creates what we know as Acid rain. Acid rain causes many issues such as acidification in waterways that kill many fishes and disrupt the aquatic ecosystem. Trees and soils are also affected by this because it the acid rain damages them and cause future issues and acid rain causes decay in structures such as buildings and statues. Although in the documentary, Burning the future: Coal in America states that the coal is the most abundant and the cheapest. Im sure we can find other alternatives that can substitute coal but I dont think the industries are willing to give up coal because it provides a lot of income for these industries. Even though coal may be the backbone of America, reducing the coal burning can help reduce the issues America is creating which are the thirty thousand plus death and the pollution. We can help reduce coals toxic emissions by using cleaner energy for the future. Clean energy consist of renewable energy which are wind, solar, biomass and geothermal which can supply very large portions of energy for America. Shifting towards this route can create a better sustainable future for not only America but for the world. In order to shoot for a better future we must first conserve. Conserving energy is basically driving less, buying less, turning things off when you dont need to use it anymore, using less water because heating water is basically using coal to heat the water. Using natural power and not relying on light bulbs and basically just cutting back on all the things youre dependent on. We need cleaner energy and we need to increase wind power and solar power so that our future will be healthier in the long run. Work Cited Hendryx, M., Ahern, M. M. (2008). Relations between health indicators and residential proximity to coal mining in West Virginia. American Journal of Public Health, 98, 669-671. Blankenship, D. (2006). Especially for people like us. In C. Warren (Ed.), Like walking onto another planet: Stories about the true impacts of mountaintop removal mining. Retrieved May 12, 2011 from http://www.ohvec.org/issues/mountaintop_removal/misc/ovec_mtrbooklet.pdf Ovec (Organized Voices and Empowered Communites). 2012. Health Study Articles on the Effects of Coal Mining. http://www.ohvec.org/issues/mountaintop_removal/articles/health/index.html Roger Philpot 2003-2012. Learn about Coal factoids, did you know. http://rogerphilpot.homestead.com/CoalEducation.html

Saturday, September 21, 2019

Spiral of Silence: Communication Theory

Spiral of Silence: Communication Theory This is a report based on the communication theory â€Å"Spiral of Silence and the aim of the report is to investigate the theory more into detail, to validate it and to see how it applies to our society, mainly in the I.T industry. The report outlines the finding that I have researched and complied with the help of books, data bases, journals and external sources. Based on the theory, Elizabeth Noelle Neumann stated that if individuals believed that they are part of the minority, the less likely they are to voice their opinion due to the fear of isolation. There were many other theorists that supported her view and others that had stated so before her. There was a variety of theory being investigated and in many different forms but the all focused on one thing which was, the â€Å"fear of social isolation†. There were many forms of research method used, based on the public view, a country as a whole and as individual view. The theory is said to apply to very delicate topics such as war, politics, misuse of authority and other views that could cause massive debate. This is the reason why people tend to think twice when it comes to voicing their views if they believe that they are in the minority group. Having a fair idea of what the theory is about, I will validate the theory with all the information that I have found and prove the theory stating if the theory has any connection to our society and individuals. Introduction Purpose This report is based on the theory spiral of silence those main purpose is to state how it can be applied to everyday situations and particularly the I.T industry. Research is an investigative process where we search systematically for solutions to problems. It is about rules to guide our research and helping us to evaluate the research of others. The function of the research is to test the theory. Research is the instrument used to test whether a theory is correct or not. It is the process by which data is gathered to generate a theory and used to test a theory. This main purpose for this report is to explain the theory in detail and outline the key issues that the theory sates. Also it helps us understand communication theory better and clearer, since communication is an important skill to have in the I.T industry and we also use it in our everyday lives, it is an important skill to have. There are a lot of topics and political problems that people are afraid to talk about and spea k out on and so I will try to prove or investigate the theory and see if the theory relates to what it states and if the theorists is credible. Scope In the report I will be investigating the theory and its relationship it has to communication. I will also evaluate the credibility of the theorists and the theory and how it can be applied to the present day situations particularly in the information technology industry. There were a lot of different views expressed and in different context. I will be focusing more in the involvement and effect that the media has on us as individuals in forming opinions. Since media is seen to play a major role in this theory, I will focus more on it but not forgetting the other factors that may cause the spiral of silence. I will also outline some of the tests and experiments that were done by some scholars and theorist and evaluate it. Limitations During the overall completion of the project I did face certain problems and ran into difficulties. Firstly although there was enough time given to complete the research I had other projects to complete, which in turn made it difficult to compile the report. There was however a bit of restriction on the amount of information that was available on the internet, in that case I had rely on the other sources like the pro-quest and the online data base. There werent many books available in the library that contained information regarding my theory so my tutor was able to issue me with some books which did help me compile my research. The computer labs on campus were usually occupied and so I had to do most of my research and the typing at home. Research Methods Searching for information and investigating the theory was a very challenging task to do especially when here were limited resources available on the internet. There were information available but most of it had similar information which made it hard to use. I had to use all resources available including library data bases, internet and old scholar journals. I wasnt really able to find any books in the library, but I was able to get two books from my tutor that contained information about my theory and it provided me with a lot of details that helped me understand the theory in details and explained the theory in detail and context. It explained a lot about the theory stating the history and how it is viewed by the public and each individual. Most of the information which I found on the internet was manly repeated and each website stated almost similar information which really stated the same information. The only relevant information that I was able to use was the information about the theory and the theorist. The Scholar journals did have a bit more information about the theory which mainly based on a research that was done. I found some journal that stated a research and the findings of the investigation. It looked at the theory in a different form in which it was applied in an investigation and research. Structure Of The Report In this report I will briefly explain and introduce the theory then explain the purpose, scope, research methods and limitations of the research. I will also do a literature review that will briefly review some of the sources where I got my information from. The main body will contain the findings, background, key issues, and application of the theory then finally evaluate it. In the final part I will summarise my report and then state my opinions and thoughts about the theory. Literature Review Book Reviews Book 1: Communication Theories for Everyday Life John R. Baldwin, Stephen D. Perry, Mary Anne Moffitt. (2003). Communication Theories for Everyday Life (1st Edition). Person: Allyn Bacon, Inc. Summary The book Communication Theories for Everyday Life (New Edition) provides us with a lot of information on the theory by Elizabeth Neumann, The Spiral of silence. The authors in this book mainly focus the theory spiral of silence based on the media which is said to play an influential role. They believe that the media plays an important role in influencing the public into making decisions or ideas. They explained how the theory provides some insight into why we might avoid contributing to some political discussions but participate fully in others based on our observation of opinion in the real world. Sports can also bring out heated opinions in certain settings with fans of a certain team will argue or debate amongst a member of the opposing teams. When issues like this arise we tend to be more careful about when and to whom we express our ideas and opinions. We are constantly surveying our environment subconsciously for trends in public opinions. Television is believed to be the most influential medium for this theory since it is everywhere. We may not own a TV of our own but we see it in stores, airports or at a friends house. Being part of the majority is what most people tend to want and we will compare our opinions with that of the majority because we desire social inclusion. Therefore if someone believes he or she is in the minority, that person will be inhibited from speaking out and expressing the minority view point. Validation After carefully reading and analysing the following abstract from the book, I conclude that the facts that were stated in this book do have some connections to the theory. They have outlined a lot of ideas to what the theory spiral of silence is about. It also points out some important facts mainly that mass media is seen to be a very important tool in changing peoples views or forming their decisions. Since people tend to base their decisions on the majoritys choice. It also provides some insight into how television actually has an impact on the people as a whole. It proves that people are double mined on speaking out as a minority and will be more comfortable if they believe that they are part of the majority. Since there is a lot of support in the majority we wont fear social isolation, but if we are in the minority there is not much support and so we fear that we are on our own and so we may be isolated. According to the theory by Elizabeth she believes that mass media does have a huge effect on the theory and so the authors have based most of their finding on Neumanns theory about the media. Most of the information in the abstract concentrates on the medias influence, changes and perceptions that it may have on our opinions. Book 2: Introducing Communication Theory: Analysis Application Richard West, Lynn H. Tuner. (2004). Introducing Communication Theory: Analysis Application (2nd Edition). Marquette University Summary The Book Introducing Communication Theory: Analysis Application, explains the theory spiral of silence by Elizabeth Noelle Neumann. It explains how the media has impacted our opinions and changed dramatically over the years. The authors stated that over the years the media has helped to shape and make us what we are today. They believe that Neumann focused on what happened when people provide their opinions on a variety of issues that the media have defined for the public. Her theory suggests that people who believe that they hold a minority viewpoint on the public issue will remain in the background or isolated. Where their communication will be constrained, those who believe that they hold a majority viewpoint will be encouraged to speak out. Neumann stated that the media will focus more on the majority views while underestimating the minority viewpoint. She believes that the media will only be focused on the minority and their views while forgetting the minority groups. The minori ty will be less assertive in communicating their opinions therefore leading to a downward spiral of communication. The minority will then overestimate their influence and will become emboldened in their opinions where the media reports on their opinions and activities. The media is seen to play a very important role in the theory. The media chooses to report on the majority groups opinions and activities and only tend to focus on them where they will be heard by the public. The minority will then be forgotten and so their opinions and view s are not heard. Validation The authors have highlighted some very important points about the theory. Mass media being the main focus, it has a lot of influence on peoples opinions. It is seen to be a very powerful tool that could change peoples views and mentality. It has the power to influence and change people beliefs, making them believe what they are told or shown. It is human mentality to go with the flow and just follow the crowd. We are easily convinced just because the majority rules. If we had to debate a topic and asked to choose an answer we tend to choose the group where there is a lot of support forgetting about the minority. The authors are just moving on from Neumanns theory to explaining more into detail the role of the media on our opinions. Thought they may not have done any research on the theory, they have research more on the theory and explained it in simple terms. Library Databases Journal 1: The Spiral of Silence is broken Jose Luis Barberia, Kel Pais Rel Pais. (March 5, 2009). The Spiral of Silence is broken. (1), (6). Summary This article was based on an experiment that was done in Taiwan which explored the relationships between inoculation and the spiral of silence theory. According to the writers they believed that inoculation strategies would be able to ease spiral of silence focusing on resistance to counter-attitudinal attack and willingness to speak out for fear of isolation. The study was based on random sampled citizens in Taiwan while he issue being Taiwans political future in relation the Peoples Republic of China. The results concluded that Inoculation treatments enhanced peoples resistance to attitude change. The study seeks to integrate the theories of inoculation and the spiral of silence. The factors featured in the spiral of silence theory might have significant implications for inoculation studies.They also stated that Noelle-Neumann initiated some original assumptions of the theory which was individual, media system and societal. They explained that individuals are social beings are afra id of being isolated from their fellow human being. Secondly, in order to avoid being isolated or losing popularity, individuals constantly observe their environment to locate proper positions to enable them to perceive the distribution of opinions. Third is that the individuals are capable of distinguishing between static and fluid opinions. Fourth is the social environment where individual notice that their personal opinions are spreading and supported by others will voice their opinions confidently in public. In contrast, if they notice their opinions losing ground they will adopt a more reserved attitude when speaking out in public or even withdraw from the public discussion. This is the chain reaction for fear of isolation. Validation This journal goes deep into context and explains the theory deeper and focuses on the human behaviour based on the theory. It was an experiment that was done in Taiwan, exploring the relationships between Inoculation and the spiral of silence theory. It was stated that Inoculation could counter the spiral of silence theory. The study focused more on the human behaviour and explains why we tend to isolate ourselves and are afraid to speak out in public. It helps us understand why the theory affects the minority groups. It examined the potential influences of the individuals construct on opinion expression as a cultural-level and the willingness to express opinions differing across two cultures. The test also saw that the lack of efficacy negatively predicts a willingness to express opinions while the lack of self-assurance of ones opinions negatively predicts a willingness to express opinions. Journal 2: The Spiral of Silence and Public opinion on affirmative action Patricia May, David Domke, Keith Stamm. (Spring, 2001). The Spiral of Silence and Public opinion on affirmative action. (78). (1) This journal was a study done to explain the key variables involved in Elizabeth Noelle-Neumanns Spiral of Silence Theory, which states that fearing isolation is what keeps the individuals from expressing their desired opinions because they are minority. The authors decided to carry out a test based on the theory but in the context of public discussion which was focused on affirmative action policies. They reviewed selected data from 217 randomly selected adults on October 1998 that indicated fear of isolation. It showed that fear of isolation indeed prevents one from publicly voicing perceived minority opinions. The willingness to speak out on a controversial ballot was predicted also by demographics, media use and the importance of the issue. In recent years, citizens have voted to repeal affirmative action laws and policies that have been enacted in the 1960s and 1970s; ensuring opportunity regards less of race and gender. It is believed that this trend caused more harm than good, while others disagreed arguing that affirmative action may be the best approach. There were a lot of public discussions about affirmative action. They believed that Neumann suggest that issues which are controversial tends to make people refrain from expressing their opinions if they believe that it will only be shared by minority. The study basically explores the factors contributing to peoples willingness to speak publicly on controversial topics, focusing on the concept of fear of isolation. Validation This journal is another research project investigating more on the theory. They researched it on the public opinions based on affirmative actions. The theory suggests that isolation from the publicly stating our opinions may occur people believe that they are part of the minority group. The study does prove the theory to some extent where they based the study on public opinions which does have a lot to do with the theory because it is mainly in public that people are double minded on raising their opinions. People are also cautious when speaking on controversial topics and topics which may raise some concerns or opinions. The study was seen to be successful and so does to some extent prove the theory correct. Overall in this case I can say that the theory is correct and the study done was successful and did test the willingness of the public on the controversial ballot. The only downside would be that they used data from the past and merged it with their research, which means that it may be old or irrelevant with the present time. Internet Sources Source 1: Wikipedia Wikipedia. (2009). Spiral of silence. Retrieved August 12, 2009, from Summary This web page explains Elizabeth Neumanns theory is a theoretical way. It states that the theory is a political science and mass communication theory. The spiral of silence begins with the fear of retaliation or isolation and escalates from there. Mass media is seen to play a major role in determining what the dominant opinion is, since our observation is limited to a small percentage of the population. Neumann describes the spiral of silence as a dynamic process, where public opinion becomes a fact as mass medias coverage of the majority opinion gets more publicity, and the minority becomes less likely to speak out. The theory is seen to only apply to moral or opinion issues, not issues that can be proven right or wrong using facts. People who are highly educated, or who have greater affluence or those who do not fear isolation will speak out regardless of public opinions which means the minority is a necessary factor of change while the compliant majority is a necessary factor of s tability, with both being a product of evolution. Most research is focused on social issues such as smoking and the aftermath of September 11, 2001. The concept of isolation has a variety of definitions, depending on the circumstances it is investigated in. It could be defined as social withdrawal which means less interaction. Researchers have defined isolation as low levels of peer acceptance or high levels of peer rejection. The features of the internet could not only bring about more people to deliberate by freeing people of the psychological barriers. They have also raised another point where the internet is also another form of expressing their views without fear of isolation because it can be anonymous and there is no human contact which means that the persons identity could be protected. The internet has a lot of users because it liberates people from the social hierarchies and power relations that exists offline without any human contact. Validation Wikipedia is an online web-based encyclopaedia project supported by the non-profit Wikimedia Foundation which provides us with any information that we may want. The only problem is that most of the information is posted on by the public, which means they may not be proven theoretically or have any evidence. Wikipedia looks at the theory in a theoretical perspective which explains the theory in detailed and clearer view which is closely connected with the Elizabeth theory. According to the author he/she also believes that mass media plays an important role in the theory and how it works. The concept of isolation is also explained deeper into context where it has varies definitions. It explains the social withdrawal which means less interaction and isolation. It looks at the internet as another medium that has a very huge impact on people. Since it can be accessed from home or anywhere and is gives us choices on what we want to do because it does not include human contact which makes i t easier for the minority groups or any individual to express themselves and will not be isolated because it is anonymous. Findings About The Theorist Elisabeth Noelle-Neumann is a German political scientist that was born on the 19th of December, 1916. Her most famous contribution is the model of the spiral of silence which is an explanation of how perceived public opinion can influence individual opinions or actions. She earned her Abitur in 1935 in Gà ¶ttingen and then studied philosophy, history, journalism, and American studies at the Friedrich Wilhelm University, the Kà ¶nigsberg Albertina University, and the University of Missouri. She lived in the USA from 1937 to 1938 andiIn 1940 she received her PhD concentrating on public opinion research in the USA. Noelle-Neumann was also the president of the World Association for Public Opinion Research from 1978 to 1980 and worked as a guest professor at the University of Chicago from 1978 to 1991. About The Theory Spiral of Silence is an innovative theory of public opinion that developed by Elisabeth Noelle-Neumann. Noelle-Neumann follows the paths of past philosophers Locke, Hume, Rousseau, Goethe, and James Madison, in that she considers public opinion a physical force that controls peoples decisions. Noelle-Neumann blames the spiral of silence on fear of isolation. In other words, people who feel that they are in the minority may keep quiet because they fear ridicule from the majority. The phrase â€Å"spiral of silence refers to how people tend to stay silent when they feel that their views are in the minority. The model shows the increasing pressure which people are noticing to conceal their views when they think that they are in the minority. It is a political science and mass communication theory which begins with fear of reprisal or isolation, and escalates from there. Spiral of Silence model The model is based on three premises: 1. People have a sixth-sense, which allows them to know the prevailing public opinion, even without access to polls. 2. People have a fear of isolation and know what behaviours will increase their likelihood of being socially isolated. 3. People are silent to express their minority views, primarily out of fear of being isolated. Source: http://www.cw.utwente.nl/theorieenoverzicht/Levels%20of%20theories/macro/spiral_of_silence.doc/ Introduction Elizabeth Neumann examines public opinion as a form of social control. She believes that Individuals instinctively notice the opinions of those around them and shape their behaviour according to what is acceptable. The closer a person believes the opinion held is similar to the prevailing public opinion, the more he/she is willing to openly disclose that opinion in public. If the public statement changes, the person will recognize that the opinions loses its popularity and the person will be less willing to express that opinion publicly. In her model of opinion formation, Elizabeth Noelle-Neumann postulates a spiral of silence: to avoid isolation, people holding minority views either change their ideas to conform to the majoritys views or remain silent, thus increasing the impression of the majority views dominance. While providing a helpful integration of disparate ideas in public opinion formation, Noelle-Neumanns framework has been questioned at a number of points. Is it reasonable to assume that since people fear isolation, most fear being in the minority? Her research suggests, in fact, that many people can oppose majority views as long as they have individual or group support and that interpersonal relationships have a greater impact on opinion formation than impersonal public opinion presented through the media. Recent studies have also offered an alternative to Noelle-Neumanns view of people as simply reacting to their perception of public opinion, suggesting that instead, people use their own opinions to for m their perceptions of public attitudes. Whether peoples behaviour resembles the reaction or projection model may depend on a number of conditions, including their familiarity with the issue. Further research is needed on the many factors influencing opinion formation The Fear Of Isolation This is the main force that drives the spiral of silence. People want to be identified as a winner and therefore conform to the majoritys beliefs. The last thing that people want is to be isolated from a group or society. There are some exceptions though, as there is a time to speak and a time to keep silent which is centred on public opinion. If our view is in favour we will speak out then when our views drop out of favour, we will most defiantly keep silent. Summary In 1973, Elizabeth Noelle- Neumann articulated one of the few integrated expositions of the mass communication effects and the process of public opinion. In general she was able to demonstrate that individuals can attempt to gauge majority opinion on an issue and that some individuals appear to be influenced by their perceptions of majority opinion on some issues. In doing so she was successful in clarifying and empirically testing hypothesis about a concept that has been only vaguely defined in public opinion. In this report I will be outlining Noelle-Neumanns conceptualization of two key concepts, the climate of opinion and that spiral of silence of silence. The validity of basing the â€Å"fear of isolation† concept on social psychological literature on conformity is examined. Also the role of the media in conveying the majority opinion will be examined. The Spiral Of Silence According to Noelle- Neumann, individuals are constantly sensitive to the climate of opinion and assess the distribution and strength of the opinion for and against their own. The tendency of one to speak up and others to be silent leads to the spiralling process which increasingly establishes one opinion as the popular one. Neumanns definition of public opinion is best expressed as the dominating opinion which compels compliance of attitude a behaviour in that it threatens the dissenting individuals with isolation. There are a few individuals that are known as â€Å"hardcores† who are willing to express their opinions without feeling compelled to conform. They will not be silent in the face of the public opinion. How do individuals know which opinions are acceptable to express in public without the fear of isolation? Neumann claims that by the use of a â€Å"quasi-statistical organ†, the individual assesses the opinion environment. The individual will the specifically use the climate of opinion. The media plays an important role through agenda-setting, according to certain persons and arguments relating the urgency or share of success for various opinions. One of the main parts of the explanation to the spiral of silence is the role of mass media. Noelle-Neumann believes that with more people watching mass media, the more the minority will keep quite because they will think that they are even more of a minority that they actually are. She claims that this is so because it is becoming the only media outlet that people are using, along with the internet, so it is able to control exactly what people see or hear. The media know this and because of that, they use their powers to influence the public opinion as much as possible towards which ever beliefs they hold or want to put across. Noelle-Neumann claimed that in the early seventys, the media had powerful effects, particularly over opinion formation. She believed that it was deficient because it was conducted under laboratory conditions and not in the field. Mass media is everywhere and individuals can rarely escape accumulation of the same media message. It was also found that in any circumstance a person with low self-esteem is less likely to speak out even if they agree with the majority opinion, simply because that is what their personality dictates. She also discovered that having diverse reporting has a powerful role in the mass media and the views of those watching it. Since the media is diverse, and it shares different view points on a subject, then people will be more willing to take different sides of an argument because they will not feel as alienated as before. The elements of Noelle-Neumanns ideas can also be found in several scholarly works including Floyd Allport (1978) who described the climate of opinion. John Locke (1961) describes Noelle-Neumanns â€Å"hardcores† when he says â€Å"nor is there one of ten thousand who is stiff and insensible enough to bear up under the constant dislike and condemnation of his own club† W.Phillps Davison (1975) describes the public opinion process of conformity-induced silence occurs when an individual feels he/she is in the midst of a hostile majority. Thus the concept of the opinion climate and the spiral of silence are not new. Noelle-Neumann was able to articulate a thesis based on these concepts and generated data to support some of her contentions. When Noelle Neumann was forced to revise her theory to accommodate the other findings, the theory became much better. She added to her theory many other factors such as race, gender, age, environment, and social status. Now the theory cl aims that all of these things, in addition to whether one is in the majority of the opinion on a subject, will all matter whether a person speaks out. Fear Of Isolation Conformity Since Pressure to conform is a major portion of Noelle-Neumanns foundation for her arguments, Solomon Asch (1995) also did a study where he put one subject in the midst of seen confederates and asked each person to determine the shortest of three lines. Arch had seven confederates purposively select an incorrect line, and then examined the subjects response in light of the clearly wrong response of the confederates. He found that one-fourth of the subjects were completely independent of any majority pressure. These people, who Noelle-Neumann would label â€Å"hardcores†, selected the correct lines despite pressure to conform and select the incorrect line. On the other hand, no subjects conformed on every trial the situation did not elicit total conformity from subjects. He found that in manipulating some independent variables, pressure to agree is highly specific. There is no single â€Å"type† of individual who agrees, nor does public conformity imply inner acceptance of judgment or opinion. In analyzing different groups of subjects, Asch found that although very few yielded nearly completely to majority influence, they didnt think they had yielded at all. These people perceived the majority estimates as correct and didnt feel as though they themselves had conformed. Most of the subjects, who agreed, however lacked the confidence in their estimates and felt a tendency to go along with the majority when in doubt. Others who confirmed knew they were right but did not want to appear different from the majority. In a follow-up experiment, Asch found that if the subject had some support from some in the group, conformity to majority influence inclined substantially. Noelle-Neumann based her spiral of silence theory notion on face-to-face, small group situations that was described by Locke (1961), Allport (1937) and Asch (1951). In each of the cases the individual is isolated a midst a hostile majority and in direct contact with his antagonists. Although most of the test that were done in the past did prove the theory, there were some circumstances that were overlooked, as to the ability to apply to universal situations. For example, different ages, gender and education were left out and the very fact that the questions that were asked were about irrelevant things, raises the