CONTEMPORARY BUSINESS ISSUES Essay Example | Topics and Well Written Essays - 2500 words

CONTEMPORARY BUSINESS ISSUES - Essay Example ASDA is a supermarket chain with direct focus on its customers and suppliers. It purchases goods from its suppliers and sells them to its customers. It does not have direct influence on its profitability by any other stakeholders. Although customers and suppliers are the main components of ASDA’s profitability, various other stakeholders also have to be considered and taken into account before arriving into any decision. These variables have an indirect effect on the working and profitability of the company. a) Shareholders: The aim of the company should be to maximise the return of the shareholder as they have invested their wealth and time in ASDA. Company should decide that whether the decision taken by the company would be right for the shareholders and their wealth or not. b) Customers: Customers are another important component which should be considered before arriving at any decision. Customers basically want good quality products at the lowest possible price. Company must see that they generate profit meeting the needs and wants of its customer at the most efficient price. Profit should be generated from customer satisfaction and not by their exploitation. ASDA assured its customers regarding the products it made was not an outcome of exploitation but behind the scene its workers were even not getting enough wages. c) Management and employees: These are the pillars of any organisation or company. In ASDA the condition of its employees was worst. If worker’s interest is not checked by the company, they will not work to the best of their capability making the company incompetent. No proper attention was provided to the needs and comforts of the workers. ASDA must check that their profitability motive does not overlook their employees. d) Government: Government is another party who does affect the profitability of the company. Many a times, government intervenes into the working of the business through the formulation of new

Discuss Biological Explanations of Schizophrenia Essay Example for Free

Discuss Biological Explanations of Schizophrenia Essay re are several different explanations for the disorder schizophrenia. One of these explanations is the biological model. This model explains schizophrenia through biological faults, for example viral infections and brain abnormalities. Genetic Factors Some psychologists say that schizophrenia can be passed down generations, meaning that some people inherit the disorder from their parents. Twin research has consistently shown that identical twins have a greater risk of developing schizophrenia, if their twin has the disorder, than non-identical twins. Gottesman found monozygotic twins have a concordance rate of 48%, whilst dizygotic twins have a concordance rate of 17%. Evaluation of Genetic Factors This research shows that there is a definite correlation between genetics and the risk of developing schizophrenia. However, no twin research has found a 100% concordance rate; therefore it is impossible the say that genes definitely cause schizophrenia, as other factors clearly have an influence. Also, some psychologists argue that the high concordance rates found could be caused by being brought up in a family with a schizophrenic, so the child mimics the schizophrenic behaviour, rather than by genetics. The Dopamine Hypothesis The dopamine hypothesis says that schizophrenia is caused by an increased reaction to dopamine in the brain. This could be because there is too much of the hormone dopamine in the brain, or conversely because there is an abnormally high number of dopamine receptors in the brain. This model says the excess sensitivity to dopamine results in the brain causes the symptoms of schizophrenia. Evaluation of the Dopamine Hypothesis Autopsies have found an unusually high number of dopamine receptors in the brain of schizophrenics (Owen et al, 1987), however, this evidence is varied and inconclusive. Grilly (2002) found that patients who suffered from Parkinson’s and took the drug L-dopa, which increases dopamine levels, showed signs of schizophrenic symptoms. This suggests the increase in dopamine could result in schizophrenia. Problems with this explanation There are problems of the dopamine hypothesis. One is that antipsychotic drugs, which block dopamine receptor don’t always help patients. This suggests something else must cause schizophrenia as well; otherwise the drugs would help all the patients. Brain dysfunction Using brain imaging techniques, such as P.E.T scans, researchers have found many schizophrenics have enlarged ventricles, on average 15% larger than normal. Some psychologists believe that the increase in the size of these ventricles is what leads to the schizophrenic symptoms. Evaluation The brain imaging scans support this explanation in itself, it’s clear that a lot of schizophrenics have different brain structures to normal people, so there must be some correlation between the two. Research by Meyer-Lindenberg (2002) found that reduced activity of the prefrontal cortex is linked to dopamine abnormalities. This could provide an explanation of why brain dysfunction could cause schizophrenia, not show a correlation. Viral Infection Some researchers suggest that brain abnormalities that lead to schizophrenia could be caused by viral infection. For example, contracting diseases such as Flu or Syphilis in the womb may relate to developing schizophrenia in later life Evaluation of Viral Theory Torrey (2000) found that more schizophrenics are born in the winter, when it is cold and exposure to viruses is higher, than in other months. Although this link is only correlational it suggests viruses do affect the chance of developing schizophrenia

Encouraging Girls in Math and Science Essay -- Essays Papers

Encouraging Girls in Math and Science An ideal classroom in an elementary school would allow both boys and girls to learn fairly, equally, and also be encouraged to be involved in the classroom. The teacher would expect the same effort from the boys as well as the girls. The teacher would implement a respectful atmosphere where the teacher as well as the students would respect one another. The reality is that girls quickly become discouraged to pursue math and/or science related careers. Girls lose their self-esteem from experiencing negative attitudes from their teachers as well as from the boys in their class. Girls are not encouraged to participate in math and science, and they feel that they are not capable of doing well in these subjects. The low self-esteem is reflected on girls’ actions and choices. Girls become at risk for dropping out of high school, experiencing gender bias in the classroom and on their assessment tests, not enrolling in math and/or science classes, teen pregnancy, and possibly experiencing sexual harassment at school. Therefore, I believe that it is extremely important that teachers realize these risks and try to find solutions in their teaching methods and assessments. Even though drop-out rates are higher among boys than girls, the number of girls who do not return to school or get their GED is higher than boys. Many reasons that girls drop out of school reflect: â€Å"a sense of alienation from school: a lack of individual success and/or that school is not worthwhile†. (MAEC, 1993) Reasons include: â€Å"having a large number of siblings, mother’s educational level, and belief in traditional gender-role stereotypes†. (MAEC, 1993) Girls who don’... ...esearch Matters - to the Science Teacher. Retrieved on March 20, 2001 from the World Wide Web. http://narst.org/research/class.htm Kahle, Jane Butler. (1985) Encouraging Girls in Science Courses and Careers. Retrieved on March 3, 2001 from the World Wide Web. http://narst.org/research/encourage/htm Kahle, Jane Butler and Arta Damnjanovic. (1997) How Research Helps Address Gender Equity. Retrieved on March 3, 2001 from the World Wide Web. http://narst.org/research/gender2.htm The Mid-Atlantic Equity Center. (1993) Beyond Title IX: Gender Equity Issues in Schools. Retrieved on March 17, 2001 from the World Wide Web. http://www.maec.org/beyond.html NEA. (2001) Be an advocate for gender equity in your classroom, school, and district. Retrieved on March 18, 2001 from the World Wide Web. http://www.nea.org/bt/1-students/1-3-q-b.html Encouraging Girls in Math and Science Essay -- Essays Papers Encouraging Girls in Math and Science An ideal classroom in an elementary school would allow both boys and girls to learn fairly, equally, and also be encouraged to be involved in the classroom. The teacher would expect the same effort from the boys as well as the girls. The teacher would implement a respectful atmosphere where the teacher as well as the students would respect one another. The reality is that girls quickly become discouraged to pursue math and/or science related careers. Girls lose their self-esteem from experiencing negative attitudes from their teachers as well as from the boys in their class. Girls are not encouraged to participate in math and science, and they feel that they are not capable of doing well in these subjects. The low self-esteem is reflected on girls’ actions and choices. Girls become at risk for dropping out of high school, experiencing gender bias in the classroom and on their assessment tests, not enrolling in math and/or science classes, teen pregnancy, and possibly experiencing sexual harassment at school. Therefore, I believe that it is extremely important that teachers realize these risks and try to find solutions in their teaching methods and assessments. Even though drop-out rates are higher among boys than girls, the number of girls who do not return to school or get their GED is higher than boys. Many reasons that girls drop out of school reflect: â€Å"a sense of alienation from school: a lack of individual success and/or that school is not worthwhile†. (MAEC, 1993) Reasons include: â€Å"having a large number of siblings, mother’s educational level, and belief in traditional gender-role stereotypes†. (MAEC, 1993) Girls who don’... ...esearch Matters - to the Science Teacher. Retrieved on March 20, 2001 from the World Wide Web. http://narst.org/research/class.htm Kahle, Jane Butler. (1985) Encouraging Girls in Science Courses and Careers. Retrieved on March 3, 2001 from the World Wide Web. http://narst.org/research/encourage/htm Kahle, Jane Butler and Arta Damnjanovic. (1997) How Research Helps Address Gender Equity. Retrieved on March 3, 2001 from the World Wide Web. http://narst.org/research/gender2.htm The Mid-Atlantic Equity Center. (1993) Beyond Title IX: Gender Equity Issues in Schools. Retrieved on March 17, 2001 from the World Wide Web. http://www.maec.org/beyond.html NEA. (2001) Be an advocate for gender equity in your classroom, school, and district. Retrieved on March 18, 2001 from the World Wide Web. http://www.nea.org/bt/1-students/1-3-q-b.html

Rap/Hip-Hop: The Effects on Today’s Youth Essay

Abstract Rap/Hip-Hop first became popular among African American and Latinos among youth in the streets of New York during the 1970’s. It was their way of expressing themselves in a friendly manner in the form of speech, fashion, and personal style. Rap/Hip-Hop music was a way for them to get their message out, by telling stories of their lifestyles. However, over the years Rap/Hip-Hop music has become much more popular for its explicit lyrics, reference of drugs, alcohol and sexual explicit videos. Many may ask â€Å"Could Rap/Hip-Hop music have a negative influence on today’s youth, because of its unhealthy messages†? This research paper will examine the effects of rap/hip-hop music on today’s youth and whether or not it has a negative influence. Brenda L. Williams-Capers Professor Dana Taylor English Composition II December 11, 2011 Over the year’s many researchers have conducted studies on the effects of rap/hip-hop on today’s youth. The results have been mixed; however there are indications that some forms of Rap/Hip-Hop music could have negative influence on today’s youth. This is due to the fact that youth start to adapt the negative aspects of the gangster rap, by displaying aggressive behaviors and committing crimes of violence. Rap gets a bad rap because some songs contain explicit lyrics, drugs, alcohol and sex. A study conducted by Ralph J. DiClemente (2003) indicated that teen girls who spend more than 14 hours per week watching the sex and violence depicted in the â€Å"reel† life of â€Å"gangster† rap music videos are more likely to practice these behaviors in real life. Also, this study suggested that those teens were also three times more likely to hit a teacher, over 2.5 times more likely to get arrested, twice as likely to have multiple sexual partners, and 1.5 times more likely to get a sexually transmitted disease, use drugs, or drink alcohol. This is an indication that today’s youth that listen to these songs over and over again for long period of times could have behavior and aggressive issues. Tanner (2009) indicated that there is a sense of injustice that rap is often said to involve young people with the police and courts. The study also indicates that youth who listen to rap music have a stronger connection to property crimes than the crimes of violence, and the likelihood of committing those crimes are probably increased by poverty rather than listening to rap/hip-hop music. In a radio broadcast, Ed. Gordon (2006) mentioned two studies which addressed the effect that rap music has on today’s youth. The first study conducted by The Prevention Research Center of the Pacific instituted for Research and Evaluation in Berkeley, Calif., indicated that rap songs were linked to alcohol addictions, drug use, and violence among youth. Also, a study conducted by The Center on Alcohol Marketing and Youth, Georgetown University, also suggested that youths are exposure to alcohol thought targeted marketing advertising for beer and ale by 66 percent for youth between the age of 12-20 and 81 percent market exposure to distilled spirits. Nearly two-thirds of rap songs mentioned illicit drugs and nearly half of rap songs mentioned alcohol compared to other types of music. The overexposure to alcohol was connected to cognacs and brandies, both which are linked lyrics in hip-hop and rap music, which rappers glorify and advertise in their songs. Rap music is also used to advertise clothing, sneakers, and cars. Rappers are walking billboards and today’s youth want that same swagger. Cited in The Brown University Child and Adolescent Behavior Letter (2003), a study was conducted by a group of researchers from Iowa State University and The Texas Department of Human Services who examined over 500 students who had listened to seven violent songs and eight non-violent songs. This study measured student’s aggressive thoughts and their feelings. The results were that violent songs led to more aggressive interpretation of words that also increased the speed in which the students read aggressive vs. non-aggressive works and increased the proportion of word fragments that filled in to make aggressive words. Their study also indicated that the violent songs increased violent thoughts causing youth to act out. The popularity of Rap/Hip-Hop music and Hip/Hop styles has now reached the Middle East. Iraqis youth in are now starting to imitate hip-hop lifestyles of American soldiers. Youth have now started to adapt hip-hop styles such as, dancing, wearing baggy pants, slangy English, and cutting $ signs into their close cropped hair. Tattoos are now also becoming popular among Iraqis youth. This goes against Islam’s strictures on baring their skin. Not all Iraqis welcome the culture of the American Hip/Hop style, because they feel that Iraqis youth are now beginning to reject authority and other forbidden behaviors, like engaging in forbidden love affairs. Iraqis youth feel that their eyes are now open to the outside world since living under Saddam Hussein’s dictatorship. Iraqis youth are now also starting to use the internet and are watching satellite TV, which allows them better understanding of American cultures, both positive and negative aspects. In a book written by Michael Dyson, â€Å"Reflecting Black: African-American Cultural Criticism. He addressed the question† Is Rap music really as dangerous as many critics argue:† Michael Dyson (1993) states that Rap music is a form of profound musical, cultural, and social creativity. He also stated that Rap music expresses the desire of young black people to reclaim their history. He defenses the negative impact on Rap/ Hip-hop music, which the general public claims that Rap/Hip-Hop expresses and causes violence among youth. It is in his opinion that many rappers have spoken against the violence in Rap/Hip-Hop. Rappers KRS-One spoke against black on black crimes in a song titled â€Å"Stop the Violence† and â€Å"Self Destruction†. Rapper KRS-One wanted youths to realize that not all Rap/Hip-Hop music called for violence behavior among youth. Also, rappers such as Will Smith and his partner DJ Jazzy Jeff rapped positive messages to youth about having fun in the summer time, not glorifying drugs, alcohol or sex. Some feel that rap can be negative and positive on today’s youth. Michael Dyson (1993) feels that Rap/Hip-Hop music is getting a bad rap. Could that be true, or is Rap/Hip-Hop really unhealthy for today’s youth? Over the year’s research, books and studied have been conducted to determine if violent and explicit lyrics in Rap/Hip-Hop music really causes or promotes violence in today’s youth. Since it’s beginning in the 1970’s Rap/Hip-Hop has gone from being fun to listen to now being a explicit rated albums. In today’s time Rap/Hip-Hop glorifies drugs, violence, and sex at an alarming rate. Today’s youth are also embracing the lifestyles’ of rappers in their language and attitudes, with their want of money, cars, drugs and alcohol that rappers talk about in their lyrics causing them to become materialistic teenagers. What must we do as concerned parents? We must be aware of what our children are watching and listening to. Parents must be involved in what their children are purchasing and they must ask questions to understand what their children are experiencing. In the 1990’s C. Dolores started a crusade to stop the sale of offensive rap music to minors. Mrs. Tucker outspokenness earned her enemies, however she remained relentless with her crusade against what is called gangster rap. Her concerns were that the lyrics were misogynistic and threatened the moral foundation of the African American community. Conclusion Rap/Hip-Hop music became popular in the 70’s, since than it has changed the world; youth in every corner of the globe have adopted the culture, the speech and the style. Because Rap/Hip-Hop music has become so popular, many people think that this type of music is making today’s youth more violent, due to the glorification of violent, explicit language, sex, disrespect for authority, and disrespect towards women. Just as parents teach their kids not to do drug, they should also teach their kids that rapper is only for entertainment, it is a business for rappers to sale albums to make money. It is a business for them. It is all about album sales. We should all follow Mrs. Tuckers’ example by taking a stand against anything that could have a negative effective on our youth. Rappers should realize that they are role models to most of our youth and stop thinking about their pockets. References DiClemente, R.J., Wingood, G.M., Bernhardt, J.M., Robillard, A., Harrington, K., Davies, S.L., and Hook, E.W. A Prospective Study of Exposure of Rap Music Videos and African American Female Adolescents’ Health. American Journal of Public Health. (2003). Dyson, M.E., Reflecting Black: African-American Cultural Criticism. Minneapolis, MN, USA: University of Minnesota, 1993 p.38 Gordon, E., N News, News & Notes, 8 May 2006 Tanner, J.; Asbridge, M.; & Wortley, S. (2009). â€Å"Listening to Rap: Cultures of Crime, Cultures of Resistance.† Social Forces, 88(2): 693-722. The Brown University Child and Adolescent Behavior Letter 2003 www.newblackmagizine.com

Language and communication difficulties Essay

1.3: Describe the potential impact of speech, language and communication difficulties on the overall development of a child, both currently and in the longer term. Lack of confidence: Throughout a child’s school life, as well as adulthood, individuals with SLCN will struggle to find confidence in a number of areas. Many children will come across as shy or timid, whereas they may actually be unable to say what they want to say through lack of understanding. Language barriers restrict a child’s opportunity to participate, and often leave them feeling unvalued or excluded. Without confidence, individuals will fail to become independent and possibly become reliant on adults or peers. Problem solving: Due to the lack of skills needed, problem solving can become an extremely daunting task. Barriers that may seem easy to overcome (for most individuals) can cause children with SLCN a huge amount of anxiety and stress. Children will not be able to fully understand how to manage problems, where to go to, or how to explain what exactly is wrong. Instead, many problems will be left alone, creating a higher level of stress. Emotional regulation: Dealing with emotions can be hard for everyone, but being able to communicate with others will often leave individuals with a sense of reassurance. Children with SLCN will find it harder to explain the emotions they are going through, and may not understand how to effectively manage their emotions as a consequence. As anxiety levels may be constant, children will often feel worried and nervous about situations. During adulthood, this may lead to stress and depression. Adults may isolate themselves which could have a significant impact on work, friendships and relationships. Behaviour control: Unfortunately, for some SLCN individuals, a lack of understanding can often lead to poor behaviour. Children, who find work too hard or confusing, can often allow their mind to wander, and become easily distracted. In turn, the child may cause distractions in lessons and seem to be behaving badly. The issue may be strengthened when the child is questioned and barriers prevent them answering confidently. Children struggle to stay on task and often leave work incomplete which may lead to further sanctions. EYMP5-1.3: Describe the potential impact of speech, language and communication difficulties on the overall development of a child, both currently and in the longer term. Academic Achievement: Children’s achievement will be greatly restricted as they will always find the work seemingly harder than their peers. Individuals with SLCN must be allowed time and space to complete tasks, and their instructions would be minimised to a level that they can understand. Due to the time management, they may have differentiated work patterns meaning that they are not completing as much work as their peers. Tests can cause huge amounts of stress and even for the brightest of students, a failure to understand questions as well as difficulties in managing emotions can lead to lower test scores. Making friends: Social impacts can include difficulties in friendships. Bonds between peers can become harder with SLCN children as they may not fully understand their role as a friend. Children may feel excluded from playtime activities and due to lack of confidence, decide to stay alone instead of participating. As children grow up, they will find it increasingly difficult to form friendships with children who are already in groups. During adulthood, this may not change. Adults may even fear employment, worrying that they do not  have the social skills to bond with other employees. Sustaining relationships: In adulthood in particular, sustaining relationships can be a very stressful situation. A lack of understanding between two people can lead to a distance in thought processes. The worry and anxiety levels of adults with SLCN can often be extremely high, and instead of â€Å"failing,† they may be reluctant to even try. Adults can often argue, which again would be a difficult task to overcome for someone with language and communication barriers. Many adults may not realise, or fully understand, what they need to do to correct situations and maintain healthy and positive relationships.

european union Essays

european union Essays european union Essay european union Essay Germany Must Take The Wheel In The European Union TIMOTHY GARTON ASH Special to The Globe and Mail published Friday, Jun. 17 2011, 5:00 AM EDT Last updated Friday, Aug. 24 2012, 3:54 PM EDT Like an overladen lorry labouring up a steep hill, the European project is close to stalling. If it stalls, even the emergency brake may not stop it running back down the hill, out of control, until it Jackknifes. Two of the lads are wrestling over the steering wheel; others lie comatose in the sleeping area at the back of the cabin. We need a woman to come and sort them out. Her name is Angela. The most urgent part of this crisis is Greece and the Eurozone. Between the fury on the streets of Athens and the continued disunity of decision-makers in Brussels, Berlin, Frankfurt and Luxembourg (where the Euro Group huddles again Sunday and Monday), the lorry could stall any day. But its not Just Greece. In Ireland, Portugal and Spain, too, anger is boiling over, as people feel that the young, the poor and the unemployed are being forced to pay for the selfish improvidence of their politicians and of French and German bankers, ho lent profusely where they should not have lent at all. And its not Just the Eurozone. Every single major project of the European Union is faltering. France and Italy are suggesting that the achievement of the Schengen Zone, with no border controls, should be chipped away Just because a few thousand people from convulsed North Africa have taken refuge on the Italian island of Lampedusa. Many European countries are already in a panic about the integration of immigrants and people of migrant origin, especially Muslims. Solidarity and social Justice, central alues of the post 1945 European project, are in retreat almost everywhere, as a result of growing inequality and spending cuts to tackle public debt. In the Arab spring, Europe faces the most hopeful set of events in the 21st century so far, comparable in scale and potential to 1989, but its collective and institutional response to this historic opening has been feeble beyond belief. Yet, this was meant to be the year the EIJ got its act together in foreign policy. Even in the most hopeful cases, Tunisia and Egypt, we may have only a few months in which to prevent the Arab spring becoming an Arab fall. The disappointed hopes of that half of the population which is under 30 would then produce further, larger immigrant surges to Europe. The European-led military intervention in Libya was always likely to be a slow grind, but it has painfully exposed Europes chronic failure to concentrate its military capabilities. Already, some of the powers involved are running short of munitions. Even enlargement, Europes most successful project, is close to stalling. The magnetic attraction of EIJ membership continues to have a significant positive effect in a ountry like Serbia, but ever less so in Turkey. In his victory speech after the recent Turkish elections, Prime Minister Recep Tayyip Erdogan did not even mention the ELI. Retired prime ministers and foreign ministers never tire of attributing this faltering of the European project to the lack of leadership. (Subtext: It was all so much better wnen we were In cnarge. ) I nls Is true, out less tnan nalT tne story. For wnlle tne quality of European leadership is somewhat poorer than it was a quarter-century ago, the need for it is greater. Why? Because all the great underlying motivators of the European project back in the days of Helmut Kohl, Franpis Mitterrand and Jacques Delors have faded or disappeared. Those powerful driving forces included searing personal experiences of war, occupation, Holocaust, fascist and Communist dictatorships; the Soviet threat, catalyzing west European solidarity; generous, energetic U. S. support for European unification; and a West Germany that was the mighty engine of European integration, with France on top as the driver. The West Germans wanted to rehabilitate themselves as good Europeans, but also needed the support of their European neighbours to achieve their goal of unification. All these are now gone, or very much diminished. While there are intellectually convincing new rationales for the project, including the rise of non-western giants such as China, rationales are no match for emotional motivators. Heart trumps head, every day. The key to so much of this, especially on the economic side, is Germany. For much of its history, what has become the EIJ pursued political ends by economic means. For Mr. Kohl and Mr. Mitterrand, the euro was mainly a political project, not an economic one. Now the boot is on the other foot. To save a poorly designed and overextended monetary union, the political must ride to the rescue of the economic. This is where Angela Merkel comes in. There is no particular reason to expect Germany to take the lead in creating a European foreign and security policy. For a response to the Arab spring, we should look first to Spain, France and Italy. If the issue is the integration of migrants, every country must do its homework. But if we are talking about the European economy and currency, Germany is the indispensable power. Only the combination of Germany and the European Central Bank, working in unison, has a chance of calming the mighty markets. For more than a year now, Ms. Merkel has attempted to find the narrow perhaps non-existent line where the minimum that can be done to save the embattled Eurozone periphery meets the maximum she thinks German public opinion will bear. She has then tried to win her Eurozone partners to that course. So far, it has not worked. Now she needs to start from the other end: Work out, with the ECB and other Eurozone governments, what is the most credible deal available, then put all her authority on the line to persuade a reluctant German public that this will be in their long-term, enlightened, national self-interest. Which it will be. For no one has more to lose from the disintegration of the Eurozone than the continents central economic power. It may soon be too late. Http:// www. theglobeandmail. com/commentary/germany-must-take-the-wheel-in-the- european-union/article583479/

The Greek Epic Poet Hesiod

The Greek Epic Poet Hesiod Hesiod and Homer both composed important, famous epic poems. The two are also called the first great writers of Greek literature, having written during Greeces Archaic Age. Beyond the act of writing, they are central to the history of ancient Greece because the father of history, Herodotus, (Book II) credits them with giving the Greeks their gods: For Hesiod and Homer I suppose were four hundred years before my time and not more, and these are they who made a theogony for the Hellenes and gave the titles to the gods and distributed to them honours and arts, and set forth their forms: but the poets who are said to have been before these men were really in my opinion after them. Of these things the first are said by the priestesses of Dodona, and the latter things, those namely which have regard to Hesiod and Homer, by myself. We also credit Hesiod with giving us didactic (instructive and moralizing) poetry. Hesiod likely lived around 700 B.C., shortly after Homer, in a Boeotian village called Ascra. This is one of the few details of his life that Hesiod reveals in his writing. Career and Works Hesiod worked as a shepherd in the mountains, as a youth, and then, as a small peasant on a hard land when his father died. While tending his flock on Mt. Helicon, the Muses appeared to Hesiod in a mist. This mystical experience impelled Hesiod to write epic poetry. Hesiods major works are Theogony and Works and Days. Shield of Herakles, a variation on the Shield of Achilles theme from the Iliad, is attributed to Hesiod but was probably not actually written by him. Hesiod's "Theogony" on the Greek Gods The Theogony is particularly important as an (often confusing) account of the evolution of the Greek gods. Hesiod tells us that in the beginning was Chaos, a yawning chasm. Later Eros developed on its own. These figures were powers rather than anthropomorphic deities like Zeus (who wins and becomes king of the gods in the 3rd generation struggle against his father). Hesiod's "Works and Days" The occasion of Hesiods writing of the Works and Days is a dispute between Hesiod and his brother Perses over the distribution of his fathers land: Perses, lay up these things in your heart, and do not let that Strife who delights in mischief hold your heart back from work, while you peep and peer and listen to the wrangles of the court-house. Little concern has he with quarrels and courts who has not a years victuals laid up betimes, even that which the earth bears, Demeters grain. When you have got plenty of that, you can raise disputes and strive to get anothers goods. But you shall have no second chance to deal so again: nay, let us settle our dispute here with true judgement divided our inheritance, but you seized the greater share and carried it off, greatly swelling the glory of our bribe-swallowing lords who love to judge such a cause as this. Fools! They know not how much more the half is than the whole, nor what great advantage there is in mallow and asphodel. Works and Days is filled with moral precepts, myths, and fables (making it a didactic poem) for which reason, rather than its literary merit, it was highly valued by the ancients. It is a source for the Ages of Man. Hesiod's Death After Hesiod lost a lawsuit to his brother Perses, he left his homeland and moved to Naupactus. According to the legend about his death, he was murdered by the sons of his host in Oeneon. At the command of the Delphic Oracle Hesiods bones were brought to Orchomenus where a monument to Hesiod was erected in the marketplace.

How to Control Mosquitoes Around Your Home

How to Control Mosquitoes Around Your Home Nothing takes the fun out of an evening barbecue outdoors like a bunch of bloodthirsty  mosquitoes. In addition to inflicting a painful bite, mosquitoes can transmit diseases. You can keep your local mosquito population under control by limiting their habitat on your property, and avoid their annoying bites by using the right barriers and repellents. Mosquitoes Require Water to Breed Mosquitoes require water to breed. Adult mosquitoes  lay eggs in stagnant or slow moving water, or on moist soil or leaf litter in areas likely to collect water. By eliminating these water sources, you can keep new generations of mosquitoes from taking up residence in your yard. 7 Tips to Prevent Mosquitoes From Breeding Follow these tips to prevent mosquitoes from breeding around your home: 1.  Ã‚  Ã‚  Drill holes in the bottom, not the sides, of any garbage or recycling containers stored outdoors. Holes on the sides still allow enough water to accumulate in the bottom for mosquitoes to breed.   2.  Ã‚  Keep gutters clean and unclogged. Be sure your downspouts drain properly, without leaving puddles in the drainage area. You may need to reroute your downspouts or add extensions to carry water away.   3.  Ã‚  Keep swimming pools cleaned and chlorinated, even when not in use. Homeowners who go on vacation without chlorinating their pools may return to a veritable mosquito hatchery.   4.  Ã‚  Walk your property after a rain, and look for areas in the landscape that are not draining well. If you find puddles that remain for four or more days, regrade the area.   5.  Ã‚  Ornamental ponds should be aerated to keep water moving and discourage mosquitoes from laying eggs. Alternately, stock the pond with mosquito-eating fish.   6.  Ã‚  Dump anything that holds water twice per week if it has rained. Birdbaths, non-chlorinated wading pools, footbaths, garbage can lids, and pottery will all attract breeding mosquitoes. Remember to empty the saucers under your flower pots, and dont leave water in pet bowls for more than two days.   7.  Ã‚  Keep your property clean of items that can hold water, including discarded aluminum cans and tires. 6 Effective Repellents and Barriers Even when following all the precautions above to eliminate mosquito habitat, some mosquitoes will still be around to spoil your fun. You can limit exposure to the mosquitoes that remain by using effective repellents and barriers. 1.  Ã‚  Ã‚  Window and door screens should be 16-18 size mesh and fit snugly, without gaps around the edges. Check your screens for holes and repair or replace them as needed.   2.  Ã‚  Replace your outdoor lights with yellow bug lights. These lights do not repel insects, but mosquitoes and other pests are less likely to find them attractive and invade your yard.   3.  Ã‚  When outdoors, apply a DEET-based insect repellent according to the directions on the label. DEET will need to be reapplied in 4-6 hours.   4.  Ã‚  Treat clothing, sunshades, and screen houses with a permethrin-based product, such as Permanone. Permethrin repels both mosquitoes and ticks and will last through several washes on your clothing.   5.  Ã‚  Some insecticides available commercially may be used by the homeowner for mosquito control. Check the labels for EPA-approved products registered as effective against adult and larval mosquitoes. A light spray application around building foundations, shrubs, and grasses will keep adults from resting in these areas.   6.  Ã‚  Use of some other repellent products, such as citronella candles and mosquito coils, may also be effective if used in windless conditions. Some concerns about mosquito coils, which are impregnated with chemicals, and possible respiratory impacts have been raised recently, however. Don't Bother With These Bogus Mosquito Products Despite what your friends tell you, some popular mosquito control methods have no significant impact on keeping mosquitoes in check. According to Wayne J. Crans, Associate Research Professor in Entomology at Rutgers University, these often-touted mosquito solutions are not worth your time or money. Bug Zappers Though the satisfying sizzle you hear from this modern day insect torture device will convince you its working, dont expect much relief from backyard mosquitoes. According to Crans, biting insects (including mosquitoes) generally make up less than 1% of the bugs zapped in these popular devices.  Many beneficial insects, on the other hand, do get electrocuted.   Citrosa Plants While citronella oil does have proven mosquito-repellent properties, the genetically-modified plants sold for this purpose do not. In tests by researchers, the test subjects bitten as often while surrounded by the Citrosa plants as without them. In fact, mosquitoes were observed landing on the leaves of Citrosa plants during the study.   Bats And/Or Purple Martins While both bats and the colonial purple martins will consume mosquitoes, the offending insects make up a small percentage of their natural diet. Assertions about these insectivores being effective mosquito controls grew out of misrepresented and misinterpreted data from unrelated studies. While providing habitat for bats and purple martins has its value, dont do it if only to reduce your mosquito populations.   Electronic Devices That Transmit Sounds to Mimic Electronic devices that transmit sounds to mimic male mosquitoes or dragonflies do not work. Crans goes so far as to suggest the claims made by distributors border on fraud. Enough said. Reference:  Products and Promotions That Have Limited Value for Mosquito Control, Wayne J. Crans, Associate Research Professor in Entomology, Rutgers University

Correlation between music and nationality Research Paper

Correlation between music and nationality - Research Paper Example This was inferred by the survey that was taken by me, where most people, when asked if they listened to Oriental or Ballad music replied with a negative answer. The most loved genre out of all the possible options was pop music liked by British, Indians, Chinese as well as the French. This was followed by rock music liked by the British, Indian, Polish and Nigerian respondents. Country and classic music followed these two genres and techno, reggae, house and jazz have few followers, mostly in Britain. Respondents also mentioned other music genres such as bollywood, dance and metal music as part of their taste. Most respondents, that is 41% of the total number, chose the internet as the medium through which they downloaded and listened to music, thus choosing their laptops as opposed to radio players and their mobile phones. A significant number of respondents, to be specific, 37% of the number of survey takers, have also mentioned purchasing CDs to listen to music but it must be unde rstood that using the radio, with 18% listening to it on a regular basis, or cassettes, followed by a mere 4% of the total number of respondents, are on the decline, which is very well understood, taking into account the technology driven world we live in today. (Spotify For Bollywood) When asked what attracted the respondents to the kind of music they prefer to listen to, majority replied that the voice of the artist was what did the trick. Judging by this, it may be understood by house and techno music, or ballads that do not have a voice singing in them and are purely instrumental are on the decline, and why pop music is so widely loved and... This "Correlation between music and nationality" essay describes how our nationality influences out music tastes. By taking a survey from people belonging to different backgrounds and nationalities it may be understood that music sung in different languages does not necessarily have to be heard by people belonging to that particular nationality or speaking that language. Music has words and lyrics as well as rhythm that people find appeal towards which also helps in bringing them closer to each other; this was understood as I found that people of various nationalities liked listening to music that was not necessarily sung in the language that was native to them. Most people listen to absolutely anything, a stark example being the viral song ‘Gangnam Style’ belonging to Korean pop artist Psy because of the catchy beats and the chorus that the entire world has taken a liking to. On the popular website You Tube, the song has almost 806.3 million views. This proves that most people like pop because of the fast beats that it has and the peppy music helps them dance and have a good time. Pop music is also a great genre to be played in clubs where people go to take their troubles off their mind. Music is played almost everywhere from the radio to the television. However most people like listening to music on the internet on websites and either downloading from secure websites or buying them from websites like iTunes because it is more convenient than going to the store and rummaging through CDs and DVDs.

Concert Reaction Essay Example | Topics and Well Written Essays - 750 words

Concert Reaction - Essay Example As a music genre, Rock music originated as ‘rock n roll’, and rapidly undergone transition under influences of such genres as Rhythm and Blues as well as Country music. Rock is generally centered on the electric guitar, and the songs encompass a wide range of themes. Note that currently there are numerous sub-categories of rock music, examples of which include Pop rock, Blues rock, Jazz rock, Progressive rock-typical of Kansas, to name but a few. According to the artist, Kerry Livgren, this song had no specific religious aim during its composure, even though it carries a religious undertone. The artists though, became an evangelical Christian in 1980, and this partly explains why he chose the carry on title, which again depicted him as the wayward son. The introduction of this song is marked by a cappella vocals that makes it a favorite song for Rock DJs who prefer talking less when the music is playing. The song as a sweet melody and harmonious tone that not only encourages an individual, but also sets one in the mood to feel light at heart. It is characterized with between medium to high resonance, with good use of symphonic influences. Additionally, the song portrays the artist as having high degree of instrumental skill, and explores simple time signature of 12/8 in the opening riff that repeats every three bars. What I generally found amazing in this song is the ability of the artists to incorporate meaningful message into this song. The lyrics are quite reflective, self-searching and seem to attempt to explore some elements of spiritual questions worth thinking over. This is another song by the Kansas band that was written by Kerry Livgren. Apparently, the song was inspired by a book he read, in which the line â€Å"For all we are is dust in the wind† caught his attention. The words got him thinking of the true value of material possessions, that in the long run, all the wealth and material possessions

Learning style Essay Example | Topics and Well Written Essays - 500 words

Learning style - Essay Example Solitary is my best way of learning, where I carry out study on my own. Some prefer studying through social or group discussions among other styles. The reflection matches with mine since I have the unique learning style that I also prefer most, in addition, I also combine other learning styles as mentioned above. Generally, I prefer the use of solitary learning style which involves personal learning that does not involve the help of the other people. Personally, I am very shy to talk in front of other people, therefore, I do not feel comfortable in the other style like social which has to involve many people as well as the group discussions that will do have to contribute. Even though group discussions are good study habits, I do not participate so much when it comes to the group study. I do not speak so much in class, and I like keeping everything to myself, and fail to participate in the group discussion, or class participation like answering questions, demonstrations among others. Being a Non-American, I am afraid of raising my hand in front of other learners even when I know the answer because I feel they might laugh or mock me. Since I do not have the courage to face everyone, I do not contribute so much in class. Even though I do not interact so much with people, but I relate with very social friends. Physically, I enjoy playing with other people. Even though I do not talk too much, I use a lot of vocabulary to write (Erickson, p 12). My current study habit is that reading on my own in a quiet place, by so doing, I realize that I utilize my time well when I am seriously studying alone than when being with others. In fact, I sometimes prefer locking myself alone in the room to avoid external distractions. In my current study, I find it not working well with my learning style since; I realize that I need to combine a number of my learning style in order to achieve my objectives. I would prefer to adopt group

Holism as a nurse educator Essay Example | Topics and Well Written Essays - 500 words

Holism as a nurse educator - Essay Example As a nurse educator, it is essential that students are given greater access to ideas mostly taught in the class, such as the process of caring, communicating, having professionalism, and other traits since these would be considered as the main core values when dealing with actual patients in various medical settings. Thus, if a nurse education is not able to give a kind of multi-perspective or holistic kind of teaching to students, they may not be able to learn the core values they will need in order to become successful and effective in their profession (Utley, 2011). In giving students a chance to learn the fundamentals of nursing through multiple perspectives, it is essential that the instructors themselves are able to handle this need by having the traits effective and holistic nurse educators have. For this purpose, the National League for Nursing (NLN) released a guide which lists the eight core competencies that are needed from nurse educators in assuring that they will have students which embody the traits of holism in their careers. These eight competencies are the following: 1. Facilitates learning (e.g. uses learning styles and strategies appropriate for students’ skills and abilities); 2. Facilitates learner development and socialization (e.g. encourages students to learn more and to be updated in new technologies and information); 3. Use assessment and evaluation strategies (e.g. guides students in making their goals, and provides them with prompt feedback on their progress); 4. Participate in curriculum design and evaluation o f project outcomes (e.g. uses assessment outcomes to check whether the curriculum can still be improved); 5. Function as change agent and leader (e.g. encourages students to become innovative); 6. Pursue continuous quality improvement in the nurse educator role (e.g. teacher shows a commitment for continuous learning); 7. Engage in scholarship (e.g. uses up-to-date methods to improve teaching

The Five Messages Leaders Must Manage Essay Example | Topics and Well Written Essays - 750 words - 1

The Five Messages Leaders Must Manage - Essay Example According to the author, the main task of every leader is to take care of the future of the company he/she works in. Really, if the company has an excellent showing, it sounds well, but at the same time, it is always necessary to think about the future. If the basis for the future is not established, organization’s activity may easily fail. Certainly, not all the people may agree with the list of messages provided by Hamm, but it is obvious that his main idea that reminds about the necessity to learn how to manage an organization with prospection – is correct without any doubt. However, the messages itself can be a subject of controversy. The first message emphasizes the importance of correct organizational structure and hierarchy. â€Å"when the corporate structure is changing, the org chart can truly become fearsome, particularly in companies where, because of the political culture, employees worry about the risk to their personal status†. The author means that when the organization is changing, it is essential to control the changes that may happen in organization hierarchy in the process not to offend any employee. The researcher can’t completely agree with this message as changes in employees’ position can and should happen regularly not depending on organizational change. He can’t define this message as one of the essential aspects. The second message tells us about the importance of financial forecasts. â€Å"Results† is another powerful concept that left unmanaged, poses a risk to a company’s long-term health†. The researcher considers this to be one of the most important aspects of managing organizational activity as it will not be possible for the organization to save market positions without the good financial state. Thus, it is important to try to make at least an approximate forecast. The third message reminds that the leader should make his employees know his own role. It means that he/ she should supervise the process of problems solution but not to solve the problems himself/herself.

CA Essay Example | Topics and Well Written Essays - 2250 words

CA - Essay Example Mr. Wilkins annoyance is innocent based on the interpretation that made most sense to him even when he did not inquire the usage of the automatic system, the agent is amused and laughs through the conversation. She is so amused she promises to record the speech and fails to understand how the man came up with his interpretation of night mode, day mode and race mode on a single key gearbox as he refers to it. Even though the agent cannot help but laugh herself with her partner off, she remains polite and attends to the customer effectively. We have utilized explanations for the behavior portrayed by Wilkin in his conversation along with that of the agent. The difference in these two people in their manner of understanding matters creates the content of the analysis. The responses given by the customer, Wilkin make it clear that the conversation was a natural one and random. My partner and I have also described the content of conversation

The Five Messages Leaders Must Manage Essay Example | Topics and Well Written Essays - 750 words - 1

The Five Messages Leaders Must Manage - Essay Example According to the author, the main task of every leader is to take care of the future of the company he/she works in. Really, if the company has an excellent showing, it sounds well, but at the same time, it is always necessary to think about the future. If the basis for the future is not established, organization’s activity may easily fail. Certainly, not all the people may agree with the list of messages provided by Hamm, but it is obvious that his main idea that reminds about the necessity to learn how to manage an organization with prospection – is correct without any doubt. However, the messages itself can be a subject of controversy. The first message emphasizes the importance of correct organizational structure and hierarchy. â€Å"when the corporate structure is changing, the org chart can truly become fearsome, particularly in companies where, because of the political culture, employees worry about the risk to their personal status†. The author means that when the organization is changing, it is essential to control the changes that may happen in organization hierarchy in the process not to offend any employee. The researcher can’t completely agree with this message as changes in employees’ position can and should happen regularly not depending on organizational change. He can’t define this message as one of the essential aspects. The second message tells us about the importance of financial forecasts. â€Å"Results† is another powerful concept that left unmanaged, poses a risk to a company’s long-term health†. The researcher considers this to be one of the most important aspects of managing organizational activity as it will not be possible for the organization to save market positions without the good financial state. Thus, it is important to try to make at least an approximate forecast. The third message reminds that the leader should make his employees know his own role. It means that he/ she should supervise the process of problems solution but not to solve the problems himself/herself.

TUI ( tuarism industry ) case study Example | Topics and Well Written Essays - 3000 words

TUI ( tuarism industry ) - Case Study Example Most of the countries in the European Continent have a pleasant weather throughout the year with rainfalls is summers and snowfalls and brisk winds in the winters. These countries therefore have a excellent features for attracting tourists. Many businesses in the tourism industry of UK and the rest of Europe depend upon tourism. These businesses are museums, cinemas, hotels, night clubs, restaurants, leisure parks, spas, resorts etc (Aston, 2009). The UK tourism industry is worth  £ 114 billion. The tourism industry of Europe is backed by the European Travel Commission (ETC), which is a non-profit making organization and has its main office in Brussels. This organization has 39 member organizations (European Travel Commission, 2009). The role of these organizations is to promote tourism internationally to European countries. These European countries have now started to focus on â€Å"Ecotourism† as mentioned in the European Travel Commission website. The focus on ecotourism and sustainable tourism was initiated when the tourism industries of Asian countries were booming and the Europe tourism industry was stagnated. The tourist destinations in Europe are not a booming business but they are very stable when compared to other tourist destinations of the world. The industry creates a lot of opportunities for the locals as they get more job creation and business opportunities. The single European market has been able to attract more tourists since the European Union (EU) came into existence (Pompl, 1993). The rich culture of the continent and the diversity makes it the most viable option for tourism whether it is for business reasons of for vacations. The general population in the world is tilting more towards family oriented fun and travel (FCCA, 2005). Individuals with families want to spend more time with their families on vacations and leisure time. The increase in youth activities together with their ability to

Effective Treatment for Drug Addiction Essay Example for Free

Effective Treatment for Drug Addiction Essay â€Å"Every year, hundreds of thousands of Americans undergo treatment for substance use disorder, also called addiction† (Hart Ksir, 2013, p. 409). Drug addiction is a complex brain disease because the abuse of drugs leads to changes in the structure and function of the brain. It is a condition characterized by an overwhelming and uncontrollable desire or craving to continue taking a drug to which one has become habituated through repeated consumption. It also produces a particular effect, usually an alteration of mental status. Drug addiction is usually accompanied by a compulsion to obtain the drug, a tendency to increase the dose, a psychological or physical dependence, and detrimental consequences for the individual and society. For many people, drug addiction becomes chronic, with possible relapses even after long periods of abstinence. Hart Ksir (2013), for example, state: â€Å"Substance dependence is often a chronic illness that shares many characteristics with other chronic illnesses such as diabetes, hypertension, and asthma† (p. 22). The pathway to drug addiction initiates with the act of taking drugs, and over a period of time, an individual’s ability to choose not to do so becomes compromised, and as a result, seeking and consuming the drug becomes compulsive. This behavior results mainly from the effects of persistent drug exposure on brain functioning. â€Å"Addiction affects multiple brain circuits, including those involved in reward and motivation, learning and memory, and inhibitory control over behavior† (Huffman, 2010, p. 201). Some individuals are more vulnerable than others to becoming addicted, depending on genetic makeup, age of exposure to drugs, other environmental influences, and the interplay of all these factors. Huffman (2010) argues that â€Å"Psychoactive drugs influence the nervous system (and our thoughts, feelings, and behaviors) in a variety of ways† (p. 186). Treatment for drug abuse or addiction is not simple or easy because drug abuse or addiction has so many dimensions. Effective treatment programs typically incorporate many components. Green (2010) notes that: Each component must be directed to a particular aspect of the illness and its consequences. For example, addicted treatment must help the individual stop using drugs, maintain a drug-free lifestyle, and achieve productive functioning in the family, at work, and in society (p. 148). Because addiction is a disease, addicted people cannot simply stop using drugs for a few days, months, or even years to be cured. The most part of the patients require long-term or repeated episodes of care to achieve the ultimate goal of sustained abstinence and recovery of their lives. Indeed, scientific research and clinical practice have demonstrated the value of continuing care in treating addiction, with a variety of approaches having been tested and integrated in residential and community settings such as inpatient and outpatient community programs. The use of 13-step principles is crucial for addiction treatment to be effective and/or fruitful. 13 Principles for Effective Treatment 1) Family and the drug addict must recognize and understand that drug addiction is a complex but treatable illness that affects brain functioning and behavior. They need to be aware that the abuse of any drug alters the brain’s structure and function. The alterations will result in changes which will continue for a long time even after the drug use is stopped. It also will make the family and the drug addict to understand why drug abusers could relapse at any time even if s/he still in treatment, has experienced potentially devastating consequences, and/or has had long periods of abstinence. Hart Ksir (2013) note: Drugs work on the body to cause a mood-altering effect by the chemical impact they have on the brain. Through the blood supply, the drug is carried to the brain. Once the drug is released to the brain, the drug’s effect begins because the brain concentrates on the drug (p. 88). 2) Family and the drug addict must understand that no single treatment is sufficient, adequate, or appropriate for everyone. Each treatment differs depending on the characteristics of the patient. For example, the type of drug being used, the period of time that the drug has been used, the age and race of the individual, environmental conditions, genetic influences, behavior, the wiliness and ability to react to the treatment, life style, and the broader health of the individual, etc. The National Institute of Drug Abuse notes that: Drug addiction shares many features with other chronic illnesses, including a tendency to run in families (heritability), an onset and course that is influenced by environmental conditions and behavior, and the ability to respond to appropriate treatment, which may include long-term lifestyle modification. Human studies of addictive behaviors have clearly implicated both environmental and genetic influences, as well as interactions between the two. While genetics play a major role in defining who we are, the environment in which we are raised is just as influential (NIDA, n. d. ). The good match treatment setting, such as interventions, therapies, and others services designed only to the individual’s particular problems and needs, is crucial for that person to success to return to his or her normal and productive life. 3) Treatment must be easily available. Many drug-addicted individuals struggle even when they decide to entering treatment. This step is critical for them, so the program should be readily available for them in order to take full advantage of the available services. When the treatment program is not easily accessible, potential patients will be lost, and the likelihood of positive outcome for those patients will diminish because as with other chronic diseases, when the treatment is offered earlier in the disease process, the probability of positive outcomes will be greater. If the treatment is easily available, â€Å"Overall, it will be considered to be effective because it will help many people to abstain often for many years†¦ The benefits far exceed the cost of providing the programs† (Hart Ksir, 2013, p. 423). 4) An effective treatment shouldn’t include only the issue of drug abuse, but the diverse needs of the individuals as well. Hart Ksir (2013) assert that â€Å"Substance dependence is often a chronic illness that shares many characteristics with other chronic illness such as diabetes, hypertension, and asthma† (p. 422). A treatment to be considered effective, it must address the individual’s drug abuse issue and all the related issues surrounding the addiction, for example, medical, psychological, physical, environmental, biological, social, vocational, and legal problems, among others. Also, age, gender, ethnicity, social status, and culture should be taken into account. 5) Staying in treatment for a reasonable period of time is crucial. â€Å"Long-term treatment of more than three months tends to create more concrete habits, as well as allows the client more time to develop etter methods to prevent relapse† (Shewood, 2013). A long-term treatment is especially good for those individuals recovering from using drugs for a very long period of time. The appropriate length for a specific individual will depend on the type of drug used and the degree of his or her problems and necessities. Many studies have demonstrated that most addicted individuals will need at least three months in treat ment to greatly reduce or stop using drugs. In addition, the studies have showed that the best results take place with longer durations of treatments. Recovering from any type of drug addiction is not an easy task to do, but with a long-term process and sometimes the requirement of multiple episodes of treatment, the recovery is possible. Sometimes relapses could occur. To prevent this, individuals should not leave the treatment prematurely. A treatment program should include a set of strategies to engage, motivate, and keep its patients in treatment. 6) Behavior therapies should be included. Behavior therapies such as counseling (individual, peer, and/or group) are very effective forms of treatment for drug abusers. These therapies may include: motivating the patient to change, providing incentives for abstinence, building skills or abilities to resist drug use, substituting drug-using activities for positive, helpful, and rewarding activities, developing or improving problem-solving skills, and facilitating better social relationships. The participation in those therapy programs (individual, peer, or group) during the treatment will greatly help drug addicted individuals to maintain drug free. 7) Medication is a fundamental part for the treatment of numerous patients. To obtain better result, they may be combined with behavioral therapies. Hart Ksir (2013) state the following: An intense amount of research efforts have focused on developing medications to treat substance abuse and dependence†¦ Some medications that have been used to help substance abusers deal with withdrawal symptoms and maintain abstinence from alcohol, nicotine, opioids, cocaine, and cannabis are: Benzodiazepines, Disulfiram, Naltrexone, Acamprosate, Bupropion, Varenicline, Methadone, Buprenorphine, Naltrexone, Modafinil, and Dronabinol† (pp. 414-415). As with all complex diseases, the environment plays a vital role in the life of the individual to determine the course and outcome of the disease. 8) The individual’s plan such as his or her treatment, resources, and services must be evaluated constantly. The constant evaluation of the treatment plan is a very important thing that should be done to ensure the program is meeting his or her present or changing needs, if not, it should be modified right away. The modification could include a combination of services and treatments during the process of treatment and recovery. Those changes can be counseling, medication, psychotherapy, medical services, social skills, parenting education, vocational training, and legal services, etc. The continue evaluation and changes during the treatment will provide very positive outcomes to the patient. 9) Drug-addicted individuals should be treated for other mental disorders too. Because many drug abusers beside their drug addiction suffer from other mental illness, they must be evaluated and treated for the specific mental illness as well. The treatment should focus on both the addiction and the mental disease with the inclusion of medications if they are needed. The National Institute of Drug Abuse note that: When two disorders or illnesses occur simultaneously in the same person, they are called comorbid. Surveys show that drug abuse and other mental illnesses are often comorbid. Six out of ten people with a substance use disorder also suffer from another form of mental illness. But the high prevalence of these comorbidities does not mean that one condition caused the other, even if one appeared first. Patients with mood or anxiety disorders are about twice as likely to also suffer from a drug disorder. In addition, patients with drug disorders are roughly twice as likely to be diagnosed with mood or anxiety disorders. The rates of specific comorbidities also vary by gender. Among men and women in drug treatment, antisocial personality disorder is more common in men, while women have higher rates of major depression, posttraumatic stress disorder, and other anxiety disorders. 10) Detoxification medically assisted should be just the first phase of drug addiction treatment. Detoxification can be viewed as an initial and immediate goal during which medications are administered to alleviate unpleasant withdrawal symptoms that may appear following abrupt cessation of drug use† (Hart Ksir, 2013, p. 415). Medically assisted detoxification can securely manage the acute physical and psychological symptoms of withdrawal. 11) Any type of drug use during the whole treatment should be monitored constantly to prevent relapses. For many patients, the alertness that their drug use is monitored all the time is a powerful incentive, and many times it also helps them to stay away from drugs. Moreover, monitoring is helpful to prevent possible returning to drug use. If the continuously monitoring shows that the client is using drugs again, the treatment plan for that specific individual should be adjusted to better meet his or her needs. 12. Treatment programs must assess its patients for sexually transmitted diseases such as HIV, AIDS, chlamydia, hepatitis, tuberculosis, and other infectious diseases as well. Counseling to help drug-addicted patients to modify or change their behaviors which place them at risk of contracting or spreading any infectious disease is a very important piece of the treatment. If the counseling is focused specifically on how to reduce sexually transmitted diseases that put the patients at risk, it could help those patients to reduce or avoid substance-related and other high-risk behaviors. If a patient is already infected, s/he will manage with more responsibility his or her disease, and also it will facilitate adherence to other medical treatments. 13) The addiction treatment plan should be hundred percent ethical. Counselors, as mental authorities, have a lot of power, so they never should use this power for personal reasons or beliefs (such as bias) or to reject a patient. Counselors always must follow the NAADAC set of ethical codes when working with patients. According to the NAADAC, â€Å"counselors have the power to do great, good, or great harm. Counselors always must remember: Today, let me remember my power and take care to use it wisely. † In addition, the counselor should accept the fact that the patient has the right to accept or refuse any treatment plan when s/he is aware of the pros and cons of the treatment. The counselor is not supposed to go against the patient’s will. Conclusion Drugs have been a part of our society for many years now. Every year, hundreds of thousands of Americans receive treatment for substance abuse. Drug addiction is a complex illness that is considered a brain disease. Many drug-addicted individuals in order to become drug free, they must undergo an effective treatment program that typically incorporate many components. Each component must be directed to a particular aspect of the illness and its consequences. The use of 13-step principles is crucial for any addiction treatment to be effective and/or fruitful. They are: (1) Family and the drug addict must recognize and understand that drug addiction is a complex but treatable illness that affects brain functioning and behavior; (2) Family and the drug addict must understand that no single treatment is sufficient, adequate, or appropriate for everyone; (3) Treatment must be easily available; (4) An effective treatment should include the issue of drug abuse, and also the diverse needs of the individuals; (5) Staying in treatment for a reasonable period of time is crucial; (6) Behavior therapies should be included; (7) Medication is a fundamental part for the treatment of many patients. 8) The individual’s plan such as his or her treatment, resources, and services must be evaluated constantly; (9) Drug-addicted individuals should be treated for other mental disorders too; (10) Detoxification medically assisted should be just the first phase of drug addiction treatment; (11) Any type of drug use during the whole treatment should be moni tored constantly to prevent relapses; (12) Treatment programs must assess its patients for sexually transmitted diseases; and (13) The addiction treatment plan should be hundred percent ethical.

The Modigliani And Miller Theory Finance Essay

The Modigliani And Miller Theory Finance Essay The Modigliani Miller Theorem is a linchpin of modern corporate finance. At its core, the theorem is an irrelevance proposition: The Modigliani Miller Theorem provides circumstances under which an enterprises financial decisions are independent on its value. Modigliani (1980, pxiii) explains the Theorem as follows: à ¢Ã¢â€š ¬Ã‚ ¦ with well-functioning markets (and neutral taxes) and rational investors, who can undo the corporate financial structure by holding positive or negative amounts of debt, the market value of the firm debt plus equity depends only on the income stream generated by its assets. It follows, in particular, that the value of the firm should not be affected by the share of debt in its financial structure or by what will be done with the returns paid out as dividends or reinvested (profitably). There are four distinct results that are understood from the Modigliani Miller Theorem and they are as follow: The debt-equity ratio does not affect its market value under certain conditions. The second proposition inculcates that a firms debt-equity ratio is unaffected by its weighted average cost of capital that is the cost of equity capital is a linear function of leverage. Firms market value is sovereign of its dividend policy. Stock-holders are non-chalant about the firms financial policy. The modern theory of capital structure started with Modigliani Miller(1958) on the plight of capital structure irrelevance. The distinct results shown above were based on the following assumptions: Market prices cannot be influenced by scale of an individuals transactions that is all investors are price-takers. Firms and investors being market participants can lend or borrow at the same riskless rate. Income taxes are neither paid on the corporate level nor at a personal level. There are no transaction charges or allowances. Investors are all rational wealth-suitors. Enterprises are grouped into homogeneous risk classes such that all members of the group obtain the same return. Similar expectations about future company earnings are formulated by investors ( normal probability distribution). The assets of a company that can no longer carry out its business( insolvent) can be sold at full market values. Criticism of the Modigliani and Miller theory There is a common argument that Modigliani Miller provides a means of finding reasons why financing may matter but does not provide a reasonable description of how firms finance their operations. This is supported by a number of researchers such as Hamada (1969) and Stigiltz (1974). The theorem has given rise to a lot of questions. How do firms choose their capital structure? Do firms have target leverage? What are the determinants of firm capital structure decisions? Many researchers have tried to answer these questions in their studies but the results are still enigmatic. The most frequent hypotheses used to address capital structure are static trade-off, pecking order and market timing theory and many others. The criticism against this theorem can be grouped into two types: Papers that deal with the limitations of the arbitrage conditions. Arbitrage process is the operational justification for Modigliani and Miller hypothesis. Arbitraging can be defined as the process of buying a security in a market where the price is low and selling the security in another market where the price is higher. In so doing, an equilibrium is achieved and it implies that the security cannot be sold at different prices. According to the MM hypothesis, the total value of homogeneous firm that differ only in the debt-equity ratio will be similar due to the artibraging condition. The later is no longer smooth due to institutional restrictions and it is also affected by transaction cost due to the limitations of the MM hypothesis. The MM leverage irrelevance proposition bumped much controversy and criticism on the methodology section. Their proofs are based on a more appropriate and fundamental notion than a competitive equilibrium. This is where the arbitrage argument comes into play. When the arbitrage is absent, the economy becomes standard to price repetitive securities and Black Scholes (1973) depended on the MM- type arbitrage argument which was rather clumsy as it was engaged with the comparision of firms whose cash flows had similar risk characteristics. According to Stiglitz ( 1969)  [1]  , firms do not issue much debt as there is the consequence of bankruptcy. The focus switched from the idea of risk class to the importance of bankruptcy. Studies that analyse the effect of market imperfections on the firms choice of capital structure. Taxes, bankrypcy costs, transaction costs, adverse selection and agency conflicts are all part of the major explanation for the use of debt in corporate. Trade-off Theory The various costs and benefits of an alternative leverage plans are assessed by a decision maker who runs a firm. The trade-off theory is originated from a debate over the Modigliani and Miller theory. This is due to the addition of corporate taxes to the primitive irrelevance proposition. A debt benefit is seen to be created which serve as a shield before the takes. Bankruptcy is the offsetting cost of debt that is needed. The optimal debt-equity ratio mirrors a trade-off between the tax benefits of debt and deadweight costs of bankruptcy Myers (1984). A firm that anchors a target leverage ratio and gradually moves towards the target is a firm that follows the trade-off theory. The determination of the target is made by stabilizing the tax shields against the cost of bankruptcy Jensen and Meckling (1977); Harris and Raviv (1990); Taggart (1977). It also weighs up the advantages and disadvantages of using debt. As discussed earlier, there is a shield benefit that acts as a barrier to taxes DeAngelo and Masulis (1980). In addition, there is a reduction of the free cash flow problem Stulz (1990). However, the pitfalls of debt include the feasible cost of financial distress Kraus and Litzenberger (1973); Kim (1978) and the agency cost arising between the shareholders and the creditors. Frank and Goyal (2005  [2]  ) take the Myers earlier notion of trade-off to a new position namely the static trade-off theory determined within a single period and a target adjustment behavior. Agency Cost Theory Jensen and Meckling (1976) launched the agency cost of free cash flow theory. The theory is hinged on the conflict between managers, outside shareholders and bondholders. The conflicts can be either between the bondholders and shareholders which is a result of moral hazards or between managers and shareholders.. According to this theory, the managers do not always use the funds of the firm for the benefit of the company but rather for their own benefits. The managers exploit the powers they have and the abuse can be categorized in three different varieties. Foremost, managers possess ground on which they can enjoy the full value of anything they get from the firm such as private jets since they hold only a fraction of these allowances on the job consumption. Second, they might assay for the entire building as large firms have a tendency to give managers prestige, power and compensation for the work they do just to encourage them. Lastly, they have the power to tyrannise the firm acco rding to their own preferences and make themselves prerequisites by investing in projects which others cannot manage. This negates the wealth of the shareholders.. Harris and Raviv (1990); Bodie and Merton (2000) agency cost is seen to be more relevant to firms in mature industries. As these firms tend to generate cash which exceeds their investment needs. The availability of free cash in mature industries is higher and easily used for the management of the firms. Nyborg (2010). Therefore, it is true to say that agency cost is more relevant to larger firms. Market Timing Theory The market timing theory is based on the fact that enterprises prefer to issue stocks when the prices of the stocks are high and repurchase the stocks when the prices are falling. The assumption they make is that the market can be timed and managers really try to time market. The issue of debt and new equity can be made based on past price movements Marsh (1982). In a survey of British firms, CFOs harbor that they try to time the equity market. Those who considered the issue of shares reported that the amount by which the stocks are undervalued and overvalued is an important factor Graham and Harvey (2001). The shocks of equity price have an inexhaustible effect on the corporate capital structure. Following increments in stock prices, firms tend to issue equity and repurchase shares when the stock prices decline which is actually the opposite of what one might expect if corporate tended to equalize their structures towards a target Welch (2004). Fischer, Heinkel and Zechner, (1989) observed that with new debt and equity issues over time, firms tend to return to their preferred leverage range. More specifically, firms are forced to march out from the preferred level of debt to equity ratio by embrassing more debt as a source of financing to new projects or as a way to self- defend themselves against take-overs show a transcendence to paying down debt to rebound to a more acceptable mix of leverage. Muscarella and vetsuypens, 1990. The Pecking Order Theory Donaldson (1961) had been the first one to describe the prominent story based on a financing pecking order. He monitored: Management strongly favoured internal generation as a source of new funds even to the exclusion of external funds except for occasional unavoidable bulges in the need for funds.  [3]  According to the picture that Donaldson framed, companies quietly complied retained earnings, becoming less tilted when they are lucrative and gather debt, becoming more uplifted when they are unprofitable. If companies are otherwise heedless about their capital structures as suggested by Miller (1977) then they will not make future capital structure selections which compensate the effect of their earnings history. But the common pecking order theory branches out from Myers (1984). A firm pursues the pecking order if it prefers  [4]  internal financing and debt equity if the external financing is used. The pecking order theory is proposed by Myers and Maljuf (1984) and is an application of asymmetric information theory. Following this theory, the managers of a firm who are considered as insiders are likely to posses private information about the firms quality and investment projects. Ergo, the choice of a firms capital structure strikes the outsiders who are actually the investors the information to managers. Because outsiders have less information than the managers regarding the value of the firm, the issued equity will be underpriced by the market. Financing the project through a security will prevent such a situation to crop up that is the security will not be undervalued by the market. The securities used can be in the form of retained earnings as internal funds and risk-less debts. Hinged by the argument set by Myers and Maljuf (1984) , Myers (1984) suggested that the pecking order theory propose that firms finance their projects by firstly using internal funds in the form of retained earnings, secondly through the utility of debts ( risk-less debts are used first and when there is a shortage or there is no more of the risk-less debt, risky debts are used) and finally equity is issued. Pecking Oder Theory speculates that managers do not take into consideration an optimal capital structure when making financial decisions.  [5]  They unpretentiously choose what seem to be the low cost financing devices. Why do firms prefer debt to equity? In corporate finance, asymmetric information refers to the fact that firm insiders, routinely the managers have better information than market actors on the value of their firms asset and investment opportunities. The possibility that the market will wrongly price the firms claim is created by this asymmetry thus providing a positive role for financing decisions of companies. Let us think of a firm who wants to make new investments by making use of its growth possibilities. Given that this firm solicits to supply the resources, it needs to issue stocks. The stocks cannot be fully valued by the investors Myers (2001). Pecking order theory is born due to mispricing which comes to light as a consequence of not knowing the actual values of equity. The existence of asymmetric information lies in the middle of mispricing Halov N and Heider F (2005). As a result of the asymmetric information, the firms quality as good issue stock to find resources, the issued equity are undervalued by investors koupoulos (2006). Since a price cut is liked to be observed from the investors and to avoid this situation internal resources are preferred rather than issuing equity to finance investment without incurring any cost that arises from asymmetric information. Fama and French (2002) found that later supply resources used in investment financing are debts as they bear a low risk. Due to the problems that are initiated by asymmetric information, firms hash external resources use as a cheaper policy as compared to the issuance of equity. There are several reasons why firms consider external financing as a better option to finance investment. One of them is the position of organizational sales. Enterprises with sturdy sales line gives the supremacy to finance through debt for their needs by availing form market trust towards them. These firms, therefore, have no trouble in repaying their debts due to the stable sales and their earnings. They are also liable to having recourse to debt more easily. Additionally, size and structure of firms is another factor to be considered. Firms having more accessorized assets put borrowing first in line of their resources list since they will easily get debt. Tax advantage is as well a factor that can be added to the above list as it prioritize debt financing. A correction on the original model has been suggested by Modigliani and Miller (1963). In the new model, they clearly incorporate the corporate income tax, while the other assumptions were kept untouched. Assuming ceteris paribus, the value of the firm (VL) will be maximized as it is a function of the market value of debt. In theory when the levered firm reaches its maximum market value as it is financed entirely by debt. To finance their needs of financing, the firm should use as much debt as possible. To further relax the Modigliani-Millers assumption, Miller (1977) introduced personal taxes together with corporate taxes into the model assuming that all enterprises have similar tax r ates. According to him, the relatively higher personal income tax paid on bonds by firms should be grossed up by any differential that bondholders will pay on their interest income otherwise, bonds will have no value and no one would want to hold bonds. Therefore, in equilibrium the debt advantage is negligible. De Angelo and Masulis (1980) brought in the recognition of the existence of a non- identical marginal tax rates among different firms and the outcome of tax-shield items in the financial statement other than interest expenses. As far as capital structure is concerned, they brought in two implications. First, in equilibrium a firm who is considered as a borrower benefits from a positive gain from leverage if the tax rate is higher than the marginal firm because of a low pre-paid interest rate they pay. Moreover, items such as depreciation, oil depletion allowances and investment tax credits are defacto non cash charges. They predicted that there is a positive relationship bet ween the level of debt and the effective tax rate and a negative relationship to the amount of non debt tax shields available to them. The interest rate of debt users is deductible from tax base which in turn relinquishes the importance to debt instead of equity. Equity financing confers rise to transaction costs and to avoid this problem financing through debt is viewed as another reason Fama and French (2004). In addition to that, uncertainty of control that might be experienced in enterprises is seen as a plausible factor. The presence of new shareholders confirms the fact that they will prefer stock financing as a lack of resources and will eventually give rise to risk of management control in firm whilst in financing via debt, there is no such risk of control loss. Lamont (1997) evaluates that more than three-quarter of corporate investments in US are made through internal financing. Further, Fazzari, Hubbard and Perterse  [6]  n (1988) has shown the delicacy of investment to internal cash flow, accenting the cost advantage of internal resources and thus explaining the fact why firms have recourse to external funds. Leary and Roberts (2005) also found that firms will not have recourse to external capital markets if they have sufficient internal funds but they are more likely to make use of the external funds when they have big investment needs. Event studies also provide a significant amount of evidence indicating that information is conveyed. Repurchases made through debt had larger announcement returns than those financed with cash thus representing larger increases in financial leverages Masulis (1980) and Vermaelen (1981) ). Heinkel and Zechner (1990) analysed an expanded catalogue of risky securities that include preferred stocks. Assuming a given capital structure and asymmetric information about investment quality, they showed that in an amalgamated equilibrium, all stock firms tend to overinvest and accepted some negative NPV projects. The overinvestment can be eliminated by issuing an initial debt which resulted in an optimal leverage ratio. Besides, an underinvestment problem is created if managers make use of more debts considering the tax advantage of debt. Nevertheless, a kindred issue of preferred stocks will enable the firm to issue a higher level of debt desired without creating the problem of underinvestment. Therefore, managers develop an optimal capital structure with debt, preferred stocks and common r which is consistent with the pecking order theory. There are also researchers that went through adjustments of capital structure around long run optima.  [7]  Marsh (1982) was one of them as he predicted that firms that have a leverage ratio below the average for the last 10 years are more likely to issue debt. Jalilvand and Harris (1984) is consistent with the results of Marsh (1982) as he shows that 108 of US manufacturing firms tend to issue long term debt when the long term debts are below average. The Pecking order theory is tested on both large firms and small firms. Most of the studies have been carried out on large firms. Few studies focused on small and medium sized firms. Since SMEs confront more information asymmetry problem, it is said that the financing decisions of SMEs are better explained by the pecking order theory. Consequently recent studies have attempted to explain the financing decisions of small firms in the context of the pecking order theory. They also argue that there is a lot of differences between large and small firms. It is not only a matter of size, this is why accurate models are used to study the decisions of the latter. The problem of information asymmetry is more persistent within small firms than in large firms. This is due to the scarcity and informality of information that is available. The financing structure of small firms is explained by using a financial growth cycle by Berger and Udell (1998). (à ¢Ã¢â€š ¬Ã‚ ¦) in which financial needs and option change as the business grows, gains further experience, and becomes less informationally opaque. For the first two years namely the initial stage or the infant stage, companies face more information asymmetries as their main source of funds are from friends and relatives, trade credit and investors. As the age and size of companies become large enough, credit from financial institutions become more available. This is a typical view of pecking order where the degree of information asymmetry decreases as the firms grow in size and experience. Small firms find external equity costly due to the fixed costs of initial public offerings. Chittenden et al (1996). A SME pecking order was described by Zoppa and Mc Mahon (2002).  [8]  As pecking order theory prescribes, the internal funding is the first choice. In second position, the company uses short -term debt which includes trade credit and personal loans. Long-term debts are then used which include loans from owners, family and relatives. The last alternative is equity. The study of Gebru (2009) is found to be consistent with other studies as pecking order theory holds to be true for SMEs. The sample used is from Tigray and it is seen that the educational level of owners decreases and there is less intrusion in the form of ownership. Ownership type, acquisition type and owners level of education are found to be the major determinants of MSE financing preferences. However, Murray and Goyal (2003) demonstrated that pecking order theory fails where actually it should be liable and this applies for small firms where the main problem is information asymmetry. Various studies have been carried out to test the validity of pecking order theory. Evidences have shown that many researchers are for the theory and the others are against and they are as follow: Shyam- Sunder and Myers (1999) proposed to investigate the pecking order theory in the US market. According to them, the pecking order was described as an excellent first order caption for financial behaviors of companies. The slope of a firms deficit is alleged to be equal to one and the coefficient of the intercept is zero if the pecking order holds. The regression is made to the change of debt in year t. Besides, results unveil that pecking order shows a greater confidence when tested with the target adjustment model. However Chirinko and Singha (2000) examined the interpretation of Shyam- Sunder and Myers (1999) regression test as it showed that the hypothesis test used by the later suffered from statistical power problems. These problems mustered the questions about the validity of inferences hinged on their new testing strategy. The former found out that the assumption of the slope of the deficit being one was not a necessary assumption for pecking order theory to be valid. The slope coefficient would equal to one if pecking order holds and will fall short to unity if the pecking order is not valid. Coupled with the above, the importance of information asymmetry as a determinant of capital structure as proposed by pecking order theory is tested by Bharath, Pasquariello and Wu (2009). It is seen that for the period, the test was carried out, information asymmetry did actually affect the capital structure decisions of US firms. They estimated that for every dollar of financing deficit to cover, firms in highest adverse selection decile issue more debt than those in the lowest decile. They also found out that its only when information asymmetry is to its minimum that firms will prefer to issue equity. These evidences explain the partial relevance of pecking order theory. Besides, Lemmon and Zender (2006) tested the modified version of pecking order theory. The debt capacity of a firm is taken into consideration. They wrangled that the financing choice of firms may depend on its debt capacity. This is because they believe that to fulfill financing needs, some firms may save on the debt capacity. Internal funds remain first on the financing list for all firms. Firms that are flexible to debt capacity will chiefly use debt to fill their financing deficit. Hinged on these findings, they came to the conclusion that the firms debt capacity is a good descriptor of financial behavior and goes along with the modified version of pecking order theory. Tong et al (2011) tested the static trade off theory against the pecking order theory for US firms. According to them, pecking order theory produces issuance of debt until the debt capacity is attained. Their evidence indicated that pecking order is a better headline for US firms issue decisions than the static trade off theory. The Australian case was evaluated by Suchard and Singh ( 2006). The Australian market can be distinguished from typical US and European markets as it has many distinct characteristics. They found out that listed debt market was limited. This is mostly where firms obtained bank debt, debts that are convertible but not callable and stand alone warrants which are used to raise capital. They examined the determinants of security choice for hybrid issuers based on these differences and claimed that the results supported the pecking order theory. Coupled with the above, the linkage between managerial optimisim and corporate financial decisions was verified by Lin et al (2008)  [9]  . The evaluation was carried out by testing the Heatons (2002) model. Apart from information asymmetry, managerial optimism also contributes in the pecking order theory. Lin et al (2008) wanted to know if the pecking order preference was better when the managers were more optimistic. Listed Taiwanese companies were used in their sample and a stronger relationship was found between the issuance of debt and the financial deficit which is consistent with the model used by Lin et al (2008). In contrast, Faulkender and Wang (2006) provide restrained evidence for the pecking order theory. According to them, approximately a value of $1.43 is placed on companies cash holdings by investors of equity firms. This is done as it prevents a company from paying costs when raising capital in the market. Since, external financing becomes more difficult and costly to obtain, the cash value is higher for firms facing hindrance on additional financing. However, the cash value decreases as cash holdings become larger, high leverage, better cash to capital markets and larger cash distributions through dividends rather than the repurchase of shares. Next, many individual financing decisions of firms were screened by Fama and French (2005).  [10]  They found that these decisions were in contradiction with the important prognosis of pecking order theory. To give an example of the contradictions, pecking order theory states that equity issues should be the last option to be used but yet, it is observed that most firms issue some sort of stocks annually. Leary and Robert (2010) contended that pecking order theory was no way able to meticulously classify more than half of the observed financing decisions of US firms. They also suggested that the little pecking order behavior that was seen was due to incentive conflicts rather than information asymmetry. Further, Gonenc (2008) studied to verify the extent to which pecking order theory was incorporated in corporations in the US, the UK, Germany and Japan. They speculated that investors from the UK and US had an asymmetric information problem which was caused by the large spread of equity being owned. He proponed that in these countries, two managers and insiders have more information than outsider investors. German and Japanese investors faced the same asymmetric information problem mainly due to the less information flows. But evidences have shown that US, UK and Germany firms were not very supportive when it came to the pecking order theory while Japan supported the pecking order theory during the 1980s and 1990s. The impact of industry membership on the capital structure dynamics were scrutinized by Tucker and Stoja (2011) over the period from 1968 to 2006. They recommended that pecking order theory could explain only a few aspects of UK corporations capital structure policies, but it does not give an adequate explanation of their behaviours in the real world. More explicitly, they perceived that in the short run, old economy firms followed the standard pecking order theory but the new economy corporations prefer equity to debt when external funds are required. The incremental financing decision for 150 Dutch firms was estimated for the period of 1984 to 1997 by Haan and Hinloopen (2003). A distinction is made between internal financing and three types of external funds: bank borrowing, debt issues and equity issues. They concluded that Dutch companies had ingrained financing preferences namely, internal financing was preferred in the first position, bank loans are used secondly, thirdly equity are issued and finally bonds are issued. In addition, an investigation was carried out by Delcore (2007)  [11]  as to whether capital structure determinants in emerging Central and Eastern European (CEE) countries followed the traditional capital structure theory. The explanation of capital structures in CEE cannot be made by the pecking order theory. They came to the conclusion that there are factors that influenced the leverage decisions for CEE countries and they were: the difference of banking systems, disparity in legal systems governing corporate operations, shareholders and bondholders rights protection and corporate governance.