With The Help Of A Union Victory During The Civil War, The Reconstruct

With the assistance of a Union Victory during the Civil war, the remaking period had pushed forward carrying with it social and protected improvements that developed into a pit of discussion and discussion. Happening for the most part between the years 1860-1877, these advancements required a change. The social and sacred turns of events, in spite of the fact that they may have appeared to be advantageous at that point, would prompt an upheaval later on and keep on doing as such in today?s world. A significant reason in the start of the Civil War had been the issue of state?s rights. It had been unmistakably shown that the central government needed too incredible position when South Carolina had withdrawn from the country. It had demonstrated virtual invalidation of bureaucratic expert in doing as such, per their understandings of the tenth amendment to the Constitution, which expresses that, pronounced forces not assigned to the United States?are held to the states Thus, in the years following the Civil War, national government chipped away at extending its position. A stage towards this course had been indicated when revisions, for example, the thirteenth (abolishment of bondage), fourteenth (citizenship for Blacks), and fifteenth (Black male testimonial), had been passed. Gideon Wells, Lincoln?s previous Secretary of the Navy, had imagined that these premises could be cultivated by sacred methods, (indeed expanding the authority of the bureaucratic government).However, social liberties for Black Americans, he felt, held no warrant for the authority of the central government, in this way requiring change. This had been avowed in a request of Black Americans in a Union show (happening in 1865 as expressed in a journal section by Gideon Wells). In the appeal, they had asked that since they had been apportioned space to battle in the United States Army, they additionally ought to reserve the privileges to communicate their assessment through democratic. By and by, it was an open door requiring further improvement of the intensity of the central government and therefore requiring change. Beside established improvements that were discussed and inspected during 1860-1877, various social advancements occurred that set the establishment for a transformation to sum later on. With an end goal to get their own property, the freedmen had requested of to the magistrate of the Freedman?s Bureau and to the President, inquiring as to why they had not been permitted to hold the properties they were permitted by the legislature. This was another reason, which indicated an absence of government power and was additionally upgraded with the death of the Civil Rights Act of 1877, which discredited the vast majority of which the fourteenth amendment represented. Appeared in the front of an issue of the Harper?s Weekly was a Black American democratic in the year 1867. In any case, because of acts, for example, the Black Codes and inadequacy of the military in the South, gatherings, for example, the Ku Klux Klan encroached upon the freedom and opportunities of the Black Americans. This thought is likewise appeared in an animation by Thomas Nast, which delineates a Black family under the fury of racial oppression. The period between 1860-1877 demonstrated legislative shortcoming because of absence of government power. Supported had started to emerge that contended for privileges of Black Americans, for example, Booker T. Washington, however not with the impact of changing the beliefs of the time. The stage, in any case, was presently set for another sort of backing; another kind of upheaval.

Silas Marner Essay -- essays research papers

In George Eliot’s Silas Marner, the peruser is acquainted with various characters that have the components of narrow-mindedness. Silas Marner, Godfrey Cass, and Dunstan Cass show this characteristic various occasions during novel. Despite the fact that these characters all show self-centeredness during this story, before the end their attributes are not comparative by any stretch of the imagination. This faction of improvement is one of the subjects of the story that will be broke down. Notwithstanding the comparable attributes characters may have in the start of the story, they can turn out to be altogether different individuals by the end. These attributes are not constraining and don't block the improvement of a character.      Dunstan Cass is a character that the peruser finds remarkably narrow minded. How much he controls individuals to acquire cash and make some great memories is silly. In one example, the speaker brings the peruser into the psyche of â€Å"Dunsey† as he is examining his arrangement to additionally trick his sibling, Godfrey. In more than one occasion, Dunstan consoles himself that he is more shrewd than his sibling and that controlling him has become more like a game than all else. Dunstan assembles credits from his sibling and other townspeople and never takes care of them. The valuable gold of Silas Marner additionally falls prey to the indefatigable machine of covetousness that exists in  â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â Callahan, Thomsen 2 Dunstan’s desensitized mind. The way that he is removing something of much incentive from a basic man like Silas Marner never enters his thoughts as he advances into Marner’s house and takes the gold pieces. The motivation behind the robbery isn't for being mean, but instead it is a chance to rescue himself of another opening he has burrowed by controlling Godfrey. Of the three characters that are first acquainted with the peruser as being childish, Dunstan stays cold and narrow minded even toward the finish of the novel. He doesn't get the hang of anything and he doesn't experience a sensational change in his life that will compel him to reexamine his activities.      Godfrey Cass, sibling to Dunstan Cass, is maybe a litt... ... Thomsen 4 lives in. Moreover, this activity makes Silas look increasingly human and caring to his kindred townspeople. This opens Silas to incorporation by the gathering, and the townspeople, particularly Dolly Winthrop, help Silas to raise Eppie. Before the finish of the novel Silas is exceptionally respected by the individuals from his locale and he seems, by all accounts, to be content with himself. This shows how Silas is changed from a hermit stingy weaver to a benevolent mainstay of the network.  â â â â This change Silas and Godfrey both experience is a demonstration of the cautious portrayal utilized by Ms. Eliot. This change, among different subtleties, characterizes these characters causing them to show up distinctively to the peruser. Dunstan Cass’ activities are unsurprising making him appear as a straightforward stock character. In writing, a character’s significance can frequently be estimated by how distinctively they are depicted. This is additionally obvious in Silas Marner, where Silas and Godfrey are absolutely round characters, who are complicatedly engaged with practically immeasurably significant pieces of the story; while Dunstan is amazingly static, falling outside of the internal hover of exceptionally significant characters.

Finding Help With University Essay Writing

Finding Help With University Essay WritingThe university essay writing service is a great option for students that need to meet the requirements of their university or school. They provide writing assistance to help students express themselves in an academic environment, while at the same time providing feedback on their work, suggestions for improvement and helping students prepare for exams.Many students have a difficult time writing an essay due to the school's standards or past assignments. As students move through college, the need for essay writing services becomes increasingly important and it is a service that students should look into when they are struggling with what to write about and how to write it.Since many schools require students to take courses in a variety of academic areas, they require essays that are prepared to meet specific standards. This helps the academic advisor to determine how to best develop the topics of the essays, but it also causes students to beco me frustrated with the process.College students that struggle with their subject area often feel overwhelmed and often lack the motivation to continue with their writing. When they receive help from a university essay writing service, they can learn how to write more effectively and prepare for future tests without any concerns about their grades. They are provided with academic assistance as well as information that can help them write the best essay possible.A university essay writing service can help the student with research assistance, prepare the essay for the various writing requirements and create a draft. After the draft is approved, the student can move on to the next step in the process. It is not uncommon for the student to see their grade increase after completing this first step.There are several different types of essays, but the majority of college writing requires the same thing. The essay provides a description of the nature of the work or project and will show the reader how it fits into the academic world. It is important to make sure that the essay is grammatically correct and meets all requirements set by the school.An important aspect of college writing is that it shows the reader that the writer has knowledge about the topic that can be applied in the future. The essay should be challenging to the point of being hard to understand. The college essay writing service will help students find essay examples to use as guidelines and also offer writing services for essays that are required in the course of studies.In order to succeed in college, you need to make sure that your grades reflect the level of work that you put into the writing. When you receive help from a university essay writing service, you will know that you have the support you need to succeed academically. You will learn how to move past the problems that students may face while writing their paper.

Graduation Speech College Students - 913 Words

Growing up I had been told that college would be this amazing adventure that I would partake in and my one job was to make sure that I got in and did my homework. I came to a quick conclusion that college life is not as glamorous as I have heard from different people. When I realized that I was going to be a student, I had no idea that there were so many different components that went into it. Being a student in college is not as easy as it was in high school. As a college student there are more responsibilities. A student in college has to manage their time, in order to; do homework, manage an adult life, and go to class. As a high school student, the homework that was assigned was, for the most part, extremely easy and never took too long. In college the homework load has increased tremendously. The amount of time that a college student spends on homework is much higher than that of a high school student. In a science class, like biology, a student may have to read two chapters an d complete an entire lab within a two-day period. The assignments that the students have to complete are more challenging than those in high school because everything that needs to be done is not laid out. The students are responsible for the information that needs to be included. In a college English class a professor may ask his/her students to complete an essay. This request would come with a list of topics, a page requirement, font requirement, and the rest is up to the student.Show MoreRelatedGraduation Speech : College Students1272 Words   |  6 PagesCollege, whether community, private, public, or vocational, encourages a creativity and belief within students, offering the explanation that their futures increase ten-fold just by having a degree. It proves the ability to learn and connect concepts and to think critically and efficiently, skills highly useful in their careers and endeavors. It instills within students, the truth about the world around them and how interac tions with staff and peers will guide them for their future encountersRead MoreGraduation Speech : College Students974 Words   |  4 PagesCollege students have two choices when it comes to spring break, either go home or to go on a wild vacation with their friends. I recently had to make a similar choice between going to Destin, Florida, which includes partying with my friends or going home to Chicago, Illinois to rest. In order to make a decision it was best to compare and contrast my two choices. There are few things in common that both options offered. Brinda Patel of The List offers a few of these. First, I will not be in classRead MoreGraduation Speech : College Students Essay1542 Words   |  7 PagesTO COLLEGE Entering college introduces students to several challenges that go further than high school academics. First- year students are to understand a new social environment they are in, try and fit in with other at the new institution, adapt to new things and responsibilities, comprehend the distance from hometown friends and family, involve yourself in the career of your choice (Credà ©, Niehorster 2011). Students struggle with the transition from high school to college. Many students do notRead MoreGraduation Speech : A College Student1360 Words   |  6 PagesUniversity for the first semester I have done things both inside and outside of my comfort zone as I have adjusted to life as a college student. I used to cheerlead throughout high school for both the basketball and football seasons, so attending my first football game in the Dome was something I easily crossed off my checklist within the first week of being a college student. From freshman year to senior year of high school, I had attended every single football and basketball game, whether I wantedRead MoreGraduation Speech : A College Student927 Words   |  4 PagesOn August 17, 2015, I was officially a college student, but what does this mean? Well, it means that I will be furthering my education in my desired field of study, I am an adult, and I have to start making decisions for myself, etc. As a freshman at Grace College, I am extremely excited to be taking that next step, and majoring in Journalism. Although I am content with the idea of being in college and adventuring off through my own path, I am also very nervous and unsure if I am ready to takeRead MoreGraduation Speech : College Students1999 Words   |  8 Pageschanges in the students’ lifestyles, and consequently, college students’ consumption needs may change (Lee, M., Mathur., 2001). Graduation is the first momentous event that ever happened to college students. Every enrolled college students will face the role transi tions process, which is from a student to an employee, during the graduation period. In other words, job hunting and starting a new career serve as part of the students’ life events. Due to this reason, college students’ shopping adaptationsRead MoreGraduation Speech : College Students1280 Words   |  6 PagesAccording to the 2015 National College Health Assessment, over 85% of college students have felt stressed or overwhelmed in the last year. As an undergraduate, I am fully aware of the pressure we, as students, feel. We are a machines, constantly trying to balance studying, our classes, working, having a social life, and preparing for our future. And we are still expected to get eight hours of sleep every night? I know first hand how this feels. I wake up early every morning, go to class, spend countlessRead MoreGraduation Speech : Becoming A College Student862 Words   |  4 Pagesmy college courses. That’s part of life trying, to figure out what’ s right and what’s wrong, trying to figure out how to deal with emotions. From the past semesters I have had so many stressful moments to the point where I sometimes felt like giving up, but with the support of my family boosting up my self-esteem helped me make it through my freshman year of college. Life is like a rollercoaster you experience many ups and downs but in the end it’s worth the ride. Becoming a college student hasRead MoreGraduation Speech : Becoming A College Student887 Words   |  4 Pagesshare my achievements with my parents they always expected more. As a college student, I have been on the dean’s list for every semester and quarter that I have been enrolled in. Even with the high expectations, that I have set for myself, they often seem to still not be adequate, which leads me to want to endeavor even harder. The same high expectations and not being enough happened again when I made a 3.5 my first semester of college and my mom responded with that I should’ve made a 4.0. This conversationRead MoreGraduation Speech : Becoming A Successful College Student Essay936 Words   |  4 PagesChrystelle Pierre-Fils Ms. Milliner EES21QH.05 09/26/16 When an individual hears the word â€Å"college,† the first thing that comes to mind is, â€Å"stress†. In reality, college doesn’t always get a negative response when speaking to those who have finished college. College could influence an individual to go and it can also influence an individual to not go to college. As a highschooler, I do not know much about college. However, from interviewing others and doing some research, the sources gave me a synopsis

The Crucible By Arthur Miller - 1219 Words

According to The American Heritage Dictionary of of the English Language: High School Edition, the definition of a hero is â€Å"any man noted for feats of courage or nobility of purpose.† Although a hero of a type of play called a tragedy is a tragic hero, more specifically a person who dies or is defeated by conflict with evil. The hero’s downfall is usually brought upon his or herself by a tragic flaw. The hero is usually overcome by evil, but in the midst of the struggle, the hero acquires knowledge and wisdom. In the play The Crucible, by Arthur Miller, many character have personal flaws that lead to tragedy. The prompt of this is asking whether John Proctor or Reverend Hale is the tragic hero of the play which in my opinion is quite idiotic because Reverend Hale, again in my opinion, does not fit the role of a tragic hero. I will try my best anyways, but Hale will not be brought up as much as Proctor. The Crucible is set in Salem, which at the time was a Puritan community. Abigail, Elizabeth Proctor, John Proctor, Reverend Hale, and Reverend Paris, are the main characters. The play is about witchcraft or what the town wants to believe is witchcraft. John Proctor is a tragic hero because he is authoritative, loving, loyal, but his tragic flaw is his anger. It is thought by many that the errors made by John Procter are the main reasons behind the Salem Witch Trials. First, is John’s sin of adultery, which is a very important part of this play. John, in a fit ofShow MoreRelatedThe Crucible By Arthur Miller1269 Words   |  6 PagesAt first glance, the playwright Arthur Miller in The Crucible highlights the historical significance of the Salem Witch Trials of 1692, but in fact it is an allegorical expression of his perception of McCarthyism. If the reader has some background information on Arthur Miller’s victimization as a communist, it is evident that the play is a didactic vessel illustrating the flaws of the court system in the 1950’s. The communist allegations were launched at government employees, entertainers and writersRead MoreThe Crucible By Arthur Miller1681 Words   |  7 Pagesof their way to the last dying breath to make sure they leave with a good or bad reputation. In one of the recent literature s tudy in class â€Å"The Crucible† by Arthur Miller, Miller uses characterization to illustrate reputation throughout the play. â€Å"The Crucible† takes place in Salem, Massachusetts. It is based upon the Salem witch trails. In â€Å"The Crucible†, we journey through the life of three characters who reputations plays a major role in the play. The three characters are John Proctor, AbigailRead MoreThe Crucible By Arthur Miller1333 Words   |  6 PagesAs the various characters in The Crucible by Arthur Miller interact, the dominant theme of the consequences of women’s nonconformity begins to slide out from behind the curtains of the play. Such a theme reveals the gripping fear that inundated the Puritans during the seventeenth century. This fear led to the famous witch-hunts that primarily terrorized women who deviated from the Puritan vision of absolute obedience and orthodoxy. Arthur Miller presents his interpretation of the suffering by subtlyRead More The Crucible By Arthur Miller998 Words   |  4 Pagesmotivated by jealousy and spite. The Crucible is a four-act dramatic play production that was first performed on January 22, 1953. Arthur Miller used dialogue within the characters to cover the multiple themes; conflicts and resolutions, plus the few directions for the different actions of the play. The Salem Witch Trials were intended to be performed as the play however, when read, it can be more carefully examined and broken down to analyze the techniques. Miller, the playwright, uses literaryRead MoreThe Crucible By Arthur Miller1145 Words   |  5 PagesUnbalance Through The Centuries In Arthur Miller’s play, The Crucible, the author reflects the persecution of communists in America in the 1950’s through a recount of the Salem witch trials. It is often presumed that Miller based his drama directly off of events that were particularly prevalent in the years surrounding the publication of The Crucible- which was released in the year 1953, towards the conclusion of the Korean War. Although there was not a literal witch hunt occurring during this timeRead MoreThe Crucible By Arthur Miller1063 Words   |  5 PagesIn the English dictionary, there are three definitions of the word crucible. One is a metal container in which metals are mixed and melted. Another is a severe test. But the third definition, and the one that I think fits the best for this book, is a place or situation in which different elements interact to create something new. In my mind, this fits because all of the characters had their little grudges and dirty secrets. But when all th ose seemingly little things interact, they formed somethingRead MoreThe Crucible By Arthur Miller1285 Words   |  6 Pages Rationale, Morality, Stereotypes, Pressure, Self-Censorship, Unanimity, and Mindguards. Groupthink has also taken place in our history a a country. The play, The Crucible by Arthur Miller is about a the real-life Salem Witch Trials that happened in 1692 - 1693, in Salem, Massachusetts. Some symptoms of Groupthink found in the Crucible are Rationale, Pressure, and Self-Censorship. The Groupthink symptom, Rationale, is described as when victims of Groupthink ignore warnings: they also collectivelyRead MoreThe Crucible By Arthur Miller811 Words   |  4 Pages While The Crucible, by Arthur Miller, is only a four act play, it still resembles the format of a five act play. The five-act structure evolved from a three-act structure, which was made famous by Roman Aelius Donatus. Donatus came up with three types of plays: Protasis, Epitasis, and Catastrophe. The five-act structure helped to expand the three act structure, mainly made famous by Shakespeare through his many tragedies. Even though The Crucible contains only four acts, it still has the commonRead MoreThe Crucible By Arthur Miller1052 Words   |  5 PagesBuddy Al-Aydi Ms.Healy English 9 CP 14th October 2014 The Crucible Essay The Crucible was a novel written by Arthur Miller in the 1950’s. It was written in a format of the play, portraying an allegory of the Salem Witch-Hunts led by Senator Joseph McCarthy. The book is known to have a inexplicable plot. This plot is advanced by multiple characters in the book in order to ensure that the reader maintains interest with the material that is being read. The farmer, John Proctor, would be theRead MoreThe Crucible By Arthur Miller841 Words   |  4 PagesThe Crucible is a chaotic play, throughout this American classic Arthur Miller takes the reader through multiple events of terror and insanity. While creating a great on-stage play, Arthur Miller portrays his life through the events, the characters, and plot of The Crucible. Using vivid imagery and comprehensible symbolism, Miller manipulates the real personalities of the characters and events in 1600 Salem, Massachusetts to create a symbolic autobiography. Throughout this play, the reader experie nces

The Effects Of Animal Testing Essay - 1432 Words

The Effects of Animal Testing Animal testing is by far, inhumane and downright unacceptable. Although, there are various types of organizations that are pro-animal care, such as, Animal Welfare information center, U.S. Department of Health and Human Services, Office of Laboratory Animal Welfare and, People for the Ethical Treatment of Animals or, PETA, all in which do their best to keep animal testing as humane as possible, there are alternatives for finding cures or testing the safety of certain products. Animal cruelty is detrimental to numerous species enduring studies in labs; the importance of companies noticing this tragedy could save millions of animal lives, all while having the same outcomes and benefits for humans or more desirable results. Animal testing is animal cruelty. The animals or guinea pigs per say, used in these experiments are being held captive, obviously against their own will since they cannot speak, and are under extreme stress. In spite of the fact that, animals cannot voice their discomforts, they do so by refusing to eat or remaining still as opposed to engaging in normal activity (Schreiner). Particular tests performed lead to genetic mutation and sometimes forced pregnancies. In the online article, â€Å"Effects of Animal Testing,† Schreiner states that, â€Å"Genetic mutations are induced to test the validity of a scientific principle or the effect of the manipulation of one or more of the animals’ genes.† Thus, leading to ineffective interactionsShow MoreRelatedThe Effects Of Animal Testing On Animals1142 Words   |  5 Pagesof the products used to test on animals, but for what reason. By using these products, you are a suspect to animal testing/ cruelty. Animals should have as much rights as humans, because no animal should have to go through so much pain for what reason, does society really need new cleaning products and chemically made soap? But what society needs to know behind closed doors is that there are about 115 million animals that suffer and are killed each year. Also, animals endure chemicals being drippedRead MoreThe Negative Effects Of Animal Testing941 Words   |  4 PagesAnimal testing has been around since 500 BC starting with dissecting animals in ancient greece. French animal testers believed that animals were â€Å"automata† and could not feel pain or emotions. There was no public objections to animal testing until the 19th century when there was an increase of adopting domestic pets. Nowadays public opinion is split down the middle on whether or not animals should be tested on. The animals are generally tested on for cosmetics, health, commercial, biomedical, spaceRead MoreAnimal Testing And Its Effects On Society1393 Wo rds   |  6 Pagesdistinguished for being time consuming, costly and complex. However, this timely manner is beneficial for society as it meant to provide an efficient and safe medication. Concerns regarding when animal studies are necessary compared to clinical trials has been a debatable topic among society. For over a decade, animal research has served as a fundamental component in many medical findings. Mousses are commonly used in laboratories, as we as humans share nearly 95% of our genes, making them a useful andRead MoreThe Negative Effect Of Animal Testing1989 Words   |  8 Pages DTRP Written Report by Shi Jin Foundation studies 2015 Design Technology Research Project Animal testing The negative effect of animal testing Student: S3365788 Shi Jin (Anna) Group members: Najwa Elyna Binti Rosman s3499394 Teacher : Timothy Krysko Contents Part A. Research Report 1. Introduction 2. Methodology 3. Analysis of findings 3.1 Research question 3.2 Results Read MoreThe Negative Effects Of Animal Testing1966 Words   |  8 PagesAnimal Testing, Why it Should be Eliminated   Ã‚  Ã‚   Animals have been used for scientific testing since the ages of Aristotle and Erasistratus.   Should we continue using animals as our test subjects, or is it time for a change? Many argue over whether testing on animals is good or bad, this debate has been continuous because it has both positive and negative affects. Animal testing has been the cause of many scientific breakthroughs, but, these are overthrown by the negative impact that animal testingRead MoreAnimal Testing And Its Effects On Human Health1146 Words   |  5 PagesMillions of animals suffer and die unnecessarily each year as they become subjects for medical testing and other horrendous experiments. Although some people believe such activities are necessary to progress in medical research, in reality it does very little to improve human health and development. For decades, drug and chemical safety assessments have been based on laboratory experimentations involving rabbits, dogs, rodents, and other an imals. Consequently, nine out of ten drugs proven safeRead MoreThe Effects Of Animal Testing On Human Society1591 Words   |  7 PagesThe use of animal testing has been going on for a long time. Although there have been many cases where people try to stop it or try to convince people that it is wrong in today’s society it is still happening all over the world. This research paper will talk about how in today’s society is racing to discover cures for diseases. How humans have made advancements in the world we have also established the scientific evolution. By doing so our ethics and morals have failed to progress. The knowledgeRead MoreAnimal Testing And Its Effects On Human Health1433 Words   |  6 Pagesevidence supports that animal testing comes at a higher cost to animals than was initially acknowledged. Accounts of anxiety disorders, changes in behavior, hormone levels, and the amount of pain animals endure now drive the conversation regarding reforming anima l testing practices. It is also noted that the predictive value of animal models do not translate into clinical success. The majority of animal research does not lead to improving human health. Most argue the use of animals overall is a needlessRead MoreAnimal Testing And Its Effects On The Poor Treatment Of Animals1093 Words   |  5 PagesAn increasing number of activists believe that animals have rights. However, this idea is somewhat controversial because animal activists look down upon the poor treatment of animals. They have a fear that animal testing is causing abuse and suffering to the helpless animals. Animal testing is a fairly serious matter because of all of the malfunctions and harm that leads to animal suffrage. The types of animals being used, such as rats, mice,rabbits, and chips are selected specifically for the testRead MoreThe Morality Of Animal Testing And Its Effect On The Biomedical And Consumer World1698 Words   |  7 PagesThe Morality of Animal Testing and its Effect on the Biomedical and Consumer World Animal testing has been a controversial problem in today’s society and it affects people from all over the world1 not just animal activists or scientists. Most of the products and medicines used today have been tested on animals. These animals used in experiments have been thought to only benefit society but morally this hurts our society. This hurts our society because now animal testing has become a social normality

The Fray- The Fray free essay sample

After their smash hits â€Å"Over My Head (Cable Car)† and â€Å"How To Save A Life†, the music world anxiously waited for the sophomore release of the Soft Rock/Alternative group The Fray. Straight out of Boulder, Colorado, the four quietly collaborated on their new album, and as anticipation mounted, finally, the single â€Å"You Found Me† was released. But I calmly waited, until the release of the album to really get my feel for their music. As soon as I popped in the cd into my stereo, something screamed â€Å"yes† to me. â€Å"Syndicate† broke through the speakers, with a soft piano beginning, and suddenly, Isaac Slade’s beautiful lyrics leaked, blending into the soft, yet upbeat background, bringing the song from average to amazing with the addition of raw lyrics of love and loss. The single, â€Å"You Found Me† creeps through the speakers with a mix of a bittersweet emotion. It moves quickly, but with an intensity that stirs you, talking about keeping faith in the hardest of situations, with a perfect blend of his brash and crooning, yet soft voice, over the classic piano and guitar cake mix. We will write a custom essay sample on The Fray- The Fray or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page You can’t go wrong. As you get deeper into the album, you’re classic mix becomes shaken, providing more raw, hard- hitting lyrics, deeper metaphors and more of an experimental sound, providing the kaleidoscope of emotions and perspectives. â€Å"Enough for Now† talks from a â€Å"looking through a snow globe† perspective, about a father and his daughter. It bleeds like a new cut, with pain and reflection, bitter and happy memories. â€Å"Ungodly hour† Begins with soft acceptance, of love lost, â€Å"I am short on words, knowing words that could, and she begins to leave because of me. Her bag is now much heavier, I wish that I could carry her. But this is our ungodly hour.† Addressing the moment of breaking, of a heart broken, and ultimately, bringing it down to Earth in a style that only The Fray could do. Finally, to wrap up the already super album, the guys show us one last glance of their many different faces. â€Å"Happiness† begins with purely acoustic guitar, and suddenly with the first croon of Isaac’s sorrowful voice, you’re curious, wanting more. It’s a song for the understanding and wise, or the ones looking for wisdom, full of paradoxes from the first â€Å"Happiness feels a lot like sorrow† to â€Å"Gone for now, feels a lot gone for good†. But in reflection, the song is a masterpiece in its own right, summing up the album with perfection, like dessert after a fulfilling meal. The Fray stayed within the boundaries of a Coldplay- style place, but left the comfort zone and into the stratosphere lyrically. And with a blend of classic cool and individuality, The Fray set the bar a little higher for soft rock acts everywhere, with their homemade lyrics and natural sound, its nothing to frown on. In a world of fake, The Fray gives me hope that some still care about the music and not the material.

Analysis Of Daisy Miller By Henry James English Literature Essay Essay Example

Analysis Of Daisy Miller By Henry James English Literature Essay Paper In the narrative Daisy Miller, written by Henry James, James tells a narrative about a immature American lady named Daisy Miller and her household members who are holidaying in Europe. Daisy is holidaying in a new universe and is seeking to happen a manner to larn and accommodate to her new milieus. She is seeking to suit in with the high category society but due to her life styles differences she is non accepted in their universe. Based on the narrative one would presume that the cause of Daisy s decease is eventful ; nevertheless, there are several given points that suggest it was strictly by happenstance and could hold happen to anyone. Henry James proves this by the usage of characters, puting, and symbolism. We will write a custom essay sample on Analysis Of Daisy Miller By Henry James English Literature Essay specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Analysis Of Daisy Miller By Henry James English Literature Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Analysis Of Daisy Miller By Henry James English Literature Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The other chief character focused is Winterbourne is a 27-year old expatriate American unmarried man ( Collins 1 ) . Winterbourne was raised and received most of his instruction in Geneva, he is considered to be reasonably quiet but extremely educated, he understands the European life styles but keeps his ain sentiment. Winterbourne has lost the capacity for love and he has lost the chance to come to life. ( Ohmann 3 ) . Daisy is turned off by him because she views him as a individual that does nt bask life. She feels like he would instead analyze and be serious so really populate his life. Winterbourne has an instant attractive force to her artlessness and beauty. However, Daisy sees him as being stiff and exanimate ( Wardley 4 ) . The chemical science between Winterbourne and Daisy is evident but because of her coquettish attitude he feels like it s merely a game to her. Although he is an American, he has the European attitude and shows his ego to Daisy. This shows the two un iverses that collided ; Daisy the American and Winterbourne the European. The scene for the narrative takes topographic point in Europe. The state is known for its well educated citizens, gustatory sensation for all right art and regard for societal societies. Daisy wants to see in Europe ( Deakin 5 ) . She is amazed at the life styles of the high category society and is taken off by the historical edifices and the people. It makes her experience like she is of import because she is able to see such a one time in a lifetime chance. The civilization is crude and refined in a developed gustatory sensation ( Scheiber 3 ) . The ambiance in Europe is cool and composure. Merely the fanciest and most expensive are for the European society. Many of the people in Europe have parties where people are to dress up in some of their finest apparels and come to garner. At these parties, many merely stand around speaking among each other while they listen to music and have a few drinks. Many of the people who attend this parties are considered to be high category or r ich folks. Daisy attends many of this parties but is frequently ill-mannered because she either leaves early to roll the streets with other gentleman or she spends all her clip speaking to people who are non considered to be reasonably of import. There are many symbols that describe the guiltless nature of Daisy. One symbol is when Daisy and Winterbourne foremost meet in the Hotel garden. As they are speaking, the Sun is beaming down on her caput. The sunlight beaming on her symbolizes Daisy as a pure guiltless immature adult female. When Daisy and Winterbourne meet, as she is standing entirely have oning a graphic white frock. Her frock and hat typify how pure Daisy truly is. She does nt recognize her failure to deliver him, Her expulsion from Eden ( Childress 2 ) . This foreshadows a loss of pureness and artlessness. The manner people view her is impure and guiltless because she has intimate gentleman friends. Although all she is making is speaking to them, still many of the Europeans view her as moving in a disgraceful manner. This led the Europeans to believe that caused her decease was eventful because she was out in the streets with so many work forces. They presumed that Daisy was wholly responsible for her ain decea se because she was moving so foolhardy. Europeans thought that if Daisy would hold acted with category and shown more regard for herself and others she would hold neer been out so tardily in the eventides. On the other manus, Daisy s decease was considered to others as being a coincident that could hold happen to anyone. There were several different unwellnesss distributing throughout Europe. There were no given facts that because Daisy was out so late that was the cause of her decease. After Daisy becomes badly, Winterbourne begins to recognize how pure she really is. He begins to experience sorry for the manner he and others viewed and judged her. The sad fact is that like many of the Europeans who judged Daisy, we all tend to look at others based on their actions and the manner we portray them.

The Literary Genius and the Downfalls of Success essays

The Literary Genius and the Downfalls of Success essays The Literary Genius and the Downfalls of Success Of all authors who would eventually be labeled as Beat Writers, three emerged as arguably the most prolific and inspirational. They were a shy, Jewish boy from New Jersey, an ex-high school football player from Massachusetts, and a wise heroin addict who would grow notorious for shooting his common-law wife in the head while drunk. They were three exceptionally different humans, who never could have imagined their writings achieving a popularity and notoriety that would merit seizures of their books by the F.B.I., and obscenity trials. What were these writers trying to do? In the anthology, Beat Down to Your Soul, (Charters, Ann. ed. 11th Ed. New York: Penguin, 2001) we are introduced to these literary legends, and offered some insight into their work and lives, both literary and socially. We get a glimpse of some of their works, from Ginsbergs monumental poem Howl, to articles pertaining to the Beats, offering explanations for their madness. As Kerouac himself put it, The only pe ople for me are the mad ones, the ones who are mad to live, mad to talk, mad to be saved, desirous of everything at the same time, the ones who never yawn or say a commonplace thing, but burn, burn, burn, like fabulous yellow roman candles exploding like spiders across the stars... Nearly fifty years ago, five unknown poets took the stage at the Six Gallery in San Francisco. In his essay, Poetry of the 6, poet Michael McClure acknowledges this historic event as, the venue of the first group reading of what has come to be known as the Beat Generation. Of the five, the one who would be most remembered the next morning was a shy, Jewish man from New Jersey named Allen Ginsberg. Already drunk on wine, he confesses, he stood before the crowd and read a draft of his poem Howl. His good friend, Jack Kerouac, urged him on by chanting, Go...Go....

Term paper that present the knowledge and depth you obtained in this Essay

Term paper that present the knowledge and depth you obtained in this class. The paper can be from any topic discussed or not in - Essay Example Definition Cushing’s Syndrome is a disorder involving the hormones and is particularly caused by an abnormal increase in the amount of the hormone cortisol or other glucocorticoid hormones in the blood (Nieman et al., 2008). In the case of an overactive immune system, glucocorticoids usually turn down the inflammation system as a sort of negative feedback mechanism. However, if there is too much production of glucocorticoids, especially cortisol, in the blood, then the entire immune system might be turned down, thus leading to a variety of numerous physiological disturbances known as Cushing’s syndrome (Nieman et al., 2008). Causes The main cause of Cushing’s syndrome is the overproduction of adenocorticotropic hormone, or ACTH, by the pituitary gland, which is usually known as Cushing’s Disease. Another cause is an adrenal gland tumor that usually occurs among women over 40 years of age. A third cause is a tumor somewhere in the body which either produces too much cortisol or causes its production, such as tumors in the pancreas, lungs or thyroid that oversecrete ACTH (Nieman et al., 2008). ... However, the most initial step for Cushing’s syndrome is the ACTH stimulating the adrenal glands for the production of cortisol (Blevins, 2002). Symptoms Cushing’s Syndrome is characterized by â€Å"reddish purple striae, plethora, proximal muscle weakness, bruising with no obvious trauma, as well as unexplained osteoporosis† (Nieman et al., 2008). Other symptoms of the disease include â€Å"obesity, depression, diabetes, hypertension, or menstrual irregularity† (Nieman et al., 2008). If Cushing’s Syndrome affects the higher brain centers in the case of complications, it may cause anxiety disorder, obsessive-compulsive disorder, depression, alcoholism and diabetes. Other more noticeable symptoms include obesity of the upper torso coupled with disproportionately thin limbs, a round and red face with characterized fullness, and acne or certain other skin infections. The less common symptoms include a buffalo hump, backache, tenderness and pain of the bones, rib and spine fractures, weak muscles, excessive hair growth in the woman, impotence and lack of sexual desire in men, and certain headache, tiredness and feelings of thirst and hunger (Nieman et al., 2008). Treatment The treatment of choice is surgical removal of the tumor. This should be followed by treatment with hydrocortisone or hydrocortisone replacement therapy because cortisol levels will go down fast once the tumor is removed. Moreover, in the case of patients with malignant adrenal cortical neoplasm, the treatment of choice must be open adrenalectomy (Thomson et al., 2010). Through an MRI scan, cases of mediastinal masses that intertwine with the heart nerves must be done with extreme care so as not to injure such a delicate organ. Moreover, CT-guided coaxial core biopsy to investigate whether it is

Assignment 1 Essay Example | Topics and Well Written Essays - 2000 words - 1

Assignment 1 - Essay Example From 16 August 1990 he had been detained in Bedford prison for the reason of deportation3. The second applicant had come to UK on 12 September 1975 as a result of her marriage to the case`s first applicant back in India, and she presently lives in Luton together with the two kids of the family, who are also the 3rd and 4th applicants. Home Secretary of the day resolved that the claimant needed to be deported from British since his continued presence in UK was never conducive for the public good citing reasons that were political in nature, that is, the international fight against terrorism. However, the claimant stood a real risk if deported to India since he would be tortured or killed by security forces. He resorted to applying an asylum. However, the UK court did not provide an asylum seeker the proper chance to argue the case. In establishing whether it has been substantiated that indeed there is a factual risk that the claimant, if expelled to India, was to be exposed to treatme nt that is contrary to Article 3, the British Court assessed all the material positioned before it. The role of the court here was to uphold the law and protect human rights, and so it had to trade carefully in this case. The expedient of the appointing security-cleared counsel, directed by the court, who was to cross-examine witnesses and in general help the court to investigate the strength of the case of State, served to demonstrate that there are techniques that can be applied which accommodate legitimate security concerns regarding the nature and intelligence information sources and yet accord the person a considerable measure of procedural justice. Enshrined in Article 3 is among the most fundamental values of a democratic society4. The British Court is much aware of the immense obstacles faced by States in the modern times concerning shielding their communities from the violence of terrorist. However, even under these circumstances, the court, as stipulated in British constit ution, still uphold the law and hold high the dignity of human rights. The Convention outlawed in absolute terms, inhuman, torture, degrading treatment or punishment, regardless of the victim’s conduct. Contrasting many of the substantive clauses in the Convention and in Protocols Nos. 4 and 1, Article 3 creates no provision for exceptions5. Moreover, no derogation originating from it is permissible according to Article 15 even if a public emergency arises that threaten the life of the nation. The legality of the detention of an individual with an aim of deportation did not rely on whether the underlying decision of deportation could be justified, and that the appellants had never dared to challenge his detention independently as opposed to a decision to deport him. The court held that expelling the claimant might engage the responsibility of the State, as stipulated in Article 3 where substantial justification are shown for believing that there would be factual risk on the d eportee of torture, inhuman, punishment or degrading treatment in the receiving country. Clause in Article 3 offers a complete prohibition of torture in the expulsion cases. The deportee`s conduct can never be a material consideration for British court in a situation where substantial grounds indicate that the deportee would definitely be at

The Phillips Curve and the Philippines Essay Example for Free

The Phillips Curve and the Philippines Essay According to Cristeta B. Bagsic, the Phillips Curve â€Å"depicts the trade-off between inflation and unemployment rate† (â€Å"The Phillips Curve and Inflation Forecasting: The Case of the Philippines†). Nowadays, the relationship depicted by the Phillips curve is specified in the following equation: Ï€t = Ï€e – ÃŽ ³(UR – UR*) + v where Ï€t is the inflation rate, Ï€e is the expected inflation, ÃŽ ³ is a parameter, UR is the unemployment rate, UR* is the natural rate of unemployment (NRU), and v is a supply shock variable. So while the importance of the negative relationship between unemployment and inflation was obvious enough from the beginning, it is now also apparent that there are other factors that influence the behavior of the Phillips Curve. It is beyond crucial that these additional factors be understood and measured well, if they are to be used in maneuvering developing economies such as the economy of the Philippines. Perhaps the most notable addition to the basic inflation rate-unemployment relationship is the expected inflation or Ï€e. What can be taken from the equation above is that there is a positive relationship between this expected inflation and the actual inflation rate. This is because the expectations involved are those of workers who are assumed to be anticipating rises in the inflation rate. When expecting a rise in inflation rate (for whatever reason), workers tend to withdraw their labor and demand that their employers increase their wages. Assuming that their employers subsequently comply, the workers’ buying power would increase and cause aggregate demand to increase as well. This, in turn, would cause prices to increase which would trigger a rise in inflation – precisely showcasing the positive relationship that was pinpointed (Economics Help Helping to Simplify Economics ). The next factor to be considered is the so-called Natural Rate of Unemployment. Bagsic sees this rate as the long-run unemployment rate because eventually â€Å"the difference between expected inflation and actual inflation should average to zero† (â€Å"The Phillips Curve and Inflation Forecasting: The Case of the Philippines†. When neglecting the rather volatile supply shock variable, the equation specified above will look like this as a result: ÃŽ ³ UR = ÃŽ ³ UR*  or UR = UR* which indicates that the natural rate is more or less what Bagsic suspects it to be – the unemployment rate one would expect to see in the long run. This is caused by the phenomenon already described wherein the workers’ expecting inflation unwittingly react in a way that further aggravates inflation. Also notable is how the NRU is sometimes called the NAIRU or the Non-accelerating inflation rate of unemployment as when unemployment is at this specific rate the corresponding inflation has no propensity to increase (Economics Help Helping to Simplify Economics ). The last notable factor in the equation provided is the supply shock variable v which has a significant historical background. Probably the most poignant supply shock was the 1970’s oil supply shock which is commonly thought to have triggered the unusual state of â€Å"stagflation† (high inflation and high unemployment) in several countries including the US. The exact nature of this variable is, as of yet, quite unpredictable (Amadeo). At this point, what is imperative is determining whether or not the Phillips Curve – or a variation of it – can apply to countries like the Philippines. Bagsic’s findings suggest that there is truly a trade-off relationship between inflation and unemployment in the Philippine context. Her data shows that when actual employment rates are above (below) the NAIRU, they are usually accompanied by decelerating (accelerating) inflation rates. These trends are said to be relevant to investors and policymakers to aid with investment decisions and monetary/fiscal policies respectively (â€Å"The Phillips Curve and Inflation Forecasting: The Case of the Philippines†). It is important to keep in mind, however, that the Phillips Curve is not always accurate as evidenced by cases of stagflation; the information on the current trends in the Philippines must always be up-to-date in order to maximize the benefits reaped from the model.

An Interpretation of “Dulce et Decorum Est” Essay -- Literary Analysi

What would it feel like to be in the middle of the bloodiest war in history? Surrounded by death on all sides it seems impossible that anybody would write poetry about this very subject. Thanks to the poem â€Å"Dulce et Decorum Est,† Wilfred Owen gives the reader a small window into the horrors that he witnessed firsthand in the carnage of battle. Faced with death at every turn, Owen takes the time to chronicle these terrible events that happened shortly before his own death. Owen uses rhythm, rhyme, and imagery to convey the message that people should be careful glorifying war because it is a very traumatic event that takes many innocent lives. When a reader tries to understand the rhythm of â€Å"Dulce et Decorum Est† it becomes a bit tricky to find any type of rhythm. When reading shortly into the poem, one notices that there does seem to be a heartbeat to the poem when it states in line 3: â€Å"Till on the haunting flares we turned our back†. Owen uses iambic pentameter to achieve this pattern as almost all of the lines which have a rising meter and 5 feet. Having this underlying heartbeat to the poem speaks to the humanity and allows the reader to personalize with what is being said. Owen then contrasts the use of iambic pentameter in several lines including line 23 when he says, â€Å"Bitter as the cud†, as if to make that really stand out to the reader. Owen then further chops up the rhythm to make it seem as if he were telling a story to the reader. This is evident when an individual starts to encounter the heavy use of punctuation in when it says, â€Å"But limped on, blood-shood. All went l ame, all blind† (6). It also makes the poem more vivid throughout and makes the reader really stop and think about what is happening in the line. Owen a... ... that â€Å"someone was yelling out† (11), and that there was â€Å"blood† (22) â€Å"gargling from the froth-corrupted lungs† ( 23). With rich imagery being used throughout the poem, it becomes clear that Owen intended to use imagery to help the reader feel as if they were present in the situation along side of him. This allows the reader to personalize this situation and gain a better understanding of the message that is being sent. Through the use of rhythm, rhyme, and imagery Owen forces the reader to ponder about the thought that war isn’t an event that should be taken lightly. Many kind and brave soldiers have lost their lives over the history of humanity and that loss of life, while honorable, is extremely tragic. Thanks to Owen’s poetry people are able to look back at this time in history and hopefully learn valuable lessons about the value of human life.

The Cause of bank failure

One member of the group is normally appointed to act as the managing or lead bank for the syndicate and it is the role of this bank to coordinate all negotiations, payments and administration between parties once the contract has been executed-it Is a multi bank transaction with each bank acting on a several basis, which means that each ann. acts on its own without responsibility for the other banks in the syndicate.If a bank fails to honor its obligations as a member of a syndicate, the other syndicate banks have no legal obligation to satisfy them on that bank's behalf. Syndicated loans are normally used to finance the purchase of capital assets or the acquisition of another business line or company. The syndicated credit market is one of the largest and most flexible sources of capital in the international market place. Loan syndication do happen In Zanzibar but are not very common. PROJECT LOANS – project loans has been used to describe all types of financing of projects, both with and without recourse. A financing of a particular economic unit in which a lender is satisfied to look initially to the cash flows and earnings of that economic unit as the source of funds from which a loan will be repaid and to the assets of the economic unit as collateral for the loan. Involve loans to finance major capital Investment projects for which the cash flow arising from the project will either be the sole or main repayment source.Such projects are usually financed by major banks because of the large amounts involved and the need for full technical evaluation for example building a major dam or prospecting for 011. The loan Is usually provided on a medium or long term basis. There are often other side benefits resulting from segregating a financing as a project financing which may have a bearing on the motives of the company seeking such a structure. These benefits include: – Credit sources may be available to the project that would not be available to th e sponsor.Guarantees may be available to the project that would not be available to the sponsor. – A project financing may enjoy better credit terms and interest costs in situations In which a sponsor's credit is weak. – Higher leverage of debt to equity may be achieved. Legal requirements applicable to certain investing institutions may be met by the project but not by the sponsor. C) LEASING -A lease is a contract wherein, over the term of the lease, the owner of the equipment permits another entity to use it in exchange for a promise by the latter to make a series of payments.The owner of the equipment is referred to as the lesser. The entity that is being granted permission to use the equipment is referred to as the lessee. A typical leasing transaction works as follows. The lessee first decides on the equipment needed. The lessee then decides on the manufacturer, the make, and the model. The lessee specifies any special features desired, the terms of warranties, g uaranties, delivery, installation, and services. The lessee also negotiates the price. After the equipment and terms have 1 OFF

Cash Flow And Profitability Of Dividend Payout - Free Essay Example

Sample details Pages: 15 Words: 4533 Downloads: 9 Date added: 2017/06/26 Category Statistics Essay Did you like this example? CHAPTER 1: INTRODUCTION Overview The issue of dividend has been studied comprehensively in last few decades. Still it remained as one of the most debatable issue in the field of Finance. The contradictory nature and massive importance 0f dividend in finance had made it one of the most discussable topics for researchers. Researchers in the past enclosed many aspects of dividend; few among them are views about dividend, dividend payment effects on firm value, dynamics and determinants of dividend policy, and dividend movement of different markets. Lintner (1956) study the allocation of income of corporations among dividends, retained earnings and taxes by taking data from the years 1918 to 1941 as a training period and data from the years 1942 to 1951 as the testing period. Researchconcluded that the basic origin of dividend changes werenet earning and preceding year dividends. In addition, firms attempt to continue a constant stream of dividend and influence to make a regularly partial adjustment to a target payout ratio relatively hysterically changing their payout when a change in income occurs. In the short run, dividends are consistent to avoid frequent changes. This dispute is rooted back to the significant effort of Miller and Modigliani (1961), in which it was challenged in a perfect market condition dividend policy did not affect the value of firm. In contrast, Lintner (1962) and Gordon (1963) based à ¢Ã¢â€š ¬Ã…“Bird-in-handà ¢Ã¢â€š ¬? theory and argued that in the world of ambiguity and imperfect information, hig h dividend payment is linked with high firm value. In addition, Black (1976) called dividend as great puzzle which need extensive researched. Furthermore, the Brealey and Myers (2005) listed dividend as one of the top ten significantvague topic in advance corporate finance. According to Anil and Sujjata(2008) emerging consensus was that no individual factor alone can describe dividend behavior. Don’t waste time! Our writers will create an original "Cash Flow And Profitability Of Dividend Payout" essay for you Create order The existing corporate theories supported that cash flow and profitability have significant impact on dividend. The aim of this study was to know the impact of cash flow and profitability on dividend payout of non financial firms in Pakistan market. This study considered free cash flow and profitability was most important for non financial firm in Pakistan market. Talat and Mirza(2010) conducted research related to ownership structure and cash flow as predictor of dividend payout policy. According to that personal ownership, cash flow delicacy, size, and leverage were negatively associated with dividend payout policy. In contrast, profitability and operating cash flow was found as determinants of cash dividend. In addition, Researcher concluded that executive ownership, personal ownership, operating cash flow, and size were important determinants of dividend while, leverage and cash flow delicacy did not contribute considerably in determining the level of corporate dividend payment. DeAngelo and DeAngelo (1990) found significant relation between cash flow and dividend changes. Problem Statement In the field of corporate finance, the dividend was considered as one of the most noteworthy issues. The main purpose to study the impact of cash flow and profitability on dividend payout of non financial firm in Pakistani market was to analyze the cash dividend behavior of developing countries firm. In addition, study was conducted to find out how strongly these two variables free cash flow and profitability have impact on the dividend payout because, profitability was most likely used as determinants of dividend payout in most of the previous researchesà ¢Ã¢â€š ¬Ã¢â€ž ¢ but free cash flow was not taken too much in previous research. Furthermore, how these two variables serve as an indicator for dividend payout. Hypothesis This research study has tested the following hypothesis to fulfill the objective of the research. H1: There is significant impact of free cash flow on dividend payout. H2: There is significant impact of return on assets on dividend payout. H3: There is significant impact of return on equity on dividend payout. H4: There is significant impact of earning per share on dividend payout. H5: There is significant impact of net profit margin on dividend payout. Outline of the Study The research structured follows. Chapter one was consist on the introduction of the thesis, it is essential to review the views and theoretical background of dividend, the statement o problem, scope and objective, hypothesis. Chapter two consisted of literature review given by various authors, theories on dividend and impact of cash flow and profitability on dividend payout. Chapter three explained methodology, it consisted of explanation of the selection of the variables, the sampling and research design, the data technique and hypothesis. Chapter four represents the analysis of results after processing the data. Chapter five composed of final result, conclusion and recommendation. Chapter six consisted of references. CHAPTER 2: LITERATURE REVIEW Since 1956, dividend has always considered one of the most interested and investigated topic in world of finance.Lintner (1956) analyzed the allocation of earning of corporation among dividends, retained earnings, and taxes by taken data into consideration for years 1918 to 1941. It was found the basic determinants of dividend change are net earning and preceding year dividends. In addition, firms tried to continue a stable flow of dividend and likely made a regularly limited adjustment to a target payout ratio instead radically changing payout when earning changed. Jensen and Meckling (1976) paid attention toward agency cost hypothesis and described that dividend restricted the funds under management control, as a result putting them under strict capital market examination. Ownerà ¢Ã¢â€š ¬Ã¢â€ž ¢ responsibility was reduced to deal with the quality of investment and to handle the expenditure on manager prerequisites. Marke, Langrehr, and Hexter(1998) conducted research on dividend policy determinants. Researchers had taken focus of firm, natural log of sales of firm, inside ownership for firm, no of common shareholder for firm, free cash flow for firm, sales growth of firm, and standard deviation of returns o f firm as determinants of dividend policy. Authors concluded that corporate focus has negative impact on dividend payout. While inside ownership had also negative impact, according to researcher the firms have greater inside ownership have small dividend payout. In addition, the firms with higher free cash flow have higher dividend payout and lower payout ratio of firms with higher standard deviation of returns. William and Nanda (1994) conducted research on free cash flow, shareholder value, and the unallocated profits after tax of 1936 and 1937. In this study researcher tried to explore the investor reaction toward the anticipated decrease in free cash flow presented to corporate managers. In addition, researchers suggested agency costs as partial determinants of dividend policy. To avoid the agency problem corporate have to pay higher dividend and imposed higher tax on undistributed profit so the problem of agency cost handled efficiently. The study conducted on determinants of dividend payout ratio in GhannabyAmidu and Abor (2006). In this study 20 listed firms of Ghana Stock Exchange were used as a sample which shows 76% of the total listed firm in Ghana Stock Exchange. Researchers have taken the Payout Ratio as controlled variable and explanatory variables includes risk, profitability, cash flow, corporate tax, institutional holding, sales growth, and market to book value. It was foundthat more profitable firms paid more dividends and profitability is positively related to dividend payout. In addition, cash flow and taxes are also positively related to dividend payout. Further, they also concluded there is a positive relationship between increase in liquidity and dividend payout. Results suggested negative relationship of dividend payout with growth, market to book value, risk, and institutional holding. The firms with the earning instability found hard to pay low and no dividends. Al-Malkawi (2007) worked on determinants of corporate dividend payout policy in Jordan. Researcher used a firm level panel data of all publicly traded firms on the Amman Stock Exchange for the year 1989-2000. Researcher used dividend payout as a depended variable and agency cost, Ownership, annual share turnover, market to book ratio, market capitalization of common equity, financial leverage ratio, profitability ratio, and taxes as independent variables. By using Tobit specification researcher concluded that positive relationship between size, age, and profitability with dividend payout and negative relationship between signaling device, ownership, and taxes in Jordan. Fairchild (2010) worked on Dividend policy, signaling and free cash flow: an integrated approach. Researcher has tried to examine the dividend policy by taking only two hypothesis signaling and free cash flow. In order to understand the composite environment of dividend policy, signaling game is developed in which most of the information possesses by managers than investors about the quality of the firms. The signaling hypothesis shows that asymmetric information between managers and investor, dividend work as signal regarding current performance and future prospect. The study found that high dividend has positive effect on the firm performance, in term of providing a positive signal for current performance and as will as future scenario. In addition, dividend payout reduces the free cash flow problem, which may attract the manager to invest in negative NPV project for personal interest. But if the project shows positive NPV so investment opportunities are available which lead toward the higher dividend in future. Gill, Nahum, and Rajendra (2010) worked on determinants of dividend payout ratio in United States. In this study researcher extend the Amidu and Joshua, and Anil and Kapoor finding for the American service and manufacturing firms. Researcher took same variables into account such as profitability, tax, market to book value, cash flow, and sale growth. The sample size was 266 out of 500 financial reports. According to the researcher dividend payout ratio of manufacturing firms is the function of profit margin, tax, and market to book value ratio. It was also found that result differ when the dividend payout ratio was defined as the ratio between after tax cash flow and cash dividend, not considering after tax earning of the companies. Reddy (2006), studied the dividend behavior of Indian companies, movement, and determinants and struggled to decide the behavior of the companies listed at Bombay Stock Exchange with theassist of trade off theory and signaling theory hypothesis. According to researcher analysis of dividend trend depicted that stock traded on New York Stock Exchange and Bombay Stock Exchange indicated that percentage of companies paying dividend has declined from 60.5% in 1990 to 32.1% in 2001 and there is only few companies paying dividend constantly. Beside that firms paying dividend are more profitable, large in size, and having enough growth. Indian context did not represent corporate tax and ax preference theory. Lastly the dividend change indicated signal to current and lagged earning performance rather than future earning performance. Baker, Farrelly and Edelman (1986) studied New York Stock Exchange 318 firms. According to the researchers main determinants of dividend payments were expected future earning and picture of past dividend. Gitman and Pruitt (1991) asked 1000 largest US firms financial managers and concluded present and precedent year earning were significant determinants effect dividend payment. According to Baker and Powell (2000) survey companies listed on New York Stock Exchange were industry explicit and predicted level of future income was the main factor of dividend payout Anil and Kapoor (2008) studies Indian information technology sector for determinants of dividend payout ratio. The phase for study 2000-2006 encompass both recessionary and booming phase of Indian information technology sector. Researcher concluded that beta and liquidity was discovered a notable determinant of dividend payout ratio. In addition, authors concluded that due to recession from 2003 onwards IT sector observed exponential growth, and it was anticipated linear growth in IT sector after 2006. Recently in Pakistani perspective, Ahmed and Attiya (2009) investigated sample of 320 non-financial firms listed on Karachi Stock Exchange from 2001 to2006.Researchers concluded Pakistani companies dependent more on current earning than past dividend. In addition, authors highlighted few predictors that may affect payout policies. Firstly, the finding demonstrated companies containing high profit with consistent earning can manage larger amount of free cash flow as a result to payout larger dividend. The firms having larger investment chance can easily affect and have a significant role in determinants of dividend payout policy in Pakistan. The companies paid more dividends to shareholders where inside ownership exist. Ownership structure has considered major factor in determining dividend policy in Pakistan. Beside that dividend payout was not affected pay growth of the firms and market liquidity has a significant impact on dividend payout. Furthermore, size was significant determin ants for dividend payout that means companies invest in assets relatively paying dividends to its stockholders. 2.1 Dividend irrelevance theory: Miller and Modigliani (1961) proposed that dividend policy is irrelevant to the shareholder and stockholder wealth was constant in the world of perfect market condition and any growth in the current payout is financed by literally priced stock sales. The basic assumption was that management paid 100 percent payout in every period. Other assumptions were as follow. First, market is perfect capital market that means there were no taxes on transaction cost, single buyer and seller not influenced price and everyone have free access to information. Second, investors are rational and value of securities was based on the discounted future cash flow to investor. Third, manager act as a agent of shareholders, and there was no uncertainty about the investment policy of the firm. 2.2 Bird-in-hand theory: Al-Malkawi (2007) emphasized that dividend valued differently from retained earnings (capital gains) in world of ambiguity and irregularity information. à ¢Ã¢â€š ¬Ã…“A bird in hand (dividend) is valued more than two in the bush (capital gain)à ¢Ã¢â€š ¬?. Investors always preferred dividends to retained earnings due to uncertainty of future cash flow. Although, this controversy has been extensively condemned and has not get strong empirical base, but, it was supported by Gordon and Shapiro (1956), Lintner (1962), and Walter (1963). The basic assumptions were as followed Firstly, investors have inadequate information regarding the profitability of a firm. Secondly, cash dividend was taxed at a higher rate when capital gain was realized on the sale of share. Thirdly, dividend serves as a signal of expected cash flow. 2.3 Agency cost and free cash flow theory: Ross (2008) define agency cost is the cost of the conflict of interest that exists among shareholders and management. It was happened when management act for own interest rather than shareholders interest who own the firm. This could be direct and indirect. It was in contrast to assumption of Millar and Modigliani (1961) that mangers act as an agent of shareholders. This is somewhat dubious, as the owners of the firm are different from the management. Managers are bound to carry out some activities, which could be costly to shareholders, such as undertaking unprofitable investments that would yield excessive returns to them, and unnecessarily high management compensation (Al-Malkawi, 2007). These costs are borne by shareholders; therefore, shareholders of firms with excess free cash flow would require high dividend payments instead. Agency cost may also arise between shareholders and bondholders: while shareholders require more dividends, bondholders require fewer dividends than shar eholders by putting in place a debt covenant to ensure availability of cash for their debt repayment. Easterbrook (1984) also identified two agency costs: the cost of monitoring managers and the cost of risk reluctance on the part of managers. Jensenà ¢Ã¢â€š ¬Ã¢â€ž ¢s free cash flow/overinvestment hypothesis (1988) provides a surrogate description for the positive association between the direction of the dividend change and the stock price reaction. Jensen argues that managers tend to hold cash to invest in negative NPV projects for their own utility maximization. The agency costs that result from this overinvestment decrease the value of the firm. Like the signaling hypothesis, the FCF argument suggests there should be a positive relationship is the direction of the dividend policy change and the stock price reaction. However, the FCF argument differentiates itself with respect to the level of growth opportunities faced by the firm. If a firm initiated a cash dividend, FCF argumen ts postulate there are fewer funds available for costly overinvestment. Likewise, if company didnà ¢Ã¢â€š ¬Ã¢â€ž ¢t pay dividend, the strongest form of a decrease would reduce the value of the firm because there are more funds available to invest in less present value projects. The FCF hypothesis assumes larger stock price volatility for the firms who have few growth opportunities as compared to the firms with many growth opportunities. There is disagreement between different researchers on dividend policy. Allen and Rachim (1996) in Australia found no significant association between stock price volatility and divided policy. According to Gordon (1963) the stock price volatility is influenced by dividend payout. The firms who pay large dividend have minimum risks in terms of stock price value. Some of hypothetical mechanism also suggests the universal relationship of dividend yield and dividend payout ratio with stock price volatility. Jensenà ¢Ã¢â€š ¬Ã¢â€ž ¢s and Meckling (1976) developed Agency cost argument which proposed that dividend payout lower the cost of funds and increase the cash flows for the company. The company after paying cash dividends to stock holders would have less cash in hands of the managers to invest at below the cost of capital. According to Asquith and Mullin (1983), Born, Moser, and Officer (1984) and Miller and Rock (1985) dividend declaration provide information to the share holders to forecast the financial position of the company and the present firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s earnings. This also depends on the source of information that either it is doubtful or not to respond on announcement of dividend. Hence, there remains disagreement till yet, the relation of dividend yield and stock price volatility and it is still unexplained and is considered as debatable in corporate CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Required data was collected from Karachi Stock Exchange as given by State Bank of Pakistan in publication of Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2005-2009). The period of study covered five years, 2005-09. The sample size of 100 non-financial firms was taken from all non financial firm listed at KSE. The required sample was chosen on the basis of cash dividend paid by firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ at-least for two years. The sample represents major industry. 3.2 Sample Size Sample of 100 non-financial firms was collected from KSE. Sample consisted of firms which paid cash dividend for at least two years. Firms that was selected for study represented all major industries functioning in Pakistan and listed at KSE from 2005-2009. The impact of the cash flow and profitability on dividend payout was examined on selected sample of 100 non-financial firms. 3.3 Research Model Developed There were various financial factors of the non-financial firms which affected the Dividend payout of the firms. This research study investigated the impact of free cash flow and profitability on the dividend payout. 3.3.1 Dividend payout Dividend payout and dividend amount are taken as the dependent variables. Since dividend payout is the generally used alternative for dividend policy, almost every financial researcher has used payout as a proxy for corporate dividend policy (See for example Gugler, 2003; Reddy and Rath, 2005; Papadopoulos, 2007; Al-Malkawi, 2007; Ahmed Attiya, 2009). In order to calculate dividend payout was calculated as cash dividend per share divided by earning per share. 3.3.2 Earning per share According to Hafeez and Attiya (2009) high profitability with constant earnings can manage to pay for larger free cash flows as a result to pay out larger dividends. The earnings per share after tax were used as independent variable. Earning per share after tax was used because dividend has been paid after interest, taxes and after depreciation and calculated as net earnings divided by number of shares. H1: There is significant impact of earning per share on dividend payout 3.3.3 Return on Equity This variable is used in different previous studies such as: Abor (2005), Miller (2007), Al-Ajmi et al. (2009), and Ebaid (2009) etc. Some authors measured profitability or performance by three measurements such Gross profit margin (GPM), Return on Equity (ROE), and Return on Assets (ROA) and same predictors Ebaid (2009). Likely results with this variable are same as revealed by Abor (2005) and Ebaid (2009) such as: Significance and positive relationship with dividend payout. Return on Equity is considered best measure of firm profitability. Return on Equity (ROE) is one measure of how efficiently a company uses its assets to produce earnings. ROE was calculated by dividing Net Income minus preferred dividend by Share holder equity H2: There is significant impact of Return on Equity on dividend payout. 3.3.4 Free Cash flow According to Jensenà ¢Ã¢â€š ¬Ã¢â€ž ¢s (1986) free cash flow hypothesis, companies choose to use their cash resources to invest in profitable projects first; dividend is paid out of residual. From a companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s point of view, cash generated from operations plays an important role in deciding the level of payout, among all three sources of cash flows i.e. operating; investing and financing, cash generated from operations is considered as most desirable source of funds for the company for distribution of dividends. Anil and Sujjata (2008) also found cash flow from operations as the most significant determinant of dividend policy in Indian IT industry. A  measure of financial performance calculated as Net income minus depreciation minus change in working capital minus change in capital expenditure. Free cash flow (FCF) represents the cash that a company is able to generate after  placing out the money required to maintain or expand its asset base.  Fr ee  cash flow is important because it  allows a company to  pursue opportunities that enhance shareholder value. H3: There is a significant impact of free cash flow on dividend payout. The model developed was a linear model and its specifications are provided below: Div payout = a0 a1EPS + a2ROE + a3FCF + ц Dividend payout = Dividend per share divided by earning per share EPS = Net income divided by number of share outstanding ROE =Net income minus preferred dividend divided by common shareholder equity FCF =Net income minus Depreciation minus change in working capital minus change in Capital expenditure à Ã¢â‚¬Å¾ = error term 3.4 Statistical Technique Multiple Linear Regression Analysis (MLR) technique was used for this research study to examine the impact of the distinctive financial characteristics of the non-financial firms on their dividend payout of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. CHAPTER 4: RESULT The sample of 100 non-financial firms from Karachi Stock Exchange was taken into consideration. This research study used multiple regression analysis (MLR). Researcher examined the behavior of non-financial firms of KSE about dividend payout. The selected technique was used to study the impact of cash flow and profitability on dividend payout. 4.1 Finding and Interpretation of the results In the beginning, the regression technique was applied on collected data by using SPSS, and there was no single variable was significant. It was clear from the result that there was the high co-linearity among the independent variables of the dividend payout and this means there was strong interrelationship present among the predictors. Return on assets and net profit margin was omitted from the data, thus, the issue of co-linearity was resolved. Now, proceeding with the analysis of the results because issue of co-linearity was addressed. The interpretation and analysis is presented in the next sections of this research study. Table 4.1: Model Summary Mod R R Sq. Adj. R Sq. 1 .289 .084 .078 Tables 4.1 depict the summary about the regression model. The R square of 8.4% showed that all the predictors of dividend payout together explained 8.4% variation in the dependent variable and the remaining variation was unexplained or hidden predictor were not included in the model. TABLE 4.2:ANOVA Model Sum of Squares df Mean Square F Sig. 1 Regression 31503.936 3 10501.312 15.236 .000a Residual 345316.428 501 689.254 Total 376820.364 504 The table 4.2 checked the significance of the linear regression model in such a way that the reliability of the data file regarding the applicability of the regression technique can be understood from the above table; however, ANOVA table was reliable test of checking the linear regression modelà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to explain any variation in the dependent variable of liquidity. This was perfectly obvious from the sig value of .000 that meant that the linear regression model was highly significant for the data collected for the research study conducted. In addition, ANOVA explained that all means are not equal. In table4.3 the final model of regression included only three independent variable that were free cash flow, earning per share, and return on equity These variables were included in the model due to highly significantly describing the relation with dependent variable dividend payout. Returns on equity and free cash flow have positive impact on dividend, while earning per share has negative impact on dividend payout. 4.2 Hypothesis Assessment Summary The hypothesis of research was unique financial factors had significant impact on the non-financial firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ dividend payout decision. These financial characteristics were cash flow taken as free cash flow of firms and profitability taken as earning per share and return on Equity of firms. This research tasted individual financial characteristics and concluded the result as follow. TABLE 4.4: Hypothesis Assessment Summary S.No. Hypothesis ÃŽÂ ² SIG. RESULT H1 There is significant impact of free cash flow on dividend payout. .001 .005 Accepted H2 There is significant impact of Return on equity on dividend payout. .216 000 Accepted H3 There is significant impact of Earning per Share on dividend payout. -.123 .016 Accepted H4 There is significant impact of Return on Assets on dividend payout. .340 .170 Rejected H5 There is significant impact of Net profit margin on dividend payout. -.034 .530 Rejected CHAPTER 5: DISCUSSIONS, IMLICATION, FUTURE RESEARCH AND CONCLUSION 5.1Conclusion It was concluded with support of results of this research study return on equity, earning per share, and free cash flow were significant independent variables in Pakistani market. These result were matching with the study under taken by Hafeez and Attiya (2009) in Pakistani context, Researchers concluded firms with high profitability and with stable earning can afford larger free cash flow therefore pay out larger dividends to its shareholder. In addition, Talat and Hammad (2010) examined the ownership structure and cash flow as determinants of dividend policy. Researchers concluded that companies in which high proportion of share were occupied by managers and individual were more reluctant of pay high dividends. In contrast, companies in which managerial and individual ownership is low paid less dividends. It was also concluded that companies having high operating cash flow increase companies potential to pay high dividend and it was considered cash flow sensitivity reduce the compa nies payout but still it was not determined as potential determinants of corporate payout in Pakistan. 5.2 Discussions Profitability and free cash flow could lay significant impact on dividend payout in Pakistani context. Hafeez and Attiya(2009) was also considered profitability as significant determinant of dividend payout, But study conducted by Talat and Hammad (2010) concluded operating cash flow cannot consider significant determinant of dividend payout in Pakistani market.This research considered that free cash flow and profitability measured through earning per share and returns on equity have significant impact on dividend payout of the companies. 5.3 Implication and Recommendations This research was encompasses non-financial companies listed on Karachi Stock Exchange Pakistan. The required data collected from 100 non-financial firms listed at KES for the period of 2005 t0 2009. Only firms were included in samples which were paid cash dividend for atleast two years. It is recommended that such type of study should be carried out in other countries of Asia. Further, it also recommended that other determinants except one analyzed in this study should be researched in more extensive manner so the dividend payout policy and its dynamics became clearer. 5.4 Future Research This research addressed the problems of investor, management and other researcher conductor in examining and observing the behavior of firm regarding their payout decisions. Research students who want to work further on dividend payout could be benefited by this study. In addition, all non financial firms will get benefit from this study because this research study taken all major sectors into the consideration and study clarified the impact of free cash flow and profitability on dividend payout.