Divorce Essay Example | Topics and Well Written Essays - 500 words

Divorce - Essay Example Similarly, the aggregate percentage of born again Christians who commit divorce, evangelical and non-evangelical alike, is statistically close to the figure of non-born again adults who have had divorce case with one-third of either population. Evangelicals do not necessarily attend the church though most are said to have had profound conviction in Christ and the doctrine of salvation by grace and if their count is combined with the number of believers who are basically parishioners, roughly about 33% enter into divorce whereas among the atheists and agnostics, 30% are reported to have gone through the similar situation. While the 3% difference may be attributed to the sampling error, the almost identical statistics is typically due to the lower rates of marriage experienced by the non-believers who prefer cohabitation. According to George Barna, â€Å"Americans have grown comfortable with divorce as a natural part of life† that is why such an act or decision of stepping out o f marriage has become prevalent. There apparently exists no huge deal in having divorce as American social structure has absorbed and become accustomed to the idea as if to acknowledge it being an ordinary norm or convention. The increase in cohabitation which correspondingly augments the likelihood of divorce may be claimed to generate a continuing trend especially since U.S.

Nutrition - Flavor Essay Example for Free

Nutrition Flavor Essay Science tells you what nutrients do in your body and how nutrients work together Explain why people who enjoy their food may absorb more nutrients from it. The brain reacts from the senses (sight and smell). It instructs your mouth and stomach to make chemicals that help digest food. What 5 factors contribute to different cultures having such different cuisines and food customs? Geography, Economics, Foreign Contacts, Religious Belief, Technology. List the 4 main components of the food chain and explain the function of each. Sun: The sun supplies the original energy for the planer in the form of light. This energy is needed to make food. Producers: Some organisms make or produce food. Green plants are important producers. Plants use the sun’s energy to produce food for themselves. Consumers: Organisms that must eat other organisms. Decomposers: Organisms such as bacteria and fungi that break down dead matter and return the nutrients to the environment. List the 5 reasons for using food additives. 1. Additive flavoring 2. Improving nutrition 3. Increase shelf life 4. Maintaining texture 5. Helping foods age Define the following: Nutrient – a chemical substance that your body needs to function, grow, repair itself, and create energy Wellness – good health and positive well-being. Includes physical, mental, and emotional health Comfort foods – are familiar foods that make people fell good Culture – the arts and other manifestations of human intellectual achievement regarded collectively Cuisines – may be particular to a country or region, or it may be a blend from different areas. Staple food – the most widely produced and eaten food in an area Ecosystem – an environment and its community of organisms, which all depends on each other for survival Food chain – is the flow of food energy from simpler to more complex organisms Shelf stable – able to be stored at room temperature for weeks or months in the original, unopened containers Shelf life – the length of time food holds its flavor and quality Food additives – A substance added to food for a specific reason during processing. Food is essential for survival and affects the quality of your life. Healthy food choices promote wellness. Food offers more than nutrition. It also offers enjoyment. Comfort foods may slow the release of stress hormones, making people feel better. Preparing and serving food lets you express your creativity. Different cultures have more than individuals ingredients and dishes, they have entire cuisines. Income had/has an influence on what people have/had to cook certain meals. Cultures absorb new foods through immigration, travel, and trade with other people. The food we eat depends on the health of the world’s ecosystem. The U. S. is fortunate to have abundant resources for raising food. What is one of the most important roles of food processing? To keep perishable foods from spoiling Food additives include natural and artificial flavors. When vitamins and minerals are added to foods like milk, this is labeled as improving nutrition. Increasing shelf life and delaying spoilage is known as shelf-stable.

Their Eyes Were Watching God Joe Starks Analysis

Their Eyes Were Watching God Joe Starks Analysis The character of Joe Starks in the novel Their Eyes Were Watching God written by Zora Neil Hurston is Janies second husband and an entrepreneur who is very charismatic and well off financially. However, Starks is a bit overzealous in his ambition. There isnt a lot of communication between him and Janie, or anyone else for that matter, and he has a huge a superiority complex, which leads to an uncontrollable jealousy over his most prize possession, Janie. Starks has envisioned himself as a big man in the novel. During the course of the story, Starks, in the beginning, is seen as a charming man, with a big dream and good intentions, ends up becoming the most powerful man in town, who is somewhat disliked because of spending practices and actions. Starks is somewhat seen as an imitator of the white man on top and the people of Eatonville resent him for it. When Starks is first mentioned in the novel, Starks a well dressed man, not usually seen in the parts Janie was from, he was dressed nice and looking good for the world to see, Janie sees Starks coming down the road. He wasnt just another passerby, he sees Janie, this beautiful girl on the road and he heads right for her, shes the one thats what he wants (Hurston 27). The character Joe Starks is an example of a man who knows what he wants in life, though he seems kind, and generous in nature, it is all a faà §ade. Starks is a selfish person, playing a role of a big man who sees himself above others. Through his strong sense of confidence, charismatic personality, and his financial background, Starks is able to gain the power and influence that he seeks within the town of Eatonville. He uses Janie his wife, as a symbol of personal success. She in his eyes is more of a trophy than someone he loves. Mr. Starks shallowly believes that with all his money and power should he be entitled t o a beautiful wife. From the moment that Starks meets Janie, he promises her the world. He guarantees all kinds of nice and exotic of things to her, not because he genuinely likes the girl, but because Starks sees something that he would like to have, and in order for him to get it, he has to promise the world to take Janie away from Logan Killicks, to whom she was currently married. There wasnt really a distinction between the two men, well besides physical appearance and age. They were two men wanting the same thing. The use of Janie as a way to progress in life, for Killicks, it was to work the land, to make it more valuable in the promise to turn it over to Janie. To Starks she would be a symbol of his power and success. Their Eyes is a lyrical novel that correlates the need of her first two husbands for ownership of progressively larger physical space (and the gaudy accoutrements of upward mobility) (Gates 197). Starks eventually succeeds in taking Janie away from Logan. After that she came to where Joe Starks was waiting for her with a hired rig. He was very solemn and helped her to the seat beside him. With him on it, it sat like some high, ruling chair (Hurston 32). In leaving with Mr. Starks, Janie assumes a role in a higher class, among the people who sit in a high, ruling chair. The same people whom Starks wishes or believes himself to be in. With running off and marrying Starks, Janie has moved up a notch in social standing. It was not because of her education or talents, but because shes beautiful and thats exactly what Starks wanted, a trophy. Starks does what he promised to do with Janie, which is buy her all these nice things and introduce her to a life of riches and luxury. On the train the next day, Joe didnt make many  speeches with rhymes to her, but he bought her the best things the butcher had, like apples and a glass lantern full of candies. Mostly he talked about plans for the town when he got thereà ¢Ã¢â€š ¬Ã‚ ¦Janie took a lot of looks at him and she was proud of what she saw. Kind of portly like rich white folks. Strange trains, and people and places didnt scare him neither (Hurston 34). Mr. Starks reveals his intentions or feelings that he already is in a higher class by flaunting his wealth. He buys Janie different kinds of things like fancy clothes and treats like apples and a glass lantern full of candies. Buying Janie all these fancy things is his way of trying to endear himself to her, as well as showing off the type of social class that he comes from. By buying his way into Janies life, Starks s ees to believe that rhymes and speeches are a poor mans way of romancing the woman. But through money and gifts as a form of romance, would be more of a higher class thing to do. Starks comes to Eatonville as a type of vivid dreamer, he has big plans for this little town of shacks and dirt. He brings his money, charisma, and a beautiful young bride to a developing town. The town starts off really small, too small for the town Starks had envisioned. No one really has thought about adding acreage to the town, or let alone about expanding. So here goes Mr. Joe Starks, the self-believed savior of this fledgling little burg. He guarantees the towns people a better place to live. So Starks, being the big man he envisions himself to be, goes right up to the white landowner and comes back with a deed to for the 200 acres the town needed. With the first task of Starks agenda finished, he gets everyone to go to work. So thats where the meeting was held with Tony Taylor  acting as chairman and Jody doing all the talking. A day was named for roads and they all agreed to bring axes and things like that and chop out two roads running each way. That applied to everyb ody except Tony and Coker. They could carpenter, so Jody hired them to go to work on his store bright and soon the next morning. Jody himself would be busy driving around from town to town telling people about Eatonville and drumming up citizens to move there (Hurston 40-1). Mr. Starks is the one who initiates the new building projects and construction of roads, hiring people to work for him, and giving himself the position of a spokesperson. After all, he was the one who bought all the land and the one with the plan itself. Who would argue with the man who come to Eatonville and change it for the better? Having attracted all the attention of the towns people, Joe calls a town meeting and gets himself elected as the mayor of Eatonville. Starks strong sense of self-confidence, execution of his plan for the town, and money, lead to control, and a sense dominance and power over the town. Starks shows off his new wealth and power in a strong resemblance of wealthy southern white man. Use the layout of the town for example. Starkss house sits almost in the middle of town, around his house sit in the rest of the people of the towns homes, but is far less as nice. Take for instance that new house of his. It had  two stories with porches, with banisters and such things. The rest of the town looked like servants quarters surrounding the big house. (Hurston 47). Starks spends his money on extravagant items like fancy spittoons for himself and even his wife. This type of free spending makes the citizens of Eatonville jealous and resent him for it. Before Starks moved into Eatonville, the people had never even thought of or had a reason to think of themselves in a different way, or even as low class, because they were all the same. The people of Eatonville before Starks came were all the same race and poor. Starks brought social differences and a type of class warfare to town, and now everyone else can see what theyre missing out on. It sort of made the rest of them feel that they had been taken advantage of. Like things had been kept from them. Maybe more things in the world besides spitting pots had been hid from them, when they wasnt told no better than to spit in tomato cans It was bad enough for white people, but when one of your own color could be so different it put you on a wonder. It was like seeing your sister turn into a gator. A familiar strangeness. You keep seeing your sister in the gator and the gator in your sister and youd rather not. There was no doubt that the town respected him and even admired him in a way. But any man who walks in the way of power and property is bound to meet hate (Hurston 47).   Starks whole life entails this high sense of esteem that his manhood brings. He has formed this feeling of entitlement because of what he brings to the table. He feels that with what he has done to the town he has a right to power, wealth, and authority. Starks considers himself justified because he was the one basically in charge of building up the town that only he should be the one to run it. He gets to decide what goes on there and whose opinion counts. He runs the town with somewhat of a first of tyranny and the people of Eatonville are often grumbling and comparing him to memories of the old white slave owners and rightfully so. Starks resembles the white man on top in many ways. He is well-fed appearance, dressed in the finest clothes, like the well-to-do white people at the time. He believes himself to be above the townspeople, they are lower than him. Even in the case of his wife Janie. He did not marry her for love. It was all for show. In his marriage to Janie rep resented his control of the people, the town, as the mayor, and the most of the money in town. The only love expressed by Starks, was the love for Joe Starks. He was the big man around town, everything else in his mind, was just symbol in the testament of greatness that is Joe Starks.

strenght of relational model :: essays research papers

Introduction The first database systems were based on the network and hierarchical models. A database can be defined as a collection of non-redundant data which can be shared by different application systems. A database implies separation of physical storage from use of the data by an application program to achieve program/data independence. Using a database system, the user or programmer or application specialist need not know the details of how the data are stored and such details are usually "transparent" to the user. . These are covered briefly in appendices in the text. The relational model was first proposed by E.F. Codd in 1970 and the first such systems were developed in 1970s. The relational model is now the dominant model for commercial data processing applications. The relational model can be used in both conceptual and logical database design. The basic structure in the model is a table .Tables consists of rows and columns. Relationships in the relational model are represented implicitly through common attributes between different relations. The relational model consist of a relational structure, a set of integrity rules, and data manipulation operations. The relational structure is based on the representation of data in the form of tables. A table contains rows and columns, with each row representing an individual record, and each column representing a field for each record. Tables are related via indirect indexes of primary and foreign keys. The operations that are performed on these tables in order to store, manipulate and access this data include union, intersection, join, division, restriction, projection, assignment, difference, and product. How do you know if the relational model best fits your intended application? An application that requires on-line transaction processing (OLTP) where multiple files are updated simultaneously could benefit from the table structure of the relational model. The relational model provides the ability to quickly insert data into tables. However, when it comes to querying--getting data out of the database--the relational model can be slower because it doesn’t support direct access in multiple joins that are possible with the network model. An RDBMS-based application requires the traversal of indexes to get at related data in other files and this requires additional disk accesses and CPU cycles. The more tables involved and the greater the volume of records in these tables the more time is spent in accessing disk storage to get a result set. But while the relational model has the power to meet heavy-duty OLTP needs--get data into the database--it is also an excellent choice for simpl e databases and for an inexperienced database designer.

English Only In The United States Essay

A countries identity is characterized by many different factors.   It may be the culture of the people, the beliefs, the technological advancement or the degree of economic prosperity.   It cannot be argued, however, that the single factor which brings all of these characteristics together and allows other people to appreciate and understand a country more is language.   All the signs of prosperity are meaningless without language to convey the real meaning.   Language is the single factor which allows people to become involved with a country and be able to call it their home.   The United States is one of those countries where to be American means to speak English.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The influx of foreigners and immigrants has given rise to an increase in the number of non-English speaking Americans.   While the term in itself is contradictory, it is sadly becoming a reality.   More and more modes of instructions in the United States are being translated into other languages in order to accommodate these increasing numbers of immigrants.   This is a travesty that surely makes the forefathers toss and turn in their graves.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The United States of America was founded on the English language.   It brought the people together and gave them the common will to fight for their independence and also to create a great nation.   People all over the world recognize this great achievement.   In recognition of this achievement, people teach themselves to speak English.   This is a testament to the greatness of not only the United States but of the English language as well.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The highest law of the land is the American Constitution and it is written in English.   There is no reason why other lesser laws or even regulations should be written in some other language.   Immigrants come to the United States not to conquer by imposing their language on the country but to learn and live the American way of life.   Part and parcel of the American life is learning how to speak English.

Business Economics Solutions Mba Essays

Business Economics Solutions Mba Essays Business Economics Solutions Mba Paper Business Economics Solutions Mba Paper ) and entrepreneurs. Economic resources are also called factors of production or inputs in the productive process As these names imply, economic resources are required to produce the outputs desired by society. Since certain outputs are desired, they command a price and so, therefore, do economic resources. This can lead to some things being economic resources in some circumstances but not in Others. Water in the middle Off lake, for example, is not an economic resource: Anyone can have it free. But the same water piped to factory site is no longer free: Its movement must be paid for by taxes or by a specific charge. It is now an economic resource because the factory owner would not pay for its delivery unless the water was to be used in the factorys production. These four types of resources are highlighted in the circular flow diagram where the type of income accruing to each type of resource is shown. Entrepreneurs are risk-takers: They coordinate the activities of the other three inputs for profit-?or loss, which is why they are called risk. Akers. Entrepreneurs sometimes manage companies that they own, but a manager who is not an winner is not necessarily an entrepreneur but may be performing some of the entrepreneurial functions for the company. Entrepreneurs are also innovators, or perhaps inventors, and profits help to motivate such activities. 2-5 (Key Question) Why is the problem of unemployment a part of the subject matter of economics? Distinguish between allocation technical and productive efficiency. Give an illustration of achieving productive, hut not allocation, efficiency. Economics deals with the limited resources-?unlimited wants problem. Unemployment represents valuable resources that could have been used to reduce more goods and services-?to meet more wants and ease the economizing problem. Allocation efficiency means that resources are being used to produce the goods and services most wanted by society. The economy is then located at the optimal point on its production possibilities curve where marginal benefit equals marginal cost for each good. Productive efficiency means the least costly production techniques are being used to produce wanted goods and services. Example: manual typewriters produced using the least-cost techniques but for Which there is no demand. 2-6 (Key Question) Here is a reduction possibilities table for war goods and civilian goods: Type of Production ID Automobiles Production Alternatives 10 12 14 16 IA 18 B I Rockets 130 127 a. Show these data graphically. Upon what specific assumptions is this production possibilities curve based? B. Fifth economy is at point C, what is the cost of one more automobile? One more rocket? Explain how this curve reflects increasing opportunity costs. C. What must the economy do to operate at some point on the production possibilities curve? A) See curve DECCA, The assumptions are full employment and productive efficiency, fixed applies of resources, and fixed technology. [epic (b)4. 5 rockets; . 33 automobiles, as determined from the table. Increasing opportunity costs are reflected in the concave-from-the-origin shape of the curve. This means the economy must give up larger and larger amounts Of rockets to get constant added amounts of automobiles-?and vice versa. (c) It must obtain full employment and productive efficiency. What is the opportunity cost of attending college? In 2000, nearly of college-educated Americans held jobs, whereas only about 40% of those who did not finish high school held jobs. How might this difference relate to opportunity costs? The opportunity cost of attending college (and of doing anything else) consists of the income forgone while attending college (and of doing anything else such as enjoying leisure) and the value of the goods that the student or the students parents sacrifice in order to pay tuition and buy books, and other items necessary tort college but not necessary otherwise. Those who are college- educated have the potential of earning more income than those who did not finish high school. The opportunity cost (sacrifice of goods and services) of not irking is much greater for those with the higher earning potential. 2-8 Suppose you arrive at a store expecting to pay $100 for an item, but learn that a store two miles away is charging SO for it. Would you drive there and buy it? How does your decision benefit you? What is the opportunity cost of your decision? Now suppose you arrive at a store expecting to pay 56000 for an item, but learn that it costs $5950 at the other store. Do you make the same decision as before? Perhaps surprisingly, you should! Explain why. Driving to the Other store to save $50 does involve some cost in terms of time and inconvenience. However, or most Of us the time it takes to drive two miles would be worth SO_ For example, if it takes about ten minutes extra time and a negligible amount of gasoline (unless your time is worth $300 an hour, or $50 per each ten-minute period), it would benefit PU to drive to the other store. While in the second case. 550 may seem like less compared to the 56000 total price, for you the $50 is still a $50 savings, exactly the same as in the first case. Therefore, you should apply the same reasoning. Is the $50 benefit from driving the extra two miles worth the cost? The conclusion should be the same in both cases. 2-9 (Key Question) Specify and explain the shapes of the marginal-benefit and marginal-cost curves and use these curves to determine the optimal allocation of resources to a particular product. It current output is such that marginal cost exceeds marginal benefit, should more or less resources be allocated to this product? Explain, The marginal benefit curve is downward sloping, MBA tails as more to a product is consumed because additional units of a good yield less satisfaction than previous units. The marginal cost curve is upward sloping, MS increases as more of a product is produced since additional units require the use of increasingly unsuitable resource. The optimal amount of a particular product occurs where MBA equals MS. If MS exceeds MBA, fewer resources should be allocated to this use. The resources are more valuable in some alternative use (as reflected in the higher MS) than in this use (as reflected in the lower ME), 2-10 (Key Question) Label point G inside the production possibilities curve you have drawn for question 6. What does it indicate? Label point H outside the curve. What does this point indicate? What must occur before the economy can attain the level of production indicated by point H? G indicated unemployment, productive inefficiency, or both. His at present unattainable. Economic growth-?through more inputs, better inputs, improved technology-?must be achieved to attain H. -11 (Key Question) Referring again to question 6, suppose improvement occurs in the technology Of producing rockets but not in the production Of automobiles. Draw the new production possibilities curve. Now assume that a technological advance occurs in producing automobiles but not in producing rockets. Draw the new production possibilities curve. Now draw a production possibilities curve that reflects technological improvement in the production of both reduces. See the graph for question 2-6. EPIC shows improved rocket technology. APPC shows improved auto technology. PEG shows improved technology in producing both products. 2-12 Explain how, if at all, each of the following affects the location tooth production possibilities curve. Standardized examination scores of high school and college students decline. B. The unemployment rate falls from 9 to 6 percent of the labor force. Defense spending is reduced to allow government to spend more on health care. D. A new technique improves the efficiency of extracting copper from ore. Assuming scores indicate lower skills, then productivity should fall and this would move the curve inward. (b) Should not affect location of curve. Production moves from inside the curve toward frontier. (c) Should not affect location of curve. Resources are allocated away from one type of government spending toward another (health care). (d) The curve should shift outward as more production is possible with existing resources. 2-13 Explain: Affluence tomorrow requires sacrifice today. This quote refers to the fact that economic growth and a rising standard of living in the future require investment today. Society can choose to consume 311 Of its income today, or it can set aside some of it for investment purposes. Productive resources that go for investment goods today, e. G. , new factories, machines, equipment, are obviously not being used for producing consumer goods. Therefore, consumption is being sacrificed today so that investment goods can be produced with some of todays resources. 2-14 Suppose that, based on a nations production possibilities curve, an economy must sacrifice 10,000 pizzas domestically to get the one additional industrial robot it desires, but can get that robot from another country in exchange for 9,000 pizzas. Relate this information to the following statement: Without international specialization and trade, a nation can reduce its opportunity cost to obtaining goods and thus get outside its production possibilities curve. The message of the production possibilities curve is that an individual nation is limited to the combinations of output indicated by its production possibilities curve, International specialization means directing domestic resources to output which a nation is highly efficient at producing. International trade involves the exchange of these goods for goods produced broad. Specialization and trade have the same effect as having more and better resources or discovering improved production techniques. The output gains from greater international specialization and trade are the equivalent of economic growth. 2-15 Contrast how a market system and a command economy try to cope with economic scarcity. A market system allows for the private ownership Of resources and coordinates economic activity through market prices. Participants act in their own self-interest and seek to maximize satisfaction or profit through their own decisions regarding consumption or reduction. Goods and services are produced and resources are supplied by whoever is willing to do so. The result is competition and Widely dispersed The command economy is characterized by public economic power. Ownership of nearly all property resources and economic decisions are made through central planning. The planning board, appointed by the government determines production goals for each enterprise. The division of output between capital and consumer goods is centrally decided based on the boards long-term priorities. 2-16 Distinguish between the resource market and product market in he circular flow model. In what way are businesses and households both sellers and buyers in this modem What are the flows in the circular flow model? The resource markets are where the owners of the resources (the households) sell their resources to the buyers of the resources (businesses). In the product markets, businesses sell the goods and services they have produced to the buyers of the goods and services, the households. Households (individuals) either own all economic resources directly or own them indirectly through their ownership of business corporations. These households are willing to sell their sources to businesses because attractive prices draw them into specific resource markets. Businesses buy resources because they are necessary for producing goods and services. The interaction of the buyers and sellers establishes the price of each resource. In the product market, businesses are the sellers and householders are the buyers; their role in the market has been reversed. Each group of economic units both buys and sells. One flow is the flow Of real goods and services (including resource services) and the Other flow is the flow of money (money income, consumption expenditures, revenue, production costs). -17 (Last Word) Which two of the six reasons listed in the Last Word do you think are the most important in explaining the rise in participation of women in the workplace? Explain your reasoning. A poll taken in a class of 60 college freshman gave the first three reasons (womens rising wage rates, expanded job accessibility, and changing preferences and attitudes) nearly all the votes, Each of these explanations received about one third of the votes. Surprisingly, not a single student voted for declining birth rates as a reason for the rise in the number of women in the workforce. The consensus of he class was that the last three explanations (declining birth rates, rising divorce rates, and stagnating male earnings) were the effects, rather than the cause of more women joining the workforce. Because wage rates are higher the opportunity cost of raising children has risen. Women have chosen to bear fewer children, because they are now relatively more expensive. Similarly, women who have a higher earning capacity find the opportunity cost of getting a divorce reduced. Finally, male earnings may have stagnated partially because of the entrance of large numbers of well-educated women into the workforce, increasing the competition for the available jobs. Individual Markets: Demand and Supply 3-1 Explain the law of demand. Why does a demand curve slope downward? What are the determinants of demand? What happens to the demand curve when each of these determinants changes? Distinguish benzene a change in demand and a change in the quantity demanded, noting the cause(s) of each. As prices change because of a change in supply for a commodity, buyers will change the quantity they demand of that item. Fifth price drops, a larger quantity Will be demanded, If the price rises, a lesser quantity will be demanded, The demand curve slopes downward because tooth substitution and income effects, When the price of a commodity decreases relative to that of substitutes, a buyer will substitute the now cheaper commodity for those whose prices have not changed. At the same time, the decreased price of the commodity under discussion will make the buyer wealthier in real terms. More can be bought of this commodity (as well as of others whose prices have not changed), Thus, the substitution and income effects reinforce each other: More will be bought of a normal (or superior) commodity as its price decreases. On a graph with price on the vertical axis and quantity on the horizontal, this is shown as a demand curve sloping downward from left to right. The fundamental determinant Of demand is the price of the commodity under consideration: a change in price causes movement along the commoditys demand curve. This movement is called a change in quantity demanded. Decreased price leads to movement down the demand curve: There is an increase in quantity demanded. Increased price leads to movement up the demand curve: There is a decrease in quantity demanded. In addition, there are determinants of demand, which are factors hat may shift the demand curve, i. E. , cause a change in demand. These are the number of buyers, the tastes (or desire) of the buyers for the commodity, the income of the buyers, the changes in price of related commodities (substitutes and complements), and expectations of the buyers regarding the future price of the commodity under discussion. The following will lead to increased demand: more buyers, greater desire for the commodity, higher incomes (assuming a normal good), lower incomes (assuming an inferior good), an increased price to substitutes, a decreased price to complements, and an expectation of higher future prices, This increased demand will show as a shift of the entire demand curve to the right. The reverse of all the above will lead to decreased demand and will show as a shift of the entire demand curve to the left. 3-2 (Key Question) What effect will each of the following have on the demand for product B? . Product B becomes more fashionable. B. The price of substitute product C falls. C. Income declines and product B is an inferior good d. Consumers anticipate the price of B will be lower in the near future. The price of complementary product D falls. F. Foreign tariff barriers on 8 are eliminated. Demand increases in and (O, decreases in (b) and (d). 3-3 Explain the following news dispatch from Hull, England: The fish market here slumped today to What local commentators called a disastrous level-?all because Of a shortage of potatoes. The potatoes are one of the main ingredients in a dish that figures on almost every cafe menu-?fish and chips [French fries]. The shortage of potatoes either meant they were not available in the required quantities at any price (i. E. , that the quantity demanded greatly exceeded the quantity supplied at the market price, for that is how a shortage is defined) or hat there was an exceptional scarcity of potatoes so that their price was far above normal. In any event, the restaurants could not get enough potatoes at what they considered profitable prices. Fish and chips are complements. The sharp increase in the price of potatoes (because of decreased supply) has led to a decreased demand tort fish and to a subsequent drop in its price to a disastrous level. 3-explain the law of supply. Why does the supply curve slope upward? What are the determinants of supply? What happens to the supply curve when each of these determinants changes? Distinguish between a change n supply and a change in the quantity supplied, noting the cause(s) of each. As prices rise because of increased demand for a commodity, producers find it more and more profitable to increase the quantity they offer for sale; that is, the supply curve Vial slope upward from left to right. Clearly, firms would rather sell at a higher price than at a lower price. Moreover, it is necessary for firms to demand a higher price as they increase production. This comes about because as they produce more and more, they start to run up against capacity constraints and costs rise. At any given time, a plant has a given size. As production increases, the firm will need to add an extra shift and then a third shift, both perhaps at higher wages. It may run out Of warehouse space and have to rent at higher cost from another firm. It may have to pay extra to get increasingly urgent raw material, and so on. The fundamental determinant of supply is the price of the commodity. As price increases, the quantity supplied increases. An increase in price causes a movement up a given supply curve. A decrease in price causes a movement down a given supply curve. The non-price determinants of supply are: resource (input) prices, technology, taxes and besides, prices of other related goods, expectations, and the number of sellers, It one or more of these change, there will be a change in supply and the whole supply curve will shift to the right or the left, The following will cause an increase in supply: a decrease in resource (input) prices; improved (lower cost) technology; a decrease in business taxes, an increase in subsidies to business; a decrease in the price of another commodity that this firm was making, provided that commodity is a substitute in production (the firm can switch from the now lower priced one to our commodity): an expectation of lower prices in the future; ND an increase in the number of sellers. The increase in supply caused by the noted change in one or more of the above will cause the entire supply curve to shift to the right More will now be supplied at any given price Alternatively expressed, any given amount will now be supplied at a lower price. Reverse of any or all the above changes in the determinants of demand will cause a decrease in demand and will be shown as a shift of the supply curve to the left. Less will now be supplied at any given price. Alternatively expressed, any given amount will now be supplied at a higher price. 3-5 (Key Question) What effect Will each Of the following have on the supply Of product B? A. A technological advance in the methods of producing B. B. A decline in the number of firms in industry B. C. An increase in the price of resources required in the production of B. The expectation that the equilibrium price of B will be lower in the future than it is currently. E. A decline in the price of product A, a good whose production requires substantially the same techniques as does the production of B. F. The levying of a specific sales tax upon B. G. The granting off 50-cent per unit subsidy for each unit of B produced. Supply increases in (a), (d), (e), and (g); decreases in (b), (c), and (f). 3-6Len the corn market, demand often exceeds supply and supply sometimes exceeds demand. *The price of corn rises and falls in response to changes in supply and demand. In which of these two statements are the terms supply and demand used correctly? Explain, In the first statement supply and demand are used incorrectly. Supply and demand are both schedules or curves that intersect where quantity supplied and quantity demanded are equal. One cannot talk of curves that intersect as exceeding or not exceeding each other. Supply and/ or demand can change (the entire curses can shift). Each time this happens, it will create a new intersection of the two curves that will lead to changes in the equilibrium quantity and price Of corn _ Thus, the terms supply and demand are used correctly in the second statement. 3-7 (Key Question) Suppose the total demand for Wheat and the total supply Of Wheat per month in the Kansas City grain market are as follows: Thousands 1 price loaf bushels demanded 177 1 160 per bushel 1400 14,90 Thousand Supplied I Surplus (+) I shortage (-) $3. 40 180 13. 70 14. 60 14. 30 a. What will be the market or equilibrium price? What is the equilibrium quantity? Sing the surplus-shortage column, explain why your answers are correct. B. Graph the demand for wheat and the supply of wheat. Be sure to label the axes of your graph correctly. Label equilibrium price P and the equilibrium quantity Q. c. Why will $3. 40 not be the equilibrium price in this market? Why not SC go? Surpluses drive prices up; shortages drive them down, d. Now suppose that the government establishes a ceiling price Do you agree? Of, say, $3. 70 for avatar_ Explain carefully the effects of this ceiling price. Demonstrate your answer graphically. What might prompt the government to establish a ceiling price? Data from top to bottom: -13; -7; O; *7; +14; and +21 _ Epic] (a) Pee = $4. 00; 75,000. Equilibrium occurs where there is neither a shortage nor surplus of wheat. At the immediately lower price of $3. 70, there is a shortage Of 7,000 bushels. At the immediately higher price Of $4. 30, there is a surplus of 7,000 bushels. (See Graph top of next page. (b) Quantity (thousands) of bushels. (c) Because at $3. 40 there will be a 13,000 bushel shortage which will drive price up. Because at $4. 0 there will be a 21 ,000 bushel surplus which will drive the price down. Quotation is incorrect; just the opposite is true. D) A $3. 70 ceiling causes a persistent shortage. This product may be a necessity and the government is concerned that some consumers might not being able to afford it. -8 (Key Question) How will each to the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitive market; that is do price and quantity rise, fall, remain unchanged, or are the answers indeterminate, depending on the magnitudes of the shifts in supply and demand? You should rely on a supply and demand diagram to verify answers. A. Supply decreases and demand remains constant. B. Demand decreases and supply remains constant. C. Supply increases and demand is constant. D. Demand increases and supply increases. E. Demand increases and supply is constant. F. Supply increases and demand decreases. G. Demand increases and supply decreases. H. Demand decreases and supply decreases. A) Price up; quantity down; (b) Price down; quantity down; (c) Price down; quantity up; (d) Price indeterminate; quantity up; (e) Price up; quantity up; (f) Price down; quantity indeterminate; g) Price up, quantity indeterminate; (h) Price indeterminate and quantity down. 3-tries are the automatic regulator that tends to keep production and consumption in line with each other, Explain When demand increases, prices rise. This induces producers to increase the quantity supplied as they move up their supply curves toward the new (higher) equilibrium point. The same happens in reverse when demand decreases. When supply increases, prices drop. This induces buyers to increase the quantity demanded as they move down their demand curves toward the new (lower) equilibrium point. The name happens in reverse when supply decreases. In each case, it is the change in price caused by the change in demand or supply that brings about the change in quantity supplied (in the case of a change in demand) and a change in quantity demanded (in the case of a change in supply). Thus, price is the automatic regulator that keeps production and consumption in line faith each other. 3-10 Explain: Even though parking meters may yield little or no net revenue, they should nevertheless be retained because Of the rationing function they perform. Even parking meters that charge, say, 25 cents an hour do reform a useful parking-spot-rationing function: When the hour is up, the car owner must either move the car or rush out to feed the meter to avoid getting a ticket.

Fluctuation of Share Prices in Bangladesh Essays

Fluctuation of Share Prices in Bangladesh Essays Fluctuation of Share Prices in Bangladesh Essay Fluctuation of Share Prices in Bangladesh Essay CONTENTS ABSTRACT3 over view of dhaka stock exchange4 introduction6 problem statement7 Overview7 Research Question/Hypothesis7 OBJECTIVES AND AIMS8 Overall Objective8 Specific Aims8 BACKGROUND AND SIGNIFICANCE9 research design and methods11 Overview11 Sources of Data11 Collection of Data11 time fram e 12 key determinants of share price of dse13 conclusion and recommendation17 BIBILIOGRAPHY 18 APPENDIX 19 Background As, in Bangladesh many people are involved in share business and, significantly many newcomers are heading towards the markets for investing but most of them are investing whimsically or without proper justification on the share markets. As a result some are gaining markedly and some are returning back loosing a great amount. Some think that dividend policy is the key factor of the share price fluctuation. Actually it is not the only factors behind the movement of share prices. Financial scholars have been conducting studies of dividend policy for several decades; but different researchers have come to different conclusions. Financial economists have come to different conclusion about factors determining dividend policy and effect of dividend policies on common stock price. A general question may arise in the mind of the shareholders that the corporate dividend policy affects the value of their stocks. So, in addition to the theory of dividend policy, it is necessary to discuss the empirical evidence on the dividend payment practices of the corporations and their possible impacts on common stock prices. : Empirical testing of dividend policy may focus on determinants which directly and indirectly affects the stock prices in Bangladesh especially in the Dhaka Stock Exchange. Key words: Stock market, economic factors, political factors, stability. INTRODUCTION The stock exchange has been perceived by many as the backbone for most contemporary economies, serving a critical need of raising capital funds for companies at a reasonably low cost as compared to other sources of finance such as borrowing. The stock exchange serves two critical functions; it provides a critical link between companies that need funds to set up new businesses or to expand their current operations and investors that have excess funds to invest in such companies and it provides a regulated market place for buying and selling of shares at prices determined by supply and demand, not withstanding other macroeconomic fundamentals such as interest and inflation rates. To meet their short-term cash requirements corporations usually borrow from banks. However, when corporations need long term financing they may sell their ownership interests in the company to the public, or borrow from the public by selling bonds. Stocks exist to enable companies in need of long term financing to sell pieces of their business as stock (equity securities) in exchange for cash. This is the principal method for raising capital other than issuing bonds. These publicly held shares could be traded to other investors on the stock market. The Bangladesh Stock Exchange (DSE) has become very important as an investment vehicle for both local and international investors especially after the introduction Economic Structural Adjustment Program (ESAP) in 1991 when borrowing rates increased to levels above one hundred percent. This study will try to unravel the major qualitative arguments of stock prices on the DSE. Origins of the Dhaka Stock Exchange: Dhaka Stock Exchange  (Generally known as DSE) is the main  stock exchange  of  Bangladesh. It is located in  Motijheel  at the heart of the  Dhakacity. It was  incorporated  in 1954. Dhaka stock exchange is the first stock exchange of the country. As of 18 August 2010, the Dhaka Stock Exchange had over 750 listed companies with a combined  market capitalization  of $50. 28 billion. History It first incorporated as  East Pakistan  Stock Exchange Association Ltd in 28 April 1954 and started formal  trading  in 1956. It was renamed as East Pakistan Stock Exchange Ltd in 23 June 1962. Again renamed as  Dacca Stock Exchange Ltd in 13 May 1964. After the  liberation war  in 1971 the trading was discontinued for five years. In 1976 trading restarted in Bangladesh. In 16 September 1986 was started. The formula for calculating DSE all share price index was changed according to  IFC  in 1 November 1993. The  automated trading  was initiated in 10 August 1998. In 1 January 2001 was started. Central Depository System  was initiated in 24 January 2004. As of November 16, 2009, the benchmark index of the Dhaka Stock Exchange (DSE) crossed 4000 points for the first time, setting another new high at 4148 points. Formation Dhaka Stock Exchange (DSE) is a  public limited company. It is formed and managed under  Company Act 1994,  Security and Exchange Commission Act 1993,  Security and Exchange Commission Regulation 1994, and Security Exchange (Inside Trading) regulation 1994. The  issued capital  of this company is Tk. 500,000 which is divided up to 250  shares  each pricing Tk. 2000. No individual or firm can buy more than one share. According to stock market rule only members can participate in the floor and can buy shares for himself or his clients. At present it has 230 members. Market capitalization of the Dhaka Stock Exchange reached nearly $9 billion in September 2007 and $27. billion in Dec 9, 2009. Management The management and operation of Dhaka Stock Exchange is entrusted on a 25 members Board of Director. Among them 12 are elected from DSE members, another 12 are selected from different trade bodies and relevant organizations. The CEO is the 25th ex-officio member of the board. The following organizations are currently holding posit ions in DSE Board: ? Bangladesh Bank ? ICB ? President of  Institute of Chartered Accountants of Bangladesh ? President of  Federation of Bangladesh Chambers of Commerce and Industries ? President of  Metropolitan Chambers of Commerce and Industries ? Professor of Finance Department of  Dhaka University ? President of DCCI (Dhaka Chamber of Commerce and Industry) Mr. Md. Shakil Rizvi is the current president of DSE. Trading The Dhaka Stock Exchange is open for trading Sunday through thursday between 11:00am – 3:00pm  BST, with the exception of holidays declared by the Exchange in advance. Recent Developments in DSE Total market capitalization of all listed securities in DSE increased substantially (by around 133 percent) in end of December, 2007 to Tk. 753. billion which, as a share of GDP, reached a new height in 2007 of nearly 16. 0 percent as against 2. 3 percent in 2003. In December 2007, a total of 350 securities were listed at DSE comprising 266 companies, 14 mutual funds, 8 debentures, 61 treasury bonds, and 1 corporate bond as opposed to a total of 267 securities comprising of 248 companies, 11 mutual funds, and 8 debentures in December 2003. Thu s during the last four years only 43 new companies got listed in the DSE of which only three were listed by direct listing route, and the rest were listed through public offering. Market indicators started to show new dynamism from November 2003 and reached new heights at the end of December 2003 as the daily average turnover jumped to Tk. 136. 9 million from the recorded low of Tk 30. 3 million in September 2003 (Chart 1). The DSE general index also started to rise from November 2003 which continued till the end of December 2004, as the DSE-Gen index reached its peak at 1971. 3. These developments owed significantly to the banking sector performance, as indicated by market capitalization and total turnover. Declaration of lucrative incentives in the FY04 national budget, floatation of shares of some profitable companies through Initial Public Offer (IPO) along with several important reform measures initiated by the Securities and Exchange Commission (SEC) helped to regain investor’s confidence back to the capital market. The FY04 national budget exempted the purchasers of listed equities of any queries as to the source of fund so long as purchased shares were not sold or transferred within two years of purchase. This was made effective for a limited period (FY04 to FY05). In addition, dividend-income tax was exempted and a new dividend distribution tax was imposed on the companies paying dividend. 1 One important development in the capital market in 2004 was the initiation of electronic settlement through the Central Depository System (CDS) in January 2004. In order to prevent market manipulation by in-house officials of listed companies, SEC banned the purchasing or selling of shares of a company by its owners during an interim period (from the date of the financial year closure and the day of approval of accounts by the company’s board). De-listing of 13 companies in August 2004 by DSE due to their repeated failure in complying with the listing rules was also an important step toward bringing discipline in the stock exchange. The trading of Bangladesh Government Treasury Bonds (BGTBs) started in DSE from January 2005. However, in order to temper the rising trend of stock index and control excess liquidity in the capital market, SEC temporarily suspended the credit facility extended by brokers to their clients. 2 At the same time, SEC also increased the members’ trade margin requirements by reducing the free trading limit from Tk. 10 million to Tk. million. As a result, secondary market activities became quiet during January-Februaryn 2005 and the daily average turnover declined to Tk. 245 million from Tk. 402 million in November-December 2004. However, the daily average turnover of DSE increased to Tk. 447 million in March 2005, which significantly surpassed the level of daily average transactions during the F Y03-FY05 period. 3 Considering the interest of the investors, SEC amended the margin rule in February 2004 by increasing the free limit to Tk. 10 million; and withdrew the order relating to the suspension of margin rule in April 2005. At the end December 2005, the stock index stood at 1,677. 3. The market observed a downward trend during January-June 2006 and then turned positive from July 2006. In August 2006, the daily average turnover at DSE reached Tk. 561 million, where Dhaka Electric Supply Company (DESCO) and Rupali Bank Limited accounted for around 13 1 In order to attract companies into the capital market, several other steps were also taken. The corporate tax rate for non-listed companies was fixed at 37. 5 percent and for listed companies it remained unchanged at 30 percent (and 45 percent on banks, insurance, and financial institutions). However, 10 percent tax rebate was allowed for companies declaring 20 percent or more in dividend. 2 The DSE-general index increased by 52 percent during July to December 2004 and the daily average turnover increased from Tk. 140 million in March-July 2004 to Tk. 316 million in August-December 2004. 3 Around 59 percent of the turnover was attributed to the banking sector. and 4 percent of the total turnover respectively. 4 In the wake of political instability, the market witnessed fluctuations during the last two quarters of 2006; the index however rose to 1,609. at the end of 2006. Sign of vibrancy in DSE started from the beginning of 2007 and continued till the last trading day of the year. All the market barometers significantly rose during 2007 reflecting regained investors’ confidence after 1996 stock market bubble. The increasing trend of DSE-Gen index started in January 2007 and continued over the year except for a short period covering February-April 2007. The DSE-Gen index crossed the 3,000 mark for the first time and closed at 3,017. 2 on the last trading day in 2007. In October 2007, the daily average turnover at DSE reached Tk. ,297 million, but declined to Tk. 1,244 million in December 2007 mainly due to SEC intervention. 5 OBJECTIVES AND AIMS Overall Objective It is important to have a sound knowledge over the field where someone wants to have an access in business or any career related job. Since, share market is popularly recognized as a good field for investment many people intends to invest here for safety and good return than Bank or any other Financing company. But some people found it more volatile than other and considered as insecure investment. My study would like to meet up the following pursued objectives To map out the limitations of the bank-based financing system of Bangladesh. To examine the structure of the existing financial sector of Bangladesh emphasizing on an organized capital market. To analyze limitations and examine opportunities of the capital market of Bangladesh covering both equity and debt markets in creating a congenial investment climate. To provide a useful basis for building a sustainable capital market with a view to creating a healthy investment climate in Bangladesh. To find out the reason of market fluctuation and make a steady market . Specific Aims The main objectives of the study is to make a sustainable environment in the share market as the investors find it a safe and secure place for their investing . Attract investors to invest more in the market showing that the reasons of the market fluctuation and its inside conspiracy . MATERIALS AND METHODS The focus of this review is the determination of stock prices in Bangladesh. To gather the information that we wanted we used interviews and the archival method. We targeted the people in the various organizations/companies that are registered on the Dhaka Stock Exchange, stock exchange staff, stock broking firms, investment analysts. In some instances we engaged people in some informal discussions because if people know that they are being interviewed they tend to withhold some information which they think is sensitive. We also gathered published information [3] from various libraries and the Bangladesh Stock Exchange publications. Importance of stock markets The importance of the stock market as an investment vehicle for the investors is explained here. Very few people in Bangladesh are aware that they can invest money on the stock market and reap some very lucrative returns through dividends and capital gains. For investors who invest on the market there are of course some risks that they have to live with, for example, the unexpected crashing of the stock market. According to McGregor[6] companies usually borrow money from banks in order to meet their short-term cash requirements. However, when they need long-term finance, they may sell their ownership interests in the company by using common and preferred stocks. Moreover, they can also borrow from the public by selling bonds to meet their long-term capital requirements. Stocks exist to enable companies in need of long-term finance to sell pieces of their business as stocks (equity securities) in exchange for cash. The selling of equity securities is the principal method of raising long-term capital other than the issuing bonds. The publicly held shares can be traded to other investors on the stock market and are in this case, known to be liquid[5]. According to Stanlake[7] company shares represent permanent loans and there are no rights to repayment of such loans. He also noted that in the absence of some kind of stock exchange, securities such as these will be very illiquid and it would be very difficult to find buyers for them. Hence, the existence of the stock exchange solves this problem because it provides a market where holders of shares and long term securities can always buy and sell them. A company that has obtained permission to have its shares traded on the stock exchange will find it much easier to raise new capital by making an issue of shares. The stock exchange, therefore, is an essential part of the capital market, i. . , market for long-term loans[2]. Shauna Croome[1] states that companies receive money from the securities market only when they first sell a security to the public in the primary market, which is commonly referred to as an Initial Public Offer (IPO). It is in the subsequent trading of these shares on the stock market that investors buying and selling the stock would benefit from the movements in the stock price. The benefits accrue through either the appreciation of the stock price or the dividends that are paid out. Croome[1] further went on to explain why management and founder members of a given company care about their stock’s performance in the secondary market when the company has already received its money in the IPO. He argued that the explanation lies in the fact that management or founder members of a public company tend to own a significant number of shares and also that salary incentives or stock options for management could be tied to the performance of the company’s stock. For these two reasons, management acts as shareholders and thus pay attention to their stock price. According to McGregor[6] another main role of the stock market is to act as a barometer of the financial health for the companies that are listed. Thus creditors tend to favorably consider companies whose shares are performing very well for financing purposes. This preferential treatment is due to the relationship, which exists between a company’s earnings and its share price. Over the long term, strong earnings are a good indication that the company will be able to meet its debt requirements. As a result, the company will receive cheap finance because of the lower risk associated with it. The Dhaka Stock Exchange provides the platform and the means for raising capital for both Bangladesh and international companies through the issuance of equity, debentures and depository receipts. It also provides investors with the opportunity to buy and sell shares in any company listed on the stock exchange. The other fact that has to be considered is that a stock exchange has been perceived as the backbone for most contemporary economies, serving a critical need of raising capital funds for companies at a reasonably low cost as compared to other sources of finance such as borrowing[2]. RESULTS AND DISCUSSION OF DETERMINANTS OF STOCK PRICE OF DSE The determinants of stock prices that we established after analyzing the data that we collected through archival techniques and interviews are summarized below: Corporate earnings: Information on a company’s performance and growth prospects is very important in determining a company’s share price. Demand increases for the shares that have a high prospect for growth (blue chip shares). The prices of such shares rise much faster than those of companies whose growth prospects are bleak. The expected receipt of dividend income is sometimes an incentive for investing in a given stock, particularly if the yield on the investment exceeds the return offered on other alternative investments like savings accounts. Investors may pay a premium for shares in issue. The less liquid the shares are, the more difficult they are to come across and one may have to pay a premium in order to get them. Management: The strength of the management team plays a very crucial role in determining the price of a share. Changes in the management team affect both the risk and returns associated with the counter. If the Nincumbent management team is perceived to be strong due to its past performance, changes in such a team can result in the dropping of share price and vice versa. Lawsuits: News of lawsuits against a company can severely affect its share price. Besides the issue of unwanted bad publicity, lawsuits can result in fines, damages and/or withdrawal of trading licenses. This is risky for an investor and therefore causes a plunge in the share price. Market liquidity and stability: When the market is less liquid, there are no funds to buy shares and hence share prices go down especially when supply is high. During financial crises, stock market information is very sensitive and hence share prices are volatile. Stock prices normally decline during the subscription period and when companies announce rights issues. Stock markets include laws that govern insider trading because this can also lead to share price volatility. Insider dealing is trading of stocks by people within the company who have important information about the direction the company is taking. The public may deduce that when the insiders are buying or selling shares of their own companies, they have some important information about the companies that drive them to do so. Availability of substitutes: When the market has substitute securities such as loan stocks, unit trusts and treasury bills, the share prices often go down or remain constant. For eight days from the 7th to the 14th of October 2004, most share prices for companies on the DSE traded at constant prices due to the short term treasury bills that were issued by the central bank during the same period to reduce market liquidity. For example, Old Mutual shares traded at a constant price of $11800 during that period even after the publication of some impressive results. Government policy: Changes or proposed changes in the system of taxation, government spending, monetary policy and in industrial policy (e. g. , privatization) can have an important effect on people’s willingness to buy or sell shares. In Bangladesh the recent problems that were experienced in the financial services sector have had profound effect on the financial counters. According to the Business Herald (5th of October 2004) financial counters are no longer as attractive to the prospective investors as they were in the previous years. Sentiments on the financial counters, with the exception of those that are financially stable reached their lowest ebb in 2004. During the first half of the year financial counters either remained static or plummeted, with at least three firms being suspended from trading on the Dhaka Stock Exchange. It can also be noted that each time a monetary policy or a government budget statement is presented the share prices are affected in some way. This clearly demonstrates the fact that government policy and actions impact on the share prices of listed companies. Macroeconomic fundamentals: Interest rates and inflation also have an effect on share prices. Where real interest rates are negative, investors tend to seek alternatives that yield positive returns and shares are one such alternative. As investors move from the money market to the DSE, share prices are likely to increase due to increased demand. When investors are assured of positive real interest rates on the money market they are more likely to invest on the money market where returns are guaranteed instead of the stock market where returns are uncertain. The exchange rate also has an effect on share prices as it affects the companies that either export or import. Devaluation of a currency might have a positive effect on the share price of an exporting company as it improves its competitiveness on international market. However, the companies that import raw materials are negatively affected by devaluation as their production costs automatically go up. On the other hand, companies that produce import substitutes are likely to benefit from devaluation as the imported products become less competitive as compared locally produced goods. Investor sentiments: Share price movements are also explained by the perceptions of the investors. For example in a bull market share prices are expected to rise and in a bear market they are expected to fall. Investor sentiments may be demonstrated through the seasonality of stock markets. For instance, share prices are usually anticipated to fall during the festive season. This compels some investors to redeem their shares just before the beginning of the festive season so as not to experience capital losses. The level of confidence of the investors in the general economy and economic policies of the country also impact on the share prices. For example, the land reform program, social unrest and policy reversals that were experienced between 1997 and 2001 negatively affected the stock market, as investors were uncertain about the direction the economy was taking. Uncertainties of this nature may also affect the global markets, for example, just after the 11th of September 2001 attack on the USA major world stock markets recorded their lowest volumes of trade. Technical influences: Technical influences are another factor that impact on share prices. A good example is the ranking of counters according to the performance and the profitability of the companies. Investors tend to regard highly counters in the ‘top ten’ and these are the companies they would be inclined to invest in. This is a self-fulfilling prophecy because as investors demand such shares their prices continue to go up. For example, in Bangladesh counters such as Old Mutual, Portland Cement, British American Tobacco, Delta Life Insurance are some of the counters in the top ten and they are the ones that are popular with investors. Another technical influence is the use of past share prices to forecast how share prices and stock markets will perform in the future. A company’s previous performance may always act as a pointer to its future performance and this guides investors as far as their investment decisions are concerned. Analyst reports: Analysts’ recommendations on â€Å"buy† or â€Å"sell† decisions affect prices of stocks in question as investors normally take heed of such recommendations. The public normally accepts the advice given by the analysts since the analysts are specialists in their respective fields. The determinants of share price on the basis of face value: Every company has a face value Company announce the dividend on the basis of face value On the basis of premium on share On the basis on right share On the basis of bonus share Earning revenue of company determined the share price Reputation of company often determined the share price Consistency of company often determined the share price Offerings of company determined the share price Determinants of share prices on the basis of Market Mechanism Ignorance about share market Syndicates affect on share market False information is a determinant of share market Unconsciousness of money market is one of the main reason of the fluctuation of the share market, Determinants of share prices on the basis of liquidity and governmental steps Interest rate of Bangladesh Bank and commercial Bank Inflation rate Total GDP Determinants of Market Price of Common Stock Present, past and future earnings of the company generally guide the shareholders? expectations of dividends and capital gains. The portion of earnings into dividends, and retained earnings is taken into account by the investors. Two major hypotheses are basically developed to explain the determinants of share price viz. , i) dividend hypothesis and ii) retained earnings hypothesis. The former attributes the explanation of share prices to the proportion of earnings that are distributed as dividends. Share price of a company with higher dividend payout would be higher. Even, if earnings remain the same, share price will increase as dividend payout increases. Several arguments, however, are developed in favor of dividend hypothesis as: a) dividends tend to reduce the risk and uncertainty attached to a share, b) it refers to the psychological preference of investors for current rather than future earnings, and c) it relates to the information content of dividend payout as dividends are taken by investors as a tangible evidence of earnings capacity of a firm. Retained earnings hypothesis, on the other hand, contends that higher share prices are consequences of higher retained earnings. Retained earnings being an important source of internal financing for business expansion effect share prices by their influence on future earnings. Kumar and Mohan (Kumar and Mohan, 1975) hypothesized that the market price of share is a function dividends and retained earnings and used the following regression Equation: Pit = a + bDit + cRit 29 where, Pit = price of stock i at time t, Dit = dividend per share of stock i at time t and Rit = retained earnings of stock i at time t. The coefficients they estimated for the two explanatory variables, dividends and retained earnings, are more or less equally significant. They argued that the dividend hypothesis has a little superiority over the retained earnings in determining the share prices, as T value is found slightly higher in case of dividends. Consistently, Nishat (Nishat, 1995) attempted to judge the relative importance of the dividend vis-a-vis retained earnings hypothesis in determining the share prices. He developed the following model to compare the dividend and retained earnings influence on the share prices in highly profitable growth industries of Pakistan: Pit = ? 0 + ? 1Dit + ? 2Rit Where, Pit = price of stock i at time t, Dit = dividend per share of stock i at time t and Rit = retained earnings. The above model might cause an upward bias in the dividend coefficient due to two major reasons. Firstly, the relationship is misspecified as it assumed that the riskiness of the firm was uncorrelated with dividend payout and share prices. This problem should be eliminated by introducing a variable namely lag of earning price ratio, to measure individual deviation from the sample average earning price ratio in the previous year periods as follows: Pit = ? 0 + ? 1Dit + ? 2Rit + ? 3[P/E] i(t? ) Where, [P/E]i(t? 1) = price earnings ratio of the previous Secondly, the income reported by a corporation in any particular period is subject to a host of short-run economic and accounting factors. If prices were related to normal than reported income, in regression equation, it would produce biased results in favor of dividend payout. However, the difference between the dividend and retained earnings coefficient might be reduced by use the following model: Pit = ? 0 + ? 1Dit + ? 2Rit + ? 3Pi(t? 1) Where, Pi(t? 1) = share price of the previous year. Some Policy Implications Volatility in stock prices is a common phenomenon in the equity market. Individual stock price undergoes ups and downs which is a regular feature of an efficient stock market. In the absence of price volatility, potential investors lose interest to participate in the stock market. However, careful monitoring of volatility by the concerned authority is needed in DSE which is yet to achieve maturity especially when high volatility exists in the market. If necessary, there should be effective intervention when the market experiences excess volatility. During unpredictable movements of individual stock prices, it would be useful for the authority to identify the factors behind such price movements and quickly disseminate the information to interested stakeholders. In addition, the authority may take measures to make available all relevant information relating to real worth of the companies experiencing excess volatility in stock prices, especially to the investors. It isn also important to ensure adequate supply of stocks through active participation of the government in the capital market particularly to dampen the excess demand. The endeavor should be to make the market more liquid, and the government can directly contribute to this by floating more treasury bonds. The availability of risk-free instruments would allow the investors to diversify their portfolios that carry lower risks. Of course, greater awareness and the development of stock market infrastructure are essential to stock market development. In addition, it is necessary to ascertain enforceable regulations that would ensure financial transparency, stop financial malpractice, and prevent any form of market manipulation. Capital market participation, in the form of floating debt and equity or asset securitization, remains the acceptable options of financing and materializing these options. As a financial product, securitization has gained popularity in Bangladesh for providing a method of issuing bonds that ensure maximum safety for investors. Most importantly, securitization addresses the fundamental asset liability maturity mismatch problem by providing true long-term funds. Upswings and downswings in the share market occur daily and no one can fathom the precise reasons. Why do the share prices fluctuate, beating the estimates of the brokers or investors? The price level is affected by the complex environment of the total economic system and all the economic activities are interlinked. Some of the important reasons that adversely affect the market are, extreme climatic conditions like heavy rain and floods or the total absence of it leading to crop failure, the varying interest rates, the political developments, war-like conditions or actual war, policy changes made by the government in the regulatory mechanism, and conditions that disrupt the confidence of the investing community. Even when the economic conditions are favorable, the share prices may crumble due to many extraneous factors. The internet and industrial revolution have deeply impacted the market and the technological advancement will continue to affect the small and big companies. The concept that world is one family has become the reality in the commercial world. So, global and domestic factors will have to be taken into account while  trading  in shares. Not long ago, if an entrepreneur thought of establishing an industrial unit, his survey would mostly confine to similar units within the country and their competing capacities. The situation is no more the same. For example, the giftware industry in India is facing stiff competition from China, and several units have pulled the shutters down or are on the verge of closure. The shareholders who invested in reputed gift items manufacturing companies have suffered losses. The most unexpected things happen in the share market and the random, unforeseen forces do their job pretty well to demolish the conclusions of the analysts and researchers. The market shifts dynamically with the impact of the laws of supply and demand, and the cyclical nature of the share market. Even a shrewd investor can only make a general guess about the adverse market factors affecting shares, but the precise predictions are impossibility. Finally, there are  stock  specific factors and general market conditions that will impact the price of a share. Professional stock trading companies offer consultancy that will help an investor to take profitable decisions. Do not go by cheap advertisements that promise you the moon. Such agencies get payment of their fees/brokerage and later land you in trouble. Conclusion and Policy Implications This study attempts to analyze different theoretical models in explaining the impact of dividend vis-a-vis retained earnings along with other independent variables like price earnings ratio of the previous year, lagged price on the prices of the stocks associated with DSE. To this end, some empirical studies relating stock prices to dividends and retained earnings conducted elsewhere have been analyzed. These studies produced considerable controversy and confusion regarding relative importance of dividend and retained earnings in the explanation of stock prices. In my study, the relative importance of dividend, retained earnings, price earnings ratio of the previous year and lagged price in explaining stock prices of the companies listed with DSE are explained. The findings suggest that in the market of DSE the overall impact of dividend on stock prices is comparatively better than that of retained earnings when dividend and retained earnings are taken as explanatory variables. It is also found that the impact of dividend and retained earnings is above the impact of additional explanatory variables like price earning ratio for the previous year and lagged prices. It means that whatever explanatory variable is taken announcements of expected dividends of the firms listed with DSE play an important role in the determination of stock prices. On the other hand, the study evidenced little bit different view when industry-wise dynamic relations are revealed. In some industries the impact of dividend on stock prices is stronger than that of retained earnings when dividend and retained earnings are taken as explanatory variables. In some cases the dividend impact remains very close to the retained earnings impact and in some cases impact of retained earnings on stock prices is comparatively better than that of dividend. It is also found that the impact of dividend and retained earnings is above the impact of additional explanatory variables like price earnings ratio for the previous year. But the impact of dividend and retained earnings is not above the impact of additional explanatory variables like lagged prices. Finally, it may, however, be concluded that whatever explanatory variable is taken announcements of expected dividends of the firms listed with DSE does not play an important role in the determination of stock prices in all industries. Although the study does not uncover the exact reasons of the dividend relevance like these, it merely provides that dividend announcement of the organizations in all industries does not have substantial explanatory power in explaining stock prices of the firms listed with Dhaka Stock Exchange. REFERENCES AHARONY, J. SWARY, I. 1980. Quarterly Dividend and Earnings Announcements and Stockholders Returns: An Empirical Analysis. The Journal of Finance, 35, 1-12. ALLEN, D. E. RACHIM, V. S. 1996. Dividend policy and stock price volatility: Australian evidence. Applied Financial Economics, 6, 175-188. ATIASE, R. K. 1985. Predisclosure Information, Firm Capitalization, and Security Price Behavior Around Earnings Announcements. Journal of Accounting Research, 23, 21-36. BAE, G. S. , S. , C. Y. KANG, J. K. 2008. Intragroup Propping: Evidence from the Stock-Price Effects of Earnings Announcements by Korean Business Groups. Review of Financial Studies, 21, 2015-2060. BAJAJ, M. VIJH, A. M. 1995. Trading Behavior and the Unbiasedness of the Market Reaction to Dividend Announcements. The Journal of Finance, 50, 255-279. BALI, R. HITE, G. L. 1998. Ex dividend day stock price behavior: discreteness or tax-induced clienteles? Journal of Financial Economics, 47, 127-159. BAMBER, L. S. 19 86. The Information Content of Annual Earnings Releases: A Trading Volume Approach. Journal of Accounting Research, 24, 40-56. BAMBER, L. S. CHEON, Y. S. 1995. Differential Price and Volume Reactions to Accounting Earnings Announcements. The Accounting Review, 70, 417-441. BARCLAY, M. J. SMITH, C. W. J. A. W. , R. L. 1995. The Determinants of Corporate leverage and Dividend Policies. Journal of Applied Corporate Finance, 7, 4-19. BEAVER, W. H. 1968. The Information Content of Annual Earnings A [pic]

My Critique of the Movie Scent of a Woman Essay Example

My Critique of the Movie Scent of a Woman Essay Example My Critique of the Movie Scent of a Woman Essay My Critique of the Movie Scent of a Woman Essay MY CRITIQUE OF THE MOVIE SCENT OF A WOMAN Jeanie Morrison English 225 Introduction to film Alene Morrison May 30, 2011 MY CRITIQUE OF THE MOVIE SCENT OF A WOMAN Even though some people may not care for the language used in this film, I believe the movie Scent of a Woman (1992) is an A+ drama story about two people Charlie Simms (Chris O’Donnell) and Lt. Colonel Frank Slade (Al Pacino) both of which are great actors and we all know(Al Pacino) as a movie star, this movie was put together and made well it is in chronological order with continuity editing and is in Dolby digital surround sound, it was made using spherical cinematography, high key lighting and featured close up scenes of both actors; the movie is based in New Hampshire and later the story has an unexpected visit to New York City. The movie â€Å"Scent of a woman† is about a Boston prep school senior who decides to take a babysitting job on his Thanksgiving holiday in order to earn money to buy a ticket home to Oregon for his Christmas break he has no idea what he has taken on until he meets Lt. Colonel Frank Slade the person for whom he has to â€Å"babysit†. Lt. Colonel Frank Slade is a bitter, lonely, blind veteran who is hard to get along with and has his own plans for the Thanksgiving holiday and takes his babysitter along for the ride. Scent of a woman† is an R rated movie (under 17 requires accompanying parent or guardian). It includes sexual references and adult language. This movie was directed and produced by Martin Brest; screenplay by Bo Goldman; the director of photography was Donald E. Thorin; it was edited by William Steinkamp, Michael Tronick and Harvey Rosenstock; music by Thomas Newman; production designer, Angelo Graham; and was released by Universal Pictures. The main actors in this film are (Al Pacino) as Lieut. Colonel Frank Slade and (Chris O’Donnell) as Charlie Simms (Maslin J. 1992). Scent of a woman was made in chronological order in which the beginning, middle and end of the story are all in order as to not confuse the audience. This movie was made with continuity editing with planning of shots so that cutting to different camera positions would not confuse the audience but let them believe that everything was happening in a continuous ime and space, it was also made using spherical cinematography a special lens used to cover the photographs along with high key lighting to make the actors stand out from a scene along with close up scenes in which the scene drew the audience into the film Goody Koontz B. Jacob C. P. (2011). I believe the movie â€Å"Scent of a Woman† is an A+ drama story about two people Charlie Simms (Chris O’Donnell) and Lt. Colonel Frank Slade (Al Pacino) the movie is based on the dialog mai nly between the two characters, which takes place in New Hampshire and later the story has an unexpected visit to New York City. Throughout the whole movie we are pulled into the conversation between these two men. The story starts out in New Hampshire where Charlie meets Lt. Colonel Slade who takes control over his own Thanksgiving Holiday plans and brings Charlie along for the ride, with the two of them taking a trip to New York City and Charlie experiencing things he could never imagine. Indeed, while some people may not care for the language used in this film, I believe this movie is an A+ Drama story about two people Charlie Simms (Chris O’Donnell) and Lt. Colonel Frank Slade (Al Pacino). I really enjoyed this movie it had a truly believable story line that would leave the audience feeling that no matter how miserable, mean, or insane their love one may become with age there is always a way to turn them around, by letting them know they are needed and showing that you truly care. Reference Goody Koontz B. Jacob C. P. (2011) Film from Watching to Seeing San Diego CA: Bridge Point ED. , Inc. Retrieved from http://content. ashford. edu Maslin J. (1992) Review/Film: Scent of a Woman; Al Pacino, Indulging A Lust For Life New York Times Review Retrieved from movies. nytimes. com/movie/review

The Engineering Disciplines Essay Example | Topics and Well Written Essays - 1000 words

The Engineering Disciplines - Essay Example This indicates the numerous career paths that a civil engineering professional can pursue. All civil engineers must have a bachelor’s degree, while advanced degrees are only essential for individuals who want to enter into academic, research, and managerial positions (Bugliarello, 1994). With the various civil engineering disciplines a civil engineer has a lot of fields to choose from. Civil engineering has progressively been developing and thus moving away from the gold-standard which required the necessity to design so as to function and grown into the need to embrace the ability to design to environmental and cost compatibility. This revolution has occurred due to the presence of web and the computers. With the availability of computers, the manual computations and the slide rule have been done away. Designs are now made with the use of Computer Aided Programmes. Geomatics Engineering Geomatics engineering entails the collection of data in the field so that it can be used i n the calculation of mapmaking information which is then used in performing computer-aided drafting and computations. An individual aspiring to be a geomatics engineering professional should take courses in; land information systems, construction surveying, surveying drafting, computer applications in surveying, mapping, fundamentals of imaging/photgrammetry and cartography and GIS software. Some of the places of work for a geomatics engineer can be working for the forest service, agencies for Bureau and land management, national government agencies, highways departments and for small and large engineering survey firms (Drennon, 2005). With the numerous courses studied while doing a geomatic engineering course it opens up a big field for opportunities of employment. The geomatics engineering field has been opening up in the past to include some of the emerging trends such as remote sensing, Geographic information systems (GIS), global navigation satellite system (GNSS), and geodesy. The military have also been having a major interest in this field as it helps them in creating effective and efficient navigation systems which they can use for security purposes. This is an indication on the geomatics engineering opens up various opportunities which are challenging and interesting. Mechanical Engineering Mechanical engineering is among the broadest and widest engineering disciplines. The mechanical engineering discipline entails the manufacture, design, development, and the use of test tools on machines, engines, and mechanical devices. Strong math and science skills are essential for a career in the mechanical engineering discipline. This requires the studying of courses in energy-transfer, engineering science, mechanics and manufacturing disciplines. That is why the primary areas for specialization of mechanical engineers include design mechanics, manufacturing, energy and automotive. Mechanical engineers always work with all aspects of machinery and tools inclu ding design, development, and research phases which allow them various career options within the field. With a bachelor’s degree a mechanical engineer can start with entry level jobs progressing to become chief mechanical engineer. Mechanical engineers can also work in agriculture production or manufacturing, technical sales, maintenance and can become managers or administrators (The Engineer, 2004). Some

Continents Trading compare (The United State and Taiwan) Essay

Continents Trading compare (The United State and Taiwan) - Essay Example Technology has enabled people living in US to be able to access products that are manufactured in different countries. To get a product in a foreign country, a person will only check the relevant website selling the product, see the price and purchase through online banking. The product will be delivered to the place of resident through different means such as air mail or shipping. After reading Jared Diamond’s statement, the â€Å"Cargo hypothesis†, I came to understand what is meant by the geography and the development of one country. In his statement, he gave an example about why European countries develop better than many other countries, and according to his understanding it is as a result of geographical location. At first, I dint agree with her statement that development rate differs because of geographical location. At first, I thought the geographical position of all the European countries is not different from countries such as the American and Asian. European countries are rich and they have capability of investing in different fields in order to improve on their technology: for instant, Chinese government always try to improve the country economy by all means. Some people think that the country is poor but according to my own opinion they are not poor, it is only that they do not understand how to increase the country economic and lif e style level. This reminds me of the statement that Diamond gave concerning understanding and knowledge. He argued that knowledge is very important since it help a country develop: the more people to get educated, the more development in that country. In many Western countries such as England, France, and U.S., people can easily access education unlike in countries like China. This is a big issue which has caused different rate of the development in different regions. In this project, I will be focusing on Asian continent, Taiwan, which is a well-developed

Risk Management Essay Example | Topics and Well Written Essays - 3000 words

Risk Management - Essay Example The three main management risks that the Company faces are (i) procurement risk; (ii) Human Resources Management risk; (iii) and, accounting risk. These three kinds of risks are common to large chain store like Wal-Mart (Zsidisin, 2008). Wal-Mart has employed improved management strategies to deal with the problems caused by these risks. As an international organization, Wal-Mart constantly faces the challenge of maintaining cohesion among its employees who are multiracial and multicultural employees. This has been a serious issue that Wal-Mart tries its best to grapple with since it began its globalization drive. Similarly, there are perpetual worries about risks inherent in the procurement and the computation of yearly financial accounting. These three operational risks are broadly described below. 2 Current Risk Management Process Since the nature of the risks is dynamic, Wal-Mart has always come up with the appropriate approach to identify, respond, monitor and mitigate or contro l the three forms of risks highlighted in the foregoing. Through efficient management procedure and principles, Wal-Mart has been able to keep its operational risks under control—some of the approaches utilized by the organization is described as follows: (i) Human Resource Management Risk:-Wal-Mart faces many risks arising from its sometimes inefficient human resources management. A few of human resources problems that have threatened Wal-Mart’s brand in recent years is the odd practice of treating women unequally with their male counterparts, subtle racial discrimination and also the policy of refusing jobs or promotion to employees that have on-the-job life-threatening injury (Spedding and Rose, 2007). This problem has caused the organization millions of dollars in legal damages over the years. As a result of this, Wal-Mart has implemented an effective approach to handle this brand-destroying risk. (ii) Procurement risk:- Wal-Mart also confronts incessant procuremen t risk like every other chain store that receive supplies from different kinds of suppliers. There are risks associated with the sources and quality of the supplies that are sold to customers. Are they from legal or counterfeit sources? Have the suppliers utilized illegal labor (like in China) to produce the goods? Are the 3 goods of highest quality consumable by people in other countries? Are there any standards that are laid down to encourage suppliers to think about consumers’ delight rather than insane profitability? (McCullough et al., 2008). (iii) Accounting Risk:- Chain stores always experience huge risk in computing all their financial transactions that would be presented in their yearly annual reports due to human errors, market forces and the improper utilization of accounting software. This problem has been recognized as a serious risk an organization must make efforts to mitigate (Chorafas, 2007). Other causes of financial risk include but not restricted to unstab le exchange rates (especially for a multinational), volatility in the financial markets, and accounting risks sparked by business risk (Chorafas, 2007). The flowchart below explains how Wal-Mart typically handles the three risks described above. Flowchart: Risk identification, response, monitoring, and control. (a) Identification: Risk managers or officers are distributed to each department to discover any claims of racial or gender inequality among Wal-Mart

Australian Legal Professional Practice Essay Example | Topics and Well Written Essays - 1750 words

Australian Legal Professional Practice - Essay Example Further, the education and training of legal practitioners may also be necessary in other areas – where more personal, moral know-how and judgment may be necessary. This may be required – as the operations of the legal framework often will call for informed opinions and in-depth know-how – mainly due to the dynamics of human relations and the modern society, which make up the epicenter of legal practice. One of these areas that really call for legal ethics and professional responsibility from lawyers is that of the nature, dynamics, and the effects of family violence, where areas like sexual assault – found at the center of the family violence context is given critical regard and review. In support of the personal responsibility to be exercised by lawyers in this area, is that consistent definitive meanings of family aggression across the varied legislative schemes – namely the state and regions need to be clearly understood. This is the case, as a common understanding of the types of the varied conduct that constitute or amount to family violence is to be formed or understood. The professional responsibility of the lawyers is also called upon, in the cases where implementation gaps are evident – for example in the area of sexual assault, mainly because written law and the practice in operation often are not in line with each other. Such a case is traceable in the case where some individuals, parties or localities give consideration to myths and misconceptions related to the nature and the dynamics to be considered.... This paper will be a documentation of the justification for this varied approach in the practice of law – which is supposed to provide a more accommodative field of practice, and give reasons and justifications as to why it is not enough for a lawyer to simply follow the guidelines of legal practice. The paper will also explain on what other sources or resources may be useful towards a more effective legal practice – with reference to Australian legal practice (Milne 112)(Zines 130). The basic proposition in question is that lawyers – despite being guided by the Legal practice guidelines, have to employ their ethical and professional sense of responsibility in the making or arriving at distinctive resolutions. This is the case, as the guidelines simply offer a basic framework within which the ultimate decision is to tend – but not any definite resolutions regarding the issues at hand. In this case, the moral and professional judgment of the lawyers is to b e put to use – in defining the appropriate course of action or decision to be taken, for the case at hand. This paper’s argument is fully in agreement with the basic proposition in question – and will be backed up by solid evidence to precisely show how the personal – as well as the moral judgment of the Lawyer are a major requirement in legal practice, if only legal practice is to be completely accommodative of each case and legal situation (Howard 75). Further, the education and training of legal practitioners may also be necessary in other areas – where more personal, moral know-how and judgment may be necessary. This may be required – as the operations of the legal framework often will call for informed opinions and in-depth know-how – mainly due