Investing In Liquid Or Non Liquid Assets - Free Essay Example

Sample details Pages: 18 Words: 5465 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? CHAPTER 1: Liquidity was found to be one of the most important unresolved problems in the field of corporate finance (Brealy and Myers, 1996). In addition, the same studies found that the liquidity management was the pinpoint of determining both future investment opportunities and future capacity of external borrowing. Firms, in general, invested in the most liquid assets. Don’t waste time! Our writers will create an original "Investing In Liquid Or Non Liquid Assets" essay for you Create order Liquid assets made up a considerable segment of total capital or assets and had the more important implications for the risk and profitability of firms (John, 1993). For instance, according to Kim, Mauer, and Sherman (1998), the average ratio of cash plus marketable securities to total assets (Liquidity) was 8.1% during the period of 1975 to 1994 of a sample of 915 industrial firms of the United States of America. Kim et al. (1998) analyzed both the costs and benefits of holding the liquid assets and concluded that the investment in liquid assets (e.g., Treasury Securities) was more costly because by investing in liquid assets, the firms accepted opportunity cost of investing in less liquid and more rewarding assets; furthermore, the firms also bear transaction costs of trading financial securities. But firms managed significant and predictable amounts of excess liquid asset holdings because of the capital market imperfections provided a strong logic to maintain some excess liquidity to tackle some emergencies. Huberman (1984), Ang (1991), and Myers and Rajan (1995) had noted that liquid assets might prompt more severe agency problems than less liquid assets. Specifically, if and only if the external financing was costly, the investment in liquid assets was the most advantageous reply to having to seek costly external financing to fund future production needs or investment opportunities and the costs of external financing included the direct expense to issue securities, the costs arising from potential agency conflicts, and costs arising from the adverse selection problems attributable to asymmetric information (Smith, 1986). Thus, investment in surplus liquidity can be viewed as a cost-effectively rational way to reduce the firms reliance on costly external financing. Obviously, any such remuneration must be balanced against the holding costs that liquid assets force on the firm. Liquid assets earned a low rate of return as compared to the less liquid asset s. However, the firms despite decided to hold a positive amount of liquid assets provided undecided future in-house funds and costly external financing. Hence, it was concluded that there was a tradeoff between the holding cost of liquid assets (a low rate of return) and the benefit of minimizing the need to seek costly external financing if internally generated funds were insufficient to finance future investment opportunities. According to Horne and Bowers (1968), liquidity can be expressed as the ability to realize value in an accepted means of exchange. Being the acceptable means of exchange, money was the most liquid asset and was also a benchmark against which the value of other type of monetary assets was compared as to its degree of replacement. In addition, liquidity had two dimensions: the one was the time required to convert the asset into money, and the other was the certainty of the price realized, i.e., the stability of the exchange ratio between the money and the a sset. In the business world, there was the high corporate demand for liquidity and firms in the real, financial and industrial sectors managed its liquidity needs in the numerous ways in order to carry out further production and investment plans efficiently without being stopped by impermanent liquidity deficiencies. The firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ decisions regarding the future ability to avail financial funds was affected by several key factors such as the capital structure set deadlines for settling the amounts to investors, corporations did not invest all of its resources in the most profitable, long term projects and in fact they also invested funds in less profitable liquid assets, the corporations engaged in the risk management and derivatives were used to evade the particular risks (such as rate risk, exchange rate risk, etc.), and lastly, international risk burden was also measured by the companies. (Holmstrom and Tirole, 2000) 1.2 Problem Statement In the corporate finance, the liquidity was considered to be one of the most important issues. The main objective behind the study of the corporate liquidity was that this was the most important issue for the present firms to either invest in the more liquid assets or to invest in the less liquid assets. Furthermore, investment in liquid assets was prompted by several other factors such as the future investment opportunities and future uncertain cash flows and the external costly financing. Contrastingly, the investment in less liquid assets attracted the corporations because of the high rate of return of such investments. The purpose of the study was to notice whether the financial factors explained in detail by Kim and David and Ann (1998), and John (1993), present the detail regarding the choice of the firm to invest in liquid or non liquid assets in Pakistan. The scope of study was to analyze the distinctive financial factors which affected the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ decisi ons to place their funds in more liquid assets and on the basis of firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ financial factors, the research study determined the choice of investing in liquid assets or the choice of having internal liquidity. 1.3 Hypotheses A central query in front of firms which needed new finance to invest in operational activities was whether to use internal funds generated through the most liquid assets or to raise the costly external financing. Various factors impacted the decision regarding the decision to invest in liquid assets (liquidity). The firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s characteristics had the great importance in selection of the investment decisions; these characteristics were firm size, operating income to sales ratio, operating income to total assets ratio, market to book ratio, inventory plus gross fixed assets to total assets ratio, log natural of annual sales, total debt ratio, and long term debt ratio. Many authors as Kim and David and Ann (1998), John (1993) discussed these characteristics in research. The hypothesized relationship of these listed factors with liquidity is provided below: H1: There is negative impact of Firm Size on Liquidity. H2: There is negative impact of Total Debt Ratio on Liq uidity. H3: There is negative impact of Long-Term Debt Ratio on Liquidity. H4: There is positive impact of the ratio of the Market to Book Value of Equity on Liquidity. H5: There is positive impact of the ratio of Operating Income to Sales on Liquidity. H6: There is negative impact of the Operating Income to Total Assets ratio on Liquidity. H7: There is negative impact of the ratio of Inventory plus Gross fixed assets to Total Assets on Liquidity. H8: There is positive impact of sales of firms on liquidity. 1.4 Outline of the Study The research structured as follows. Chapter one was based on the introduction of the thesis, which consists of the some introduction of the liquidity by different authors, the statement of problem, scope and objectives, hypothesis etc. Chapter two consisted of literature review given by different authors, theories on liquidity and factors affecting the choice of decision to invest in more liquid assets or not. Chapter three described methodology which is composed of justification of the selection of the variables utilized in analysis sample, the data, technique and hypothesis, also estimate model utilized in analysis. In chapter four, analyses of the results were there which were taken after the data processing. Chapter five contained the final results, conclusions and recommendations. References were included in chapter number six. CHAPTER 2: LITERATURE REVIEW When a firm wanted to invest in a project or production facilities, there was a question before the firm that it should use its own funds or retained earnings or raise an external financing. The firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s answer to this question did not affect the wealth of security holders in the world of Miller and Modigliani (1961) where the capital markets were perfect. However, among other things, the capital market perfection means the absence of liquidity problems. Resultantly, all assets can be exchanged for cash and vice versa and that exchange was made at the market value and it does not entail a loss. (Huberman, 1984) The real markets were not quite perfect and one can see a variety of reasons about it. Consider the example of firms wishing to finance new projects by issuing claims on the projects. If the firms knew more about the projects than the outside world knew and the claims were considered risky, a market collapse may take place (Ackerlof, 1970). If the firms bel ieved their projects were good, will perceive that their claims were undervalued by the market and will not issue such claims and only the projects of pessimistic firms will be financed (Huberman, 1984). Finally, it was the best option that a firm used its own liquid assets to invest quickly without going to the capital market under certain circumstances. Hence, it was the most desirable that a firm possesses the excess liquid assets in the real world of capital markets imperfection (Huberman, 1984). There was a vast literature available on the liquidity and one of the most prominent theories of liquidity is the Liquidity Preference Hypothesis (LPH). 2.1 Liquidity Preference Hypothesis (LPH): The Liquidity Preference Hypothesis (LPH) gave details that the return on government securities was a monotonically rising function of the time to maturity. That was, restricted on all on hand information, the probable monthly return on a T-bill with one year to maturity should surpass the probable monthly return on a six month T-bill, which should be better than the sure yield on a one month T-bill, and so on. Regardless of the shape of the term structure or any other economic variables contained in the agentà ¢Ã¢â€š ¬Ã¢â€ž ¢s information set, the LPH meant this condition. The underlying intuition behind the LPH was that the longer term bonds are riskier; that was, they were more susceptible to the fluctuations or volatility in interest rate than the shorter term bonds and the individuals needed to be compensated for the risk of holding these bonds, hence, the higher predicted yield. (Boudoukh, and Richardson, and Smith, and Whitelaw, 1999) The LPH did not worry about the choi ces investors made between the whole variety of financial assets, on the one hand, and other broad classes of assets, on the other. LPH took as given the choices determining how much wealth was to be invested in financial assets and concerned itself with the distribution of these amounts among cash and substitute financial assets. An issue can be identified here; that is, why should any balances be held in cash, in preference to other financial assets? The author distinguished two possible sources of liquidity preference, while recognizing that they were not mutually exclusive. The first was inelasticity of expectations of future interest rates. The second was insecurity about be future of interest rates. (Tobin, 1958) Tobin (1958) argued liquidity preference as the theory of most advantageous portfolio masterpiece in a two-asset (money, bonds) world in which one asset (money) was riskless in his original paper. The basic conclusion of Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s theory of liquidity preference and portfolio choice rested on the properties entitled to these  µ-à ¡Ã‚ »? curves. According to Lachmann (1937), in current literature there appeared to be present a reasonable amount of conformity among writers that uncertainty had to be looked upon as the foremost determinant of movements in the size of cash balances, i.e., as the main cause of liquidity preference. At more rapidly scrutiny, though, this noticeable agreement came out as to some extent full of twists and turns, because diverse writers gave this word a different meaning. In the following, it was only restricted to the assessment of two examples of monetary theories in both of which the most important role was allocated to uncertainty, and it was found based on the research that in each case the word had a different meaning. After that, the results of the critical assessment of these theories will be used in the best way with the intention to find that meaning of à ¢Ã¢â€š ¬Ã…“uncertainty wh ich will enable the research study to regard it as the cause of liquidity preference. Uncertainty was but one of a lot of grounds of liquidity preference. Possibly the failure of the author to set up a causal association between uncertainty and liquidity preference was due to the authorà ¢Ã¢â€š ¬Ã¢â€ž ¢s having used the word uncertainty in too broad and too indefinite a meaning. The endeavor to ascertain a causal association between uncertainty and liquidity preference had up to now driven out to be an absolute failure. Wells (1983) had publicized that want for liquidity was an indispensable economic reaction to the not able to be understood and considerably variegated future which always lied to the front. Liquidity was valued in an indecisive world because it afforded economic units the preference of not entirely host aging their own economic future to the uncertain future of the economy. Its ownership provided businesses and households the elasticity to reorganize their econo mic plans, to redistribute their wealth as the future slowly opens out and becomes the past, as acquaintance was gained with the simple passage of time. In short, this was Keyness (1937) theory of liquidity preference. And from just this explanation it can be simply understood why his hypothesis, as it was remade by subsequent generation of writers, turned out to be detached from Keyness (1937) unambiguous acknowledgment of the central significance of time and uncertainty, of liquidity and liquidity preference. The disconnection came about largely because the fact that our information of the future was unpredictable, indistinguishable, and doubtful demonstrated to be a perception far too short lived to support contemporary quantitative model building research. Keyness concepts were real, but they were necessarily so unclear and imprecise that model builders could not well integrate these phenomena into their analytics. Kaldor (1981, 1982) for instance observed that the stress on liquidity preference as a theory of the demand for money had made an immense contribution to the accomplishment of monetarism. As long as the demand for money could be shown statistically to be less than perfectly elastic and the supply of money to be determined independently enough from the demand, the supply of money was the major determinant of economic activity. This investigation presented here puts emphasis that liquidity preference was a theory of the desire to hold short- versus long-term assets and that the state of liquidity preference was presided over primarily by the productivity of business. (Mott, 1985-1986) According to the Keynesà ¢Ã¢â€š ¬Ã¢â€ž ¢s liquidity preference theory, the authorities achieved their objectives, which the author understood to be set with respect to the level of the interest rate, against the background of liquidity preference. The interest rate was changed not only by varying the rate at which the central bank was all set to discount (Bank rate), but also by open market operations: sale or purchase of securities between the central bank and the other market members. According to Reilly and Brown (2005), the theory of Liquidity Preference hold that the higher returns must be given on the long term investments than the shorter ones because some of the yields and returns to invest in the short term investments were given up by the investors in order to avoid the greater price fluctuations of the securities having longer life. Another way to interpret the liquidity preference hypothesis was to say that lenders preferred short term loans, and, to induce them to lend long term, it was necessary to offer higher yields. The liquidity preference theory was also called the Term Premium Theory and it asserted that uncertainty and volatility caused investors to favor short term issues over bonds with longer maturities because short term securities were less volatile and can easily be converted into predictable amounts of cash should unforeseen events occur. This theory argued that the yield curve generally sloped upward and that any other shape should be viewed as a temporary deviation. To see how the liquidity preference theory predicted the future yields and how it compensated with the pure expectations hypothesis, to predict future long term rates from a single set of one year rates: 6 percent, 7.5 percent, and 8.5 percent. The liquidity preference theory suggested that investors added increasing liquidity premiums to the successive rates to derive actual market rates. As an example, investors might arrive at rates of 6.3 percent, 7.9 percent, and 9.0 percent. As a matter of the historical fact, the yield curve showed an upward bias, which implied that some combination of the liquidity preference theory and expectations theory will more accurately explain the shape of the yield curve than either of them alone. Specifically, actual long term rates consistently tended to be above what was envisioned fr om the price expectations hypothesis. This tendency implied the existence of a liquidity premium. The liquidity premium was provided to compensate the long term investor. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Data was collected from Karachi Stock Exchange KSE 100 Index as given by State Bank of Pakistan in publication Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2003-2008). The period of study covered six years, 2003-08. The opted sample size of 70 non financial firms was taken from KSE 100 Index and all of the non financial firms listed on KSE 100 Index were selected for the samples which were either manufacturing firms or service providing firms excluding the financial firms. The objective behind the exclusion of the financial firms from the sample was that liquidity impact of the financial firms and non financial firms was entirely different. 3.2 Sample Size A sample of 70 non financial firms from KSE 100 Index was taken. Only firms were used in the samples which were only the non financial firms which included the industrial firms and service providing firms listed on the KSE 100 Index form 2003-2008. The impact of the different financial factors on the liquidity was analyzed on all of the non financial firms selected as the sample. 3.3 Research Model Developed There were various financial factors of the non financial firms which affected the liquidity of the firms. This research study analyzed the impact of different factors on the liquidity. The factors, their relation with the liquidity, their measurement formula and the hypothesized relationship with liquidity were discussed below following the discussion after à ¢Ã¢â€š ¬Ã‹Å"Liquidityà ¢Ã¢â€š ¬Ã¢â€ž ¢. 3.3.1 Liquidity According to Horne and Bowers (1968), Liquidity can be expressed as the ability to realize value in an accepted means of exchange. Being the acceptable means of exchange, money was the most liquid asset and is also a benchmark against which the value of other type of monetary assets was compared as to its degree of replacement. In addition, liquidity has two dimensions: the one was the time required to convert the asset into money, and the other was the certainty of the price realized, i.e., the stability of the exchange ratio between the money and the asset. Kim and David and Ann (1998), and John (1993) both measured the liquidity as the ratio of cash and marketable securities to total assets. 3.3.2 Firm Size and Liquidity Recent research showed that small firms were more likely to face borrowing constraints than large firms Gertler and Hubbard (1988), Whited (1992), and Fazzari and Petersen (1993). In addition, Barclay and Smith (1996) argued that the cost of external financing was smaller for larger firms because of scale economies resulting from a substantial fixed cost component of security issuance costs. H1: There is negative impact of firm size on liquidity. 3.3.3 Total Debt Ratio and Liquidity The firms debt ratio was expected to be negatively related to liquid assets. There were at least two reasonable reasons. Baskin (1987) argued that as the firms debt ratio increased, the cost of funds used to invest in liquidity increased thereby reducing funded liquidity. Additionally, John (1993) argued that firms with access to debt markets-as proxied by the debt ratio-can use borrowing as a substitute for maintaining a stock of liquid assets. Firms with ready access to debt markets and other sources of borrowing can also use debt as a substitute for liquidity maintenance. H2: There is negative impact of total debt ratio on liquidity. 3.3.4 Long Term Debt Ratio and Liquidity Baskin (1987) argued that as the firms long term debt ratio increased, the cost of funds used to invest in liquidity increased thereby reducing funded liquidity. Additionally, John (1993) argued that firms with access to debt markets-as proxied by the long term debt ratio-can use borrowing as a substitute for maintaining a stock of liquid assets. Firms with ready access to debt markets and other sources of borrowing can also use debt as a substitute for liquidity maintenance. H3: There is negative impact of long term debt ratio on liquidity. 3.3.5 Operating Income to Total Assets and Sales Ratio and Liquidity According to John (1993), similarly, operating incomes or cash flows provided a ready source of liquidity. Firms with ready access to debt markets and other sources of borrowing can also use debt as a substitute for liquidity maintenance. Therefore, firms with good operating incomes (OI/S or OI/TA) or ready sources of financing (proxied by measures of debt) can afford to keep lower levels of liquidity. Hence, liquidity ratios (LIQR) would be lower for firms with higher operating incomes. H4: There is negative impact of operating income to total assets ratio on liquidity. H5: There is negative impact of operating income to sales ratio on liquidity. 3.3.6 Inventory and Gross Plant and Equipment to Total Assets Ratio and Liquidity Another measure of the liquidity costs of asset restructuring was the collateral value of the assets Shleifer and Vishny (1992). Titman and Wessels (1988) suggested proxies for the collateral value. The ratio of inventory plus gross plant and equipment to total assets (IGP/TA) was positively related to collateral value. The liquidity costs of asset restructuring were negatively related to collateral value. A firm with assets of high collateral value needed only to maintain low levels of liquidity. In other words, the liquidity measures will be decreasing in IGP/TA. H6: There is negative impact of inventory and gross plant and equipment to total assets ratio on liquidity. 3.3.7 Market to Book Ratio and Liquidity Myers (1977) argued that risky debt financing may engender sub- optimal investment incentives when a firms investment opportunity set included growth options. Managers acting on behalf of equity holders may fail to exercise profitable investment options because debt captured a portion of equity holders return in the form of a reduction in the probability of default. The firm can reduce the risk of financial distress and thereby mitigate the incentive to under invest in growth options by maintaining excess liquidity. This view also predicted a positive relation between corporate liquidity and the market-to-book ratio. H7: There is positive impact of market to book ratio on liquidity. 3.3.8 Sales and Liquidity According to John (1993), the variable sale was one of the control variables to account for the level of liquidity justified by transaction and precautionary motives. The variable sales proxy for the transaction needs of the firm. H8: There is positive impact of sales on liquidity. The model developed was a linear model and its specifications are provided below: LIQR = a0 + a1FIRM + a2DEBT + a3LTD + a4LSALES + a5OI/S + a6OI/TA+ a7 IGP/TA+ a8Market to Book Ratio + ц LIQR = the sum of cash and marketable securities divided by total assets FIRM = natural log of the book value of total assets DEBT = the ratio of shorter period plus longer period debt to total assets LTD = the ratio of longer period debt to total assets LSALES = natural log of the annual sales OI/S = the ratio of operating income to sales OI/TA = the ratio of operating income to total sales IGP/TA = the inventory plus gross fixed assets to total assets ratio à Ã¢â‚¬Å¾ = the error term The proposed relationship of the independent variables on liquidity is summarized in the below table: TABLE 3.1 : Relationship between Independent Variables and Liquidity  Firm Size Debt LTD OI/TA OI/S IGP/TA Market to Book Sales Liquidity negative negative negative negative positive negative positive positive 3.4 Statistical Technique Multiple Linear Regression Analysis (MLR) technique was used for this research study to examine the impact of the distinctive financial characteristics of the non financial firms on their liquidity of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. Multiple Regression Analysis technique was used for the purpose of prediction of the decision of the non financial firms to invest in the liquid assets or not. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., liquidity. The multiple regression analysis was selected for this study because the multivariate analysis was more suitable than univariate investigation. In such a way; to openly taking into consideration, the interaction between multiple regressing variables, the study included the derivation of the linear regression function. It showed the intensity of the impact on liquidity during year 2003-2008 on the basis of several independent variables. CHAPTER 4: RESULTS The sample of 70 non financial firms from the Karachi Stock Exchange KSE 100 Index was taken; Multiple Regression Analysis (MLR) technique was used for this research study. Researcher examined the distinctive financial characteristics of non financial firms which invest in the more liquid assets. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., Liquidity. 4.1 Findings and Interpretation of the results Initially, the regression technique was applied on the data collected using SPSS. It was obvious from the results that there was the existence of strong multicollinearity among the predictors of the liquidity and this implies that there was strong interrelationship present among the independent variables. Hence, the results generated through SPSS were purely biased. In addition, there was the absence of the normality among the variables. Due to non normality, the results were not providing the true picture of the impact of the different predictors on the study variable. While resolving the problem, it was noticed that the main cause of the multicollinearity among the predictors was due to the two independent variables including firm size and annual sales. So, annual sales variable was removed from the analysis of the impact of different factors on liquidity. Hence, the multicollinearity issue was resolved. In resolving the issue of normality, various transformations were appl ied on the variable in order to normalize the variable so that the results could be more reliable; and accurate outlook of the true picture of liquidity can be made. Ultimately, all the issues were successfully resolved which were creating hindrances in the way of accuracy of results. Now, proceeding with the analysis of the results because the data was normal and there was also no multicollinearity issue in the data. The interpretation and analysis is presented in the next sections of this research study. TABLE 4.1 : Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 .724a .524 .439 .06894 Table 4.1 showed the summary regarding the regression model. The R square of 52.4% in the above table showed that the all the predictors of liquidity combined together explained 52.4% variation in the dependent variable and the remaining variation was unexplained or latent predictors were not included in the model. TABLE 4.2 : ANOVA Model Sum of Squares Df Mean Square F Sig. 1 Regression .204 7 .029 6.141 .000a Residual .185 39 .005   Total .390 46    The table 4.2 checked the significance of the linear regression model in such a way that the reliability of the data file regarding the applicability of the regression technique can be understood from the above table; however, ANOVA table was reliable test of checking the linear regression modelà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to explain any variation in the dependent variable of liquidity. This was perfectly obvious from the sig value of .000 which meant that the linear regression model was highly significant for the data collected for the research study conducted. TABLE 4.3 : Coefficients Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF 1 (Constant) .379 .146  2.597 .013   Debt Ratio .053 .450 .018 .119 .906 .515 1.942 Long-Term Debt Ratio .718 .842 .138 .854 .398 .466 2.148 Operating Income to Total Assets Ratio .718 .967 .144 .742 .462 .325 3.072 Square Root of Operating Income to Total Sales Ratio .449 .389 .202 1.154 .255 .397 2.519 Square Root of Inventory plus gross plant and equipment to total assets -.823 .168 -.648 -4.891 .000 .696 1.438 Natural Logarithm of Market to Book ratio .001 .017 .010 .066 .948 .534 1.871 Firm Size .000 .009 .000 -.001 .999 .858 1.166 In the table 4.3, the final model of regression included only one independent variable which was square root of inventory plus gross fixed assets to total assets ratio. This was included in the model because this was the only variable which was highly significant in playing a vital role in explaining the variation in the dependent variable of liquidity ratio. In short, these results were not consistent with the results of Kim and David and Ann (1998), and John (1993). The other independent variables were not significant in explaining the variation in the dependent variable of liquidity ratio because firstly, the economic and the financial environment was different; secondly, the behavior of the non financial firms was not same as that of the foreign firms in regard of liquidity; and lastly, the decisions of the firms regarding the portion of their investments in liquidity were affected by the political situation and the security threats of Pakistan. 4.2 Hypotheses Assessment Summary The hypothesis of the study was distinctive financial factors had significant impact on the non financial firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ decision to invest in more liquid assets. These financial characteristics were market to book ratio, inventory plus gross fixed assets to total assets ratio, operating income to sales ratio, firm size, operating income to total assets ratio, total debt ratio, long term debt ratio, and natural log of sales. In this study each of the financial characteristic of non financial firms was tested and concluded the results. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽÂ ² t SIG. RESULT H1 There is negative impact of Total Debt Ratio on Liquidity. 0.053 0.119 0.906 Rejected H2 There is negative impact of Long-Term Debt Ratio on Liquidity. 0.718 0.742 0.398 Rejected H3 There is positive impact of the market to book ratio on Liquidity. 0.001 0.66 0.948 Rejected H4 There is positive impact of the ratio of Operating Income to Sales on Liquidity. 0.449 1.154 0.255 Rejected H5 There is negative impact of the Operating Income to Total Assets ratio on Liquidity. 0.718 0.742 0.462 Rejected H6 There is negative impact of the ratio of Inventory plus Gross fixed assets to Total Assets on Liquidity. -0.823 -4.891 0.000 Accepted H7 There is positive impact of firm size on liquidity. 0 -0.001 0.999 Rejected H8 There is positive impact of sales on liquidity. Rejected CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion It was concluded based on the results of this research study that inventory plus gross plant and equipment ratio was only the independent variable which was showing significance in Pakistani market. And the remaining independent variables could not explain the variation in liquidity. These results were not matching with the study conducted by Kim and David and Ann (1998), and John (1993). These results were varying because in various countries, the macroeconomic conditions and the financial environment were entirely different from each other and in addition, the security problems and political situation also affected the liquidity and firms made decision accordingly. 5.2 Discussions Firm size could not play a significant role in defining the liquidity in this research thesis and this was also the case with the research study conducted by Kim and David and Ann (1998) because in their study the firm size was not playing a significant role. The variation in the liquidity was not explained by the market to book ratio while it was significant in the study done by Kim and David and Ann (1998). The operating income to sales ratio, operating income to total assets ratio, debt ratio, long term debt ratio, and sales were not significantly explaining the variation in the liquidity and study analyzed by John (1993) provided different results from that of the results concluded by this research thesis. 5.3 Implications and Recommendations This research was limited to the various firms listed on Karachi Stock Exchange of Pakistan only. The data taken from 70 non financial firms which were took through various sectors of the KSE 100 Index for the year 2003-08. It suggested that such type of study should be carried out in other countries of Asia as well, as to have comprehensive idea about the choices of the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ decision to invest in liquid assets. Moreover, it also suggested that other factors except ones examined in this study should be researched as to have perfect idea about the selection of liquidity decisions. Besides that, this study can also be replicated in other developing countries. 5.4 Future Research This study helped various investors, management and other research conductors in analyzing and observing the behavior of firms regarding their decisions to invest in liquid assets. Research students who want to work further on liquidity can be benefited by this research study. Further more, the non financial firms will become advantageous from this study because the study clarified the distinctive characteristics of different firms which significantly explained the variations in the liquidity.

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Management and Organizations Environment of Ford and Taylorism

Question: Discuss about the Management and Organizations in Global Environment Ford and Taylorism. Answer: Ford and Taylorism Taylorism Taylorism refers to application of scientific management in work process which would break a particular task into numerous sub-tasks so that production could increase. It emphasises on maximising production efficiency by minimizing the requirement and application of skills. In the present business situation, specialists in America, Australia and Europe would not welcome Taylorism procedure since there have been significant changes in the technological and innovative aspects of work process. The Taylor model does not enhance the skill level of the workers and there is no wisdom involved in adopting this old theory (Axelrod VanDeveer, 2014). The workers of the present generation are willing to increase their skill-set and knowledge base since the prevailing business environment is highly competitive. Since work related skills and knowledge is not encouraged in the Taylorism model, workers would not want to get involved in just a mechanical process which does not involve any skill and knowledge transfer (Axelrod VanDeveer, 2014). Explain Taylorism in that! The implementation of the Taylorism model can be useful in the designing aspect of scripts for the use in call centres to a limited extent. Since the activities and operations involved in the call centre set-up are mainly grouped into different categories based on the sector that specialize in the particular function (Axelrod VanDeveer, 2014). There is scope to divide the work process in a call fixate contingent upon the zone of learning, ability and occupation part of representatives and in like manner allot particular employment to the call focus workers by adopting the taylor scientific management model. But this work method will not come in handy when a new or different situation arises which needs a different kind of a solution. There will be many enterprises and organizations around the world which can receive the Taylorism technique for work. The essential standards which are followed in the process like division of work, high pay for diligent work, utilization of straightforward creation methods are the foundation for ant start-up business concern. The accurate application of Taylorism in the current scenario can help relevant firms to get good results (Axelrod VanDeveer, 2014). Corporate culture Why Zappos Employees Quit Zappos has incorporated an unconventional strategy in its recruitment process, i.e., paying the new employees on after the first week of training after joining to quit. The employees who are newly recruited and would quit the same moment would also be awarded with extra $ 1000. This unique and unconventional strategy has worked for the online shoe retailer in engaging deep level of commitment from its employees, especially to check and keep the new employees who are new to the company and are actually willing to work for the company for long term (Collings, 2014). The very human work culture inculcated by Zappos has worked in favour of the company to keep the employees, whether new or old, to be proactive and enthusiastic to work for the company along with providing best of the customer service (Erez, et al., 2013). The employees have the liberty of deciding the work culture every year. The intention of the company to retain the new employees by paying them is to layer out the best and the most interested employees for providing best customer service by paying the employees who have the probability of engaging less in providing service in the company. The company does this to keep the candidates who are actually fit for the job. Building a culture-based company The CEO of Zappos, Tony Hsieh, believes in having great work culture in the organization. Having very flexible work culture in the organization paves a way to invite in better customer service and generation of sales for the company. If a company has great organization culture, building of an excellent brand image becomes an eventual outcome. The work culture can also lead to having efficient employees right from the recruitment process who would work and provide efficient productivity on a longer term (Frynas Mellahi, 2015). A better organization culture would lead to maximizing profits and generation of better revenues on a longer term. A flexible and innovative company culture would lead to keeping the employees content and more inclined towards the organizations even during the crisis. An open and flexible work culture also enhances the creative pool of the company which leads to the generation of various ideas both in quality and quantity (Frynas Mellahi, 2015). The company having more number of ideas would result in the innovation of the services and products along with the whole organization which would be beneficial for the company for a longer them. A better organizational culture enhances the productivity of a company as a whole. References Axelrod, R.S. and VanDeveer, S.D. eds., 2014.The global environment: institutions, law, and policy. CQ Press. Botha, A., Kourie, D. and Snyman, R., 2014.Coping with continuous change in the business environment: Knowledge management and knowledge management technology. Elsevier. Brady, J., Ebbage, A. and Lunn, R., 2013.Environmental management in organizations: the IEMA handbook. Routledge. Brown, B.E., 2016. Regional fishery management organizations and large marine ecosystems.Environmental Development,17, pp.202-210. Collings, D.G., 2014. Integrating global mobility and global talent management: Exploring the challenges and strategic opportunities.Journal of World Business,49(2), pp.253-261. Erez, M., Lisak, A., Harush, R., Glikson, E., Nouri, R. and Shokef, E., 2013. Going global: Developing management students' cultural intelligence and global identity in culturally diverse virtual teams.Academy of Management Learning Education,12(3), pp.330-355. Frynas, J.G. and Mellahi, K., 2015.Global strategic management. Oxford University Press, USA. Hislop, D., 2013.Knowledge management in organizations: A critical introduction. Oxford University Press.

Love Essays (781 words) - Social Philosophy, Emotions,

Love Love is a theological virtue that enables us to develop caring relationships with God and others. With love comes sexuality, which is the condition of having a gender and relating to others as a result of that gender. Love and sexuality often go hand and hand but when people deal with these factors there are guidelines so that people do not abuse two wonderful gifts that God has given us. To live a chaste life is not always simple and easy. There are cultural challenges that affect us and make it difficult for us to make the right decisions. These challenges test us and can make us stronger people. First, sexual intercourse, which is the most intimate act between a man and a woman in marriage, is sometimes used as a way to obtain money and power. At times people's lives become like soap operas because of their greed and the low regard they have for nurturing love. Also, sex is often the hook or gimmick for an advertisement. It sells perfume, furniture, cars, gum, clothes, food, and anything else imaginable. It becomes the reason to see a movie or comedian. Second, in our culture love is used to describe a feeling for many things. This makes it hard for a person to be sure that they really love a person, or that the other person truly loves them. And finally, in our culture growing up as a kid the Catholic religion, the labels of sex being dirty or sinful often paint t he wrong picture of a perfectly normal; intimate act that God Himself created. Then, a person sees the virtue of chastity as just another rule to brake. Another rebellious act has no meaning based on the first impression they were given about sex. Society is another obstacle to overcome when a person is trying to live a chaste life. First, for people of all ages peer pressure is a force to reckon with. The pressure on each of us to conform to the standards of others can be great. The point of peer pressure is to make a person feel that they are not accepted unless they do what others are doing. When it comes to having, sex encouragement and pushing from outsiders make things harder. Second, society gives us a blanket to shield ourselves with, which sounds good but is really a lie. It is the lie of individuality. The person says they are doing what they are doing not because of someone else but because they want to do it. But actually, people say this so often that it is really a scapegoat for conformity. And third, the familiar phrase everybody's doing it is another excuse, however, in reality, not everyone is doing it in the first place and that's them, and not you. Christian love includes three qualities; one of them is responsibility. Responsibility means being able to answer for one's conduct and obligations and being able to choose for oneself between right and wrong. As Christians, we believe that we are temples of the Holy Spirit and because of that privilege, we have a responsibility to treat ourselves and others not as objects but as persons, God's human beings. Another quality in Christian love is respect. Respect is an act of giving particular attention or consideration to a person. All people deserve respect. A person's partner especially deserves to be held in high regard. In Jesus' image, we are called to respect others and ourselves, which is something that comes before truly loving someone. When you love someone, you respect their ideals, beliefs, and wishes. A final quality in a love that is chaste is self-control. Self-control is restraint exercised over one's own impulses, emotions, or desires. Because we are disciples of Jesus, the right thing to do is to be obedient to Him. And to try to act based on the mutual good of others and ourselves. My character is best enhanced by mature and responsible relationships by putting out effort. It involves a life-long way of relating to others. Also, there are rewards to living a chaste life such as a sense of true freedom and happiness because I am relating rightly to others. My

Awesome Work Everyone 600 Papers, keep it up! †FORP News

Awesome Work Everyone 600 Papers, keep it up! – FORP News Free Online Research Papers Awesome Work Everyone 600 Papers, keep it up! FORP News We have been online for 15 weeks, 4 days, 13 hours. But who is counting, right. Congratulations to everyone that has helped Free Online Research Papers(FORP)reach two major mile markers on the same day. Sixty users and six hundred papers!! We are still growing at a rate of 4-5 papers a day and our hope is that as we continue to grow the number of new papers that are posted every day will increase as well. We hope to double our current daily paper submission rate within the next month or so and I think we will meet our next goal of 1000 papers soone than anyone expects. Research Papers on Awesome Work Everyone 600 Papers, keep it up! - FORP NewsThe Hockey GameResearch Process Part OneThe Effects of Illegal ImmigrationDefinition of Export QuotasTwilight of the UAWMarketing of Lifeboy Soap A Unilever ProductThe Relationship Between Delinquency and Drug UseThe Project Managment Office System19 Century Society: A Deeply Divided EraOpen Architechture a white paper

7 Simple Best Practices to Speed Up Your Job Search

7 Simple Best Practices to Speed Up Your Job Search When an individual has spent some time looking for a new work, it can be easy to get into a rut, especially if that perfect job hasn’t come along. Worse yet, the few interviews that came your way did not result in a job offer. There is no reason to panic. Changing your tactics and being more proactive can change your luck and land you that job. 1. Look Over Your ResumeOne mistake made by resume writers is using stock phrases in a resume. Saying things such as â€Å"team leader† sounds good but tells the recruiter nothing about your skills. Making yourself stand out in the crowd is more likely to get your resume noticed. If you are qualified for a job and applied for numerous classified ad jobs but don’t get callbacks for interviews, then the problem may lie with your resume. Gear a resume toward the job you are seeking, highlight your skills and make this information easy to find such as placing this information in short bullet points. Before you send a resume, c heck to make sure your contact information is correct. A surprising number of job applicants are never contacted because they listed an old phone number or email address.2. Improve Your Job SkillsWhile you are waiting for that interview, go over your resume and see if there is anything you can do to make yourself more desirable as an employee in your job niche. Perhaps taking a course to improve your skills may make the difference in whether you are selected. Even if it doesn’t, it adds to your skills and shows that you keep on top of the latest information. This can leave a positive impression on recruiters.3. Work on Interviewing SkillsThe all-important interview can make or break getting a job. Polish your interview skills by practicing in front of friends or family or even in front of a mirror. Remember that you will probably be asked to tell the recruiter about yourself. Keep this response under two minutes and include education, what you accomplished that benefitted you r previous job and how you can be an asset for the current job opening.4. Try NetworkingSometimes, jobs can be found right under your nose. By networking through friends and business acquaintances, you can find job position openings. In addition, you can make a list of companies where you would like to work and submit an application for a current job listing or make inquiries about future job openings.5. Reevaluate Your SearchYou’ve submitted dozens of applications at job search sites and haven’t heard anything back. Maybe you need to reevaluate the way you are conducting your job search and the information you are putting out. This might be the time to ramp up your LinkedIn profile or your personal web page, which gives you plenty of room to list your qualifications, awards and experience. If searching job boards online isn’t helping, maybe it’s time to expand your job hunting by using other means.6. Follow Up on ApplicationsRather than waste time waitin g for a call or email from a recruiter, wait about a week and follow up on your job application. If the interest isn’t there, check it off your list to avoid wasting your time. In addition, recruiters may appreciate that an applicant wants the job badly enough to follow up. This might make a recruiter reconsider your application or bring it to his or her notice when contacting applicants for interviews.7. Take Your Job Search SeriouslySome job seekers simply send in stock resumes and wait for responses. Being proactive when searching for a job is more likely to get you called in for that first interview. Conducting a job search is work in itself and should be treated as seriously as you would a new job. Attention to detail, being proactive and making necessary changes will get you that dream job more quickly.When your job search stalls out, then it is time to re-evaluate, make changes and keep searching. TheJobNetwork helps by doing the searching for you. This service lets yo u list your qualifications and job interests and searches 24-hours a day for appropriate job openings, which it sends to you in the form of alerts. In addition, you can be proactive by searching the jobs yourself. Sign up for job match alert to get your job search going.

Consumer Behaviour consumption Essay Example | Topics and Well Written Essays - 1750 words

Consumer Behaviour consumption - Essay Example 1). The innovative ways of using mass-production goods are conceptualized as 'styles' which are expressive of the individualities/identities of the users. In the construction of lifestyles, the use-value of an object of consumption is secondary to the object's signifying effects, to its 'sign-value', organized around what Hebdige calls, 'a theology of appearances' (1993:89, p.1). Within this cultural politics, beyond the individual styles, social collectives are deemed to be constituted of a 'series of narrowly defined markets, targets, consumption, taste and status groups' (Hebdige 1999, p. 1). The concept of identity is useful for conceptualizing interrelations between tastes, social and organizational factors, and consumption. Anthony Giddens (1991, p.37) pointed out that in typical societies, lifestyles, social roles, relationships, and daily activities were monitored by religion, ascribed status, and accepted practices. Post-modernism created more scope for people to establish their own identities by adopting lifestyles, self-manifestations, and self-concepts that have symbols, pleasures, and values significant to them. In this situation, consumption plays a crucial and defining role: given the fragmentation of socioeconomic life, observable aspects such as clothing, the type of vehicle, place of residence, and eating and drinking habits provide compact signals of how one wants to be seen, what resources one commands, and what one's values are. (Dolfsma 1999, 1993:88). SHOPPING AS A CULTURAL AND ECONOMIC ACTIVITY The retail sector as a whole has been studied through analyses of 'shopping' as a social, cultural and economic activity (Falk and Campbell 1997), of shopping mall as a location of consumption of dreams and hopes, helped by architectural designs and display technologies, and of the interactions between the sales-person and customers in closing the sale (Peretz 1995). Consumer desires have been prompted by exposure to the possessions and lifestyles of a reference group. The reference group is a comparison group located nearby in the social hierarchy. In Distinction: A Social Critique of the Judgement of Taste, the Pierre Bourdieu discovered a striking regularity in French consumer patterns in the 1960s and 1970s. Bourdieu discovered that a person's educational level and father's occupation revealed much about that individual's taste in music and art, what kinds of shops they patronized, and the type of cooking they did. In the

MANAGEMENT IN THE REAL ESTATE SECTOR Essay Example | Topics and Well Written Essays - 4000 words

MANAGEMENT IN THE REAL ESTATE SECTOR - Essay Example It means that a drop in number of clients that the real estate company serves would translate into low income. Success in this industry depends on the number of clients a real estate company has been able to serve. Communication opens avenues for transacting new deals in real estate industry (Crane, 2007: 45). Arguably, managers in real estate industry provide satisfactory information about the services their offer to their prospective clients. Many clients believe that level of contact is a factor that assures them about a company’s interest to their needs. The need to address issues affecting clients’ satisfaction can only occur when real estate managers have developed an avenue, which allows the flow of information from clients to management. Managers must be able to identify preferences of their clients. Managers should develop templates, which can assist their clients to identify the products that real estate industry offers to them. Service delivery assures many c lients that management considers their needs. Many clients in the industry would project their demands to the company. The response that the company takes in responding to the needs of the clients indicates the level of satisfaction the clients are likely to get. Quality of service in this industry influences perception of many clients. Managers must ensure that product quality is satisfying the demand of the client. It means that managers must develop strategic approaches, which will enable them to respond to concern of their clients. Developing products, which respond to the demand of clients, is an indication that managers have been able to respond to needs of their clients. 2. Examine the ways in which stakeholder expectations might present challenges for managers in a commercial real estate advisory firm. Stakeholders concern is to realize proceed out of the money they invested in real estate. This expectation posits many challenges to management because of complexities involve d in the real estate business. Factors such as flow of money in the market influence the purchasing power of clients. It means that real estate industry expect to face fluctuation in demand for real estate products. Stakeholders might lose their patience during low money flow in the market because it reduces purchasing power of real estate products, which subsequently translates into the income of the company. Economics of purchases verses rental influence the performance of real estate enterprises (Crane, 2007:87). People weigh values they are likely to gain from purchasing a house or renting a house. Managers in real estate have no direct influence of individual needs. On the contrary, stakeholders might to fail to understand the economics in this market because they expect to see proceeds of the company. Sometimes managers might decide to speculate anticipating a fall in demand for rentals. Stakeholders might not understand the speculation approaches adopted by managers because t hey feel the company should be earning proceeds out of the investments. Investments in real estate do not translate into profit suddenly as many stakeholders may expect. Stakeholders expect to start earning dividends from their investment after some period. The construction period in real estate does not translate into profit because the industry is still spending instead of gaining. Managers should be able to highlight complexities in real estate to their stakeholders. Perception of society as shaped by

The impact of Christian Religious Education Essay Example for Free

The impact of Christian Religious Education Essay Introduction: The context of studying religious in a society such as ours, Christian religious educations give me the opportunity to learn from religion (Christian religion) in an organized Manner. From my perspective, Christian religious education aims to support and develop my religious identity by giving me the opportunity to participate at Christian religious practices. Religious education like Christianity involves religious practices such as praying, caring for others, and dealing with the challenges of life. In these practices I see Christian religious education as an inspirational reality of God’s teaching; the only reliable tool that I rely on in the time of difficulties and challenges. The concepts of God, creation, redemption, or eternity are concepts that are difficult to understand unless with faith and the teaching of Christian religious education. From this standpoint, progress in Christian religious education refers to my participation at religious practices in a more proficient way. The aim of this paper is to get a clear view on the significance of studying Christian Religious Education and its impact on me as an individual. Growing up as a Kid: As a kid growing up I attended Catechism classes (first Holy Communion and Confirmation), as far as going to the seminary (Catholic seminary) after my graduation from high school. I attended catechism classes and was taught the Catholic doctrines and other Christian beliefs. Therefore, Christian religious education has impacted my life and my personal growth. Consequently, learning through religious education enables me to: Develop my knowledge and deepen my understanding of the Christian faith, especially my Catholic faith and other Christian beliefs. It helps me understand the relevance of the Catholic faith and the meaning of life. It fosters the values, attitudes and practices which are well-suited with my faith as Christian. Christian religious education develops my skills of reflection, critical thinking, and how to act in accordance when making moral decisions. It nurtures my prayer life as an individual. It helps me understand and appreciate significant aspects of other Christian traditions such as observing lent, the practice of station of the cross and advent season. The observance of all of these makes a positive difference to my Christian life and put my beliefs and values into action. The Influence of Christian Religion Education on me: The impact of Christian religious education on me is that it transfers Christian moral values and norms to me as person or individual growing up to become responsible and appreciating myself and others. It teaches me the actual duty of a Christian and acquaints me with religious practices and obedience to authorities in the neighborhood, homes, state and in the universal society. Christian religious education helps me to develop the knowledge and understanding of Christianity and especially, the catholic doctrine. Christian religious education specially the catholic doctrine have taught me some religious norms and it values and has encouraged me to learn from various religious beliefs, values and culture while at the same time, focusing my own beliefs regarding my religion. My study at the seminary and catechism classes has also help me to be mature personally and socially as well as refining my judgments and decisions on religious, moral and social issues, preparing me for life in a secular society. During my time in primary school I can clearly recall that Christian religious education in the context of catholic religious teachings popularly known as â€Å"doctrine† in catholic schools was a compulsory subject for us. It was mandatory subject, not an optional one. In fact anyone who could not pass doctrine in St. Francis high school (Pleebo, Maryland County) is assumed not to be able to do well or pass other subjects. As the result, Christian religious education gave me a stronger sense of my identity and it made me to know my place in the world that I live in through Christian religious and ethical teaching. Christian Religious education guides me through my spiritual journey. It motives me and helps me been focus on my spiritual life. If I don’t understand what I am implementing in my life, then I will end up losing focus in my Christian activities. Christian Religious education aids me in instructing me how to understand the existence of God and how to obey his commands. Christian Religious education assists me in keeping me from doing the wrong things and repeating the same mistakes over and over again. It instructs me to obey authorities and follow the teaching of the scriptures, so that I may teach the little one or my own kids the ways of life of my religion (Christian) and how to follow it teachings. Encourages me to look more into what I accept as true and reflect on that spiritual knowledge. It helps me understand the Word of God as expressed in the Christian scriptures and especially the teachings of the Catholic Church. And considering how situations can affect the way that I understand things in my lives and the world around me. Reflecting on the Catholic beliefs that my life has meaning, therefore, the essence of Christian religious education is to help me to value the teachings of the scriptures and that which God reveals in our lives. It helps me recognize such knowledge and understand issues which are never fully realized except in actual relationships with the scripture (God) or teaching of Christian religion education. It helps me truly develop and engage common issues in concrete actions. Why Christian Religion Education Matters to me? Christian Religious education makes a distinctive contribution to my well-being. It promotes my moral, social and above all my spiritual, development. It prepares me for societal challenges and future responsibilities. Religion and beliefs inform our values and are reflected in what we say and how we behave. Christian Religious education try to explain or give meaning to challenging questions about the ultimate meaning and purpose of life, beliefs about God, and the nature of reality, issues of right and wrong and what it means to be human. It develops my knowledge and understanding of the nature of religion and belief including Christianity, and other principal religious issues, such as the TRINITY, (three persons in one God). God the FATHER, God the SON and God the HOLY SPIRIT, philosophy that are difficult to understand. Christian religious education offers me the opportunities for personal reflection and spiritual development. It enhances my awareness and understanding of Christianity and beliefs, teachings and practices. Christian religious education had impacted my life, to be more precise, it helps me to understand issues of faith and the existence of God. There are things I cannot do because of my beliefs and faith. I cannot take away human life, because I have value for other and the life of people. I cannot encourage abortion or homosexual arts. Taking away other life is murder, murder is a crime. Christian religious education, specially my doctrine (catholic doctrines) forbids that. And Christian religious educations help enhance and foster my beliefs. Therefore, my value of God is deepening. Christian religious education today is vital. As the issue of extremism emerges, I begun to wonder how these people lost their moral direction and they have turn against society in the name of religion. One might want to look to their religion as one aspect of what shaped their thinking. Instead of judge them; I extend forgiveness, because my religion (Christianity) teaches me how to forgive. After all, Christ said in the Bible â€Å"he who is without sin should cast the first stone. † Christian religious education is priceless. Christian religion offer open debate about all moral and ethical points of view. It is open to free debate, unlike other religions which forbids open discussion of some critical issues. In order to combat ignorance, Christian religious educations enlighten my mind. It causes me to act as detects by the scripture or my doctrine. The reason a society falls is its lack of morality. Christian religious education taught me about morality, ethics and to love others, even if they don’t act very loving toward me. The skills, understanding and knowledge acquired from Christian religious education during my seminary and catechism class’s days, couple with my Christian ethics class at AMEU is very necessary. They help to broaden my knowledge and positively sharp my thinking to be mature in my attitudes. Christian religious educations help me to be open minded, value for others and self understanding. Experiencing self-assurance about my own beliefs and identity and increasing my perception of my religious, moral and spiritual ideas. Conclusion: In conclusion to this paper, I will say Christian religious education from all angle and from all area of society has shown without any doubt its significance on me as individual and society cannot be ignored. Christian Religious Education has prove to make available openings for spiritual expansion in the course of helping me to think about and act in response to questions of meaning and function in life, and questions about the s existence of God and morals in human society; to consider and react to critical issues especially issues of morality and real challenges of life. This has helped me to make clear and knowledgeable decision on religious and moral issues. Our society today is face with many moral issues, such as same sex marriage know as gay marriage and the issue of abortion. Christian religious education has helped to develop my sense of character and belonging, preparing me for life as individual in society. It gives me consciousness and understanding of my beliefs, including practices and values of Christianity. Christian Religious Education is a tool that strengthen my ethical attitude and values, including choices and behavior and my believed toward abortion, drugs and homosexuality. Bibliography: Novak, M. (2001): On Two Wings: Humble Faith and Common Sense. Fagan, P. F. (2006): The Impact of Religious Practice, Heritage Foundation Backgrounder No. 1064, [2] Brown, D. R. , and Gary, L. E. (1991): An Empirical Assessment, Journal of Negro Education, Vol. 60, No. 3.

Bacillus Anthracis :: Medical Biology Bacteria Essays

Bacillus Anthracis Background: Bacillus anthracis is a gram-positive spore-forming rod. It was the first bacterium to be used to prove that bacteria caused diseases, when Robert Koch (1877) produced anthrax spores and injected them into animals. Bacillus anthracis is a commonly found in soil of grazing areas. Bacillus anthracis is not a major threat to humans and natural cases are rare even where spores are present. Encounter: Bacillus anthracis is commonly found in soil in low amounts. It affects livestock and can be transmitted to humans through improper handing of an infected animal or by eating undercooked meat from the animal. It is rare for human-to-human infection. Types of Infections and Symptoms: There are 3 main ways that anthrax can infect you. Cutaneous infections are the most common and the least deadly. The normal infection produces a small painless ulcer. If left untreated the Bacillus anthracis may make its way into the bloodstream and death will occur in about 20% of cases. Intestinal infection which comes from eating undercooked meat, and is more deadly then a cutaneous infection but less deadly then a inhalation infection. The symptoms are severe stomach pains along with diarrhea. The death rate if left untreated is between 25% and 60%. Inhalation infection is the most deadly of the infections and happens when you inhale Bacillus anthracis spores. The disease initialy resembles the common cold. This is not the uncommon type of infection, however it is important because of the possible bio-terrorism that could be associated with it. It is fatal if left untreated How it avoids the immune system and damages the host: Bacillus anthracis is a unique because it’s the only one that has a capsule of poly-D-glutamate polypeptide. The capsule helps the bacteria avoid being phagocitzed. This lets the bacteria gain a foothold inside the host. Bacillus anthracis toxin is an A-B toxin comprised of 3 protiens. The protective antigen the edema factor, and lethal factor. Individually all 3 proteins are harmless, but when together they are able to attack the lungs. The first protein is the protective antigen which helps neutralize antitoxin antibodies. The edema factor protein helps bolster the Virulence and is responable for seeking out the target cells. The last protein is the lethal factor, which is protein that is causes cell death. The toxin seeks out our cells, and is able to injects the toxin directly into them, the toxin is deadly inside the cell and quickly produces cell death.

Modern Art Essay

Some people consider modern arts not serious. In this regard, the question â€Å"Can we think of modern art as real art? † comes into existence. So to answer to this question we need to take for consideration what is art in general and what forms it has. There are a variety of arts, including visual arts and design, decorative arts, plastic arts and the performing arts. So, Art is defined as the expression or application of human creative skill and imagination. And artistic expression takes many forms: painting, drawing, printmaking, sculpture, music, literature, and architecture are the most widely recognized forms. To begin with, when we speak about modern art, in most cases we think about the field of fine arts. Because exactly fine arts underwent the visible changes for centuries. The number of styles of painting is enormous. Artistic works can be grouped by styles according to the common principles of creative thinking. Each epoch is characterized by a certain worldview; that is why throughout the centuries the ways of thinking about art was also changing. Fine arts faced such styles as Gothic, Renaissance, Baroque, Classicism, Realism, Impressionism and so on. Modern art refers to works produced during the period from 1870. Typically, modern artists rejected previous Renaissance-based traditions, in favour of new forms of artistic experimentation. They used new materials, new techniques of painting, and developed new theories about how art should reflect the perceived world. And nowadays there exists a great amount of styles of Modern art, for example: Abstract Expressionism, Pop Art, Performance Art, Dada Style, Neoplasticism, Surrealist Style, Postminimalism, Graffiti Art, etc. Concerning the question of modern art it’s quite difficult to judge, but nevertheless people are divided into two sides: pros and cons. First and foremost art implies the inseparability of form and content and of course talent. Famous artists affirmed that it is necessary to master the skill – the main component of the art. But many modern works have lack of this component. Modern art has no its purpose to create the artistic work, that is why modern artists are indifferent to internal connection of form and content. Therefore it is impossible without accompanying comment; for example the artist can grab a canvas, paint it in different colours and put some strokes on it, and this kind of painting can represent his happiness. Because it is often said that modern art can be done without any talent or efforts. After all real art needs to show emotion, beauty, and needs to be a window to the artist’s  emotions. Art is something that you see and must look deeply into to understand or find beauty in. Modern art is art that a 5 year old can do so it has too little effort to be considered art. Many people believe that such so called artists are supported by the mass media, that is why their works are sold for million dollars. Every person could take a brush and do smth like that, but no one would buy this daub. They say Leonardo was a great artist. Raphael was a great artist, but modern ones can’t be compared. So for the great majority of people modern art is not serious. On the other hand, who is anyone to judge what â€Å"real† art is? After all our understanding of art comes to nothing more than our school knowledge about periods of Renaissance, Classicism or Modern. Just because one doesn’t like or understand the art, doesn’t mean that the art is not real art. Besides, it should be noted that there is the term â€Å"contemporary art†, meaning the work of artists of the 90-ies of XX century. It represents the mirror of contemporary world. And often great

Letter to Best Friend About Not Quiting High school Essay

I have been thinking about what you announced to us and I wanted to help you out. I am willing to help and encourage you to not drop out of high school because you need have a good future. Dropping out of high school is not the best way to give up because your having problems, failing a class or just feel that you don’t like school. You yourself need to set your mind that you can do it ! I believe education is important because you learn new things, it prepares you, and orientates you through the right path. In order to be successful in life we have to focus and be perseverance. In the first place, I’m going to convince you of staying in school and earn that diploma. Earning that diploma can give you many opportunities. With a diploma you can get a job. Its sometimes difficult to apply to jobs without them seeing you didn’t finish your high school. Its important to get that diploma because it says a lot about you that you didn’t give up and tried your best throughout high school to earn it. With a diploma you can go to any college or university. It shows schools that you conquered to complete your high school to move onto the next level. Also, it basically proves to that you completed your four years of high school education,which is important. Second, you need to continue with your education because it is important that you learn all the materials you need to know including mathematics, history, English , science and others courses. It is necessary that you stay in school because without you knowing any of this it might confuse you in future exercises including those subjects. It is important that you learn these subjects because it useful for everything. For example, mathematics, is going to be needed for the rest of your life. Math is needed in everything as in counting money, and other things. All types of jobs need mathematics like cashier and accountants. History is also important to learn for those who maybe want to become a history teachers to teach their student about our the history of the U. S or other countries. Science is also useful in anything you maybe want to work in a science lab investigating and looking deep into your research. English is kind of like math English is used everywhere. Learning grammar and punctuation is very important also, you don’t want to misspell a word. What I’m trying to do is just convince you that finishing these courses can help you in whatever you want to become either it is becoming an accountant, history teacher, work in a science lab, or just not make any errors in your English it is important that you learn all these materials that are going to prepare you for your future. Third, going through high school might me hard , difficult , and confusing at times but it also makes you think about life. It makes you think about what you want to become as in your career. With time you start realizing what you like and dislike. Also, I believe that finishing your high school and getting your diploma makes you feel special. It makes the people around you happy that you accomplished and finished. It shows that you never gave up and tried your best to make them happy and yourself. It says a lot about you that you got a diploma and it can open many doors for you in the future. To conclude, I encourage you friend to finish your high school and earn that diploma. High school teaches you new things, it prepares you, helps you decide what you want to be become in the future. Earning your diploma gives you many opportunities, learn all your basic courses needed, and it makes the people around you happy because you showed them and your self that you can do it and acconplish your goals. I’m encouraging you to not quit and think about it twice and not drop out look at all the opportunities you have and all you can do it !

Free Essays on Broken Lives

A View From The Bridge EXPOSITORY TEXT – BROKEN LIVES Broken Lives by Estelle Blackburn is a relevant expository text that through research has lead to a solid argument; 19 year old John Button was wrongfully convicted of killing his 17 year old girlfriend in a hit-run. In her efforts to influence her readers of such views, Blackburn has entered into the world of a serial killer, presenting a credible, solid account of these events and their surrounding matters. In result the reader accepts the book as a genuine explanation of an increasingly explicable miscarriage of justice. The reader now feels obliged to adopt Blackburn’s views. The notion of justice is Blackburn’s principal value, and her attitudes express the unfairness of Buttons imprisonment. Together they underline the purpose of the book; to convince the public of buttons innocence and Cooke’s guilt in the death of Rosemary Anderson, and hopefully have Button pardoned. Blackburn makes it clear that there were inconsistencies throughout the police investigation and a failure of justice in the High Court etc. The police are seen as incompetent. Being an expository, non-fiction text, credibility is essential if the reader is to share such attitudes with the author. This credibility is primarily established by a list of sources in the preface and acknowledgments sections of the book. For example the police files of Eric Edgar Cooke and John Button. Photographs of the involved and maps of the city of Perth are also included. A sense of credibility is created using times, dates, streets and names mentioned internally in the text, demonstrating the extent of Blackburn’s investigations. The reader is now in a position to seriously consider all information presented. Example of such detail: â€Å"Cooke left home at 12:30 p.m., driving his 1956 FJ Holden to Adelaide terrace and parking outside Fairlanes.† Broken Lives is a book where a... Free Essays on Broken Lives Free Essays on Broken Lives A View From The Bridge EXPOSITORY TEXT – BROKEN LIVES Broken Lives by Estelle Blackburn is a relevant expository text that through research has lead to a solid argument; 19 year old John Button was wrongfully convicted of killing his 17 year old girlfriend in a hit-run. In her efforts to influence her readers of such views, Blackburn has entered into the world of a serial killer, presenting a credible, solid account of these events and their surrounding matters. In result the reader accepts the book as a genuine explanation of an increasingly explicable miscarriage of justice. The reader now feels obliged to adopt Blackburn’s views. The notion of justice is Blackburn’s principal value, and her attitudes express the unfairness of Buttons imprisonment. Together they underline the purpose of the book; to convince the public of buttons innocence and Cooke’s guilt in the death of Rosemary Anderson, and hopefully have Button pardoned. Blackburn makes it clear that there were inconsistencies throughout the police investigation and a failure of justice in the High Court etc. The police are seen as incompetent. Being an expository, non-fiction text, credibility is essential if the reader is to share such attitudes with the author. This credibility is primarily established by a list of sources in the preface and acknowledgments sections of the book. For example the police files of Eric Edgar Cooke and John Button. Photographs of the involved and maps of the city of Perth are also included. A sense of credibility is created using times, dates, streets and names mentioned internally in the text, demonstrating the extent of Blackburn’s investigations. The reader is now in a position to seriously consider all information presented. Example of such detail: â€Å"Cooke left home at 12:30 p.m., driving his 1956 FJ Holden to Adelaide terrace and parking outside Fairlanes.† Broken Lives is a book where a... Free Essays on Broken Lives EXPOSITORY TEXT – BROKEN LIVES Broken Lives by Estelle Blackburn is a relevant expository text that through research has lead to a solid argument; 19 year old John Button was wrongfully convicted of killing his 17 year old girlfriend in a hit-run. In her efforts to influence her readers of such views, Blackburn has entered into the world of a serial killer, presenting a credible, solid account of these events and their surrounding matters. In result the reader accepts the book as a genuine explanation of an increasingly explicable miscarriage of justice. The reader now feels obliged to adopt Blackburn’s views. The notion of justice is Blackburn’s principal value, and her attitudes express the unfairness of Buttons imprisonment. Together they underline the purpose of the book; to convince the public of buttons innocence and Cooke’s guilt in the death of Rosemary Anderson, and hopefully have Button pardoned. Blackburn makes it clear that there were inconsistencies throughout the police investigation and a failure of justice in the High Court etc. The police are seen as incompetent. Being an expository, non-fiction text, credibility is essential if the reader is to share such attitudes with the author. This credibility is primarily established by a list of sources in the preface and acknowledgments sections of the book. For example the police files of Eric Edgar Cooke and John Button. Photographs of the involved and maps of the city of Perth are also included. A sense of credibility is created using times, dates, streets and names mentioned internally in the text, demonstrating the extent of Blackburn’s investigations. The reader is now in a position to seriously consider all information presented. Example of such detail: â€Å"Cooke left home at 12:30 p.m., driving his 1956 FJ Holden to Adelaide terrace and parking outside Fairlanes.† Broken Lives is a book where a strong audience appeal is desired, and the book ... Free Essays on Broken Lives Year 12 English Assessment task EXPOSITORY TEXT – BROKEN LIVES Broken Lives by Estelle Blackburn is a relevant expository text that through research has lead to a solid argument; 19 year old John Button was wrongfully convicted of killing his 17 year old girlfriend in a hit-run. In her efforts to influence her readers of such views, Blackburn has entered into the world of a serial killer, presenting a credible, solid account of these events and their surrounding matters. In result the reader accepts the book as a genuine explanation of an increasingly explicable miscarriage of justice. The reader now feels obliged to adopt Blackburn’s views. The notion of justice is Blackburn’s principal value, and her attitudes express the unfairness of Buttons imprisonment. Together they underline the purpose of the book; to convince the public of buttons innocence and Cooke’s guilt in the death of Rosemary Anderson, and hopefully have Button pardoned. Blackburn makes it clear that there were inconsistencies throughout the police investigation and a failure of justice in the High Court etc. The police are seen as incompetent. Being an expository, non-fiction text, credibility is essential if the reader is to share such attitudes with the author. This credibility is primarily established by a list of sources in the preface and acknowledgments sections of the book. For example the police files of Eric Edgar Cooke and John Button. Photographs of the involved and maps of the city of Perth are also included. A sense of credibility is created using times, dates, streets and names mentioned internally in the text, demonstrating the extent of Blackburn’s investigations. The reader is now in a position to seriously consider all information presented. Example of such detail: â€Å"Cooke left home at 12:30 p.m., driving his 1956 FJ Holden to Adelaide terrace and parking outside Fairlanes.† Broken Lives i...

Sacudir Conjugation in Spanish, Translation, and Examples

Sacudir Conjugation in Spanish, Translation, and Examples The Spanish verb sacudir means to shake. It is a regular -ir verb, so it follows the same conjugation pattern of verbs like cumplir, vivir and subir. In the tables below you will find the conjugations of sacudir in the indicative mood (present, past, future, and conditional), the subjunctive mood (present and past), the imperative mood, and other verb forms. Using the Verb Sacudir Sacudir means to shake, and this verb can be used in most situations when you would use to shake in English. For example, you can talk about shaking something to clean it, as in sacudir el polvo de la alfombra (shaking off the dust from the rug). You can also use sacudir to talk about shaking any object, such as sacudir las maracas (shaking the maracas), or it can be used to talk about shaking in the sense of scaring someone. For example, you can say El crimen sacudià ³ a la gente del pueblo (The crime shook the people of the town). Sacudir Present Indicative Yo sacudo I shake Yo sacudo los muebles sucios. Tà º sacudes You shake Tà º sacudes la alfombra de la entrada. Usted/à ©l/ella sacude You/he/she shakes Ella sacude el instrumento para hacer mà ºsica. Nosotros sacudimos We shake Nosotros sacudimos a la clase con las tristes noticias. Vosotros sacudà ­s You shake Vosotros sacudà ­s la cabeza en desacuerdo. Ustedes/ellos/ellas sacuden You/they shake Ellos sacuden la caja para adivinar su contenido. Sacudir Preterite Indicative The preterite is one of two past tenses in Spanish. It is used to talk about completed actions in the past. Yo sacudà ­ I shook Yo sacudà ­ los muebles sucios. Tà º sacudiste You shook Tà º sacudiste la alfombra de la entrada. Usted/à ©l/ella sacudià ³ You/he/she shook Ella sacudià ³ el instrumento para hacer mà ºsica. Nosotros sacudimos We shook Nosotros sacudimos a la clase con las tristes noticias. Vosotros sacudisteis You shook Vosotros sacudisteis la cabeza en desacuerdo. Ustedes/ellos/ellas sacudieron You/they shook Ellos sacudieron la caja para adivinar su contenido. Sacudir Imperfect Indicative The imperfect tense is used to talk about habitual or ongoing actions in the past. It can be translated as was shaking or used to shake. Yo sacudà ­a I used to shake Yo sacudà ­a los muebles sucios. Tà º sacudà ­as You used to shake Tà º sacudà ­as la alfombra de la entrada. Usted/à ©l/ella sacudà ­a You/he/she used to shake Ella sacudà ­a el instrumento para hacer mà ºsica. Nosotros sacudà ­amos We used to shake Nosotros sacudà ­amos a la clase con las tristes noticias. Vosotros sacudà ­ais You used to shake Vosotros sacudà ­ais la cabeza en desacuerdo. Ustedes/ellos/ellas sacudà ­an You/they used to shake Ellos sacudà ­an la caja para adivinar su contenido. Sacudir Future Indicative Yo sacudirà © I will shake Yo sacudirà © los muebles sucios. Tà º sacudirs You will shake Tà º sacudirs la alfombra de la entrada. Usted/à ©l/ella sacudir You/he/she will shake Ella sacudirel instrumento para hacer mà ºsica. Nosotros sacudiremos We will shake Nosotros sacudiremos a la clase con las tristes noticias. Vosotros sacudirà ©is You will shake Vosotros sacudirà ©is la cabeza en desacuerdo. Ustedes/ellos/ellas sacudirn You/they will shake Ellos sacudirnla caja para adivinar su contenido. Sacudir Periphrastic  Future Indicative   The periphrastic future is formed with the present indicative conjugation of the verb ir (to go), the preposition a, and the infinitive sacudir. Yo voy a sacudir I am going to shake Yo voya sacudir los muebles sucios. Tà º vasa sacudir You aregoing to shake Tà º vasa sacudir la alfombra de la entrada. Usted/à ©l/ella vaa sacudir You/he/she isgoing to shake Ella vaa sacudir el instrumento para hacer mà ºsica. Nosotros vamosa sacudir We aregoing to shake Nosotros vamosa sacudir a la clase con las tristes noticias. Vosotros vaisa sacudir You aregoing to shake Vosotros vaisa sacudir la cabeza en desacuerdo. Ustedes/ellos/ellas vana sacudir You/they aregoing to shake Ellos vana sacudir la caja para adivinar su contenido. Sacudir Present Progressive/Gerund Form The gerund or present participle for -ir verbs is formed with the ending -iendo. Present Progressive of Sacudir est sacudiendo Is shaking Ella est sacudiendo el instrumento para hacer mà ºsica. Sacudir Past Participle The past participle can be used as an adjective or to form compound tenses with the verb haber, such as the present perfect. For regular -ir verbs, the past participle is formed with the ending -ido. Present Perfect of Sacudir ha sacudido Has shaken Ella ha sacudido el instrumento para hacer mà ºsica. Sacudir Conditional Indicative To talk about possibilities, you can use the conditional tense, which in English is usually expressed as would verb. Yo sacudirà ­a I would shake Yo sacudirà ­a los muebles sucios si me gustara limpiar. Tà º sacudirà ­as You would shake Tà º sacudirà ­as la alfombra de la entrada si estuviera sucia. Usted/à ©l/ella sacudirà ­a You/he/she would shake Ella sacudirà ­ael instrumento para hacer mà ºsica, pero no le gusta el sonido. Nosotros sacudirà ­amos We would shake Nosotros sacudirà ­amos a la clase con las tristes noticias, pero preferimos no decepcionarlos. Vosotros sacudirà ­ais You would shake Vosotros sacudirà ­ais la cabeza en desacuerdo si no os gustara la idea. Ustedes/ellos/ellas sacudirà ­an You/they would shake Ellos sacudirà ­anla caja para adivinar su contenido si se lo permitieran. Sacudir Present Subjunctive Que yo sacuda That I shake Mam espera que yo sacuda los muebles sucios. Que tà º sacudas That you shake Andrea quiere que tà º sacudas la alfombra de la entrada. Que usted/à ©l/ella sacuda That you/he/she shake El director sugiere que ella sacuda el instrumento para hacer mà ºsica. Que nosotros sacudamos That we shake Los padres de familia esperan que nosotros no sacudamos a la clase con las tristes noticias. Que vosotros sacudis That you shake El jefe sugiere que vosotros sacudisla cabeza en desacuerdo. Que ustedes/ellos/ellas sacudan That you/they shake La nià ±a espera que ellos sacudan la caja para adivinar su contenido. Sacudir Imperfect Subjunctive The imperfect subjunctive has two different conjugation options, shown in the tables below. Option 1 Que yo sacudiera That I shook Mam esperaba que yo sacudiera los muebles sucios. Que tà º sacudieras That you shook Andrea querà ­a que tà º sacudieras la alfombra de la entrada. Que usted/à ©l/ella sacudiera That you/he/she shook El director sugerà ­a que ella sacudiera el instrumento para hacer mà ºsica. Que nosotros sacudià ©ramos That we shook Los padres de familia esperaban que nosotros no sacudià ©ramos a la clase con las tristes noticias. Que vosotros sacudierais That you shook El jefe sugerà ­a que vosotros sacudieraisla cabeza en desacuerdo. Que ustedes/ellos/ellas sacudieran That you/they shook La nià ±a esperaba que ellos sacudieran la caja para adivinar su contenido. Option 2 Que yo sacudiese That I shook Mam esperaba que yo sacudiese los muebles sucios. Que tà º sacudieses That you shook Andrea querà ­a que tà º sacudieses la alfombra de la entrada. Que usted/à ©l/ella sacudiese That you/he/she shook El director sugerà ­a que ella sacudiese el instrumento para hacer mà ºsica. Que nosotros sacudià ©semos That we shook Los padres de familia esperaban que nosotros no sacudià ©semos a la clase con las tristes noticias. Que vosotros sacudieseis That you shook El jefe sugerà ­a que vosotros sacudieseisla cabeza en desacuerdo. Que ustedes/ellos/ellas sacudiesen That you/they shook La nià ±a esperaba que ellos sacudiesen la caja para adivinar su contenido. Sacudir Imperative The purpose of the imperative mood is to give direct orders or commands. There are slightly different conjugations for the positive and the negative commands. Positive Commands Tà º sacude Shake!  ¡Sacude la alfombra de la entrada! Usted sacuda Shake!  ¡Sacuda el instrumento para hacer mà ºsica! Nosotros sacudamos Let's shake!  ¡Sacudamos a la clase con las tristes noticias! Vosotros sacudid Shake!  ¡Sacudid la cabeza en desacuerdo! Ustedes sacudan Shake!  ¡Sacudan la caja para adivinar su contenido! Negative Commands Tà º no sacudas Don't shake!  ¡No sacudas la alfombra de la entrada! Usted no sacuda Don't shake!  ¡No sacuda el instrumento para hacer mà ºsica! Nosotros no sacudamos Let's not shake!  ¡No sacudamos a la clase con las tristes noticias! Vosotros no sacudis Don't shake!  ¡No sacudis la cabeza en desacuerdo! Ustedes no sacudan Don't shake!  ¡No sacudan la caja para adivinar su contenido!