Norse Mythology Essay Example For Students

Norse Mythology Essay The book entitled NorseMythology by Karl Mortensen, is the book I decided to peruse for my firstbook report for this semester. The book was deciphered from the Danishby A. Clinton Crowell. Karl Mortensen was a specialist of reasoning whom went to the University of Copenhagen. The initial segment of the book isthe general presentation. Here, you discover the creators significance of Norsemythology and where he got his data. He says,By Norsemythology we meanthe informationwe have concerning thereligious originations and usagesof our barbarian ancestors, their confidence and way of revering the divine beings, and furthermore their legends and songsabout the divine beings andheroes.TheimportationofChristianity drove out the old pagan confidence, butremnants or recollections of it since a long time ago suffered in the superstitiousideas of the average citizens, and can even be tracedin our own day. In the general presentation, the creator discloses to us why we show Norse folklore. He reveals to us that for us, Norse mythologyhas regardless the upside of being the religion of our own forefathers,and through it we figure out how to realize that religion. This is fundamental if wewish to comprehend the history and verse of our relic and to comprehendwhat great qualities and what issues Christianity experienced whenit was broadcasted in the North. At long last, it is important to know themost significant purposes of the rapscallion confidence of our dads so as to appreciateand appreciate a considerable lot of the expressions of our best artists. Norse Mythologyis contained four principle areas. The principal area contains the creationmyth, which is incredibly befuddling in light of the fact that it discusses brothersaunts cousins youngsters from second relationships and what significance theywere in those brilliant occasions. Its very difficult to comprehend, and I hadto read it over twice to ensure I comprehended. The second piece of thefirst area examines the production of the divine beings and the tales oftheir lives. Also, the last part is entitled Ragnorak, which represents theenemies of the divine beings. The entirety of this was very fascinating to peruse. The second area of the book discusses basic prevalent thinking. It saysthat our progenitors, as other rapscallion individuals, discovered one of the plainestproofs of the spirits freedom of the body and its capacity to take ahand in the issues of living men in the bad dream and dream, as theylacked every single other mean of clarifying those things. They subsequently tookit for conceded that they were spirits, for the most part as creatures or men. Through the littlest break or hole the bad dream slips to thesleeping one, and torments and inconveniences him so unfortunately that he becomes illor that it causes his passing. It is felt as a persecuting weight uponthe bosom or throat; the horse tracks or rides the resting one fromhis advantages to his body and pushes his tongue into the casualties throatto frustrate him from shouting out. The Northern individuals have clung this veryday to their faith in the horse as a powerful female being, andmany legends about it have emerged. A fema le horse can sneak out just by the sameway that it came in; on the off chance that one plugs up the opening, it is gotten. Thesame thing occurs in the event that one names its name. In the Ynglinga Sagait is recounted King Vanlandi, who had deceived his Finnish lady of the hour, Drifa,that he inpunishmentfor that had been killed by a horse with which the enchantment artsof the Finns had tormented him. He turned out to be unexpectedly tired and set down to rest, however when he had slepta little he cried that a horse was stepping him. The rulers men hurried to his help, however when theyturned to his head, the female horse trod upon his legs so that theywere about broken, and in the event that they went to the legs,she was straightforwardly involved at the head; thus the lord was actuallytortured to death. Confronting the Obstacles of Life EssayAlso found in the second sectionare boss divine beings and legends of the divine beings. Here, there are stories recounted Thor, Odin, Frey and Njorth, Heimdall and Baldur, and Loki. It commentson the different edges crossed by these extraordinary divine beings, and the thingsthat they achieved. The third segment is somewhat short, yet it issolely centered around the types of love and strict life. It tellsof the Norse sanctuaries, or Hofs, which implies all in all a heavenly spot. TheHofs were enormous square, once in a while round, houses, worked in the samestyle and of a similar sort of material as the basic dwelling houses. Simply inside thedoor of theHof stood the posts of the high seat, where were fixedgreat nails, however the importance of these isn't known. At theopposite end (the Korrunding or apse) stoodthe pictures of the divine beings, and before them orunderthem thesplendidly ornamented Stall, which one of the Icelandic adventures contrasts and the Christian special stepped area. Upon its iron-secured upper side consumed the hallowed fire whichmust never be stifled, and there additionally laythe open silver or gold ring whereupon all pledges must be sworn. The ring was saturated in the blood of the victim,and on every single merry event the Gothi needed to wear it upon hisarm. Upon the Stall stood likewise an enormous copper bowl with asprinkler(hlautbolli andhlauttein). In thebowl the blood of the victim_animal or man_was got andsprinkled over the individuals who were available. The Stallalso, maybe the wholeinterior of the sanctuary, was reddenedwith it. The sculptures of the divine beings were most oftenclumsy pictures cut from wood, and were set up on the Stallor upon apedestal, anddressed inaccordancewith the festal ensemble of the period. That there was alwaysa hammer in the hand of Thors picture there canbe no uncertainty. The last segment of the picked book is brimming with legend adventures. Youll discover the accounts of The Volsungs, the Helgi adventures, Volunthe Smith, The Hjathningar, and Beowulf. These are incredible stories thatbeautifully follow the legend cycle. The finish of the book talksabout how these accounts think about us. It remarks on our strengthsand our shortcomings. It likewise alludes to the people groups convictions concerning death,courage, regard, and confidence. I totally love this book. Its extremelyold_copyright 1913! It truly made me look profound into myself. I am ofNorwegian starting point and it was very intriguing to find out about what my ancestors accepted and how they venerated. My total most loved Norsehero must be Thor. He speaks to control. Hes incredibly amazing and valiant. He likewise doesnt have an excessive amount of sympathy for his foes. He never dithers to pulverize them with his all-powerful mallet. Thor is my hero_let his accounts live long! Do I suggest the book? Completely. You can discover it at the OSU library. Its on the fundamental floor and the callnumber is BL860. Be cautious with it, however, the pages are falling out.BibliographyuMortensen, Karl. Norse Mythology. ThomasY. Crowell Company, New York, NY. 1913.

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Analysisâ andâ Separationâ ofâ Organicâ Acidsâ inâ Whiteâ Wineâ Usingâ High Performance Liquid Chromatography Atis, Arnelson Arwin G. and Gaitos, Gerald M. Institute of Chemistry, University of the Philippines, Diliman, Quezon City Performed: December 9, 2011 Submitted: December 15, 2011 RESULTS AND DISCUSSION solutionsâ containingâ increasingâ amountsâ ofâ theâ organicâ corrosive. Theseâ solutionsâ wereâ containedâ inâ flasksâ numberedâ 5,â 6,â 7,â 8,â andâ 9. (Referâ toâ theâ Appendixâ toâ seeâ componentsâ ofâ eachâ flagon). Tablesâ 2,â 3,â 4,â andâ 5â showâ theâ peakâ areasâ andâ theâ equationâ ofâ theâ calibrationâ curveâ obtainedâ forâ eachâ organicâ acidâ inâ theâ chromatogramsâ obtainedâ forâ flasksâ 5â toâ 9. Tableâ 2. Peak Areas of Tartaric Acid in Flasks 5, 6, 7, 8, andâ 9â Flaskâ Retentionâ Peak Area Concentrationâ timeâ (min)â (g/L)â 5â 2. 863â 491â 364â 0. 5â 6â 2. 905â 918â 187â 1â 7â 3. 027â 5â 949â 164â 5â 8â 3. 044â 8â 363â 261â 8â 9â 3. 065â 9â 475â 446â 10â Calibration Curve Equation:  yâ =â 984â 371. 3561xâ +â 216â 064. 755â R2â =â 0. 9912â  Tableâ 3. Peak Areas of Malic Acid in Flasks 5, 6, 7, and 8â Flaskâ Retentionâ Peak Area Concentrationâ timeâ (min)â (g/L)â 5â 3. 02â 159742â 0. 5â 6â 3. 760â 1â 114â 051â 1â 7â 3. 756â 4â 892â 727â 5â 8â 3. 795â 6â 88 3â 424â 10â Calibration Curve Equation:  yâ =â 688â 260. 8175xâ +â 475â 029. 6892â R2â =â 0. 9766â  Tableâ 4. Peakâ Areasâ ofâ Lacticâ Acidâ inâ Flasksâ 5,â 6,â 7,â 8,â andâ 9â Flaskâ Retentionâ Peak Area Concentrationâ timeâ (min)â (g/L)â 5â 3. 533â 575â 620â 0. 1â 6â 3. 598â 1â 248â 888â 1â 7â 3. 621â 3â 762â 922â 2. 5 Theâ retentionâ timesâ ofâ differentâ organicâ acidsâ commonlyâ foundâ inâ whiteâ wineâ wereâ obtainedâ usingâ highâ performanceâ liquidâ chromatography. Theâ peakâ areasâ ofâ theâ acidsâ wereâ thenâ obtainedâ throughâ chromatogramsâ andâ plottedâ againstâ theâ concentrationsâ ofâ the standardâ solutionsâ ofâ theâ organicâ acidsâ toâ constructâ aâ calibrationâ bend. Finally,â theâ calibrationâ curvesâ obtainedâ wereâ usedâ toâ determineâ theâ concentrationâ ofâ theâ organicâ acidsâ inâ samplesâ ofâ whiteâ wine. Standardâ solutionsâ ofâ variousâ organicâ acidsâ commonlyâ foundâ inâ whiteâ wineâ (tartaric,â malic,â lactic,â citric)â wereâ assignedâ toâ beâ containedâ inâ flasksâ 1,â 2,â 3,â andâ 4,â respectively,â andâ wereâ runâ throughâ theâ chromatograph. Theâ mobileâ phaseâ usedâ forâ theâ analytesâ wasâ H3PO4 atâ pH 3,â toâ preventâ dissociationâ ofâ theâ organicâ acids. Theâ resultingâ chromatogramsâ ofâ eachâ standardâ wereâ thenâ analyzedâ toâ obtainâ theâ retentionâ timesâ ofâ theâ organicâ acids. Tableâ 1â showsâ theâ experimentalâ retentionâ timesâ ofâ theâ differentâ organicâ acids. Tableâ 1. Experimentalâ Retentionâ Timesâ ofâ Organicâ Acidsâ Organic Acid Retention Time (min) Tartaricâ â 3. 088â Malicâ 3. 812â Lacticâ 3. 620â Citricâ 3. 68â  Sinceâ thereâ wereâ noâ clearâ peaksâ fromâ theâ chromatogramsâ obtainedâ forâ theâ tartaric,â malic,â andâ lacticâ acidâ samples,â theâ retentionâ timeâ atâ whichâ theâ peakâ heightâ isâ greatestâ wasâ obtainedâ asâ theâ experimentalâ retentionâ timeâ ofâ theâ organicâ acids. Theâ exp erimentalâ retentionâ timesâ wereâ thenâ usedâ toâ identifyâ theâ peakâ areasâ correspondingâ toâ eachâ organicâ acidâ analyzedâ inâ theâ resultingâ chromatogramsâ of 8â 3. 597â 5â 048â 614â 3â 9â 3. 619â 6â 519â 896â 5â Calibration Curve Equation:  yâ =â 1â 300â 341. 246xâ +â 414â 396. 3089â R2â =â 0. 9815â  Tableâ 5. Peakâ Areasâ ofâ Citricâ Acidâ inâ Flasksâ 5,â 6,â 7,â 8,â andâ 9â Flaskâ Retentionâ Peak Area Concentrationâ timeâ (min)â (g/L)â 5â 3. 140â 361â 921â 0. 05â 6â 3. 208â 907â 232â 0. 1â 7â 3. 306â 4â 736â 427â 0. 5â 8â 3. 325â 7â 508â 481â 0. 75â 9â 3. 347â 9â 612â 454â 1â Calibration Curve Equation:  yâ =â 9â 836â 731. 501xâ +â 96â 328. 12036â R2â =â 0. 9994â  Theâ equationsâ ofâ theâ calibrationâ curvesâ wereâ thenâ usedâ toâ calculateâ theâ concentrationâ ofâ eachâ organicâ acidâ inâ theâ whiteâ wineâ tests. Theâ peakâ areaâ correspondingâ toâ eachâ organicâ acidâ wasâ firstâ obtained,â andâ substitutedâ inâ theâ calibrationâ curveâ condition. Theâ concentration of each acid is shown in Table 6. Tableâ 6. Experimentalâ Concentrationâ ofâ Various Organic Acids in White Wine Samples. Organicâ Retentionâ Peak Area Concentrationâ Acidâ Timeâ (min)â (g/L)â Tartaricâ â 2. 966â 2â 675â 651â 2. 499â Malicâ 3. 752â 3â 576â 021â 4. 506â Lacticâ 3. 393â 4â 709â 737â 3. 303â Citricâ 3. 144â 794â 394â 0. 091â  Theâ resultsâ indicateâ thatâ malicâ acidâ isâ theâ majorâ componentâ ofâ whiteâ wine. Butâ inâ reality,â thisâ isâ notâ theâ case. Theâ majorâ componentâ ofâ whiteâ wineâ isâ foundâ toâ beâ tartaricâ acid. Theâ chromatogramsâ (Seeâ Appendix)â ofâ flasksâ 1â toâ 9,â andâ ofâ theâ sampleâ areâ notâ wellâ settled. Thisâ discrepancyâ mayâ beâ causedâ byâ severalâ factors. Theseâ factorsâ includeâ poorâ solutionâ preparation,â contaminationâ ofâ theâ solventâ orâ theâ sample,â bubblesâ inâ theâ detector,â impuritiesâ inâ theâ mobileâ phase,â bleedingâ ofâ theâ column,â inadequateâ adjustmentâ ofâ equilibriumâ inâ gradientâ operation,â andâ convey? overâ fromâ previousâ infusion. Dueâ toâ theseâ factors,â itâ isâ highlyâ advisedâ thatâ theâ futureâ researchersâ shouldâ cautiouslyâ executeâ each procedureâ ofâ theâ experimentâ toâ eliminateâ theâ discrepancyâ andâ accordingly,â theyâ couldâ attainâ betterâ results. Theyâ couldâ alsoâ makeâ useâ ofâ theoreticalâ retentionâ timesâ ofâ theâ organicâ acidsâ toâ determineâ eachâ ofâ themâ andâ whichâ couldâ furtherâ helpâ theâ futureâ researchersâ toâ analyzeâ theâ wineâ sampleâ moreâ proficiently. REFERENCE:  Meyer, Veronika R. Practical High Performance Liquid    â Chromatography. 2ndâ ed. 1993. England: John  Wiley & Sons Ltd. APPENDIX  Data Sheets   Concentrationâ ofâ tartaricâ acidâ standard:â 50. 0â g/Lâ Concentrationâ ofâ malicâ acidâ standard:â 50. 0â g/Lâ Concentrationâ ofâ lacticâ acidâ standard:â 25. 0â g/Lâ Concentrationâ ofâ citricâ acidâ standard:â 5. 0â g/Lâ Composition of Flasks 1? 9â Volume of standard stock solutions (in mL)  Retention Time Measurement Calibration Curve Flaskâ #â 1â 2â 3â 4â 5â 6â 7â 8â Tartaric Acid 5. 00â 0. 00â 0. 00â 0. 00â 0. 25 0. 50 2. 50 4. 00 Malic Acid 0. 00â 7. 50â 0. 00â 0. 00â 0. 10 0. 50 2. 50 5. 00 Lactic Acid 0. 00â 0. 00â 5. 00â 0. 00â 0. 10 1. 00 2. 50 3. 00 Citric Acid 0. 00â 0. 00â 0. 00â 5. 00â 0. 25 0. 50 2. 50 3. 75 9â 5. 00 7. 50 5. 00 5. 00 *Chromatograms of flasks 1? 9â andâ ofâ theâ whiteâ wineâ sampleâ canâ beâ seenâ inâ theâ remainingâ pagesâ afterâ this.

Advantages For, And About Children Essay Example For Students

Focal points For, And About Children Essay DEP 2100Participation Assignment Number ThreeThe pattern to defer childbearing has brought about numerous kids having more seasoned guardians. What do you see as points of interest and detriments for these youngsters? What advantages and issues may result for guardians being older?Advantages for kids:- their folks are progressively loose their folks have more cash their folks are more shrewd and can show them more lifeAdvantages for guardians:- they have the way to help the children they dont need to pass up the fun of being youthful they are prepared to settle down-they are increasingly persistent and loose with the youngsters they will have somebody to deal with them when they are oldDisadvantages for kids:- their folks are old and less vigorous their folks don't related also with them as though they were more youthful they might be humiliated of their folks being old, particularly during pre-adulthood their folks may bite the dust and become ill before the kids are sufficiently ex perienced to manage it-they presumably wont become acquainted with their grandparentsDisadvantages for guardians:- Retirement probably won't be as unwinding their wellbeing may bomb before they are finished bringing up their kids their kids might be humiliated of them Write a concise letter to another parent wherein you depict data about games to play with the infant which will uncover the perceptual capacities of the infant. Base your games on flow research and errands from the Brazelton Scale. Dear New Parent,Based on momentum research and assignments from the Brazelton Scale, I might want to prescribe games to play with your new infant. These games will uncover the perceptual capacities of the infant. Peruse books to the infant with basic highly contrasting pictures. Rehash the book checking the babys reactions to your voice and the photos in the book. Have a clatter for the new child. Play with the clatter and check the babys reaction to the clatter. Perusing a story to the infant will likewise check its reaction to lifeless visual and sound-related boosts. Play look a-boo with the infant. This will test the protective developments of the infant (place your hands over the babys eyes too). As the child develops more seasoned, you can peruse all the more outwardly animating books. In the long run, you have to let your child settle on its own gaming choices. Plan a one-week school lunch program for small kids dependent on data introduced in Chapter 6. MondayGrilled Chicken, (skinless and boneless) Baked potato (liberated from margarine and sharp cream)Green beans or broccoli Skim milk or chocolate skim milkFruit medleyTuesdaySoybean Hamburger (cheddar is an option)Potato wedges (not fried)Vegetable Medley100% Apple or Orange Juice1 chocolate chip cookieWedGrilled Chicken or Grilled SalmonMacaroni and CheeseBlack-looked at peasFruit MedleySkim or chocolate skim milkThuTacos (made with 97% lean meat and fat free refried beans)Black beans and earthy colored riceFruit or Veggie Medley100% apple or orange juiceFriGrilled chicken pizza (light cheese)Served with side plate of mixed greens and decision of sans fat dressingGreen beans or broccoliFruit medleySkim or chocolate skim milkWhy does society rush people through youth and afterward suspend them in a drawn out time of immaturity? Examine the advantages and disadvantages of this. I dont accept society is to be faulted for our being hurried through youth and eased back during puberty. I trust it appears along these lines since youth is very peaceful and happy. This is a period of play and creative mind. Pre-adulthood is an upsetting time. This is the point at which we start to get ourselves. Our bodies and psyches change as we enter adolescence. We start to have troublesome errands in our schools just as troublesome associations with our companions. Weight from society and our friends starts to come to us. It is basically a period of overpowering weight. This is the reason pre-adulthood is drawn out versus youth. .uadb8b74f206e4614ee6e435e9d37f6e7 , .uadb8b74f206e4614ee6e435e9d37f6e7 .postImageUrl , .uadb8b74f206e4614ee6e435e9d37f6e7 .focused content zone { min-stature: 80px; position: relative; } .uadb8b74f206e4614ee6e435e9d37f6e7 , .uadb8b74f206e4614ee6e435e9d37f6e7:hover , .uadb8b74f206e4614ee6e435e9d37f6e7:visited , .uadb8b74f206e4614ee6e435e9d37f6e7:active { border:0!important; } .uadb8b74f206e4614ee6e435e9d37f6e7 .clearfix:after { content: ; show: table; clear: both; } .uadb8b74f206e4614ee6e435e9d37f6e7 { show: square; progress: foundation shading 250ms; webkit-change: foundation shading 250ms; width: 100%; darkness: 1; progress: obscurity 250ms; webkit-change: haziness 250ms; foundation shading: #95A5A6; } .uadb8b74f206e4614ee6e435e9d37f6e7:active , .uadb8b74f206e4614ee6e435e9d37f6e7:hover { murkiness: 1; change: mistiness 250ms; webkit-progress: obscurity 250ms; foundation shading: #2C3E50; } .uadb8b74f206e4614ee6e435e9d37f6e7 .focused content region { width: 100%; position: relative; } .uadb8b74f206e4614ee6e435e9d37f6e7 .ctaText { outskirt base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: striking; edge: 0; cushioning: 0; content enhancement: underline; } .uadb8b74f206e4614ee6e435e9d37f6e7 .postTitle { shading: #FFFFFF; text dimension: 16px; textual style weight: 600; edge: 0; cushioning: 0; width: 100%; } .uadb8b74f206e4614ee6e435e9d37f6e7 .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; fringe: none; fringe sweep: 3px; box-shadow: none; text dimension: 14px; textual style weight: intense; line-tallness: 26px; moz-outskirt span: 3px; content adjust: focus; content improvement: none; content shadow: none; width: 80px; min-tallness: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/straightforward arrow.png)no-rehash; position: total; right: 0; top: 0; } .uadb8b74f206e4614ee6e435e9d37f6e7:hover .ctaButton { foundation shading: #34495E!important; } .uadb 8b74f206e4614ee6e435e9d37f6e7 .focused content { show: table; stature: 80px; cushioning left: 18px; top: 0; } .uadb8b74f206e4614ee6e435e9d37f6e7-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .uadb8b74f206e4614ee6e435e9d37f6e7:after { content: ; show: square; clear: both; } READ: Sir Gawain and the Green Knight: Test of One Knigh EssayPros:- have more opportunity to get ourselves-are under the consideration of our folks for a more drawn out timeframe during this distressing time, there are coaches accessible at practically all occasions the change into center, high, and school instruction all happen during this timeCons:- we are disparaged by society-society assumes on the off chance that we are between 11-19, we are awful we lose our capacity to play unreservedly like a kid we gain the worries of adulthood before we are set up for them Words/Pages : 675/24

No Essay Example | Topics and Well Written Essays - 1000 words - 2

No - Essay Example sister will what's more give a conversation on the recommendations of what are to be done so as to improve the benefit execution of the business later on. The accompanying examinations are the likely purposes behind the decrease of the industry’s benefit as indicated by the London’s time and tide (2011) paper clarification. As indicated by the Excellence Clothing Company diary of 2014, there is a general reduction in base of income for the organization. The income of the business declined from  £255063 to  £215623 from the years 2013 to 2014. Since benefit is a direct related capacity of income, that is benefit = income †(cost of deals). Such a decrease in income thus prompts misfortune acknowledgment or benefit decay. There can be a lot of elements that may prompt such a decrease in incomes. The strategies of London have been end up being oblivious on the apparel businesses. The approaches have not took into consideration any motivation offer to be given to the business. There are additionally assortments of rigid prohibitive activities forced by the London arrangements that have exposed the business to numerous activity roofs (Clutterbuck, and Crainer, 2012). This implies the organization can't work past a specific set degree of creation regardless of whether it has the limit of doing as such . A large portion of the arrangements particularly those by the London government have forced enormous measure of tax assessment on the business in the year 2014. The business is being burdened immensely in situations where the attire crude materials to be utilized are imported. The custom obligation to be paid in such instances of crude materials importation have been slicing somewhere down in to the measure of cost costs that are to be paid by the business. The organization is too expected to be paying extract obligations month to month and presenting their profits for extract obligation charges. The previously mentioned expenses of tax assessment are of a negative effect on the ventures incomes. Since such expenses must be paid by the business through creation withdrawals and derivations

The Gospel of Thomas Essay -- Informative, Manuscripts

Found in the twentieth century, The Gospel of Thomas was established by laborers that were burrowing for compost near the town of Nag Hammadi, Egypt. The laborers uncovered a holder containing thirteen calfskin bound original copies that were covered in the fourteenth century. The compartment contained fifty-two tractates that spoke to â€Å"heretical† compositions of Gnostic Christians. Gone back to 200 A.D., there was very little thought about the Gospel of Thomas other than that there were just three little parts from Oxyrynchus. The Gospel of Thomas is an assortment of abstract works that contains 114 ‘opaque sayings’ of Jesus that were gathered and recorded by St. Didymus Jude Thomas, yet no one knows whether St. Didymus Jude Thomas recorded the platitudes without a doubt, it is recently said that he did. St. Didymus Jude Thomas was supposed to be Jesus’ twin sibling, expected by a couple of early Christians. Thomas is really Hebrew for twin, and Didym us is Greek for twin too. As per saying twelve, the pupils said to Jesus, â€Å"We realize that you will leave from us. Who is to be our leader?† Jesus said to them, â€Å"Wherever you will be, you are to go to James the honorable, for whose purpose paradise and earth came into being†(Gospel of Thomas: saying 12). As I was perusing the Gospel of Thomas and read over saying twelve, I accept that Jesus is expressing that his sibling James is the go to fellow, the pioneer, when they are to be withdrawn. I likewise accept that platitude twelve is proof that, in the subsequent century, somebody who appreciated James had help compose the Gospel of Thomas. Besides, I feel that the essayist of the Gospel of Thomas no doubt has approached the Gospel of John. This is on the grounds that the author references Jesus similar to a light. Just John's Gosp... ...ng how Christianity would be unique if the Gospel of Thomas were in the New Testament is difficult to answer in light of the fact that nobody could state concerning the subtleties. Be that as it may, it is sheltered to state that Christianity as we probably am aware it would not exist. The Bible would now contain restricting lessons on salvation. This sort of inconsistency would absolutely prompt disarray and doubt in the veracity of any of the Gospel accounts. The Canonical Gospels can be followed back to the soonest Church through the compositions of the Ante-Nicene Church fathers. The Gnostic Gospels can't be followed back to any essayist who is associated with Jesus in any way. Besides, all the writings inside the Old Testament and the New Testament were never being referred to among adherents anytime, while the Gnostic writings were viewed as writings just utilizing the name â€Å"Jesus† to show distinctive â€Å"truths.†

Inspired Brainstorming

Inspired Brainstorming I often feel inspired when I least expect to. When I do feel inspired, I mean really inspired, I sit on my bed and close my eyes. I let my mind take me wherever it wants. I pull out a piece of paper and a BIC pen and jot everything down. I just had one of these marathon brain-picking note sessions. Maybe one day I’ll share the actual content with you, but for now, I’d like to share three pieces of advice. These three pieces of advice are the lens through which I view opportunity and my future. 1. “The sky is the limit” Mom Since I was a very little Gabe, my amazing mother repeated this to me almost every night as she tucked me in. I must have heard her whisper “the sky is the limit” in my ear thousands of times. I never really listened. It was just something she said, like “Study hard” or “Eat your broccoli.” As I prepared to leave home for MIT, Mom came home and held out a pillowcase. It was light blue with hot air balloons and clouds spotting its fuzzy fleece surface. “As you start your next adventure,” she said, “I don’t want you to ever forget.” “Forget what, Mom?” I asked. “That the sky is the limit. That you can do anything you set your mind to.” Mom has empowered me to think big. When I feel inspired and jot down my thoughts, they include big things. Really big things. After all, Mom told me that the sky is the limit. 2. “Because I just don’t give a shit.” Hardi Meybaum, GrabCAD CEO/founder I work at a  tech startup with a pretty amazing founder/CEO named Hardi Meybaum. I’ve learned so much from Hardi and consider him a mentor, but nothing resonates more than this exchange. We were walking back to our hotel after a night out in Tallinn, Estonia (where Hardi founded the company, and where we have quarterly retreats). I turned to Hardi. Me: “Hey, what do you think I could do better at with work?” Hardi: “Gabe, I think you’re doing fine.” I pressed further. I had learned not to shrug off answers. I was in the mood to learn more, even if it meant pushing. Me: “Ok, fine. Well tell me about why you’ve been successful. What is the one thing you did right?” Hardi (harshly): “I just don’t give a shit.” I was worried. Hardi had never cussed at me, much less refused to answer one of my millions of questions Me (dejected): “What?” Hardi: “I just don’t give a shit. That’s why investors like me. That’s why you like me. That’s why I’ve been successful. Because I just don’t give a shit. I don’t give a shit what people normally do or say. I don’t give a shit what people normally dress like or what business decisions people normally make. So that’s my advice to you.” Me: “What is?” Hardi: “Stop giving a shit.” We split and went to our hotel rooms. Norms and status quo have taken a backseat in my life. After all, who really cares? 3. Ive met a lot of young people who ask me what books to read, or what films to watch. I think its a good way to start, but theres no substitute for just going there.”   180 ° South (documentary) This quote from 180 ° South is pretty self explanatory. I received this lesson in another form three years ago. I was working as a backpacking summer camp counselor in New Hampshire after my freshman year at MIT. One of my fellow counselors, Greg, had thru-hiked the 2,181 mile Appalachian Trail. I was intrigued and wanted to know more. All summer, I tried to pick his brain. “What was it like??” “What did you eat?” “Did you ever feel crazy?” Greg never answered any of my questions with more than one word. It felt like he just didn’t want to share. At the end of the summer, he pulled me aside and said, “Gabe, I know it feels like I’ve brushed off a lot of your questions about the Trail. If you’re curious, you should just do it yourself.” And I did. I learned more from just going and thru-hiking then I ever could have from Greg’s answers, or from some book or movie. There’s simply no substitute for the real thing. So there it is. My framework for inspired brainstorming boils neatly to: 1. The sky is the limit 2. Stop giving a shit about the status quo 3. There’s no substitute for just doing it Next time you’re feeling inspired, sit down with a pen and paper. Write everything down. I think youll be surpised at what comes out when the sky is the limit. Then, go do something. (And, if you feel so inclined, email your jotted notes to me from your inspired brainstorms. I want to see.)

Inspired Brainstorming

Inspired Brainstorming I often feel inspired when I least expect to. When I do feel inspired, I mean really inspired, I sit on my bed and close my eyes. I let my mind take me wherever it wants. I pull out a piece of paper and a BIC pen and jot everything down. I just had one of these marathon brain-picking note sessions. Maybe one day I’ll share the actual content with you, but for now, I’d like to share three pieces of advice. These three pieces of advice are the lens through which I view opportunity and my future. 1. “The sky is the limit” Mom Since I was a very little Gabe, my amazing mother repeated this to me almost every night as she tucked me in. I must have heard her whisper “the sky is the limit” in my ear thousands of times. I never really listened. It was just something she said, like “Study hard” or “Eat your broccoli.” As I prepared to leave home for MIT, Mom came home and held out a pillowcase. It was light blue with hot air balloons and clouds spotting its fuzzy fleece surface. “As you start your next adventure,” she said, “I don’t want you to ever forget.” “Forget what, Mom?” I asked. “That the sky is the limit. That you can do anything you set your mind to.” Mom has empowered me to think big. When I feel inspired and jot down my thoughts, they include big things. Really big things. After all, Mom told me that the sky is the limit. 2. “Because I just don’t give a shit.” Hardi Meybaum, GrabCAD CEO/founder I work at a  tech startup with a pretty amazing founder/CEO named Hardi Meybaum. I’ve learned so much from Hardi and consider him a mentor, but nothing resonates more than this exchange. We were walking back to our hotel after a night out in Tallinn, Estonia (where Hardi founded the company, and where we have quarterly retreats). I turned to Hardi. Me: “Hey, what do you think I could do better at with work?” Hardi: “Gabe, I think you’re doing fine.” I pressed further. I had learned not to shrug off answers. I was in the mood to learn more, even if it meant pushing. Me: “Ok, fine. Well tell me about why you’ve been successful. What is the one thing you did right?” Hardi (harshly): “I just don’t give a shit.” I was worried. Hardi had never cussed at me, much less refused to answer one of my millions of questions Me (dejected): “What?” Hardi: “I just don’t give a shit. That’s why investors like me. That’s why you like me. That’s why I’ve been successful. Because I just don’t give a shit. I don’t give a shit what people normally do or say. I don’t give a shit what people normally dress like or what business decisions people normally make. So that’s my advice to you.” Me: “What is?” Hardi: “Stop giving a shit.” We split and went to our hotel rooms. Norms and status quo have taken a backseat in my life. After all, who really cares? 3. Ive met a lot of young people who ask me what books to read, or what films to watch. I think its a good way to start, but theres no substitute for just going there.”   180 ° South (documentary) This quote from 180 ° South is pretty self explanatory. I received this lesson in another form three years ago. I was working as a backpacking summer camp counselor in New Hampshire after my freshman year at MIT. One of my fellow counselors, Greg, had thru-hiked the 2,181 mile Appalachian Trail. I was intrigued and wanted to know more. All summer, I tried to pick his brain. “What was it like??” “What did you eat?” “Did you ever feel crazy?” Greg never answered any of my questions with more than one word. It felt like he just didn’t want to share. At the end of the summer, he pulled me aside and said, “Gabe, I know it feels like I’ve brushed off a lot of your questions about the Trail. If you’re curious, you should just do it yourself.” And I did. I learned more from just going and thru-hiking then I ever could have from Greg’s answers, or from some book or movie. There’s simply no substitute for the real thing. So there it is. My framework for inspired brainstorming boils neatly to: 1. The sky is the limit 2. Stop giving a shit about the status quo 3. There’s no substitute for just doing it Next time you’re feeling inspired, sit down with a pen and paper. Write everything down. I think youll be surpised at what comes out when the sky is the limit. Then, go do something. (And, if you feel so inclined, email your jotted notes to me from your inspired brainstorms. I want to see.)

Dynamics and determinants of dividend policy - Free Essay Example

INTRODUCTION Corporate dividend policy is one of the most debated topics in corporate finance. Many researchers have devised theories and provided empirical evidence regarding the determinants of a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy. The dividend policy issue, however, remains still unresolved as due to the fact that there are so many variables depending upon the type of company, its financial conditions, its industry etc that no single formula could be applicable. Clear guidelines for an à ¢Ã¢â€š ¬Ã‹Å"optimal payout policyà ¢Ã¢â€š ¬Ã¢â€ž ¢ have not yet emerged despite the voluminous literature. We still do not have an acceptable explanation for the observed dividend behavior of companies. During the last fifty years several theoretical and empirical studies have been done leading to mainly three outcomes: 1. The increase in dividend payout affects the market value of the firm. 2. The decrease dividend payout adversely affects the market value of the firm. 3. The dividend policy of the firm does not affect the firm value at all. However, we can say that empirical evidence on the determinants of dividend policy is unfortunately very complex. Basis on which corporations pay out dividends to the share holders is still an unresolved puzzle. First prominent study that appeared in the literature of finance regarding dividend policy was that of Miller and Modigliani (1961) where they state that there are no deception in a perfect and a rational economic environment. This was the starting point for other researchers to explore dividend payout policy phenomena. Almost all researches that followed referred back to Miller and Modigliani (1961). Various researches were carried out by many researchers to explore the determinants of dividend payout policy, some of them focused on profitability, some on size of the firms, some on growth rate of the firm while others on agency costs. For example researches carried out by Nissim et el (2001), Brook et el (1998), Bernheim et el (1995), Kao et el (1994), and Healy et el (1988) found out a positive association between increase in dividend payout and future profitability. Kalay et el (1986) and Asquith et el (1983) found out that stock returns is positively associated with dividend changes. Sasson et el (1976) conclude that the payout ratio is positive association with average rates of return. On the other hand, studies of Benartzi et el (1997) and DeAngelo et el (1996) find no support for the relationship between future profitability and dividend changes. On Other side most debated factor affecting dividend policy arguably is agency costs. Jensen (1986). Agency cost argument suggests that cost is reducing by dividend payments and cash flow Rozeff (1982). Researches carried out by Jensen et el (1992), and Lang et el (1989) supported this agency cost hypothesis, while others such as Lie (2000), Yoon et el (1995) and Denis et el (1994) found no support for this hypothesis. Size of the firm is another factor which seems to have an impact of dividend payout policy. Firms larger in size are considered to have more ability to payout dividends to its share holders. Lloyd et el (1985), and Vogt (1994) pointed that firm size plays a role in clarifying the dividend-payout ratio of firms. They argued that because larger firms are mature and have easy access to capital markets thus they are not really much dependant on internally generated funding which enabl es them to payout higher dividends. The purpose of this research is to investigate the dynamics and determinants of dividend policy of oil gas sector firms in Pakistan. The independent variables selected from the literature include: market capitalization, profitability and annual rate of growth of total assets. Analysis of these variables should reveal there exist an impact of these variables on dividend payout policy of the firms and very nature of the relationship. The remaining part of this thesis is organized as follows. In section 2 brief reviews of theories about the dividend will be presented. In section 3 this thesis discusses the data and possible variables that can act as proxy for different influences for analysis .In section 4 this thesis will establish the model. Section 5 will provide details of methodology used. In section 6 thesis will establish analysis and interpretations and section 7 will present results and draw a conclusion. CHAPTER II LITERATURE REVIEW There are various theories which provide insight on how a firm pays the dividends. 2.1 Miller and Modigliani theory According to Miller and Modigliani (of Merton Miller, Franco) (1961) dividend do not affect firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ value in perfect market. Shareholders are not concerned to receiving their cash flows as dividend or in shape of capital gain, as far as firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t change the investment policies. In this type of situation firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend payout ratio affect their residual free cash flows, when the free cash flow is positive firms decide to pay dividend and if negative firms decide to issue shares. They also conclude that change in dividend may be conveying the information to the market about firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s future earnings. Example: Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s a common believe that dividend policy is created by shareholder himself for example if a person has 10,000 PKR and wants income of 3,000 PKR a year from that portfolio, simply 3000 PKR money value can be sold by a person this amount as dividend income does not accep t by him. This theory says, à ¢Ã¢â€š ¬Ã…“Who is anxious about dividends?à ¢Ã¢â€š ¬? MM explains that under certain assumptions including rational investors and a perfect capital market, the market value of a firm is independent of its dividend policy. Smirlock Marshall, (1983) stated that relationship between the Dividend and Investment Decisions indicates that no causality between the dividend and investment decisions of the firm. The fact that the firm-specific data conclusively supported the separation principle is particularly convincing. This is the first application of causality tests to a large sample of firms. 2.2 The bird in the hand theory Investors always prefer cash in hand rather then a future promise of capital gain due to minimizing risk Gordon (1963). Gordon believes that he is anxious about investing in dividends and dividend stocks. Gordon say that when he is paid hard cash by the company, he knows that the company is not just telling him that it is making money but the fact it that it is really making money . This is the idea that cash payment is valued by the investors in their hands over the hope of future profits. 2.3 The agency theory Traditionally, corporate dividend policy has been examined under the assumptions that the firm is one homogenous unit and that the managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s objective is to maximize its value as a whole. The agency cost approach differs from the traditional approach mainly in this way that it explicitly recognizes the firm as a collection of groups of individuals with conflicting interests and self-seeking motives. According to the agency theory, these behavioral implications cause individuals to maximize their own utility instead of maximizing the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s wealth. The agency theory of Jensen and Meckling (1976) is based on the conflict between managers and shareholder and the percentage of equity controlled by sponsor ownership should influence the dividend policy. The theory focuses on the relationship between an agent of the principal (companys managers) and a principal (shareholder) . Jensen and Meckling (1976) in corporations, agency problem arise from external debt and external equity. Jensen and Meckling (1976) analyzed that how firm value is affected by the distribution of ownership between inside shareholders and outside shareholders who can consume perquisites, and who cannot. Within this framework, increased managerial ownership of equity alleviates agency difficulties by reducing incentives to consume perquisites and expropriate shareholder wealth. Jensen and Meckling (1976) argue that equity agency costs would be lower in firms with larger proportions of inside ownership. Managers are better understanding their interest with stockholders when they increase the shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ ownership of the firm. Dividends are believed to play an important role in reducing conflicts between managers and stockholders. Any dividend policy should be designed to minimize the sum of capital, agency and taxation costs. According to Bathala (1990), in the agency costs and dividends, two lines of thought can be found explai ning cross-sectional variations in payout ratios. First view Holds that a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s optimal payout ratio is the results of a trade-off between a reduction in the agency costs of external equity and an increase in the transaction costs related with external financing resulting from dividend payments as the payout ratio increases. Second view Argues that inside ownership and external debt are substitute mechanisms in mitigating agency costs in a firm. Basic study for the first line of thought is based on Rozeffà ¢Ã¢â€š ¬Ã¢â€ž ¢s (1982) propositions. He suggests that dividend payout ratios may be explained by reduced agency costs when the firm increases its dividend payout and by increased more expensive external capital. Easterbrook (1984) gives further explanation regarding agency cost problem and says that there are two forms of agency costs; one is the cost monitoring and other is cost of risk aversion on the part of directors or managers. The agency theory is related with resolving two issues that can be held in an agency relationship. PROBLEMS: The desire of the principal and agent conflict and it is expensive or complicated for the principal that it cannot check that the agent has behaved appropriately. Risk sharing is a problem that occurs when the agent and principle have different behavior towards hazard. The issue here is that the principal and the agent may prefer separate actions because of the separate risk preferences. According to (Naceur, Goaied, Belanes, 2006) profitable firms with more stable earnings can pay larger dividend. Whenever they are growing very quick, dividend policy doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t get any impact from financial leverage and ownership concentration. Also the liquidity of stock market and size negatively impacts the dividend payment. Oskar kowalewski and Ivan Stetsyukand Olesksandr Talavera (2007) study that how corporate governance determines dividend polices in Poland. They have established for the first time, quantitative measures on the quality of corporate governance for 110 non- financial listed companies. Their result suggested that large and more profitable companies have higher dividend payout ratio .Furthermore, risky and more indebted firms prefer to pay lower dividend s. The results finally, based on the period of 1998-2004, Reveals that dividend policy is quite important in the valuation process of companies, but the issues still remain scantily investigated in transition countries. A study on the determinant s of dividend policy and its association to corporate governance in a transition economy both offers an interesting subject and complements the existing corporate governance literature. The agency theory points that dividend may mitigate agency costs by distributing free cash flows that otherwise would be spent on unprofitable projects by the management. It is argued that dividends expose firms to more frequent analysis by the capital markets as dividend payout increase the likelihood that a firm has to issues new common stock. On the o ther hand, scrutiny by the market helps alleviate opportunistic management behavior, and thus, agency costs. Agency cost, in turn, is related to the strength of shareholders rights and they are associated with corporate governance. Furthermore, agency suggested that shareholders may prefer dividends, particularly when they fear expropriation by insider. They test the determinants of dividend policy in a multiple regression framework to control for firm specific characteristics other than governance. All the variables enter the regressions with expected signs. Size and return on assets are positively associated with variable cash dividend. Leverage is negatively associated with variable cash dividend. Their results provide evidence that in Poland listed companies where corporate governance practices are high and as a result shareholders rights are for strong payout higher dividend. Jianguo Chen and Nont Dhiensiri(2009) suggest that relationship between dividend pay-out ratio (POR) with the pro Cash flow variability (CFV), ownership dispersion, insider ownership, free cash flow, collateral stable assets, Past growth (GROW1), future growth (GROW2), stable dividend policy and imputation credit (IMP). They analyze the determinants of the corporate dividend policy using firms listed on New Zealand Stock Exchange .They examined that firms traditionally have high dividend pay-outs compared with companies in the US. They find that their is a negative relationship between dividend payout ratio and CFV, Insider, Beta ,growth and positive relationship between ownership dispersion ,free cash flow, collateral stable assets stable dividend policy and imputation credit. Their conclusion provides strong support to the agency cost theory and partially supports transaction cost and residual dividend theory. They do not have any evidence to support the dividend stability theory and the signaling theory. 2.4 Signaling theory The explanation about the signaling theory given by Bhattacharya (1979) and John, Kose and Williams (1985) dividends allay information symmetric between managers and shareholders by delivering inside information of firm future prospects. 2.5 Effect of tax preferences theory Miller and Scholars (1978) find that the effect of tax preferences on clientele and conclude different tax rates on dividends and capital gains lead to different clientele. Tax Preference theory Investor gave an important consideration to the taxes. This should by keep in mind that the dividends are taxed at a higher rate than the capital gains. As such, capital gains are preferred by the investors as compared to the dividends. This is known as when the investments are actually sold only then the capital gains are paid. When capital gains are realized inverseà ¢Ã¢â€š ¬Ã¢â€ž ¢s can control, but dividend payments are un controllable by them and the related company controls the dividend payment. In an estate situation, capital gains are not realized. For example: If a stock is purchased by an investor 50 years ago and is held by him until his or her death, when it is passed on to an heir after he is expired. Now that heir does not have to pay taxes on stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s appreciation. 2.6 Life Cycle Theory Life Cycle Theory and Fama and French (2001) states that the firms should follow a life cycle and reflect managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s assessment of the importance of market imperfection and factors including taxes to equity holders, agency cost asymmetric information, floating cost and transaction costs. 2.7 Catering theory According to Baker and Wurgler (2004) in Catering theory suggest that the managers in order to give incentives to the investor according to their needs and wants and in this way cater the investors by paying smooth dividends when the investors by not pay when investors prefer non payers but put stock price premium on payers. 2.8 Lintnerà ¢Ã¢â€š ¬Ã¢â€ž ¢s Model John Lintner (1956) initiates with his theory relies on two important things that he studied about dividend policy: 1) According to the amount of positive net-present-value (NPV) projects the companies tend to set long-run target dividends-to-earnings ratios. 2) Earnings increases are not always bearable. As a result, until managers can see that new earnings levels are bearable, dividend policy is not changed As regards the empirical literature the roots of the literature on determinants of dividend Policy is related to Lintner (1956) seminal work after this work the model is extended by The Samy ben naceur, Mohamed goaied and Amel belanesthe (2006) during the period (1996à ¢Ã¢â€š ¬Ã¢â‚¬Å"2002) on the Tunisian Stock Exchange listed study the dividend policy of 48 firms. Lintnerà ¢Ã¢â€š ¬Ã¢â€ž ¢s model is applied using static and dynamic panel data regressions. They examined that Tunisian firms rely more on current earnings that past dividends to fix their dividend paymen ts in the way that dividends tend to be more sensitive to current earnings rather than prior dividends. Any inconsistency in the level of dividends is directly reflected in the earnings of the corporation. Samy ben naceur, Mohamed Goaied and Amel belanesthe (2006) focused on the relationship between dividend and ownership, liquidity, return on assets (ROA), profitability, investment, leverage ratio, size. The results indicate that highly profitable firms with more stable earnings can afford larger free cash flows and thus pay out larger dividends. Moreover, fast-growing firms distribute larger dividends so as to demand to investors. On the other hand, ownership concentration does not have any impact on dividend payment. In fact, being closely held Tunisian firms witness less agency conflicts and shareholders do not resort to dividends in order to reduce managerial discretion and protect their interests. The liquidity of the stock market has a negative influence, which confirms th at the implementation of the electronic transaction system in the TSE has facilitated the realization of capital gains, which has reduced the need for dividend payments. At last, the negative coefficient on size found in the full sample has disappeared when regulated firms are excluded, which reduces the strength of this factor. Researchers have proposed many different theories about the factors that affect a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy. Kanwal Anil and Sujata Kapoor (2008) analyzed that The Determinants of Dividend Payout Ratio-A Study of Indian Information Technology Sector. The period under study is 2000-2006 as it is known that the period of 5 to 6 years covers both recession and booming of IT industry. They stated that profitability has always been considered as a primary indicator of dividend payout ratio. There are numerous other factors other than profitability also that affect dividend decisions of an organization namely cash flows, corporate tax, sales growt h and market to book value ratio. They suggest that dividend payout ratio is positively related to profits, cash flows and it has inverse relationship with corporate taxes, sales growth and market to book value ratio. Statistical techniques of correlation and regression have been used to explore the relationship between key Variables. Thus, the main theme of this study is to recognize the various condition that effect the decision of dividend payout policy of IT firms in India. In short factors influencing the corporate dividend policy, according to them, may substantially vary from country to country because of inconsistency or variations in legal, tax and accounting policy between countries. In view of these facts, the present study aims at identifying the variables influencing corporate dividend policy in Pakistan. CHAPTER III DEPENDENT AND INDEPENDENT VARIABLES Objective of this study is to determine factors that have an impact on dividend of Oil Gas Exploration and Oil Gas Marketing sector of KSE. Dividend yield is dependent variable and the three independent variable are size, profitability and growth. These variables are discussed here. 3.1 Dividend yield (DY) Arthur A Thompson in his book Crafting and Executing Strategy says that the measure of the return that shareholder receives in the form of dividend is called dividend yield (DY). A typical dividend yield is 2 -3%, the dividend yield for fast growth companies in often below 1%(may be even 0) and the dividend yield for slow-growth companies can run 4-5%. Dividend yield can measure by annual dividend per share divided by current market price per share. Samy ben naceur et el(2006)The DY (dividend yield ) as our measure of the dependent variable equals to dividend per share to price per share, payout ratio cannot be used as a measur e of dependent variable because sample contains firms with negative earnings. Khamis Al-Yahyaee et el (2006) and Hafeez et el (2009) also used dividend yield (DY) as the dependent variable. CHAPTER IV EXPLANATORY VARIABLES This thesis selected 3 variables used by different researchers Samy ben naceur et el (2006) and Hafeez et el (2009). 4.1 Firm Size Hafeez et el (2009) The firm size has been calculated as the total assets of the firm because a posiyive coefficient is expected from this variable as there is a very low chance of bankruptcy in large more diversified firms and it can sustain higher level of debt. Scott and martin (1975) found that the size of the firm is very important factor which can affect the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy and debt policy. A negative impact has been found by market capitalization and size of the firms on dividend payout policy which clearly shows that the firms prefer to invest in their assets rather than pay dividends to its shareholders. The financial characteristic of size has been explained by Market capitalization and the size of the firm. According to the null hypothesis for this financial characteristic there is no relation between the market capitalization and size with dividend payout ratio but the results show that there is a inverse and significant relationship betwee n dividend payout and MV.Hence null hypothesis is rejected. The evidence supported by the finding of Belans et al (2007), Jeong (2008) deviate from Avazian et al (2006). Samy ben naceur et el (2006) the size of the firm by total market value (LNSIZE) and it is expected to be positively correlated with dividend paid. The literature suggests that size may be inversely related to the probability of bankruptcy (Ferri and Jones 1979; Titman and Wessels 1988; Rajan and Zingales 1995). In particular, larger firms should have an easier access to external capital markets and can borrow on better terms, Moreover, larger firms tend to be more diversified and their cash flows are more regular and less volatile. Thus, larger firms should be more willing to pay out higher dividends. Even the conflicts between creditors and shareholders are more severe for smaller firms than the larger ones. Khamis Al-Yahyaee et el (2006) they measure size of the firm from Log of sales. Firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy is influenced by variables such as size. There is an advantageous position for larger firms to raise external funds in the capital markets and are less dependent of internal funds. Therefore there is a negative relationship between dependence on internal financing and the size of the firm. Moreover, there is a chance of lower bankruptcy probabilities in larger firms and thus they are able to pay more dividends. Thus as per this research the hypothesis is H1= Firm size is positively associated with dividend payouts. 4.2 Firm profitability Empirical research found that there is a positive relationship between dividend yield and profitability. The more profitable the firms are, the more internal financing they will have, and thus are able to afford larger dividends. Some of them are as follow. Khamis Al-Yahyaee et el (2006) measured profitability by earnings before interest and taxes to total assets as our surrogate for profitability. Hence a positive relationship between profitability and dividend is expected. Since the annual profits pay the dividends therefore its logical that more dividends are paid by profitable firms. Samy ben naceuret et el (2006) measure the profitability by the return on assets (ROA) net income/total assets and it is positively correlated with dividend payments. Firms with high profitability can afford larger free cash flows and hence new investment opportunities. Therefore, paying higher dividends does not disturb them. In the same vein and according to the pecking order theory, firms prefer using internal sources of financing first, then debt and finally external equity obtained by stock issues. The more profitable the firms are, the more internal financing they will have, and thus are able to afford larger dividends. Hafeez et el (2009) measured Profitability Net Earnings and Earning Per Share after tax. The net earnings show the positive relationship with the dividend yield. The net earnings after interest, depreciation and after tax have been used as the explanatory variable to examine the role of earnings to pay dividends. Thus as per this research the hypothesis is H2= There is a positive relationship between a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability and dividend payouts. 4.3 Firm Growth Samy ben naceur et el (2006) measure investment and growth by MBV (market value of equity/ book value of equity) and annual rate of growth of total assets. Firms anticipate higher growth, when they establish lower dividend payout ratio because growth entails higher investment expenditures. When firms retain higher proportion of earning to finance future investment need due to high cost of external financing, their dividend pay out in anticipation of future growth stands reduced. Hence, a negative relationship between dividend payout and expected growth is expected. Khamis Al-Yahyaee et el (2006) measure the growth opportunities through market-to-book ratio. A negative relationship is expected between growth opportunities and dividend. Large additions of capital are required by the firms experiencing substantial success and rapid growth. Consequently, lower dividend payout policies are expected by growth firms. Similarly, the pecking order theory predicts that more earnings are r etained by the firms having a high proportion of market value followed by growth opportunities hence they are able to minimize the need to raise new equity capital. Free cash flow theory also predicts that their will be a lower free cash flow and lower dividend is paid by the firms with high growth opportunities. On the other hand Hafeez et el (2009) argued with the above researcher. According to the signaling theory the higher the firm grows, the higher they pay dividends to shareholders. The shareholders get signals from the growth of the firms having high growth opportunity. The sales growth has been used as proxy of Growth in the empirical analysis of the study and has been used as percent age change in sales annually as proxy of the growth. Whereas Kanwal Anil et el (2008), measured growth and investment by sales growth and MTBV. Hafeez Ahmed et el (2009) measures investment as SLACK = accumulated retained earnings/ total asset. Thus as per this research the hypothesis is H3= Firm growth is negatively associated with dividend payouts. Table 1 Summary of Proxy Variables and Research Hypotheses H1: Size MCAP = market capitalization Positive H2: Profitability ROA= net income/total assets Positive H3: Growth GROWTH = sales growth Negative CHAPTER V METHODOLOGY DATA COLLECTION METHOD The data is collected from Securities Exchange Commission of Pakistan, State Bank of Pakistan and the Karachi Stock Exchange. The variables of the study are calculated from the Audited Annual Accounts of 6 firms for the period of 2001 to 2008 resulting in about 240 observations for each variable and as such it is a long period enough to smooth out variable fluctuations. (Rozeff, 1982) SAMPLE Sample Size consists of six companies from oil and gas exploration and marketing sectors in Pakistan, listed on Karachi Stock Exchange (KSE) Total of six companies listed on Karachi Stock Exchange (KSE). Data collected from year 2001 to year 2008. STATISTICAL TEST Linear Regression test was performed to analyze data. Dividend yield is a dependent variable and growth, size and profitability are taken as independent variable. REGRESSION MODEL This study uses multiple regression analysis. This thesis estimate that Y= X0 + X1 + X2 + X3 + e Y = Dividend yield. X0 = Intercept of the equation. X1 = Firm size. X2 = Firm profitability. X3 = Firm sale growth. e = Error Term. CHAPTER VI DATA ANALYSIS AND INTERPRETATION Table 2 MODEL R SQUARE F Sig. 1 .223 3.917 .015(a) Table 2 above shows F Ratio for the regression model is significant which indicates that regression model is a best fit. Total variation in the dependent variable explained by the regression model as indicated by R square is .223 i.e. 22.3% change in dividend yield is explained by these three independent variables. Table3 UNSTANDARDIZED COEFFICIENT STANDARDISECOEFFICIENT t Sig. B Std. Error Beta (Constant) 0.066 0.011  5.826 0 Size -1.10E-06 0 -0.503 -2.879 0.006* Profitability 0.16 0.094 0.269 1.709 0.095** Sale growth 2.17E-07 0 0.484 3.038 0.004* *Significant at 1% **Significant at 10% Table 3 reports the ordinary least square results of the regression analysis. Results indicate that size of the firm is significant as shown in table 3 and shows that size is negatively correlated with dividend at 1% .As researcher taken in its own hypothesis that the size will present positive relation but its coefficient is negative which rejects researcher hypothesis. Since the size is also statistically significant but the hypothesis for this thesis shows that the growth is negatively related to dividend hence this hypothesis rejected. Some researcher result find out size as positive. Fama and French (2000 and 2001) concluded that more dividends are payable by large and more profitable firms. Lloyd and Jahera (1995 cited on holder 1998) concluded that those larger firms have easier access to capital markets which are more mature hence allowing for higher dividend pay-out ratios and reducing their dependence on internally generated funding. Aneel Kanwer (2002) measur ed size with total sale and researcher find out that size is positive related to dividend yields. Smaller company gives lower dividend as compared to larger company. Oskar kowalewki et el (2007) made a research in Poland and they measured size with total assets .they find out that size is positively related to dividends because more dividends are paid by companies which are larger in asset and size.. Some researcher result find out size as negative .The result of the research by Hafeez Ahmed et el (2009) on KSE (non financial firms) is similar to this thesis result. they measure size with natural logarithm of total assets This results indicates that the size of the firms have the negative impact on dividend payout policy which shows that the firms prefer to invest in their assets rather than pay dividends to their shareholders .. Samy Bin Naem et el (2006) made their research on the firms of the Tunisian Stock Market and They measured the size with logarithm of stock market capitalization. They concluded that there is a negative relationship between size and dividend, but the negative relationship disappeared when regulated firms are removed. Since the result of the researcher Fama and French (2000 and 2001) , Lloyd and Jahera (1995 cited on holder 1998) , Aneel Kanwer (2002) and Oskar kowalewki et el(2007) shows that the size is positively related with dividend and result of some other researcher like Hafeez Ahmed et el (2009), Samy Bin Naem et el (2006) shows that the size is negative related to dividend, the logic of this opposite view by the researcher is that different countries have different environment, taxes, difference in culture, different economic position and so on, in addition to that, difference in industries and financial firms are the major reasons of difference in the views of various researchers. The hypothesis of this thesis is positive because large size firms pay more dividends and hypothesis of various researchers is also positive large size firm will have more profit and hence pay more dividends to their shareholders but the result of this thesis is negative, because researcher used stock market capitalization to measure size. The large firms dominate and may be involved in greater scale production, and thus distribute less cash dividends as compared to their smaller counter parts. Profitability is positively correlated with dividend which is significant at 10%. This shows that more profitable firms are give more dividend than the firm which are less profitable. The result of the research by Hafeez et el (2009) they measured profitability with Earning Per Share after tax and Samy Ben Naceuret et el (2006) they measured profitability with ROA=net income/total assets is similar to this thesis result. The results indicate that large free cash flow is afforded by the firms which are highly profitable and with more stable earnings. Khamis Al-Yahyaee et el (2006) measured the profitability by ear nings before interest and taxes to total assets as our surrogate for profitability. Hence a positive relationship between profitability and dividend is expected. Since the annual profits pay the dividends therefore the more the profitable firm the more they will pay the dividend Shammyla Naeem et el (2007) measured the profitability with return on investments. They also get the same conclusion the size is positively related to the dividend the higher profitable firms pay more dividend Another research by Adaoglu (200), Amidu et el (2006) and Belans et al (2007) is similar to this thesis result. This shows that the firms with the positive earnings pay more dividends. This is indicated that the profitability which shows the positive and significant association with dividend yield. Since the Growth is also statistically significant as shows in Table 3 and the hypothesis for this thesis shows that the growth is negatively related to dividend but the result of this thesis differ s from the hypothesis because it is positive related to the dividend hence this hypothesis rejected. The result conclude that growing firms are more geared to provide more dividend. Some researcher result find out growth as positive. The result of the research by Samy Ben Nnaceuret et el (2006) measured growth with annual rate of growth of total assets is similar to this thesis result. The results indicate that fast-growing firms distribute larger dividends so as to appeal to investors. The result of research by Hafeez et el (2009) The growth has been measured growth with sale. According to the signaling theory the high growth firms are smoother to pay their dividends to shareholders. Growth is the signals to the Shareholders the firms having high growth opportunities. Whereas, some researcher result find out growth as negative. Rozeff (1982), Lloyd et el. (1985) and Collins et el. (1996) all shows significantly negative relationship between growth and dividend payout. R ozeff, (1982) obtains the results which is similar to our hypothesis that dividend payout is negatively related to growth due to investment needs for costly external funding and growth which is significant at 5%. Khamis Al-Yahyaee et el (2006) measure the growth opportunities through market-to-book ratio. Negative relationship between growth and dividend. Large additions of capital are required by the firms experiencing substantial success and rapid growth. Consequently, lower dividend payout policies are expected by growth firms. Kanwal Anil et el ( 2008) made their research on IT firms in India which conclude that dividend payout ratio is inverse relationship with growth .They measured growth by sales growth and MTBV. Jianguo Chen et el (2009) measured growth with Average growth rate of revenues, made their research on sample firms listed on NZSE which conclude there is significantly negative relationship between growth and dividends payout ratio and its significant level is 5%. The hypothesis of this thesis is negative because when the growth increase, the firm tends to pay more attention on their internal financing and they invest in their own company rather then paying to the shareholders. The result of this thesis is positive because the growth is measured by sale growth. The more sale growth the more will be the profitability and therefore the company will generate revenue and hence more dividend is paid to their shareholder. CHAPTER VII CONCLUSION In this research, three variables were tested to analyze their possible impact and relationship with dividend yield policy, namely size, profitability and growth. The thesis uses multiple linear regression models, the data analysis covering from 2001 to 2008 of Oil gas sector in Pakistan. Results show that dividend yield and independent variables are statistically significant. Size is statistically significant which shows that relationship exists between firm size and dividend yield. The significant level which we took was 1%, in an article by author Khamis Al-Yahyaee et el (2006) the significant level was also 1% since the size is significant but the Result shows that there is a inverse relationship between dividend yield and size. This shows that hypothesis of this research is rejected. This result is supported by the result of different researcher Samy Bin Naem et el (2006) and Hafeez Ahmed et el (2009) Profitability is also statistically significant. Positive relation ship exists between the dividend and profitability, the significant level we took here is 10% in an article by the author Yahyaee et el (2006) the significant level was also 10%, this shows that H0 is rejected. The more the firms are profitable the large they give dividends. We measured the profitability by ROA. This result is supported by the result of different researcher Samy Ben Naceuret et el (2006), Shammyla Naem et el (2007) and Hafeez et el (2009). Growth is also statistically significant. The significant level of our research is 1%. There is a positive relationship between growth and dividend yield which indicate that the hypothesis of this thesis is rejected because in this thesis hypothesis the growth is negatively related. This result is supported by the result of different researcher Samy Ben Naceuret et el (2006) and Hafeez et el (2009). RECOMMENDATIONS In this research, three variables were tested to analyze their possible impact on dividend yield, but study of available literature reveals that there some other variables that may have an impact on dividend yield policy of a firm such as price to earnings ratio, profit margin, debt to equity ratio, current ratio, available float, insider ownership, institutional ownership, and investment policy. Further researches can be carried out to test the relationship of these variables on firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy and what kind of relation they have can also be tested. Having said the above and as earlier mentioned in the introduction, the number of variables affecting the dividend payout policy, are numerous. However, the three variables that have been taken into consideration for this thesis are very significant to oil and gas sector. As per the research conducted by researcher, an opportunity is taken to recommend that these variables are a key ingredients for any divide nd analysis but would like to stress that other factors or variables which are inherent due to the uniqueness of the company/industry being reviewed should also be taken into consideration before arriving at an opinion on its respective dividend policy.

Dyslexia- Literature Review - 2463 Words

Chapter 3: Literature Review Supporting The Child One of my primary focuses was to find out how different literatures dealt with Dyslexia and how best to support the child. Dyslexia can be described from a number of different perspectives as we see in Ball et al (2007) who explain that it can be â€Å"how one learns (Cognition), what parts of the brain are involved (neurology), what genes are involved (genetics) and behaviour (p14). Their book entitled ‘Dyslexia: An Irish perspective’ is very relevant to my research as it gives a great insight into the history of the special education sector in Ireland. It also looks into some of the key debates that are facing the educational sector today. Perhaps most importantly this book dedicates a full†¦show more content†¦Since all Dyslexic children differ from each other and learn differently it is crucial that parents and teachers incorporate all of their senses into the learning process as their visual or auditory processing may be impaired. Lawrence states that a child may pass a hearing or vision test quite easily, yet they may not be able to process this information into their memory. This shows how simple exercises can have a long lasting positive effect on the child in these early school years. Reinforcement is a key practise when dealing with children who suffer with dyslexia and in Townend and Turner (2000) they explain that â€Å"children with Dyslexia need many opportunities to practise the skills they have learned and to preserve them in long-term memory and Practise work must be presented in a variety of ways to maintain interest† (p19). Note taking can be difficult for Dyslexic children so a slow pace should be taken or better still to arrange for notes to be photocopied. Tasks also need to be concentrated on things like worksheets and not just the blackboard where students may become inattentive or inactive. 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How True is True Love in Modern Times - 2328 Words

Does True Love Exist? I love you. These three little words might possibly be the most powerful statement one can make to another person. In life, most yearn for the intimate affection that a certain someone can provide them. Women dream of their Prince Charming to come and sweep them off their feet, while men search for the love of their life that sets their heart on fire. But what happens when love is thrown around without a second thought? Has this four letter word become an overused clichà ©? Has love been replaced with lust? Is there such a thing as true love? This last question has been asked throughout history, while many have argued and debated over the final answer. We, as a society, have become a loveless, sex crazed group of†¦show more content†¦She finds it ridiculous that some would commit suicide for such a small thing as having no one to love. 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Differences Between Inequality And Class Differences

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Health is formed by socio-economic, political and environmental factors; these elements shape inequalities and influence the health of various social groups in Britain. Health inequalities is the term used to describe the consistent recurring differences of the health complaints involving the social classes of Britain. These differences were first highlighted by Sir Douglas Black in a researchRead MoreEssay about Death of the American Dream1042 Words   |  5 Pagesanti-Communism in the 1950s, communism places extreme emphasis on class divisions, specifically the unfair nature of the upper class’ domination of the working class. To admit class divisions was to invite revolution and socialism. So instead, we told ourselves that, in this country, class did not exist; that a free-market capitalist society permits anyone who wants to improve his socioeconomic status to do so. 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This paper will delve into the concept of racialized poverty and how racialized minorities have a greater propensity to remain in poverty due to aRead MoreInequalities in Health Essay1272 Words   |  6 Pages[Type the company name] 11 Inequalities of Health Sociology Gemma McCann Inequalities of health Gemma McCann Word count 1310 Within this assignment I am going to explore the sociological perspectives of Marxism and Functionalism and a brief view on interactionism in relation to health and inequalities in health. I will explore sociological explanations for these inequalities focusing on structural materialist, artefact, social selection and cultural explanations. â€Å"Health is a stateRead MoreAssess the functionalist explanations of social inequality1181 Words   |  5 Pagesï » ¿Asses the Functionalist explanations of Social Inequality. (40) Social Inequality refers to any difference between groups or individuals in society which results in one having inferior life chances than the other. Functionalists believe these inequalities are the result of the meritocracy we live in. This is a system based on the idea that social stratification is necessary and desirable for the society. Functionalists argue that inequalities have a purpose; they are functional for society. FunctionalismRead MoreThe Influence Of Income On Health852 Words   |  4 Pagesincluding ignorance versus poor conditions, poverty and health relationship, and poverty and inequality. Marmot believes that there are two sides to the argument on how Income influences health. Many may argue that no matter what your income is, if you have clean water to drink and a clean place to live in and proper nutrition, then once the water is clean, having a high or low income won’t make any differences. On the other hand, he explains how poverty influences health a nd provides the readers withRead MoreThe Realities of Social Inequalities1658 Words   |  7 PagesThe concept of class stratification in relation to the average person within the US tends to be confused by the promises the United States advertises: a land of opportunity where if you work hard enough, you can achieve your dreams of wealth and prosperity, despite your background. It is reported that most Americans, 42 %, believe that they fall within the middle class (Gallup Poll, 2012). However according to a report released by the Pew Research, the middle class has experienced shrinking and