Rainforest Proposal :: essays research papers

Dear Brazilian Government, I recently attended a fascinating conference on resource use in the rainforest. I felt like I had to write this letter. I believe I have a way to solve the rainforest problems. We all just have to work together. Okay, first of all the government leaders already gave the rubber tappers and Native Amazonians land reserves. Which gave the government more land the long lost native amazonians. But the Rubber Tappers and the Native Amazonians fell they have always been the first to be in the rainforest and should get most and but all the land. And the government feels they need to share. That is this whole delima. Okay, I think that they should make the land deal towards the Native Amazonians and the Rubber tappers. I think this only because of the time they have survived on the rainforest resources. I have nothing against the Government, Ranchers, Settlers, ect. I will let the native amazonians and the rubber tappers get the 60% of all the land. Then they can’t complain. They still have plenty of trees and resources. The government and ranchers don’t cut down all the tree’s anyways. I believe that the groups will not be happy and excited but its a fair deal on my behalf. I think this is fair because the government had a chance to make urbanization and it didn’t work out to good. I just don’t want them to ruin the rainforest We need it for air. With this as the new land reserve, I know that the Rubber Tappers, Enviromentalist’s, and especially the Native Amazonians. But they will still be very angry to see the rainforest being cut down to grow crops that don’t grow good in the rainforest soil. I also think that the government,Ranchers, and settlers will be satisfied because they can understand( I HOPE) that the Amazonians were here to claim the land first. Besides they get 40% of all the land. They can have all they own resources to themselves and will get a piece of the river and everything.

Literature and Culture Essay

I. Literature – General Introduction â€Å"Literature is my Utopia. Here I am not disenfranchised. No barrier of the senses shuts me out from the sweet, gracious discourses of my book friends. They talk to me without embarrassment or awkwardness† (Helen Keller) Keller could not have been more correct in this insight about literature, and scarcely would anyone who has had a lifetime with the written word raise any issue about its faultlessness. Man with his complex, often unfathomable and unpredictable thoughts, feelings and actions, and many times restrained by societal norms from openly exposing what he has inside him, considers literature as a socially acceptable vehicle for unrestrained self-expression. Literature is life. It is a mirror of man’s desires and aspirations, his ambitions and accomplishments, his fears and anxiety, his joyful and fulfilling moments. Through it, he records his experiences of triumphs and downfalls, laughter and anguish, determination and indecision—from things phenomenal to matters mundane. It is only through literature that the human mind is able to successfully transcend all material barriers to reveal its essence which constitutes the â€Å"isness† of man’s being. Literature, then, is the totality of humanity. The famous French philosopher Jean-Paul Sartre succinctly said it all in the following line: â€Å"If literature is not everything, it’s not worth a single hour of someone’s trouble† (http://www. brainyquote. com/quotes/keyword/literature. html). What is Literature? ? So broad and deep is the extent and scope of literature that putting up a definition for it is almost like limiting its parameters. However, for academic purposes, it will be relevant to explain what the concept encompasses. ? On a general perspective, anything that is written is classified as literature. ? On a stricter sense, however, and across cultures and ages, literature is associated with a poem, or a fiction article, or a stage play, a book or a classroom lesson. ? Literature, as the body of written works of a language, period or culture, and produced by scholars and researchers, reminds us of stories, epics, sacred scriptures and classical works of the ancient and modern times. Literary works are portrayals of the thinking patterns and social norms prevalent in society. Classical literary works serve as a food for thought, imagination and creativity. ? A literary article should interest, entertain, stimulate, broaden the imagination and experience, or ennoble the reader (Roberts 2). It springs as an idea from the need of its creator to get across a thought or feeling. The writer starts from an experience or set of experiences, real or imagined, which he thinks he needs to share with his public. Working on his creative tablet, he recreates the facts to reflect true-to-life happenings, or invents incidents, places, and characters and puts thoughts into the latter’s minds and words in their mouths. Or he may decide to compress an otherwise long factual or imagined story in a few metered or rhythmical lines. The result is an original text that satisfies its creator’s purpose– a literary article, an imaginative literature. ? Kirszner & Mandell explain that the word â€Å"literature† immediately stirs in the mind the concept of â€Å"imaginative literature† (1). Imaginative Literature is one which temporarily transports the reader to a different world, away from the physical and emotional realities of his existence, where he could be free to view the world with his own eyes and heart. Imaginative literature is not confined to print. A substantial number of orally transmitted imaginative literatures have set the traditions in their respective genres and have remained among the most respectable pieces in the literatures of the world. Why should we value literature? Literature that is imaginative can have far-reaching effects on the reader (Kirzner & Mandell 2-3).? The characters, scenes, images, powerful language, and carefully and masterfully developed plot can delight the reader and offer him an ephemeral escape from the stiffness, boredom, even cruelty of the world around him. ? It can transport the reader out of the limits of his time and space, and get him into seeing another possible phase of life. Meaningful insights can be drawn from wholesome literary texts. ? It can bring him to a level where he is able to see his life more objectively, up close and personal. This is because literature reveals truths about humanity. More than a mere description of people and what they do, literature brings the reader to a slice of virtual life in which he (the reader) consciously experiences his humanity. This is an added value of literature. ? It is an avenue for him to view and understand his own experiences and those of others. Reflecting can make him more sensitive to the needs of others and his own. Literature, then, can serve as a value guide as well as a lead to an analysis of values and meanings about the realities in life. ? Imaginative literature is founded on facts—history, pure science, psychology, sociology, anthropology, mathematics, and other branches of knowledge. The information load it carries can be another added value to the reader. Similarly, literature that is imaginative has marked values for the writer (Krizner & Mandell 3). ? It is a creative avenue for self-expression. A writer can unravel the ill-effects of cultural patterns and norms, and can suggest ways to remedy a stinking system through the characters of his short story, novel, or play, or the persona in poetry. Also, he reveals his individuality and uniqueness as a writer in the way he manipulates the elements of his genre—character, setting, language, format, and style. ? It is an expression of common cultural values. A writer has his own mind about a problem or issue, but that â€Å"thought† is molded by the collective sentiment, aspiration, philosophy, value, even fears of the community or cultural group he belongs to. Literature provides opportunities for the transport of these ethnic or cultural thoughts, feelings, and biases to peoples across cultural borders. It is in this way that literature can stand as the conscience and consciousness of the community which created it. Literary Genres and Culture Traditions in literature include classifying works into literary types or genres. Genre classification can have several advantages (web. nchu. edu. tw/~chtung/1986. doc. 2-6). ? It can bring about an order or a system in the handling of literary texts and, in effect, facilitates choice of materials akin to one’s interests, which can result in greater understanding and appreciation. For example, a reader who has an ear for musicality and rhythm will pick up a poetic text more likely than he would a book of fiction. ? It has resulted in the writing of standards for each genre. With the aid of these writing standards, literary creators are able to craft their works more systematically. Thoughtfully going over the standards for a drama will aptly arm a novice writer to focus on what the audience will look for in a play. Conversely, a critic who is familiar with genre standards will know exactly what to look for in a literary work.? The existence of genre classification is one avenue that can lead to the meeting of minds between the reader and the writer. When the brain has identified beforehand what it is looking for in a text (schemata-text matching through knowledge of specific genre), comprehension of the text will be less stressful, less threatening and more enjoyable. Culture-based Literary Traditions 1. Genre Classifications. The presence of traditional and universally recognized genres does not dictate the uniformity of genre classifications and the standards for each genre. Not all genre classifications are present in all places, and not all places observe the same standards for each classification. Every culture has its own genre, owing to the variations in the experiences and aspirations of the people in each culture. For example ? The sonnet which is common in western traditions is not well known in China or among the Arab nations ( Kirszner & Mandell 2). ?The kabuki play of Japan has as yet no counterpart in western countries (Kirszner & Mandell 2). ? We still have to see a counterpart of the Filipino pasyon in other literary traditions. 2. Narrative organization conventions. The standards on the presentation of events in a plot can vary from culture to culture specifically with orally transmitted literature (Kirszner & Mandell 2). For example: ? Some native American and African stories dating to the early stage of cultural development are arranged spatially, not chronologically as is the tradition in almost all cultures. All incidents that took place in one setting are narrated, then the narration moves to focus on all the incidents in another setting, and so on until all the events are completely retold. Even character development is not given as much focus in some traditional African and Native American stories as it is in present-day fiction (Kirszner & Mandell 3). 3. Character development. Present-day fiction puts much emphasis on the identity and the development of character. This is not so in some traditional African and Native American stories. Kirszner & Mandell state that in some of these narratives, characters are sometimes not named and can even switch roles towards the end of the story (3). Genre Classifications and Time Earlier literary works were grouped more generally than those in the present. Contemporary literature is lumped into four big groups—prose fiction, poetry, nonfiction prose, and drama (Roberts 3) while earlier traditions recognized three groups– fiction, non-fiction and poetry. The drama in its traditional form used verse, which explains why it was categorized as poetry. Although not markedly divergent from the present literary groupings, the â€Å"old† genre classification reflects those which societies then considered to be what mattered most. The Genres of Literature Critics could not seem to agree on one best way literary writings should be grouped; however, most authorities name four categories for classifying literature (Roberts 3). 1. Narrative fiction or prose fiction. This is the literary type which first comes to mind when the word fiction is mentioned. Narration, or retelling past events, is what makes fiction what it is. ? Narrative fiction gives an account of a series of events, factual or imagined but mostly imagined.? One character, the protagonist, or a few characters is/are at the center of these  events, causing them to happen and or causing him to be transformed. ? He is confronted with a problem, the solution of which is his primary concern, and the action he takes towards its resolution is the reason for his transformation. He may or may not overcome the problem. ? Some events in fictional narratives are drawn from historical incidents but fictionalized through change of names, places, and time, and a slight tweak in the plot. ? Through narrative fiction, the author is able to express his thoughts about a problem or issue, and/or is able to entertain. Classifications of Narrative Fiction a. Myth. This prose fiction, which punctuates the literary beginnings of practically every cultural group, is a story centered on how the gods related to humans—how certain places, beings, and places came to be, how the gods’ biases made some people’s lives fulfilling and rendered others’ lives miserable, how conflicts among the mortals affected the gods or vice versa. Myths can also be about struggles among cultural heroes, each one representing the time-established beliefs of a particular cultural group. b. Parable. This is a short narrative about some ordinary experiences of a group of people and is meant to connect to the teaching of a certain moral, or the hammering home of a philosophical, social, religious, or political teaching. The Jewish tradition best exemplifies the use of parables. c. Romance. This refers to lengthy Spanish and French stories of the 16th and 17th centuries, especially about the adventures and ordeals of the royalty and the members of their court. It can also refer to modern formulaic stories describing the growth of an impulsive, profound and powerful love relationship. d. Short story. Owing to its comparative brevity, this is the most popular type of narrative fiction. The plot may revolve around one or two main characters facing a difficulty. There are high as well as low points in their lives but, almost always, each one’s life will not go back to exactly the same point where it began. Because of the little space dictated by the shortened form of the text, interactions and relationships resulting in changes in character, no matter how subtle, are described briefly. e. Novel. This is a short story in extended form. Length being its advantage over the short story, the novel permits the full and sometimes exhaustive development of the interactions that lead to changes in some characters’ disposition, thoughts, feelings, or aspirations (Roberts 5). 2. Poetry. A poem is a literary form that â€Å"expresses a monologue or a conversation grounded on the most deeply felt experiences of human beings† (Kirszner & Mandell 522). ? It is acclaimed as the oldest and the most popular among the literary forms. ? It is the most variable in length, running from a few syllables, as in the Japanese haiku, to hundreds of stanzas, as in the epic.? The language is compressed in a few lines or verses arranged in conformity with the principles of form, rhythm, and sometimes meter and rhyme. ? It has a rich imagery and suggestive forms of expression, making it the most puzzling and, therefore, the most open to multiple interpretations. These qualities make poetry â€Å"unique† (Roberts 5). ? Among earlier cultures, for example, Greek and Roman, poetry served as a vehicle for the expression of the spiritual and the philosophical. With the passing of time, poetry has gained an added value—that of expressing the most profound ideas and the deepest emotions of humanity. Across the cultures of the present, poetry remains to inspire, to delight, and to serve as a vehicle for the concerns of the heart (Kirszner & Mandell 522). Classifications of Poetry f. Narrative poetry. This is a story in verse, of which there are two familiar forms: i. Epic. Apparently the more familiar of the two, an epic is a narrative account in verse of the accomplishments of a heroic figure, a folk hero who exhibits extraordinary physical powers and superhuman dispositions, of gods, and other supernatural entities. The account covers a wide expanse of time and place, and reflects the cultural characteristics of the people who wrote it. Although some epics are credited to particular authors, others are ascribed to their countries or cultures of origin. This is because epics of old were handed down orally, in plain verse or in song, and, as a result, grew and developed as they passed from one generation to the next, eventually mirroring the evolution of the people’s traditions and norms. Of worldwide renown are The Iliad of Homer, The Aeneid of Virgil, Beowulf of the Anglo-Saxons, and Mahabharata of the Hindus. ii. Ballad. Like the epic, the ballad traces its origin to oral tradition. Originally intended to be sung, this narrative poem carries one outstanding characteristic–its use of repetition of words and phrases, including a refrain. g. Lyric Poetry. This poem does not attempt to tell a story. Possessing a very personal and subjective nature, it conveys the speaker’s feelings, biases and aspirations, state of mind, and perceptions in a melodious mood. Lyric poetry sub-types include the following (Kirzsner & Mandell 525-526): iii. Ode. This is a long lyric poem which is, generally, on a serious subject, such as an important concept (for example, freedom), person, or any other entity in nature (for example, the sun) and with a formal poetic diction and meditative mood. The poem centers on the speaker’s observations about the subject and usually winds up with an effort towards shedding light on an emotional problem. Owing to its Greek origin, it is often intended to be recited or sung by two choruses. iv. Elegy. This lyric sub-type is meant to mourn the passing of a specific person. As such, it is characterized by a melancholy and plaintive mood and an ending that offers consolation. It may also reflect what the author considers to be mysterious, uncertain, or strange. v. Pastoral. In contrast to the elegy, the pastoral has a light, happy, even romantic mood as it celebrates the simplicity and idyll of country life. vi. Occasional poem. This poem is meant for a particular event, for example, a wedding, the installation of a prominent church leader, the putting up of a landmark, or a president’s inaugural. vii. Poems on everyday activities. Poems are sometimes written to express the writer’s feelings or describe his experiences about day-to-day events, for example, going about the daily chores, herding the animals back to their corral, or riding the trolley. viii. Aubade. This poetic form is specifically written to celebrate or lament the coming of a new day, specifically the arrival of morning. Dawn is often welcomed with joy and hope, but it can also bring despair to a persona who sees it as a signal to leave his lover. ix. Meditation. An ordinary object can be used as a vehicle to consider important, more serious issues. A poem that is focused on this is called meditation. Kriszner and Mandell cite Edmund Waller’s Go, Lovely Rose as an example (526) in which the speaker tells the rose meant to be delivered to his lady love his message for the lady. Far more important than his words of adoration is his advice for the lady not to waste the charm and time bestowed upon her since time flies and beauty fades in no time. x. Dramatic monologue. In this poem, the speaker addresses one or more listeners who is/are absent. In the process, the speaker unravels the dramatic aspect of the situation and reveals his psychological and emotional side of the issue at hand, which is usually less interesting than how he (the speaker) treats it. Some authors use the term dramatic lyric. xi. Some authors classify the epigram, a verse in two to four lines with characteristic wit and sarcasm, under lyric poetry Cited as a classic example is Alexander Pope’s On the Collar of a Dog (voices. yahoo. com) which runs in two lines. In most cases, however, an epigram is not a stand-alone piece but forms part of a longer poetic composition. xii. Other cultures have their own types of lyric poems, e. g. , ghazal in Urdu, and rondeau in French. h. Satirical Poetry. As far back as the days of the Roman empire, poetry was already used as a powerful vehicle for political purposes. This tradition continues to these days. Many who are disgruntled with any system or structure choose to amplify their bitterness and discontent artistically through carefully crafted satirical poems. Poetry can have several forms. i. Sonnet. It comes in 14 lines arranged in three quatrains and a couplet [Shakespearean or English] or an octave and a sestet [Petrarchan or Italian]. The iambic pentameter is generally used in sonnets. ii. Cinquian. It has five short lines with the following pattern: line 1 – one word or 2 syllables; line 2 – 2 words or 4 syllables; 3 words or 6 syllables; 4 words or 8 syllables; 1 word or 2 syllables. iii. Haiku. This is a verse of Japanese origin consisting of three unrhymed lines of 5 – 7 – 5 morae (quantity of time equivalent to a short syllable). A traditional haiku carries a word pertaining to the seasons and a cutting word, called kireji, used at the end of one of the three lines. Incidentally, there is no English equivalent of the cutting word concept (www. poemofquotes. com/haiku). iv. Tanka. Like the haiku, tanka is a Japanese verse but consists of five lines. The first and third lines carry five syllables each while the rest of the lines have seven syllables each. v. Concrete poem. This poem uses typography—the appearance of the printed text—to enhance its message. Thus, visual elements such as punctuation marks, symbols, and arrangement of words on the printed page, or the shape of the poem, are elemental in driving home the writer’s message. A poem about the magical sounds of a bell is shaped like a flower, while one that has nature as subject may take the shape of a tree or a bird. Visual poems, pattern poems, and size poems are examples of concrete poems (www. poemsofquotes. com/articles/concrete-poetry. php). vi. Blank verse. This type of verse uses unrhymed iambic pentameter. vii. Free verse. Unlike the blank verse, this type of verse may be rhymed or unrhymed but does not observe a fixed meter. 3. Drama. This literary genre is meant to be presented on stage. Actors portray the events in the story as though these were happening in the  present. Like narrative fiction, there is a problem around which all action revolves. At the center maybe a single character or a small number of characters who carry the burden of resolving the conflict and on whose actions and thoughts the attention of the audience is largely focused. The protagonist may overcome the problem or may be overcome by it. Unlike in a narrative fiction, the audience in a drama are able to actually witness the fictional events as they happen, making the experience direct and closer to life than in narrative fiction. i. Tragedy. Often associated with the bizarre and the disastrous, and in keeping with Greek tradition, this type of drama is focused on â€Å"treating serious subjects and involving persons of significance† (Kirszner & Mandell 917, citing Aristotle’s Poetics). ? At the center of the drama is a character, the protagonist, who is noble, respected, perfect from almost all angles, except for one flaw which is not obvious at the start but which will later manifest to a very crucial point that will suffice to cause his downfall. ? A very important lesson is conveyed here—man’s condition in life is one of  nobility. ? The purpose of the play is to bring the audience to an experience of pity for the central character as he wrestles with the trials in his life and with experiences of fear of going through the same situation. ? The audience is expected to leave the theater with the resolution to not follow the tragic path which the central character of the play took. j. Comedy. This type of drama sits on the other end of the spectrum. It is designed to â€Å"treat themes and characters with humor and typically has a happy ending† (Kirszner & Mandell 917). ? The main character is an ordinary individual whose life is open to the public, and whom the public knows to be carrying a mask of his true self all along. ? The comedy is meant to take away that mask from the protagonist and to reveal to the audience his simplicity and foolishness, his lack of understanding of things, his being â€Å"selfish, hypocritical, vain, weak, irrational, and capability for self-delusion† (Kirszner & Mandell 917). ? Ironically, it is the comedy that brings entertainment and laughter to the audience who, unknowingly, is the subject of criticism of the action in the  play. k. Farce. This is a humorous play. But unlike the comedy, the plot does not depend on the development of a character but on a situation that is exploited ingeniously. The term can speak for itself. 4. Nonfiction Prose. Any literary form not falling under any of the categories just mentioned is classified as nonfiction prose. This group consists of a wide array of fact-based and fact-oriented written materials presenting judgments and opinions and which are created mainly as sources of information. News reports, feature articles, essays, editorials, textbooks, and biographical and historical works fall under this category. Recently, there has been a marked increase in the interest for biographical and historical works, a good number of which have become bestsellers. Many schools have shifted to biographical and historical novels for required student readings. REVIEW QUESTIONS 1. The statements that follow are supported by the foregoing discussions except one. Find that sentence. l. Literature is a potent vehicle to convey a personal longing. m. The most extreme of human experiences are the only ones considered as worthy literary materials. n. Man’s freedom of self-expression can be best exemplified by the almost limitless breadth of possibilities in literature. o. Reading a literary text is experiencing the writer’s unspoken regret or praise. 2. Find the sentence which is not supported by the foregoing discussions. a. Defining literature is not always necessary. b. Imaginative literature can be a rich source of lessons about living life. c. A well written literary text can cause a change in a person’s disposition. d. Written literature has always been the better tradition. 3. Which of the following statements best paraphrases the opening quote? a. Literature is the source of Helen Keller’s highest point of contentment. b. Keller and her friends read literature a lot and find much meaning from it. c. Being blind and deaf, Keller finds literature reading as the best pastime. d. Keller’s friends love to hear her share with them what she has read and what she thinks about them. 4. Imaginative literature differs from other literary forms in the following ways except one. e.Imaginative literature builds on a writer’s personal experience and shares it factually with the reader. f. Mundane and extraordinary human experiences are vividly recreated and accented with some of the writer’s imaginative thoughts. g. Imaginative literature is everything that transports the reader to a different world, stimulates his creative mind, and appeals to his sense of values. h. Man’s most profound thoughts and feelings are expressed in symbols and images. 5. Which three (3) statements are not supported by the discussions on the value of literature? i. Every literary text has its own place in the arena of values.j. Longer texts, such as the novel and the drama, have a more profound reader-impact than shorter ones, such as proverbs and haikus. k. One of the added values of literature is that it requires interpretation and analysis of meaning. l. Literature has to be historical for it to be prized. m. A song expressing a prisoner’s longing for immediate freedom is an ethnicity-inspired literary piece. 6. C. S. Lewis is quoted to have said: â€Å"Literature enriches the necessary competencies that daily life requires and provides; and in this respect, it irrigates the desert that our lives have already become. † This quote supports the idea that: n. Basically, literature is based on world knowledge. o. Literature brings entertainment to its audience. p. Available in every literary text are several insights about meaningful living. q. Literature enables the reader to grasp the meaning of his experiences and those of the people around him. 7. Which of the following statements is not true about poetry? r. It dates back to the earliest years of man’s literary experience. s. It is strictly metered, rhymed, and rhythmical. t. It can capture the most profound and the most ordinary human experience in a few words. u. The poet’s message is cloaked in rich symbols and other forms of evocative expressions. 8. Although sometimes classified as poetry, romance is proprietarily a type of narrative fiction _____: v. owing to its length. w. because it is basically intended to give an account of past incidents in story format. x. since it is situated at a definite past time and space. y. because it is about adventure. 9. The following is an English translation of a Bilaan poem attributed to pre-colonial times. [Bilaan is a tribal group of southern Mindanao, which is the second biggest island in the Philippines and is situated in the southernmost part of the archipelago. The early people were renowned hunters and food gatherers (blog. travelpod. com/travel-blog-entries/aliawan/1/1262268183/tpod. html)]. The language of the people is also called Bilaan. ) Read the poem carefully to be able to answer the question below. LAMGE What can we do? Oh, what can we do? This is our work, this we should do. Oh my, how, oh how is this to go on? Continue, then come back when you reach the top. â€Å"’Tis not there! ‘Tis not here! † they said. We’ll try till we can make it. It’s not here, according to them, but don’t relax Don’t be surprised. They’re still far. Let’s hurry! (Lumbera & Lumbera 11) What sub-type of poetry is Lamge? a. a poem on everyday activities. b. occasional poem. c. pastoral d. meditation 10. Which of the following work values were prized by the early Bilaans as evidenced by the poem LAMGE? z. creativity and leisure {. individual recognition and prestige |. collaboration and achievement }. autonomy and compensation 11. Study the following excerpts then identify that which is not taken from imaginative literature. ~. â€Å"EDSA’ (the name of the highway in Metro Manila that runs north to south from Caloocan to Baclaran) has become the popular designation of the revolt which began as a military mutiny on February 21 [1986] and developed into a popular uprising in Manila that culminated in the flight of the dictator and his family to Hawaii, U. S. A. on February 24, 1986. The revolt established the presidency of Corazon Aquino which was marked by the â€Å"restoration† of pre-Martial Law society† (Lumbera & Lumbera 364). . â€Å"It was raining the morning of the execution. I remember how brackish and crimson was the sky. God has sliced open the sun, spilling its innards, carving out its heart. That sun had never seemed the same to me ever since. The cold air scraped the insides of my lungs and chilled my nape. It was the first dawn I had awakened to. The first time to witness the pained violent birthing of light† (Lumbera & Lumbera 377). . â€Å"And so we talk/ our words trying to capture/pain caroming/like the balls of ivory/ Our voices rise/and fall/ as we sit in a circle/ racing our other lives/ the beginnings/ of love/ rich and red/ as the felt on the board† (Lumbera & Lumbera 422).   Ã¢â‚¬Å"Matumal ang pasada nang buong umagang iyon at naipasiya kong igarahe muna sa bahay and minamanehong taksi kesa magsayang ng gasolina. Pababa na ako nang sa paglingon ko’y nasulyapan ko ang clutch bag na iyon sa may paanan ng likurang-upuan. Kinabahan ako at patawarin ako ng mga anak kong gusto kong lumaking matitino, lumabo sabi nga ang tingin ko sa tama’t mali, sa masama’t mabuti. Paano kung limpak-limpak na pera ang laman ng clutch bag? Kung bara-barang ginto o alahas kaya? Isosoli ko pa ba? Managot kaya ako kung saka-sakali? † (Lumbera & Lumbera 422). (The trips were far between the whole morning and I decided to  temporarily drive home the cab rather than [keep going through the streets and] waste gas. I was about to get down when in a glance I noticed that clutch bag at the foot of the backseat. I began to feel restless and my children whom I wanted to grow responsible [may they] forgive me, my sense of right and wrong, good and bad, blurred. What if the clutch bag contained stacks of money? What if it had bars of gold, or jewelry? Will I return it? Will I answer for my action just in case? ) 12. Choose the excerpt that is taken from imaginative literature. . â€Å"Home making is really border making: it is about deciding who is in as well as who is out. I began this project on Filipino Americans in San Diego at the border—the U. S. -Mexico border. Since the mid-1970s, the militarization of the U. S. -Mexico border region has intensified. From San Diego to the Rio Grande Valley, armed U. S. federal agents patrol key border points to block ‘illegal’ crossers—to keep ‘them’ from invading ‘our’ homes. Since 1994, ‘Operation Gatekeeper,’ a high-profile blockade-style operation, has turned the San Diego-Tijuana border region into a war zone, pushing immigrants to attempt more treacherous crossings in the forbidding mountains and deserts east of San Diego† (Espiritu 205-206). â€Å"In the annals of human adversity, there is etched a cancer, of a breed so malignant that the least contact exacerbates it and stirs in it the sharpest of pains. And thus, many times amidst modern cultures I have wanted to evoke you, sometimes for memories of you to keep me company, other times, to compare you with other nations—many times your beloved image appears to me afflicted with a social cancer of similar malignancy† (Rizal, Dedication of Noli Me Tangere).

The Evolution Of Modern Humans - 952 Words

When we think about the evolution of modern humans we think about two basic theories. The first theory is the â€Å"Multiregional Variation theory which is the different human populations or cultures had independent origins and are evolved in isolation from one another. The second theory is the â€Å"Out of Africa â€Å"theory. This theory is basically when humans evolved in Africa between 200,000 and 100,000 years ago. After these humans evolved they left Africa after evolving. Both of these theories both support and have evidence about human evolution beginning in Africa. About 1.5 million years ago â€Å"Multiregional Variation â€Å"marked the beginning of human evolution, and the fossils represented the evolving of Homo sapiens. In this theory is stated that there is no place where the Homo sapiens actually evolved they migrated out of Africa and the evolution took place in another place. . Although for human evolution the fossil record seemed to be the most reliable and useful evidence. With the fossils record this helped no depending on assumptions, and false evidence. The â€Å"Multiregional Variation lists a couple predictions that fossil evidence should prove. The first one is that all living humans derive for the species homo erectus that left Africa. Natural selection in regional populations is responsible for regional variants. And the emergence of homo sapiens was not restricted to one area. This theory is not supported by many due to the lack of support and evidence. Some believed thatShow MoreRelatedThe Evolution of Modern Humans2725 Words   |  11 Pagesthe correlation between this species and the â€Å"roots of humanity.† In the genus name â€Å"Ardipithecus† the prefix â€Å"ardi† means â€Å"ground† or â€Å"floor† in the Afar language as well. Female partial skeleton â€Å"Ardi† (ARA-VP-6/500) is one of the six known early human partial skeletons over one million years old. She was found in Aramis in the Middle Awash of the Afar Region, Ethiopia. Her skull indicates that she had a small brain (which was around 300 to 350 cubic centimeters) a small face with thin cheeks, thinRead MoreEvolution Of The Modern Day Human Essay1845 Words   |  8 PagesThe modern day human has not existed for very long, in fact its one of the recent species to populate the Earth. Before modern day humans or Homo sapiens sapiens as we are scientifically known as, existed a similar yet less developed Homo genus named Homo erectus/ Homo ergaster. Evidence of these species dates back to o ver 1.9 million years ago and up to as recently as 70,000 years ago in which the evidence can be found in Africa, Europe and Asia. In this essay I will firstly provide a general timelineRead MoreHuman Evolution Affected By Hybridization Of Modern Humans And Similar Human Species930 Words   |  4 Pages Human Evolution Affected by Hybridization of Modern Humans and Similar Human Species The evolution of humans is known to be very complex and recently scientists have been discovering just how complex through molecular data. Learning that the vertebrate eye took 400,000 generations to evolve sparked my interest in understanding human evolution. A recent article on BBC claims that at one point in the timeline of human evolution, the species Homo sapiens, which is the modern human species, interbredRead MoreThe Theory Of Evolution Of Human History And Modern Thinking2012 Words   |  9 PagesSince the dawn of time, the theory of evolution has played an important role in the process of understanding human history and modern thinking. However, this theory didn’t always have an explicit term to clarify its meaning. Philosophers embraced the ideals of knowledge and enlightenment of reason—searching for answers as to better understand the origins of mankind and how it attributes to what it means to be human. Alongside social progress and intellectual developme nt, fascinating new discoveriesRead MoreHuman Evolution Myth or Fact1313 Words   |  6 PagesThe debate of human evolution being fact or fiction has been around for hundreds of years. Evidence of human ancestry has been found in many parts of the world and these fossils found have been proven to be human. The parts of the world include Eurasia and Africa. Although fossils are found in Eurasia, the human ancestor the Hominoidea has been traced back to the Miocene epochs, which were 23 to 5 million years ago. The Hominoidea is a super-family, which contains many species that are existent todayRead MoreEssay on The History of Human Evolution1517 Words   |  7 PagesThe History of Human Evolution By definition, human evolution is the development, both biological and cultural, of humans. Human ideologies of how the evolution of man came to be is determined by cultural beliefs that have been adopted by societies going back as far as the Upper Paleolithic era, some 40,000 years ago. Through the study of paleoanthropology, we have come to determine that a human is any member belonging to the species of Homo Sapiens. Paleoanthropologists, while studyingRead MoreHuman Evolution: Myth or Fact1301 Words   |  6 PagesThe debate of human evolution being fact or fiction has been around for hundreds of years. Evidence of human ancestry has been found in many parts of the world and these fossils found have been proven to be human. The parts of the world include Eurasia and Africa. Although fossils are found in Eurasia, the human ancestor the Hominoidea has been traced back to the Miocene epochs, which were 23 to 5 million years ago. The Hominoidea is a super-family, which contain s many species that are existent todayRead More Multi-regional Continuity: The Fossil Evidence Essay1099 Words   |  5 Pagesmulti-regional continuity model of human evolution, there is without a doubt a preponderance of fossil data that supports the diverse origins of Homo sapiens in different regions of the globe. Skulls displaying a wide variety of mixed modern and archaic features have been found in every corner of the world. The mere existence of these fossils is evidence enough to prove that human evolution was far less cut-and-dried a process than the advocates of the replacement model of human evolution would like to suggestRead MoreAre Humans Still Evolving?1556 Words   |  7 PagesAbstract evolution has occurred in humans for millions of years; however, in a modern society many scientists and evolutionists are now debating whether or not it is still occurring, and if it follows the same rules. With all of the new technology humans have created, some experts believe tha t humans have essentially conquered nature, and no further evolutionary changes will occur. Still, others hold opposing views; some experts believe that evolution is still occurring, but modern societal advancementsRead MoreEssay on human evolution1305 Words   |  6 Pagesunderstanding human evolution and the history of psychology for the modern psychologist. For the human evolution, the essay will be addressing on how we and other species descended from our ancestors and how the different environment has helped to us to become more adaptable. Regarding the history of psychology, the essay will be discussing on how psychology branched off from the philosophy approach to become its own science. The essay will then go on discussing how the understanding of both human evolution

Marjane Satrapis Persepolis - 1238 Words

Persepolis Review â€Å"One can forgive but one should never forget† is one of the quotes that Marjane Satrapi says in her memoir titled Persepolis. The memoir tells the story of Marjane when she was ten years old during the Islamic Revolution in the Middle East, specifically in her home country Iran. Most people evacuated the country because they knew there was not going to be a safe, prosperous future for their children. Due to Marji’s development from youth to maturity, she undergoes teenage rebellion and feels a desire to escape. The entirety of this memoir is portrayed as a graphic novel where Satrapi uses illustrative techniques such as the way she shades and colors and also the way that some panels bleed for emphasis. Marji was a child†¦show more content†¦Furthermore, Marji was not only a girl when the war started, but she was a girl who was a bit of a rebel. Marji skipped school because she wanted to act mature, also because she didn’t want to feel isolated so she chose some 14 year-old friends. She followed them at Jordan Avenue to get some hamburgers but actually her friends went there to see some guys. In addition, Marji was expelled for many reasons. One of the reasons was because Marji hit the principal accidently when she was trying to get her wrists away. She was back talking the principal because of the jewelry policy and then accidently hit her which resulted in expulsion. Marji’s temperament was fiery when it came to something she was passionate about and cared about deeply. Additionally, Marji had been in Iran for the past 12 years of her life and she noticed that Iran will never be the same. She wanted to leave the country with her family but not everything went as planned. Marji was not the only person who wanted to leave Iran, in the memoir she says, â€Å"After my friend’s departure, a good part of my family also left the country. ‘Maybe we should leave too†¦Ã¢â‚¬â„¢ said Taji. ‘So that I can become a taxi driver and you a cleaning lady?’ Ebi (Marji’s father). ‘My friend Kaveh left for the United States too.’ Marji said sadly. ‘Don’t worry. Everyone who left will come back. They’re just afraid of change.’ answered Ebi. Let’s hope so. answered Taji nervously† (64). Taji and Marji wanted to leave theShow MoreRelated Marjane Satrapis Persepolis3668 Words   |  15 Pagesin the sudden transition. As a member of the Iranian diaspora, Marjane Satrapi endured many hardships in her efforts to transition from Middle Eastern culture to a more modernist Western culture. Her series of graphic novel memoirs, Persepolis, depict her childhood growing up in Iran during both the Islamic Revolution and the Iran- Iraq War, and moving to Austria as one of many emigrants of Iran at the time. Marjane Satrapis memoir is just one example of an exile bearing the burden of memoryRead MoreMarjane Satrapis Persepolis 2059 Words   |  9 PagesMarjane Satrapi’s graphic novel Persepolis is an expressive memoir of her growing up in Iran during the Islamic Revolution, the fall of the Shah’s regime and the Iran-Iraq War. The dictionary definition of a memoir is, the description of one’s personal life and experiences, and most writers use the conventional text format to write theirs but Satrapi has contributed to a whole new way of writing memoirs that may last for many generations to come. Unlike conventional memoirs, she uses the black-and-whiteRead MoreMarjane Satrapis Persepolis Essay1403 Words   |  6 PagesWestern culture has often misperceived the east and the way that their society functions. In Marjane Satrapi’s Persepolis, Satrapi uses graphic novels as a way to demonstrate to the western culture how the east has been misrepresented. The use of media helps to depict to the west how their views of the east may have been unfairly formed in the past. The media has only revealed limited knowledge that only shows partial perspectives because it is difficult to get perspectives of the minorities althoughRead MoreCultural Acceptance in Marjane Satrapis Persepolis1616 Words   |  7 Pagesï » ¿Whitfield Logan English 102 Ighade 4-7-14 Cultural Acceptance in Persepolis Marjane Satrapi‘s graphic novel Persepolis  is an  autobiography that  depicts her childhood up to her early adult years in  Iran  during and after the  Islamic revolution.  Throughout the novel Satrapi incorporates character development, religion, and the conflict of freedom vs. confinement in order to develop a greater appreciation between two opposing eastern and western cultures. When analyzing the current relationshipRead More The Veil in Marjane Satrapi’s Persepolis Essay1296 Words   |  6 PagesMarjane Satrapi’s Persepolis introduces the Islamic veil as an attempt by the Iranian government to control women. Islamic radicals promised safety and security for those who abided by their rules. Rebels who refused to wear the headscarf were threatened with beating, rape or death. These modern women who fought against religious oppression met the minimal requirements of the government rules to safely live in the hostile environment. Through being forced to wear the veil, the control of the IslamicRead MoreMarjane Satrapi’s Challenging of Stereotypes in Persepolis1059 Words   |  4 PagesMarjane Satrapi’s Challenging of Stereotypes in Persepolis In Marjane Satrapi’s graphic novel Persepolis, Satrapi states that her goal in writing the book was to dispel many of the hasty generalizations made by the Western world about Iran, a principal sentiment being that the country is little more than a nation founded by fundamentalists and home to terrorists and extremists. To combat the misconception, Satrapi enlists the assistance of examples from her adolescence of barriers and dissent towardsRead MoreMarjane Satrapi’s Challenging of Stereotypes in Persepolis Essay example1112 Words   |  5 PagesIn Marjane Satrapi’s graphic novel Persepolis, Satrapi states that her goal in writing the book was to dispel many of the hasty generalizations made by the western world about Iran, a principal sentiment being that the country is little more than a nation founded by fundamentalists and home to terrorists and extremists. To combat the misconception, Satrapi enlists the assistance examples of barriers and dissent towards the new conservative regime in Iran from her adolescence. By employing eventsRead MoreAnalysis Of Marjane Satrapis Graphic Novel Persepolis823 Words   |  4 Pages Marjane Satrapi’s graphic novel Persepolis, illustrates her own experience of the Iranian world through revolutions and corrupt dictatorship. Throughout her life, Marji is faced with numerous hardships that challenge her life from a young age. From struggling to adapt into diverging cultures to standing up for her identity, Marji’s conflicts force her to choose between family and herself. Unlike the people from her homeland, Marji has many opportunities to explore her liberty, however, she hasRead MoreMarjane Satrapis Persepolis: A Personal Version and Vision of the Iranian Revolution1341 Words   |  5 PagesPersepolis: Marjane Satrapis personal version and vision of the Iranian Revolution Marjane Satrapis Persepolis is a graphic novel that suggests that there is a sharp discrepancy between the world of the Iranian Revolution, as depicted in the Western media, versus how many Iranians experienced it in the context of their own lives. Satrapi was the product of a liberal home environment. Behind closed doors, the life the young Marjane led was often very different from the images of burka-wearingRead MoreEssay on The Role of Women in Marjane Satrapis Persepolis 1111 Words   |  5 Pages Throughout Persepolis, Marjane Satrapi displays the vital role that the women around her have in developing her character and becoming the woman she is today. Women such as her mother, her grandmother, her school teachers, the maid, the neighbors, and even the guardians of the revolution influenced Marjane and caused her to develop into an independent, educated, and ambitious woman. Throughout the novel, Marjane never completely conforms or lets go of her roots, this is prima rily due to

The Person Who Inspire Me - 1293 Words

PART 2: Writing DR. APJ ABDUL KALAM -the person who inspire me- What does someone do to inspire you? To me, inspiration is the process of instilling faith in someone to motivate him or her to do something. Many people do things simply out of the kindness in their heart, and do not realize they are inspiring others around them. To me, a news paper boy who is became an Indian scientist and also administrator who served as the 11th President of India, inspires me the most. Avul Pakir Jainulabdeen Abdul Kalam usually referred to as Dr. A.P.J. Abdul Kalam, is the most motivater to my study and life. He inspires me to do things by example. For example, in Dr. Kalam life, his father wasnt educated but he wanted Kalam to study. Dr.†¦show more content†¦| |Topic sentences |Avul Pakir Jainulabdeen Abdul Kalam usually referred to as Dr. A.P.J. Abdul Kalam, is the | | |most motivater to my study and life. | |Body with supporting details |He inspires me to do things by example. | | |His father wasnt educated but he wanted Kalam to study. | | |After his morning class, Kalam along with his cousin Samsuddin went around town | | |distributing the newspaper. | | |As the town had no electricity, kerosene lamps were lit at his home between 7 pm and 9 pm. | | |But because Kalam studied until 11, his mother would save some for him for later use. | | |Dr. Kalam always said to students that to succeed in our mission, we must have | | |single-minded devotion toShow MoreRelatedPerson Who Has Inspired Me Most736 Words   |  3 Pagesand having others inspire you can only have positive effects. Its one of lifes win win things. By acting in ways that inspire others we ourselves benefit, as we are giving rather than receiving. Also, those we inspire benefit and hopefully go on to inspire others in turn. It can only be good thing for society as a whole when we are inspired by others and are ourselves an inspiration to ohers. So who has inspired me? Well, as a young person there were many people who inspired me. I didnt have aRead MorePersonal Statement : Inspiration And Motivation1459 Words   |  6 Pagesand etc. This inspirational process happens from the beginning and the all the way through until the group’s goal is achieved. There are many ways that people can inspire others. One of the ways that a person can be an inspiring leader is to be charismatic. Charisma meaning is the state of having compelling attractiveness that inspires others to devote themselves to work in a group. Some leaders possess a remark ­able talent that makes them pop out more than others. It causes others to be attractedRead MoreIdentify And Describe Characteristics Of Leaders That Inspire Me My Professional Life828 Words   |  4 PagesThis inventory tool will help me to identify and describe characteristics of leaders that inspire innovate me in my professional life. After I meet this lady my skills and inspiration of help people has growth a 100 % move, because now am clear of what do I want to continue doing for the rest of my life. I learned to be stronger and good decision that will help and demonstrate that our organization is there to help and stable family’s lives. This Director is one of the pioneers of homele ss shelterRead MoreWhat Is The Word Hero? Bravery?767 Words   |  4 Pagesthink of Harry Potter who saved the world seven different times. You may think of Superman, and how he defeats the villains. You may think of Malala Yousafzai, who put her life on the line for her education. You may think of your mom, who cares and supports you unconditionally. God may come to mind, who continues to show mercy and forgiveness every day. These are all perfect, stereotypical heroes. What about those who have impacted your life? Ordinary people, but people who have helped mold you intoRead MoreThe Leadership Styles On Display865 Words   |  4 Pagesworking with a boss whom I do not trust, I tend hold back on giving them my real opinions. I usually keep my commits, concerning day to day activities to myself. I m not sure if they will turn my commits or opinions around and try to use it against me in an evaluation. I also feel when your manager is not worthy of your trust, it creates a somewhat hostile working environment because you are always looking over my shoulder to see what they are observing. Another issue is not being able to go to themRead MorePersonal Vision Statement : My Vision1508 Words   |  7 Pageswill outline my personal vision statement. This vision and mission will help determine the steps I need to take now in order to become the type of leader that others will follow. Next, I discuss those internal and external obstacles which may prevent me from achieving my goals. Lastly, I will identify the steps I will take to overcome or mitigate those obstacles. In conclusion, by outlining my desired personal vision statement I hope to have a picture or image upon which I can reflect regularlyRead MoreEssay on The Teachings of Sri Guru Granth Sahib522 Words   |  3 Pagesfathe As a Sikh, I have read the teachings of the ten gurus, seen the peace that kirtan brings many, and seen how the many aspects of our religion inspires the sangat. All of these positive aspects come from one common source: Sri Guru Granth Sahib. This holy book is composed of the innumerous teachings of our Gurus and moves, appeals, and inspires me and other Sikhs. It was made to lead and guide the sangat for the holy spirit of God that was passed from Guru Nanak Dev Ji to Guru Gobind Singh JiRead MoreWhat Makes A Mentor?1240 Words   |  5 Pagesyou’re a teenager, you need someone to look up to, you need a mentor. You need an inspiration. This person can be anyone. It could be a teacher, a friend, a sibling, a parent, an aunt or uncle, a grandparent, anyone. For me, this person is my dance teacher Erica Ireland. Webster s Dictionary defines a mentor as â€Å"someone who teaches or gives help and advice to a less experienced and often younger person.† Erica fits into that definition. Not only is she my mentor, but she is also my inspiration. Webster’sRead MoreMy Father Essay909 Words   |  4 Pagesmy father, as he has helped me journey through my life till this day and will continue helping me in the n ear future. I think to a large extent that my father has lead me to become the person that I am today, and I believe that I would not be the same person without my father’s positive thoughts and influential words he has provided me during the tough times I have experienced. My father has impacted me in many ways, for example, the morals he lives by has impacted me to keep living by the same moralsRead MoreEmotional Intelligence : An Effective Leader1322 Words   |  6 Pages1. Leadership: the ability to inspire, influence, and motivate oneself and others interpersonally and energetically. Leaders inspire greatness within themselves and each person he/she engages – daily. Leadership is a way of life, a vector, a learned behavior to sharpen through challenges, opportunities, relationships, and experiences. Leadership is not a destination; it is a journey of self-mastery and self-actualization. The moment we stop learning, we have failed ourselves and those in our circl e

Dividend Policy Free Essays

Dividend Policy Vinod Kothari Corporations earn profits – they do not distribute all of it. Part of profit is ploughed back or held back as retained earnings. Part of the profit gets distributed to the shareholders. We will write a custom essay sample on Dividend Policy or any similar topic only for you Order Now The part that is distributed is the dividend. The ratio of the actual distribution or dividend, and the total distributable profits, is called dividend payout ratio. How much of its profits should a corporation distribute? There are several considerations that apply in answering this question. Hence, companies have to frame and work on a definitive policy of dividend payout ratio. Of course, no corporate management can afford to stick to a fixed dividend payout ratio year after year – neither is such fixity of dividend payout ratio required or expected. However, management has to broadly decide its policy on its broad attitude towards distribution – liberal dividend payout ratio, or conservative dividend payout ratio, etc. If one were to ask this question in context of debt sources of capital – for example, how much interest should a corporation pay to its bankers, the answer is straight forward. As interest paid is the cost of the borrowing, the lesser the interest a corporation pays, the better it is. Besides, companies do not have choice on paying of interest to lenders – as the rate of interest is contractually fixed. Rate of dividends may be fixed in case of preference shares too. However, in case of equity shares, there is no fixed rate of dividends. It cannot be said that the dividend paid is the cost of equity capital – if that was the case, corporations may try to minimize the dividend distribution. Hence, the following points emerge as regards the dividend distribution policy: †¢ The cost of equity is defined as the rate at which the corporation must earn on its equity to keep the market price of the equity shares constant. Let us further suppose that the market price of the shares is obtained by capitalizing the earnings of the corporation at a certain capitalization rate – the capitalization rate itself depending on the riskiness or beta of the industry. Suppose the corporation does not earn any profit. Shareholders were expecting a certain rate of return on their shareholding – hence, share prices will fall at the expected return on equity. On the other hand, if just the expected rate of return is earned by the corporation, the price of equity shares remains constant if the earnings are entirely distributed, and xactly grows by the expected rate of return if the earnings are entirely retained. The above discussion leads to the conclusion that the cost of equity is not the dividends but the return on equity – hence, a corporation cannot work on the objective of minimizing dividends. Equity shareholders are the owners of the corporation – hence, retained earnings ultimately belong to the shareholders. Supposing a company earns return on equity of 10%, and retains the whole of it, the retained earnings increase the net asset value (NAV) of the equity shares exactly at the rate of 10%. Assuming there are no other factors affecting the equity price of the company, the market price of †¢ †¢ †¢ †¢ †¢ †¢ the shares should exactly go up by 10% commensurate with the increase in the NAV of the shares. That is to say, shareholders gain by way of appreciation in market price to the extent of 10%. On the other hand, if the company distributes the entire earnings, shareholders earn a cash return of 10%, and there is no impact on the NAV of the shares, hence, the same should remain unchanged. Therefore, in both the cases, the shareholders earned a return of 10% – in the first case, by way of growth or capital appreciation, and in the second case, by way of income. In other words, merely because the corporation is not distributing profits does not mean it is depriving shareholders of the rate of return on equity. The above two points reflect the indifference, sometimes referred to as irrelevance of dividend policy (see Modigliani and Miller approach later in this Chapter) from the viewpoint of either the company or its shareholders. Supposing the corporation decides to retain the entire earning. Obviously, the corporation would earn on this retained profit at the applicable return on equity. Note that the return on equity is relevant, as retained earnings would be leveraged and would, therefore, benefit from the impact of leverage too. On the other hand, if the corporation were to distribute the entire profits, shareholders reinvest/consume the income so distributed at their own rate of return. Hence, it may be contended that whether the company retains or distributes the earnings depends on whose reinvestment rate is higher – that of the company or that of the shareholders? Quite clearly, the rate of reinvestment in the hands of the corporation is higher than that in the hands of the shareholders, (a) because of leverage which shareholders may not be able to garner; and (b) intuitively, that is the very reason for the shareholders to invest in the company in the first place. This argument generally favors retention of profits by the company rather than distribution. [As we discuss later, this argument is the basis of the Walter formula] As a counter argument to this, it is contended that shareholders do not need growth only – they need current income too. Many investors may sustain their livelihood on dividend earnings. Of what avail is the increase in market value of shares, if I need cash to spend for my expenses? However, in the age of demat securities and liquid stock markets, growth and income are almost equivalent. For example, if I am holding equity shares worth $ 100, which appreciate in value to $ 110 due to retention, I can dispose off 10/110% of my shareholding, earn cash equal to $ 10, and still be left with stock worth $ 100, which is exactly the same as earning cash dividend of $ 10 with no retention at all. While the above argument may point to indifference between growth and income, the reality of the marketplace is that investors do have varying preferences for growth and income. There are investors who are growth-inclined, and there are those who are income-inclined. Majority of retail investors insist on balance between growth and income, as they do not see an exact equivalence between appreciation in market value and current cashflows. Hence, the conclusion that emerges is that companies do have to strike a balance between shareholders’ need for current income, and growth opportunities by retained earnings. Hence, dividend policy still remains an important consideration. While making the above points, there are certain special points that affect particular situation that need to be borne in mind: †¢ Company’s reinvestment rate lower than that of shareholders: Sometimes, there are companies that do not have significant reinvestment opportunities. More precisely, we say the reinvestment rate of the company is lesser than the reinvestment rate of shareholders. In such cases, obviously, it is better to pay earnings out than to retain them. As the classic theories of impact of dividends on market value of a share (see Walter’s formula below) suggest, or what is anyway intuitively understandable, retention of earnings makes sense only where the reinvestment rate of the company is higher than that of shareholders. †¢ Tax disparities between current dividends and growth: In our discussion on indifference between current dividends and share price appreciation, we have assumed that taxes do not play a spoilsport. In fact, quite often, they do. For example, if a company distributes dividends, the same may be taxed (either as income in the hands of shareholders, or by way of tax on distribution – like dividend distribution tax in India). Alternatively, if the shareholders have a capital appreciation, which they encash by partial liquidation of holdings, shareholders have a capital gain. Taxability of a capital gain may not be the same as that of dividends. Hence, taxes may differentiate between current dividends and share price appreciation. Shares with fixed returns: Needless to say, there is no relevance of dividend policy where dividends are payable as per terms of issue – for example, in case of preference shares. †¢ Entities requiring minimum distribution: There might also be situations where entities are required to do a minimum distribution under regulations. For example, in case of real estate investment trusts, a certain minimum distribution is required to attain tax transparent status. There migh t be other regulations or regulatory motivations for companies to distribute their profits. These regulations may impact our discussion on relevance of dividend policy on price of equity shares. †¢ Unlisted companies: Finally, one must also note that discussion above on the parity between distributed earnings and retained earnings – the latter leading to market price appreciation – will have relevance only in case of listed firms. Technically speaking, in case of unlisted firms too, retained earnings belong to the shareholders, as shareholders after all are the owners of the residual wealth of the company. However, that residual ownership may be a myth as companies do not istribute assets except in event of winding, and winding up is a rarity. The discussion in this chapter on dividend policy, as far is relates to market price of equity shares, is keeping in mind listed firms. In case of unlisted firms, classical models such as Walter’s model or Gordon Growth model discussed below may hold relevance than market price-based models. From dividends to market value of equity: Dividend capitalisation approach: If, for a second, we were to ignore the stock market capitalisation of a company, what is the market value of an equity share? Say, we take the case of an unlisted company. We know from our discussion on present values that the value of any asset is the value of its cashflows. What is the cashflow a shareholder gets from his equity? As long as the company is not wound up, and the shareholder does not sell the stock, the only cashflow of the shareholder is the dividends he gets. It is easy to understand that if we are not envisaging either a sale of the shares or a liquidation of the company, then the stream of dividends may be assumed to continue in perpetuity. Hence, VE = ? ? (1 + K i =1 Di E )i (1) Where VE : Value of equity K E : Cost of equity Di : dividends in paid in year i Equation (1) is easy to understand. Shareholders continue to receive dividends year after year, and these dividends are discounted by the shareholders at the cost of equity, that is, the required return of the shareholders. If the stream of dividends is constant, then Equation (1) is actually a geometric progression. We can manipulate Equation (1) either to compute the price of equity, if the constant stream of dividends is known, or to compute the cost of equity, if the dividend rate and market price of the shares is known. Applying the geographical progression formula for adding up perpetual progressions, assuming constant dividends equal to D, Equation (1) above becomes: VE = = D (1 + K E ) ? (1 ? 1 ) 1+ KE (2) D KE Example: Supposing a company the nominal value equity were $ 100, and the dividends at the rate of 10 % were $ 10, if the cost of equity is 8%, then the market price of the shares will given by 10/8%, or $ 125. Incorporating growth in dividends: In our over-simplified example above, we have taken dividends to be constant. It would be unusual to expect that dividends will be constant, particularly where the company is not distributing all its earnings. That is to say, with the retained earnings, the company has increasing profits in successive years, and therefore, it continues to distribute more. If dividends grow at a certain compounded rate, say g, then, Equation (2) above becomes: VE = D (1 + g ) (1 + K E ) = ? (1 ? 1+ g ) 1+ KE (3) D (1 + g ) KE ? g Note that we have assumed here that even the first dividend will have grown at g rate, that is, the historical dividend has been D, but we are expecting the current year’s dividend to have increased at the constant rate. If we assume the current year’s dividend will not show the growth, and the growth will come from the forthcoming year, then we can remove (1+g) in the numerator above. The formula as it stands is also referred as Gordon’s dividend growth formula, discussed below. Example: Supposing a company the nominal value equity were $ 100, and the dividends at the rate of 10 % were historically $10. Going forward, we expect that the dividends will continue to grow at a rate of 5% per annum. If the cost of equity is 8%, what is the market value? We put the numbers in the formula and get a value of $350. Note that we can also test the valuation above on Excel. If we take sufficient number of dividends, say, 1000, successively growing at the rate of 5%, and we discount the entire stream at 8%, we will get the same value. Example: Supposing a company the nominal value equity were $ 100, and the dividends at the rate of 10 % were historically $10. Going forward, we expect that the dividends will continue to grow at a rate of 12% per annum. If the cost of equity is 8%, what is the market value? This is a case where the growth in dividends is higher than the discounting rate. The growth in dividends is a multiplier; the discounting rate is a divisor. If the multiplier is higher than the divisor, then the present value of each successive dividend will be higher than the previous one, and hence a perpetual series will have infinite value. There is yet another notable point – the growth rate g above may be also be visualised as the appreciation in the market value of the share. That is, shareholders are rewarded in form of current earnings as well as growth in the value of their investment. Dividend-based equity models: Walter Approach: The Walter formula belongs to James E Walter, and is based on a simple argument that where the reinvestment rate, that is, rate of return that the company may earn on retained earnings, is higher than cost of equity (which, as we have discussed before, the expected returns of the shareholders, or rate of return of the shareholders), then, it would be in the interest of the firm to retain the earnings. If the company’s reinvestment rate on retained earnings is the less than shareholders’ rate of return, the company should not retain earnings. If the two rates are the same, then the company should be indifferent between retaining and distributing. The Walter formula is based on a simple analysis that the market value of equity is the capitalisation of the current earnings and growth in price (g in our formula in equation 3 above). Hence, the basis of Walter formula is: VE = D +g KE (4) Here, the growth factor occurs because the rate of return on retention done by the company is higher than the cost of equity. That is to say, the company continues to earn at r rate of return on the retained earnings, and this is what causes growth g. Hence, g= r (E-D)/ K E Inserting equations (5) into (4), we have VE = (5) D KE + r (E – D)/K E KE (6) Where r = rate of return on retained earnings of the company E = earnings rate D = dividend rate Example: Supposing a company the nominal value equity is $ 100, and the dividends at the rate of 10 % are $10. Supposing the company earns at the rate of 12% , what is the market value of equity if the the cost of equity is 8%? The market value of the share comes to $ 162. 50. This is explainable easily. As the company is earning $12, and distributing $10, it retains $ 2 every year, on which it earns at 12%. The capitalised value of 0. 24 at 8% will be the expected growth. Therefore, the sustainable earnings of the shareholders will be $ 10 +3, which, when capitalised at 8%, produces the value $ 162. 50. Of course, the key learning from Walter’s approach is not what the market value of equity is, but how the market value of equity can be maximised by following a proper distribution policy. For instance, in the present case, it is not advisable for the company to distribute any dividend at all, as the company earns more than the shareholders’ opportunity rate. If the company was not to distribute anything, the market value of the share may increase to $ 225. Gordon growth model: Gordon’s growth model is simply Equation (3) above, that is, VE = D (1 + g ) KE ? g This is, as we have seen above, derived from perpetual sum of a geometric progression, under the assumption that the growth rate is less than the cost of equity. Modigliani and Miller approach: Franco Modigliani was awarded Nobel prize in 1985 and Merton Miller in 1990 (along with Markowitz and Sharpe). MM have theorised on the irrelevance of the capital structure, and a corollary, irrelevance of the dividend payout ratio to the value of the firm. Like several financial theories, MM hypothesis is based on the argument of efficient capital markets. In addition, we believe that a firm has two options: (a) It retains earnings and finances its new investment plans with such retained earnings; (b) It distributes dividends, and finances its new investment plans by issuing new shares. The intuitive background of the MM approach is extremely simple, and in fact, almost selfexplanatory. It is based on the following propositions: †¢ Why would a company retain earnings? Only tenable reason is that the company has investment opportunities. If the company does not retain earnings, where does it finance those investment opportunities from? We may assume a debt issuance, but then as MM otherwise propounded irrelevance of the capital structure, they see a parity between debt and equity, and hence, it does not make a difference whether the new investments are funded by equity or debt. So, let us assume that the new growth plans are funded by equity. Shareholders price the equity shares of the company to take into account the earnings and the retentions of the company. If the company distributes dividends, the shareholders take into account that fact in pricing of the shares; if the company does not distribute dividends, that is also reflected in the pricing of the shares. If dividends are distributed, the financing needs of the company will be funded by issuing new shares. The issue price of these shares will compensate for the fact that the dividends have been distributed. That is to say, the market price of the share will remain unaffected by whether the dividends have been distributed or not. †¢ †¢ Let us take a one year time horizon to understand the indifference argument of MM. We use the following new notations: Po P1 D1 n m I X : Price of the equity share at point 0 : Price of the equity share at point 1, that is, end of period 1 : Dividend per share being paid in period 1 : existing number of issued shares : new shares to be issued : Investment needs of the company in year 1 : Profits of the firm year in 1 The relation between the price at the beginning of the year (Po), and that at he end of the year (P1) is the simple question of discounted value at the shareholders’ expected rate of return (KE). Hence, Po = (P1 +D1) / (1+(KE) (7) Equation (7) is quite easy to understand. Shareholders have got a cash return equal to D1 at the end of Year 1, and the share is still worth P1. Hence, discounted at the cost of equity, the discounte d value is the price at the beginning of the period. Alternatively, it may also be stated that the P1 = (P0 )* (1+(KE) – D1 (8) That is to say, if the company declares dividends, the price the end of year 1 comes down to the effect of the distribution. Equation (7) can be manipulated. By multiplying both sides by n, and adding a self-cancelling number m, we may write (7) as follows: nPo = [(n+m)P1 -mP1 +nD1)]/(1+(KE) (9) Note that we have multiplied both sides by n, and the added number m along with m is cancelled by deducting the same outside the brackets. mP1 represents the new share capital raised by the company to finance its investment needs. How much share capital would the company need to raise? Given the investment needs I and the profits X, the new capital issued will be given by the following: mP1 = I – (X – nD1) (10) Again, this is not difficult to understand, as the total amount of profit of the company is X, and the total amount distributed as dividends is nD1. Hence, the company is left with a funding gap as shown by equation (10). If the value of mP1 is substituted in Equation (9), we have the following: nPo = [(n+m)P1 – {I – (X – nD1)}+nD1)]/(1+(KE) (11) As nD1 would cancel out, we will be left with the following: nPo = [(n+m)P1 – I + X] /(1+(KE) (12) Since nPo is total value of the stock at point 0, it is seen from Equation (12) that dividend is not a factor in that valuation at all. How to cite Dividend Policy, Essay examples

Business Culture and Craft Cell Phone Innovations

Question: Describe about the Business Culture and Craft for Cell Phone Innovations. Answer: Introduction According to Cipresso et al., (2012), the innovations of cell phones have leaded the world to new verge of development. Not only did it affect the daily lives of people, the introduction of mobiles has greatly impacted the business world as well. For this particular project the effects and growth of mobiles phones have been taken into consideration. Moreover, the info smartness of the people is also included in the report. Effect of Mobile Phones on the World Today`s mobile phones have greatly affected the lives and flow of work in the world. With a vast range of capabilities, humans and business in the nation have worked in collaboration with each other to be able to design the new generation of mobile phones (Zhou, 2013). The use of the innovative technology in Canada and the rest of the world have provided the people with the following effects: Communication Flow: Irrespective of large geographical differences, mobiles have let citizens stay in touch with each other. Business Growth: The continuous communication, information flow, banking, and development of new operations have enabled growth of companies. Daily Functions: Ranging from morning alarms to late night work schedules, mobile phones have gained a large scope in lives of human beings. An increase in functions, habits and responsibilities of the human lives have consequently increased dependency on the innovation (Agar, 2013). Figure: Effect of mobile phones (Source: Agar, 2013) Mobile Phones and Info Smart Growth Concerning Canada, the rapidly developing country has considered cell phones to be an important aspect in the enhancing the economy. Industries like education, hospitality, health and business are highly dependent on mobile phones for information supply. As stated by CITIES (2013), the active internet access in the devices have let people to know about activities and happening in any art of the world. it is with the help of mobile phones that the management in industries build up new plans and implement beneficial strategies. Furthermore, a rapid spread of highly valued data also educates people. With an active and smooth use of the technology, there has been advancement in smartness quotient as well (Cocchia, 2014). The easy to access news, entertainment, and application development have actively contributed towards enhancing info smartness among the nation. Figure: Info smart growth in the world (Source: Agar, 2013) Conclusion Reviewing the several roles of mobile phones on the human world it can be inferred that the technology has greatly increased scopes. An innovation of new applications and communal based approach has not leaded the business industry to a new verge of expansion but also increased information smart levels of the people. Analyzing the report it can be concluded that, mobile phones have greatly affected growth and have also efficiently contributed towards developmental processes. References Agar, J. (2013).Constant touch: A global history of the mobile phone. Icon Books Ltd. Cipresso, P., Serino, S., Villani, D., Repetto, C., Sellitti, L., Albani, G., ... Riva, G. (2012). Is your phone so smart to affect your state? An exploratory study based on psychophysiological measures.Neurocomputing,84, 23-30. CITIES, S. (2013). Trace analysis and mining for smart cities: issues, methods, and applications.IEEE Communications Magazine,121. Cocchia, A. (2014). Smart and digital city: a systematic literature review. InSmart city(pp. 13-43). Springer International Publishing. Zhou, T. (2013). An empirical examination of continuance intention of mobile payment services.Decision Support Systems,54(2), 1085-1091.