Intro Logic and Academic Writing Essay

Intro Logic and Academic Writing Essay Intro: Logic and Academic Writing Essay INTRODUCTION SUMMARY: The introduction of â€Å"They Say, I Say† discusses Entering the Conversation Often without consciously realizing it, accomplished writers rely on a stock of established moves that are crucial for communicating sophisticated ideas. This inventory of basic moves is probably picked up by reading a wide range of other accomplished writers. Less experienced writers, by contrast, are often unfamiliar with these basic moves, and unsure how to make them in their own writing. These basic moves are so common that they can be represented in templates that you can use right away to structure and even generate your own writing. It is true, of course, that critical thinking and writing go deeper than any set of linguistic formulas, requiring that you question assumptions, develop strong claims, offer supporting reasons and evidence, consider opposing arguments, and so on. But these deeper habits of thought cannot be put into practice unless you have a language for expressing them in clear, organized ways. STATE YOUR OWN IDEAS AS A RESPONSE TO OTHERS It is important not only to express your ideas (â€Å"I say†), but to present those ideas as a response to some other person or group ("they say"). The underlying structure of effective academic writing is not just in stating our own ideas, but in listening closely to others around us, summarizing their views in a way that they will recognize, and responding with our own ideas in kind. Broadly speaking, academic writing is argumentative writing, and we believe that to argue well you need to do more than assert your own ideas. You need to enter a conversati on, using what others say (or might say) as a launching pad or sounding board for your own ideas. For this reason, you need to write the voices of others into your text. The best academic writing has one underlying feature: it is deeply engaged in some way with other people’s views. Too often, however, academic writing is taught as a process of saying â€Å"true† or â€Å"smart† things in a vacuum, as if it were possible to argue

Everything You Need to Know about the Stone Barrington Books

Everything You Need to Know about the Stone Barrington Books The 36th Stone Barrington novel by Stuart Woods, Scandalous Behavior, debuted at #1 on the bestseller lists, as usual. Thirty-six novels featuring one character is a lot, although it’s not a record- there are examples of books series that span hundreds of books, although most of those feature a mixture of authors. Still, when a series featuring a single character gets to be that long, the author is obviously doing something right, and that kind of success naturally makes a book-hungry person wonder if it could be a rich vein for them to mine when their usual supply of novels runs dry- but on the other hand, thirty-six novels (with the thirty-seventh due out later this year) can be a bit intimidating. So here’s what you need to know about the Stone Barrington novels. Character Sketch So, is Stone Barrington a guy you want to spend a lot of time with? Here’s what you need to know: His parents were both born to wealthy families, but were both disinherited because they refused to conform to familial expectations, a strain of rebelliousness that Stone himself inherited. He grew up in New York and attended public schools and graduated with a law degree, but after a ride-along in a police car decided to join the NYPD. In New York Dead he’s at the tail-end of his career as a Lt. Detective, rehabbing an injury and at odds with his superiors; in the middle of that story he’s forced out of the force and takes the Bar Exam to become a lawyer, and is hired by a tony law firm to be â€Å"of counsel.† Basically, the firm uses Stone to handle cases they don’t want sullying their reputation, and the work slowly makes Barrington a pretty wealthy guy- which is good, because he already had some very expensive tastes. You can’t help but see Woods in Barrington; much of Barrington’s jet-setting lifestyle seems like a slightly exaggerated version of Woods’ own life, from the pilot’s license to the knowledge of wines and food (Woods once wrote a very successful guide to restaurants and hotels in England and Ireland). Barrington travels the world, can handle himself in almost any situation, has a very active love life, and is a lot of fun to spend time with. His dislike of authority and his sense of humor are ideal for a character who is always sticking his intelligent nose where it’s not wanted. By the way, if you think Stone Barrington is a pretty silly name, you’re not alone: Woods’ editors reportedly tried very hard to convince him to change it. In Order The Stone Barrington books include, in publication order: New York Dead (1991)Dirt (1996)Dead in the Water (1997)Swimming to Catalina (1998)Worst Fears Realized (1999)L.A. Dead (2000)Cold Paradise (2001)The Short Forever (2002)Dirty Work (2003)Reckless Abandon (2004)Two Dollar Bill (2005)Dark Harbor (2006)Fresh Disasters (2007)Shoot Him If He Runs (2007)Hot Mahogany (2008)Loitering With Intent (2009)Kisser (2010)Lucid Intervals (2010)Strategic Moves (2011)Bel-Air Dead (2011)Son of Stone (2011)D.C. Dead (2011)Unnatural Acts (2012)Severe Clear (2012)Collateral Damage (2013)Unintended Consequences (2013)Doing Hard Time (2013)Standup Guy (2014)Carnal Curiosity (2014)Cut and Thrust (2014)Paris Match (2014)Insatiable Appetites (2015)Hot Pursuit (2015)Naked Greed (2015)Foreign Affairs (2015)Scandalous Behavior (2016)Family Jewels (T/K 2016) A few quick take-aways here: Through 2010 Woods had written 18 Stone Barrington Novels in 13 years, which is a brisk but not unusual pace; beginning in 2011 he published 19 more in just six years, with as many as four new Barrington novels hitting the shelves in a single year. According to interviews with Woods, he’s not only writing all of these books himself (unlike certain other ‛prolific’ best-sellers), he’s writing so many Barrington novels because his publisher requested that he do so. Key Barrington The series does follow a very loose chronology in the sense that past events and characters do occasionally pop into new stories (and some of Woods’ other characters from other series show up from time to time, as well. That said, this is a series you can read in any order, really, with only the occasional mystery reference to past events. Barrington is one of those characters whose charm is their consistency. The two caveats are: One, read New York Dead first. It’s not only the first-published, it’s the book that sets up Barrington’s back-story, so it’s really the one essential starting point; Two: 2004’s Reckless Abandon is a continuation of a story begun in Woods’ Holly Barker novel Blood Orchid, so you might want to read that one first. So, whether you dig up New York Dead and start at the beginning, pick up the first Barrington book you find, or seek out Scandalous Behavior right now, you’re going to have a pretty good time getting to know one of the thriller world’s best characters.

Healty Care Informatics Essay Example | Topics and Well Written Essays - 1000 words

Healty Care Informatics - Essay Example CHINS, electronic patient records, clinical guidelines and clinical pathways are just some of the examples from several health care informatics applications. Regardless of the fact that the area of health care informatics is a prime topic of several discussion boards, government and hospital agendas and research, the current literature shows that most health care organizations are allocating a small percentage of their resource in deploying Information Technology to assist health care. One study showed that the health care industry was generally spending only about 2% of its revenues on technology, while other industries generally average around 10% (Clark, 2000). To echo this fact, another study of American health care providers showed that, while 92% of health care professionals surveyed had informational Web sites, only 20% were participating in extranets or supply chain networks, and only 15% were currently offering enterprise portals (Wilson, 2000). Despite the reluctance evident from these facts and figures, it has been observed that there has still been an increase in the resources allocated towards IT from the mentioned 2% to aro und 6% (Blodgett, 1997). On further observation, it is clear that this increase can be attributed to the administrative use of Information Technology rather than use of IT to improve health care. More recently, this trend is changing as many health care organizations are now utilizing information technology to improve the quality of health care received by patients rather than mere MIS use (Anderson, 1997). The Technology Internet, Intranet & Extranet: The Internet has attracted considerable attention as a means to improve health and health care delivery. The Internet is no longer a medium available to the select few. It has become a way of life. Harris poll in August of 2000 shows that 98 million adults have used the Web to find health information. Numerous electronic discussion groups allow patients to share experiences and some health related Internet sites offer email advice on a fee for service basis. Many organizations, including the BMJ, provide free access to health care related information. Regardless of the evident benefits, the Internet is not free of several challenges. Firstly, Internet to a large extent is uncontrollable. This leads to a possibility of non-credible information to be posted on the websites which could be fatal to several. Secondly, Internet is a public medium which, to a large extend is insecure. This could lead to breach of privacy and other information security related hazards. And most importantly, in countries in which health care is more centrally managed, widespread use of the Internet is likely to aggravate existing conflicts between patients' expectations and provision of health care. An intranet is a collection of inter-connected networks within an organization, usually based on Internet technologies. The growth in medical intranets can be attributed to its various advantages including: 1) low-cost connectivity; 2) ease of rapid deployment of the technology; 3) use of cross-industry communications standards; 4) user-friendliness; 5) short training times; 6)

Oncogenes and Breast Cancer Term Paper Example | Topics and Well Written Essays - 1500 words

Oncogenes and Breast Cancer - Term Paper Example Thus, classification of tumors in diverse types and subtypes along with the identification of individuals who are at the potential risk of cancer is gaining prevalence. A combination of data procured from gene-expression and genomic information aids in the detection of possible new targets for designing high-throughput screening strategies for designing drugs that will lead to advances in cancer cell-targeted therapy. The present article deals with the importance of understanding for oncogenes to comprehend breast cancer. Introduction Cancer is known as malignant neoplasm, the hallmark characteristic involves uncontrolled proliferation of cells. Under normal conditions cells grow, divide and die, but in a genetic defect called mutation occur in cancer cells leading to the formation of an abnormal DNA. As genes are the basic control machine of the cells, alteration of any kind may bring devastating consequences, or malignancy. When compared with the normal cells, where damage of any k ind is taken care by the repair system, tumor cells do not have any repair mechanism for the damaged DNA and there is a constant proliferation of cells without displaying senescence hence, generating a series of abnormal cells, with altered cellular pathways for uncontrolled proliferation, figuring malignant tumors (Alberts 2007; Katzang et al. 2009). (Normal cell cycle) (Genetic mutation- causes alteration in genes) (Alberts 2007) Cancer cells manifest, to varying degrees, four characteristics that distinguish them from normal cells, comprising- uncontrolled proliferation, de-differentiation and loss of function, invasiveness and metastasis (Rang et al. 2007). The Genesis of a Cancer Cell A normal cell turns into a cancer cell because of one or more mutations in its DNA, which can be inherited or acquired. In case of the breast cancer, woman who inherits a single defective copy of either of these tumor suppressor genes BRCA1 and BRCA2 displays an augmented risk of developing breast cancer. However, carcinogenesis is a complex, multistage process, usually involving more than one genetic change. Other epigenetic factors responsible for carcinogenesis involve epigenetic factors, such as level of hormones in the body, exposure to carcinogens and tumor promoting agents. These epigenetic factors do not produce cancer by themselves but enhances the likelihood of genetic mutation(s) resulting in cancer. These genetic changes are categorized as - A. The activation of proto-oncogenes to oncogenes: Proto-oncogenes are the normal genes present in the cells and are responsible for controlling cell division, cell differentiation and apoptosis. A triggering factor such as a virus or exposure to any carcinogen brings malignant changes in the cell. B. The inactivation of tumor suppressor genes: A cell has the mechanism to protect itself from uncontrolled proliferation and tumor formation due to expression of genes called tumor suppressor genes. These genes possess the ability to suppress malignant changes and are also referred as antioncogenes. Mutation in proto-oncogenes or tumor suppressor genes results in the proliferation of tumor. Thus, a loss of function of tumor supp

Environmental Analysis Essay Example for Free

Environmental Analysis Essay Introduction This essay will discussed one of the most controversial environmental issue climate change along with some of the facts including how people first discover that climate change does existed; as well as legitimation in climate change globally; public debate; and the way in which government response to this issue. Furthermore this paper will discuss the role of science to identify the existence of climate change. Identification and legitimation of the issue Climate change is one of the biggest environmental challenges that the world encounters. It has obvious impact on our planet causing higher temperature, shifting seasons, sea levels rising. These phenomenon are closely tide up with world’s economic as it affect businesses around the world. The British government report warned if no action is taken to control carbon emissions climate change would cost 5 to 20 percent of the annual global gross domestic product. (Climate change impacts, 2011). The United Nation’s intergovernmental Panel on Climate change published a report in 2007 regarding the discovery of Global Warming since the 20th Century. (IPCC, 2011). The possible reason for this phenomenon may be caused by human activity. The appropriate definition is explained by the IPCC, which states that climate change is â€Å"a change of climate which is attributed directly or indirectly to human activity that alters the composition of the global atmosphere and which is in addition to natural climate variability observed over comparable time periods.† (IPCC, 2012) Many countries have taken the initiative to legislate appropriate regulation regarding climate change. In 2010 a published article noted that â€Å"Qinghai† is one of the first province to establish a regulation that holds local government and state owned enterprises response in coping with climate change (Xinhuanet, 2010). The statistic have shown that â€Å"Qinghai† ‘s temperature in general has been rising by 0.35 centigrade every ten years compare to the world’s average of 0.13 centigrade. (Mu Xuequan, 2010). This regulation will stress the importance and specified the local government’s responsibility on climate change. Public Debate The argument around the topic of climate change is one of the most controversial topic because it involved in whether climate change is man made or its simply nature forces. Some scientist believes that the temperature of earth is actually getting colder not warmer due to the cycle of the sun. This is known as the â€Å"Sunspot cycle†, sun gets a little bit hotter and colder every 11 years and when it gets colder it causes the temperature of earth to get colder too. Other scientist argued that the change of temperature is so small that it can barely be detected. Most scientists agree that an increase in the amount of carbon dioxide in the atmosphere is the main cause of global warming. They argued about the details of the effects of global warming on the earth. However it is generally agreed that it will lead to worldwide changes in weather patterns, gradual melting of the ice caps and rising sea levels. These changes will impact on your lifestyle, agriculture and the survival of other organism. (Haire, M et al, 2000). Energy savings, emissions reductions and water resource conservation and many other works related to climate change need to be considered Government policy response Recent years many countries have impose law relevant to combat climate change. Energy savings, emissions reductions and water resource conservation and marketing â€Å"green† have been the primary goal amongst most organization. Country like Australia is promoting energy efficiency measures through a wide range of programs and rebates. The election of Kevin Rudd in 2007 especially shows a major change of the Australian government policy through Australia’s ratification of the Kyoto Protocol. In terms of some specific initiatives the Australian government also continue the measure of mandatory renewable energy target scheme. And since 2010 the Government also established a climate change committee with the main purpose of investigate â€Å"options for implementing a carbon price and help build consensus on how Australia will tackle climate change† (Parliament of Australia, 2012) Role of science Science has played an important part in proving the existence of climate change by observation and experiment. This graph above depicts the global change in sea level since the end of the last ice age. During this 15,000 year period sea level has increased approximately 125 meters. Conclusion By evaluating the historical development of climate change we can conclude that climate change is the most important and challenging environmental issue. Regardless of the disagreements, climate change has been proven exist by scientific research. It has drawn the public attention and requires international cooperation among different governments. Reference Haire, M et al (2000). Core Science3. Singapore: Kyodo. P110-111. IPCC (2011) Intergovernmental Panel on Climate Change. [online] Available at; http://www.ipcc.ch/pdf/assessment-report/ar4/syr/ar4_syr_cn.pdf [Accessed: 27 Jul 2012]. Parliament of Australia (2012) Australian government response to climate change. [online] Available at: http://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/Browse_by_Topic/ClimateChange/Governance/Domestic/national [Accessed: 27 Jul 2012]. Sunspots and climate (2000) Sunspots and climate. [online] Available at: http://www-das.uwyo.edu/~geerts/cwx/notes/chap02/sunspots.html [Accessed: 27 Jul 2012]. The Nature Conservancy (2012) Climate Change Impacts. [online] Available at;

Fascism Essay -- essays research papers

What is Fascism? Fascism is a 20th century form of nationalistic, militaristic, totalitarian dictatorship that seeks to create a feasible society through strict regimentation of national and individual lives. Total subordination to the service of the state and unquestioning loyalty to its leader would adjust conflicting interests. It is a modern political ideology that looks to regenerate the social, economic, and cultural life of a country by basing it on a heightened sense of national belonging of ethnic identity. Fascism rejects liberal ideas of freedom and individual rights, it often presses for the destruction of elections, legislatures and other elements of democracy. Despite fascism’s idealistic goals, attempts to build fascist societies have led to wars and persecutions that have caused millions of deaths (notably WWII and the Holocaust). As a result, fascism is strongly associated with right-wing fanaticism, racism, totalitarianism and violence. Fascist movements oppose such doctrines as liberalism, individualism, materialism, communism and conservatism. In general, fascists stand against all scientific, economic, religious, academic, cultural and leisure activities that do not serve their vision of a national political life. Fascism emphasised nationalism, but its appeal was international. Fascist political parties and movements capitalised on the intense patriotism that emerged as a response to widespread social and political uncertainty after World War I (1914-1918) and the Russian Revolution of 1917. It flourished between the so called fascist era of 1919 and 1945 in many countries mainly Italy, Germany, Spain and Japan. Even such liberal democracies as France and England had important fascist movements. Scholars disagree over how to define the basic elements of fascism, some even insist it was limited to Italy under Mussolini. When the term is capitalised as Fascism, it refers to the Italian movement. Beginning in the 1970’s, some scholars began to develop a broad definition of fascism and by the 1990’s many had embraced the new approach. This new approach emphasises the way in which fascist movements attempt revolutionary change and their central focus on popularising myths of ethnic or national renewal. Seen from this prospective, all forms of fascism have three common features: anticonservatism, a myth of national or ethnic renewal and ... ...vation less acutely than others.† All political parties except the fascists, were banned and trade unions were almost made illegal. Instead workers and employers were made to join â€Å"Corporations†, which were meant to sort out the differences between them. Newspapers and books were censored and all education was controlled. 1922 was renamed Year One and all school books were rewritten. Boys were expected to become good soldiers and all students were encouraged to join organisations which taught them how to be better fascists. Mussolini began a series of schemes to improve the Italian economy, he called these the â€Å"Battles.† He tried to make Italy self sufficient in food, farmers were encouraged to grow more wheat ( the Battle for Grain). Families were encouraged to have more children, the Battle for Births and land for agriculture was reclaimed, the Battle for Land. Women were discouraged from working horse riding and wearing trousers Instead they were encouraged to stay at home and have as many children as possible. In 1940 Mussolini reviewed a parade of 180 married couples who had produced 1544, the mothers were given gold medals for their service to the nation.

Police and Exclusionary Rule Applies

Exclusionary Rule Exclusionary Rule According to â€Å"Legal Information Institute† (n. d. ), â€Å"The Exclusionary Rule prevents the government from using most evidence gathered in violation of the United States Constitution† (Exclusionary Rule). This rule applies to evidence gained from an unreasonable search or seizure in violation of the Fourth Amendment, Fifth Amendment, and the Sixth Amendment.If evidence that falls within the scope of the exclusionary rule led law enforcement to other evidence, which they would not otherwise have located, then the exclusionary rule applies to the related evidence found subsequent to the excluded evidence as well. Such subsequent evidence has taken on the name of â€Å"fruit of the poisonous tree. † The Exclusionary Rule is a court-created remedy and deterrent, not an independent constitutional right. Courts will not apply the rule to exclude illegally gathered evidence where the costs of exclusion outweigh its deterrent o r remedial benefits.Thus, the rule is not triggered when courthouse errors lead police officers to mistakenly believe that they have a valid search warrant, because excluding the evidence would not deter police officers from violating the law in the future Exceptions to the Rule There are exceptions to the Exclusionary Rule and they are listed as, another source is found that is untainted and had a role in finding the evidence. The next is evidence would have been located anyway, regardless of error or bad evidence. The next exception is that evidence may be used for witness removal on cross examination.While exception is that a witness’s identification of the defendant is not excluded if the witness could identify the defendant before arrested. Grand jury proceedings and evidence involved is excluded, and finally state agents that thought that they were complying with the Fourth Amendment. Costs and Benefits Some say that the rational choice model of criminal behavior predic ts that if the Mapp ruling did affect the behavior of police— altering either the probability of conviction or detection then citizens should respond by ncreasing their level of unlawful activity. Since the exclusionary rule increases the costs of police investigations, the police will respond by substituting away from those activities that require a warrant towards those that do not (Rubin, 1998). This train of thought while in 1989 may have been progressive; the thought process was way off. Police have risen to the challenge to get evidence without breaking rights of those involved and properly handling those Amendment rights.Many things have been learned during these times like obtaining a search warrant is worth the work put into it, if a warrant is filed correctly, listing the proper information, and holding the proper property then getting a conviction is a simple thing. Alternatives to the Exclusionary Rule Prosecution of police for trespassing, this can be done if the exclusionary rule did not exist. The prosecutors and the juries would be reluctant to do such. Civil tort action against officers, which can include all negligence cases as well as intentional wrongs which result in harm. Therefore tort law is one of the major areas of law.Administrative discipline by police internal affairs would be rampant if there was no rule to assist them with gathering evidence. There are many alternatives to the Exclusionary Rule but none are going to assist in the criminal justice system, this rule helps to balance everything on both sides of this system. There would be chaos in the courts, bad evidence, civil disputes, and offenders that have their rights violated. Conclusion The Exclusionary Rule was created in the hope to protect citizen’s rights while allowing the criminal justice system to do its job effectively.This rule has taken into consideration what the citizen goes through as well as what the police must do to properly execute their jobs. Exceptions to the rule, allows for accidents to happen, evidence to be gathered and submitted if no malice is detected, this allows the criminal justice system to work and stay balanced. These exceptions were created in the knowledge that the people that work in the criminal justice system are human, while ensuring that the offender has rights and they are protected. In a world without the Exclusionary Rule, civil liberties of both sides on the criminal justice ence will be negatively affected. The citizens could have the police come in and ransack their homes and take evidence without anyone’s consent and the other side leaves the entire criminal justice system open for attack. Keeping the Exclusionary Rule in place will ensure that the criminal justice system will continue to work as it was solely intended too. References Legal Information Institute. (n. d. ). Retrieved from http://www. law. cornell. edu/wex/exclusionary_rule/ Rubin, P. H. (1998). EFFECTS OF CRIMINAL PROCE DURE ON CRIME RATES. Retrieved from http://economics. emory. edu/home/assets/†¦ /rubin_98_03_paper. pdf

Gainesboro Machine Tools Corporation Essay

Synopsis and Objectives In mid September 2005, Ashley Swenson, the chief financial officer (CFO) of a large computer-aided design and computer-aided manufacturing (CAD/CAM) equipment manufacturer needed to decide whether to pay out dividends to the firm’s shareholders, or to repurchase stock. If Swenson chose to pay out dividends, she would have to also decide upon the magnitude of the payout. A subsidiary question is whether the firm should embark on a campaign of corporate-image advertising, and change its corporate name to reflect its new outlook. The case serves as an omnibus review of the many practical aspects of the dividend and share buyback decisions, including (1) signaling effects, (2) clientele effects, and (3) the finance and investment implications of increasing dividend payouts and share repurchase decisions. This case can follow a treatment of the Miller-Modigliani1 dividend-irrelevance theorem and serves to highlight practical considerations to consider when setting a firm’s d ividend policy. Suggested Questions for Advance Assignment to Students The instructor could assign supplemental reading on dividend policy and share repurchases. Especially recommended are the Asquith and Mullins article2 on equity signaling, and articles by Stern Stewart on financial communication.3 1.In theory, to fund an increased dividend payout or a stock buyback, a firm might invest less, borrow more, or issue more stock. Which of those three elements is Gainesboro’s management willing to vary, and which elements remain fixed as a matter of the company’s policy? 2.What happens to Gainesboro’s financing need and unused debt capacity if: a. no dividends are paid? b. a 20% payout is pursued? c. a 40% payout is pursued? d. a residual payout policy is pursued? Note that case Exhibit 8 presents an estimate of the amount of borrowing needed. Assume that maximum debt capacity is, as a matter of policy, 40% of the book value of equity. 3. How might Gainesboro’s various providers of capital, such as its stockholders and creditors, react if Gainesboro declares a dividend in 2005? What are the arguments for and against the zero payout, 40% payout, and residual payout policies? What should Ashley Swenson recommend to the board of directors with regard to a long-term dividend payout policy for Gainesboro Machine Tools Corporation? 4. How might various providers of capital, such as stockholders and creditors, react if Gainesboro repurchased its shares? Should Gainesboro do so? 5.Should Swenson recommend the corporate-image advertising campaign and corporate name change to the Gainesboro’s directors? Do the advertising and name change have any bearing on the dividend policy or the stock repurchase policy that you propose? Supporting Computer Spreadsheet Files For students: Case_25.xls For instructors: TN_25.xls Hypothetical Teaching Plan 1.What are the problems here, and what do you recommend? The CFO needs to resolve the issue of dividend payout in order to make a recommendation to the board. She must also decide whether to embark on a stock repurchase program given a recent drop in share prices. The problems entail setting dividend policy, deciding on a stock buyback, and resolving the corporate-image advertising campaign issue. But numerical analysis of the case shows that the problem includes other factors: setting policy within a financing constraint, signaling the directors’ outlook, and generally, positioning the firm’s shares in the equity market. 2.What are the implications of different payout levels for Gainesboro’s capital structure and unused debt capacity? The discussion here must present the  financial implications of high-dividend payouts, particularly the consumption of unused debt capacity. Because of the cyclicality of demand or overruns in investment spending, some attention might be given to a sensitivity analysis cast over the entire 2005 to 2011 period. 3.What is the nature of the dividend decision that Swenson must make? What are the pros and cons of the alternative positions? (Or alternatively, Why pay any dividends?) How will Gainesboro’s various providers of capital, such as its stockholders and bankers, react to a declaration of no dividend? What about the announcement of a 40% payout? How would they react to a residual payout? The instructor needs to elicit from the students the notions that the dividend-payout announcement may affect stock price and that at least some stockholders prefer dividends. Students should also mention the signaling and clientele considerations. 4.What risks does the firm face? Discussion following this question should address the nature of the industry, the strategy of the firm, and the firm’s performance. This discussion will lay the groundwork for the review of strategic considerations that bears on the dividend decision. 5.What is the nature of the share repurchase decision that Swenson must make? How would this affect the dividend decision? The discussion here must present the repercussions of a share repurchase decision on the share price, as well as on the dividend question. Signaling and clientele considerations must also be considered. 6.Does the stock market appear to reward high-dividend payout? What about low-dividend payout? Does it matter what type of investor owns the shares? What is the impact on share price of dividend policy? The data can be interpreted to support either view. The point is to show that simple extrapolations from stock market data are untrustworthy, largely because of econometric problems associated with size and omitted variables (see the Black and Scholes article) .4 7.What should Swenson recommend? Students must synthesize a course of action from the many facts and considerations raised. The instructor may choose to stimulate the discussion by using an organizing framework such as FRICTO (flexibility, risk, income, control, timing, and other) on the dividend and share repurchase issues. The image advertising and name change issue will be recognized as another  manifestation of the firm’s positioning in the capital markets, and the need to give effective signals. The class discussion can end with the students voting on the alternatives, followed by a summary of key points. Exhibits TN1 and TN2 contain two short technical notes on dividend policy, which the instructor may either use as the foundation for closing comments or distribute directly to the students after the case discussion. Case Analysis Gainesboro’s asset needs The company’s investment spending and financing requirements are driven by ambitious growth goals (a 15% annual target is discussed in the case), which are to be achieved by a repositioning of the firm—away from its traditional tools-and-molds business and beyond its CAD/CAM business into a new line of products integrating hardware and software—to provide complete manufacturing systems. CAD/CAM commanded 45% of total sales ($340.5 million) in 2004 and is expected to grow to three-quarters of sales ($1,509.5 million) by 2011, which implies a 24% annual rate of growth in this business segment over the subsequent seven years. In addition, international sales are expected to grow by 37% compounded over the subsequent seven years.5 By contrast, the presses-and-molds segment will grow at about 2.7% annually in nominal terms, which implies a negative real rate of growth in what constitutes the bulk of Gainesboro’s current business.6 In short, the company’s asset needs are driven primarily by a shift in the company’s strategic focus. Financial implications of payout alternatives The instructor can guide the students through the financial implications of various dividend-payout levels either in abbreviated form (for one class period) or in detail (for two classes). The abbreviated approach uses the total cash flow figures (that is, for 2005–2011) found in the right-hand column of case Exhibit 8. In essence, the approach uses the basic sources-and-uses of funds identity: Asset change = New debt + (Profits − Dividends) With asset additions fixed largely by the firm’s competitive strategy, and with profits determined largely by the firm’s operating strategy and the environment, the remaining large-decision variables are changes in debt and dividend payout. Even additions to debt are constrained, however, by the firm’s maximum leverage target, a debt/equity ratio of 0.40. This framework can be spelled out for the students to help them envision the financial context. Exhibit TN3 presents an analysis of the effect of payout on unused debt capacity based on the projection in case Exhibit 8. The top panel summarizes the firm’s investment program over the forecast period, as well as the financing provided by internal sources. The bottom panel summarizes the effect of higher payouts on the firm’s financing and unused debt capacity. The principal insight this analysis yields is that the firm’s unused debt capacity disappears rapidly, and maximum leverage is achieved as the payout increases. Going from a 20% to a 40% dividend payout (an increase in cash flow to shareholders of $95.6 million),7 the company consumes $134 million in unused debt capacity. Evidently, a multiplier relationship exists between payout and unused debt capacity—every dollar of dividends paid consumes about $1.408 of debt capacity. The multiplier exists because a dollar must be borrowed to replace each dollar of equity paid out in dividends, and each dollar of equity lost sacrifices $0.40 of debt capacity that it would have otherwise carried. Whereas the abbreviated approach to analyzing the implications of various dividend-payout levels considers total 2005 to 2011 cash flows, the detailed approach considers the pattern of the individual annual cash flows. Exhibit TN4 reveals that, although the debt/equity ratio associated with the 40% payout policy is well under the maximum of 40 in 2011, the maximum is breached in the preceding years. The graph suggests that a payout policy of 30% is about the maximum that does not breach the debt/equity maximum. Exhibits TN5 and TN6 reveal some of the financial reporting and valuation implications of alternative dividend policies. Those exhibits use a simple dividend valuation approach and assume a terminal value estimated as a multiple of earnings. The analysis is unscientific, as the case does not contain the information with which to estimate a discount rate based on the capital asset pricing model (CAPM).9 The discounted cash flow (DCF) values show that the differences in firm values are not that large and that the dividend policy choice in this case has little effect on value. This conclusion is consistent with the Miller-Modigliani dividend-irrelevance theorem. Regarding the financial-reporting effects of the policy choices, one sees that earnings per share (EPS on line 30 in Exhibits TN5 and TN6) and the implied stock price (line 31) grow more slowly at a 40% payout policy, because of the greater interest expense associated with higher leverage (see the cumulative source on line 22). Return on average equity (unused debt capacity on line 28) rises with higher leverage, however, as the equity base contracts. The instructor could use insights such as those to stimulate a discussion of the signaling consequences of the alternative policies, and whether investors even care about performance measures, such as EPS and return on equity (ROE).10 Risk assessment Neither the abbreviated nor detailed forecasts consider adverse deviations from the plan. Case Exhibit 8 assumes no cyclical downturn over the seven-year forecast period. Moreover, the model assumes that net margin doubles to 5% and then increases to 8%. The company may be able to rationalize those optimistic assumptions on the basis of its restructuring and the growth of the Artificial Workforce, but such a material discontinuity in the firm’s performance will warrant careful scrutiny. Moreover, continued growth may require new product development after 2006, which may incur significant research-and-development (R&D) expenses and reduce net margin. Students will point out that, so far, the company’s restructuring strategy is associated with losses (in 2002 and 2004) rather than gains. Although restructuring appears to have been necessary, the credibility of the forecasts depends on the assessment of management’s ability to begin harvesting potential profits. Plainly, the Artificial Workforce has the competitive advantage at the moment, but the volatility of the firm’s performance in the current period is significant: The ratio of the cost of goods sold to sales rose from 61.5% in 2003 to 65.9% in 2004. Meanwhile, the ratio of selling, general, and administrative expenses to sales is projected to fall from 30.5% in 2004 to 24.3% in 2005. Admittedly, the restructuring accounts for some of this volatility, but the case suggests several sources of volatility that are external to the company: economic recession, currency, new-competitor market entry, new product mishaps, cost overruns, and unexpected acquisition opportunities. A brief survey of risks invites students to perform a sensitivity analysis of the firm’s debt/equity ratio under a reasonable downside scenario. Students should be encouraged to exercise the associated computer spreadsheet model, making modifications as they see fit. Exhibit TN7 presents a forecast of financial results, assuming a net margin that is smaller than the preceding forecasts by 1% and sales growth at 12% rather than 15%. This exhibit also illustrates the implications of a residual dividend policy, which is to say the payment of a dividend only if the firm can afford it and if the payment will not cause the firm to violate its maximum debt ratios. The exhibit reveals that, in this adverse scenario, although a dividend payment would be made in 2005, none would be made in the two years that follow. Thereafter, the dividend payout would rise. The general insight remains that Gainesboro’s unused debt capacity is relatively fragile and easily exhausted. The stock-buyback decision The decision on whether to buy back stock should be that, if the intrinsic value of Gainesboro is greater than its current share price, the shares should be repurchased. The case does not provide the information needed to make free cash flow projections, but one can work around the problem by  making some assumptions. The DCF calculation presented in Exhibit TN8 uses net income as a proxy for operating income,11 and assumes a weighted-average cost of capital (WACC) of 10%, and a terminal value growth factor of 3.5%. The equity value per share comes out to $35.22, representing a 59% premium over the current share price. Based on that calculation, Gainesboro should repurchase its shares. Doing so, however, will not resolve Gainesboro’s dividend/financing problem. Buying back shares would further reduce the resources available for a dividend payout. Also, a stock buyback may be inconsistent with the message that Gainesboro is trying to convey, which is that it is a growth company. In a perfectly efficient market, it should not matter how investors got their money back (for example, through dividends or share repurchases), but in inefficient markets, the role of dividends and buybacks as signaling mechanisms cannot be disregarded. In Gainesboro’s case, we seem to have the case of an inefficient market; the case suggests that information asymmetries exist between company insiders and the stock market. Clientele and signaling considerations The profile of Gainesboro’s equity owners may influence the choice of dividend policy. Stephen Gaines, the board chair and scion of the founders’ families and management (who collectively own about 30% of the stock), seeks to maximize growth in the market value of the company’s stock over time. This goal invites students to analyze the impact of the dividend policy on valuation. Nevertheless, some students might point out that, as Gaines and Scarboro’s population of diverse and disinterested heirs grows, the demand for current income might rise. This naturally raises the question: Who owns the firm? The stockholder data in case Exhibit 4 show a marked drift over the past 10 years, moving away from long-term individual investors and toward short-term traders; and away from growth-oriented institutional investors and toward value investors. At least a quarter of the firm’s shares are in the hands of investors who are looking for a turnaround in the not too distant future.12 This lends urgency to the dividend and signaling question. The case indicates that the board committed itself to resuming a  dividend as early as possible —â€Å"ideally in the year 2005.† The board’s letter charges this dividend decision with some heavy signaling implications: because the board previously stated a desire to pay dividends, if it now declares no dividend, investors are bound to interpret the declaration as an indication of adversity. One is reminded of the story, â€Å"Silver Blaze,† written by Sir Arthur Conan Doyle featuring the famous protagonist Sherlock Holmes, in which Dr. Watson asks where to look for a clue: â€Å"To the curious incident of the dog in the nighttime,† says Holmes. â€Å"The dog did nothing in the nighttime,† Watson answers. â€Å"That was the curious incident,† remarked Sherlock Holmes.13 A failure to signal a recovery might have an adverse impact on share price. In this context, a dividend—almost any dividend—might indicate to investors that the firm is prospering more or less according to plan. Astute students will observe that a subtler signaling problem occurs in the case: What kind of firm does Gainesboro want to signal that it is? Case Exhibit 6 shows that CAD/CAM equipment and software companies pay low or no dividends, in contrast to electrical machinery manufacturers, who pay out one-quarter to as much as half of their earnings. One can argue that, as a result of its restructuring, Gainesboro is making a transition from the latter to the former. If so, the issue then becomes how to tell investors. The article by Asquith and Mullins14 suggests that the most credible signal about corporate prospects is cash, in the form of either dividends or capital gains. Until the Artificial Workforce product line begins to deliver significant flows of cash, the share price is not likely to respond significantly. In addition, any decline in cash flow, caused by the risks listed earlier, would worsen the anticipated gain in share price. By implication, the Asquith–Mullins work would cast doubt on corporate-image advertising. If cash dividends are what matters, then spending on advertising and a name change might be wasted. Stock prices and dividends Some of the advocates of the high-dividend payout suggest that high stock prices are associated with high payouts. Students may attempt to prove that point by abstracting from the evidence in case Exhibits 6 and 7. As we know from academic research (for example, Friend and Puckett),15 proving the relationship of stock prices to dividend payouts in a scientific way is extremely difficult. In simpler terms, the reason is because the price/earnings (P/E) ratios are probably associated with many factors that may be represented by dividend payout in a regression model. The most important of those factors is the firm’s investment strategy; Miller and Modigliani’s16 dividend-irrelevance theorem makes the point that the firm’s investments—not the dividends it pays—determine the stock prices. One can just as easily derive evidence of this assertion from case Exhibit 7. The sample of zero-payout companies has a higher average expected return on capital (24.9%) than the sample of high-payout companies (average expected return of 9.4%); one may conclude that zero-payout companies have higher returns than the high-payout companies and that investors would rather reinvest in zero-payout companies than receive a cash payout and be forced to redeploy the capital to lower-yielding investments. Decision The decision for students is whether Gainesboro should buy back stock or declare a dividend in the third quarter (although, for practical purposes, students will find themselves deciding for all of 2005). As the analysis so far suggests, the case draws students into a tug-of-war between financial considerations, which tend to reject dividends and buybacks at least in the near term, and signaling considerations, which call for the resumption of dividends at some level, however, small. Students will tend to cluster around the three proposed policies: (1) zero payout, (2) low payout (1% to 10%), and (3) a residual payout scheme calling for dividends when cash is available. The arguments in favor of zero payout are: (1) the firm is making the  transition into the CAD/CAM industry, where zero payout is the mode; (2) the company should not ignore the financial statements and act like a blue-chip firm—Gainesboro’s risks are large enough without compounding them by disgorging cash; and (3) the signaling damage already occurred when the directors suspended the dividend in 2005. The arguments in favor of a low payout are usually based on optimism about the firm’s prospects and on beliefs that Gainesboro has sufficient debt capacity, that Gainesboro is not exactly a CAD/CAM firm, and that any dividend that does not restrict growth will enhance share prices. Usually, the signaling argument is most significant for the proponents of this policy. The residual policy is a convenient alternative, although it resolves none of the thorny policy issues in the case. A residual dividend policy is bound to create significant signaling problems as the firm’s dividend waxes and wanes through each economic cycle. The question of the image advertising and corporate name change will entice the naive student as a relatively cheap solution to the signaling problem. The instructor should challenge such thinking. Signaling research suggests that effective signals are both unambiguous and costly. The advertising and name change, costly as they may be, hardly qualify as unambiguous. On the other hand, seasoned investor relations professionals believe that advertising and name changes can be effective in alerting the capital markets to major corporate changes when integrated with other signaling devices such as dividends, capital structure, and investment announcements. The whole point of such campaigns should be to gain the attention of the â€Å"lead steer† opinion leaders. Overall, inexperienced students tend to dismiss the signaling considerations in this case quite readily. On the other hand, senior executives and seasoned financial executives view signaling quite seriously. If the class votes to buy back stock or to declare no dividend in 2005, asking some of the students to dictate a letter to shareholders explaining the board’s decision may be useful. The difficult issues of credibility will emerge in class with a critique of this letter. If the class does vote to declare a dividend payout, the instructor can challenge the students to identify the operating policies they gambled on to make their decision. The underlying question: If adversity strikes, what will the class sacrifice first: debt, or dividend policies? To use Fisher Black’s term, dividend policy is â€Å"puzzling,† largely because of its interaction with other corporate policies and its signaling effect.17 Decisions about the firm’s dividend policy may be the best way to illustrate the importance of managers’ judgments in corporate finance. However the class votes, one of the teaching points is that managers are paid to make difficult, even high-stakes policy choices on the basis of incomplete information and uncertain prospects. Exhibit TN1 GAINESBORO MACHINE TOOLS CORPORATION The Dividend Decision and Financing Policy The dividend decision is necessarily part of the financing policy of the firm. The dividend payout chosen may affect the creditworthiness of the firm and hence the costs of debt and equity; if the cost of capital changes, so may the value of the firm. Unfortunately, one cannot determine whether the change in value will be positive or negative without knowing more about the optimality of the firm’s debt policy. The link between debt and dividend policies has received little attention in academic circles, largely because of its complexity, but it remains an important issue for chief financial officers and their advisors. The Gainesboro case illustrates the impact of dividend payout on creditworthiness. Dividend payout has an unusual multiplier effect on financial reserves. Table TN1 varies the total 2005–2011 sources-and-uses of funds information given in case Exhibit 8, according to different dividend-payout levels. Exhibit TN1 (continued) Table TN1 Exhibit TN1 (continued) As Table TN1 reveals, one dollar of dividends paid consumes $1.40 in unused debt capacity. At first glance, this result seems surprising—under the sources-and-uses framework, one dollar of dividend is financed with only one dollar of borrowing. The sources-and-uses reasoning, however, ignores the erosion in the equity base: A dollar paid out of equity also eliminates $0.40 of debt that the dollar could have carried. Thus, a multiplier effect exists between dividends and unused debt capacity, whenever a firm borrows to pay dividends. Choosing a dividend payout will affect the probability that the firm will breach its maximum target leverage. Figure TN1 traces the debt/equity ratios associated with Gainesboro’s dividend-payout ratios. Figure TN1. Plainly, the 40% dividend-payout ratio violates Gainesboro’s maximum debt/equity ratio of 40%. The conclusion is that, because the dividend policy affects the firm’s creditworthiness, senior managers should weigh the financial side effects of their payout decisions, along with the signaling, segmentation, and investment effects, to arrive at their final decision for the dividend policy. Exhibit TN2 GAINESBORO MACHINE TOOLS CORPORATION Setting Debt and Dividend-Payout Targets The Gainesboro Machine Tools Corporation case well illustrates the challenge of setting the two most obvious components of financial policy: target payout and debt capitalization. The policies are linked with the firm’s growth target, as shown in the self-sustainable growth model: gss = (P/S ï€ ªÃƒâ€" S/A Ãâ€" A/E)(1 − DPO) Where: gss is the self-sustainable growth rate P is net income S is sales A is assets E is equity DPO is the dividend-payout ratio This model describes the rate at which a firm can grow if it issues no new shares of common stock, which describes the behavior or circumstances of virtually all firms. The model illustrates that the financial policies of a firm are a closed system: Growth rate, dividend payout, and debt targets are interdependent. The model offers the key insight that no financial policy can be set without reference to the others. As Gainesboro shows, a high dividend payout affects the firm’s ability to achieve growth and capitalization targets and vice versa. Myopic policy—failing to manage the link among the financial targets—will result in the failure to meet financial targets. Setting Debt-Capitalization Targets Finance theory is split on whether gains are created by optimizing the mix of debt and equity of the firm. Practitioners and many academicians, however, believe that debt optima exist and devote great effort to choosing the firm’s debt-capitalization targets. Several classic competing considerations influence the choice of debt targets: 1.Exploit debt-tax shields. Modigliani and Miller’s theorem implies that in the world of taxes, debt financing creates value.1 Later, Miller theorized that when personal taxes are accounted for, the leverage choices of the firm might not create value. So far, the bulk of the empirical evidence suggests that leverage choices do affect value. 2.Reduce costs of financial distress and bankruptcy. Modigliani and Miller’s theory naively implied that firms  should lever up to 99% of capital. Virtually no firms do this. Beyond some prudent level of debt, the cost of capital becomes very high because investors recognize that the firm has a greater probability of suffering financial distress and bankruptcy. The critical question then becomes: What is â€Å"prudent†? In practice, two classic benchmarks are used: a. Industry-average debt/capital: Many firms lever to the degree practiced by peers, but this policy is not very sensible. Industry averages ignore differences in accounting policies, strategies, and earnings outlooks. Ideally, prudence is defined in firm-specific terms. In addition, capitalization ratios ignore the crucial fact that a firm goes bankrupt because it runs out of cash, not because it has a high debt/capital ratio. b. Firm-specific debt service: More firms are setting debt targets based on the forecasted ability to cover principal and interest payments with earnings before interest and taxes (EBIT). This practice requires forecasting the annual probability distribution of EBIT and setting the debt-capitalization level, so that the probability of covering debt service is consistent with management’s strategy and risk tolerance. 3.Maintain a reserve against unforeseen adversities or opportunities. Many firms keep their cash balances and lines of unused bank credit larger than may seem necessary, because managers want to be able to respond to sudden demands on the firm’s financial resources caused, for example, by a price war, a large product recall, or an opportunity to buy the toughest competitor. Academicians have no scientific advice about how large those reserves should be. 4.Maintain future access to capital. In difficult economic times, less creditworthy borrowers may be shut out from the capital markets and, thus, unable to obtain funds. In the United States, â€Å"less creditworthy† refers to the companies whose debt ratings are less than investment grade (which is to say, less than BBB2 or Baa3). Accordingly, many firms set debt targets in such a way as to at least maintain a creditworthy (or investment grade) debt rating. 5.Opportunistically exploit capital-market windows. Some firms’ debt policies vary across the capital-market cycle. Those firms issue debt when interest rates are low (and issue stock when stock prices are high); they are bargain-hunters (even though no bargains exist in an efficient market). Opportunism does not explain how firms set targets so much as why firms deviate from those targets.

Satyricon Essay Example

Satyricon Essay Example Satyricon Essay Satyricon Essay The Satyricon, like many other works written in the time of early Ancient Rome, is a narrative whose author is not known definitively. However, the best candidate from the time was Titus Petronius (Arbiter). The story, looking especially from the scene â€Å"Dinner with Trimalchio,† is a satiric masterwork of the pragmatic and materialistic attitude of the time, soon to be replaced by Christianity. â€Å"Dinner with Trimalchio† tells a tale from the perspective of Encolpius, a vagabond student of the master Agamemnon, who is invited along as a pupil of Agamemnon to a banquet. The host of the banquet is Gaius Trimalchio, who was once a slave but now a freedman millionaire, who worked hard to attain his power and wealthy status. Trimalchio is known for throwing elegant and overly extravagant dinner parties complete with exotic foods and fine wines. This banquet, however, takes a turn for the worst when Trimalchio, who is superstitious and very obsessed with his own death, begins describing in detail his tomb in which he will be buried, which is overly grandiose, and even goes as far as bringing out his will. Quickly the dinner party turns into a drunken circus, eventually coming to a conclusion after the guests, solely to tickle his fancy, act out Trimalchio’s funeral. ?I believe, in discord with critic John Wright, that Petronius in fact had a moral purpose for writing The Satyricon. Furthermore, I feel that there are underlying cultural traits that support ideas of divisions of social classes, the value of education, and the love of material wealth. Because Petronius colloquially writes about serious topics including exposing blindness to spiritual values, distrust of the intellect, and preoccupation with the awareness of being cheated by one’s neighbor, some critics do not accept that he is writing on a much more incisive level. ? Petronius, in my opinion, wrote The Satyricon as a call for change in Roman society. Through his satirical writing, he specifically harps on the cultural traits of the time. For example, the man-centered society seems to be unjust and unequal for the women of the social order. Classical gender roles make the women behave as if they are second-class citizens, being grateful to be in the presence of a powerful male figure; where in actuality, Fortunata, Trimalchio’s wife, sold her jewelry to finance Trimalchio’s first wine selling business, which is how he made his millions. Without the help and generosity of Fortunata, Trimalchio would, himself, be a second-class citizen who struggles to pay for daily bread, like most of the poor lower-class Romans.? Another way Petronius exemplifies his purpose of writing this story is showing the importance of education in ancient Rome during the time, and how the culture valued it so much. Agamemnon, the scholarly teacher and friend of Trimalchio, is very well respected by the populace of the story. There is one passage in particular where Trimalchio tries to spark a conversation with Agamemnon about the stores of Hercules and Ulysses wherein Trimalchio makes obvious to Agamemnon that he is not well read in Homer’s literature, yet pretends to be. Trimalchio questions, ? â€Å"Do you remember the twelve labours of Hercules and the story of Ulysses- how the Cyclops tore out his thumb with a pair of pincers. I used to read about them in Homer, when I was a boy. In fact I actually saw the Sibyl at Cumae with my own eyes dangling in a bottle. †? This unintelligent miscue may not be noticed amongst the banquets’ crowd of guests, but among the educated individuals familiar with Homer’s work who will later reflect on the satirical comedy of the situation.? Perhaps one of Petronius’ most important reasons for writing The Satyricon is to show the evilness behind coveting material things and worshiping false idols. Trimalchio’s love for money and material wealth makes him stand out in the city, but as suggested by Petronius, for the wrong reasons. His taste for fine wines and glamorous cuisine at the lavish parties he throws- mainly to show off his great prosperity- is particularly revolting thought, knowing Trimalchio could easily share his riches with the hungry and suffering people of his city. Trimalchio does not know any god other than Mercury, the patron of business operations. He has dedicated a gold bracelet, worth one tenth of his total savings, to Mercury’s honor; but instead of depositing it into a shrine of the god, he wears it on his arm. Clearly Trimalchio is not humbled by the great fortune with which he is blessed. Petronius’ remarkable argument is that people, if fortunate enough to be as prosperous as Trimalchio, should not invest their savings in materialistic things and live o nicely, yet they should give back to those in need; for the true treasures in life are not made of gold and silver, it is more important to be spiritually rich. ? As for not having a moral purpose for writing such a profound satirical piece, I cannot agree with the critics. I accept the idea that Petronius was using this work as a tool for individuals to better themselves in cultural ways of thinking, the acceptance of others, and grow introspectively with consideration of the ideals of humility.

How to Make and Keep an Appointment in German

How to Make and Keep an Appointment in German No matter if you are arranging a first date or a dentist appointment, the etiquette of punctuality is famous in Germany. This article will teach you more about how to make appointments in Germany and express suitable arrangements in German. Calendar Dates and Clock Times in German Lets start with fixing a date. Dates of the month are described with a system called ordinal numbers. If you need a refresher, you can review vocabulary for months, days, and seasons. In Spoken German For numbers up to 19, add the suffix -te  to the number. After 20, the suffix is -ste. The trickiest part of getting your suffix right is to notice that it will change depending on the case and gender of your sentence. For example, look at these two sentences: Example: Ich mà ¶chte am vierten Januar in Urlaub fahren. - I would like to go on holiday on the 4th January.Der vierte Februar ist noch frei. - The fourth of February is still free. The ending changes are in line with how an adjectives endings change as its used in a sentence. In Written German Expressing ordinal numbers in written German is a lot easier since there is no need to adjust the suffix to case and gender. For dates in the calendar, simply add a dot after the number. Note that the German calendar format is dd.mm.yyyy. Treffen wir uns am 31.10.? - Are we meeting on 10/31?*Leider kann ich nicht am 31. Wie wre es mit dem 3.11.? - Unfortunately I cant make it on the 31st. How about 11/3? How to Set a Time The second part of making your appointment is setting a suitable time. If you want to leave the suggestion up to your conversation partner, you can ask: Um wieviel Uhr passt es Ihnen am Besten? - What time is best for you? For a firmer suggestion, the following phrases will be useful:   Wie sieht es um 14 Uhr aus? - How does 2 pm look?Kà ¶nnen Sie/Kannst du um 11:30? - Can you make it at 11:30?Wie wre es um 3 Uhr nachmittags? - How about 3 pm? Germans are early risers, by the way. The standard working day runs from 8 am to 4 pm, with an hour of lunch break allowed. School days also start at 8 am. In formal environments and written language, Germans will speak in terms of the 24-hour clock, but colloquially its also common to hear times of the day described in the 12-hour format. If you would like to suggest a meeting at 2 pm, 14 Uhr  or 2 Uhr nachmittags  or 2 Uhr  can all be considered appropriate. Its best to take the cue from your conversation partner. Punctuality Equals Politeness According to the stereotype, Germans are particularly offended by tardiness. The oft-quoted saying Pà ¼nktlichkeit ist die Hà ¶flichkeit der Kà ¶nige  (punctuality is the politeness of kings) sums up what your German friends or colleagues may think. So how late is too late? According to the etiquette guide, Knigge arriving just on time is what you should aim for, and zu frà ¼h is auch unpà ¼nktlich. Too early is unpunctual, too. So in other words, ensure that you calculate travel times correctly and dont be late. Of course, a one-off will be forgiven and calling ahead if it looks as though you wont manage to arrive on time is highly recommended. In fact, the matter goes even deeper than a simple time delay. In the German-speaking world, appointments are considered as firm promises. No matter if you are committing to dinner at a friends house or a business meeting, backing out at the last minute will be taken as a gesture of disrespect. In short, the best tip for making a good impression in Germany is always to turn up on time and be well prepared for any meeting. And by on time, they mean not early and not late.

Accident prevention and injury prevention Essay Example | Topics and Well Written Essays - 250 words

Accident prevention and injury prevention - Essay Example The main three of those theories and approaches that began to pass way in the 1930’s are: education is the main way to prevent accidents, accidents can be prevented, and the â€Å"blame the victim† attitude. Gibson and Haddon have a strong influence on these theories. As far as injury prevention is concerned, this concept basically emerged from the energy exchange theory, which is violation of the local threshold and interruption of whole body function. Incidents are events that cause unwanted harm or damage. They can be defined in two ways, which are ‘no- loss’ and ‘loss type’. If we want to understand the way incidents are studied, ratios are there to help us. Injury normally occurs caused due to the reoccurring of an incident. There is no single situation that may cause an incident; rather they are caused by multiple occurrence of the same thing. From this, we can know that causes of incidents are known. Moreover, this is also the main reason why employers need to be consistent in forming and implementing safety standards for preventing

Reflective Practice - Practitioner Incident Essay

Reflective Practice - Practitioner Incident - Essay Example The first reason, according to Somerville and Keeling (2004), is that in their busy work, nurses come across various deep-seated human needs and anxieties; and as a result, such events put a lot of emotional pressure on the lives of the nurses. Secondly, according to Taylor (2006), nurses are change agents. In other words, they should have the ability to influence other people to make positive changes. In such a situation, reflective practice enables nurses to look into how their own personality and approach influenced the outcome and to make necessary changes accordingly (ibid.). One can find the theoretical basis of this reflective practice in the adult learning theory of Kolb (1984). Admittedly, Kolb’s learning model consists of four elements: concrete experience, reflective observation, abstract conceptualisation, and active experimentation. This model gave birth to Honey and Mumford’s model. This model proposes four stages. The first stage is having an experience. It is followed by reviewing the experience, concluding from the experience, and planning the next step (Peter Honey and Alan Mumford’s learning styles, n.d.). ... As a nurse, it is usual for me to consider my past experiences for critical reflection. The following incident and the related reflection made me realise that I should have more belief in my own abilities and decisions in order to become an effective professional. That was a normal duty day and it was nearly 1 AM when a middle-aged person came with chest pain. As it was common, I started helping the person to undress and at the same time, I started recording various observations. As I talked to him, I understood that he came because he had severe central chest pain that night, which extended from the chest to the neck and left arm. Also, I noticed that he used to feel the same chest pain on his walk to his workplace and that this pain used to subside at rest. Though he had ECGs and investigations in the past, they revealed nothing. Based on the observation, I performed one more ECG, but there was nothing and the pain had subsided. Though I could find nothing wrong, I gave particular attention to his various features and background. The person was a regular smoker, overweight, and most importantly, he had a very stressful work life. It was learnt from the chat that he was a judge. It was at that time that the intern on duty came. I communicated all my observations including the patient’s history and background to the intern. However, to my dismay, I noticed that the intern was in no mood to listen to what I said and that she was not planning to give any particular attention to the patient. So, I moved to the duty medical registrar and reported the matter. However, to my utter surprise, the registrar, too, decided that there was nothing significant in my observation as the ECG had revealed that