Different Approaches to Romantic Poetry Essay Example for Free

Different Approaches to Romantic Poetry Essay 1- Introduction For passion or profession, for hobby or obligation, for delight or duty, for this reason or another, one takes his pen and devotes few minutes he steals from time to trace expressive words on paper. I am among many, in ruptures about literature and this study day comes as a golden opportunity to show how much my fancy is caught and how far my love is increased when the heart excitingly beats and the feeling increasingly grow, to ask the self to enjoy a travel by means of distinct words along the path of different ideas for the sake of a visit to some parts of poetical world. Two enquiries draw our attention: which approach to adopt to clear up an idea in mind about this or that line from a poem mostly sounding melodious nevertheless its grasping is a difficult experience that represents a real challenge for most of us?, the second is that criticism with all its schools and theories is a helpful tool to manage in a way or another interpretation and then appreciation of the piece of poetry; but does it with all its complexities dull the meaning, and obstruct any attempt to get it. If so, it gives a tedious attempt to elucidate clumsy verses and anything that is unclear is involuntarily unlovable and of course unrewarding. 2- Poetry and Criticism  It is almost admitted that the poem is an elevated thought expressed in a beautiful way to rouse the emotion and mind of the reader, listener or the poet himself. However it is not usually easy to define a poem if you link any perception of it to Criticism Traditionalists for example do not recognize the talent of any poet unless he can have the capacity to visualize any particularity as universal, any specific to more general and any momentary to eternal; besides he has to have the art to transmit the message of his poem intelligibly to others arousing by that their emotions and stirring up their minds. Joseph Conrad once said that his task through the power of the written word is â€Å"to make you hear, to make you feel, it is above all to make you see† (Christopher Gillie: 38) William Wordsworth from his part insists in  preface of Lyrical Ballads on poets to visualize life more than critics because â€Å"it is the honourable characteristic of Poetry that its materials are to be found in every subject which can interest the human mind. The evidence of his fact is to be sought, not in the writings of Critics, but in those of Poets themselves†. On the other hand, Mathews Arnold disagrees with Wordsworth in the Function of Criticism at the Present Time (1865) when he says â€Å"almost the last thing for which one would come to English literature is just that very thing which now Europe most desires—criticism† The approach in this school focuses mostly on traditional elements such as: diction, sound, imagery, rhetoric, rhythm, genre, stanza, and sentence structure all form organic unity for ,aesthetic purposes and an independent entity sharing relationship with real life and poems may seem transcendental going beyond any expectations. Furthermore this approach insists that poetry is an aesthetic representation of life according to social needs because it is not a private pleasure since it induces in us a response up to the circumstances of the world Modernists rather exclude poetry from being a representation of reality and that is out of social purpose and then detached from historical context because poems are only fiction and uncommon to what is exact and sensible. Henceforward, modernism did not develop traditional poetry but was instead characterized by a deviation from the norms, a rejection of the past, an anti realism using myth, a rejection of conventional plot and a support to individualism and intellectualism, and so writing poetry is cerebral than emotional and it is a work that is open ended and searches to pose questions rather than answering them. All of E.Pound: Hugh Selwyn Mauberly and T.S.Eliot: the waste Land, and W.Stevens: Thirteen Ways of Looking at a Black Bird are good examples of these characteristics. Post modernists from their part gives great importance to the reader response and only for him can the final say of interpretation be referred, Walter Slatoff in his book â€Å"with respect to readers† thinks that no one can deny the effective existence of reader and reading even those who insist on the autonomy of the literary work. (R.Wellek/A.Warren:145). Some views insist on good reading as a quality that â€Å" has nothing necessarily to do with something one writes or says or anything else one does apart from reading† (G.Strickland:6) Post modernists also claim that poems are complex but they create a pattern out of that chaos, that they are trivial and  disheartening but clever pieces and original. Schools of Criticism They are cited as follows âÅ"“ Traditional: it gives information about the writer and his time in order to broaden understanding and meaning. âÅ"“ New Criticism: it highlights the lyric, it detaches the poem from biography or history and directly moves to analysis of diction, imagery, meaning of unfamiliar words âÅ"“ Rhetorical: it focuses the art of persuasion through different arguments, truth evidence. In order to understand the content with great appeal to the reader âÅ"“ Stylistic: great importance is given to the peculiarities of diction and imagery âÅ"“ Metaphorical: a deeper interest to metaphor as part of meaning âÅ"“ Structuralist: clarity is drawn from sociology and anthropology that represent important factors in a given society âÅ"“ Post structuralist: evading organic unity and interdependence âÅ"“ Myth theory: it derives from Northrop Frye placing the poem to categories and sub categories up to the hero’s myth, fall, and enemies âÅ"“ Freudian: a sexual imagery is concerned, struggle for the superego. Oedipus complex âÅ"“ Jungian: recurring poetic images, symbols and imagery as related to patterns from life âÅ"“ Historical: historical context and data are concerned âÅ"“ Biographical: the writer’s psychology and biographic data are concerned âÅ"“ Sociological: include society and social factors in a poem âÅ"“ Political: the different political movements the poet supports âÅ"“ Marxist: a political correctness .i.e. to assess the poem according to the support for workers against capitalist’s exploitation âÅ"“ Moralist: to assess the poem according to religious convictions, tolerance and social justice âÅ"“ Cognitive scientific: relate poems to brain functioning, but it’s an approach that is still in its infancy. 4- Practical Analysis to Shelley’s Ode to the West Wind and Keats’s Ode to a Nightingale in fact in spite of all the complexities of criticism it opens doors to suspect different levels of meaning and significance and if we arte drifted towards confusion out of the many schools of criticism we are as well lucky to have them but selection of which approach to adopt should be made precise and practical and out of my experience in teaching poetry and sometimes writing it. I infer that being eclectic is is the best approach that may serve in a  good way analysis of poems by incorporating several approaches in one article to better approach the poem for the sake of evidence, that can never be easy without truth evidence transmitted in a beautiful performance Bibliograghy 1- Matthew Arnold. The Function of Criticism at the Present Time, Essays in Criticism. London and Cambridge: Macmillan and Co., 1865. Pp. 1-41. 2- C.Gillie. Movements in English Literature 1900-1940, Great Britain: CUP, 1978 3- G.Strickland, Structuralism or criticism, New York: CUP 1985 4- R.Wellek/A.Warren, Theory of Literature, Great Britain, 1978. 5- William Wordsworth, Lyrical Ballads, with a Few Other Poems. London: Printed for J. and A. Arch, 1798. Web Library. WWW.poets.org En.wikipedia.org

Chivalry in Arthurian Legend Essay -- Medieval Times Knighthood Essays

Chivalry in Arthurian Legend Merriam-Webster's on-line dictionary defines chivalry as "the system, spirit, or customs of medieval knighthood." As Leon Gautier, author of Chivalry, defines this "system" and "spirit" of knighthood by identifying rules of chivalry, two of which are well illustrated in Lanval, "TheWife of Bath's Tale," and "The Wedding of Sir Gawain and Dame Ragnel:" "Thou shalt never lie, and shall remain faithful to thy pledged word," and "Thou shalt be generous, and give largess to everyone"(qtd. in Chivalry). All three stories seem to suggest the predominant theme of a knight living up to his word. This is shown by the fact that, in each story, the knight's oath is taken very seriously, is treated as a contract, and is trusted implicitly. The generosity of the knight is also portrayed in these works. It is not difficult to see, given the moral overtone of these rules, that the Church had a great deal to do with defining the values of knighthood. "The Wife of Bath's Tale" and "The Wedding of Sir Gawain and Dame Ragnell" both follow the story of a knight who makes a "rash promise" on which his life depends. Even under the most difficult of circumstances, these promises are kept. In the story of Dame Ragnell and Sir Gawain, King Arthur is described by the author as a knight who "bare away the honour, Where-so-evere he went"(9). Surely he must be held to any code of honor imposed on a knight! While on a hunting expedition, King Arthur is confronted by a fully armed knight, named Gromer Somer Joure. Arthur is alone, scarcely armed and unable to defend himself against Gromer, who is ready to take Arthur's life. In order to avoid instant death, Arthur is forced to swear to return, alone and "in this same arraye"(87... ...h, defend the king, his land and his people, and be courteous to the ladies. They were honest, distinguished gentlemen. When they gave their word, it was trusted without doubt. They were the epitome of chivalry. Works Cited: "Lanval." The Norton Anthology of English Literature. Seventh Edition. Volume 1. New York: 2000. (127-140). "Merriam-Webster Online: The Language Center." Online. Internet. 2000. Merriam-Webster Incorporated. Available: http://www.m-w.com/ Price, Brian R. "On Knighthood." Online. Internet. 11/22/2000. Available: http://www.geocities.com/Athens/Oracle/7374/knights-2.html "Rules of Chivalry." Online. Internet. 11/11/2000. Available: http://www.geocities.com/Athens/Acropolis/5266/chivalry.htm "The Wife of Bath's Prologue and Tale." The Norton Anthology of English Literature. Seventh Edition. Volume 1. New York: 2000. (253-280).

Common Criteria for Deciding Whether to Buy or Build

Common criteria for deciding whether to buy or build a software solution would be to take a look at the System Development Life Cycle; Planning, Analysis, Design, and Implementation. Planning or initiation include a business problem, request for proposal, request for quote, and proposal/quote ie. first go/no go decision. Analysis or logistics of implementation include business requirements, technical requirements, and data requirements, and GAP analysis which helps a company compare actual performance with potential performance. Design includes logical/physical, technical specs, process flow/data flow, system architecture, data design, screen layouts, and navigation map/flow. Once these criteria are examined and the complexity is determined, a decision can then be made to buy or build a software solution. Implementation is turning it into a working system that has been tested and put into use including documentation, training procedures, support capabilities, and associated updates. A manager’s selection for off-the-shelf software can be established by deciding if the criteria of cost, functionality, vendor support, viability of vendor, flexibility, documentation, response time, and ease of installation will be greater and a smoother transition than producing an in-house software solution. The two most important aspects of purchasing an off-the-shelf software are vendor support and vendor viability. If a manager chose to produce in-house software, the support is a constant in that the programmers who created the software are available at any time, and know the ‘in’s and out’s of the software’, whereas if there is no vendor support from the purchased software you are taking a gamble which may prove unwise, and the credibility of the manager is no longer. Cost, functionality, flexibility, and documentation are criteria that depends primarily on the specific situation, ie. budget, and needs. Discuss the four phases involved in managing a project. Compare and contrast these phases with the SDLC. Explain any differences. Managing projects of all shapes and sizes requires a fluid, nonlinear framework that has applications across all essential elements of project planning. The four-phase process that suggests how to allow for readjustment between the phases are initiate, plan, execute, and evaluate. Initiate, this first project management phase, the preliminary work is done to clarify the problem or opportunity and how a solution would look. All interested parties are consulted and the project scope – what is in and what is out – is clarified as well as initial costs and timelines. Plan, determines whether the proposed project will be of real benefit to the organization. If it is, the project is approved and more detailed planning starts. Business benefits, project objectives, requirements, governance, scope and project management methods are agreed. The Project Manager draws up the detailed project schedule and task and budget allocations. Execute, project stakeholders are interviewed to ascertain the detailed requirements, possible solutions are discussed and decided upon. Next, the solution is designed, built and finally implemented. Project management activities in this phase also include managing the project budget and schedule, reporting project progress, communicating with stakeholders and responding to project risks, issues and proposed changes. Evaluate, The purpose of this final phase is to determine whether the project was a success and what was learned can be gleaned and applied to future projects ie. , did the project deliver on time, within budget and to scope and quality requirements? Comparing the four phases in managing a project; initiate, plan, execute, evaluate with the SDLC phases; Plan, Analysis, Design and Implement one will see many cross similarities; each describing approaches to a variety of tasks or activities that take place during the process. After each phase is finished, it proceeds to the next one; reviews may occur before moving to the next phase which allows for the possibility of changes. Reviews may also be employed to ensure that the phase is indeed complete; and is ready to progress to the next phase. Explain the three primary project identification and selection phase activities. Who should make the decisions about project approval in a business organization? What information is important to the decision? Project identification and selection consists of three primary activities: identifying potential development projects, classifying and ranking projects, and selecting projects for development. Identifying potential development projects is a process that can be performed by a key member in top management, a steering committee, the head of a requesting committee, the development group or IS manager. Projects by top management reflect broader needs of the organization since there is an understanding of overall business. Projects identified by a top management or steering committee are referred to as coming from a top-down source. Projects designed by individual mangers or the IS group are more focused on the needs rather than a broader scope; projects stemming from managers, or business units are referred to as a bottom-up source. Top-down and bottom-up initiatives are used in identifying and selecting projects, it will vary on the scope and needs of the project. Classifying and ranking projects can be performed by top management, a steering committee, business units, or the IS development group. The project requirements will vary by the organization administering it, one group may choose to meet monthly, whereas another chooses to meet quarterly. Meetings typically consist of reviewing ongoing projects as well as new project requests. Selecting projects for development is the final activity in the project identification and selection phase. Since the criteria for a project can change at any time, numerous factors must be considered when selecting a project; perceived needs of the organization, existing systems and ongoing projects, resource availability, evaluation criteria, current business conditions, and perspectives of the decision makers. Projects can be accepted or rejected which means funding is allocated or the project will no longer be considered for development. A project can be returned to the original requesters who are told to develop or purchase the requested system themselves. Also, the requesters of a project may be asked to modify or resubmit their request after making suggested changes or clarifications. Due to the process of incremental commitment a selected project does not necessarily result in a working product. After each subsequent SDLC activity, the members of the project team will reassess the project. This reassessment will entail a more detailed understanding of the system’s costs, benefits, and risks to determine if the project was a worthy as it was thought to be. How should a project team determine system requirements? What are common sources of requirements? What are the limitations for each? In addition, discuss four types of documents that would be helpful in determining future system requirements. During requirements and determination analysts gather information on what the system should do from as many sources as possible. Sources include users of the current system, reports, forms, and procedures. All of the requirements are carefully documented and made ready for structuring. Structuring includes taking the system requirements during determination and ordering them into tables, diagrams, and other formats that make it easier to translate into technical systems specifications. Some examples of requirement determination include, impertinence, impartiality, relaxing of constraints, attention to details, and reframing. Impertinence is questioning everything. Are all transactions processed the same way? Could anyone be charged something other than standard price? Will employees be allowed or encouraged to work for more than one department? Impartiality is finding the best solution to a business problem or opportunity. All issues must be considered to try to find the best organizational solution. Relaxing of constraints, assuming anything is possible and eliminates the infeasible. Organizations change and all policies and rules should be evaluated. Attention to details, everything must fit into place. If one element is out of place, the whole system will fail. Reframing, looking at the process in a new way. It is easy to assume the project will be the same or similar, but this assumption can lead to failed systems. Constantly challenging yourself will prove beneficial in this process. Specific examples to be gathered at the requirements determination phase are, the business objectives that drive what and how work is done, the information people need to do their jobs, the data handled within the organization to support the jobs, when, how, and by whom or what the data are moved, transformed and stored, the sequence and other dependencies among different data-handling activities, the rules governing how data are handled and processed, policies and guidelines that describe the nature of the business, the market, and the environment in which it operates, and key events affecting data values and when these events occur. It is important that the scope of the system not become to large and expansive that analysis paralysis not occur, this can become costly and time consuming, and can lead to an abundance of work. To deter this from happening analysts must focus on the system in need not the system in place. Documents that are helpful in determining future system requirements are administering written questionnaires ie. surveys to discover issues and requirements, business documents ie. iscover reported issues, policies, rules, and concrete examples, and conducting written interviews with open-ended and close-ended questions. Also directly observing users an give a more objective and accurate review. Read the following online article and discuss two ways to justify IT budgets. How would you explain your IT budget to your CFO? To justify an IT budget is to provide a quality ROI on any new initiative. If the CFO can’t understand the needs of various departments then the only way to their pocketboo k is to present them with a bottom line return on their investment. In the case of procuring an IT budget, executives are often less than forthcoming because of the lack of information they receive from department heads. CEO’s respond most favorably to requests for IT budgets which are cost justified with a simple ROI business case. The business case needs to specifically show how potential costs associated with liability, may be minimized by implementing a sound IT infrastructure. The potential liabilities, such as loss of production and/or loss of reputation are translated into actual dollars in the ROI. A good business case or a good investment analysis will also measure the probabilities of different ROI outcomes. An investment analysis is the examination and assessment of economic and market trends, earnings prospects, earnings ratios, and various other indicators and factors to determine suitable investment strategies. Explaining the IT budget to the CFO you should first examine core needs ie. bandwidth, Internet, phone and staff, and plan to manage them on a minimal investment. Explore reducing excess capacity in the server room, renegotiate vendor contracts and rethink software licenses. Assuring the CFO that you have taken all necessary steps in limiting the IT budget will prove that you have taken all necessary steps to ensure a minimal budget while providing an the required IT services. Revisit past assumptions, you may have a contract that replaces hardware every two years, which could be an unnecessary budget item, and could in return be replaced every four years. Show the CFO how improvements have helped customer experience and saved money. Give him/her a friendly remember that not investing in things that could be and important aspect to IT when the economy turns around can come back to bite you. IT’s value is determined by the relationship between what the organization will pay, ie. cost, and what it will get back ie. benefits. The larger the amount of benefit in relation to cost, the greater the value of the IT project.

Resilience and Change Life in the Amazon Essay - 2417 Words

Social and technological development has negatively affected the native people of the Amazon Rainforest. Challenges such as increasing population size, climate change and global warming, market integration and trade, deforestation, the price of development, and resurgent protectionists are social and ecological threats to native Amazonian life and culture. Their ability to be resilient to these changes requires cooperation, organization, adaptation, and eventually conformation. Before the exponential increase of the native Amazonian population, a common property regime existed. The Huaorani are a group of native Ecuadorian Amazonians, who live and embrace in everything the rainforest has to offer. Their home in the Amazon provided them†¦show more content†¦They must adapt to this change in order to cooperate and live in harmony. A possible solution to this rapid population growth is to form individual self-governing villages, interconnected by elected officials that represen t the voices of the people by vote. Through this system, equality can be achieved and each member can be heard. The common property regime will be history and a new system of property will arise through the own personal choices of each individual. Members of each village must vote to establish new rules and regulations and an elected representative will further discuss these issues in a panel of other village representatives. When it comes to distributing property, each family will have a certain amount of land that is fairly assigned and passed down from each generation. Each village will have swidden garden plots that are equally tended by the women based on their schedules. Men will still engage in group hunts but because of the high population size in each village, the groups will separated based on personal preference. 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Study On The Prediction Of Corporate Bankruptcy - Free Essay Example

Sample details Pages: 14 Words: 4060 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? CHAPTER 1: A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930à ¢Ã¢â€š ¬Ã¢â€ž ¢s. A study conducted by Simth and Winakor (1935) said that ratios of the failing firms were significantly changed from the continuing firms. In addition to that another study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Don’t waste time! Our writers will create an original "Study On The Prediction Of Corporate Bankruptcy" essay for you Create order Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protecti on. 1.2 Problem Statement In the corporate finance, the prediction of corporate bankruptcy was considered to be one of the most important issues. The main objective behind the study of the prediction of corporate bankruptcy was that this was the most important issue for the present firms to either file for the bankruptcy or not. The rationale of the study was to examine whether the financial ratios given in detail by Altman (1968) presented the detail regarding the factors of the firm which were helpful in the prediction of corporate bankruptcy in Pakistan. The capacity of study was to investigate the distinctive financial ratios which impacted the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ decisions to file for the bankruptcy or not and on the basis of firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ financial ratios, the research study found the different significant ratios which were useful in determining the prediction of any of the organization. 1.3 Hypotheses The main problem of the different firms was to identify those financial factors or the most important ratios which could lead to the filing of bankruptcy or those factors which were useful in determining the prediction of the corporate firms. A central query in front of firms which wanted to file for bankruptcy was why the firms filed for bankruptcy or what financial factors helped out in taking decision to file for bankruptcy. Various financial factors or ratios impacted the decision regarding the filing for bankruptcy. These financial characteristics or the most important ratios were current ratio, debt ratio, net profit margin, assets to long term debt ratio, and growth rate. Many authors as Altman (1968) discussed these characteristics in research. The hypothesized relationship of these listed financial factors with bankruptcy was provided below: H1: There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. H2: There is a differ ence between the Debt ratio of bankrupted companies and non bankrupted companies. H3: There is a difference between the Net Profit Margin ratio of bankrupted companies and non bankrupted companies. H4: There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. H5: There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 1.4 Outline of the Study The research structured as follows. Chapter one based on the introduction of the thesis, which consists of the some introduction of the prediction of bankruptcy by different authors, the statement of problem, scope and objectives, hypothesis etc. Chapter two consists of literature review given by different authors, theories on prediction of bankruptcy and financial factors affecting the choice of decision to file for bankruptcy or not. Chapter three described methodology which is composed of justification of the selection of the variables utilized in analysis sample, the data, technique and hypothesis, also estimate model utilized in analysis. In chapter four, analyses of the results were there which were taken after the data processing. Chapter five contained the final results, conclusions and recommendations. References are included in chapter number six. CHAPTER 2: LITERATURE REVIEW A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930à ¢Ã¢â€š ¬Ã¢â€ž ¢s. A study conducted by Simth and winakor (1935) said that ratios of the failing firms were significantly change from the continuing firms. In addition to that an other study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). A study conducted by Sandin and Porporato (2007) on corporate bankruptcy prediction model applied to emerging economies. The aim of this study was to find the predictability of bankruptcy by using the financial ratios given in the financial statements and these financial statements were taken from the Buenos Aires Stock Exchange. To test the hypothesis twenty two bankrupt and non bankrupt companies were examined by using the multiple discriminant analysis technique, resulted that financial ratios were very useful in predicting the bankruptcy. Actually this study was about the prediction model and classification of the distressed and failed companies in the Argentina. William Beaver (1996) conducted a study that Financial Ratios As Predictor of Failure, wherein ratios were tested for a specific purpose. The purpose was to forecast the failure. Since ratios were mostly examined for the prediction of failure. The aim of the study was to analyze the status quo that was depended on t he financial statements made under the reporting standard and this study was conducted as a bench mark for further studies in bankruptcy area. Sample of data was selected on the basis of industry, firm size and period, Walworth companies should have taken from the same industry where from failed companies taken along with same firm size based on firm value and equal time duration then reliable result can be obtained said by Beaver (1996). This study pointed out and directed to the asset size and relationship among ratios, assets size and failure, study implicated that larger firms were more solvent than smaller firms, even if ratios were same. To examine the hypothesis, a paired analysis was used. According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a c ondition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. Merger and Bankruptcy Based on the literature review in the different research studies, it was found that the shareholders of the distressed firms were getting more benefit from mergers than from the bankruptcy. Thus, the investors kept the positive number of the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s stocks up as a consequence of the merger. Contrastingly, the stakeholders received nothing in case of the bankruptcy. Shrieves and Stevens (1979) managed to explain all of the possible reasons for preferring merger over bankruptcy and those principles included: (1) to avoid the bankruptcy legal and administrative costs, (2) possible loss of tax carry forwards of the loss firm incurred on liquidation, (3) the value of the going-concern in the merger was more than liquidation value if the firm bankruptcy progressed towards the liquidation, and (4) the bankruptcy created the bad effects on the revenues including sales and income due to the customer fears of inability contracts, give replacement parts, etc. Bulow and Shov en (1978) noticed based on the research that the investors have always been avoiding the bankruptcy and this tendency always benefitted the creditors as a whole and that theoretically, the bankruptcy occurred because of the disagreement between the concerned parties. This was treated in a literature that the merger was the best possible alternate of the bankruptcy with the assumption in the mind that it was more easy for the distressed firms to find a merger partner at some price as long as the net asset value was positive and this was also under the assumption of a well-functioning market for information. When the situation was aggravated toward a condition of less or negative net asset value, the possibility of merger was reduced. Hong (1983) made an empirical as well as theoretical model which distinguished among three different categories of financially upset firms and it was organized in three ways such as: firms which filed bankruptcy but reorganized successfully, firms whi ch filed for bankruptcy but were liquidated ultimately, and also the firms which continued operations with out even filing for bankruptcy. Author further made a hypothesis that the intangible assets, the value of the firm as in a going concern and the value of the same firm in liquidation was different, were the main describing factor which affected the eventual outcome. The firms which had greater intangible assets were possibly having a sustainable economic growth and that growth allowed a firm to survive rather than be liquidated. LoPucki (1983) made an explanatory study of about 41 firms which filed the bankruptcy court of the Western District of Missouri. In this study, the à ¢Ã¢â€š ¬Ã…“successesà ¢Ã¢â€š ¬? were defined as the firms which have verified its various reorganization strategies that kept it on to survive for about three years after the date of petitioning the bankruptcy. Failures according to the author were those firms which had stopped operating functions b efore February 1983. LoPucki (1983) further could not try to make a method with discriminatory power, but in fact simply scrutinized the associations between the results of reorganization process and numerous individual variables. These individual variables included size, age, and type of the businesses, the survival of creditorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ opposition to the reorganization strategy, and physical geographic location. The relationships which were found during the research were: significantly higher success rate was associated with the manufacturing firms; more successful firms were only the larger firms; success was not significantly associated with the age of the firms; the target opposition of the creditors was mainly at the more successful firms; and lastly, the physical geographical location was not a significant describing variable. In short, only a finite amount of research was conducted on the topic of differentiating between failures and successes in bankruptcy, and outcomes have been open to doubts or inconclusive. The one published study conducted by the LoPucki (1983), scrutinized the first order correlations and could not struggle to build the model of classification. The other published research study conducted by Hong (1983), scrutinized the comparative importance of numerous individual variables and had not analyzed the classification authentication of the multivariate model. As it was already discussed in detail, this present study scrutinized the classification authentication of the multivariate model by using data from both analysis sample and a holdout sample 113 firms. Bordman, Bartley, and Ratliff (1981) noticed that firms went bankrupt only when its capital resources were not enough to pay back the obligations of the business. Thus it became the more important challenge for the new comers in the industry to maintain and establish such valuable resources and capabilities which could ultimately leaded to the production of positiv e cash flows before starting asset resources were exhausted (Levinthal, 1991). According to Dà ¢Ã¢â€š ¬Ã¢â€ž ¢Aveni (1989), and Hambrick and Dà ¢Ã¢â€š ¬Ã¢â€ž ¢Aveni (1988), both researches have noticed that most of the attention has been paid to the early failures and dramatic research has also been conducted in the literature. A macro view of the bankruptcy was given as a known strategy and an empirical examination of factors associated to successful reorganization (Moultan, and Thomas, 1993) and however, the structures of corporate governance were not incorporated in the analysis. An extensive data was available relating the intensity to which the officers and directors of the firm which was bankrupt were more possibly resigning or were being replaced (DAveni, 1990; Fizel Louie, 1990; Gilson, 1989). Several researchers used the multiple discriminant analysis MDA technique to develop a linear model to predict those firms which failed could be differentiated from the non-fa iled firms in UK (Taffler, 1977). This model resulted in an overall classification authentication for the year before the failure as comparative to three or two prior years of failure. The major contribution made by Taffler was the establishment of a Z-score model which was used for the prediction of company failures in the UK and furthermore, the author claimed of 100 percent predictive authentication in the model. In addition, in the consequent studies, Taffler (1982, 1983) discussed the pairing technique which was used in the prediction of corporate failure studies proved no more successful technique than any selection by the other tool or technique. Multiple Discriminant Analysis MDA models were dependable to certain intensity in the prediction of corporate failure. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Data was selected from Karachi Stock Exchange KSE 100 Index as given by State Bank of Pakistan in publication Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2004-2009). The period of study covers six years, 2004-09. The opted sample size of 44 firms was taken from KSE 100 Index and all of the firms listed on KSE 100 Index were selected for the samples which were going to bankruptcy in the past and some were also the present functioning firms which were currently working; so, only 44 firms included in the sample period of 2004-09. The objective behind the inclusion of these selected firms in the sample was that the inclusion of bankrupt and non-bankrupt firms in the analysis made it easier to distinguish the critical financial ratios of these both firms in order to predict for corporate bankruptcy. The data availability was the major issue faced in this research study. The secondary data sources were adopted for the collection of the data during this research study. Both of the empirical and theoretical aspects regarding the prediction of corporate bankruptcy were analyzed in this research study. For the purpose of the collection of the secondary data, external data sources were used, such as the data was collected from State Bank of Pakistan, general business publications, newspapers and journal articles, annual reports, internet and books. The data required for this study was completely dependent on the published data sources, such as the published sources listed above. 3.2 Sample Size A sample of 44 firms from KSE 100 Index was selected and in addition, out of these firms 22 firms were bankrupt and the remaining 22 were not bankrupt which was taken as the holdout sample for the prediction of the corporate bankruptcy. Only firms were used in the samples which were either became bankrupt due to the impact of the some of the financial factors or the ratios or the firms which were in operations during the research study was conducted and these firms were listed on the KSE 100 Index form 2004-2009. The impact of the different financial factors or ratios, which were listed in the previous chapters, on the prediction of corporate bankruptcy was analyzed on all of the firms selected as the sample. 3.3 Research Model Developed There are various financial factors or the ratios of the firms which affected the prediction of the corporate bankruptcy of the firms. This research study analyzed the impact of different factors or ratios already listed in the previous chapters on the prediction of corporate bankruptcy. The model developed was a binary logistic model and its specifications are provided below: Liquidity = a0 + a1Firm Size + a2DEBT + a3LTD + a4LSALES + a5OI/S + a6OI/TA+ a7IGP/TA+ a8Market to Book Ratio + ц where: Liquidity = the sum of cash and marketable securities divided by total assets Firm Size = natural log of the book value of total assets DEBT = the ratio of shorter period plus longer period debt to total assets LTD = the ratio of longer period debt to total assets LSALES = natural log of the annual sales OI/S = the ratio of operating income to sales OI/TA = the ratio of operating income to total sales IGP/TA = the inventory plus gross fixed assets to total assets ratio à Ã¢â‚¬Å¾ = the error term 3.4 Statistical Technique Binary Logistic Regression Analysis technique was used for this research study to examine the impact of the distinctive financial characteristics or the financial ratios of the firms on the prediction of corporate bankruptcy of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. Binary Logistic Regression Analysis technique was used for the purpose of prediction of of corporate bankruptcy or the prediction of the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ decisions to file for bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., prediction of corporate bankruptcy. The binary logistic regression analysis was selected for this study. It showed the intensity of the impact on the prediction of corporate bankruptcy during year 2004-2009 on the basis of several independent variables. CHAPTER 4: RESULTS The sample of 44 firms from the Karachi Stock Exchange KSE 100 Index was taken; Binary Logistic Regression Analysis technique was used for this research study. Research examined the distinctive financial characteristics or financial ratios of firms which filed for the bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., the prediction of corporate bankruptcy. Statistical Package for the Social Sciences (SPSS) was used for the analysis and examination of data. 4.1 Findings and Interpretation of the results Initially, the binary logistic regression technique was applied on the data collected using SPSS. Now, it was a nice time to proceed with the analysis of the results because the data was collected and ready to be examined. The interpretation and analysis is presented in the next sections of this research study. Case Processing Summary Unweighted Casesa N Percent Selected Cases Included in Analysis 192 91.4 Missing Cases 18 8.6 Total 210 100.0 Unselected Cases 0 .0 Total 210 100.0 This table explains the total population in the data file that is the 210 observations or the cases for the analysis of the bankruptcy prediction. This table further elaborates that the there were also some of the cases missing in the data because of the issue of data availability and some of the cases were the figures of zero. Dependent Variable Encoding Original Value Internal Value Bankrupt 0 Non-Bankrupt 1 The above table shows that there are only two variables in the dependent variable of bankruptcy that are the being bankrupt or non-bankrupt. Model Summary Step -2 Log likelihood Cox Snell R Square Nagelkerke R Square 1 234.707a .144 .192 This table elaborates the predictability of the complete model of the logistic regression which meant that to what extent the model predict the variation in the predicted group of bankruptcy. According to Cox Snell, the total predictors jointly explained variation in the groups of bankruptcy was 14.4%. While according to Nagelkirki, the all independent variable explained the group prediction of about 19.2%. Hosmer and Lemeshow Test Step Chi-square df Sig. 1 32.715 8 .000 This table checks the overall model fit which means that the model is at its best in predicting the group variation from non-bankrupt to bankrupt. The hypothesis of the above table is that the test model is fit. The hypothesis is rejected because the sig value is less than .05 which concluded that the test model was not fit in this case of predicting the group variation. Classification Tablea Observed Predicted Banckruptcy Percentage Correct Bankrupt Non-Bankrupt Step 1 Banckruptcy Bankrupt 76 29 72.4 Non-Bankrupt 43 44 50.6 Overall Percentage 62.5 The classification table is the most important table in case of the logistic regression because this table explained the correct identification of the cases correctly identified. The percentage of correctly identified cases is 62.5% which is also commonly known as the hit ratio which means that to what extent the numbers of cases were correctly identified. Variables in the Equation B S.E. Wald df Sig. Exp(B) 95% C.I.for EXP(B) Lower Upper Step 1a DA -1.219 .510 5.725 1 .017 .295 .109 .802 AtoLTD -.002 .001 1.583 1 .208 .998 .996 1.001 CR .938 .348 7.242 1 .007 2.554 1.290 5.056 NPM .037 .073 .262 1 .609 1.038 .899 1.198 SG .161 .232 .482 1 .488 1.175 .745 1.852 Constant .066 .579 .013 1 .910 1.068 This is the final most important table in the logistic regression because this is the only table which shows the role of different predictors in significantly explaining the role in the prediction of group variations. Those important significant variables were only two that were DA, and CR because the sig value of only these variables were less than .05. 4.2 Hypotheses Assessment Summary The hypothesis of the study was distinctive financial ratios have significant impact on the non firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ decision to file for bankruptcy. These financial characteristics were current ratio (CR), debt ratio (DA), net profit margin (NPM), assets to long term debt ratio, and growth rate. In this study each of the financial characteristics or financial ratios of firms was tested and concluded the results. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽÂ ²   SIG. RESULT H1 There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. 0.938 0.007 Accepted H2 There is a difference between the Debt Ratio of bankrupted companies and non bankrupted companies. -1.219 0.017 Accepted H3 There is a difference between the Net Profit Margin Ratio of bankrupted companies and non bankrupted companies. 0.037 0.609 Rejected H4 There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. -0.002 0.208 Rejected H5 There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 0.161 0.488 Rejected CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion It was concluded based on the results of this research study that current ratio and debt ratio were only the independent variables which were showing significance in Pakistani market and these variables were highly significant in playing the vital role explaining the variation in the dependent variable of the prediction of corporate bankruptcy and the remaining independent variables could not explain the variation in the prediction of corporate bankruptcy. These results were not matching with the study conducted by Altman (1968). These results were varying because in various countries, there was difference in environments and circumstances and firms usually made decision accordingly. 5.2 Discussions Current ratio played a significant role in defining the variation in the prediction of corporate bankruptcy and this was also the case with the research study conducted by Altman (1968) because in his study the firm size was also playing a significant role. The variation in the prediction of corporate bankruptcy was not explained by the net profit margin ratio while it was significant in the study done by Altman (1968). The assets to long term debt ratio, and growth rate were not significantly explaining the variation in the prediction of corporate bankruptcy and study analyzed by Altman (1968), concluded the different results with some addition. 5.3 Implications and Recommendations This research was limited to the various firms listed on Karachi Stock Exchange of Pakistan only. The data taken from 44 firms which were took through various sectors of the KSE 100 Index for the year 2004-09 which were previously bankrupt and which were currently operating. It suggested that such type of study should be carried out in other countries of Asia as well, as to have comprehensive idea about the choices of the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ decision to file for bankruptcy. Moreover, it also suggested that other factors except ones examined in this study should be researched as to have perfect idea about the selection of the prediction of corporate bankruptcy. Besides that, this study can also be replicated in other developing countries. 5.4 Future Research This study helped various investors, management and other research conductors in analyzing and observing the behavior of firms regarding their decisions to file for the bankruptcy. Research students who want to work further on the prediction of bankruptcy can be benefited by this research study. Further more, the firms will become advantageous from this study because the study clarifies the distinctive financial characteristics or the financial ratios of different firms which significantly explain the variations in the prediction of corporate bankruptcy.

Race in Recitatif - 792 Words

William Fountain *Professor Undisclosed* English 1102 Due: February 10, 2014 Race in Recitatif Recitatif is a story written by Toni Morrison. It is about characters Twyla and Roberta and their experiences during and after being put in a shelter. Race can change what a person’s motives are viewed as. Racial stereotyping and racial segregation play a big part in this story. Twyla and Roberta are of a different race/ethnicity which causes strife between the two and they have different opinion on things. It never truly states either characters race, but it says that they look like â€Å"salt and pepper†, indicating that one is white and one is black. Race affects a lot of things in any situation, no matter how much we want it not to.†¦show more content†¦Instead of outright saying which is which, you figure it out based on racial stereotyping. In most cases we should not racially stereotype or even stereotype at all. But the author uses it in such a way that it is okay in this instance. Without this racial stereotyping, you would ne ver know which is â€Å"salt† and which is â€Å"pepper†. Racial stereotyping gives you the information needed to know from which racial background each character comes from. After everything that happened in the shelter both characters eventually left the shelter. Twyla became a waitress and Twyla did some drugs and became a part of the bad crowd. When they saw each other again, Twyla was happy to see Roberta, but Roberta didn’t feel the same way due to her attitude towards her. They moved on. Both characters got married and had families. They then met in again in a supermarket and Roberta had a good attitude towards Twyla. Depending on whom she was with and what part of her life she was in, Roberta’s attitude towards Twyla would change. This is a racial stereotype. Roberta again had a bad racial attitude towards Twyla when she started picketing and protesting things about the school system and racial issues. While Twyla was okay with segregati on in the school system and blacks going to one school while whites went to another, Roberta was not okay with it. She was actually strongly against it. She felt thatShow MoreRelatedRecitatif: Toni Morrison Essay935 Words   |  4 Pages The controversial story conveys an important idea of what race is and if it really matter in the scheme of life. This story takes place during the time period of the Civil Rights Movement. The idea of civil rights was encouraged by the government but not enforced by the states, leaving many black Americans suffering every day. In Morrison’s short story Recitatif, Morrison manipulates the story’s diction to describe the two women’s races interchangeably resulting in the confusion of the reader. BecauseRead MoreThe Racial Prejudice By Morrison s Black Matters1421 Words   |  6 PagesOther in â€Å"Recitatif† Morrison’s â€Å"Black Matters† presents an argument that deconstructs the notions of American literary canon in respect to race. In this deconstruction, Morrison remarks: â€Å"Statements to the contrary insisting upon the meaningless of race to American Identity are themselves full of meaning† (Black Matters 216). She elaborates this claim to say that this sends a more direct message as to how it racializes the other which leaves the reader in a position to decipher this the race of a characterRead MoreOpera of Power: Recitatif by Toni Morrison1299 Words   |  6 Pages The haunting arioso pulses of the memories in â€Å"Recitatif† by Toni Morrison recount the intersections of the lives of two women of different race. Twyla, the story’s narrator, and Roberta, a girl of the opposite race, are dumped at St. Bonaventure, a state home, by their mothers. 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Racism is the belief that race is the reason for human traits and that racial differences cause a race to be inferior or superior to other races. Racism affects how Americans live and work together in America. Recitatif by Toni Morrison published in 1983, fifteen years after the Civil Rights Movement, is an example of fictional writing that addressesRead MoreRecitatif Critical Analysis1312 Words   |  6 Pages is a great example of sexual orientation, race, sex, heterosexuality, and whiteness. The main character, David, struggles with his sexuality. The author goes into great detail to show this. Toni Morrison’s, Recitatif, is another piece of literature that explores race, sex, whiteness etc†¦ The two main characters, Twyla and Roberta face challenges with race and class. Toni Morrison is an African American lady who describes her st ruggles of her class/race through Twyla, a black character. SimilarlyRead MoreCompare and Contrasts of Recitatif993 Words   |  4 Pagesï » ¿ â€Å"Recitatif† In â€Å"Recitatif† by Toni Morrison, two young girls Roberta and Twyla meet one another at a state home for orphan and foster children. It is apparent from the start that either of the girls is white or black. Even at their young age, they both have preconceived expectations of the other because of their difference in race. However, as each character ages and is developed further, many of their traits could be that of someone white or black, albeit they contrast in personality. As a resultRead MoreAnalysis Of The Poem The Essay1253 Words   |  6 Pages Recitatif If twentieth-century studies of Recitatif focus primarily on extremes—the white and black ends of the binary—instead of plumbing the depths of the murky space in between, twenty-first century scholarship on Recitatif better explicates how the story works on our preconceptions about race. 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There was segregation present in buses, water fountains, and even bathrooms; this was all due to assumptions people made, just based on someone else’s skin color. To add on to the list, parents instilled racism in their children in multiple ways. Records of inequality and racism can be seen in literature from that period of time. Recitatif by Toni Morrison shows how this tragic

Scott Joplin free essay sample

Scott Joplin, commonly known as the King of Ragtime music, was born on November 24, 1868, in Bowie County, Texas near Linden. Joplin came from a large musical family. His father, Giles Joplin was a musician who had fiddled dance music while serving as a slave at his masters parties. His mother, Florence Givens Joplin, born free and out of slavery, sang and played the banjo, and four of his brothers and sisters either sang or played strings. Joplin talent was revealed at an early age.Encouraged by his parents, he became extremely proficient on the banjo and gained an interest for playing the piano. After Joplin parents purchased a piano for the family, he taught himself how to play the instrument so well that his piano playing became remarkable. Joplin soon began playing for church and local social events. By age eleven, while under the teachings of a German music teacher named Julius Weiss, Joplin was learning the finer points of harmony and style. We will write a custom essay sample on Scott Joplin or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page As a teenager, he played well enough to be employed as a dance musician.In 1884, Joplin left home and traveled the Midwest for some time as an integrant pianist playing in saloons and brothels. He settled in SST. Louis a few years later and continued his studies. He found employment there in the citys prostitution district playing as a cafe pianist. Joplin left SST. Louis In 1893 and performed at the Columbian Exposition In Chicago. He left there in 1 894 and arrived in Cedilla, Missouri, where he spent the next year or so entertaining the patrons of a private club on the second floor of a saloon by the name of Maple Leaf Club.In 1895, Joplin continued his studies at the George R. Smith College for Negroes where he soon published his first composition, the song Please Say You Will. From there, Joplin toured with an eight member Texas Medley Quartet across the country all the way up to Syracuse, New York. This Quartet disbanded in 1 897 and Joplin organized another group, the Seed Quartet, which performed off and on during the next few years. In 1899, Joplin composed the Maple Leaf Rag. This song soon became the most popular piano rag of the period. It brought Joplin popularity, which inspired him to impose several more original rags. Joplin headed for New York in 1 907 where he continued composing music and began instructing others in music. He son sought a publisher for one of his most famous operas Tiresomeness. During this time, though, it never reached any success. This opera did not actually reach popularity until some 60 years later. New York proved to be stimulating for Joplin creative mind. There he published many In 1916, Joplin career came to an abrupt end. Joplin contracted syphilis and began suffering the terminal effects of this disease. He suffered from paranoia, dementia, finalization, and other symptoms. In the latter part of 1916, he was admitted to Manhattan State Hospital, a mental hospital, where he would never leave until he passed away on April 1, 1917. After his death, Joplin body was buried in the Astoria section of Queens, New York in SST. Michaels Cemetery. In Joplin many years of composing, he was never actually acknowledged as the great composer that he really was.There Just was not any opportunities for black musicians during those times to have their music heard by anyone in the serious classical world. Joplin music received recognition posthumously as a result of the revival of ragtime music in the sasss, as well as during its popularity in the sasss and sasss. Throughout his entire life, Joplin was mostly influenced to increase his musical skills by his mother and father, both being musicians themselves. More than type of influence upon himself, Joplin was one to place the influence on others.His works sparked the writings of his contemporaries, all those who studied with him, and all those who studied his music. Joplin led in the development of the music genre known as ragtime, which was a unique blend of European classical styles combined with African American rhythm and harmony. Throughout his lifetime, Joplin published some 60 compositions of which 41 were piano rags. Through his unique styles, he had developed the piano rag and American folk operas. He was mostly successful for his fusion of the Afro- American folk tradition with European art music forms and techniques.