Unicorns Have Wings Essays - Rainbow Sherbet, Rainbow,

Unicorns Have Wings One day a, quite a while back, an excellent white pony came jogging through the wood that lead to a heavenly rainbow cascade. At the point when a glimmer of excellent hues grabbed her attention. At that point, the white pony looked all the more cautiously and she understood that it was a Rainbow Bird, coasting over the Rainbow Lake that had gotten her appearance. The white pony came nearer and the flying creature flew nearer and arrived on a close by log. Hi, my name is Fleece, shouted the fledgling. Hi, said the white pony. Don't you have a name? whimpered the winged animal. No,I'm apprehensive I don't, said the pony. All things considered, may I have the pleasure of naming you? asked Fleece. Why, truly, obviously! shouted the white pony. All things considered, let me see. How about Narina? Truly, I'll name you, Narina. Do you like your name? inquired Downy. Indeed, I do! said the pony. Fine, at that point it is settled. said Fleece. Narina and Fleece played practically ordinary together. They were the absolute best of companions. They enjoyed playing under the cascade and the swam in the completely clear lake consistently. One night Fleece revealed to Narina that he was wiped out and probably won't see the morning light once more. This made's Narinaextremely upset. She made an effort not to stress, however she needed to. To please Fleece, Narina went to the cascade and fixed him his preferred feast, his last meal.Fleece's preferred feast was Rainbow water, with Cherry, Strawberry, Vanilla Cream pie. Toward the beginning of the day, Narina kept an eye on Fleece. He was dead, however serene. While she was taking a gander at here companion Fleece, Narina felt something clever on her right and left hip. At the point when she looked, she saw Fleece's rainbow hued wings. Narnia was cheerful that she had a piece of her closest companion. Following a couple of years, Narina got over the loss of her closest companion and was eager to be a winged horse. Narina still lived in the wood by the cascade and thought of Fleece consistently. One incredibly, radiant morning , Narina heard the delicate ringers of an ice cream cart. A very mope owl (most likely in light of the fact that he should be resting at that time) purchased rainbow sherbet in a cone. The crotchety owl took his sherbet and flew up into a tree over Narina's head. Next, an eager pigeon came what's more, set out directly toward the owl's cone! The pigeon took the cone out of the owls grasp and it arrived on Narina's head. The rainbow sherbet was clingy and made lovely rainbow stripes all over Narnia's body. The sherbet was so clingy that Narina couldn't get the cone off her head. Furthermore, the excellent clingy stripes wouldn't fall off either.........And now you know why Unicorns have wings and a horn.

Monuments Men

Film The Monuments Men Based on a genuine story of what was a â€Å"treasure hunt† In Its most fundamental collapse, The Monuments Men depicts a hand chosen World War II unit on a strategic sends them to all edges of Western Europe so as to recover imaginative perfect works of art taken by the Nazis and return them to their unique proprietors. This extraordinary power of American and British historical center custodians, executives, craftsmanship students of history, and others scoured Europe for these taken bits of workmanship while frequently unarmed and behind foe lines.All the while, endeavoring to forestall the pulverization of more than 1 000 years of worldwide culture. Before I watched the film, I ambiguously thought about World War II, yet a decent measure with respect to Hitler and the Nazis. Be that as it may, I didn't have a clue why they did It; why Hitler provided such requests or why such a large number of individuals coordinated with their â€Å"movement† . In the wake of viewing the film, I despite everything can't state why he provided such requests militarily, yet I can say why he requested the hijacking and possible decimation of extremely valuable craftsmanship; prompting formation of â€Å"The Monuments Men†. Hitler was removed from the ViennaAcademy of Art, which may appear to be irrelevant yet was presumably his primary inspiration that the film alludes to. In the time I watched the film, I learned about explicit bits of workmanship, yet in addition about an underestimated part during the peak of the Second World War drove by in all honesty Doll Hitler. A culture is characterized as â€Å"the expressions and different appearances of human scholarly accomplishment respected all things considered' (Merriam-Webster). The film places accentuation on lost culture and character all through the world yet explicitly on humankind's most noteworthy imaginative accomplishments (masterpieces).Hitler turned what was initially a no n military personnel war, Into a beefing society war. The film portrays Hitler as a man who needs to be thought of for his masterful ability along as a ‘man of the individuals'. He needed to socially restore Germany and that would not occur until the entirety of the individuals the Nazis considered adversaries were pulverized. His approach to remove the way of life in this world was to remove our specialty †at various times. The Monuments Men were sent to recover patriotism for individuals who lost it when they lost precious treasures and work of art inside their homes and museums.That is the thing that the film needed to depict, an option that could be greater than recovering workmanship; recovering a feeling of pride for the entirety of the passages influenced by the war and bringing it back. This film depends freely on the book The Monuments Men. Ostensibly numerous motion pictures are adjustments to a book or unique story, be that as it may, as we are moving further a nd further away from World War II, less motion pictures, books, plays, and so on. Are being delivered in regards to this time. Landmarks Men movie producers moved away from conventional and old style depiction of history to an increasingly current version.In a customary sense, delay life of key figures and populaces would have more criticalness on the grounds that the film fundamentally reports a timeframe or a whole war, for instance. In any case, this film centers around one explicit occasion in incredible specific communications and social mentalities, just utilizing time as a kind of perspective point. The key focuses sketched out in this film can be applied to different occasions, as aesthetic plundering in current occasions, which demonstrated the film was made from an increasingly present day and development standpoint.They picked this occasion to damaged in view of the potential they found in the first novel to carry new thoughts into the verifiable film industry, all while depicting something intriguing. This film doesn't have the idea of a run of the mill Hollywood element film yet at the same time fills its need as chronicled proof. The producers didn't excessively change the first storyline in the book yet at the same time forgot about things, the same number of motion pictures do. For instance, there were 345 genuine ‘monuments men' yet the film officials decided to depict just 6.As referenced above, producers decided not to depict the day by day lives of warriors or locals during wartime and those individuals could feel â€Å"left out†. In any case, they were not fundamental to the film and its storyline as â€Å"The Monuments Men† never observed genuine battle, in this way they had little collaboration with genuine fighters. Additionally, except if they were recovering workmanship from a home, they had no charges with any normal people or locals across Western Europe. Milk Klan composed The Monuments Men Are Still busy for Th e Wall Street Journal in February. He writes on the side of the U. S. Common people's endeavors in World War II and in current wars. In this article explicitly, Klan raises the point that the plundering (of significant works) is still without a doubt so occurring. He examines how the U. S. Was condemned for interceding in the recovery of the works during World War II yet accused for basically neglecting the plundering of the Iraq Museum. This film quietly shows this debate stifling good and bad with its delineation of the fact that it was so difficult to pick up endorsement for the particular company toward the start and afterward advising the general population about their discoveries/speculations at the end.Skylark's primary concern is that landmarks men despite everything exist and are battling for a similar thing as their World War II precursors; legacy preservation, yet progressively under the radar this time. At the point when used to comprehend the film, I can perceive the am ount of a predicament the U. S. Was in during the war and that it was so hard to track down individuals truly keen on sparing somebody's way of life, individuals who might later become â€Å"The Monuments Men†.

Geohazards - Module Essay 2009 Example

Geohazards - Module Essay 2009 Example Geohazards - Module Essay 2009 â€" Essay Example > Introduction With the increasing level of technology in the world, it would be expected that some natural disasters would not be a threat to man. One such disaster is the occurrence of volcanic clouds, which have several implications for the world’s aviation industry. Many devices and mechanisms have been invented to deal the threat of volcanic ash clouds to flight vessels. Such equipment include a wide array of airborne and ground-based radar systems that are used in observation and monitoring of the occurrence and movement of volcanic clouds (Federal Aviation Administration National Weather Service 2007). In spite of the momentous technological improvements in observation and monitoring of volcanic ash clouds, the fact that the phenomenon occurs naturally and may not be precisely predicted makes volcanic ash clouds pose a major challenge to the aviation industry globally (Federal Aviation Administration National Weather Service 2007, Gad-el-Hak 2008). Although many research institutions are actively involved in more advanced studies to monitor volcanic ash clouds, to say that this natural phenomenon is no longer a threat to the aviation industry would be an overstatement. As it will be discussed in this paper, significant studies on volcanic ash clouds have been done by renowned bodies such as the National Oceanic and Atmospheric Administration (NOAA) and the National Weather Service (NWS) of the United States; and the World Meteorological Organization and the Civil Aviation Authority of New Zealand among others, but the findings have been unsatisfactory to rate volcanic ash clouds as “safe” with reference to aviation. The paper contains a description of volcanic ash clouds, their implications to the aviation industry, what has been done to contain them, and why they are still a threat to aviation. Overview of volcanic ash clouds Volcanic ash clouds are derived from are pulverized rock materials. The extruded rock materials usually have a large c ontent of siliceous particles that occur in the form of minute glass slices. The temperature of the silica usually below the functioning temperatures of aeroplanes at their various cruise altitudes cruise altitudes. The high temperate of aeroplanes as they pass over volcanic ash clouds causes modification of the ash clouds into complex compound that have multiple effects as will be discussed in other sections of this paper (Krapivin Varotsos 2008). Some of the changes in volcanic ash in which complex reactions are involved include the conversion of sulphur dioxide gas into sulphuric acid and many other deleterious substances (Krapivin Varotsos 2008). Additionally, volcanic ash clouds per se have a resounding effect of causing physical damage to aeroplane parts. All these aspects make volcanic ash clouds a major challenge to aviation as discussed in the following section. Implications of volcanic ash clouds aviationVery few sources of literature, if any, have regarded volcanic ash clouds a normal occurrence that poses no current threat to aviation. It is inarguable that many studies are being done to mitigate the volcanic ash clouds to aviation, but many recent sources of information indicate that indeed the phenomenon is a current problem. Many research works indicate that volcanic ashes indeed pose a major threat to the aviation industry in the world. Very few authors such as Guffanti and Miller (2002) have indicated that the effects of volcanic ash clouds in aviation can be mitigated. Kite-Powell (2001) notes that volcanic ash clouds are on their own a major hazard to aviation in two notable ways. The first one and which is probably the more serious one, is when the ash clouds obstruct aircraft in flight. The second effect is associated with the formation of huge clouds of volcanic ash precipitates that bar the movement of aircrafts, implying that they have to be cleared before aircraft can resume normal operations (Kite-Powell 2001).

Fraud Early Warning Signs of Fraud Essay - 2710 Words

A Ponzi scheme is a type of fraud called investment fraud. It, â€Å"involves the payment of purported returns to existing investors from funds contributed by new investors† (6). Investors are usually promised a high return rate. The fraudsters attract new investors and pay back their old investors with the new investor’s money. Ponzi schemes are named after Charles Ponzi who created scheme by getting residents to invest in a postage stamp scheme. Bernie Madoff is a well known and not well liked Ponzi scheme fraudster. He is currently in federal prison. These types of fraud schemes hurt hundreds or millions of individuals and families. A Ponzi scheme occurs when someone is tricked into giving them money to invest into something and is†¦show more content†¦Preventing yourself from being caught up in a Ponzi scam is crucial. If you end up being scammed by a Ponzi fraudster than knowing the warning signs will be good to know to get out of the scam quickly. The bes t way of avoiding a Ponzi scam is to not invest into one. Always make sure the investor is licensed and registered, be aware of what the risks are to your investment, and do you understand the investment. If you don’t understand what you’re investing in then it is better that you stay away from it. Always question your investor and do your research on the investor and investment. A lot of Ponzi fraudster work alone so be very cautious to businesses that don’t have corporations or more than one employee. A charity scam is when someone pretends to have an organization set up to help those in need. They hurt the real charity organizations and the people that donate to them. People mistrust a lot of organizations now. You may see a charity scam in the form of a, â€Å"letter, email, telephone call or face to face† (13). A lot of the charity scams appear after a global disaster. Charity scam fraudsters will ask for donations and if they receive cash pocket it but if they get credit card or check donations they now have the victim’s financial information. A charity scam has very few warning signs. There are websites that tell about the organization and where their money goes. If the organization you were told about is not on this list be very cautious.Show MoreRelated Fraud: Early Warning Signs of Fraud Essay2462 Words   |  10 PagesThe early warning signs of fraud are, usually, always ignored. There are warning signs for every type of fraud out there. To understand the warning signs of fraud, we must first know what fraud is. Fraud is the intent to trick someone or lie to someone in order to receive financial gain. This definition varies depending of the type of fraud used, but the person committing the fraud is always looking for financial gain. There are many types of fraud out there. You have Medicare fraud, internet fraudRead MoreA Brief Note On Fraud And Small Businesses1565 Words   |  7 PagesVictims - Fraud in Small B usinesses, 2016). Both large and small companies require a certain amount of protection from fraudulent acts. To be naive in thinking that fraud would never occur within a company would be reckless. There are three key objectives when operating a business, whether large or small. These objectives include prevention, detection, and response, and should be implemented into every companies operations. When exploring preventative techniques, there a seven recommendations madeRead MoreRogue Trader Character Analysis1008 Words   |  5 PagesJennifer L Cranford Professor Ken Dalton ACC 409 10 October 2017 Black Yellow: Profits and Warning Signs Introduction Based on the true story of Nick Leeson, Rogue Trader is a movie about a man that went from London to Jakarta to Singapore, to become the head of the â€Å"derivatives† trading in the up-and-coming Singapore stock market. Leeson had proven to be an effective and efficient worker when he was tasked to get bear bonds sorted on his first solo tasking with Barings Bank in Jakarta. That successfulRead MoreFifa Is An Absolute Disgrace And One Of The World Cup Essay1078 Words   |  5 Pagesor practice of managing ineptly, incompetently, or dishonestly. Like for example, the value of the firm s stock fell quickly when word leaked out that officers of the company were under investigation. Also they are breach of false accounting where fraud happens when company assets are overstated or liabilities are understated in order to make a business appear financially stronger than it really is. It involves an employee or an organization altering, destroying or defacing any account; or presentingRead MoreCredit Cards And Bank Accounts1430 Words   |  6 PagesMost importantly a company should protect their assets, specifically their credit cards and bank accounts. Credit cards and bank accounts are a common source of fraud and should be recognized as the most important advice to adhere to (Beesley, 2013, para. 5).Professionals recommend â€Å"separating your personal banking and credit cards from your business accounts – this will ensure fraudsters don’t get their hands on all your money. This will also make it easier to track your business expenses and reportRead MoreA Business Fraud And Cybercrime1511 Words   |  7 Pagesfraudulent acts. To be naive in thinking that fraud would never occur within a company would be reckless. There are three key objectives when operating a business, whether large or small. These objectives include prevention, detection, an d response, and should be implemented into every company’s operations. When exploring preventative techniques, there are seven recommendations made by professionals to reduce the most often seen attacks of small business fraud and cybercrime. Most importantly a companyRead MoreAdelphi Accounting Scandal Case Study1511 Words   |  6 Pagesï » ¿Introduction Cable provider Adelphia was one of the major accounting scandals of the early 2000s that led to the creation of the Sarbanes-Oxley Act. A key provision of the Act was to create a stronger ethical climate in the auditing profession, a consequence of the apparent role that auditors played in some of the scandals. SOX mandated that auditors cannot audit the same companies for which they provide consulting services, as this link was perceived to result in audit teams being pressured toRead MoreThe Fraud By Dan Jackson1356 Words   |  6 PagesThe Fraud Dan Jacksonï€ ª, vice president of NyTell USA’s IT department, managed to defraud the telecommunications company of $1.5 million, with the help of his friend, Jake Marshall (Bloch, 2015a). Dan’s youth was gloomy and austere, dominated by his oppressive father. Twenty years after his death, Dan’s life had completely turned around. He was married with children, lived in an expensive house, wore a Rolex and designer suits, and frequently took expensive vacations. He also had a mistress (BlochRead MoreFinancial Crisis Of 2008 Struck The World1398 Words   |  6 Pagesaround the world. When the stock market collapsed, people all across America took a hit, with 2.4 trillion dollars of the Americans people’s savings vanishing in just a few weeks. This financial crisis also brought to light an unprecedented amount of fraud, over exposing people who were cutting corners. One of the most famous scams that surfaced in late 2008 was operated and executed by Bernar d Madoff, in which he perpetrated the largest Ponzi scam in American history. A Ponzi scheme is a simple swindleRead MoreBernie Madoff2651 Words   |  11 PagesBernie Madoff Research Project Abronia S. Young D03202587 On March 12, 2009, Madoff pleaded guilty to 11 federal offenses, including securities fraud, wire fraud , mail fraud , money laundering, making false statements, perjury, theft from an employee benefit plan, and making false filings with the SEC. The Fraud In March 2009, Madoff admitted that since the mid-1990s he stopped trading and his returns had been fabricated. Madoffs sales pitch, an investment strategy consisted

Essay about The American Civil War - 1148 Words

The American Civil War was from 1861 to 1865 it was a civil war between the United States of America and the Southern slave states of the newly-formed Confederate States of America under Jefferson Davis. The Union included all of the free states and the five slaveholding border states and was led by Abraham Lincoln and the Republican Party. Republicans opposed the expansion of slavery into territories owned by the United States, and their victory in the presidential election of 1860 resulted in seven Southern states declaring their secession from the Union even before Lincoln took office. The Union rejected secession, regarding it as rebellion. Hostilities began on April 12, 1861, when Confederate forces attacked a U.S. military†¦show more content†¦Confederate resistance collapsed after Lee surrendered to Grant at Appomattox Court House in April 1865. The war, the deadliest in American history, caused 620,000 soldier deaths and an undetermined number of civilian casualties, ended slavery in the United States, restored the Union by settling the issues of nullification and secession and strengthened the role of the Federal government. However, issues affected by the wars unresolved social, political, economic and racial tensions continue to shape contemporary American thought. The Civil War Memorial, in Sycamore, Illinois, it is located in front of the DeKalb County Courthouse on a public square, it was shown in 1896 and dedicated in 1897. The monument is constructed from a combination of marble, masonry and the metal used for the sculpted copper and masonry soldiers. The structure also incorporated wood into its design. The front facade is adorned with a marble plate engraved with an excerpt from U.S. President Abraham Lincolns Gettysburg Address, also marble faced, are emblazoned with the names of major battles and campaigns of the war. World War II On June 6, 1944 , the western Allies launched the single largest invasion. On June 22, 1944, Soviet forces opened a major offensive defending the center of the eastern front in western Belorussia. On May 8, 1945, Nazi Germanys unconditional surrender became official, and the world could celebrate the liberation of Europe from Nazi rule. In 2004,Show MoreRelatedAmerican War And The American Civil War1551 Words   |  7 Pageswhich then caused the Southern states of America to decide to leave the American Union and create their own Southern Confederacy. This tore our nation apart. The American Civil War had begun and the very people that were once neighbors had each other’s blood on their hands. Many American lives had been lost. The American lives lost in the Civil War even exceeded the number of American lives lost during World War I and World War II. We were divided. The North wanted to reunite with the southern statesRead MoreThe War Of The American Civil War1376 Words   |  6 PagesThe American Civil War was arguably the most important war in the history of the country. The War of Independence may have allowed American to become its’ own country, but the Civil War resulted in something even more important than that, the end of slavery in the southern states. All of the issues that caused the Civi l war were based around slavery, such as states’ rights that involved how slavery would be handled in each state, and trying to preserve the Union since the south seceded from the northRead MoreThe American Civil War1296 Words   |  6 Pages The American Civil War, also known as the State’s War, was a conflict that arose mostly from the issue of slavery, but deep down was due to economic differences between the North and the South. The South seceded from the North and created their own self-government due to their belief in the lack of state’s rights versus the federal government and what they saw as a weakness in the Articles of Confederation. While the Confederacy of the United States depended on slave labor for their economy in regardsRead MoreThe War Of The American Civil War1618 Words   |  7 Pages A Civil War is a battle between the same citizens in a country. The American Civil War was fought from 1861 to 1865 to determine the independence for the C onfederacy or the survival of the Union. By the time Abraham Lincoln was elected president in 1861, in the mist of 34 states, the constant disagreement caused seven Southern slave states to their independence from the United States and formed the Confederate States of America. The Confederacy, generally known as the South, grew to include elevenRead MoreThe American Civil War1418 Words   |  6 PagesGuns fired, smoke lingering in the air, people dying. The American Civil War had a huge impact on the United States. Two compromises took place before the start of the Civil War. These compromises include the Missouri Compromise and the Compromise of 1850. The Missouri Compromise dealt with the crisis in 1819 over Missouri entering the Union as a slave state. The compromise was â€Å"the first major crisis over slavery, and it shattered a tacit agreement between the two regions that had been in placeRead MoreThe War Of The American Civil War1324 Words   |  6 PagesThere were many e vents that led to the cause of one of America’s most devastating war, the American Civil War. The American Civil War was an unfortunate war that cost more than the lives of six hundred thousand people. Events such as the Missouri Compromise, Kansas Nebraska Act, Dred Scott Decision, and the Election of Abraham Lincoln resulted in the four yearlong battles between the Northern and Southern states due to social and economic differences on the idea of slavery. In the 19th century,Read MoreThe War Of The American Civil War Essay1472 Words   |  6 PagesThe American Civil War lasted from April 12, 1861 to May 9, 1865. It was the bloodiest war in American history, killing approximately 620,000 soldiers in total. The War was fought and won by the North, ensuring that all the United States would stay united and slavery would be illegal in The United States. However, history is one of the most complicated things in the world. It’s also one of the most important things in the world because history is what made the present possible. Historians have debatedRead MoreThe War Of The American Civil War960 Words   |  4 Pagesslavery even if it meant war caused peace in this nation. Slavery was the vital cause of the American Civil War. The north and the south both had their differences on how to run the country. People in the North believed in unity and that slavery should not exist because â€Å"all men are created equally.† On the o ther hand, the South believed in continuing slavery. People tried to talk it out and come to a middle ground after both sides compromising, however that didn’t work and caused war. Ideological differencesRead MoreThe War Of The American Civil War856 Words   |  4 PagesSlavery may have been established as the catalyst of the American Civil War, but the beginning of the dispute began in the time of the Revolution with a weak decentralized government under the Articles of Confederation. Later gained momentum as territorial expansion set Americans against each other on debating whether the new states should be slave states or free states, it questioned the power of the Federal government regarding state rights, and brought about instability in the unity of the UnitedRead MoreThe War Of The American Civil War1439 Words   |  6 PagesWhen the American Civil War began in the spring of 1861, those flocking to enlistment stations in states both north and south chiefly defined the ir cause as one of preservation. From Maine to Minnesota, young men joined up to preserve the Union. From Virginia to Texas, their future foes on the battlefield enlisted to preserve a social order, a social order at its core built on the institution of slavery and racial superiority . Secession had not been framed by prominent Southerners like Robert Toombs

How Useful Is It as Evidence for an Historian Studying Free Essays

To an historian studying the outbreak of the Kappa Putsch this Is a useful factor to take Into consideration; this source shows us the troubles of Germany, about the factors, which lead people to have an uprising. It is understandable when reading an extract that they had to act out, as they were feeling betrayed and angry at Germany. We can see that they the nation was feeling this way, as in the extract it is quoted that, â€Å"The Reich and the nation are in grave danger. We will write a custom essay sample on How Useful Is It as Evidence for an Historian Studying or any similar topic only for you Order Now † Moreover, â€Å"people are only dimly aware of the approaching disaster. Prices are rolling unchecked. Hardship Is growing. Starvation threatens. † I know that Because of the demonstrable of the armed forces, there were nearly 200 paramilitary units around Germany by 1919. In 1920, about 12,000 members of the Fireworks marched on Berlin and seized the main buildings of the capital virtually unopposed, where they installed a new government. The German army did not provide any resistance to this Putsch. In spite of requests from Bert to put down the rebellious forces, the army was not prepared to become involved with either side. We can see that the people lost faith In the government as With terrible speed, we are approaching the complete collapse of the state and of law and order. â€Å"And† The present government is incapable of overcoming the danger. â€Å"This was the pushing mint which made the people get involved, they now know without their input Germany as they know it will only get worse. However, in this new government, strikes were banned but the people carried on as their beliefs and motives suppressed the at hand and the opportunity must be grasped. There is no other way but a government of action, the new government will ruthlessly suppress strikes and sabotage. † Moreover † striking is treason to the nation and the Fatherland. † back up these points I have made. It is useful to know that even though the prices were raising that â€Å"Everyone should go peacefully about his work. Everyone willing to work is assured of our firm protection â€Å"people stood up for what they believed in and strike regardless of this point. Overall, I believe this is a very useful source for a historian studying the outbreak of the Kappa Putsch of 1920, due to the use of literacy devices used it shows the way in which the German politicians presented their ideas and how they shared their opinions on this topic. (b) Using all the sources, and your own knowledge, assess to what extent the Kappa Putsch and other political uprisings represented the greatest threat to the Whimper Republic in the period 1919-1923. 5] Taking all of the sources into consideration, it is useful as we get a left wing response, a right wing response and an impartial response with the benefit of hindsight, therefore we can get a moderate opinion of the situation. From my own knowledge in the early years of the Whimper Republic, there were many political threats from left and right towards the new Government. The Separatists had extreme left wing political views (Communist) this group split from the SSP in frustration and anger at the Spud’s role within the Government. The leaders of this Communist Party were Karl Libertines and Rosa Luxemburg. On January 1st 1919, the members of the Separatists movement rose up in an attempted revolution. The group’s leaders initially made this move. The new Government acted promptly and were certainly not stymied with their actions to bring this revolution to an end, As the two main leaders were killed whilst in police custody, The fret-corps (a paramilitary group consisting of former Servicemen) broke down this â€Å"revolution† with force. This issue is acknowledged in source c – â€Å"The Whimper Republic faced its first threat, the communist-inspired Separatists rising. Another well known historian to back my points up is Broacher who states; – â€Å"Contends that the occasion fear of revolution from the left by the early Whimper government, led to their overlooking the much more likely threat posed by the right. We can SE that the Kappa putsch was the first attempt from the right wing extremists, to take control of the constitutional government. (They did this because they favored the restoration of some somewhat authoritarian, dictatorial regime). The Kappa Putsch was led by Wolfgang Kappa The right wing extremists wanted the army to regain its numbers of men in a dictatorial regime. This was not possible because in the signed treaty of Versailles there was an agreement that the army must be cut and no more people could Join the army. The events occurred as followed 1920 about 12,000 members of the Fret-corps (in support of the Kappa putsch) marched to Berlin this is where they seized the main buildings of the capital with ease and no force was set up against them in these buildings was where they installed a new government. The German army did not it he told the German army to put down the rebellious forces, the army was not prepared to become involved with either side. This is also due to the support it had from the army as many significant officers chose to support it the army-followed suit (General Ludwig and General Oldenburg. Ludwig had major involvement and he orchestrated an uprising in Berlin on March 13th. Army troops were sympathetic to the uprising, they took control of Berlin, and Ludwig proclaimed right wing government. The putsch soon ended because SSP members of the government had called for a general strike, which soon paralyses the capital and quickly spread to the rest of the country. (The morale within Germany is strong here as they stuck together o end what was wrong â€Å"Kappa Putsch†) The rebels had little support in Berlin and in Germany elsewhere. It soon became clear that the Army couldn’t of been taken for granted, there was no universal support for the Whimper government also the government had limited means of dealings with uprisings of this nature and politicians were not necessarily safe in Berlin this shows a near end to the Kappa Putsch. After four days of this political uprising and after putting Berlin on a stand still, with no/little support it was clear that Wolfgang Kappa and his government gained no real authority and they fled the city. There is evidence of this in sources b and c : â€Å"A military putsch has started. The mercenaries, who were afraid that their Fireworks regiments would be disbanded, have attempted to overthrow the Republic and establish a dictatorial government with Kappa and General von L;twits at its head. † And in 1920, came a second attempt to overthrow the Republic, this time by the right wing Kappa Putsch. It is stated in source C that A brief period of relative calm followed, only to be disrupted in 1923 by hyperinflation that threatened economic chaos and undermined the government’s reputation. The Communists were overcautious during the mass protests of 1923 and acted too late in the â€Å"German October† of 1923†³ this is a big threat to Germany both polit ically and economically as well as destroying even more of the remaining morale. The hyperinflation crisis increased support for the more extremist parties such as the Nazis would use the hyperinflation crisis to portray their beliefs on how a country should be run. This was very threatening towards the Whimper republic/government propaganda against the government damaged it and lost supporters. The next political uprising to occur was the Munich putsch, which took place from 8-9 November 1923. As the economy floundered and the government struggled to cope with the turmoil, a group of Right Wing politicians in Bavaria planned to take this opportunity to overthrow the government. This event is iconic as it was the first event that Hitler is introduced. However, The Nazis were far too weak on their own to stage any kind of political takeover. It was the need for allies, which led Hitler into negotiations with the right wing Government leaders Kara, Kisser and Lows who had planned this uprising to commence. The Munich Putsch took place from 8-9 November 1923. Reasons behind their rebellious behavior were the developing crisis in Germany in 1923. Due to the Franco-Belgian occupation of the Rue as they took payment in kind, passive resistance, hyperinflation and â€Å"The German October,† Kara and Lows blamed most the republican regime with a â€Å"March on Berlin† from Munich. They lacked faith in this political stunt/ uprising and therefore, they decided to abandon the plan but Hitler wanted to proceed with the Nazis they took control of a large rally, which Kara was addressing in one of Eunuch’s beer halls and declared a â€Å"national revolution. Under pressure from the Nazis and Hitler Kara and Lows appeared to co-operate, but General Sect, the chief of the Army Command who was suspicious of Hitler, used his powers to command the armed forces to resist the putsch. The police were notified and the police and a gun battle followed informed the army about this uprising on the day of the putsch the Nazis marched on but were met. In this putsch inn this putsch 16 Nazi supporters were killed and the uprising was easily suppressed. Most of the Nazi leadership were arrested and then put on trial for reason; leading sympathizers including General Ultrasound was also arrested. The consequences of the Munich putsch were probably of the more significance than the uprising it’s self. At Hitter’s trial, he was given special treatment as was allowed to make long speeches to explain his reasons. Hitler is well known for many terrible things but I believe the most dangerous is his talking skill; Hitler has an orator characteristic therefore, he can easily convince people. This skill transformed him from a little known politician into a champion of the right wing. This is mentioned in source c. Finally, in November 1923, came another right-wing assault, the Munich Putsch led by Doll Hitler. The Whimper Republic survived because the extremist forces of both Left and Right failed to attract much support and were both divided and disorganized. † Using all the sources, and my own knowledge, I have assessed to what extent the Kappa Putsch and other political uprisings represented the greatest threat to the Whimper Republic in the period 1919-1923, it is clear to see that this was not the best time for the Whimper Republic as they faced a lot of opposition from the angered and betrayed Germans How to cite How Useful Is It as Evidence for an Historian Studying, Papers

Strain Transformation Essay Example For Students

Strain Transformation Essay California State University, NorthridgeCollege of Computer Science and EngineeringDepartment of Civil and Manufacturing EngineeringSTRAIN TRANSFORMATIONSubmitted to: Nazaret DermendjianSubmitted for: Applied Mechanics 340Date requested: April 6, 1999Date due: April 27, 1999Date submitted: April 27, 1999The following report will be on Strain Transformation. Strain transformation is similar to stress transformation, so that many of the techniques and derivations used for stress can be used for strain. We will also discuss methods of measuring strain and material-property relationships. The general state of strain at a point can be represented by the three components of normal strain, ?x, ?y, ?z, and three components of shear strain, gxy, gxz, gyz. For the purpose of this report, we confine our study to plane strain. That is, we will only concentrate on strain in the x-y plane so that the normal strain is represented by ?x and ?y and the shear strain by gxy . The deformation on an element caused by each of the elements is shown graphically below. We will write a custom essay on Strain Transformation specifically for you for only $16.38 $13.9/page Order now Before equations for strain-transformation can be developed, a sign convention must be established. As seen below, ?x and ?y are positive if they cause elongation in the the x and y axes and the shear strain is positive if the interior angle becomes smaller than 90?. For relative axes, the angle between the x and x axes, q, will be counterclockwise positive. If the normal strains ?x and ?y and the shear strain gxy are known, we can find the normal strain and shear strain at any rotated axes x and y where the angle between the x axis and x axis is q. Using geometry and trigonometric identities the following equations can be derived for finding the strain at a rotated axes:?x = (?x + ?y)/2 + (?x ?y)cos 2q + gxy sin 2q (1)gxy = sin 2q + (gxy /2) cos 2q (2)The normal strain in the y direction by substituting (q + 90?) for q in Eq.1. The orientation of an element can be determined such that the elements deformation at a point can be represented by normal strain with no shear strain. These normal strain are referred to as the principal strains, ?1 and ?2 . The angle between the x and y axes and the principal axes at which these strains occur is represented as qp. The equations for these values can be derived from Eq.1 and are as followed:tan 2qp = gxy /(?x ?y) (3)?1,2 = (?x -?y)/2 ? {2+ (gxy/2)2 }1/2 (4)The axes along which maximum in-plane shear strain occurs are 45? away from those that define the principal strains and is represented as qs and can be found using the following equation:tan 2qs = -(?x ?y) / 2 (5)When the shear strain is maximum, the normal strains are equal to the average normal strain. These values are determined from the following equations:gmax / 2 = {2 + (gxy / 2)2}1/2 (6)?avg = (?x + ?y) / 2 (7)We can also solve strain transformation problem using Mohrs circle. The coordinate system used ha s the abscissa represent the normal strain ?, with positive to the right and the ordinate represents half of the shear strain g/2 with positive downward. Determine the center of the circle C, which is on the ? axis at a distance of ?avg from the origin. Please note that it is important to follow the sign convention established previously. Plot a reference point A having coordinates (?x , gxy / 2). The line AC is the reference for q = 0. Draw a circle with C as the center and the line AC as the radius. The principal strains ?1 and ?2 are the values where the circle intersects the ? axis and are shown as points B and D on the figure below. The principal angles can be determined from the graph by measuring 2qp1 and 2qp2 from the reference line AC to the ? axis. The element will be elongated in the x and y directions as shown below. The average normal strain and the maximum shear strain are shown as points E and F on the figure below. The element will be elongated as shown. To measure the normal strain in a tension-test specimen, an electrical-resistance strain gauge can be used. An electrical-resistance strain gauge works by measuring the change in resistance in a wire or piece of foil and relates that to change in length of the gauge. Since these gauges only work in one direction, normal strains at a point are often determined using a cluster of gauges arranged in a specific pattern, referred to as a strain rosette. Using the readings on the three gauges, the data can be used to det ermine the state of strain,?x, ?y, gxy, at that point using geometry and trigonometric identities. It is important to note that the strain rosettes do not measure strain that is normal to the free surface of the specimen. Mohrs circle can then be used to solve for any in plane normal and shear strain of interest. .ue0c54b2542a3f18c47ec8ee28526097d , .ue0c54b2542a3f18c47ec8ee28526097d .postImageUrl , .ue0c54b2542a3f18c47ec8ee28526097d .centered-text-area { min-height: 80px; position: relative; } .ue0c54b2542a3f18c47ec8ee28526097d , .ue0c54b2542a3f18c47ec8ee28526097d:hover , .ue0c54b2542a3f18c47ec8ee28526097d:visited , .ue0c54b2542a3f18c47ec8ee28526097d:active { border:0!important; } .ue0c54b2542a3f18c47ec8ee28526097d .clearfix:after { content: ""; display: table; clear: both; } .ue0c54b2542a3f18c47ec8ee28526097d { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ue0c54b2542a3f18c47ec8ee28526097d:active , .ue0c54b2542a3f18c47ec8ee28526097d:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ue0c54b2542a3f18c47ec8ee28526097d .centered-text-area { width: 100%; position: relative ; } .ue0c54b2542a3f18c47ec8ee28526097d .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ue0c54b2542a3f18c47ec8ee28526097d .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ue0c54b2542a3f18c47ec8ee28526097d .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ue0c54b2542a3f18c47ec8ee28526097d:hover .ctaButton { background-color: #34495E!important; } .ue0c54b2542a3f18c47ec8ee28526097d .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ue0c54b2542a3f18c47ec8ee28526097d .ue0c54b2542a3f18c47ec8ee28526097d-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ue0c54b2542a3f18c47ec8ee28526097d:after { content: ""; display: block; clear: both; } READ: Basic discription of microbiology EssayIt is important to mention briefly material-property relation ships. Note that it is assumed that the material is homogeneous, isotropic, and behaves in a linear elastic manner. If the material is subject to a state of triaxial stress, sx, sy, sz,(not covered in this report) associated normal strains ?x, ?y, ?z, are developed in the material. Using principals of superposition, Poissons ratio, ?lat = -n?long , and Hookes law, as it applies in the uniaxial direction ? = s/E , the normal stress can be related to the normal strain. Similar relationships can be developed between shear stress and shear strain. This report was a brief summary of strain transformation and the related topics of strain gauges and material-property relationships. It is important to realize that this report was confined to in plane strain transformation and that a more complete study would involve shear strain in three dimensions, then material-property relationships could be developed further. Also, theories of failure were not covered in this report.

Great Essays

Great Essays Great Essays Great Essays Great essays are not easy to write, but if you are interested in the topic and if you feel inspired, you have no barriers to creating great essays.   Read the following sample of great essay.   It is well-written and will definitely gain your attention. If you have an academic assignment to write the great essay, feel free to request our custom essay writing service at any time. Our writers are working 24/7 without weekends to lend you a hand of help with any essay writing. Great Essays Sample The most important of parental allies was the nurse. It was the almost unanimous opinion of churchmen, doctors, and moralists from Erasmus on that mothers ought to breastfeed their own infants. Some theologians even tried to suggest that a failure to do so should be regarded as a mortal sin. At the same time, these writers would reluctantly add some words of advice on how to choose a nurse, a last-minute concession indicating that the practice was far too strongly entrenched in the mores of the period to be dislodged by the exhortations of a few intellectuals. In this respect, Rousseau, who has always been regarded as the revolutionary champion of maternal breastfeeding, was no less sensitive to custom than his predecessors, and his passionate appeal to mothers was followed by some sober recommendations for selecting a nurse, and even a touch of lyricism on the joys of nursing in the fresh air of the countryside. In this section, I describe the deeply rooted practice of employing nur ses, and explore some of the possible reasons for their participation in family life. The first point to note about the nurse is her poverty. "All the women who hire themselves out as nurses are peasants or women of mean estate." By contrast, the family which employed her necessarily belonged to a relatively affluent class. FranÃÆ' §ois Mauriceau noted that poor people did not even have the means to hire a nurse for the first week of the baby's life, during which time he believed the mother's own milk was not good for the infant. These women would have to breastfeed their children themselves right from the beginning. There was no possibility of help even for a brief period. He went on to single out among the people who engaged nurses "all the women of quality and a majority of the bourgeoisie." The relationship of the nurse to her employers varied with circumstances. The woman might be a long-term domestic of the parents, perhaps the nurse of earlier children from the same family. In many cases, however, she was a stranger. In Paris, placement bureaus arranged connections between nurses and families interested in doing business. Many writers deplored the frequent failure of mothers to investigate the character of the women they were choosing to feed their offspring. In spite of the doctors' urgings, this choice was often not made in advance of the birth. Where details are given, the parents, even those who seem especially thoughtful and attentive to the welfare of their children, contracted with the nurse after the baby had been delivered. Sometimes the father of the infant gave the money directly to the nurse's husband. Great Essays Writing Service What is the first step of great essays writing?   Writing an essay, you should pay attention to the format and flow of ideas.   If you cannot afford spending hours of your time in libraries, order professional customized writing assistance at our site.   Our writers are able to impress you with custom written essays!   Our prices are impressively low while the quality of written essays is unquestionably high. is a trusted and reliable online service.

Complete List of High School Electives

Complete List of High School Electives SAT / ACT Prep Online Guides and Tips Are you thinking about high school electives and wondering what your options are? Unlike required courses, electives are classes you choose based on your interests. Most high schools offer electives that cover a wide variety of topics, so you're sure to find some that interest you! This list was created by compiling the elective options from numerous high schools across the country. A variety of schools were used including public, private, large and small schools in order to create a complete list of high school electives. How to Use This List This list is intended to give you an introduction to all the possible electives you may come across as a high school student. You can use it as a starting point for doing more in-depth research of your own school's electives. Read through the list below, making note of any course names that seem particularly interesting. Then, grab a copy of your school's course catalog (ask your guidance counselor if you don't know where to find it), and look to see which of the electives you found interesting are offered by your school. Read through the course descriptions if necessary because electives can have different names depending on the school offering them, even if they cover essentially the same topic (for example, the culinary arts class listed below could also be called cooking, foods, or something similar). Mark the interesting electives you find in your course catalog as potential classes to take in the future. Also, because this list organizes electives by category, you can see which categories have the most interesting electives for you. While electives don’t include all topics covered in a specific field, if you marked, for example, a lot of the science electives as potentially interesting topics to study, you may want to think about continuing to study science in college. Being interested in your classes is one of the best way to get higher grades and enjoy what you’re learning. Now that you have the complete list, are you wondering how to choose which electives to take? We have a guide for that! Read through it to learn how many electives you'll be able to take and how to choose electives that are both interesting and will strengthen your college applications! What If Your School Doesn't Offer an Elective Listed Below? It would be impossible for any single school to offer every elective on this list; there are simply too many. Schools choose which electives to offer based on a number of factors including location, student population, resources available, teacher expertise, and student interest. If you are interested in one of the electives on this list but don't see it offered in your school's course catalog, you can take the following actions: Talk to your guidance counselor or department head. The elective may be under a different name than the one listed below, or your school may offer a similar course. If there is no comparable course and you are really interested in the subject, talk to your guidance counselor and see if it’s possible for you to do an independent study or take the course at a local community college. The Complete List of Electives Business Accounting Business law Business management Consumer education Entrepreneurial skills Introduction to business Marketing Personal finance Computer Science/Information Technology Animation App development Audio production Computer programming Computer repair Film production Graphic design Media technology Music production Typing Video game development Web design Web programming Word processing Family and Consumer Science Chemistry of foods CPR training Culinary arts Early childhood development Early childhood education Family studies Fashion and retail merchandising Fashion construction Home economics Interior design Nutrition Want to build the best possible college application? We can help. PrepScholar Admissions is the world's best admissions consulting service. We combine world-class admissions counselors with our data-driven, proprietary admissions strategies. We've overseen thousands of students get into their top choice schools, from state colleges to the Ivy League. We know what kinds of students colleges want to admit. We want to get you admitted to your dream schools. Learn more about PrepScholar Admissions to maximize your chance of getting in. Foreign Language American Sign Language Ancient Greek Arabic Chinese French German Hebrew Italian Japanese Korean Latin Portuguese Russian Spanish You might even learn all the Dutch names of the Chinese zodiac signs! Language and Writing Advanced composition African literature Asian literature British literature Cinema studies Contemporary literature Creative writing Debate Film study Gothic literature Humanities Journalism Poetry Popular literature Practical writing Public speaking Rhetoric School yearbook Works of Shakespeare World literature Math Computer math Math applications Probability and statistics Quantitative literacy Trigonometry Performing Arts Choir Concert band Dance Drama Guitar Jazz band Marching band Music theory Orchestra Percussion Piano Theater technology World music Physical Education Aerobics Dance Gymnastics Health Lifeguard training Pilates Racquet sports Specialized sports Swimming Weight training Yoga Science Agriculture Astronomy Biotechnology Botany Earth science Environmental science Forensic science Geology Human physiology Marine biology Meteorology Oceanography Physics Sound and acoustics Zoology Social Studies African studies Asian studies Civics Cultural anthropology Current events Economics European history Human geography International relations Latin American studies Middle East studies Mythology Philosophy Physical anthropology Political studies Psychology Religious studies Sociology US government Women’s studies World politics World religions Visual Arts 3-D art Art history Ceramics Digital media Drawing Film production Jewelry design Painting Photography Printmaking Sculpture Vocational Education Auto body repair Auto mechanics Building construction Computer-aided drafting Cosmetology Criminal justice Driver Education Electronics FFA (Future Farmers of America) Fire science Heating and cooling systems Hospitality and tourism JROTC (Junior Reserve Officers' Training Corps) Metalworking Networking Plumbing Production technology Refrigeration fundamentals Robotics Woodworking What's Next? Now that you know the options you have for electives, read our guide to learn how to choose electives that will interest you and strengthen your college applications. Trying to decide whether to take the ACT or the SAT? Read our guide to figure out which test will get you a better score! Are you considering summer academic programs for middle school and high school students? Take a look at our guides for the TIP, SIG, CTY, and Stanford EPGY programs. Want to improve your SAT score by 160 points or your ACT score by 4 points? We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

Odontology Term Paper Example | Topics and Well Written Essays - 500 words

Odontology - Term Paper Example He approaches his victims in public places while feigning injury or disabilities then overpowering and restraining them as he puts them in his car. Several evidences collected included pantyhose mask (which was also used for strangling victims), ice pick, handcuffs and crowbar but the most famous evidence of him doing the crime was the bite mark he left on Lisa Levy’s buttock that linked him to other murders (Saferstein, 2009). Lisa Levy was a student in Florida State University and she was bludgeoned to death while sleeping at the Chi Omega sorority house. The bite mark was actually one of the two bite marks on Levy’s body. There was also another one on her breast. The buttock bite mark proved to be useful because it left impressions that gave the investigators more points of comparison for leading a match in identification. The analysis of the bite mark was a success because the investigator used a ruler to show the scale of the bite mark in relation to Bundy’s . They also analyzed the bite mark by using impressions, illustrations and such. Because of this, Bundy was forced by the court to give a dental impression. Then, the forensic dentist confirmed that Bundy’s teeth were the exact match of the dental pattern that they derived from the bite mark on Levy’s buttock. Bear in mind that people have unique bite marks – no two are alike (Saferstein, 2009).

Research Project Essay Example | Topics and Well Written Essays - 1250 words - 4

Research Project - Essay Example ucted studies on the relationship between language anxiety and performance have indicated the existence of a negative relationship between language barrier and the overall performance of a learner. To an extent, the effects of language anxiety severely affect the performance of a learner. The extent of these effects is obvious during language tests, when learners are put under the pressure of time constraints and of success. This study focused on the issue of language anxiety and its effects on Saudi learners’ test performance. A questionnaire was used to identify learners’ different levels of language anxiety. Later, the learners were subjected to a standardised test to determine their anxiety levels. The results from the study indicated that the correlation between anxiety scores and test had adverse effects on the students’ performance in the tests. From the findings, suggestions were made on the need for more attention to be made on language anxiety. Methods of reducing language anxiety among students during tests to improve their performance are also suggested. Language anxiety, comprising of the various types of fears, worries, or nervousness related to learning or using a foreign language in communication has been the subject of research for a long time. The feeling of discomfort associated with a person using a foreign language both in learning and communication in comparison to the ease of using mother tongue is justified. Experts in the field of anxiety and psychology hold that learning anxiety successfully has negative effects in the performance of a student, which at times can lead to adverse results. The ease of understanding questions in a test, the time taken in understanding and answering a particular question and the comfort while answering questions are the various factors that affect the level of performance of a student. Time is essential in tests as success is determined by the ability to answer either all or most of the questions. If a

Osteogenesis Imperfecta Bone

Osteogenesis Imperfecta Bone Osteogenesis Imperfecta or more commonly known as Brittle Bone Disease, is a condition causing extremely fragile bones and is known to be a congenital disease. This means you are born with it. It is caused by a defect in the gene that produces type I collagen which is an important building block of bone. Most causes of Osteogenesis Imperfecta are inherited from a parent caring the gene . Some cases are the result of new genetic mutations. People with Osteogenesis Imperfecta are usually below average hight. Osteogenesis Imperfecta does not seem to occur in any certain race, it effects all races male and or female. A person with Osteogenesis Imperfecta has a 50 per cent chance of passing on the gene and the disease to there offspring. The symptoms of Osteogenesis Imperfecta are as follows: Type I which accounts for 60 per cent of all cases Most common and mildest type of Osteogenesis Imperfecta Bones predisposed to fractures. Most occurring before puberty Normal to near-normal stature loose joints with low muscle tone Bone deformity absent or minimal Spinal curvature Collagen structure is normal, but the amount is less than normal Triangular shaped face Sclera (whites of the eyes) usually have a blue, grey or purple tint to them Brittle teeth Hearing loss The increase liability to bruising (thought to be due to the defective collagen) Hernias are more common in people with Osteogenesis Imperfecta Excessive sweating or intolerance of heat are common complaints, the cause is unknown Type II Most sever form Death occurring shortly after birth, often due to respiratory problems Small stature with underdeveloped lungs Collagen is improperly formed Numerous fractures Severe bone deformities Type III Bones fracture easily Fractures often present at birth Short stature Sclera (whites of eyes) to be a blue, grey, or purple tint Loose joints Poor muscle development in arms and legs Triangular shaped face Barrel-shaped rib cage Spinal curvature Bone deformity, often severe Brittle teeth Hearing loss Respiratory problems Collagen is improperly formed The increase liability to bruising (thought to be due to the defective collagen) Hernias are more common in people with Osteogenesis Imperfecta Excessive sweating or intolerance of heat are common complaints, the cause is unknown Type IV Between Type I and Type III in severity Bones fracture easily, usually before puberty Shorter than average stature Sclera are white or near white, normal in color Mild to moderate bone deformity Barrel-shaped rib cage Triangular shaped face Spinal curvature Brittle teeth Hearing loss Collagen is improperly formed The increase liability to bruising (thought to be due to the defective collagen) Hernias are more common in people with Osteogenesis Imperfecta Excessive sweating or intolerance of heat are common complaints, the cause is unknown The diagnoses of Osteogenesis Imperfecta. Osteogenesis Imperfecta is diagnosed a few different ways. In most cases the diagnosis is made from the pattern of fractures. In severely affected people X-rays may show characteristics abnormalities. In the USA two specialized tests are sometimes used for the diagnosis of Osteogenesis Imperfecta. One involves taking a small piece of the skin, culturing the cells and chemically examining the collagen produced. The other uses a blood sample and searches for mutations of the genes coding for the collagen of bone. Neither tests are more than 85 per cent accurate in identifying cases of Osteogenesis Imperfecta. Chronic Villus Sampling maybe done during pregnancy to determine if the fetus has the condition. However, because so many different mutations can cause Osteogenesis Imperfecta, some forms can not be diagnosed with a genetic test. Often the severe form Type II can be detected on an ultra sound when the fetus is as young as sixteen weeks old. The treatment of Osteogenesis Imperfecta. There is no cure yet for this disease however curtain therapies can reduce pain and complications due to this disease. Bisphosphonates are drugs that have been used to treat Osteoporosis. They can increase the strength and the hardness of bone in people with Osteogenesis Imperfecta . They have also been shown to highly reduce fracture rate. Swimming and low impact exercises help maintain the strength of the bones. In more severe causes surgery may be used to place metal rods into long bone in the leg to help reduce the risk of any further fractures.

Reaction Paper: Teddy Stellard

The story about the life of Teddy Stellar and his teacher Miss Thompson had a strong impact on each and everyone's heart. It had touched my heart because I wasn't expecting that a simple help from one person can build up the future of a child like Teddy. It had enlightened not only my mind but also my heart on how to deal with other people and how I should try to understand someone's past before judge them.The initial reaction of Miss Thompson to Teddy was disappointment which had caused her to become curious about the child's background, and this simple curiosity had led her to become someone she never thought she were. As she continue to help the child, she had not noticed that the more she helped and encouraged him, the more she became a better teacher. It was an advantage for both of them.Through their different experiences, they were both molded to become a utter per some I had quoted that when Teddy thank Miss Thompson she had said that † I didn't know how to teach until I met you,† this simple line says it all. We sometimes forego and neglect our â€Å"Teddies† in life. Thinking that it would Just all be a waste of time to deal with them but we should always consider that many of the best experiences In life do not always come In beautiful things. The worst things almost always bring out the best in us.

Black Marriage Four Myths Busted by the Facts

Do black people get married? That question has been asked in one form or another in a series of news reports about the black marriage â€Å"crisis.† On the surface, such stories seem to be concerned about black women in search of love, but these media reports have largely served to fuel stereotypes about African Americans. Moreover, by suggesting that too few black men are available to wed, news stories on black marriage have done little more than predict doom and gloom for African American women who hope to marry. In reality, black marriage isn’t reserved for the likes of Barack and Michelle Obama. Analysis of census data and other figures has debunked much of the misinformation floating around in the media about the black marriage rate. Black Women Don’t Marry The barrage of news reports about the black marriage rate gives the impression that African-American women’s chances of walking down the aisle are bleak. A Yale University study found that just 42 percent of black women are married, and a variety of high profile news networks such as CNN and ABC picked that figure up and ran with it. But researchers Ivory A. Toldson of Howard University and Bryant Marks of Morehouse College question the accuracy of this finding. â€Å"The often-cited figure of 42 percent of black women never marrying includes all black women 18 and older,† Toldson told the Root.com. â€Å"Raising this age in an analysis eliminates age groups we dont really expect to be married and gives a more accurate estimate of true marriage rates.† Toldson and Marks found that 75 percent of black women marry before they turn age 35 after examining census data from 2005 to 2009. Moreover, black women in small towns have higher marriage rates than white women in urban centers such as New York and Los Angeles, Toldson remarked in the New York Times. Educated Black Women Have it Harder Getting a college degree is the worst thing a black woman can do if she wants to get married, right? Not exactly. News stories about black marriage often mention that more black women pursue higher education than black men — by a 2-to-1 ratio, by some estimates. But what these pieces leave out is that white women also earn college degrees more than white men do, and this gender imbalance hasn’t hurt white women’s chances at matrimony. What’s more, black women who finish college actually improve their chances of marrying rather than lower them. â€Å"Among black women, 70 percent of college graduates are married by 40, whereas only about 60 percent of black high school graduates are married by that age,† Tara Parker-Pope of the New York Times reported. The same trend is at play for black men. In 2008, 76 percent of black men with a college degree married by age 40. In contrast, only 63 percent of black men with just a high school diploma tied the knot. So education increases the likelihood of marriage for both African American men and women. Also, Toldson points out that black women with college degrees are more likely to marry than white female high school dropouts. Rich Black Men Marry Out Black men drop black women as soon as they reach a certain level of success, don’t they? While plenty of rap stars, athletes and musicians may choose to date or marry interracially when they achieve fame, the same is not true for the bulk of successful black men. By analyzing census data, Toldson and Marks found that 83 percent of married black men who earned at least $100,000 annually got hitched to black women. The same is the case for educated black men of all incomes. Eighty-five percent of black male college graduates married black women. Generally, 88 percent of married black men (no matter their income or educational background) have black wives. This means that interracial marriage should not be held responsible for the singleness of black women. Black Men Don’t Earn as Much as Black Women Just because black women are more likely to graduate from college than their male counterparts doesn’t mean that they out-earn black men. Actually, black men are more likely than black women to bring home at least $75,000 annually. Plus, double the number of black men than women make at least $250,000 annually. Because of pervasive gender gaps in income, black men remain the breadwinners in the African American community. These numbers indicate that there are more than enough financially successful black men to go around for black women. Of course, not every black woman is looking for a breadwinner. Not every black woman is even seeking marriage. Some black women are happily single. Others are gay, lesbian or bisexual and were unable to legally wed those they love until 2015 when the Supreme Court overturned the ban on gay marriage. For heterosexual black women in search of marriage, however, the forecast is not nearly as gloomy as has been portrayed in the media.

The Impact Of Financial Leverage On Investment - Free Essay Example

Sample details Pages: 15 Words: 4430 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Essay any type Did you like this example? The term Investment is frequently used in jargon of economics, business management and finance. According to economic theories, investment is defined as the per-unit production of goods, which have not been consumed, but will however, be used for the purpose of future production. The decision for investment, also referred to as capital budgeting decision, is regarded as one of the key decisions of an entity. Don’t waste time! Our writers will create an original "The Impact Of Financial Leverage On Investment" essay for you Create order Leverage is a method of corporate funding in which a higher proportion of funds is raised through borrowing than stock issue. It is measured as the ratio of total debt to total assets; greater the amount of debt, greater the financial leverage. Financial Leverage is the ability of a company to earn more on its assets by taking on debt that allows it to buy or invest more in order to expand. Nowadays financial leverage is viewed as an important attribute of capital structure alongside equity and retained earnings. Financial leverage benefits common stockholders as long as the borrowed funds generate a return greater than the cost of borrowing, although the increased risk can offset the general cost of capital. In the past years, a large body of the literature has provided robust empirical evidence that financial factors have a significant impact on the investment decisions of firms. While traditional research on investment was based on the neoclassical theory of optimal capit al accumulation (where under the assumption of perfect capital markets, the cost of financing does not depend on the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial position), more recent literature has increasingly incorporated frictions such as asymmetric information and agency problems as a source behind the relevance of the degree of financial pressure faced by the firm in determining the availability and the costs of external financing This chapter will seek to enclose literature on the impact of financial leverage on investment and other factors that may affect investment in firms. 1.1 Modigliani Miller (MM) à ¢Ã¢â€š ¬Ã¢â‚¬Å" 1958 theory with no taxation In what has been hailed as the most influential set of financial papers ever published, Franco Modigliani and Merton Miller addressed capital structure in a rigorous, scientific fashion, and their study set off a chain of research that continues to this day. Modigliani and Miller (1958) argued that the investment policy of a firm should be based only on those factors that will increase the profitability, cash flow or net worth of a firm. The MM view is that companies which operate in the same type of business and which have similar operating risks must have the same total value, irrespective of their capital structures. It is based on the belief that the value of a company depends upon the future operating income generated by its assets. The way in which this income is split between returns to debt holders and returns to equity should make no difference to the total value of the firm. Thus the total value of the firm will not change with gearing, and therefore neither will it s Weighted Average Cost of Capita (Pandey, 1995). Many empirical literatures have challenged the leverage irrelevance theorem of Modigliani and Miller. The irrelevance proposition of Modigliani and Miller will be valid only if the perfect market assumptions underlying their analysis are satisfied Under the original MM propositions, leverage and investment were unrelated. If a firm had profitable investment projects, it could obtain funding for these projects regardless of the nature of its current balance sheet. 1.2 Modigliani Miller à ¢Ã¢â€š ¬Ã¢â‚¬Å" 1963 theory with tax M M (1963) found that the corporation tax system carries a distortion under which returns to debt holders (interest) are tax deductible to the firm, whereas returns to equity holders are not. They therefore concluded that geared companies have an advantage over ungeared companies, i.e. they pay less tax and will have a greater market value and a lower WACC. Following this research, the consensus that emerged was that tax is positively correlated to debt (Graham 1995, Miller 1977) and is considered a major influence in the debt policy decision. Modigliani et al (1963) argued that we should not à ¢Ã¢â€š ¬Ã…“waste our limited worrying capacity on second-order and largely self correcting problems like financial leveragingà ¢Ã¢â€š ¬Ã… ¸. That is firms should not be worried about growth as long as they have good projects in hand, since they will always be able to find means of financing those projects. 1.3 The Trade-Off Models Some of the assumptions inherent in the MM model can be relaxed without changing the basic conclusions as argued by Stiglitz (1969) and Rubenstein (1973). However, when financial distress and agency costs are considered, the MM models are altered significantly. The addition of financial distress and agency costs to the MM model results in a trade-off model. In such a model, the optimal capital structure can be visualized as a trade-off between the benefit of debt (the interest tax shield) and the costs of debt (financial distress and agency costs) as presented by Myers (1997) The trade-off models have intuitive appeal because they lead to the conclusion that both no-debt and all-debt are bad, while a à ¢Ã¢â€š ¬Ã…“moderateà ¢Ã¢â€š ¬? debt level is good. However, the à ¢Ã¢â€š ¬Ã…“trade-off models have very limited empirical supportà ¢Ã¢â€š ¬?, Marsh (1982), suggesting that factors not incorporated in this model are also at work. Jensen and Meckling (1976) invoked a mora l hazard argument to explain the agency costs of debt, proposing that high levels of debt will induce firms to opt for excessively risky investment projects. The incentive for such a move is that limited liability provisions in debt contracts imply that risky projects will provide higher mean returns to the shareholders: zero in low states of nature and high in good states. However, the higher probability of default will induce investors to demand either interest rates premiums or bond covenants that restrict the firms future use of debt. 1.4 Pecking-Order Theory Initiated by Donaldson (1961), the Pecking-Order theory argues that firms simply use all their internally-generated funds first, move down the pecking order to debt and then lastly issue equity in an attempt to raise funds. Firms follow this line of least resistance that establishes the capital structure. Myers noted an inconsistency between Donaldsonà ¢Ã¢â€š ¬Ã¢â€ž ¢s findings and the trade-off models, and this inconsistency led Myers to propose a new theory. Myers (1984) suggested asymmetric information as an explanation for the heavy reliance on retentions. This may be a situation where managers have access to more information about the firm and know that the value of the shares is greater than the current market value. If new shares are issued in this situation, there is a possibility that they would be issued at a too low price, thereby transferring wealth from existing shareholders to new shareholders. 1.5 Investment and Leverage One of the main issues in Corporate Finance is whether financial leverage has any effects on investment policies. The corporate world is characterized by various market imperfections, due to transaction costs, institutional restrictions and asymmetric information. The interactions between management, shareholders and debt holders will generate frictions due to agency problems and that may result in under-investment or over-investment incentives. Whenever we refer to investment, it is essential to distinguish between over- investment and under-investment. In his model, Myers (1977) argued that debt can create an à ¢Ã¢â€š ¬Ã‹Å"overhangà ¢Ã¢â€š ¬Ã¢â€ž ¢ effect. His idea was that debt overhang reduces the incentives of the shareholderà ¢Ã¢â€š ¬Ã¢â‚¬Å"management coalition in control of the firm to invest in positive net-present-value investment opportunities, since the benefits accrue, at least partially, to the bondholders rather than accruing fully to the shareholders. Hence, hi ghly levered firms are less likely to exploit valuable growth opportunities as compared to firms with low levels of leverage. Underinvestment theory centers on a liquidity effect in that firms with large debt commitment invest less, no matter what their growth opportunities (Lang et al, 1996). In theory, even if debt creates potential underinvestment incentives, the effect could be attenuated by the firm taking corrective action and lowering its leverage, if future growth opportunities are recognized sufficiently early (Aivazian Callen, 1980). Leverage is optimally reduced by management ex ante in view of projected valuable ex post growth opportunities, so that its impact on growth is attenuated. Thus, a negative empirical relation between leverage and growth may arise even in regressions that control for growth opportunities because managers reduce leverage in anticipation of future investment opportunities. Leverage simply signals managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s information abou t investment opportunities. The possibility that leverage might substitute for growth opportunities is referred to as the endogeneity problem. Over-investment theory is another problem that has received much attention over the years. It is described as investment expenditure beyond that required to maintain assets in place and to finance positive NPV projects. In these kind of situations, conflicts may arise between managers and shareholders (Jensen,1986 Stulz,1990). Managers seek for opportunities to expand the business even if that implies undertaking poor projects and reducing shareholder worth in the company. Managersà ¢Ã¢â€š ¬Ã¢â€ž ¢ abilities to carry such a policy is restrained by the availability of cash flow and further tightened by the financing of debt. Issuing debt commits the firm to pay cash as interest and principal, forcing managers to service such commitments with funds that may have otherwise been allocated to poor investment projects. Thus, leverage is one mechanism for overcoming the overinvestment problem suggesting a negative relationship between debt and investment for firms with weak growth opportunities. Too much debt also is not considered to be good as it may lead to financial distress and agency problems. Cantor (1990) explains that highly leveraged firms show a heightened sensitivity to fluctuations in cash flow and earnings since they face substantial debt service obligations, have limited ability to borrow additional funds and may feel extra pressure to maintain a positive cash flow cushion. Hence, the net effect would be reduced levels of investment for the firm in question. Accordingly, Mc Connell and Servaes (1995) have examined a large sample of non financial United States firms for the years 1976, 1986 and 1988. They showed that for high growth firms the relation between corporate value and leverage is negative, whereas that for low growth firms the relation between corporate value and leverage is positively co rrelated. This trend tends to indicate that to maximise corporate value, it is preferable to keep down leverage to a low level and to increase investment. Lang, Ofek and Stulz (1996) used a pooling regression to estimate the investment equation. They distinguish between the impact of leverage on growth in a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s core business from that in its non-core business. They argue that if leverage is a proxy for growth opportunities, its contractionary impact on investment in the core segment of the firm should be much more pronounced than in the non-core segment. They found that there exists a negative relation between leverage and future growth at the firm level. Also they argued that debt financing does not reduce growth for firms known to have good investment opportunities. Lang et al document a negative relation between firm leverage and subsequent growth. However, they find that this negative relation holds only for low q firms, i.e. those with fewer profitable gr owth opportunities. Thus, their findings appear to be most consistent with the view that leverage curbs overinvestment in firms with poor growth opportunities. Myers (1997) has examined possible difficulties that firms may face in raising finance to materialize positive net present value (NPV) projects, if they are highly geared. Therefore, high leverages may result in liquidity problem and can affect a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to finance growth. Under this situation, debt overhang can contribute to the under-investment problem of debt financing. That is for firms with growth opportunities, debt have a negative impact on the value of the firm. Peyer and Shivdasani (2001) provide evidence that large increases in leverage affect investment policy. They report that, following leveraged recapitalizations, firms allocate more capital to business units that produce greater cash flow. If leverage constrains investment, firms with valuable growth opportunities should choose low er leverage in order to avoid the risk of being forced to bypass some of these opportunities, while firms without valuable growth opportunities should choose higher leverage to bond themselves not to waste cash flow on unprofitable investment opportunities. Ahn et al. (2004) document that the negative relation between leverage and investment in diversified firms is significantly stronger for high Q segments than for low Q business segments, and is significantly stronger for non-core segments than for core segments. Among low growth firms, the positive relation between leverage and firm value is significantly weaker in diversified firms than in focused firms. Their results suggest that the disciplinary benefits of debt are partially offset by the additional managerial discretion in allocating debt service to different business segments within a diversified organizational structure. Childs et al (2005) argued that financial flexibility encourages the choice of short-term debt, t hereby dramatically reducing the agency costs of under-investment and over-investment. However the reduction in the agency costs may not encourage the firm to increase leverage, since the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s initial debt level choice depends on the type of growth options in its investment opportunity set. Aivazian et al (2005) analysed the impact of leverage on investment on 1035 Canadian industrial companies, covering the period 1982 to 1999. Their study examined whether financing considerations (as measured by the extent of financial leverage) affect firm investment decisions inducing underinvestment or overinvestment incentives. They found that leverage is negatively related to the level of investment, and that this negative effect is significantly stronger for firms with low growth opportunities than those with high growth opportunities. These results provide support to agency theories of corporate leverage, and especially to the theory that leverage has a disciplining ro le for firms with weak growth opportunities 1.6 Investment, Cash Flow and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q It was traditionally believed that cash flow was important for firms investment decisions because managers regarded internal funds as less expensive than external funds. In the 1950s and 1960s, this view led to numerous empirical assessments of the role of internal funds in firm investment behaviour. These studies found strong relationships between cash flow and investment. Considerable empirical evidence indicates that internally generated funds are the primary way firms finance investment expenditures. In an in-depth study of 25 large firms, Gordon Donaldson (1961) concludes that: Management strongly favoured internal generation as a source of new funds even to the exclusion of external funds except for occasional unavoidable bulges in the need for new funds. Another survey of 176 corporate managers by Pinegar and Wilbricht (1989) found that managers prefer cash flow over external sources to finance new investment; 84.3% of sample respondents indicate a preference for finan cing investment with cash flow. Researchers have also discovered the impact of cash flow on investment spending in Q models of investment. Fazzari, Hubbard, and Petersen (1988) find that cash flow has a strong effect on investment spending in firms with low-dividend-payout policies. They argue that this result is consistent with the notion that low-payout firms are cash flow-constrained because of asymmetric information costs associated with external financing. One reason these firms keep dividends to a minimum is to conserve cash flow from which they can finance profitable investment expenditures. Fazzari and Petersen (1993) find that this same group of low-payout firms smooths fluctuations in cash flow with working capital to maintain desired investment levels. This result is consistent with the Myers and Majluf (1984) finding that liquid financial assets can mitigate the underinvestment problem arising from asymmetric information. Whited (1992) also extended the Fazzari, Hubbard, and Petersen (1988) results in a study of firms facing debt financing constraints due to financial distress. She found evidence of a strong relationship between cash flow and investment spending for firms with a high debt ratio or a high interest coverage ratio, or without rated debt. Himmelberg and Petersen (1994) in a study of small research and development firms find that cash flow strongly influences both capital and R D expenditures. They argue that the asymmetric information effects associated with such firms make external financing prohibitively expensive, forcing them to fund expenditures internally, that is by making use of cash flows. An alternative explanation for the strong cash flow/investment relationship is that managers divert free cash flow to unprofitable investment spending. One study assessing the relative importance of such an agency problem was performed by Oliner and Rudebusch (1992), who analysed several firm attributes that may influence the cash flow/investment relationship. They find that insider share holdings and ownership structure (variables that proxy for agency problems) do little to explain the influence that cash flow has on firm investment spending. Carpenter (1993) focused on the relationships among debt financing, debt structure, and investments pending to test the free cash flow theory. He finds that firms that restructure by replacing large amounts of external equity with debt increase their investment spending compared to non-restructured firms. He sees these results as inconsistent with free cash flow behavior, because cash flow committed to debt maintenance should be associated with reductions in subsequent investment spending. Findings by Strong and Meyer (1990) and Devereux and Schiantarelli (1990) support the free cash flow interpretation. Strong and Meyer (1990) disaggregate the investment and cash flow of firms in the paper industry into sustaining investment (i.e., productive capacity m aintaining) and discretionary investment, and total cash flow and residual cash flow (i.e., cash flow after debt service, taxes, sustaining investment, and established dividends). Residual cash flow and discretionary investment are found to be positively and strongly related. This evidence suggests that residual cash flow is often used to fund unprofitable discretionary investments pending. Devereux and Schiantarelli (1990) find that the impact of cash flow on investment spending is greater for larger firms. One explanation they provide for this result is that large firms have more diverse ownership structures, and are more influenced by manager/shareholder agency problems. The Q model of investment relates investment to the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s stock market valuation, which is meant to reflect the present discounted value of expected future profits, Brainard and Tobin (1968). In the case of perfectly competitive markets and constant returns to scale technology, Hayashi (1982) showed that average Q, the ratio of the maximised value of the firm to the replacement cost of its existing capital stock, would be a sufficient statistic for investment rates. Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q, further assumes that the maximised value of the firm can be measured by its stock market valuation. Under these assumptions, the stock market valuation would capture all relevant information about expected future profitability, and significant coefficients on cash-flow variables after controlling for Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q could not be attributed to additional information about current expectations. However if the Hayashi conditions are not satisfied, or if stock market valuations are influenced by à ¢Ã¢â€š ¬Ã‹Å"bubblesà ¢Ã¢â€š ¬Ã¢â€ž ¢ or any factors other than the present discounted value of expected future profits; then Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q would not capture all relevant information about the expected future profitability of current investment. If that i s the case, then additional explanatory variables like current or lagged sales or cash-flow terms could proxy for the missing information about expected future conditions. The classification of q ratios into high and low categories is based on a cut-off of one Lang, Stulz, and Walkling (1989). The latterà ¢Ã¢â€š ¬Ã¢â€ž ¢s motivation for this cut-off is partially based on the fact that under certain circumstances firms with q ratios below one have marginal projects with negative net present values (Lang and Litzenberger, 1989). However, q is also industry specific and one may argue that managers should not be held responsible for adverse shocks to their industries. As such, the industry average may be a useful alternative cut-off point to separate high q firms from low q firms. Hoshi, Kashyap, and Scharfstein (1991) regressed investment on Tobins q, other controlling variables, and cash flow. They interpreted differences in the importance of cash flow between different groups of firms as evidence of financing constraints. Results obtained by Vogt (1994) indicate that the influence of cash flow on capital spending is stronger for firms with lower Q values. This result suggests that cash flow-financed capital spending is marginally inefficient and provides initial evidence in support of the FCF hypothesis. The stronger the influence cash flow had on capital spending in this group, the larger the associated value of Tobins Q. After the results presented by Kaplan and Zingales (1997 and 2000), several studies have criticised the empirical test based on the cash flow sensitivity as a meaningful evidence in favour of the existence of financing constraints. The significance of the cash flow sensitivity of investment, it was argued, may then be the consequence of measurement errors in the usual proxy for investment opportunities, Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q, and may provide additional information on expected profitability rather than being a signal of finan cing constraints. Gomes (2001) showed that the existence of financing constraints is not sufficient to establish cash flow as a significant regressor in a standard investment equation, while Ericson and Whited (2000) demonstrate that the investment sensitivity to cash flow in regressions including Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q is to a large extent due to a measurement error in Q. Likewise, Alti (2003) shows that investment can be sensitive to changes in cash flow in the benchmark case where financing is frictionless. 2.3 Investment and Profitability The idea that investment depends on the profitability of a firm is amongst the oldest of macroeconomic relationships formulated. The sharp fluctuations in profitability in the average cost of capital since the 1960s revived interest in this relationship (Glyn et al, 1990). However the evidence for the impact of profitability on investment remains sketchy. Bhaskar and Glyn (1992) concluded that profitability must be regarded as a significant influence on investment, though by no means the overwhelming one. Their results indicated that à ¢Ã¢â€š ¬Ã…“enhanced profitability is not always a necessary, let alone a sufficient condition for increased investmentà ¢Ã¢â€š ¬?. However, years later Glyn (1997) provided an empirical study that examined the impact of profitability on capital accumulation. He tested the impact of profitability in the manufacturing sector on investment for the period 1960-1993 for 15 OECD countries. His findings suggested that the classical emphasis on the role of profitability on investment wass still highly significant and had a very tight relationship. Korajczyk and Levy (2003) investigated the role of macroeconomic conditions and financial constraints in determining capital structure choice. While estimating the relation between firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ debt ratio and firm-specific variables, they found out that there was a negative relation between profitability and target leverage, which was consistent with the pecking order theory. This indicated that if leverage of the firm is low, profitability will be high and the entity will be able to invest in positive NPV projects i.e. increase investment. Bhattacharyya (2008) recently provided an empirical study where he examined the effect of profitability and other determinants of investment for Indian firms. He found that à ¢Ã¢â€š ¬Ã…“Short-run profitability does not have consistent influence on investment decisions of firmsà ¢Ã¢â€š ¬?, implying that one should concentrate on the long-run profitability of a firm. This indicates that profitability is still regarded as one of the major determinants underlying investment decisions of firms. However, he suggested that liquidity is relatively more important than profitability when it comes to firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ investment decisions. 2.3 Investment and Liquidity à ¢Ã¢â€š ¬Ã…“Under the assumptions of illiquid capital and true uncertainty, management can never be sure that investment projects will produce sufficient liquidity to cover the cash commitments generated by their financing. Yet failure to meet these commitments may result in a crisis of managerial autonomy or even in bankruptcy. Thus, capital accumulation is a contradictory process. Investment is inherently risky, while the failure to invest will ultimately lead to the firms marginalization or demise.à ¢Ã¢â€š ¬? Crotty and Goldstein (1992) Chamberlain and Gordon (1989) used the annual domestic investment of all nonfinancial corporations in the United States between 1952 and 1981 in an attempt to determine the impact of liquidity on the profitable investment opportunities available to the corporation. They have put forward that in their long-run survival model, liquidity variables play an essential role as it captures the firms desire to avoid bankruptcy. It was also noted t hat there was a significant improvement in the explanation of investment when liquidity variables were added to the profitability variables of their regression, thereby supporting the view that liquidity is a pre-dominant determinant of investment and that they are positively related. Hoshi, Kashyap and Scharfstein (1991) attempted to find the relationship between investment and liquidity for Japanese firms. They found that high current profits increase current liquidity, thereby generating further investment from the firm to ensure future profitability and increased output to meet demand. Myers and Rajan (1998) suggested that liquid assets are generally viewed as being easier to finance and therefore, asset liquidity is a plus for nonfinancial corporations or individual investors. However, Myers and Rajan argued that although more liquid assets increase the ability to invest in projects, they also reduce managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to commit credibly to an investmen t strategy that protects investors. Johnson (2003) found that short debt maturity increases liquidity risk, which in turn, negatively affects leverage and the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s investment. Jonson also suggested that firms trade off the cost of underinvestment problems against the cost of increased liquidity risk when choosing short debt maturity 2.4 Investment and Sales Sales growth targets play a major role in the perceptions of top managers. Using surveys, Hubbard and Bromiley (1994) find sales is the most common objective mentioned by senior managers. Additional explanatory variables like current or lagged sales are very important in the investment equation as they can act as proxy for the missing information about expected future conditions in case such information has not been captured by Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q. Kaplan and Norton (1992, 1993, 1996) argue that firms must use a wide variety of goals, including sales growth, to effectively reach their financial objectives. They suggested that à ¢Ã¢â€š ¬Ã…“Sales growth influences factorsà ¢Ã¢â€š ¬Ã‚ ¦..all the way to the implied opportunities for investments in new equipment and technologiesà ¢Ã¢â€š ¬Ã‚ ¦..à ¢Ã¢â€š ¬? According to this study of 396 corporations, Kopcke and Howrey (1994) found that the capital spending of many of the companies corresponds very poorly with their sal es and profits. These divergences suggest that sales and profits do not represent fully an enterpriseà ¢Ã¢â€š ¬Ã¢â€ž ¢s particular incentives for investing. Consequently, these findings do not support generalizations contending that companies with more debt are investing less than their sales and cash flows would guarantee. Athey and Laumas (1994) using panel data over the period 1978-86, examined the relative importance of the sales accelerator and alternative internal sources of liquidity in investment activities of 256 Indian manufacturing firms. They found that when all the selected firms in the sample were considered together, current values of changes in real net sales and net profit were all significant in determining capital spending of firms. Azzoni and Kalatzis (2006) considered the importance of sales for investment decisions of firms. They found that sales presented a positive and significant relationship with investment in all cases.