Lab Report: Ph

Lab Report: pH Name: _________________________________________________________ Materials Needed You will need the following materials for this lab. †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Red cabbage Coffee filter or paper towel Container for water (at least 250 ml or 1 / 2 pint) Three transparent cups (about 100 ml or 3 ounces) or other similar containers Hot water (e. g. , from a faucet, heated in a microwave oven, etc. ) Thermometer Vinegar Baking soda Safety goggles Tongs or fork Eyedropper or drinking straw Craft stick or toothpick Extra sticks or drinking straws for stirringHypothesis In this lab, you will compare the pH ranges of vinegar and a solution of water and baking soda. Do you think vinegar is an acid or a base? What about the baking soda? Write down your hypothesis now. Procedure Carry out the following steps to complete this lab. 1. Peel off several red cabbage leaves and tear them into pieces about 2. 5 cm (1 inch) square. Place the red cabbage pieces into the container. 2. Cover the cabbage pieces with hot water (not boiling water) and soak for about 30 minutes.As a safety precaution, use the thermometer to make sure that the temperature of the water is not higher than 50 degrees Celsius (about 125 degrees Fahrenheit).  ©Ã‚  KC  Distance  Learning 3. With tongs or a fork, remove and discard as many cabbage pieces from the container as you can. 4. Carefully pour the remaining cabbage water from the larger container through the coffee filter into the three smaller cups or other transparent containers. 5. Note the purplish or dark blue color.If the cabbage water has a pH of about 7. 0, which is typical for plain tap water, the color will be more purplish. If your water is treated by a water supply facility, it may have a pH around 8. 0, resulting in a dark blue color. This water color is your baseline. You will be comparing other colors to this as you proceed. 6. Use a drinkin g straw or eyedropper to transfer vinegar from its container to one cup of cabbage water, five drops at a time.Stir the cabbage water after each vinegar transfer. Note any color change. Continue transferring vinegar five drops at a time until the color of the cabbage water has changed to a color different from that of the original cabbage water. 7. Use a craft stick or toothpick to transfer baking soda from its container to another cup of cabbage water, just a few grains at a time. Stir the cabbage water after each baking soda transfer. Note any color change.Continue transferring baking soda a few grains at a time until the color of the cabbage water has changed to a color different from that of the original cabbage water. 8. The THIRD cup is your baseline cup. If you tap water is neutral, its color should be mostly purple, but it may be more bluish if your tap water has been treated by your county or city water supplier. 9. Record the color of the water after your final additions o f vinegar or baking soda. What pH does each color represent? Is vinegar an acid or a base?How about baking soda? Observations/Data Record the observations and/or data you collected here.  ©Ã‚  KC  Distance  Learning Lab Evaluation What strengths and weaknesses did you find in the experimental design? Is there anything you would do differently next time? How, if at all, would you do the experiment differently if you were to do it again? Discussion After you complete your lab, discuss your results in the course discussion board. Summarize the responses to your discussion here.  ©Ã‚  KC  Distance  Learning

Tax Structure in Pakistan

Tax structure of Pakistan TAX: To tax (from the Latin taxo; â€Å"I estimate†) is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. Some commentators have argued that â€Å"a direct tax is one that cannot be shifted by the taxpayer to someone else, whereas an indirect tax can be†. A income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities).When the tax is levied on the income of companies, it is often called a corporate tax, corporate income tax, or profit tax. Individual income taxes often tax the total income of the individual (with some deductions permitted), while corporate income taxes often tax net income (the difference between gross receipts, expenses, and additional write-offs). A  sales tax  is a  consumption tax  charged at the  point of purchase  for certain g oods and services. The tax amount is usually calculated by applying a  percentage  rate to the taxable price of a sale.Most sales taxes are collected from the buyer by the seller, who remits the tax to a government agency. Sales taxes are commonly charged on sales of goods, but many sales taxes are also charged on sales of services. Ideally, a sales tax would have a high compliance rate, be difficult to avoid, and be simple to calculate and collect Income tax Pakistan:Law concerning taxation of income in Pakistan is stated in the Income Tax Ordinance, 2001 (the Ordinance) and the rules framed there under viz. Income Tax Rules, 2002 (the Rules).The Ordinance is a Central statute and is, therefore, applicable to the whole of Pakistan . Under section 4 of the Ordinance, income tax is imposed for each tax year at specified rates on every person who has taxable income for the year Tax Year in Pakistan:Tax year is a period of twelve months ending on 30th June and shall be denoted by t he calendar year in which the said date falls. Taxable Income in Pakistan:It is the total income of a person for a tax year reduced by the total of any deductible allowances, under the Ordinance, for the year.A person is entitled to a deductible allowance for the amount of any Zakat paid by the person in a tax year under the Zakat & Ushr Ordinance, 1980. Total Income:it is the sum of a person's income under each of the heads of income for the year. Heads of Income in Pakistan:Under the Ordinance income is classified into the following five heads: Salary, Income from property, Income from business, Capital gains and Income from other sources.The income of a person under a head of income shall be the total of the amount derived by the person in a tax year that are chargeable to tax under the head as reduced by the total deductions allowed under the ordinance to the person under that head. CORPORATE TAX RATES:Pakistan corporate tax rate is 35% of net taxable income of a company. For no nresidents, a 15% rate is levied on the gross amount of royalties or technical service fees, and 30% for other payments under the presumptive tax regime. Residence – An entity is resident if it is registered under the law of Pakistan or its management and control is situated wholly in Pakistan.Basis – Resident entities are taxed on worldwide business income; nonresidents pay tax only on Pakistan-source income. Taxation of dividends:A resident entity pays tax at a rate of 10% on dividend income regardless of whether the dividends are Pakistan or foreign source. A nonresident pays tax at a rate of 10% on Pakistan source dividends. PAKISTAN SALES TAX:The standard rate of Sales Tax in Pakistan is 16%. Taxable transactions Sales Tax is levied on the supply of goods and services, and the import of goods.Sales Tax Registration:is mandatory for manufacturers if turnover exceeds PKR 5 million; for retailers, if the value of supplies exceeds PKR 5 million; and for importers and other persons if required by another federal or provincial law Filing and sales tax payment:Sales Tax returns and payments must be made on a monthly basis. RGST:The RGST is actually plain old Value Added Tax (VAT) with a new name. Since the VAT has already had its fill of bad publicity, the government decided it would be a smart move to rename and repackage the new taxation system.The RGST is a taxation system that operates by an addition of 15 per cent tax on each and every value addition on taxable products Who is involved? The key players behind the proposed RGST are the International Monetary Fund (IMF), the World Bank, United States Mission to the European Union   (USEU) and other assorted donors who are tired of paying their taxpayers money to cover up for the leaks in our taxation system. But this is not to say that we do not  need reforms in our taxation system. The International Monetary Organizations might be the catalysts towards the reforms just now, but in all reali ty, tax reforms have been long overdue.

United States v American Online, Inc Assignment Example | Topics and Well Written Essays - 750 words

United States v American Online, Inc - Assignment Example Firstly, the two companies involved, AOL and PPRO, deal with computer-related business. For instance, AOL is an online business partner of PPRO, a software services provider. Additionally, the matter involves accounts entry, in which AOL is accused of illegal entry. Ordinarily, company's accountings are executed using computer software as paperwork accounts are already outdated (Chung, Park, Lee & Kang, 2012). For the revenues to be inflated there has to be unreal transactions such as contracts and ghosts sales. Therefore a computer has to be used to prepare the contract agreements and invoices for such fake transactions. Q2: In the probe of the AOL’s alleged frauds, the involvement of some professional experts would be crucial in establishing the prosecution evidence. The first relevant professional is a certified public accountant. As the Department of Justice (2007) explains, the case involves an alleged piloted error in accounting. Therefore, a professional accountant would elaborate to the court whether indeed there were illegal entries in the AOL books of accounting. Additionally, a forensic Information Technology (IT) expert’s, particularly a computer forensic professional, would be relevant in this case. A computer forensic expert’s testimony would have been used to add weight to the prosecution claim. The expert would retrieve deleted communications from the two alleged parties, the AOL and PPRO. Apparently, the two are believed to have engaged in a conspiracy. Thus, the computer forensic specialist would have been used to unmask the conspiracy through retrieving past com munications. Q3: There are various techniques and tools that could have been employed in the US v AOL case investigation. For instance, the cross-drive analysis method could have been used to establish any correlation or lack of it between the information found on AOL.

Designing the questions of the survey and interview Dissertation

Designing the questions of the survey and interview - Dissertation Example There are several advantages of Likert scale (Kothari, 2008). First of all it is easy to construct. Secondly it makes the respondent answer each of the questions in the instrument. This means that more data can be collected. Survey questionnaire: How did you get to know about our cafe? 1. From advertising 2. Word of mouth 3. From a travel agency or catalog 4. From magazine How was the service at the table reservation? 1. Excellent. 2. Good 3. Satisfactory 4. Poor Purpose of your visit to our cafe. 1. Business 2. Meetings& events 3. Relaxation /wellness 4. Health & fitness How was the check in procedure ? 1. Excellent 2. Good 3. Satisfactory 4. Poor How was the reception? 1. Excellent 2. Good 3. Satisfactory 4. Poor How was the food quality? 1. Excellent 2. Good 3. Satisfactory 4. Poor How was the service of the coffee shop? 1. Excellent 2. Good 3. Satisfactory 4. Poor How do you rank the menu of the coffee shop? 1. Excellent 2. Good 3. Satisfactory 4. Poor Would you recommend our Caf e to friends or family? Yes No How was the standard of cafe services? 1. Excellent 2. Good 3. Satisfactory 4. Poor Do you prefer any other cafe better than us? ------------------------------------------------------------------------- ------------------------------------------------------------------------- Please comment on our services which may help us to improve in future. --------------------

Electronic Commerce Of Bumble Corporation Essay

Electronic Commerce Of Bumble Corporation - Essay Example Therefore usability, persuasion, power, and branding of Bumble Corporation will help the company to concentrate on ways to run a successful online business. The initial key to building a profitable online business is to make the client’s shopping experience effortless, therefore the company website needs to be extremely user-friendly. Bumble Corporation can thus attain this by ensuring their clients can navigate the website without difficulty and that their clients will always identify where they are on the site as well as easily find the things they are looking for. Another important feature of a successful online business is to have an orderly web page. In this example, it is good to follow the ‘less is more’ principle. Sharp, powerful websites use other techniques for advertising promotions. For example, e-mail newsletters can alert clients to present promotion items that are based on their history of purchase. By utilizing email to bring this extra data, Bumble Corporation could maintain its website free from surplus information, which otherwise could be an overload for the customers. Influencing the client to purchase any product is highly made effective when the company’s support number is posted on all single pages of the web site. Doing so will first of all be convenient for the customer, as they can call support no matter on which page they are, and this will also alert the client to the organization’s eagerness to help at any point throughout the shopping experience of customers.

TQM Strategy & Toolkit Essay Example | Topics and Well Written Essays - 2500 words

TQM Strategy & Toolkit - Essay Example rts as it can be used for identifying organizational procedures, ideas, cause and effect matters and business statistics that are related to the business organization. This piece of research work is an attempt to examine the relevance and organizational significance of Total Quality Management with relation to the case of Financial Collection Solutions and Services (FCSS). This paper identifies most appropriate TQM tools that can help the company develop its software based business of credit cards and other payment solutions. The concept of Total Quality Management and its importance in the business and economy have dramatically increased in recent years because it has been considered to be an effective strategy that can help managers to become accustomed to the changes in both technology and changing customer attitudes as well customer demands. When the business contexts continue changing and are challenged by innovative and technological advances, the business must be able to adjust with changes and to provide goods and services according to the changing business contexts. Customers, competitors, employees and stakeholders all are putting maximum pressure on managers to quickly innovate and change the business route. Total Quality Management is one approach that has emerged to meet these changing forces. This approach also has been termed as Continuous Quality Improvement (CQI) and Leadership Through Quality (LTQ) (Brown and Harvey). One of the very basic tasks and objectives of the management is to achieve quality in the business. According to Peter F Drucker, a business must be able to create a customer in a way that it can satisfy him by providing some product or services that he wants (Burril and Ledolter, 1999). A business can be said to have achieved the required ‘quality’ when it provides excellent products or services with required attractiveness, with no defects, and with reliability and long term dependability. Customers demand high value and

Summary Essay Example | Topics and Well Written Essays - 500 words - 3

Summary - Essay Example Method In order to gather the response from children the author asked them to create self-portraits with their names beneath. In addition family questionnaires were also given as handouts during the previous open house. In addition consistently observing children would help to design a more effective classroom environment and also the pattern of teaching. In case a child needs help in any area only documented evidence will help the teacher to identify the problem with better clarity and use appropriate intervention methods. Apart from teachers school directors as well as family members would also be able to understand the child better in case of such evidences. These assessments should continue even after the introduction of a program as only then the strengths and weaknesses of the program will be identified. In the present study when a particular sample of work from the child could not be obtained the child was observed while performing a task of its interest or during group activi ties to gather the required information. Such observations also helped in understanding when a child required individual attention or guidance. The artworks of children who painted or drew pictures were also included in the portfolio. Through this the children felt that their efforts were valued.

Movie assignment Essay Example | Topics and Well Written Essays - 1000 words

Movie assignment - Essay Example Mendez seeks for an alternative, and he came up with an idea. Together with his supervisor, they contact a Hollywood make-up artist. They jointly set up a fake film studio, make their plans public, and they fruitfully establish the deception of developing a science fantasy called ‘Argo’. Posing as a producer for Argo, Mendez manages to enter Iraq and link up with the six escapees. He gives them Canadian passports and phony identities to enable them get past the airport security. Through a series of events and intrigues, Mendez manages to save the six hostages. I choose to analyze Tony Mendez. Tony Mendez-The values that I choose to explore about Tony Mendez include; Values, Commitment, Goals and Potentiality. Goals; Goals are the elements in a movie that give meaning to the general story that unfold momentarily in scene. In every movie plot, all main characters have at least one goal in the story that is long-term, and one minor goal or even more in every scene. The long term goal usually sets up the frontward movement of the story. This is the front story which is referred to as the Dramatic plot action. Short term goals on the other hand are objectives, actions or tasks a character needs to achieve within a speculated period of time so as to achieve his goals which are long-term. Incase the long-term identify the Dramatic Action Plot, and then the short-term goals will help identify the character development plot. My take on Tony Mendez’s Goals are as follows; one of the goals that Mendez had was to prove right his disapprovals of the US State Department’s options for saving the hostages from Iran. He had to help the hostages pretend that they knew everything about Canada; otherwise they would have been caught and killed. Another short-term goal that Mendez had, was to set up a fake film studio, manage to make public their plans, and productively set up the deception of developing Argo. While in Iran, he had a goal of providing the six hostages with Canadian passports and phony identities. That was to assist him achieve his minor goal which was to organize the hostages and help them get through the tight airport security. The long-term goal of Tony Mendez is to rescue the hostages from Iran successfully and safely. This long-term goal clearly sets up the frontward movement of the movie. These goals that Mendez had were meant to enable him save the hostages from their captivity in Iran without any casualties. All the short-term goals mentioned above were to make the rescue operation successful. If any of those short-term goals was not well handled, then chances of them not having a successful mission would be close to zero. The function of the long-term goal that Mendez had was to set the motion of the movie in a fluent manner from the first stage to the last stage. These goals have been further changed over the movie’s course by the intrigues that momentarily take place in the movie. The long-term goal was cemented by the fact that security at the airport was tight, and just as they were departing the airport, the security tried in vain to stop them. These goals are brilliant at creating and sustaining suspense all through the movie. Values; These are valuable and durable ideas or beliefs shared by a character of a movie about what is bad or good and undesirable and desirable. These are the regards that a character is held to deserve. They are the importance

Research paper on some aspect of John Steinbeck's life or work Essay

Research paper on some aspect of John Steinbeck's life or work - Essay Example The book stands as a testimony to their suffering and makes the reader think about the reasons which caused this to happen, and whether the people are victims of God, or fate, or of economic and political forces that exploit the poor and the weak in society. The main characters in the book are members of the Joad family, and each one is introduced sympathetically, starting with young Tom Joad who has just been released from prison, and moving on to his father Old Tom Joad, and his mother. The physical descriptions of the people express the moral qualities that they cling to despite all the hardship, for example we can see in the depiction of Tom’s mother that her solid body represents her role as the foundation upon which the whole family depends: â€Å"... her strong, broad, bare feet moved quickly and deftly over the floor ... Strong, freckled arms were bare to the elbow... Her full face was not soft; it was controlled, kindly...† (Steinbeck, 2002, p. 74) In this worl d of economic hardship, and ecological disaster, the gender roles are somewhat reversed, since the men cannot provide for their families any more in the traditional ways of having a job or working the land. Granma and Grampa are caricatures of an older generation of rural Americans, and this is conveyed in their characteristically mischievous (Grampa) or religious (Granma) behaviors, and also in the quaint, old-fashioned language that they use. Granma exclaims when she sees young Tom: â€Å"Pu-raise Gawd fur vittory† (Steinbeck, 2002, p. 78) and the spelling here shows that the author is taking great trouble to try and represent the dialect of this period and place. There is also a hint in this unusual spelling, that the people being described here are not well educated, and cannot be blamed for the difficulties that they find themselves having to face. What becomes apparent all too soon, is that the whole of society is on the brink of collapse, and the poor are at the bottom of the heap and have the least chance of surviving. Steinbeck gives them a voice through these fictional characters, and by maintaining a plot that is very true to life, he also makes sure that lessons are remembered and passed down for future generations. The fact that Steinbeck himself was a science graduate who enjoyed a relatively privileged lifestyle in California (Gray, 2004, p. 497) makes this realism all the more admirable, because he must have had to do considerable research to understand the problems faced by people in the situations described in the novel. The portrayals are affectionate, and the fact that both of the grandparent generation are dead before the story gets very far adds to the pathos of the book. In fact there is a great deal of physical suffering, illness and death in The Grapes of Wrath, as if to make it plain to wealthier Americans in later decades just how much suffering took place in recent historical times. People die of cancer, babies are stillborn, and whole families are wiped out by starvation. It is hard to imagine a grittier portrayal of American life. In the hands of some writers the long journey towards California looking for any kind of farming work would be an inspirational tale of the indomitable American spirit overcoming hardship and finally making dreams come true. Steinbeck does not paint this kind of idealized picture, however, and he stresses the harsh realities rather

Non profit organizations Article Example | Topics and Well Written Essays - 1000 words

Non profit organizations - Article Example The main priority which is laid while performing the broad duties mostly reflects upon determining the interests of the law. Also, the duties that perform by high rank officers are framed in such a way that demonstrates legal forms of working behavior. However, the main concern in such type of organization is to generate a balanced working atmosphere. This particular aspect is developed through executing various principles related to corporate governance in non-profit organizations. The best feature about this sort of organization is that all the officers along with other employees perform their respective assigned tasks quite effectively. Also, the duties of officers in a non-profit organization are determined through following a broader framework which considers the basic objectives of such type of organizations. This way, the broad duties along with the responsibilities of all the members including the officers get prioritized in a formative manner (Twaits, 1998). This paper will broadly consider the major aspects pertaining to the broad duties of officers along with employees in non-profit organizations. In addition, the aspects will be critically analyzed, backed up with a proper review and a personal reflection of the concerned article. Review of the Item As per the studies undertaken by Andrew Twaits (1998), numerous researches and surveys have been conducted upon managing the non-profit organizations (NPOs) belonging to this modern day context. With increased level of globalization along with internationalization, NPOs have been viewed to support the community members in terms of serving their best interests effectively. It has been learned that NGOs can very well move in aligning with the needs of the society by a certain degree. With due analysis, it can be stated that the different activities of NPOs have been able to widen the expectation levels of shareholders in terms of fulfilling their respective desires. The management along with the operationa l activities that takes place in a NPO and the duties perform by the officers as well as the employees is often recognized to be quite broad. It can be apparently observed that the different tasks and the duties that are performed by the officers along with the employees deliver a high range of performance within the organizations. According to the article, it can be viewed that there exist two sorts of organization that mainly comprise ‘unincorporated association’ and ‘incorporated association’. These associations eventually lead towards governing along leading NPOs to attain their predetermined targets. In this regard, the term ‘unincorporated association’ signifies the meaning of a chamber, club, federation, society, council, league, institute, union or guild, which is fundamentally voluntary in nature. This form of association is viewed to serve the basic purpose or serving the interests of a group of people. The other form of association i .e. ‘incorporated association’ is regarded as a form of association which can be understood as a legal entity that possesses a perpetual succession and also a common seal. This form of association is considered to be highly recognizable in nature. This particular association is formed with the intent of considering all the legal attributes that are needed to be fulfilled while forming an ‘incorporated association’. Strong approval from the government is required for the formation of such

Critical Response Essay Example for Free

Critical Response Essay Advertisement can attract anyone that it wishes. In the essay, â€Å"What’s Natural about Our Natural Products?† by Sarah Federman, Sarah talks about how the words â€Å" nature â€Å" and â€Å" natural â€Å" are being used to sell more products and seem â€Å" healthy â€Å". She goes on to discuss how the word â€Å" natural â€Å" has turned into a marketing asset. Federman shows readers that food companies, uses these words to manipulate consumers to buy more of their products. It is a technique that’s used for products like Kraft Cheese to get sales to go up. It is known that Kraft sells Natural Shredded nonfat cheese, Natural Reduced fat swiss, and Natural cheese cubes. Federman writes, â€Å" Kraft has done nothing special with the cheese itself, â€Å" natural â€Å" in this case presumably relates to the shredding, reducing and cubing process† (442). Companies way of attracting on new audience. I agree with sarah’s argument about using ‘ natural â€Å" and â€Å" nature â€Å" just to sell products. Advertisers shouldn’t use these words because if you read the labels, its still man made ingredients in it. To Federman, natural means, â€Å" products or service any or all of the following a healthy alternative, an environmentally friendly product, vegetarians, and or produced without synthetic chemicals† (442). Companies can get away with calling their product natural ingredients. But mixed in these natural, there are unhealthy components like corn syrup, dicalcium, and trisodium phosphate. These oils aren’t healthy, but because of the media, everything with natural on it is automatically good for you. Federman makes a strong point about about how companies can say its â€Å" natural â€Å" but not even how a product is made is natural. she states, â€Å" I found nothing that explained the meaning of â€Å" naturally baked â€Å" , do you think this means they leave the chips out in the sun to crispen up? probably not, so why does this process cost more per ounce when it uses less fat? â€Å"(443). Companies never tell the full ingredients list nor tell you exactly how its made, so to call it  natural is false. The consumers want to be healthy and fit, so the cost wouldn’t bother them. It cost more for something that is less manufactured, but most of the time companies just say its natural just to make more money. This proves that society has an effect on people using it, we want it, but these aren’t good for us, and advertisers fool us into buying it. Federman stated all her thoughts about how companies put the word natural on any labels to attract the audience who thinks buying product that claim to be natural, to show them that you can’t always believe what you see. When reading Federman essay, it can feel like on lecture at time, but as you and some what sarcastic. When Federman states, â€Å" variations of the words â€Å" nature â€Å" and â€Å" natural â€Å" are used for product naming to distinguish alternative medicine practitioners from their western counterparts †¦ blue jeans â€Å" (441). it seem as if youre sitting in the lecture. She makes it seem as if she speaking as part of a group of people who against companies putting natural on the products. Federman expresses emotion for her topic throughout the essay without a demanding tone, but slightly funny. Gladly, her tone doesn’t affect her writing. Without the tone she gives off, the essay wouldn’t stand out, catch the readers attention. The tone makes sure it changes the thoughts of the readers. I use to buy products that said â€Å" all natural â€Å" or â€Å" nature â€Å" on it and spend all that money. Thinking if I buy those products, I will be living healthy. But, after reading Sarah Federman essay, I know now that the products I brought were lack of natural ingredients. The tactics that these advertisers are using, and the products that say natural is the same as the original. I agree with all of Sarah Federman claims, and i fully understand her thoughts and logic about â€Å" natural products â€Å". Works Cited Eschholz, Paul A., Alfred F. Rosa, and Virginia P. Clark. Language Awareness: Readings for College Writers. Print.

Leadership Essay A Good Leader

Leadership Essay A Good Leader The Qualities Of A Good Leader Introduction Leaders have an important role within an organisation related to its success, productivity and the performance of the employees. The fundamental task of a leader is to build and maintain a high performing team (Furnham, 2005, p.566). However, Yukl (2013, p.18) argues that there are numerous and diverse definitions concerning the concept of a leader as well as the term leadership, although a general consensus appears to suggest it involves a process of influencing and guiding relationships within an organisation . Guirdham (2002, p.15) emphasises the importance of leaders having good interpersonal and communication skills, which as Yukl suggest involves the ability to persuade others. Yukl (2013, p.18) further states there are additional factors that contribute to good leadership such as the situational context and the use of power. Another issue regarding the characteristics of leaders is that many theories and models have been based on Western perspectives (House and Aditya, 1997, p.409) and typically based on research with white males (Chartered Institute of Personnel and Development, CIPD, 2008, p.7). There is some cultural crossover in servant leadership, which according to Northouse (2013, p.219), was originally proposed by Greenleaf in the 1970s, and also has origins in ancient Eastern and Western philosophies; for example, it is deeply embedded in Arab-Islamic culture (Sarayrah, 2004, p.59). A further concern is raised by Mullins (2008, p.265) who states that determining who is a good leader is a subjective judgement and cannot be based, for example, on financial performance alone. The aim of the following essay is to investigate whether certain characteristics are related to good leadership and which can be identified in theories and models of leadership such as trait theory, transformational and charismatic leadership as well as authentic and servant leadership. Finally, there will be a brief discussion regarding interpersonal characteristics such as emotional intelligence and communication skills. Theories and Models of Leadership Trait Theories Trait theories of leadership proposed that successful leaders possessed distinctive traits or characteristics that differentiated them from unsuccessful leaders and subordinates. As Northouse (2013, p.7) mentions there are common phrases in use in society such as he was born to be a leader or she is a natural leader which suggest that people tend to think good leaders are born and not trained. The concept of leaders having certain characteristics dominated research prior to the Second World War. It was thought that individuals could be selected for leadership positions if they showed the appropriate characteristics or alternatively that traits could be taught to leaders (Furnham, 2005, p.571). Popular books, such as Stephen Coveys book, The Seven Habits of Highly Effective People, propose that certain traits or characteristics can be learned. Covey (2004, p.46) states that our character, basically, is a composite of our habits. Covey continues saying that habits are consistent, can be learned or unlearned and express an individuals character and how effective or ineffective they are (Covey, 2004, p.46). Covey suggests that effective people are proactive, have a clarity regarding their life-goals, manage themselves, value and respect other people, are empathic and encourage positive teamwork (Covey, 2004, p.65). The seventh habit involves taking time to sharpen the saw which Covey translates as meaning time to refresh physical, spiritual, psychological and socio-emotional dimensions of a persons character (Covey, 2004, pp.287-288). A number of characteristics and traits related to good leaders have been identified; for example, Smith and Foti (1998, p.147) undertook a study investigating the characteristics of emergent leaders and found that the traits of dominance, intelligence and self-efficacy were significantly higher in emergent leaders than other individuals who were not classified as emergent leaders. According to Furnham (2005, p.572), good leaders usually possess characteristics such as persistence, innovation and a willingness to take responsibility for their actions. Yukl (2013, p.146) similarly identifies certain characteristics related to good leaders which include a high tolerance of stress, emotional maturity, personal integrity, motivation and self-confidence. However, Furnham (2005, p.574) suggests that although there are numerous traits, there appears to be little agreement regarding which characteristics contribute to a leader being effective. According to Zaccaro, (2007, p.6) trait theories are not able to explain how leaders characteristics adapt to different situations and contexts and thus a major criticism of trait theories is that they do not consider the wider context of culture, society or the interactions with the characteristics of subordinates (Zaccaro, 2007, p.7). Examining the characteristics of good leaders implies that leaders innately possess certain personality traits although it could be suggested that some good leaders can learn through experience (Bryman, Collinson, Grint, Jackson and Uhl-Bien, 2011, p.78). The notion that good leaders can learn skills through a dynamic learning experience is supported by other researchers; for example, Rodd (2006, p.13) proposes that practitioners within the Early Years profession can become leaders through demonstrating increasing competence and by developing the personal skills necessary to become a leader. Daly and Byers (2004, p.7) suggest that good leaders will also ensure that employees have the opportunity for training and professional development which in turn may help them to become good leaders. Kolb (1984, p.25) similarly supports the idea of learning leadership skills through experience and suggests that learning involves a constant change of ideas, perspectives and opinions which are not fixed and thoughts are formed and reformed through experience and continually modified by experience. The importance of having a flexible approach is emphasised by Daly and Byers (2004, p.187) ensuring that the leader is adaptable and can implement new ideas or procedures when necessary. Even early theorists such as Taylor (1911, p.7) argued that good leaders are not born and required systematic training instead of being reliant on some unusual or extraordinary man. It is further argued by Zaccaro (2007, p.10) that because being a good leader is complex there is probably an interaction of the leaders characteristics as well as an interaction with the variables present in different situations and contexts. Theories such as Fiedlers contingency theory (Fiedler 1967, cited in Northouse, 2013, pp.123-125) were developed primarily with leaders in the military and focused on how compatible the characteristics and style of the leader were with a specific situation. Thus, effective leadership is contingent on matching a leaders style to the right setting (Northouse, 2013, p.123). A problem with both trait theories and contingency theories is that they appear to focus on the characteristics of the leader and do not consider the characteristics of, the interactions with, or the role of, subordinates. Contingency theory does not explain why some leaders are better in certain situations than other leaders and also how organisations deal with a mismatch between leaders and certain situations (Northouse, 2013, p.129). Transactional and Transformational Leaders Furnham (2005, p.588) suggests that transactional leadership can be defined as a contract between the leader and a worker where the leader achieves what they want by offering some sort of reward which is desired by the employee. There is typically a limited relationship between the leader as in certain situations (for example in the military) transactional leadership is necessary as certain actions need to be undertaken without subordinates questioning or debating issues (Bass and Bass, 2008, p.41; Bryman et al. 2011, p.55). Transactional leadership does not appear to be concerned with the characteristics of leaders and is more concerned with creating structures and systems which allow the sharing of information (Bryman et al. 2011, p.61). Transactional leadership depends on contingency reinforcement which means the subordinate understands that a reward will be received when performance goals are achieved (Bass and Riggio, 2006, p.8). Transformational leadership developed from the foundations of transactional leadership with four further characteristics namely; charisma and idealised influence which indicates that the leader is admired, respected, and trusted; inspirational motivation, intellectual stimulation, and consideration towards individual workers (Bass, Avolio, Jung and Berson, 2003, p.208; McKenna, 2005, p.411). By showing an interest in the personal development of followers there can be a subsequent increase in performance and productivity as well as creativity and innovation subordinates can often be creative which can then have an impact on the competitive advantage of the company (Bass, et al 2003,p.208). Bass and Bass (2006, p.41) also suggest that transformational leaders usually believe and support the goals of the organisation and are able to articulate the goals to subordinates and engage their support and commitment. Other characteristics identified in transformational leaders is that they show consistent behaviour and tend to have a strong focus on integrity, ethical principles and values together with being flexible and able to adapt to change (Judge and Piccolo, 2004, p.755). McKenna (2005, p.408) states that transformational leaders have characteristics such as vision and are able to motivate and inspire subordinates to share their vision. As Sir John Harvey-Jones, MBE, who was the chairman of Imperial Chemical Industries from 1982 to 1987 and has recently helped failing business shown in a BBC television programme called Troubleshooter states:- The vision is absolutely key to getting your troops together. It has to be qualitative, daring and grab the imagination. The test of it should be how quickly people will latch on to where you are going†¦Ã¢â‚¬ ¦ (cited in Mullins, 2008, p.261). The characteristics of transformational leaders are important in an organisation because they are viewed as a more effective leadership style than transactional leadership for example. Bass and Riggio (2008, p.10) suggest that many subordinates are very loyal to transformational leaders and are committed to the organisation so productivity increases and improves which Bass and Riggio (2008, p.10) suggest is one way of demonstrating the efficiency of the leader. The characteristics of transactional and transformational leaders are not mutually exclusive and there may be occasions when a leader has to show transactional characteristics as well as transformational characteristics. An example is cited by Bass and Bass (2008, p.51) which states that famous leaders such as John F. Kennedy and Abraham Lincoln displayed characteristics of both transactional and transformational leaders. Transactional leadership, for example, has been found to be more effective in a well-ordered, stable environment whereas transformational leadership is suitable in organisations that are changing rapidly such as in times of financial upheaval (McKenna, 2006, p.418). Characteristics of Charismatic Leaders As discussed previously, one characteristic of transformational leaders is charisma (Bass, et al. 2003, p.216) although there are some leaders who are characterised as being so charismatic that they are referred to as charismatic leaders. Chio (2006, p.24) defines charismatic leaders as having three additional, core characteristics which are an ability to predict future trends and be visionary; being a creative thinker, and showing empathy and empowering colleagues. According to House, 1977, (cited in McKenna, 2006, p.411) charismatic leaders can motivate subordinates to perform effectively without having to invoke their position of power; they have a vision and the ability to convince subordinates to support that vision. Further characteristics include determination, energy, self-confidence and ability; in addition they are not afraid to be unconventional (McKenna, 2006, p.411). Although charismatic leaders are unusual and exceptional in the business world, Hellriegel and Slocum (2007, p.240) use as an example Richard Branson who demonstrates the characteristic of both a transformational and a charismatic leader. Branson is characterised as someone who is prepared to follow his instincts and take risks, venturing into new territories (Boje and Smith, 2010, p.308). Branson has a flair for being slightly eccentric and is not afraid of being unconventional which Choi, as discussed previously, describes as a characteristic of charismatic leadership. Branson makes a clear statement about his company, Virgin, as being different, colourful, iconoclastic and fun-loving (Crainer and Dearlove, 2008, p.43). Bransons character appears to reflect the character of his company; for example, he appeared dressed as a Virgin bride and also abseiled down a skyscraper to promote his company (Business Pundit, 2011, n/p). The CIPD (2008, p.8) report that there is some dislike for the celebrity-like focus on so-called charismatic leaders. In the US a study investigated fifty-nine CEOs of Fortune 500 companies and investigated the link between charisma and performance over a ten year period and found there was no relationship (Tosi et al. 2004, cited in CIPD, 2008 p.8). A criticism made by Alvesson and Spicer (2010, p.9) claims that by endowing leaders with characteristics such as charisma, gives them a heroic and unselfish quality which enables them to persuade followers to pursue goals almost unquestioningly. Furthermore, Alvesson and Spicer (2010, p.64) maintain that some transformational leaders can be perceived as saint-like. Chio (2006, p.37) claims that frequently the positive aspects of charismatic leadership are emphasised and dysfunctional characteristics, such as the abuse of power, are often minimised. Chio (2006, p.36) reports that there can be very strong emotional bonds between a charismatic leader and their subordinates and in certain situations individuals may sacrifice themselves for the sake of the group to maintain harmonious relationships with others (Triandis, 1995, cited in Chio, 2006, p.36). Thus charismatic leaders can use their influence malignantly; for example, there have been reports of charismatic leaders of religious sects who are able to persuade followers to commit mass suicide. The CIPD (2008, p.8) also report on the dark-side of charisma and suggest that although some leaders may superficially appear charismatic they hide undesirable characteristics such as dishonesty and greed. By the time such characteristics are discovered the organisation and employees may have suffered irreparable harm. Research undertaken by Collins (2001, cited in CIPD, 2008, p.8) investigated common characteristics in US companies quoted on the Stock Exchange whose performance was outstanding. The findings indicated that common characteristics included an unshakable belief in their company and also a deep personal humility. These CEOs were not at all charismatic and appeared to be quite unassuming. Collins also noted that failing companies had a CEO with a gargantuan ego causing the company to fail (Collins 2001, cited in CIPD, 2008, p.8). Interpersonal Characteristics of Leaders. Characteristics of Authentic Leaders As discussed in the previous sections there have been concerns regarding unscrupulous leaders; for example, although they may appear to be charismatic they may in fact have exploitative motives (Bass and Riggio, 2008, p.5). Consequently there is a desire for leaders who are genuine and authentic (Bass and Riggio, 2008, p.xii). There appears to be some parallels between authentic leaders and servant leaders although currently there is limited research in this area according to Northouse (2013, p.235). Servant leadership focuses on the empathic characteristics of a leader towards subordinates and nurturing each employees talents and potential which is beneficial for the organisation (Northouse, 2013, p.233). Servant leadership proposes that leaders want to serve others and emphasises the altruistic characteristics of leaders who are focused on the needs of their subordinates (Greenleaf, 1977, cited in Northouse, 2013, p.219). The characteristic of the servant leader are numerous and the underlying principles involve the way in which the leader treats subordinates in terms of honesty and treating them fairly. A successful relationship between the servant leader and followers is a two-way process and followers must be accepting of the principles of empowerment and the opportunity to grow. A characteristic of leaders which seems to be related to good leadership is emotional intelligence. Goleman (1998, p.317) defines emotional intelligence as the capacity for recognising our own feelings and those of others, for motivating ourselves and for managing emotions in ourselves and in our relationships. Emotional intelligence involves five key factors; self-awareness, self-regulation, motivation, empathy and social skills (Goleman, 1998, p.9). It is argued that emotional intelligence is of benefit to leaders as it contributes to an awareness of their own emotions and how to regulate them as well as recognising emotions in others and having the social skills necessary to deal with other peoples emotions (Goleman, Boyatzis and McKee, 2001, n/p). Guirdham (2002, p.545) suggests that there are certain qualities that followers look for in leaders and that a leader does not automatically gain the respect from subordinates. However, such qualities vary with different situations and the type of subordinates who are expected to follow. Gaining acceptance as a leader is also more difficult where there is prejudice concerning gender, race and ethnic group, and disability. Guirdham (2002, p.545) states that in general to be accepted by subordinates the characteristics of the leader need to include knowledge, competence, status, identification with the group, motivation, being proactive in promoting the groups goals and good communication skills. As Sir John Harvey says:- You only get a company going where you want it to by leadership by example and by honest and endless communication (cited in Mullins 2008, p.261). Communication appears to be a very important characteristic of a good leader together with interpersonal relationships which is also related to emotional intelligence as discussed previously. It has been found that directive, coherent and positive communication is an effective style for leaders (Guirdham, 2002, p.550). However, other characteristics are also necessary such as trust, the way in which leaders try to persuade or influence followers and the way in which subordinates are encouraged to participate in decision making. Conclusion It can be seen from the evidence presented that identifying the characteristics of a good manager is a complex task as there are many different traits or personality characteristics involved. Additionally characteristics cannot be identified in isolation and the situation or context must also be considered. Early research, for example trait theories, focused on the leader and did not consider the role or characteristics of the subordinates. This would appear to be relevant in contemporary society as employees are more empowered than they were in the past and are therefore less likely to blindly follow a leader. Transformational and charismatic theories of leadership identify many positive qualities in leaders; however, there is the issue identified by many researchers of deceitful leaders who can cause a company to collapse as in the case of Enron and other similar examples. The characteristics of a leader need to be genuine and authentic and the theoretical perspective of servant leadership emphasises the caring aspect of leaders towards their followers. Typically servant leaders are altruistic and are concerned about the well-being of others. There are a number of characteristics which appear to be more important than others although it is difficult to isolate only a few. However, one characteristic that does seem to be high on the list for good leaders is good communication and interpersonal skills (Guirdham, 2002, p.550). References Alvesson, M. and Spicer, A. (2010). Metaphors we Lead by: Understanding Leadership in the Real World. London: Routledge. Bass, B.M., Avolio, B.J., Jung, D.I. and Berson, Y. (2003). Predicting unit performance by assessing Transformational and Transactional leadership, Journal of Applied Psychology, 88 ,207-218. Bass, B.M. and Bass, R. (2008). The Bass Handbook of Leadership: Theory, Research, and Managerial Applications (4th Ed) New York, NY: Free Press. Bass, B.M. and Riggio, R.E. (2006). Transformational Leadership (2nd Ed), Mahwah, New Jersey: Lawrence Erlbaum Associates, Inc., New Jersey. Boje, D. and Smith, R. (2010). Re-storying and visualising the changing entrepreneurial identities of Bill Gates and Richard Branson, Culture and Organisation,16(4), 307-331 Bono, J.E. and Judge, T.E. (2004). Personality and transformational and transactional leadership: A meta-analysis. Journal of Applied Psychology 89(5) 901–910 Bryman,A., Collinson, D., Grint, K., Jackson, B. and Uhl-Bien, M. (2011). The Sage Handbook of Leadership. London: Sage. Business Pundit (2011). Retrieved on 10/10/2014 from: http://www.businesspundit.com/10-greatest-virgin-pr-stunts-of-all-time/ Chartered Institute of Personnel and Development (CIPD, 2008). Engaging Leadership: Creating Organisations that Maximize the Potential of their People. London, CIPD. Choi, J. (2006) A Motivational Theory of Charismatic Leadership: EnvisioningEmpathy, and Empowerment, Journal of Leadership Organizational Studies, 13, 24-43. Covey, S.R. (2004). The Seven Habits of Highly Effective People: Powerful Lessons in Personal Change. New York: Simon and Schuster Inc. Crainer, S. and Dearlove, D. (2008). The heart of leadership, Business Strategy Review, The London Business School, (Autumn), 41-45. Daly, M., Byers, E. and Taylor, W. (2004). Early Years Management in Practice: A Handbook for Early Years Managers. Oxford Heinmann Education. Furnham, A. (2005). The Psychology of Behaviour at Work. East Sussex UK: Psychology Press. Goleman, D., Boyatzis, R. and McKee, A. (2001). Primal Leadership: The Hidden Driver of Great Performance. Harvard Business Review, 44-51 retrieved on 9/10/2014 from: http://hbr.org/2001/12/primal-leadership-the-hidden-driver-of-great-performance/ar/1 Goleman, D. (1998). Working with Emotional Intelligence. London: Bloomsbury Publishing. Guirdham, M. (2002) Interactive Behaviour at Work (3rd Edition) Essex UK: Financial Times/Prentice Hall. Hellriegel, D. and Slocum, J.W. (2007) Organisational Behaviour (11th edition) Thomson South-Western. House, R.J. and Aditya, R.N. (1997). The Social Scientific Study of Leadership: Quo Vadis? Journal of Management, 23(3), 409-473. Judge, T.A. and Piccolo, R.F. (2004) Transformational and transactional leadership: A meta-analytic test of their relative validity Journal of Applied Psychology 89(5) 755-768 Kolb, D.A. (1984). Experiential Learning: Experience as the Source of Learning and Development. Englewood Cliffs, NJ: Prentice Hall. McKenna, E. (2006) Business Psychology and Organisational Behaviour, 4th edition New York: Psychology Press. Mullins, L.J. (2008). Essentials of Organisational Behaviour. (2nd edition). Essex, UK: Prentice Hall. Northouse, G. (2013). Leadership: Theory and Practice. London: Sage. Rodd, J. (2006). Leadership in Early Childhood, 3rd Edition. Maidenhead, Berkshire: Open University Press. Sarayrah, Y.K. (2004). Servant leadership in the Bedouin-Arab culture. Global Virtual Ethics Review, 5(3), 58-79. Smith, J.A. and Foti, R.J. (1998). A pattern approach to the study of leader emergence. The Leadership Quarterly, 9(2), 147-160 Taylor, F.W. (1911). Principles of Scientific Management. New York: Harper Brothers Publishers. Yukl, G. (2013). Leadership in Organizations (8th edition). London: Pearson Education Zaccaro, S.J. (2007). Trait-based perspectives of leadership. American Psychologist, 62, 6-16.

History And Definition Of Depository Receipts Finance Essay

History And Definition Of Depository Receipts Finance Essay A DR is a type of negotiable (transferable) financial security traded on a local stock exchange but represents a security, usually in the form of equity, issued by a foreign, publicly-listed company. The DR, which is a physical certificate, allows investors to hold shares in equity of other countries. One of the most common types of DRs is the American depository receipt (ADR), which has been offering companies, investors and traders global investment opportunities since the 1920s. Since then, DRs have spread to other parts of the globe in the form of global depository receipts (GDRs). The other most common type of DRs are European DRs and International DRs. ADRs are typically traded on a US national stock exchange, such as the New York Stock Exchange (NYSE) or the American Stock Exchange, while GDRs are commonly listed on European stock exchanges such as the London Stock Exchange. Both ADRs and GDRs are usually denominated in US dollars, but can also be denominated in Euros. History of Depository Reciepts American Depositary Receipts have been introduced to the financial markets as early as April 29, 1927, when the investment bank J. P. Morgan launched the first-ever ADR program for the UKs Selfridges Provincial Stores Limited (now known as Selfridges plc.), a famous British retailer. Its creation was a response to a law passed in Britain, which prohibited British companies from registering shares overseas without a British-based transfer agent, and thus UK shares were not allowed physically to leave the UK.2 The ADR was listed on the New York Curb Exchange (predecessor to the American Stock Exchange.) The regulation of ADR changed its form in 1955, when the U.S. Securities and Exchange Commission (SEC) established the From S-12, necessary to register all depositary receipt programs. The Form S-12 was replaced by Form F-6 later, but the principles remained the same till today. Crucial novelties brought the new regulatory framework introduced by the SEC in 1985, which led to emergence of range of DR instruments, as we know it nowadays. Then the three different ADR programs were created, the Level I, II and III ADRs. This change was one of the impulses for revival of activity on the otherwise stagnant ADR market. In April 1990, a new instrument, referred to as Rule 144A was adopted, which gave rise to private placement depositary receipts, which were available only to qualified institutional buyers (QIBs). This type of DR programs gained its popularity quickly and it is very frequently employed today. The ADRs were originally constructed solely for the needs of American investors, who wanted to invest easily in non-US companies. After they had become popular in the United States, they extended gradually to other parts of the world (in the form of GDR, EDR or IDR). The greatest development of DRs has been recorded since 1989. In December 1990, Citibank introduced the first Global Depositary Receipt. Samsung Corporation, a Korean trading company, wanted to raise equity capital in the United States through a private placement, but also had a strong European investor base that it wanted to include in the offering. The GDRs allowed Samsung to raise capital in the US and Europe through one security issued simultaneously into both markets. In 1993, Swedish LM Ericsson raised capital through a rights offering in which ADDs were offered to both holders of ordinary shares and DR holders. The Ericsson ADDs represented subordinated debentures that are convertible into ordinary shares or DRs. German Daimler Benz AG became the first European Company to establish a Singapore depositary receipts program (SDRs) in May 1994. Types of Depositary Receipts American Depositary Receipts (ADR) Companies have a choice of four types of Depositary Receipt facilities: unsponsored and three levels of sponsored Depositary Receipts. Unsponsored Depositary Receipts are issued by one or more depositaries in response to market demand, but without a formal agreement with the company. Today, unsponsored Depositary Receipts are considered obsolete and, under most circumstances, are no longer established due to lack of control over the facility and its hidden costs. Sponsored Depositary Receipts are issued by one depositary appointed by the company under a Deposit Agreement or service contract. Sponsored Depositary Receipts offer control over the facility, the flexibility to list on a national exchange in the U.S. and the ability to raise capital. Sponsored Level I Depositary Receipts A sponsored Level I Depositary Receipt program is the simplest method for companies to access the U.S. and non-U.S. capital markets. Level I Depositary Receipts are traded in the U.S. over-the-counter (OTC) market and on some exchanges outside the United States. The company does not have to comply with U.S. Generally Accepted Accounting Principles (GAAP) or full Securities and Exchange Commission (SEC) disclosure. Essentially, a Sponsored Level I Depositary Receipt program allows companies to enjoy the benefits of a publicly traded security without changing its current reporting process. The Sponsored Level I Depositary Receipt market is the fastest growing segment of the Depositary Receipt business. Of the more than 1,600 Depositary Receipt programs currently trading, the vast majority of the sponsored programs are Level I facilities. In addition, because of the benefits investors receive by investing in Depositary Receipts, it is not unusual for a company with a Level I program to obtain 5% to 15% of its shareholder base in Depositary Receipt form. Many well-known multinational companies have established such programs including: Roche Holding, ANZ Bank, South African Brewery, Guinness, Cemex, Jardine Matheson Holding, Dresdner Bank, Mannesmann, RWE, CS Holding, Shiseido, Nestle, Rolls Royce, and Volkswagen to name a few. In addition, numerous companies such as RTZ, Elf Aquitaine, Glaxo Wellcome, Western Mining, Hanson, Medeva, Bank of Ireland, Astra, Telebrà ¡s and Ashanti Gold Fields Company Ltd. started with a Level I program and have upgraded to a Level II (Lis ting) or Level III (Offering) program. Sponsored Level II And III Depositary Receipts Companies that wish to either list their securities on an exchange in the U.S. or raise capital use sponsored Level II or III Depositary Receipts respectively. These types of Depositary Receipts can also be listed on some exchanges outside the United States. Each level requires different SEC registration and reporting, plus adherence to U.S. GAAP. The companies must also meet the listing requirements of the national exchange (New York Stock Exchange, American Stock Exchange) or NASDAQ, whichever it chooses. Each higher level of Depositary Receipt program generally increases the visibility and attractiveness of the Depositary Receipt. Private Placement (144A) Depositary Receipt In addition to the three levels of sponsored Depositary Receipt programs that trade publicly, a company can also access the U.S. and other markets outside the U.S. through a private placement of sponsored Depositary Receipts. Through the private placement of Depositary Receipts, a company can raise capital by placing Depositary Receipts with large institutional investors in the United States, avoiding SEC registration and to non-U.S. investors in reliance on Regulation S. A Level I program can be established alongside a 144A program. Global Depositary Receipts (GDR) GDRs are securities available in one or more markets outside the companys home country. (ADR is actually a type of GDR issued in the US, but because ADRs were developed much earlier than GDRs, they kept their denotation.) The basic advantage of the GDRs, compared to the ADRs, is that they allow the issuer to raise capital on two or more markets simultaneously, which increases his shareholder base. They gained popularity also due to the flexibility of their structure. GDR represents one or more (or fewer) shares in a company. The shares are held by the custody of the depositary bank in the home country. A GDR investor holds the same rights as the shareholders of ordinary shares, but typically without voting rights. Sometimes voting rights can be the executed by the depositary bank on behalf of the GDR holders. Mechanism DR Trade A Depositary Receipt is a negotiable security which represents the underlying securities (generally equity shares) of a non-U.S. company. Depositary Receipts facilitate U.S. investor purchases of non-U.S. securities and allow non-U.S. companies to have their stock trade in the United States by reducing or eliminating settlement delays, high transaction costs, and other potential inconveniences associated with international securities trading. Depositary Receipts are treated in the same manner as other U.S. securities for clearance, settlement, transfer, and ownership purposes. Depositary Receipts can also represent debt securities or preferred stock. The Depositary Receipt is issued by a U.S. depositary bank, such as The Bank of New York, when the underlying shares are deposited in a local custodian bank, usually by a broker who has purchased the shares in the open market. Once issued, these certificates may be freely traded in the U.S. over-the-counter market or, upon compliance with U.S. SEC regulations, on a national stock exchange. When the Depositary Receipt holder sells, the Depositary Receipt can either be sold to another U.S. investor or it can be canceled and the underlying shares can be sold to a non-U.S. investor. In the latter case, the Depositary Receipt certificate would be surrendered and the shares held with the local custodian bank would be released back into the home market and sold to a broker there. Additionally, the Depositary Receipt holder would be able to request delivery of the actual shares at any time. The Depositary Receipt certificate states the responsibilities of the depositary bank with respect to actions such as payment of dividends, voting at shareholder meetings, and handling of rights offerings. Depositary Receipts (DRs) in American or Global form (ADRs and GDRs, respectively) are used to facilitate cross-border trading and to raise capital in global equity offerings or for mergers and acquisitions to U.S. and non-U.S. investors. Demand For Depositary Receipts The demand by investors for Depositary Receipts has been growing between 30 to 40 percent annually, driven in large part by the increasing desire of retail and institutional investors to diversify their portfolios globally. Many of these investors typically do not, or cannot for various reasons, invest directly outside of the U.S. and, as a result, utilize Depositary Receipts as a means to diversify their portfolios. Many investors who do have the capabilities to invest outside the U.S. may prefer to utilize Depositary Receipts because of the convenience, enhanced liquidity and cost effectiveness Depositary Receipts offer as compared to purchasing and safekeeping ordinary shares in the home country. In many cases, a Depositary Receipt investment can save an investor up to 10-40 basis points annually as compared to all of the costs associated with trading and holding ordinary shares outside the United States. Issuance Depositary Receipts are issued or created when investors decide to invest in a non-U.S. company and contact their brokers to make a purchase. Brokers purchase the underlying ordinary shares and request that the shares be delivered to the depositary banks custodian in that country. The broker who initiated the transaction will convert the U.S. dollars received from the investor into the corresponding foreign currency and pay the local broker for the shares purchased. The shares are delivered to the custodian bank on the same day, the custodian notifies the depositary bank. Upon such notification, Depositary Receipts are issued and delivered to the initiating broker, who then delivers the Depositary Receipts evidencing the shares to the investor. Transfer (Intra-Market Trading) Once Depositary Receipts are issued, they are tradable in the United States and like other U.S. securities, they can be freely sold to other investors. Depositary Receipts may be sold to subsequent U.S. investors by simply transferring them from the existing Depositary Receipt holder (seller) to another Depositary Receipt holder (buyer); this is known as an intra-market transaction. An intra-market transaction is settled in the same manner as any other U.S. security purchase. Accordingly, the most important role of a depositary bank is that of Stock Transfer Agent and Registrar. It is therefore critical that the depositary bank maintain sophisticated stock transfer systems and operating capabilities. What are Indian Depository Receipts (IDRs)? IDRs are transferable securities to be listed on Indian stock exchanges in the form of depository receipts created by a Domestic Depository in India against the underlying equity shares of the issuing company which is incorporated outside India. As per the definition given in the Companies (Issue of Indian Depository Receipts) Rules, 2004, IDR is an instrument in the form of a Depository Receipt created by the Indian depository in India against the underlying equity shares of the issuing company. In an IDR, foreign companies would issue shares, to an Indian Depository (say National Security Depository Limited NSDL), which would in turn issue depository receipts to investors in India. The actual shares underlying the IDRs would be held by an Overseas Custodian, which shall authorise the Indian Depository to issue the IDRs. The IDRs would have following features: Overseas Custodian: Foreign bank having branches in India and requires approval from Finance Ministry for acting as custodian and Indian depository has to be registered with SEBI. Approvals for issue of IDRs : IDR issue will require approval from SEBI and application can be made for this purpose 90 days before the issue opening date. Listing : These IDRs would be listed on stock exchanges in India and would be freely transferable. Eligibility conditions for overseas companies to issue IDRs: Capital: The overseas company intending to issue IDRs should have paid up capital and free reserve of atleast $ 100 million. Sales turnover: It should have an average turnover of $ 500 million during the last three years. Profits/dividend : Such company should also have earned profits in the last 5 years and should have declared dividend of at least 10% each year during this period. Debt equity ratio : The pre-issue debt equity ratio of such company should not be more than 2:1. Extent of issue : The issue during a particular year should not exceed 15% of the paid up capital plus free reserves. Redemption : IDRs would not be redeemable into underlying equity shares before one year from date of issue. Denomination : IDRs would be denominated in Indian rupees, irrespective of the denomination of underlying shares. Benefits : In addition to other avenues, IDR is an additional investment opportunity for Indian investors for overseas investment. Taxation issues for Indian Depository Receipts (IDRs) Standard Chartered Bankss Indian Depository Receipts (IDR) issue may raise concerns relating to tax treatment, the draft red herring prospectus (DRHP) filed by the bank with SEBI said. The UK-based banks draft red herring prospectus was uploaded on the SEBIs website in end-March. The Income Tax Act and other regulations do not specifically refer to the taxation of IDRs. IDRs may therefore be taxed differently from ordinary listed shares issued by other companies in India, the prospectus said. In particular, income by way of capital gains may be subject to a higher rate of tax. The introduction of the Direct Tax Code from the next fiscal may also alter tax treatment of Indian Depository Receipts. The tax treatment in future may also vary depending on the provisions of the proposed Direct Taxes Code which is currently due to take effect from April 1, 2011, and which is only in draft form at this time, Standard Chartered PLC has mentioned among the possible risk factors. Economic development and volatility in the securities markets in other countries may cause the price of the IDRs to decline, the prospectus said. Any fluctuations that occur on the London Stock Exchange or the Hong Kong Stock Exchange that affect the price of the shares may affect the price and trading of the IDRs listed on the stock exchanges. Further, the draft red herring prospectus states to what extent IDRs are legal investments, whether they can be used as collateral for various types of borrowing, and whether there are other restrictions that apply to purchase or pledge of the Indian Depository Receipts. How are IDRs different from GDRs and ADRs? GDRs and ADRs are amongst the most common DRs. When the depository bank creating the depository receipt is in the US, the instruments are known as ADRs. Similarly, other depository receipts, based on the location of the depository bank creating them, have come into existence, such as the GDR, the European Depository Receipts, International Depository Receipts, etc. ADRs are traded on stock exchanges in the US, such as Nasdaq and NYSE, while GDRs are traded on the European exchanges, such as the London Stock Exchange. How will the IDRs be priced, and will cross-border trading be allowed? IDRs will be freely priced. However, in the IDR prospectus, the issue price will have to be justified as is done in the case of domestic equity issues. Each IDR will represent a certain number of shares of the foreign company. The shares will be listed in the home country. Normally, the DR can be exchanged for the underlying shares held by the custodian and sold in the home country and vice-versa. However, in the case of IDRs, automatic fungibility i.e. the quality of being capable of exchange or interchange is not permitted. What are the benefits of issuing IDRs to companies? Currently, there are over 2,000 Depositary Receipt programs for companies from over 70 countries. The establishment of a Depositary Receipt program offers numerous advantages to non-U.S.companies. The primary reasons to establish a Depositary Receipt program can be divided into two broad considerations: capital and commercial. Advantages Expanded market share through broadened and more diversified investor exposure with potentially greater liquidity. Enhanced visibility and image for the companys products, services and financial instruments in a marketplace outside its home country. Flexible mechanism for raising capital and a vehicle or currency for mergers and acquisitions. Enables employees of U.S. subsidiaries of non-U.S. companies to invest more easily in the parent company. Quotation in U.S. dollars and payment of dividends or interest in U.S. dollars. Diversification without many of the obstacles that mutual funds, pension funds and other institutions may have in purchasing and holding securities outside of their local market. Elimination of global custodian safekeeping charges, potentially saving Depositary Receipt investors up to 10 to 40 basis points annually. Familiar trade, clearance and settlement procedures. Competitive U.S. dollar/foreign exchange rate conversions for dividends and other cash distributions. Ability to acquire the underlying securities directly upon cancellation. Benefit for Investors They allow global investing opportunities without the risk of investing in unfamiliar markets, ensure more information and transparency and improve the breadth and depth of the market. Increasingly, investors aim to diversify their portfolios internationally. However, obstacles such as undependable settlements, costly currency conversions, unreliable custody services, poor information flow, unfamiliar market practices, confusing tax conventions and internal investment policy may discourage institutions and private investors from venturing outside their local market. Why will foreign companies issue IDRs? Any foreign company listed in its home country and satisfying the eligibility criteria can issue IDRs. Typically, companies with signifi-cant business in India, or an India focus, may find the IDR route advantageous. Similarly, the foreign entities of Indian companies may find it easier to raise money through IDRs for their business requirements abroad. Besides IDR there are several other ways to raise money from foreign markets Alternative Available Foreign Currency Convertible Bonds (FCCBs): FCCBs are bonds issued by Indian companies and subscribed to by a non-resident in foreign currency. They carry a fixed interest or coupon rate and are convertible into a certain number of ordinary shares at a preferred price. This equity component in a FCCB is an attractive feature for investors. Till conversion, the company has to pay interest in dollars and if the conversion option in not exercised, the redemption is also made in dollars. These bonds are listed and traded abroad. The interest rate is low  [1]  but the exchange risk is more in FCCBs as interest is payable in foreign currency. Hence, only companies with low debt equity ratios and large forex earnings potential opt for FCCBs. The scheme for issue of FCCBs was notified by the government in 1993 to allow companies easier access to foreign capital markets. Under the scheme, bonds up to $50 million are cleared automatically, those up to $100 million by the RBI and those above that by the finance ministry. The minimum maturity period for FCCBs is five years but there is no restriction on the time period for converting the FCCBs into shares. External Commercial Borrowings (ECBs): Indian corporate are permitted to raise finance through ECBs (or simply foreign loans) within the framework of the policies and procedures prescribed by the Government for financing infrastructure projects. ECBs include commercial bank loans; buyers/suppliers credit; borrowing from foreign collaborators, foreign equity holders; securitized instruments such as Floating Rate Notes (FRNs) and Fixed Rate Bonds (FRBs); credit from official export credit agencies and commercial borrowings from the private sector window of multilateral financial institutions such as the IFC, ADB and so on. While the ECB policy provides flexibility in borrowings consistent with maintenance of prudential limits for total external borrowings, its guiding principles are to keep borrowing maturities long, costs low and encourage infrastructure/core and export sectors financing, which are crucial for overall growth of the economy Since 1993, many of the firms have chosen to use the offshore primary market instead of the domestic primary market for raising resources. The factors that can be attributed to this behaviour are as follows. (i) The time involved in the entire public issue on the offshore primary market is shorter and the issue costs are also low as the book building procedure is adopted. (ii) FIIs prefer Euro issues as they do not have to register with the SEBI nor do they have to pay any capital gains tax on GDRs traded in the foreign exchanges. Moreover, arbitrage opportunities exist as GDRs are priced at a discount compared with their domestic price. (iii) Indian companies can collect a large volume of funds in foreign exchange from international markets than through domestic market. (iv) Projections of the GDP growth are very strong and consistent which have created a strong appetite for Indian paper in the overseas market. (v) An overseas issuance allows the company to get exposure to international investors, thereby increasing the visibility of Indian companies in the overseas market. Money Raising Instruments in India Qualified institutions placement (QIP): A designation of a securities issue given by the SEBI that allows an Indian-listed company to raise capital from its domestic markets without the need to submit any pre-issue filings to market regulators, which is lengthy and cumbersome affair. SEBI has issued guidelines for this relatively new Indian financing avenue on May 8, 2006. Prior to the innovation of the qualified institutional placement, there was concern from Indian market regulators and authorities that Indian companies were accessing international funding via issuing securities, such as American depository receipts (ADRs), in outside markets. This was seen as an undesirable export of the domestic equity market, so the QIP guidelines were introduced to encourage Indian companies to raise funds domestically instead of tapping overseas markets. QIP has emerged as a new fund raising investment for listed companies in India. The issue process is not only simple but can be completed speedily. QIP issue can be offered to a wider set of investors including Indian mutual funds, banks, insurance companies and FIIs. A company sells its shares to qualified institutional buyers (QIBs) on a discretionary basis with the two-week average price being the floor. In a QIP, unlike an IPO or PE investment, the window is shorter (four weeks) and money can be raised quickly. This rule came into being after SEBI changed the pricing formulae. Earlier, the pricing was based on the higher of the six-month or two-week average share price This turned out to be a dampener in a volatile market However, merchant bankers gave the feedback that the two-week average price often worked out to be higher than the current market price. As such, many investors were reluctant to take a mark-to-market loss on their books right from the start. Rights issues: In other words, it is the issue of new shares in which existing shareholders are given preemptive rights to subscribe to the new issue on a pro-rata basis. Such an issue is arranged by an investment bank or broker, which usually makes a commitment to take up its own books any rights that are not sold as part of the issue. The right is given in the form of an offer to existing shareholders to subscribe to a proportionate number of fresh, extra shares at a pre-determined price. In India rights market has been a favoured capital mobilizing route for the corporate sector. However, this market has shrunk significantly in India over the years. This is due to an absence of a trading platform for the post issue trading rights. Private placement: The direct sale of securities by a company to some select people or to institutional investors (financial institutions, corporates, banks, and high net worth individuals) is called private placement. In other words, private placement refers to the direct sale of newly issued securities by the issuer to a small number of investors through merchant bankers. Company law defined privately placed issue to be the one seeking subscription from 50 members. No prospectus is issued in private placement. Private placement covers equity shares, preference shares, and debentures  [2]  . It offers access to capital more quickly than the public issue and is quite inexpensive on account of the absence of various issue expenses. In recent years resource mobilization through private placement route has subdued. The reason is stricter regulations introduced by RBI and SEBI starting from early 2000s on private placements. When RBI found that banks and institutions had larger exposure in the private placement market, it has issued guidelines to banks and financial institutions for investment in such cases.  [3]   Comparison ADR/GDR Vs. QIP The First Wave of Indian Fundraising: QIPs Unitech set the QIP ball rolling on what is really the first major wave of Indias recent fund-raising jamboree. Indian companies raised US$24 billion in the April-June quarter of 2009, according to data from Delhi-based research firm Prime Database. Of this, 56% was raised in the last week of June, an indicator of the increasing tempo of action. According to Prime Database chairman Prithvi Haldea QIPs cornered over 96% of the total money mobilized during that quarter. Ten QIPs were issued, totaling US$22.5 billion. The leading issuers included Unitech (US$900 million) Indiabulls Real Estate (US$530 million) HDIL (US$330 million) Sobha Developers (US$100 million) Shree Renuka Sugars (US$100 million) PTC (US$100 million). Hong Kong-based Finance Asia magazine said in its headline that India has gone QIP crazy But as other instruments started gaining favor the QIP wave appeared to be weakening. The QIBs dont see a huge bargain any longer. When companies were relatively desperate for funds, they were offering prices that left a lot on the table for buyers. Unitech is a case in point. The first issue gave returns of 100% plus. A record Rs 34,100 crore were raised by the 51 QIPs made during the year 2009 According to a study by rating agency Crisil, most QIPs in 2009 were actually making losses for investors. The study used the prices on July 10, although the markets have improved since then. Still, says Crisil, as of that date, if you leave out the first Unitech issue, the total return on all QIPs was a negative 12%. As per head of equities at CRISIL We expect raising capital through the QIP route may slow down significantly, He further explains that the significant run up in stock prices before the Union Budget made QIP deals unattractive. The reason being that shrewd investors made their decisions based on company fundamentals and there was no reason to believe that the inherent fundamentals of most companies which queued up for QIPs have changed materially. Not all QIPs have been successful. GMR Infrastructure received its shareholders permission to raise up to US$1 billion through this route. According to merchant bankers, it came to the market with an offering of US$500 million, then reduced both the size of the offering and the price in the face of a tepid response, and finally withdrew altogether. However, according to Haldea, several more QIPs including Hindalco, Cairn Energy, GVK Power, HDFC, JSW Steel, Essar Oil, Parsvanath and Omaxe are waiting in the wings, looking to raise more than US$12 billion. QIPs could become attractive again if the market falls or if companies start offering large discounts, investment experts say. Increased Activity for ADR/GDR The slowdown in the QIP wave does not mean that foreign investors who, as in the Unitech issue, were the principal buyers have lost interest in India. In fact, the reverse could be true. Indian fundraising has now embarked on its second wave through American Depository Receipts (ADRs) and Global Depository Receipts (GDRs). (ADRs are foreign stock stand-ins traded in U.S. exchanges but not counted as foreign stock holdings. A U.S. bank buys the shares on a foreign market and trades a claim on those shares. Many U.S. investors are attracted to ADRs because these securities may meet accounting and reporting standards that are more stringent than

Consequences of HIV/AIDS epidemic to Society Essay -- Health, Diseases

Assignment question: 3. A) What are some of the possible consequences of HIV/AIDS epidemic to: 1. Society 2. The infected individual b) What are some of the Human Rights, confidentiality and criminal law implication of HIV/AIDS? Q1. HIV/AIDS has increasingly taken a toll on the society in a myriad of dimensions which are worth discussing in order to find the best solutions. Due to HIV/AIDS epidemic, the economies of various countries have been badly affected and societies have experienced major losses. There is a rapid increase in the number of HIV infected people with resultant financial burden and major psychological and emotional consequences. The rising HIV prevalence has adversely affected the quality of labour in that many skilled and experienced workers have succumbed to the disease. Due the loss of skilled workers to HIV/AIDS, the standard of labour quality has been badly affected resulting in low levels of production, development and low labour inputs (Nations, n.d). HIV/AIDS also threatens the quality and supply of future labour in that infected people are incapacitated from engaging in any productive work as their bodies are rendered extremely weak. People who stay out of work need to be supported by others and this creates a high dependence on the limited resources available. The socioeconomic consequences of HIV/AIDS to the society are enormous. For instance, many children whose parents are infected with HIV are often forced to stay out of school and look for work to support their ailing parents. Consequently, a huge and dangerous gap in education is created and the future of these children is marred with uncertainties. At the same time, the ability of the affected children to serve the society is compromised (... ...he infection through reckless male partners. Criminalization of HIV has triggered debate in which people argue that criminalising HIV infected people does not address the complexities involved in disclosure and instead increases HIV stigma (UNAIDS, International Guidelines on HIV/AIDS and Human Rights, 2006). In addition, imprisonment cannot help people come to terms with their status and develop better attitude. Instead, a better course would be to promote education and psychological counselling. Treating HIV transmission as murder offence increases stigma and discrimination because it is like saying HIV equals death, while we know with the availability of antiretrovirals, people can lead healthy lives even when they are HIV positive. No illness has been treated with the same hysteria as HIV and this is because of its associated stigmatization and promiscuity.

The Deplorable Willy Loman of Arthur Millers Death of a Salesman :: Death Salesman essays

The Deplorable Willy Loman of Arthur Miller's Death of a Salesman      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   For those of you that don't know what deplorable means then you need to check out the tragic play "Death of a Salesman", by the American writer, Arthur Miller.   The main character of this story is Willy Loman, who is almost the walking definition of this word. The life of Willy Loman is portrayed as a   tragic existence for these   few reasons;   he was a ghastly role model for his sons,   a inconsiderate and unfaithful husband, he allowed one incident to affect the rest of his life, and finally, he killed himself, when he still had so much to live for.      Ã‚  Ã‚  Ã‚  Ã‚   First of all, Willy was a dire role model for his two sons Biff and Happy.   He was a loving and giving father, but he always treated Biff better than he did Happy.   Biff was the all-star quarterback and everyone in the city loved and admired him.  Ã‚   Willy was no different, he always put Biff before anyone else in his household, which is something that a father should never do to his family.   Willy's love for his sons was very apparent, however he set in them very low moral values.   For example, Willy told Biff and Happy to run up the street and steal some sand to finish some steps, which tells them that stealing is OK.   This is a trait set in him by his father, which proves to haunt him his entire life.   Willy was also a cheat, whether it was adultery or simple card cheat, his dishonesties certainly rubbed off on his children, and proved to be the downfall in their lives.      Ã‚  Ã‚  Ã‚  Ã‚   On the other hand, Willy affected more than just his sons   life with his deceit.   He greatly altered his own when he was caught in the mist of an affair with a meaningless prostitute, by his beloved son Biff.   This event proved to be the turning point in these two individuals lives. Willy's wife Linda, was a great women who certainly didn't deserve the heartache and disrespect that Willy gave her.   For instance, on many occasions in the story Willy is talking to his sons, and Linda will simply try to state something until Willy orders her to, "shut up.

Drinking Alcohol Makes Women More Beautiful :: Research Essays

Drinking Alcohol Makes Women More Beautiful While driving around in my friend’s car my other friend, Michael, commented on how he was going to get plastered, and find some girl to hook up with and he didn’t care about anything else just as long as she had a "nice personality". Others chimed in to the same affect and this got me thinking is this what people really think about when drinking? Is only one thing on their mind? My answer to this question is yes. That is why I chose to do my research paper on this topic. Going into this I decided on a hypothesis that is after a certain number of alcoholic drinks people find others more attractive. This in turn leads them to do other things that normally they would never dream of doing, but it doesn’t really matter, because they have the drunk factor to fall back on. Through a survey, interviews and a case study I have found my hypothesis to be more than just a theory. I will begin with my survey finding. I conducted a survey of 10 people, both males and females, consisting of 10 questions. Now I figured this would happen, but it was the opposite of what I thought they would answer. All of the questions were non-bias and helped me to get a better understanding of the relationship between attractiveness and alcohol. Let’s begin with my survey findings. Among some of the questions I asked were how many times a week do you drink, does your confidence go up after consuming alcohol, do you think alcohol affect others attractiveness to you, and who do you think males or females are more likely to be affected by "beer goggles". A surprising 80% said they drank more than 3 times a week. 20% of males said they had more confidence after drinking, where as 40% of females said they did. I assumed everyone would answer peoples’ attractiveness is affected by alcohol, but the votes were split 50-50. And 90% of those surveyed said that "beer goggles" affect males rather than females. I also interviewed a guy and a girl that had differing opinions about the questions. Some of the answers I got surprised me from both the male and female. My first interview was conducted in the cafeteria, with a 19-year-old sophomore female. The other was in Stouffer and with a 20-year-old junior male.

Achilles vs Hector Essay

In the story the Iliad, there are two main characters Achilles and Hector, who both are incredible warriors. Achilles is the leader of the Myrmidon soldiers, and he fights for the Greeks. Hector is the son of Kind Priam and he fights for the Trojans. Both of these characters are said to be the strongest and greatest warriors of each of their armies. Both Achilles and Hector have many different heroic characteristics that are the similar and that are very diverse. Achilles and Hector both share a similar glory of war and that love is a driving force and both of them have different views that set them apart which are military glory over family life and both of their overall hero characteristics which differ significantly. The differences between Achilles and Hector are very unique in the since that Achilles is basically the exact opposite of Hector. Hector believes that family comes first, after each battle he will come home and spend time with his wife and children instead of getting congratulated by his people. Achilles only cares about gaining glory that will last forever, since he knows that he will live a short life by continuing with his actions. But he finally chooses to live a short life so that his name will be remembered forever. When Achilles loses Briseis, he chooses not to fight with the Greeks even though this war is incredibly important to his people of Phthia and Greece. Achilles shows absolutely no support for Greece and doesn’t care about whether they win this war or not. Achilles begins to act very immature in the since that his fellow Greeks are dying and his soldiers around him want to fight but he chooses not to fight. When Petroclus dies, Achilles is full of absolute rage wanting retaliation for losing him. Achilles goes to Troy to fight Hector, and not only does Achilles kill Hector but he defiles and insults all of Troy by taking Hectors body and dragging his body back with him and leaving it to rot on the beach. Achilles is a very egoistic arrogant person who is only concerned with things that will benefit him and by killing Hector the way he did shows absolute disrespect. Achilles says to Hector before he dies, â€Å"My fury would drive me now to hack your flesh away and eat you raw-such agonies you have caused me† (409-411). This proves that Achilles was so mad that he believed the only way to kill him was the way he did. Furthermore, the similarities between Achilles and Hector are their strength and the fact that both of them are incredible warriors. Achilles is half god and half human which give him his extraordinary strength. Both of them possess a bravery that only exists in true heroes. Achilles and Hector are natural born leaders who all of their soldiers would happily end their life to save their leaders. Hector has an inconceivable amount of love for his country. He is willing to end his life to save the people of Troy. Hector knows that this war was started by his younger brother Paris’ juvenile decision to take Helen from Agamenmon. But instead of scolding his brother, Hector encourages him to fight for his country and his new wife. Hector says to Paris, â€Å"Look, your people dying around the city, the steep walls, dying in arms-and all for you† (251-253). Hector loves Paris because he is his brother and wants to help him let their people know that their prince is willing to fight with them. Throughout the Illiad both Achilles and Hector show that they are both natural born leaders and warriors. They both believe that glory in war and love is a driving force. Also both Achilles and Hector have many differences but mostly are shown in the fact that military glory is more important to Achilles than Hector’s strong family life.

Macbeth and the Jacobean Scot

In Macbeth, the Jacobean Scot, and the Politics of the Union, Sharon Alker and Holly Faith Nelson demonstrate a well-informed opinion of the relation between the idea of the Jacobian Scot and it’s arguable relation, or lack thereof, to William Shakespeare’s Elizabethan play, Macbeth. Though many scholars find it easy to draw a connection between the traditional Jacobian Scot that was typically presented in Elizabethan plays during the Jacobian era, Alker and Nelson seek to highlight the ambiguous nature of the play by demonstrating the various ways in which it can be read and/or interpreted. Not only this, but Alker and Nelson also manage to shed light on the conflicting aspects of Macbeth in relation to it’s connection with Jacobean ideas and portrayals of Scots at the time. At the time that Shakespeare’s play, Macbeth, is thought to have been performed in 1606, a huge change was making it’s way across what we now refer to as Great Britain. During this time, the former king of Scotland, James VI, became the king of England as a result of the Union of Crowns, following the death of his cousin, Queen Elizabeth I of England. This union caused much friction between Scotland and England, as many English felt imposed upon and thought the Scottish to be inferior and somewhat barbaric in their ways. Due to the attitudes of many English people towards the Scottish during the Elizabethan era, the Scottish were most often characterized as people who were opposed to what was thought to be â€Å"legitimate† authority by the English, along with being represented as lesser than and in need of subordination to the English. The typical ‘stage Scot’ was often portrayed as dualistic, lacking in loyalty, and intrusive of other’s property in their relentless ambitions for power. However, there were three different views regarding the union of England and Scotland. One English view thought that English systems and such should be most prevalent across Britain, while another view (mainly called for by Scots) looked to equality by maintaining political and religious institutions separately. The third view, held mostly by those who supported King James, sought for a unity â€Å"in the hearts and minds of the two peoples. Due to the fact that Macbeth is thought to have been performed in the time between the proposal of these 3 policies and the actual implementation of any new policies, many critics believe that the play is a direct representation of English views of the ‘Jacobian Scot’. In contrast to this idea, Alker and Nelson would like to â€Å"demonstrate that Shakespeareâ €™s Macbeth does not present a particular position on the Anglo-Scottish politics that defines itself in relation to the belief system of one small political body†. Instead, Alker and Nelson did a more flexible reading of the play that consisted of possible relations to any of the three models of the union. First of all, Alker and Nelson bring the character of Macbeth into consideration, as he is not only the main character of the play, but also natively Scottish. Although Macbeth does seem to maintain all the traditional characteristics of a Jacobian Scot: disloyal, subordinate, and barbaric, Alker and Nelson point out the characteristics of Macbeth that stand in complete contrast to this traditional model. To begin with, the traditional stage Scot would never possess noble values such as loyalty, kinship, and hospitality. However, in Shakespeare’s play the Scottish character of Macbeth, though troubled and duplicitous, is read to possess such qualities somewhere in the make-up of his conscious. This is apparent in Macbeth’s back-and-forth notions of whether or not to kill the king and gain power or preserve his loyalty to the king and maintain his integrity as one of Duncan’s kin. Although Macbeth ultimately proves to allow evil and selfishness to rule his decisions, the agonizing consideration of right and wrong that Macbeth struggles through prior to murdering Duncan shows that Macbeth is not simply a barbaric creature driven solely by greed and desire. Rather, Macbeth is seen working through his conflicting desire for power and his code of honor and sense of respect for the king. The typical stage Scot normally would not embody such qualities as guilt and/or remorse. Also, there is a hint that Macbeth may not fully understand his own desires and actions, as he was not initially driven by the idea of power when the witches first prophesized his coming kinghood. Instead, it was Banquo who first displayed excitement and anxiousness at the witches’ prophecy and spurred later excitement and ambition in Macbeth. Along with Banquo, Lady Macbeth is portrayed to having been more ambitious towards ideas of power and kingship than Macbeth originally was. This aspect of the play hints at the fact that Macbeth was aided, or led to his violent ways, rather than singularly contriving an evil murder plan against the king. The traditional portrayal of the stage Scot would be that of stubborn, insistent, uncivilized, and unconcerned with duties or issues of loyalty. In the case of Macbeth, he was more or less guided into such characteristics as he was governed by his wife’s unrelenting desire for power in order to first summon up such murderous notions and ideas. The typical stage Scot would have possessed these qualities initially, without the need of any sort of encouragement. In conclusion, the character of Macbeth in Shakespeare’s play, Macbeth, as Alker and Nelson would argue, stand in contrast to the role of the typical Jacobian Scot that was predominately presented in Elizabethan plays. Though Macbeth ultimately possessed many of the characteristics that the traditional Jacobian Scot would possess, he also held many contradictory characteristics. Where Scots were typically portrayed as immoral and barbaric, lacking any sense of guilt and/or consideration for others, Macbeth is portrayed as a less-stubborn, remorseful character that is filled with anxiety and logical dualism over any sort of misdeed or wrong doing he considers. Therefore, although Macbeth may be read as a villainous and selfish character driven by greed and other characteristics thought to have been attributed to Scottishness, he can also be read as a regretful and conscious-stricken man whose inner-turmoil is the result of conflicting instincts of morality and of power.