Emily Bronte’s poem analysis Essay

Emily Bronte spends last days of her life at home. She didn’t have any outdoor activities. Her life was full of miseries and gloomy incidents. There Is not any light of hope and couragment In her life. She was fed up with her life. She wrote this poem In those days when she was bound at home. This poem Is the true representative of her disappointed feelings. She wanted to sleep but sleep brings no rest to her. She wanted to sleep eternally. She was disturbed by the painful memories which she had suffering in her life. She wanted to escape from the reality. As Paul Lieder points out; â€Å"Emily Bronte wrote so little in her short life that it is difficult to appraise her work with any surety. One point is generally agreed that in both her prose and poetry there is in spite of minor faults or rare power. Title of the poem: Emily Bronte’s poem, â€Å"Sleep brings no Joy to me† dont have any title. The poem is without a title. Infect Emily was very discouraged after her brother’s death. She was very prone to sickness. She spent most of her time at home. During her time at home she wrote all her poems in a notebook. When her sisters found this otebook and read her poetry. Her sisters Incouraged her to publish her work. So this book was published by the name of â€Å"Wuthering Heights† In 1847. This poem reflects the miseries of her own life. This poem is all about her life and how she tired of it. She wanted to get rid of her life and wants to die. Themes of the poem: This poem is an autobiographical poem of Emily Bronte. This poem reveals her miserable condition in her life. The themes of the poem are; Death Hopelessness Escapism Painful memories Death: Death Is the maln theme of the poem. The poem Is written by Emily Bronte. The oetess wants to die because doesnt find any source of comfort and relief even In sleep. In this poem we can analyze that sleep Is not any source of Joy, hope and rest for her-so she wants to get rid of her life. She is preeminently a poet of self-conscious expression and of an interior life focused on observation and imagination. Emily’s life was that of a representation solitary. Making of a Solitary: According to the elements in Emily Bronte’s life that shaped her solitude must be counted. The death of her mother when Emily was of 3 years old. The death of her two older sisters due to Typhoid, when she was of 6 years old. Her independent learning and intense intellectual interest without formal schooling or socialization. Escapism: Escapism Is another Important theme of the poem. The poetess life was very miserable and full of harshness. She wants to sleep so that she can get rid of her painful memories for sometimes. In the last stanza she wanted to escape from reality. She wanted to escape from all those things which had made her so disturbed ana depressed. I nars wny sne Decame tne poet 0T solltuae. But In sleep sne doesn’t find any comfort and relief because those harsh memories come in the form of orrible dreams. When she says â€Å"Rememberance never dies†. Hopelessness: The poem also shows the helplessness of the poetess. Her life was full of harsh incidents. She tries to find out any source of hope and Joy in sleep but all her efforts goes in vain. Sleep becomes more painful and disturbed element of her life. Then she preyed for death to seek comfort. Painful Memories: â€Å"Sleep brings no hope to This poem is all about life and how she tired of it. She wanted to leave this life. She suffered a lot in her life. Emily became weaken by unsanitary circumstances in her household. She wanted to escape from painful memories. Symbols used in the poem A lot of symbols are used in the poem, â€Å"Sleep brings no Joy to me† Written by Emily Bronte. These symbols are as follows; Sleep: Sleep is usually the symbol of death, darkness, unconsciousness and way to escape something. But in Emilys poem, sleep brings dark aspects of her life more clearly and intensively. She sleeps because she can escape from her harsh life for sometimes’ but it is not so. So she wants to sleep eternally. Shadow: Shadows are dark, dreary, haunting and ghostly. In this poem, shadows are ymbolically horrible and ghostly, when she says, dead My wakening eyes may never see† â€Å"The shadows are This shadow may have been her husband or her protective person. When Emily Bronte needed the attention of her mother, she lost her mother. She has no mother’s lap to take a relief from the painful memories. Sail: Sail is another symbol used in this poem. Sail is the symbol of something that is light weight, effortless and depend on natural sources. In this poem, the poetess compares herself with a sail. She feels herself effortless against the problems of life. Wilder Sea: Wilder sea is the symbol of depth, mystery and violence. In this poem, Emily compares the whole world with wilder sea or it may be her own life that is full of mystery and violence. Wave: A wave can be violent disturbance. It also symbolizes force that can overcome you. In Emily’s poem wave is symbolizes with death that overcomes her own life. Stylistically Analysis Epithet: Use of epithet is available in this poem. Epithet is actually an adjectival phrase. The epithet used in this poems are; â€Å"wakening eye†, â€Å"sounder sleep†, â€Å"doleful imagery’, â€Å"wilder sea†, â€Å"darker wave†, â€Å"harassed heart†. Metaphor: In Emilys poems metaphor is also used. In 4th stanza, when she compares herself with sail and feels herself effortless against the difficulties of life. cap tallzatlon: There are some words that start with capital letter such as â€Å"Surround my bed†. Here in the word surround,’s’ is capital. This means that horrible shadows and scornful images that disturb her, they dome particularly when she is in her bedroom during sleep. This shadow comes in the form of dreams. Rhyme scheme: The poem has 6 stanzas, and each stanza has the rhyme scheme of abab. Words which shows mood of the poetess: There are certain words in this poem which reveals the gloomy or despair mood of the poetess, such as the repetition of the word ‘no’. Just like ‘no hope’, ‘no Joy, ‘no friend’, ‘no strength’. And other words which gloomy mood are; ‘darker’, ‘doleful’, ‘scornfully, ‘death’, ‘misery etc. Feministic point of view Negativity: The whole poem is written in dejected mood. There is not any positivity or positive connotation used in this poem. Inferiority Complex: We can also find inferiority complex in this poem. She has not any friend or people that console her in sorrowful situation. She doesn’t find any people who protect her. Female are weak gender: Usually it is said that women are physically and mentally weak gender. In this poem we can analyze that the poetess tries to find someone who console her, protect her or support her in her miserable condition. Analysis of the poem Sleep brings no Joy to me. Remembrance never dies. My soul is given to mystery, And lives in sighs. My interpretation of the first stanza is that the individual goes to sleep in effort to escape memories; however, the memories are only seen and lived once again in her dreams. Her soul seeks answers to questions that she may never find so she sighs in disappointment, in an effort to calm herself down, and to give up on pondering and remembering the past. Sleep brings no rest to me; The shadows of the dead My wakening eyes may never see Surround my bed. The second stanza tells us that although she sleeps, she does not rest. Her mind fails to enter a place of relaxation and peace. She will never see shadows of a particular person, who may have been a husband that would watch over her as she sleeps. The second and forth lines of the stanza could be further interpreted to announce that he person would protect her in her place of rest, sickness, or peace and that she sees this person’s ghost as she sleep. At this point we know that this protective person Is aeceasea Oue to tne pnrase â€Å"snaaows 0T Sleep brings no hope to me, In soundest sleep they come, And with their doleful imag’ry Deepen the gloom. The third stanza states that she sleeps in hopes of being able to remove herself from her state of depression, but it fails every time because in her dreams she sees the decreased person and it deepens her depression. Sleep brings no strength to me, No power renewed to brave; I only sail a wilder sea, A darker wave The forth stanza tells us that sleep does not strengthen her ability to move on. She feels that she cannot and is not swimming in a sea, but that she is only floating on top of the water without any protection from the waves that could kill her with their strength. She is indifferent towards death and life. Sleep brings no friend to me to soothe and aid to bear; They all gaze on, how scornfully, And I despair. The fifth stanza reveals that people who she once considered friends do not help her to heal from her pain or suffering. These people Just appear to be dumbfounded nd are waiting for her next move, but their lack of action and support Just makes her feel hopeless and obsolete. Sleep brings no wish to fret My harassed heart beneath; My only wish is to forget In endless sleep of death. The sixth stanza announces her desire to die. Sleep causes her to not crave to worry or ponder anymore. Her heart is broken and all she wants to do is forget about all of her pain, worries, questions, discomfort, hopelessness by dying. She believes that her only way to find peace is in death, where she may feel that she’s sure to be with the deceased person once again.

Healthy Boy-Girl Relationships

Reading Report Strain Checks Focal Technology & Livelihood Education Summary : IV – John The first lesson was about healthy boy-girl relationships. Topics include friendships in mate selection, The differences between Love and Infatuation and things to keep in mind about dating. The second lesson was all about courtship and engagement. There were even some things I didn't know about like Classical courtship practices like Harlan and things like that.We also reviewed some modern ways of courtship and all about dating and choosing lifetime partners. We also tackled the engagement recess and responsibilities of the engaged couples. The third lesson was all about families – the social and cultural changes, family composition, roles and responsibilities and Filipino values that seem to dwindle through time and we must strive to keep alive. Reflection: I learned a lot about these things, and how to handle myself as a teen, how I should patiently wait for the right time, and h ow to choose my lifetime partner when the time comes.Since I'm still in high school, most feelings come as puppy love and infatuation, and also I should prioritize my studies first because I must first get a Job ND quern a lot of money before I start engaging in my love lifeboats I don't want to be like other people who start families even though they didn't finish schooling yet and they don't have a budget. I also learned about things I should always bear in mind when someday I start my own family and I should teach my children the same values my parents, grandparents and ancestors passed down from generation to generation. Bible says about†¦IV – John What the 1) Friendship – In the Bible, one of the most common stories about friendship is that of David and Jonathan. Although Jonathans father, King Saul, wanted to murder David, Jonathan still cared for him, loved him and treated him like a brother. Verses about Friendship; Proverbs 18:24; A man of many companions may come to ruin, but there Is a friend who sticks closer than a brother. Proverbs 27:5-6; Better is open rebuke than hidden Ecclesiastic 4:9; Two are better than one, because they have a good return for their work: If one falls down, his friend can help him up.But pity the man who falls and has no one to help him up! 2) Courtship – Isaac and Rebirth's story is one of the most loved in the Bible. It reminds us that God knows what's best for us, and he has someone prepared. We just have to trust his will because he has the perfect timing. It also warns us not to choose partners outside our faith, because unbelievers can lead us astray. Verses about Courtship John 1 5:12; – This is my commandment, That ye love one another, as I have loved you. Corinthians 6:14-15; Do not be bound together with unbelievers; for what partnership have righteousness and lawlessness, or what fellowship has light with darkness? Or what harmony has Christ with Belief, or what has a believer in common with an unbeliever? John 1 5:9; – As the Father hath loved me, so have I loved you: intention ye in my love. 3) Engagement – Engagement is important. It shows your seriousness in wanting to marry your partner. The Bible says the same. It also talks about God's love for us and how he will â€Å"betroth† us in righteousness, wise Judgment, lopsidedness and mercies.It also reminds us that we should agree with each other and love each other, for that, as the Bible says, is the bond of preferences. Verses about Engagement Hoses 2:19-20 – And I will betroth thee unto me for ever; yea, I will betroth thee unto me in righteousness, and in Judgment, and in lopsidedness, and in mercies. Amos 3:3 – Can two walk together, except they be agreed? Colombians 3:14 – And above all these things [put on] charity, which is the bond of preferences. 4) Marriage – The Bible has a lot to say about marriage.I only chose a few verses but these are very long because I love the point the writers are trying to make. Marriage is a sacred thing. A promise and a commitment for a lifetime. But some people these days aren't taking marriage seriously. Read what the Bible says Verses about Marriage Matthew 19:4-6; â€Å"Haven't you read,† he replied, â€Å"that at the beginning the Creator made them male and female,' and said, ‘For this reason a man will leave his father and mother and be united to his wife, and the two will become one flesh'? So they separate. Ephesians 5:22-33; Wives, submit to your husbands as to the Lord. For the husband is the head of the wife as Christ is the head of the church, his body, of which he is the Savior. Now as the church submits to Christ, so also wives should submit to their husbands in everything. Husbands, love your wives, Just as Christ loved the church and gave himself up for her to make her holy, cleansing her by the gashing with water through the word, and to present her to himself as a radiant church, without stain or wrinkle or any other blemish, but holy and blameless.In this same way, husbands ought to love their wives as their own bodies. He who loves his wife loves himself. After all, no one ever hated his own body, but he feeds and cares for it, Just as Christ does the church– for we are members of his body. â€Å"For this reason a man will leave his father and mother and be united to his wife, and the two will become one flesh. † This is a profound mystery–but I am talking about Christ and the church. However, each one of you also must love his wife as he loves himself, and the wife must respect her husband.Hebrews 13:4-7; Marriage should be honored by all, and the marriage bed kept pure, for God will Judge the adulterer and all the sexually immoral. Keep your lives free from the love of money and be content with what you have, because God has said, â€Å"Never will I leave you; never will I forsake you. † So we say with confi dence, â€Å"The Lord is my helper; I will not be afraid. What can man do to me? † Remember your leaders, who spoke the word of God to you. Consider the outcome of their way of life and imitate their faith.

Nanoelectronics

Abstract: Nanoelectronics refer to the use of nanotechnology on electronic components, especially transistors. Although the term nanotechnology is generally defined as utilizing technology less than 100nm in size, nanoelectronics often refer to transistor devices that are so small that inter-atomic interactions and quantum mechanical properties need to be studied extensively. As a result, present transistors (such as CMOS90 from TSMC or Pentium 4 Processors from Intel) do not fall under this category, even though these devices are manufactured under 90nm or 65nm technology. This paper is all about the use of nanotechnology in electronics The aim of Nanoelectronics is to process, transmit and store information by taking advantage of properties of matter that are distinctly different from macroscopic properties. The relevant length scale depends on the phenomena investigated: it is a few nm for molecules that act like transistors or memory devices, can be 999 nm for quantum dot where the spin of the electron is being used to process information. Microelectronics, even if the gate size of the transistor is 50 nm, is not an implementation of nanoelectronics, as no new qualitative physical property related to reduction in size are being exploited. Introduction: Nanoelectronics: fig no:1 nanoelectronics Nanoelectronics are sometimes considered as disruptive technology because present candidates are significantly different from traditional transistors. Some of these candidates include: hybrid molecular/semiconductor electronics, one dimensional nanotubes/nanowires, or advanced molecular electronics. The sub-voltage and deep-sub-voltage nanoelectronics are specific and important fields of R&D, and the appearance of new ICs operating near theoretical limit (fundamental, technological, design methodological, architectural, algorithmic) on energy consumption per 1 bit processing is inevitably. The important case of fundamental ultimate limit for logic operation is the reversible computing. Although all of these hold immense promises for the future, they are still under development and will most likely not be used for manufacturing any time soon. This is the future f nanotechnology. What is Nanoelectronics? Semiconductor electronics have seen a sustained exponential decrease in size and cost and a similar increase in performance and level of integration over the last thirty years (known as Moore's Law). The Silicon Roadmap is laid out for the next ten years. After that, either economical or physical barriers will pose a huge challenge. The former is related to the difficulty of makin g a profit in view of the exorbitant costs of building the necessary manufacturing capabilities if present day technologies are extrapolated. The latter is a direct consequence of the shrinking device size, leading to physical phenomena impeding the operation of current devices. Quantum and coherence effects, high electric fields creating avalanche dielectric breakdowns, heat dissipation problems in closely packed structures as well as the non-uniformity of dopant atoms and the relevance of single atom defects are all roadblocks along the current road of miniaturization. These phenomena are characteristic for structures a few nanometers in size and, instead of being viewed as an obstacle to future progress might form the basis of post-silicon information processing technologies. It is even far from clear that electrons will be the method of choice for signal processing or computation in the long term – quantum computing, spin electronics, optics or even computing based on (nano-) mechanics are actively being discussed. Nanoelectronics thus needs to be understood as a general field of research aimed at developing an understanding of the phenomena characteristic of nanometer sized objects with the aim of exploiting them for information processing purposes. Specifically, by electronics we mean the handling of complicated electrical wave forms for communicating information (as in cellular phones), probing (as in radar) and data processing (as in computers). Concepts at the fundamental research level are being persued world-wide to find nano-solutions to these three characteristic applications of electronics. One can group these concepts into three main categories: 1. Molecular electronics Electronic effects (e. g. electrical conductance of C60) Synthesis (DNA computing as a buzz word) 2. Quantum Electronics, Spintronics (e. g. quantum dots, magnetic effects) 3. Quantum computing Currently the most active field of research is the fabrication and characterization of individual components that could replace the macroscopic silicon components with nanoscale systems. Examples are molecular diodes , single atom switches or the increasingly better control and understanding of the transport of electrons in quantum dot structures. A second field with substantial activity is the investigation of potential interconnects. Here, mostly carbon nanotubes and self-assembled metallic or organic structures are being investigated. Very little work is being performed on architecture. Furthermore, modeling with predictive power is in a very juvenile stage of development. This understanding is necessary to develop engineering rules of thumb to design complex systems. One needs to appreciate that currently the best calculations of the conductance of a simple molecule such as C60 are off by a factor of more than 30. This has to do with the difficult to model, but non-trivial influence of the electronic contact leads. The situation in quantum computing is somewhat different. The main activities are on theoretical development of core concepts and algorithms. Experimental implementations are only starting. An exception is the field of cryptography (information transportation), where entangled photon states propagating in a conventional optical fiber have been demonstrated experimentally. Approaches to nanoelectronics: Nanofabrication: For example, single electron transistors, which involve transistor operation based on a single electron. Nanoelectromechanical systems also falls under this category. Nanofabrication can be used to construct ultradense parallel arrays of nanowires, as an alternative to synthesizing nanowires individually. Nanomaterials electronics: Besides being small and allowing more transistors to be packed into a single chip, the uniform and symmetrical structure of nanotubes allows a higher electron mobility (faster electron movement in the material), a higher dielectric constant (faster frequency), and a symmetrical electron/hole characteristic. Also, nanoparticles can be used as quantum dots. Molecular electronics: Single molecule devices are another possibility. These schemes would make heavy use of molecular self-assembly, designing the device components to construct a larger structure or even a complete system on their own. This can be very useful for reconfigurable computing, and may even completely replace present FPGA technology. Molecular electronics is a new technology which is still in its infancy, but also brings hope for truly atomic scale electronic systems in the future. This is one of many possible ways in which a molecular level diode / transistor might be synthesized by organic chemistry. A model system was proposed with a spiro carbon structure giving a molecular diode about half a nanometer across which could be connected by polythiophene molecular wires. Theoretical calculations showed the design to be sound in principle and there is still hope that such a system can be made to work. Other approaches: Nanoionics studies the transport of ions rather than electrons in nanoscale systems. Nanophotonics studies the behavior of light on the nanoscale, and has the goal of developing devices that take advantage of this behavior. Nanoelectronic devices: Radios: Nanoradios have been developed structured around carbon nanotubes. Computers: Nanoelectronics holds the promise of making computer processors more powerful than are possible with conventional semiconductor fabrication techniques. A number of approaches are currently being researched, including new forms of nanolithography, as well as the use of nanomaterials such as nanowires or small molecules in place of traditional CMOS components. Field effect transistors have been made using both semiconducting carbon nanotubes and with heterostructured semiconductor nanowires. Energy production: Research is ongoing to use nanowires and other nanostructured materials with the hope of to create cheaper and more efficient solar cells than are possible with conventional planar silicon solar cells. It is believed that the invention of more efficient solar energy would have a great effect on satisfying global energy needs. There is also research into energy production for devices that would operate in vivo, called bio-nano generators. Medical diagnostics: There is great interest in constructing nanoelectronic devices that could detect the concentrations of biomolecules in real time for use as medical diagnostics, thus falling into the category of nanomedicine. A parallel line of research seeks to create nanoelectronic devices which could interact with single cells for use in basic biological research. These devcies are called nanosensors. What needs to be done ? First, nanoelctronics is a wide open field with vast potential for breakthroughs coming from fundamental research. Some of the major issues that need to be addressed are the following: 1. Understand nanoscale transport! (closed loop between theory and experiment necessary). Most experiments and modeling concentrate on DC properties, AC properties at THz frequencies are however expected to be relevant. 2. Develop/understand self-assembly techniques to do conventional things cheaper. This has the future potential to displace a large fraction of conventional semiconductor applications. One needs to solve the interconnect problem and find a replacement of the transistor. If this can be done by self-assembly, a major cost advantage compared to conventional silicon technology would result. 3. Find new ways of doing electronics and find ways of implementing them (e. g. quantum computing; electronics modeled after living systems; hybrid Si-biological systems; cellular automata). Do not try and duplicate a transistor, but instead investigate new electronics paradigms! Do research as a graduate student in this field and lay the foundation for the Intel of the New Millenium. Objective: The last few decades has seen an exponential growth in microchip capabilities due primarily to a decrease in the minimum feature sizes. The resulting doubling of processor speed every 18 months (known as Moores Law) is, however, expected to break down for conventional microelectronics in about 15 years for both fundamental and economic reasons . The search is on, therefore, for new properties, paradigms and architectures to create a novel nanoelectronics. Conculsion: Finally, there is a third direction in nanoelectronics which will receive more attention in the future. This new field is called â€Å"spintronics†. Spintronics is concerned with electromagnetic effects in nanostructures and molecules caused by the quantized angular momentum (the spin) that is asscociated with all fundamental particles like, for example, the electron. The magnetic moment of a particle is directly proportional to its spin. Hence, if we learn to manipulate not only charge, but also spin on a single electron level, information may be stored and transported in the form of quantized units of magnetism in the future. References: 1. Melosh, N. ; Boukai, Akram; Diana, Frederic; Gerardot, Brian; Badolato, Antonio; Petroff, Pierre & Heath, James R. (2003). 2. Aviram, A. ; Ratner, M. A. (1974). â€Å"Molecular Rectifier†. Chemical Physics Letters 29: 277.? 3. Aviram, A. (1988). â€Å"{{{title}}}†. Journal of the American Chemical Society 110: 5687-5692.? 4. Postma, Henk W. Ch. ; Teepen, Tijs; Yao, Zhen; Grifoni, Milena & Dekker, Cees (2001). â€Å"Carbon nanotube single-electron transistors at room temperature†. Science 293 (5527).? :10. 1126/science. 1061797

Michael jackson's Essay Example | Topics and Well Written Essays - 500 words

Michael jackson's - Essay Example Three songs that best exemplify Michael Jackson’s work were off of his 1991 Dangerous album of which were Will you be there, Give it to me, and jam. By listening to his virtuosic rhythms as well as rich harmony; the signature bass lines and the detailed layers of unusual sounds, which went beyond the typical classics, as well as song play (Vogel, 2012). In addition, the song transitions made from New Jack Swing, R&B, as well as rock. His music was without barriers or borders, and echoed globally. These three songs although not that great in regards to Jackson’s musical stardom can be viewed as risks songs he took as well as experimental ones of which ended up being huge successes among many others from the dangerous album. The reason behind this is that Jackson wanted songs that were a cleaner, more calculated and colder version of some of the songs that were on the thriller album and partially the bad album as well. The end result of the risk songs were a sharper and h arder song production, which were meant to hit the streets (jam was a street song), as well as touch the hearts of the middle class listeners (with will you be there) and appeal to the rock fans and general fans with the hard hitting fusion of rock and R&B (with give it to me). These three song cut across everybody’s music taste in one way or another. Michael Jackson’s position in a musical pantheon was very opinionated. These entire artist had one thing in common, they were music geniuses in their own right and during their times. But what sets Michael Jackson apart is that his music broke cultural and racial grounds which are something that lacked in the likes of Mozart and Beethoven. Furthermore, he commanded and entertained millions of fans globally. The bottom line of the various opinions was founded on racial grounds especially black artist who were considered to be lacking in substance in

Case analysis Assignment Example | Topics and Well Written Essays - 500 words - 3

Case analysis - Assignment Example For example, in 2010 the company recorded low profits for the holiday quarter. The management blamed the sluggish global economy for the decrease in profits. Additionally, the Wal-Mart’s management argued that the cuts in food stamps would have a negative impact on the profits. They further singled out high taxation, reduce in government benefits, and tighter credit as threats to the store’s profits. 4. The store evolves around with social trends. For instance, Wal-Mart’s top management has embraced online shopping. Additionally, the business goes in line with the customers’ demand for healthier foods. However, Wal-Mart did not embrace the use of technology early. The store’s founder, Sam Walton, did not care about technology. Currently, the store’s website is behind its competitors. Their marketing in the social media did not yield much success. The alternative is for the store to give the best customer experience to its customers and hire employees that would give better service to the customers. Additionally, they have to make their business more attractive by making classy colors inside the store. Furthermore, the store has to give low prices to their goods. An improvement in the store’s public image will be a sign that they have improved the customer experience. If there will be an increase in the number of customers, it will be evident the store has reduced its prices and the goods are more affordable to all. A general rise in the profits will indicate the store has implemented all its alternatives. The company will be in the right direction if it improves the customer experience. However, no one can fulfill human wants because they are insatiable. Additionally, a reduction in price in order to attract more customers would hurt the store’s profits. The paper recommends the store to open more branches. It will make the store become more popular globally. The management should consider more

Chinese traditional landscape painting technology to draw the visual Assignment

Chinese traditional landscape painting technology to draw the visual art picture - Assignment Example The essay "Chinese traditional landscape painting technology to draw the visual art picture" explores traditional landscape painting in China. The first thing to paint a picture is to have an idea what to paint. This involves a little bit of thought process to have a clear picture in mind what you want to put down on the canvas. To paint the sunset is not only difficult but also a challenging task for which you have to make sure in mind what you are actually trying to pain. The sunset of the Sydney Opera House is a definite choice for artists. The best would be to visit the place and see it with your own eyes during the exotic sunset. Our eyes are one of the best creations of God, which absorb the beautiful scenery and stores in our mind this makes it easier to put it on canvas. If however, you cannot visit the Sydney house Opera, you must see the pictures of other authentic artists, of the sunset. This would give you a clear idea of how you should start. Traditional Chinese Painting techniques are definitely easy to learn for the children of this era but difficult to be skilled at. Since every stroke in Chinese methods of painting requires full concentration and focus, it is a better approach to make the children learn how to focus on an object in painting. Many Chinese artists suggest that these kinds of painting techniques give you a sense of satisfaction and pleasure and stabilize your moods. By Painting the Sydney opera with Chinese painting techniques, the children will get sensitive to colors.... Preparing the Canvas The size of the canvas is really important if you are painting the sunset at Sydney Opera house. Once you have selected your canvas, you need to select the medium you want to use for your paining, be it acrylic colors or water colors or only Chinese ink, you can use any medium to transfer your ideas on the canvas (Fong, 2001). The first thing is to wet your canvas starting with larger strokes. It will not only absorb the colors but will also amalgamate them really well. Use a larger Chinese brush preferably 1.5’’ wide. To wet your canvas you can use water, liquid white or oils. Layers should be applied to the canvas until it is completely wet. You can also use rice paper as your canvas which is widely used in Chinese paintings (Silbergeld, 1985). Starting up with the picture To start with the Sydney Opera picture, you need to first figure out the objects of primary and secondary importance. For example, the Sydney Opera house, the sun and the bridge are of primary importance whereas the trees in the sides, the far away buildings and water are of secondary importance in the picture. Once decided, you need to outline the entire picture with gentle pencil strokes starting with the primary objects like the Sydney opera house, a brief outline in pencil is required, and the lines must be crisp and concise. Next, start outlining the bridge and the sun. Emphasize on minute detailing of the pillars of the bridge and pay attention to the architecture (Hamm, 1988). You can optionally outline in pencil or a nude paint color to outline the objects of your picture. Next, start with the secondary objects of the picture like the buildings, the trees and the water. It is suggested to use the Chinese

Using the Westlaw service and the Keysite feature to complee this Research Paper

Using the Westlaw service and the Keysite feature to complee this project - Research Paper Example 08-55671, 08-55708)  Ã‚  Ã‚  Ã‚   This is a case where an African-American petitioner sought writ of habeaus corpus after being convicted of first degree murder, second degree robbery, and kidnapping for robbery. The conviction also includes affirmance of his sentence to life coupled with a year in prison without parole. Nonetheless, this case though not yet overruled has received some negative treatment from the following case: In this case, some white police officers who were being rehired as entry-level officers after their resignation, brought suit alleging that the city had violated Title VII and Equal Protection Clause when they were denied credit for their earlier years of services. The credit was granted to African-American officer who were also in the process of being rehired. Despite the court ruling that Fair Pay Act applied retroactively on officers’ claims, paycheck accrual rule applied to officers’ 1983 claims, and that res judicata barred offices’ pay discrimination claims, the case has received negative treatment without being overruled from: In this case, a former employee of Home Depot, Ames brought action against former employer with allegations that the termination received violated the Family and Medical Leave Act (FMLA) as well as the Americans with Disabilities Act (ADA). Amazingly, the United States District Court for the Illinois Northern District, granted summary judgment that was in favor of employer on all the counts brought forth by the employee. After employee’s appealed, the Courts of Appeal held that the employee’s alcohol abuse was not serious health condition to command for protection under the FMLA and ADA, the termination was not retaliation for requesting for FMLA leave as the plaintiff alleged, and that the employee did not have any disability. Valentino, a municipal employee alleged that the mayor had terminated her against the provisions of  § 1983. Her claim was that the

Ancient Magical Practices Essay Example | Topics and Well Written Essays - 1500 words

Ancient Magical Practices - Essay Example In ancient times, there was no such division. Magical practices encompassed both the passive and aggressive forms of magic with no real dividing line between the two. Early scrolls containing instructions for spell casting would combine both sides of magic on their pages with little regard to whether one was aggressive and one was not. The early practitioners used their spells and amulets in much the same way Christians used their prayers and various symbols. Each incorporated the names of various important figures in their religion into their spells and charms. In fact, the Christian incantations were phrased much like the hexes of those who practice magic. There are many similarities in the way each set phrased their spells or incantations, such as the way each asks for assistance from a deity, whether for themselves or someone else. The magical texts used more key words, words believed by ancient peoples to contain more power than a normal word. Often these parts of the hex or spe ll were written in a different language or alphabet, which would possibly have enhanced their power in the spell. The Christian incantations used some of these words, gradually less and less as they were replaced with biblical quotes. This practice can even be linked to modern prayer rituals where certain words or segments of biblical text are repeated to enhance the experience and are expected to yield greater results on behalf of the deity. Both forms of religion are enlisting the aid of their respective incantations and amulets in an effort to gain what they desire, whether is the destruction of an enemy, the protection of a loved one, or their own renewed health. For the magical practitioner, the path laid out to follow to that goal may be vastly different depending upon what is sought. For example, if one is seeking vengeance against someone else, enlisting the aid of a deity, in magic there will more than likely be a complicated ritual involving herbs or some other form of offering to be placed in a certain area while the incantation is read to invoke the favor of the deity. In Christianity, there would be a short incantation to request favor from God to request what the person wishes. However, other spells or rituals could be very similar, such as the request for protection. In both instances, the request is generally very simple and may be followed by the wearing of an amulet believed to protect the wearer against harm (Various). Where the magical practitioner has assigned different tasks to different deities, Christians have also assigned different tasks or areas of responsibility to saints, lower deities, from the Holy Trinity. Christian saints are often people of great faith in their religion who have passed away. This practice is similar to magical practices in that each creates amulets for different deities or saints who protect the wearer against different ailments or other problems in life. To aid against a specific problem, the amulet may be placed on different parts of the body, or placed in different areas throughout the home to increase effectiveness. There is often some sort of short incantation that accompanies these amulets, usually printed on the back or around the edge, whether the amulet is Christian or magical. The only difference between the two types of amulets aesthetically is what is depicted or inscribed on them. Christianity and ancient magic truly have more in common in their practices than modern followers of either might like to believe. They were and still remain each a type of religion, encompassing the same basic belief that there are deities who will assist human beings in their day to day lives. They

Project management (coca-cola) Essay Example | Topics and Well Written Essays - 2500 words

Project management (coca-cola) - Essay Example We have considerable experience in the area and we have organized for international organizations in the coast. In this proposal, we outline our capability and how we will offer the best service if we get the chance to work with you. We intend to bring all the experience we have accumulated for years in areas such as risk management and project management to make sure that he event will be successful and will run smoothly. We have outlined the lineup of mangers who will be mandated with each areas of the project as a way to deter any mishap. This proposal provides the budget for the event and the various costs that will have to be incurred. As a tradition in PrudentEvent, we always ask the client to provide with at least one in-house employees to act as the project collaborate in order to give our staff an eye into the operations of the fir, we understand that there are numerous things which can go wrong with an international event. ... Our catering experts will make sure that the delegates in the conference will get the food they need, regardless of their culture or religious constraints it diet. We also have a well established travel and transport managers who will be able to manage the arrival of the delegates and their transport fro reach of the day they will stay in London. This team will not rest until the delegates have been sent back to their flights on their way back home. Being an events planner, we understand the importance of entertainment and understand that such an event can never go well without some form of entertainment. In this regard, we have specified a number of ways in which the guests will be entertained. More importantly, we understand the need for communication equipment especially with regard to the fact that an international event like this will need communication equipment which will take care of language translation. We have an already existing team to manage any transport needs with reg ard to the event. PrudentEvent is a world renowned event organizer that has achieved a number of world-class vents. Our main clients are international NGOs, and we have successfully organized meetings for their officials in a number of cities. Our greatest strength is that we have offices across the global and that makes global coordination easier. We have organized for meetings for large organizations around the world and we intend to use the experience we have achieved to make sure that the event is the success. We deliver success and quality for all our clients. 2 Conditions of the contract 1 Description of the nature of contract Planning the event with regard to the coordination of how the attendees will arrive and leave at the scene of the conference. †¢ This

Individual Letter Element Essay Example | Topics and Well Written Essays - 750 words

Individual Letter Element - Essay Example In order to top the elite clubs in England and Europe, there exist a number of drivers from the external environment of the club that could be significant in the evolution: international fan base, online merchandise and club marketing, and the club’s loyal owners. Being a football franchise, Arsenal FC greatly relies on the support of fans. Arsenal FC has a huge fan base on the international scene. However, there are millions of unhooked fans that could provide a perfect customer base for the clubs merchandise, assets that collect about 11% of the club’s revenue. Revenue is bound to grow and so is the club’s superiority given the influence that fans usually have on the players. With a huge and loyal fan base, players are likely to work extra hard to avoid being letdowns. Arsenal FC has potential to attract more fans given its current numbers, with statistics showing that Nigeria alone has more fans of Arsenal than the total number of Arsenal fans in the UK alone. Additional PESTEL analysis factors will emphasize the club’s ability to achieve this. The internet has revolutionized into one of the biggest sole market place globally through ecommerce. Online market force opportunity for Arsenal is another key driver that could change the fortunes of its revenues and increase the ability of its fans in getting its merchandise. The current online statistics stand at over 50 million subscribers to its Facebook and twitter page, site, and its online store. The arsenal marketing outfit needs to focus more on online marketing and strive to implement the stalled Click and Collect service. The last key factor that puts Arsenal FC at a position of extensive growth and change is its ownership team that is entirely committed to the core values that run the club. The club has the ability to maintain this by avoiding any frequent change of management witnessed in other major clubs in the country. The above key drivers for change were determined using a framework of PESTEL that ensured viability and realism. The Political factor (P) provides favorable environment by letting football franchises operate independently thus independence. With independence, the club ownership of Arsenal FC is liberal enough to do anything under their sleeve that would improve the club’s fortunes. The steady revenue income for the club is a key Economic factor (E) to count on in ensuring enough capital in online marketing and increasing the international fan base through numerous promotions. The stable economic situation globally has enabled emergence of a population class that is stable enough to involve in fun activities such as football. This is a Social factor (S) that ensures availability of potential fans for the club. Literacy level in IT matters in the society have increased, facilitating a possibility of high access to online material, a strategy Arsenal intends to market itself. Technology (T) has ensured the availability of internet and numerous smart devices that would enable easy implementation of Arsenal’s online marketing strategies. In implementing all the key drivers, care was taken not to violate any Environmental factors (E) thus avoiding pollutants of any kind. For the Legal factors (L) Arsenal’s self-sustaining business model of operation shield’s it from legal confrontations by not infringing any competition law that governs English football. Arsenal has a number of strengths and an equal share of weaknesses

Equity and Trusts Essay Example | Topics and Well Written Essays - 1250 words - 3

Equity and Trusts - Essay Example The constitution requirement is that the settler can declare himself the trustee of the settllor by transferring property to trustees. Notably, a trust must also be constituted, which is not achieved until the legal title to the property held under trust has been successfully transferred to trustees, which must follow the proper formalities. If a trust is not constituted, then the beneficiaries cannot claim anything because it is not enforceable. Therefore, Diana should assess whether the three sets of assets held on trust for her is enforceable. According to Turner LJ in Milroy v Lord, for a voluntary settlement to be effectual and valid, a settler is supposed to fulfil everything, which is needed in order to legally transfer the property and which must be in accordance to the nature of the property being settled. Therefore, the executor appointed by Sindy should note that for the entire asset left for her daughter and grandchildren to constitute a trust, Sindy must have transferred the trust property to the trustees and at the same complied with the specific formalities that are necessary for such assets to make a legal transfer, or else, since equity cannot perfect an imperfect gift, the trust will not be valid. Seemingly, Sindy has complied with specific formalities when transferring the assets to the trustees, but transfer of the assets to the respective trustees remains questionable because she died before fulfilling some of her intentions. Her attempts to ensure that the transfer is legal include attaching.

Qualitative and Quantitative Research Methods Essay Example for Free

Qualitative and Quantitative Research Methods Essay There are different research methods that have been guided by different philosophy of science that were developed by philosopher, researcher and sociologist at their time of era. The well-known research methods are quantitative research methods. Quantitative are numerical methods associated with deductive approaches. Quantitative research methods are usually guided by the principles of positivism as it takes on objective reality and accepts single reality. Quantitative methods are usually used to measure size, observe numerical change over time, audience segmentation, testing hypothesis, and, quantifying attitudes, behaviors and opinions. The main importance of quantitative research is on deductive reasoning which tends to move from the general to the specific. The validity of conclusions is shown to be dependent on one or more premises being valid. For example, All students who study MBA in Kathmandu University works in a bank. Seema studies in MBA in Kathmandu University. Based on the premises, we can say that Seema works in a bank. Premises used in deductive reasoning are important because faulty premises can lead to wrong conclusions. Another popular method is qualitative method, which are usually associated with inductive approaches. Qualitative research methods are used on subjective matter, as in-depth study to explore subject matter. Qualitative research methods are guided by philosophies as post-positivism, critical theory, and constructivism. Qualitative research methods offer different kinds of ways to investigate on research problems as interview methods, focused group discussions,case studies and many others to understand the certain circumstances or culture in the society. The approach adopted by qualitative researchers tends to be inductive which means that they develop a theory or look for a pattern of meaning on the basis of the data that they have collected. This involves a move from the specific to the general and is sometimes called a bottom-up approach. However, most research projects also involve a certain degree of deductive reasoning (Trochim, 2005). Quantitative Research is more about collecting numerical data to study about certain phenomena. For example, what percentage of Nepalese student who go to US for foreign degree complete graduate course in United States? Other examples may be what percentage of Nepalese students who are studying in TU have negative attitude towards TU administrations. One usually has to use quantitative research when one wants answer in numbers. However, one has to study about complex situations and go with in-depth studies then qualitative methods should be used. For example, researcher wants to know how people view politics in Nepal? Similarly, a researcher wants to do ethnographic study of the culture of Tharus of Nepal and lives with Tharu for some years, immerse himself/herself in that environment to discover the meanings, convention of behavior, and ways of thinking important in tharu cultures. Similarly, even though the selection of research methods are based upon the problem selected, resource available, the skills of researcher and audience of the research, both the methodologies are also used together in a research which is known as mixed methods. â€Å"Mixed methods often combine nomothetic and idiographic approaches in an attempt to serve the dual purposes of generalization and in-depth understanding—to gain an overview of social regularities from a larger sample while understanding the other through detailed study of a smaller sample. Full integration of these approaches is difficult, hence the predominance of component studies†(Pat Bazeley, 2004) References (Bazeley, 2004) Social Research Methods. (n.d.). Retrieved December 12, 2012, from www.socialresearchmethods. net: http://www.socialresearchmethods.net/kb/positivism (2005). In W. M. Trochium, Research Methods (2nd ed.).

Core Product and Supplementary Services

Core Product and Supplementary Services Core Product and Supplementary Services A service consists with two product element to perform it function. The two product elements are core product and supplementary services. Core product is the core set of benefits and solutions delivered to customer while the supplementary services are service-related activities that surround the core product. Other than that, Supplementary services classified with facilitating and enhancing services into eight factors. Facilitating services are included information, order taking, billing and payment yet the enhancing services contain with consultation, hospitality, safekeeping, and exceptions. The core product provide by First World Hotel (Genting) to consumers is accommodation. The hotel was designated to contribute the supreme comfort and luxury for the customers with the help of variety types of Room Facilities. They had located 32 counters at lobby to let customers do the check in process for the 6118 rooms available. First World Hotel had supply six room types for consumers to choose. There are Standard rooms, Deluxe rooms, Deluxe triple rooms, Superior deluxe rooms, and World Club rooms. To assist the customer, hotel also provide no smoking rooms and special rooms for the people who deficient. Each of these types of rooms is designed to offer comfort and pleasure to the customers. The hotel was build with convenient location, variety of types of facilities and warm hospitality. In the hotel rooms, service provider had provide the basic infrastructure to roomer like in room safe deposit box, mini refrigerator, air conditioning, hairdryer, television, in house movie channels, tea and coffee facilities, direct dial telephone, radio, shower, mini bar, and others. Besides that, the roomer can get an attentive room service for all 24 hours, absolute privacy and total getaway experience. They emphasis every detail in accommodation to make sure roomers had memorable experience and enjoy with the First World Hotel. First World Hotel also provides supplementary services for the customers who stay in their hotel. The supplementary services are categorized by facilitating services and enhancing services. The facilitating services are included: Information Information provide by hotel let customer obtain full value form of any service and relevant information. First World Hotel delivery more information about the services provide for visitor to attract more customers. The information provided by them can be payment for an overnight stay in different class of room, warning and reminders to using hotel facilities, operation time of dining and so on. Customers can get the information from many sources like phone call, customer’s service centre website, flyer, newspaper, social apps and more. For example, customer can get the location, price of the rooms, promotion packages from www.genting.com. Order taking Once customer ready to order First World Hotel services, they will move to the process of order taking. It can be on website, by mail, telephone and e-mail. Customer hotline of First World Hotel is +66-38-364-700, this hotline exists for help the customers to make a reservation of room whether it is a standard room or other room types. While for the booking at internet, customers can make booking at the website like www.booking.com/Hotels, www.genting.com.mym and others. Billing Customer can easily get all price information since First World Hotel provided their price of different rooms through website, flyer, counter, customer’s service centre and hotline. At their hotel lobby, 32 counters are waiting customers to check in or make payment so customers no need to waste their time for waiting. Other example is customers can log in to the website like www.genting.com.my to see the price of the rooms and do the online booking at same time. Payment Customers expect to be easy and convenient when make payment. There are variety of options exist to facilitate customer bill-paying provided by First World Hotel like credit card (master card or visa card), e-banking, at the counter, tokens or world card into machines. Another category of the supplementary services and last part in product element is enhancing services that contain with the following four factors: Consultation Consultation involves a dialog to probe customers’ requirements and then develop a solution that is suited to the needs of the customers. For example, First World Hotel provide medical consultation for people who got any illness and gym consultant give customers advices on how to use the gym equipments. Hospitality The quality of hospitality services offered by a firm can increase or decrease satisfaction with the core product so First World Hotel ensure their staff treat every customer as guest. They provided quality meals and room services for each customer. First World Hotel offers myriad Hotel Amenities and Services in Genting Highlands to suit the taste and purpose of the different customers and this factor attract many visitors from all over the world. Furthermore, restaurants over there offer a lot of dining such as Mediterranean food, sea food, Hainan food, western dishes, hawker style noodles, refreshing coffee and the places for relax tired like Starworld Cafà ©. The hotel offers enough spaces to conduct corporate meetings and conference that equipped with modern amenities and services. The hotel also feature business center for smooth of the business, banquet facilities with international standard, gymnasium, and other recreational facilities include tennis court, golf course, shopping arcade, casino and many others. Other Hotel Amenties and Services at hotel are car parking facilities, reception, currency exchange, laundry and many more. Safekeeping Customer can fully enjoy the service provided without worry about their things at First World Hotel because they provide variety of safekeeping services. For example: caring for possessions customer bring with them, child care, security personnel, caring for good purchased(or rented) and others. Exception This is something that outside from the normal services delivery. There are four types of exception provided by First World Hotel: Special requests in advance of service delivery – Hotel provide children’s needs and disability needs to customer. For example, toilet for disability people. Handling special communications Hotel overcoming complaint by the customers at counters and give customer suggestion. For example, customer complaint the room was unclean and untidy. Problem solving – Hotel help customer resolving difficulties cause by accidents or service failure. For example, if customer injured in hotel, help them to have medical treat. Restitution – refunds and compensation for the dissatisfaction customer using the services. For example, compensate for the customer who injured at theme park. Core Product and Supplementary Services A service consists with two product element to perform it function. The two product elements are core product and supplementary services. Core product is the core set of benefits and solutions delivered to customer while the supplementary services are service-related activities that surround the core product. Other than that, Supplementary services classified with facilitating and enhancing services into eight factors. Facilitating services are included information, order taking, billing and payment yet the enhancing services contain with consultation, hospitality, safekeeping, and exceptions. The core product provide by First World Hotel (Genting) to consumers is accommodation. The hotel was designated to contribute the supreme comfort and luxury for the customers with the help of variety types of Room Facilities. They had located 32 counters at lobby to let customers do the check in process for the 6118 rooms available. First World Hotel had supply six room types for consumers to choose. There are Standard rooms, Deluxe rooms, Deluxe triple rooms, Superior deluxe rooms, and World Club rooms. To facilitate the customer, hotel also offers no smoking rooms and special rooms for the people who deficient. Each of these types of rooms is designed to offer comfort and pleasure to the customers. The hotel was build with convenient location, variety of types of facilities and warm hospitality. In the hotel rooms, service provider had provide the basic infrastructure to roomer like air conditioning, hairdryer, television, in house movie channels, in room safe deposit box, mini refrigerator, tea and coffee facilities, direct dial telephone, radio, shower, mini bar, and others. Besides that, the roomer can get an attentive room service for all 24 hours, absolute privacy and total getaway experience. They emphasis every detail in accommodation to make sure roomers had memorable experience and enjoy with the First World Hotel. First World Hotel also provides supplementary services for the customers who stay in their hotel. The supplementary services are categorized by facilitating services and enhancing services. The facilitating services are included: Information Information provide by hotel let customer obtain full value form of any service and relevant information. First World Hotel delivery more information about the services provided for attract more customers. The information provided by them can be payment for an overnight stay in different class of room, warning and reminders to using hotel facilities, operation time of dining and so on. Customers can get the information from many sources like website, flyer, newspaper, telephone, customer’s service centre and more. For example, customer can get the location, price of the rooms, promotion packages from www.genting.com. Order taking Once customer ready to order First World Hotel services, they will move to the process of order taking. It can be on website, by mail, telephone and e-mail. Customer hotline of First World Hotel is +66-38-364-700, this hotline exists for help the customers to make a reservation of room whether it is a standard room or other room types. While for the booking at internet, customers can make booking at the website like www.booking.com/Hotels, www.genting.com.mym and others. Billing Customer can easily get all price information since First World Hotel provided their price of different rooms through website, flyer, counter, customer’s service centre and hotline. At their hotel lobby, 32 counters are waiting customers to check in or make payment so customers no need to waste their time for waiting. Other example is customers can log in to the website like www.genting.com.my to see the price of the rooms and do the online booking at same time. Payment Customers expect to be easy and convenient when make payment. There are variety of options exist to facilitate customer bill-paying provided by First World Hotel like credit card (master card or visa card), e-banking, at the counter, tokens or world card into machines. Another category of the supplementary services and last part in product element is enhancing services that contain with the following four factors: Consultation Consultation involves a dialog to probe customers’ requirements and then develop a solution that is suited to the needs of the customers. For example, First World Hotel provide medical consultation for people who got any illness and gym consultant give customers advices on how to use the gym equipments. Hospitality The quality of hospitality services offered by a firm can increase or decrease satisfaction with the core product so First World Hotel ensure their staff treat every customer as guest. They provided quality meals and room services for each customer. First World Hotel offers myriad Hotel Amenities and Services in Genting Highlands to suit the taste and purpose of the different customers and this factor attract many visitors from all over the world. Furthermore, restaurants over there offer a lot of dining such as Mediterranean food, sea food, Hainan food, western dishes, hawker style noodles, refreshing coffee and the places for relax tired like Starworld Cafà ©. The hotel offers enough spaces to conduct corporate meetings and conference that equipped with modern amenities and services. The hotel also feature business center for smooth of the business, banquet facilities with international standard, gymnasium, and other recreational facilities include tennis court, golf course, shopping arcade, casino and many others. Other Hotel Amenties and Services at hotel are car parking facilities, reception, currency exchange, laundry and many more. Safekeeping Customer can fully enjoy the service provided without worry about their things at First World Hotel because they provide variety of safekeeping services. For example: caring for possessions customer bring with them, child care, security personnel, caring for good purchased(or rented) and others. Exception This is something that outside from the normal services delivery. There are four types of exception provided by First World Hotel: Special requests in advance of service delivery – Hotel provide children’s needs and disability needs to customer. For example, toilet for disability people. Handling special communications Hotel overcoming complaint by the customers at counters and give customer suggestion. For example, customer complaint the room was unclean and untidy. Problem solving – Hotel help customer resolving difficulties cause by accidents or service failure. For example, if customer injured in hotel, help them to have medical treat. Restitution – refunds and compensation for the dissatisfaction customer using the services. For example, compensate for the customer who injured at theme park.

The Miller And Modigliani Capital Structure Irrelevance Theorem Finance Essay

The Miller And Modigliani Capital Structure Irrelevance Theorem Finance Essay Contrary to Modigliani and Miller (1958, MM hereafter), Capital Structure is not irrelevant when we consider a firm with a dividend payout policy. This article extends the MM capital structure theorem by relaxing the full payout assumption and introducing retention policy. The theoretical contribution shows that it is possible to verify the theorem when we suppose an investor who exchanges his initial holding for another portfolio composed of consumption and investment. The empirical analysis of this new approach is based on a data set of the USA Electric Utilities and Oil companies for the period 1990-1998. The results show that the relationships between leverage and firm value are significantly affected by the firms payout ratio. 1. Introduction Miller and Modiglianis (1958) irrelevance theorem is one of the important and puzzling issues in modern corporate finance theory [1], which has challenged the traditional view[2], that an optimum leverage exists. The main source of the puzzle stems from the fact that financial research dont seem to explain the firm financing behaviour as we attempt to reconcile the MM theory with the evidence(Myers 1984, Gordon1994, Rajan and Zingales1995). The MM theorem(proposition I) has shown that under a perfect market hypothesis the market value of any firm is independent of its capital structure (Stulz2006). This fundamental proposition explicitly indicates that the aptitude of investors to engage in personal or homemade leverage is sufficient to ensure that corporate leverage in itself cannot modify the total market value of the firm [3]. In other words, the theorem provides conditions under which arbitrage by individuals keeps the value of the firm depend only on cash flow generated by the i nvestment policy. Literature about the validity of the MM-proposition is discussed about whether investors can really accomplish the required conditions of the arbitrage method without changing the overall value of the company. In this context, many authors have shown the inadequacy of the theorem when variables that deal with the real world are introduced. Following the seminal paper of MM (1958), most theories have been put forward in corporate finance to reconcile the shortcomings of the irrelevance theorem with variables that explain the firms choice of capital structure. According to the previous debate, criticism against this theorem can be grouped in two types of arguments: on the one hand, there are papers which deal with the limitations of the arbitrage conditions; on the other hand, there are studies which analyze the effect of market imperfections on the firms choice of capital structure. Despite the importance of these interventions, we note that all of the limitations deal with the explicit assumptions used by MM, but none deals with the critiques of the MMs implicit assumptions. More recently, DeAngelo and DeAngelo (2006, DD hereafter) have challenged MMs irrelevance dividend policy. Dealing with this alternative of earnings as fully distributed, these authors have showed the irrelevance of the MM dividend irrelevance theo rem when MMs assumptions are relaxed to allow retention. As DeAngelo and DeAngelo(2006, page 294) wrote When MMs assumptions are modified to allow retention with the NPV of Investment policy fixed, a firm can reduce its value by paying out less than the full present value of FCF, and so Payout policy matters and Investment policy is not the sole determinant of value . According to DD(2006), the MMs irrelevance theorem forces firms to choose only among dividend policies that distribute the full present value of free cash flow(FCF) to shareholders. Distributions below the totality of earnings are ruled out by the implicit hypothesis. Dealing with this alternative of fully-distributed earnings, MM(1958) used the same hypothesis in the development of the irrelevance of capital structure.. As pointed by the authors à ¢Ã¢â€š ¬Ã‚ ¦.as will become clear later, as long as management is presumed to be acting in the best interests of the stockholders, retained earnings can be regarded as equivalent to a fully subscribed, pre-emptive issue of common stock. Hence, for present purposes, the division of the stream between cash dividends and retained earnings in any period is a mere detail. MM, 1958 p266. However, MM(1958) failed to recognize that proposition I implies that firms distribute all their cash flow to shareholders without paying any attention to their retention policy. This paper constitutes a new extended proof of the MM theorem by not considering the hypothesis of earnings as fully distributed. We will show that it is possible to verify the theorem when we suppose an investor who exchanges his initial holding fo r a mix of consumption and investment. The rest of the paper is organized as follows: in the next section, we demonstrate the irrelevance of the MMs capital structure irrelevance when earnings are not fully distributed. We propose the possibility of extending of the MM theorem. Furthermore, we show that the two firms are not forced to distribute their full earnings; and the irrelevance is hold in the presence of the mix of investment and consumption. Section III describes the data set, introduces the methodology, examines the hypothesis of the variables and investigates whether the empirical Modigliani-Miller capital structure irrelevance is influenced by dividend payout ratio. Section IV provides some concluding remarks. 2. How do we reconcile MMs capital structure irrelevant theorem with the firms payout choice? 2.1 The failure of the MM theorem when earnings are not fully distributed. As indicated by Rubinstein (2003), the law of the conservation of investment value of MM(1958) was anticipated by many studies (Fisher (1930), Williams[5] (1938), Durand (1952); Morton (1954) for examples) but none of these authors have used arbitrage mechanism to prove the invariance of the cost of capital under changes in leverage. The MMs theorem demonstrates that under certain hypothesis of market conditions, the value of the firm is independent of its debt-equity ratio and is given by capitalizing the expected return generated by its assets. This model can be expressed as: for any firm j in class k (1) Where V stands for the market value of the firm, S for the market value of its common shares, D for the market value of its debts, X for its expected earnings before interest on its assets, for the capitalization rate appropriate to its class. The analysis of the MMs arbitrage steps shows the implicit hypothesis of full payout ratio which plays a crucial role in the model. The MMs capital structure irrelevance theorem constrains firms to distribute all of their earnings. In particular, we note that the validity of the proof developed by MM is based on this implicit assumption. MM(1958) consider (see MM(1958) pages 269-270 ) the return of the investor Y as a fraction of the net income available (X-rD for levered firm and X for unlevered firm) for the stockholders. (2) Where: is the return of the investor before arbitrage process, L is levered firm and U is Unlevred firm and is fraction of the total outstanding shares owned by the investor. Obviously, MM(1958) confuse artificially return of the investor(dividend return) and net income which should be distributed between dividend and retention. MM(1958 page 266) assert that the division of the stream between cash dividends and retained earnings in any period is a mere detail. When we derive the MM capital structure theorem for firms that are not distributing all their earnings as dividends, it follows a non-adequacy of the arbitrage operations, a non-proof of the irrelevance model. Table I shows the two cases used by MM(1958) when we introduce a level of payout different from 100%. Therefore, when we use the same arbitrage as MM(1958), we must then admit that the two firms distribute all the available income to verify the leverage irrelevance proposition. As will be shown later, this assumption can modify the validity of the MM theorem. To justify this thesis, we suppose the same steps of the MM first proposition but with a slight difference: here we suppose that firms are not constrained to distribute all of their earnings. This means that we introduce in the arbitrage reasoning the payout ratio (PR) as a new variable. Table I below shows that MM theorem is not verified. The difference between returns (before and after arbitrage operations) is not the sa me as showed by MM (1958). Table I. The irrelevance of the MM capital structure irrelevance when payout ratio is different from 100% First possibility  : VL > VU Second possibility  : VU > VL First stage  : the initial return of the investor YL Second Stage: Arbitrage process Sold his initial worth of the firm L Borrows an additional amount dL with the same interest rate r Acquired new shares of the firm u sold his initial worth of the firm U Acquired new shares of the firm L Acquired new bonds b of the firm L Third stage: the return of the investor YU Final stage: Difference of earnings à ¢Ã‹â€ Ã¢â‚¬  Y= YU -YL Interpretations It is not possible to verify the MM results when we introduce the hypothesis of payout ratio different from 100%, the difference of returns will depend on the all components of the equation. When we pose PRL=PRU=1, it is easy to obtain the same difference of returns as MM(1958): or Notes: Using the MM formulation, we consider two firms L and U, for which the expected return is the same XL = XU = X. Company U is financed entirely by stock SU and company L by stock SL and debt D. The market value of each firm is then VU = SU and VL = SL + D, We denote PRL and PRU the payout ratios of the levered and unlevered firms (MM 1958 suppose PRL = PRU = 100% all expected return is distributed).sL =SL, sU =SU denote the value of shares owned respectively by an investor in the levered and unlevered firm with a fraction 2.2 The possibility of extension;The two firms are not obliged to distribute all their income: the mix of investment and consumption solution. The object of this section is to show that it is possible to demonstrate MMs proposition I without the hypothesis of earnings are fully distributed. In other words, we present an extension of the MM capital structure theorem for the case in which firms are allowed to have a payout policy. To prove this new proposition, we suppose the same hypothesis used by MM (1958), except that earnings are not fully distributed. Using the MM formulation, we consider two firms U, L for which the expected return is the same XL = XU = X. Company U is financed entirely by stock SU and company L by stock SL and debt D. The market value of each firm is then VU = SU and VL = SL + D. * Case 1: we suppose the value of the levered firm VL , to be greater than that of the Unlevered firm VU ( ). We denote respectively, PRL and PRU the payout ratios of the levered and unlevered firms (MM 1958 page 269) suppose PRL = PRU = 100% all expected return is distributed). First stage (initial return): consider an investor who owns sL dollars worth of the stock in the company L representing a fraction of the total outstanding shares SL, where sL= SL. His return YL can be written as: (3) The return from this portfolio, denoted by YL, will be a fraction of the income distributed for the stockholders of company L, which equals the multiplication of the payout ratio PRL by the difference between to total return X and the interest charge r DL. Where, r is the interest rate which the firm pays on its debt D. Second Stage (Arbitrage process): now suppose that an individual investor who adjusts his own personal leverage in order to increase his profits. He makes the following operations: (a ) Sold his worth sL of the company L and he divided it as follows: (i) he partially invested an amount IU = PRL.sL (which equals: IU=PRLSL) in acquiring shares (ii) he consumes the remainder CL= (1-PRL)SL. where sL= IU + CL . (b) Borrowed an additional amount . (c) Acquired an amount of the shares of the company U. He could so by using the amount IU from the sales of his initial holding and the amount d from borrowing. Third Stage (the new return): the income of the investor ((i) who holds sU dollars worth of the shares of the company U (ii) and who must pay interest of personal debt d would be: (4) Last Stage: Arbitrage profit: Comparing (4) with (3) we obtain: (5) Thus, under this approach we can distinguish two situations: First situation: If PRU= PRL = 1 then we find the same result as obtained by MM (1958 page 270). (6) Second situation: We can also verify the same result of MM(1958 page 270) without the hypothesis of PRU = PRL = 1, we can simply assume PRU = 1, while the payout ratio of the levered firm PRL is likely to vary between 0% and 100%, we get then: (7) From equation (7), we conclude that as long we must verify, so that it pays shareholders of corporation L to sell their investments, by this means decreasing SL and hence VL, and replace them with a mix of consumption and portfolio investment, which contains shares of the unlevered firm and personal debt, thereby growing SU and thus VU. This arbitrage process will be finished when equilibrium restores the stated equalities between the values of the two firms. * Case 2: we suppose the value of the unlevered firm VU , to be larger than that of the Levered one VL ( ). First stage: The return of the investor who holds sU dollars of shares of company U representing a fractionof the total outstanding stock SU . Where (8) The return from this portfolio denoted by YU will be a fraction of the income distributed to shareholders of the unlevered firm U. Second stage: suppose that the investor exchanges his initial holding in U by another portfolio in the levered firm L. The arbitrage process with consumption behaviour will take the following form: the investor sold his worth of company U: and divided it as follows: (i) He invested partially of the shares of the company L (ii) He invested also of bonds of the company L (iii) The remainder will be consumed. From IL and IB , we can write respectively: Third stage: The return of the investor (i) who holds IL dollars worth of the shares of the company L (ii) and who holds IB dollars worth of bonds of the company L. (9) Last stage: Arbitrage profit: comparing YL (from 9) with YU (from 8) we obtain: (10) In order to get a profitable arbitrage opportunity for the investor, we must consider a positive difference of returns. Analysing equation (10), we can easily formulate two possibility of payout ratio: In the first, if we suppose a full earning model for the two firms (PRL = PRU = 1), therefore we will obtain the same results as showed by MM(1958) (page 270). According to this situation, equation (10) can be written as: (11) In the second, the MMs results can also be obtained if we just assume a full earnings for levered firm PRL= 1 while the payout ratio of the unlevered firm PRU is likely to vary between 0% and 100% implying that the firm can use a payout policy, which is not restricted to full earnings. Such a representation is written as: (12) In this context, it is also important to show that as we must obtain , hence it pays the shareholders of company U to sell their holdings and substitute them with a mix of consumption and portfolio investment, which contains shares and bonds. If, all investors in firm U will accomplish the three stages below, decrease the value of the unlevered firm U and increase the price of the levered firm L. This switching process will be over when equilibrium restores the stated equalities between the values of the two firms. From these demonstrations (case 1 and case 2) we can conclude that we are not compelled to suppose that the two firms distribute all of their returns. In other words we can make arbitrage process merely by considering that the overpriced firm (levered firm L in the first case and unlevered firm U in the second case) has a payout ratio PR which is not restricted to be 100% of the earnings. The table below summarizes the theoretical findings. Table II: the MMs arbitrage and the payout hypothesis Conditions Conclusions MMs arbitrage conditions without dividend payout MMs(1958) irrelevance theorem MMs arbitrage conditions with a payout ratio Failure of the MMs proof MMs arbitrage conditions with a payout ratio and consumption hypothesis Proof of the MMs irrelevance theorem(Extension) 3. The Empirical Analysis The previous part of this paper provides a new extension of the relationship between firm value and capital structure when the firm has a payout policy. In this section, we attempt some possible empirical tests. The central issue is, whether or not the leverage ratio affects firm value when earnings are not fully distributed?. Modigliani and Miller (1958) have taken two samples of 43 electric utilities during 1947-1948 and 42 oil companies during 1953. The data are provided respectively by two studies conducted by Allen (1954) and Smith (1955); and they estimated the weighted average cost of capital (wacc) according to the financial leverage of the firm. The regression form of the model was: (13) Where wacc is the weight cost of capital approximated by X /V , here X is the expected return net of taxes, V is the market value of all securities and the financial leverage of the firm measured by the ratio D/V, where D is the market value of Bonds and preferred stock. The results of the tests (as shown MM(1958page 282) are favourable to Modigliani and Miller (1958)s hypothesis. The values of the correlations coefficients are small and not statistically significant. Weston (1963) criticizes Modigliani-Miller empirical result. In particular, he assumes that the lack of effect of capital structure on the overall value of the firm is due to deficiency of the approach to take account of other factors that may be influencing the firms cost of capital. Contrary to MM, the author shows in the empirical tests that leverage is correlated negatively with firm value in the presence of the hypothesis of earnings growth. 3.1 Data and Methodology In order to conduct an empirical analysis similar to MMs, we have collected data on the same sectors from the same country as done by Modigliani and Miller 1958. The data we use are annual standardized financial information of US firms observed in the period 1990-1998. Our sample is formed by two sub samples: from the Electric sector we use 256 companies, and from the oil sector we take 223 companies. These data were obtained from the Worldscope Database (SIC Code 13 and 49). Contrary to Weston(1963), we consider the hypothesis of risk-class can be verified in the oil industry and the electric sector (as supposed by MM 1958). According to MM(1958), a linear model was constructed to explain the relationship between leverage and the firm value. The variables used in our regressions are constructed (see table III) as the same way as presented by these authors. The corresponding models used by MM(1958) are: For Model 1 :see MM(1958) page284 (note 38), for model 2,see MM(1958) page282; For Model 3,see MM(1958) page284 (note 39); For. With regard to the basic capital structure irrelevance theorem to be estimated; we propose three regression models as follows: Model 1: (14) Model 2: (15) Model 3: (16) Where wacc is the weighted average cost of capital; Leverage 1: first measure of leverage; ML1: modified leverage 1; Value: the ratio of the firm value; , ER: earnings ratio; DR debt ratio. The purpose of model 1 is to test the effect of leverage (as measured by Debt ratio DR) on firm value, while the Model 2 and model 3 test the effect of leverage (measured by Leverage1) on the cost of capital (measured by WACC). The variable ML1(modified leverage 1) is included in model3 to test the U-shaped hypothesis that the coefficient e of this variable should be significant and positive to confirm the traditional view, and not significantly different from zero to confirm the irrelevance theorem.. Note also that according to our approach the correlation between these variables should be different from zero. To test the validity of the MMs proposition when earnings are not fully distributed, we alternatively estimate all the above regressions in the absence (model MM58 and the model MM58supp) and the presence of the payout ratio. We validate this last alternative in two steps: In the first step, we test the models for all firms (model MMExt). In the second step, we test the models for subsamples: First Quartile sample (Firms Payout ratio is less than 25%), Second Quartile sample (firms payout ratio is between 25% and 50%), Third Quartile sample (firms payout ratio is between 50% and 75%), and Fourth Quartile sample (firms payout ratio is more than 75%). The tableIII below reports the different measures of variables and their predicted effects. Table III. Measures of variables and predicted signs Variables Symbol Measure MM Hypothesis Our Hypothesis Dependants variables Weighted average cost of capital WACC X/V Firm value ratio Value V/A The explanatory variables First measure of leverage Leverage 1 D/V Zero effect Significant effect Modified Leverage 1 measure ML1 D.D/V.S Zero effect Significant effect Earnings ratio ER X/A Debt ratio DR D/A Zero effect Significant effect Payout ratio Payout Div/NI Not tested Significant effect Notes: the table reports the different measures of variables where V: firm value= market value of equity S +market value of debt D, X: Earnings before interest and Taxes (EBIT), A: is the value of the total assets, NI net income. ML1 modified leverage 1 measure = (D/V) ²/(1-D/V). We measure the value of the Debt D by the amount of total liabilities. 3.2 Descriptive statistics As indicated in Table IV, the descriptive statistics shows that the average value of cost of capital is 5.92% for electric utilities and 4.48% for oil companies[6]. On average, we have a leverage ratio of 51.79%(37.85%), this measure is 62% (50.2%) when we use total assets as deflator . The average firm has a value ratio of 1,38 for electric utilities which is much weaker than those of oil companies (1,99). For these firms, earnings ratio ranges from 0% to 2.7% for electric utilities (0% to 66% for oil companies). In terms of net income, the average value of payout is more important for electric utilities (45%) ranging from 0% to 99,9%, than those of oil companies (16%). These results show that the division of the stream between cash dividend and retained earnings in any period is not a mere detail as supposed by Modigliani and Miller (1958 page 266). None of firms in the two samples and during the whole period (1990-1998) has distributed the totality of its income. For the normal di stribution of the series around the mean (see table IV), all of the distributions of the variables are not symmetric since their skewness values are different from zero. This conclusion is also verified by the values of the Kurtosis which are quite different from 3. Table IV. Descriptive Statistics of Variables (256 Electric Utilities and 223 Oil Companies) Variables Sample Mean Minimum Maximum Std. Dev Skewness Kurtosis Obs WACC Elect 0.05924 0.00000 0.29090 0.03188 0.292328 6.376099 2304 Oil 0.04481 0.00000 0.69582 0.05448 4.75993 42.0526 2007 Leverage1 Elect 0.51796 0.01573 0.99416 0.17873 -0.46925 3.36365 2304 Oil 0.37857 0.0000 0.98237 0.21714 0.20952 2.36431 2007 Value Elect 1.38155 0.09087 9.77112 0.82268 5.51989 45.7871 2304 Oil 1.99172 0.14447 138.56 5.40308 18.7716 397.615 2006 ER Elect 0.07353 0.0000 0.027612 0.04158 0.77790 7.94274 2304 Oil 0.06418 0.0000 0.664303 0.06683 2.104262 11.546 2007 DR Elect 0.62322 0.02761 0.995066 0.14891 -0.9991 4.78983 2304 Oil 0.50220 0.0000 0.9978 0.22065 -0.2593 2.4847 2006 ML1 Elect 1.34913 0.000252 169.346 6.6480 17.3645 344.950 2304 Oil 0.61298 0.0000 23.2454 1.5346 8.6309 103.96 2006 Payout Elect 0.45169 0.00000 0.99980 0.35978 -0.15569 1.40417 2304 Oil 0.16381 0.0000 0.9991 0.27721 1.50967 3.90646 2006 3.3 The effect of Leverage on the firm value (model 1) The MM(1958)s theorem is confronted with our hypothesis in order to know the crucial effect of payout ratio on the sensitivity of firm value to leverage. If our prediction is true, we should find a significant coefficient of leverage ratio, otherwise the MMs view should be confirmed. As indicated in table V, estimates result shows that coefficients of earning ratio (ER) and debt ratio (DR) are significantly different from zero, which fails to support the MMs view. Since our results, as presented below, demonstrate that the coefficient of debt ratio is significantly negative and contrary to the traditional view. We prefer to give more explanations of this relationship based on the presence of the payout policy. The latter has a negative influence on the two samples (see Model MMExt , table V) which is in the opposite direction as obtained by the cost of capital regressions (see tableVI). There are two main explanations for this result: According to Brigham and Gordon(1968), the relationship between stock price and leverage depends on the association between R (return on assets and investment) and i ( the rate of interest which the firm pays on its debt), not on the level of Leverage L. This can be written as: (16) Where E is the book value of the common equity per share, k is the rate at which dividend is discounted. It is evident, when R is less than i, the leverage effect on stock price P will be negative. Furthermore, the negative influence of the dividend ratio on the firm value confirms the leverage impact when the return on investment is less than the cost of debt. This means that firms experiencing lower rate of investment tend to use funds from internal and external resources to display higher payout ratio. The leverage measure is not the same: in Wacc regression, this variable is measured by debt on firm value (D/V), while in firm value regression (Value), the debt ratio is measured by debt on total Assets (D/A). The fact that both variables are divided by different deflators may be affected by a random disturbances of the market value of the firm. This bias correlation is not observed in the firm value regression. According to Modigliani and Miller (1958), the constant term in the previous regression should give more information on the value of the unlevered firm. As shown in table IV below, the estimated coefficient of this variable is not only significantly different from zero, but is quite positive and greatly relative to the coefficient of the debt ratio. This conclusion is confirmed for the two samples with large values for the oil companies. Table IV. Directs Pooled Least-Squares Estimates of the effects of leverage on the firm value Coefficients of Regressions Sample Constant ER DR Payout AdR ² Obs MM 58 Elect 1.893a -0.158a -0.805a 0.025 2304 Oil 2.464a -6.730a -0.668 0.048 2007 MM Ext Elect 1.963a -0.131a -0.466a -0.625a 0.095 2304 Oil 2.465a -6.703a -0.642 -0.086 0.048 2007 First Quartile Elect 1.969a -0.133b -0.412c 0.005 801 Oil 2.342a -7.490a -0.286 0.052 1440 Second Quartile Elect 1.465a 2.650a -0.554a 0.187 216 Oil 1.659a -0.197 -0.501a 0.033 279 Third Quartile Elect 1.206a 1.823a -0.249a 0.096 738 Oil 1.224a 3.229a -0.055 0.113 207 Fourth Quartile Elect 1.080a 1.809a -0.105 0.102 549 Oil 7.197a 0.983 -9.064a 0.676 72 Notes: a, b and c indicate significance at the 1%, 5%, and 10% levels respectively. 3.4 The effect of leverage on the cost of capital (model 2 and Model 3) According to Modigliani and Millers proposition I: the average cost of capital Wacc (Xt/V) should tend to have the same value independently of the degree of leverage MM (1958, page281). In other words, the leverages coefficient parameter in the Wacc regression should be insignificant and statistically equal to zero. The results of the MM model tests are shown in table V (models: MM58 and MM58supp). According to this table, the MM hypothesis is only verified in the oil sample, while leverage in the electric utilities has a negative and significant effect (coefficient is equal -0, 1162) on the cost

Nestle: Operating in a Global Economy Essay -- strategic management ca

Nestle is a large company with over 150 years of history. The company deals with global production and competes around the world in an effort to achieve steady growth and profit. Competing in the global economy requires dealing with many challenges to meet production goals and market products to different cultures. Nestle also markets to third world countries that need nutritious food at a reasonable price. The company is a market leader in numerous product lines that have provided a solid foundation for sales and profit. Nestle has strong brand recognition that provides a competitive advantage to get into new markets and expand in existing markets. Operating in the global market means embracing numerous opportunities while avoiding various threats. The strategic management Nestle exhibited serves as an excellent case study in operating in a global economy. History The Nestle company traces its roots back to 1866 when Henri Nestle began searching for a healthy and economical alternative for mothers who were unable to breast feed their infants. Nestle’s first customer was a premature infant that could not tolerate the mother’s milk or any other substitutes available at the time (Nestle). The new product saved the babies’ life and people quickly recognized the value of the new product. By 1900, the company expanded to other products including powdered soup, bouillon cubes, sauces and flavorings. Through the early 1900s, production expanded and factories were operating in the United States, Britain, Germany and Spain. In 1904, Nestle added chocolate to its product line by reaching an agreement with the Swiss General Chocolate Company. The company continued to expand and began manufacturing in Australia and e... ...nclusion Nestle is a market leading company and serves as an excellent case study for illustrating strategic management in the global economy. The companies roots go all the way back to 1866 and the established history have created a strong company tested by the ups and downs of the world economy. Establishing a strong market base and vision for health and nutrition provide Nestle a positive reputation. The company has weathered two world wars and has continue to refine the corporate strategy. This flexibility and adaptability have enabled steady growth and success through these changing market conditions. Nestle can continue this success by establishing new markets and creating new products. In particular, continuing research and development to expand health and nutrition focused products will facilitate the ability to achieve above-average returns.

The Nouveaux Riche of Victorian England :: Victorian Era

The Nouveaux Riche of Victorian England Relation of The New Banking/Industrial Class to High Society As the middle class began to further divide, those who grew in wealth became known as a banking/industrial class. Along with their sudden economic prosperity there came a desire for social transformation- an aspiration for new aristocracy. They carried their traditional middle class values into prominence with their accumulation of wealth. They sought to achieve a merit oriented Society rather than social climbing, for their children's sake, into the existing one based solely on birth. This hindered the new class from ever attaining Aristocratic Social acceptance for their new wealth and deemed them the nouveaux riche. Despite obvious disapproval from the Aristocracy the nouveaux riche continued their economic ascent through "personal contact [which] was a crucial element in filling posts" (Loftus 5). This dependence upon others for mounting economic standing was contrary to the middle class value of independence. This industrial class was forced to rely upon the connections, potenti ally aristocratic, in order to succeed. Loftus explains that middle-class values were carved out in these attempts to define a society based on merit rather than aristocratic privilege. However, the importance of cultural capital and social networks to success in the period implies that the rise of the middle-classes in the Victorian period saw the replacement of one set of privileges with another (Loftus 4). However the Nouveaux Riche failed to fully assimilate into aristocratic society due to lack of pedigree. Spending Habits of the Nouveaux Riche Along with new money comes the ability to spend it. The Industrial class did exactly that, using their newly acquired money to purchase large amounts of land and houses august enough for the property. This land ownership propelled some nouveaux riche into riches surpassing those of the highest aristocracy. Their houses of course had to be decorated outdoing the splendor of the structure itself. This class "took immense pride in their homes which they saw as a reflection of status" ("BBC Homes"). The styles were excessively ornamental and took their influence from Gothic styles, rococo, styles, the Orient, and developments from their own industrialization. With owning such ornately decorated residences they had to show them off; this was done so through dinner parties and balls. People of course could not be outmatched by the rich styles of their houses and therefore doled out large amounts of money for clothes and transportation.