Friday, May 22, 2020
Renaissance literally means rebirth. It refers particularly to the rebirth of learning during this period. There was a tremendous revival of classical literature and art, but in the end it was the joining of this with the intellect of the Italian people that lead to the change of the Western World. This period was definitely more than just a rebirth though, it was also an age of new discoveries, both geographic and intellectual. Both of these resulted in changes of tremendous importance for Western civilization. In the economy, for example, there were many innovations that lead to a commercial revolution. There were innovations in banking, accounting, company structure, insurance and commercial law and the invention of commercial capitalism. All of these things worked together to usher in a new world that was very different from that of classical Antiquity but they also laid the foundation for what was to come during the Renaissance period. When looking at the culture during this time there was great influence from the Humanist movement led by Petrarch. There has been some controversy over time as to exactly what the humanist movement was all about. According to Burkhardt the time was a discovery of man, which was in direct contrast to the current secular interests of the time. Modern humanists are defined as someone who has a set of human values, which are normally secular in nature, that are based on a particular conception of many and his potential.Show MoreRelatedThe Renaissance Period1577 Words Ã |Ã 7 PagesThe Renaissance The Renaissance period was between 1400-1600 century. It began in Italy and spread to the rest of Europe. The Renaissance time is were self paintings mostly came from. In most of the painting the people were nude. They started making the painting 3D. There are many things about the Renaissance. Renaissance means born a new. The concept enshrined in the world of Renaissance is actually one of rebirth. It was considered the beginning of modern history. The High Renaissance was fromRead MoreThe Period Of The Renaissance1449 Words Ã |Ã 6 PagesThe Renaissance, Ã¢â¬Å"rebirth,Ã¢â¬ began in the fourteenth century which spanned all the way to the sixteenth century. This great cultural transition that spread throughout Europe was one of the most important periods of European history as the ideas of the Medieval age shifted to a more modern age. Throughout this period Europe experience many major achievements in literature, architecture, philosophy, and of course art. Out of the Renai ssance, Europe gained many historically important artists like LeonardoRead MoreThe Renaissance Period1592 Words Ã |Ã 7 PagesThe Renaissance Sides 1 The Renaissance period was between 1400-1600 century. It began in Italy and spread to the rest of Europe. The Renaissance time is were self paintings mostly came from. In most of the painting the people were nude. They started making the painting 3D. There are many things about the Renaissance. Renaissance means born a new. The concept enshrined in the world of Renaissance is actually one of rebirth. It was considered the beginning of modern history. The High RenaissanceRead MoreThe Renaissance Period3406 Words Ã |Ã 14 PagesThe argument being put forward in this dissertation is that the Renaissance in Europe, with specific emphasis on Italy, during the 15th Century, was the most influential period in developing the Ã¢â¬Ëearly modernÃ¢â¬â¢ human society. Many believe that this was due to its almost perfect location between Western Europe and the Eastern shore of the Mediterranean. By analysing various factors and sources, as well as different aspects of society, for example political factors and the views of contemporary textsRead MoreThe Renaissance Period1455 Words Ã |Ã 6 PagesThe Renaissance period, also known as the time of Ã¢â¬Å"rebirthÃ¢â¬ , brought many new ideas from the early 14th to late 16th century. These ideas derived from old medieval beliefs coinciding with new modernist attitudes (Ã¢â¬Å"Basic Ideas of the Renaissance,Ã¢â¬ 2012). Of the many changes that occurred, politics and power, humanism, and the Protestant Reformation predominated. Many desired a strong central government and an end to feudalism, which gave way for the establishment of monarchies (Ã¢â¬Å"Introduction to RenaissanceRead MoreThe Renaissance Period836 Words Ã |Ã 4 PagesThe Renaissance Period The term Renaissance comes from the French word rebirth. The Renaissance was a period of European history, considered by modern scholars that occurred between 1300 and 1600. Many dramatic changes happened during the Renaissance. The Renaissance was a period of new inventions and beliefs. This period of time was drastically different from the Middle Ages. During the Middle Ages the church had most of the power and its economy was based primarily on agriculture. ExplorationRead MoreThe Renaissance, Renaissance And The Renaissance Period775 Words Ã |Ã 4 Pages Renaissance is a time period that starts a transitional cultural movement in Europe between medieval times and modern times. It means rebirth and begins in 14th century and lasts into the 17th century. Through out this time, many aspects were influenced by this cultural movement, such as art, music, science, religion and politics. Renaissance was marked by the humanistic revival, and people in Europe used this method in study, in order to searched for realism and human themselves in art.Read MoreThe Renaissance Period1254 Words Ã |Ã 6 PagesThe Renaissance started in Italy during the 1300Ã¢â¬â¢s before spreading throughout Europe in the 1500 and 1600Ã¢â¬â¢s. It came about because of a change in the way of thinking. In an effort to learn, people began to want to understand the world around them. This study of the world and how it works was the start of a new age of science. Ã¢â¬Å"The people were curious and questioned the known wisdom of the church. They began to use experimentation and observation to solve worldly problemsÃ¢â¬ . (Johnson). ManyRead MoreRenaissance Art : The Renaissance Period867 Words Ã |Ã 4 PagesRenaissance Art The Renaissance time period was home to many new ideas in art. This includes new artists bringing forth ideas that had yet to be discovered and made popular. New themes and types of art were also being brought forward during this period. Numerous artists had to of been present to make Renaissance art the way it is. Some of the worldÃ¢â¬â¢s most famous artists were working during this time period, including Leonardo da Vinci, and other artists like Sandro Botticelli and Lorenzo GhibertiRead MoreThe Baroque And The Renaissance Period947 Words Ã |Ã 4 PagesThe Art period went through many different transitional phases to become what it is now, but the most famous of these phases are the Baroque and the Renaissance period. During the Renaissance saw the appearance of the Ã¢â¬Å"rebirthÃ¢â¬ of its country. the painters use realistic portrayals of nature and the human figure by artists that were inspired by the ancient Greek and Roman art and culture. However, during the Baroque creative phase,the artwork that seemed to be unrealistic, clear and produced many
Thursday, May 7, 2020
The death penalty raises important questions about the right to life, who has a right to life, and under what circumstances a right to life can be taken away. I believe there are no circumstances under which capital punishment is justified. I will proceed to defend my claim that capital punishment is unjustified by arguing a position that killing is wrong because it deprives individuals of valuable futures. To support my thesis that capital punishment is not justified, I will expand upon an argument made my Don Marquis in his essay Ã¢â¬Å"Why Abortion is ImmoralÃ¢â¬ in which he argues that killing is immoral on the grounds that it deprives human beings of a valuable future. My argument is as follows: 1. Killing is wrong because it deprives theÃ¢â¬ ¦show more contentÃ¢â¬ ¦The outside factors and conditions are irrelevant. Rather, the value is determined by how that person perceives his or her own life and these future experiences. Thus, when someone is killed, he or she is deprived of all the things that were of value and will be of value to him or her in the future. Causing this loss of a valuable future is ultimately what makes killing wrong and immoral because that individual has permanently lost the opportunity to enjoy his or her future experiences which are valuable to him or her. My second premise states that death row criminals are in the same moral category as other human beings with respect to the moral value of their lives. The only factor which differentiates a criminal from a non-criminal is the fact that the criminal, usually irrefutably, violated community standards and the law to commit a crime. In the case of a criminal on death row, he or she would have had to have committed a serious capital crime to receive the death sentence. Since committing a capital offense is the only reason death row criminals are different from other human beings, death row criminals are the same as other human beings in every other respect, including with respect to the value of their futures. Furthermore, the future of a criminal on death row is just as valuable as the future of a human being not on death row. Any form of capital punishment is a form of killing. It does not matter who is actually doing theShow MoreRelatedThe Debate On Death Penalty1447 Words Ã |Ã 6 PagesThe debate on death penalty In her book Last Words From Death Row: The Walls Unit, Norma Herrera writes about the tribulations she and her family went through while trying to free her brother, Leonel, from the death row. Despite showing glaring and overwhelming evidence claiming his innocence, Leonel was sentenced to death for a crime that he did not commit. His last words to the world were, Ã¢â¬Å"I am innocent, innocent, innocent. I am an innocent man, and something very wrong is taking place tonightRead MoreDeath Penalty Debate2037 Words Ã |Ã 9 PagesDeath Penalty Debate Paper BCOM/275 The death penalty is an issue that has continually created conflict in todayÃ¢â¬â¢s society. Many people arguing whether or not the death penalty should exist. WhoÃ¢â¬â¢s to say whether the death penalty is a form of justice and therefore a valid and appropriate punishment or whether it is a Ã¢â¬Å"cruel and unusualÃ¢â¬ form of punishment. Ã¢â¬Å"The Arizona Supreme Court threw out the death sentences for a Tucson man who bludgeoned his girlfriend and her two childrenRead MoreThe Debate On The Death Penalty1597 Words Ã |Ã 7 PagesThe debate on the death penalty has been the ongoing question for generations. There are plenty of different sides to take on this issue. You have the side where some people think that putting prisoners to death is inhumane and that no matter what they did putting a human to death is wrong. While others may think that if the crime is extreme enough that the prisoner who committed this crime should pay for it with their own life. Throughout history there have been several instances where prisonersRead MoreThe Debate On The Death Penalty1892 Words Ã |Ã 8 PagesDeath Penalty The debate on if the death penalty is ethical is something that is a long-standing debate depending on what side of the issue you are on. Both sides of this issue have their points yet there are always things about the issue that kept it in the forefront. The right to life is taken for granted without thinking twice, however, due to the laws of this country the freedom we take for granted can be taken away with the mistakes we made. Looking at both sides of the issue gives insightRead MoreDeath Penalty Debate Essay1235 Words Ã |Ã 5 Pagescontroversial debate over the death penalty has been going on for a very long time and still has no conclusive solution. In the United States that is, most of the rest of the civilized world has done away with the death penalty a long time ago. Many people have different views on this issue. Although, there is a consensus that heinous murders need to be severely punished, there is no consensus on the choice of that punished. The debate over the proper punishment lies between the death penalty and lifeRead MoreIntroduction Of The Death Penalty Debate1523 Words Ã |Ã 7 PagesIntroduction to the Death Penalty Debate It was said by an Iowa State Supreme Court justice in the 1840s, Ã¢â¬Å"Crime indicates a diseased mind in the same manner that sickness and pain do a diseased body. And as in the one case we provide hospitals for the treatment of severe and contagious diseases, so in the other, prisons and asylums should be provided for similar reasonsÃ¢â¬ (Banner, 2002, p.118). Individuals who have committed crimes serve their sentences and punishments, or are Ã¢â¬Å"treatedÃ¢â¬ , in prisonsRead More The Death Penalty Debate Essay1041 Words Ã |Ã 5 PagesThe Death Penalty Debate The issue of the death penalty is widely disputed. So disputed that maybe I shouldnÃ¢â¬â¢t have picked this topic. But nevertheless, the death penalty is an issue that needs to be addressed. Should the death penalty be abolished from our criminal justice system? Well, that depends on whom you ask. If you ask meÃ¢â¬ ¦ no. I personally donÃ¢â¬â¢t see anything wrong with the death penalty because there are a lot of criminals that are just too dangerous to society and death is the onlyRead MoreThe Death Penalty Debate Essay746 Words Ã |Ã 3 PagesThe Death Penalty Debate To kill or not to kill. That is the question. Some people think it is wrong; however, a close look into the matter will show it is the right thing to do. The Bible states thou shall not kill but it also states an eye for eye. The death penalty is the worst and most deserved punishment for those who choose to take a life. There is no excuse for a life to be taken; therefore, the murderer should be punished to the full extent. Imagine a lovedRead MoreThe Debate Over Death Penalty1618 Words Ã |Ã 7 PagesProfessor Reiner Writing 39C 7/20/16 Debates over Death Penalty in the United States The issue of death penalty today is a popular topic for numerous public and scholarly discussions. The death penalty has a long and distinguished history in the United States, as it has been around in some formÃ¢â¬âeither official or otherwiseÃ¢â¬âsince the beginning of American society. America originally adopted the British justice system, with hundreds of crimes being punishable by death. Slowly but surely, states beganRead MoreThe Death Penalty Debate Essay978 Words Ã |Ã 4 PagesThe death penalty seems to be a very debatable subject. There are arguments and support for both sides of the debate, but which side is right? That is a tough question to ask. After reading the article in the textbook, two other articles, and looking at statistics, I seem to feel that the death penalty may not be the right answer. The article in the textbook The Death Penalty in the United States and Worldwide was fairly informative. One of the points it brought up was the cost of life without
Wednesday, May 6, 2020
What does Lynda ParryÃ¢â¬â¢s comic strip suggest about children and drawing? What do they enjoy about it? Why might they suddenly stop drawing? What does Barry seem to be saying about the creative process In general? I believe that children love the Idea of drawing whatever Is on their mind. If something pops up, they could express themselves by drawing whatever It Is. Barry Is trying to say that children should draw no matter what happens. We will write a custom essay sample on Discussion-Reflections and Responses or any similar topic only for you Order Now There may be times where they second guess homeless and that will have an effect on the final outcome. Children may suddenly stop drawing because they are being criticized by other students or even their teacher. Being criticized may bring them down and can have a negative feeling on them. By doing so, they will feel that art is not for them and not want to draw anymore. 2. What are the Ã¢â¬Å"two questions,Ã¢â¬ and how are they visualized throughout the comic strip? What does their appearance suggest about them? What is their connection to Ã¢â¬Å"goodÃ¢â¬ drawings and Ã¢â¬Å"badÃ¢â¬ drawings? What do you think the octopus-like creature is meant to suggest? What is the significance of the repeated phrase Ã¢â¬Å"donÃ¢â¬â¢t knowÃ¢â¬ ? Two Questions is a comic strip about Lynda Barry and the art of cartons and drawing. This writer/artist had times of troubles that made her a better person. Ã¢â¬Å"Is it good,Ã¢â¬ Ã¢â¬Å"Does it suck,Ã¢â¬ were the two questions that were asked every time she had drawn something. Barry wanted to be a good artist, but she had her doubts about herself. She had to try and figure out the answers to her questions, but instead she shows objects and creatures that are trying to pull her down. For example, on page 66 there Is a picture of a creature that says Ã¢â¬Å"Man the torpedoes sheÃ¢â¬â¢s getting closer. Ã¢â¬ There are four different torpedoes that explain four different names: moron, genius, stupid, and brilliant. This signifies that she Is getting closer to the answer of these two questions. 3. Consider Ã¢â¬Å"Two QuestionsÃ¢â¬ not as an Illustrated personal essay but as an amalgam of verbal and visual craft Intended as a unified creative process. Explain how Barry achieves this Integration of word, Image, and concept. How does she go about making drawing Inseparable from Its language? Barry achieves the Integration f everything by putting them all as one. Through word and Images a story comes about. She Illustrates what she Is felling and everything that Is on her mind. She sticks with one concept throughout the whole essay, which is drawing. The two word, image, and concept Barry came out with an meaningful essay that teaches a lesson. Peer Review What I learned from this paper is that kids like to think a lot and are also very creative when it comes drawing. I like how the author says that when she was younger she would Just make a few lines and the next thing you know she was drawing and she also says that every kid understands the concept behind that, it is something that doesnÃ¢â¬â¢t not have to be taught to them they Just know how to draw. Kids will draw Just about anything monsters and even funny looking people. Brandon does a great Job of formulating his thoughts and answering the questions that were asked for this assignment. He referred to the text explicitly to give the reader an idea of what the Ã¢â¬Å"Two QuestionsÃ¢â¬ was about. He also mentioned the authorÃ¢â¬â¢s name at appropriate times and gave his own interpretation of the text and does a great Job of answering the questions required for this assignment. How to cite Discussion-Reflections and Responses, Papers
Monday, April 27, 2020
Raising Capital in the Financial Markets Essay CHAPTER 14 Raising Capital in the Financial Markets CHAPTER ORIENTATION This chapter considers the market environment in which long-term capital is raised. The underlying rationale for the existence of security markets is presented, investment banking services and procedures are detailed, private placements are discussed, and security market regulation is reviewed. CHAPTER OUTLINE I. The mix of corporate securities sold in the capital market. A. When corporations raise cash in the capital market, what type of financing vehicle is most favored? The answer to this question is corporate bonds. The corporate debt markets clearly dominate the corporate equity markets when new (external) funds are being raised. B. From our discussion on the cost of capital, we understand that the U. S. tax system inherently favors debt as a means of raising capital. During the 1999-2001 period, bonds and notes accounted for about 76. 9 percent of new corporate securities sold for cash. II. Why financial markets exist A. Financial markets consist of institutions and procedures that facilitate transactions in all types of financial claims. B. Some economic units spend more than they earn during a given period of time. Some economic units spend less than they earn. Accordingly, a mechanism is needed to facilitate the transfer of savings from those economic units that have a savings surplus to those that have a savings deficit. Financial markets provide such a mechanism. C. The function of financial markets then is to allocate savings in an economy to the ultimate demander (user) of the savings. D. If there were no financial markets, the wealth of an economy would be lessened. Savings could not be transferred to economic units, such as business firms, which are most in need of those funds. III. We will write a custom essay sample on Raising Capital in the Financial Markets specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Raising Capital in the Financial Markets specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Raising Capital in the Financial Markets specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Financing business: The movement of funds through the economy. A. In a normal year the household sector is the largest net supplier of funds to the financial markets. We call the household sector then a savings-surplus sector. 1. The household sector can also be a savings-deficit sector. 2. From 1995 Ã¢â¬â 1999, the household sector was a net user of financial capital as a result of taking advantage of low interest rate mortgages. B. In contrast, the nonfinancial business sector is typically a savings-deficit sector. 1. The nonfinancial business sector can also be a savings-surplus sector. . Economic conditions and corporate profitability influence the ability of this sector to provide funds to the financial market. C. In recent years, the foreign sector has become a major savings-surplus sector. D. Within the domestic economy, the nonfinancial business sector is dependent on the household sector to finance its investment needs. E. The movement of savings through the economy occur s in three distinct ways: 1. The direct transfer of funds 2. Indirect transfer using the investment banker 3. Indirect transfer using the financial intermediary IV. Components of the U. S. financial market system A. Public offerings can be distinguished from private placements. 1. The public (financial) market is an impersonal market in which both individual and institutional investors have the opportunity to acquire securities. a. A public offering takes place in the public market. b. The security-issuing firm does not meet (face-to-face) the actual investors in the securities. 2. In a private placement of securities, only a limited number of investors have the opportunity to purchase a portion of the issue. a. The market for private placements is more personal than its public counterpart. b. The specific details of the issue may actually be developed on a face-to-face basis among the potential investors and the issuer. c. Venture capital (1)Start-up firms often turn to venture capitalists to raise funds. (a)Broader public markets find these firms too risky. (b)Venture capitalists are willing to accept the risks because of an expectation of higher returns. (1)Venture capital firms that acquire equity in a start-up firm manage risk by sitting on the firmÃ¢â¬â¢s board of directors r actively monitoring managementÃ¢â¬â¢s activities. (2)Venture capital is often provided by established non-venture-capitalist firms that take a minority investment position in an emerging firm or create a separate venture capital subsidiary. (a)The investment approach allows the established firm to gain access to new technology and to create strategic alliances. (b)The subsidiary approach allows the established firm to retain human and intellectual capital. B. Primary markets can be distinguished from secondary markets. 1. Securities are first offered for sale in a primary market. For example, the sale of a new bond issue, preferred stock issue, or common stock issue takes place in the primary market. These transactions increase the total stock of financial assets in existence in the economy. 2. Trading in currently existing securities takes place in the secondary market. The total stock of financial assets is unaffected by such transactions. C. The money market can be distinguished from the capital market. 1. The money market consists of the institutions and procedures that provide for transactions in short-term debt instruments which are generally issued by borrowers who have very high credit ratings. . Short-term means that the securities traded in the money market have maturity periods of not more than 1 year. b. Equity instruments are not traded in the money market. c. Typical examples of money market instruments are (l) U. S. Treasury bills, (2) federal agency securities, (3) bankers acceptances, (4) negotiable certificates of deposit, and (5) commercial paper. 2. The capital market consists of the institutions and procedures that provide for transactions in long-term financial instruments. This market encompasses those securities that have maturity periods extending beyond 1 year. D. Organized security exchanges can be distinguished from over-the-counter markets. 1. Organized security exchanges are tangible entities whose activities are governed by a set of bylaws. Security exchanges physically occupy space and financial instruments are traded on such premises. a. Major stock exchanges must comply with a strict set of reporting requirements established by the Securities and Exchange Commission (SEC). These exchanges are said to be registered. b. Organized security exchanges provide several benefits to both corporations and investors. They (l) provide a continuous market, (2) establish and publicize fair security prices, and (3) help businesses raise new financial capital. c. A corporation must take steps to have its securities listed on an exchange in order to directly receive the benefits noted above. Listing criteria differ from exchange to exchange. 2. Over-the-counter markets include all security markets except the organized exchanges. The money market is a prominent example. Most corporate bonds are traded over-the-counter. . NASDAQ, a telecommunication system providing an information link among brokers and dealers in the OTC markets, accounted for 43% of the national exchange equity market trading in the U. S. , measured in dollar volume for the year 1998. Nasdaq Stock Market, Inc. trades securities of over 3,600 public companies as of 2002. V. The Investment Banker A. The investment banker is a financial specialist wh o acts as an intermediary in the selling of securities. The investment banker works for an investment banking house (firm). B. Three basic functions are provided by the investment banker: 1. The investment banker assumes the risk of selling a new security issue at a satisfactory (profitable) price. This is called underwriting. Typically, the investment banking house, along with the underwriting syndicate, actually buys the new issue from the corporation that is raising funds. The syndicate (group of investment banking firms) then sells the issue to the investing public at a higher (hopefully) price than it paid for it. 2. The investment banker provides for the distribution of the securities to the investing public. 3. The investment banker advises firms on the details of selling securities. C. Several distribution methods are available for placing new securities into the hands of final investors. The investment bankers role is different in each case. 1. In a negotiated purchase, the firm in need of funds contacts an investment banker and begins the sequence of steps leading to the final distribution of the securities that will be offered. The price that the investment banker pays for the securities is negotiated with the issuing firm. 2. In a competitive-bid purchase, the investment banker and underwriting syndicate are selected by an auction process. The syndicate willing to pay the greatest dollar amount per new security to the issuing firm wins the competitive bid. This means that it will underwrite and distribute the issue. In this situation, the price paid to the issuer is not negotiated; instead, it is determined by a sealed-bid process much on the order of construction bids. 3. In a commission (or best-efforts), offering the investment banker does not act as an underwriter but rather attempts to sell the issue in return for a fixed commission on each security that is actually sold. Unsold securities are simply returned to the firm hoping to raise funds. . In a privileged subscription, the new issue is not offered to the investing public. It is sold to a definite and limited group of investors. Current stockholders are often the privileged group. 5. In a direct sale, the issuing firm sells the securities to the investing public without involving an investment banker in the process. This is not a typical procedure. VI. More o n Private placements: The Debt Side A. Each year billions of dollars of new securities are privately (directly) placed with final investors. In a private placement, a small number of investors purchase the entire security offering. Most private placements involve debt instruments. B. Large financial institutions are the major investors in private placements. These include (l) life insurance firms, (2) state and local retirement funds, and (3) private pension funds. C. The advantages and disadvantages of private placements as opposed to public offerings must be carefully evaluated by management. 1. The advantages include (a) greater speed than a public offering in actually obtaining the needed funds, (b) lower flotation costs than are associated with a public issue, and (c) increased flexibility in the financing contract. 2. The disadvantages include (a) higher interest costs than are ordinarily associated with a comparable public issue, (b) the imposition of restrictive covenants in the financing contract, and (c) the possibility that the security may have to be registered some time in the future at the lenders option. VII. Flotation costs A. The firm raising long-term capital typically incurs two types of flotation costs: (l) the underwriters spread and (2) issuing costs. The former is typically the larger. 1. The underwriters spread is the difference between the gross and net proceeds from a specific security issue. This absolute dollar difference is usually expressed as a percent of the gross proceeds. 2. Many components comprise issue costs. The two most significant are (l) printing and engraving and (2) legal fees. For comparison purposes, these are usually expressed as a percent of the issues gross proceeds. B. SEC data reveal two relationships about flotation costs. 1. Issue costs (as a percent of gross proceeds) for common stock exceed those of preferred stock, which exceed those of bonds. 2. Total flotation costs per dollar raised decrease as the dollar size of the security issue increases. VIII. Regulation A. The primary market is governed by the Securities Act of 1933. 1. The intent of this federal regulation is to provide potential investors with accurate and truthful disclosure about the firm and the new securities being sold. 2. Unless exempted, the corporation selling securities to the public must register the securities with the SEC. 3. Exemptions allow follow for a variety of conditions. For example, if the size of the offering is small enough (less than $1. 5 million), the offering does not have to be registered. If the issue is already regulated or controlled by some other federal agency, registration with the SEC is not required. Railroad issues and public utility issues are examples. 4. If not exempted, a registration statement is filed with the SEC containing particulars about the security-issuing firm and the new security. 5. A copy of the prospectus, a summary registration statement, is also filed. It will not yet have the selling price of the security printed on it; it is referred to as a red herring and called that until approved by the SEC. 6. If the information in the registration statement and prospectus is satisfactory to the SEC, the firm can proceed to sell the new issue. If the information is not satisfactory, a stop order is issued which prevents the immediate sale of the issue. Deficiencies have to be corrected to the satisfaction of the SEC before the firm can sell the securities. 7. The SEC does not evaluate the investment quality of any issue. It is concerned instead with the presentation of complete and accurate information upon which the potential investor can act. B. The secondary market is regulated by the Securities Exchange Act of 1934. This federal act created the SEC. It has many aspects. 1. Major security exchanges must register with the SEC. 2. Insider trading must be reported to the SEC. 3. Manipulative trading that affects security prices is prohibited. 4. Proxy procedures are controlled by the SEC. 5. The Federal Reserve Board has the responsibility of setting margin requirements. This affects the proportion of a security purchase that can be made via credit. C. The Securities Acts Amendments of 1975 touched on three important issues. 1. Congress mandated the creation of a national market system (NMS). Implementation details of the NMS were left to the SEC. Agreement on the final form of the NMS is yet to come. 2. Fixed commissions (also called fixed brokerage rates) on public transactions in securities were eliminated. 3. Financial institutions, like commercial banks and insurance firms, were prohibited from acquiring membership on stock exchanges where their purpose in so doing might be to reduce or save commissions on their own trades. D. In March 1982, the SEC adopted Rule 415. This process is now known as a shelf registration or a shelf offering. . This allows the firm to avoid the lengthy, full registration process each time a public offering of securities is desired. 2. In effect, a master registration statement that covers the financing plans of the firm over the coming two years is filed with the SEC. After approval, the securities are sold to the investing public in a piecemeal fashion or off the shelf. 3. Prior to each specific offering, a short statement about the iss ue is filed with the SEC. E. Congress passed in July 2002 the Public Company Accounting Reform and Investor Protection Act. The short name for the act became the Sarbanes-Oxley Act of 2002. 1. The Sarbanes-Oxley Act was passed as the result of a large series of corporate indiscretions. 2. The act contains 11 Ã¢â¬Å"titlesÃ¢â¬ which tightened significantly the latitudes given to corporate advisors (like accountants, lawyers, company officers, and boards of directors) who have access to or influence company decisions. 3. The initial title of the act created the Public Company Accounting Oversight Board. This boardÃ¢â¬â¢s purpose is to regulate the accounting industry relative to public companies that they audit. Members are appointed by the SEC. . As recently June of 2003, the oversight board itself published a set of ethics rules to police its own set of activities. IX. The Multinational Firm: Efficient Financial Markets and Intercountry Risk A. The United StatesÃ¢â¬â¢ highly developed, complex and competitive financial markets facilitate the transfer of savings from the saving-surplus sector to the saving-deficit sector. B. Multinational firms are reluctant to invest in countries with ineffective financial systems. 1. Financial and political systems lacking integrity will often be rejected for direct investment by multinational firms. . Countries that experience significant devaluation of its currency may also be considered too risky for investment. ANSWERS TO END-OF-CHAPTER QUESTIONS 14-1. Financial markets are institutions and procedures that facilitate transactions in all types of financial claims. Financial markets perform the function of allocating savings in the economy to the ultimate demander(s) of the savings. Without these financial markets, the total wealth of the economy would be lessened. Financial markets aid the rate of capital formation in the economy. 14-2. A financial intermediary issues its own type of security which is called an indirect security. It does this to attract funds. Once the funds are attracted, the intermediary purchases the financial claims of other economic units in order to generate a return on the invested funds. A life insurance company, for example, issues life insurance policies (its indirect security) and buys corporate bonds in large quantities. 14-3. The money market consists of all institutions and procedures that accomplish transactions in short-term debt instruments issued by borrowers with (typically) high credit ratings. Examples of securities traded in the money market include U. S. Treasury Bills, bankersÃ¢â¬â¢ acceptances, and commercial paper. Notice that all of these are debt instruments. Equity securities are not traded in the money market. It is entirely an over-the-counter market. On the other hand, the capital market provides for transactions in long-term financial claims (those claims with maturity periods extending beyond one year). Trades in the capital market can take place on organized security exchanges or over-the-counter markets. 14-4. Organized stock exchanges provide for: (1)A continuous market. This means a series of continuous security prices is generated. Price changes between trades are dampened, reducing price volatility, and enhancing the liquidity of securities. (2)Establishing and publicizing fair security prices. Prices on an organized exchange are determined in the manner of an auction. Moreover, the prices are published in widely available media like newspapers. (3)An aftermarket to aid businesses in the flotation of new security issues. The continuous pricing mechanism provided by the exchanges facilitates the determination of offering prices in new flotations. The initial buyer of the new issue has a ready market in which he can sell the security should he need liquidity rather than a financial asset. 14-5. The criteria for listing can be labeled as follows: (1) profitability; (2) size; (3) market value; (4) public ownership. 14-6. Most bonds are traded among very large financial institutions. Life insurance companies and pension funds are typical examples. These institutions deal in large quantities (blocks) of securities. An over-the-counter bond dealer can easily bring together a few buyers and sellers of these large quantities of bonds. By comparison, common stocks are owned by millions of investors. The organized exchanges are necessary to accomplish the fragmented trading in equities. 14-7. The investment banker is a middleman involved in the channeling of savings into long-term investment. He performs the functions of: (1) underwriting; (2) distributing; (3) advising. By assuming underwriting risk, the investment banker and his syndicate purchase the securities from the issuer and hope to sell them at a higher price. Distributing the securities means getting those financial claims into the hands of the ultimate investor. This is accomplished through the syndicates selling group. Finally, the investment banker can provide the corporate client with sound advice on which type of security to issue, when to issue it, and how to price it. 14-8. In a negotiated purchase, the corporate security issuer and the managing investment banker negotiate the price that the investment banker will pay the issuer for the new offering of securities. In a competitive-bid situation, the price paid to the corporate security issuer is determined by competitive (sealed) bids, which are submitted by several nvestment banking syndicates hoping to win the right to underwrite the offering. 14-9. Investment banking syndicates are established for three key reasons: (1) the investment banker who originates the business probably cannot afford to purchase the entire new issue himself; (2) to spread the risk of loss among several underwriters; (3) to widen the distribution network. 14-10. Several positive benefits are associated with p rivate placements. The first is speed. Funds can be obtained quickly, primarily due to the absence of a required registration with the SEC. Second, flotation costs are lower as compared to public offerings of the same dollar size. Third, greater financing flexibility is associated with the private placement. All of the funds, for example, need not be borrowed at once. They can be taken over a period of time. Elements of the debt contract can also be renegotiated during the life of the loan. 14-11. As a percent of gross proceeds, flotation costs are inversely related to the dollar size of the new issue. Additionally, common stock is more expensive to issue than preferred stock, which is more expensive to issue than debt. 4-12. The answer on this is clear. The corporate debt markets dominate the corporate equity markets when new funds are raised. The tax system of the U. S. economy favors debt financing by making interest expense deductible from income when computing the firms federal tax liability. Consider all corporate securities offered for cash over the period 1999-2001. The percentage of the total represented by bond s and notes was 76. 9 percent compared to 23. 1 percent equity. 14-13. The household sector is the largest net supplier of savings to the financial markets. Foreign financial investors have recently been net suppliers of savings to the financial markets. On the other hand, the nonfinancial corporate business sector is most often a savings-deficit sector. The U. S. Government sector too is a deficit sector in most years. 14-14. First, there may be a direct transfer of savings from the investor to the borrower. Second, there may be an indirect transfer that used the services provided by an investment banker. Third, there may be an indirect transfer that uses the services of a financial intermediary. Private pension funds and life insurance companies are prominent examples of the latter case.
Thursday, March 19, 2020
Biography of John Adams, 2nd United States President John Adams (October 30, 1735Ã¢â¬âJuly 4, 1826) served as Americas second president and was one of the founding fathers of the American republic. While his time as president was rife with opposition, he was able to keep the new country out of a war with France. Fast Facts: John Adams Known For: Founding father of the American Revolution and United States; second U.S. President, after George WashingtonBorn: October 30, 1735 in the Massachusetts Bay ColonyParents: John and Susanna Boylston AdamsDied:Ã July 4, 1826 in Quincy, MassachusettsEducation: Harvard CollegePublished Works: The Autobiography of John AdamsSpouse: Abigail Smith (m. October 25, 1764)Children: Abigail, John Quincy (the sixth president), Charles, and Thomas Boylston Early Life John Adams was born on October 30, 1735, in the Massachusetts Bay Colony to John Adams and his wife Susanna Boylston. The Adams family had been in Massachusetts for five generations, and the elder John was a farmer who had been educated at Harvard and was a deacon at BraintreeÃ¢â¬â¢s First Congregational Church and a selectman for the town of Braintree. The younger John was the oldest of three children: his brothers were namedÃ Peter Boylston and Elihu. Johns father taught his son to read before sending him to a local school run by their neighbor Mrs. Belcher. John next attended Joseph Cleverlys Latin school and then studied under Joseph Marsh before becoming a student at Harvard College in 1751 at the age of 15, graduating in four years. After leaving Harvard, Adams worked as a teacher but decided instead to take up the law. He trained under Judge James Putnam (1725Ã¢â¬â1789), another Harvard man, who would eventually serve as attorney general of Massachusetts. Adams was admitted to the Massachusetts bar in 1758. Marriage and Family OnÃ October 25, 1764, John Adams marriedÃ Abigail Smith, the high-spirited daughter of a Brookline minister. She was nineÃ years younger than Adams, loved reading, and built an abiding and tender relationship with her husband, evidenced by their surviving letters. Together they had six children, four of whom lived to adulthood: Abigail (called Nabby), John Quincy (the sixth president), Charles, and Thomas Boylston. Career Before the Presidency Two of Adams most influential cases were the successful defense of the British soldiers involved in the Boston Massacre (1770). He defended both the commanding officer, Captain Preston, winning a complete acquittal for him, and his eight soldiers, six of whom were acquitted. The remaining two were found guilty but were able to escape execution by praying the benefit of clergy, a medieval loophole. Never a fan of the British- Adams took the case in the cause of justice- his experiences with the Boston Massacre trials would begin Adams journey towards accepting that the colonies would need to separate from Britain.Ã From 1770Ã¢â¬â1774, Adams served in the Massachusetts legislature and was then elected a member of the Continental Congress. He nominated George Washington to be Commander-in-Chief of the army and was part of the committee that worked to draft the Declaration of Independence. Diplomatic Efforts In 1778 during the early days of the war for independence, Adams served as a diplomat to France alongside Benjamin Franklin and Arthur Lee but found himself out of place. He returned to the U.S. and served in the Massachusetts Constitutional Convention before being sent to the Netherlands on another diplomatic mission negotiating trade agreements from 1780 to 1782. From there, he returned to France and with Franklin and John Jay created the Treaty of Paris (1783) officially ending the American Revolution. From 1785Ã¢â¬â1788 he was the first American minister to visit Great Britain. He later served as vice president to Washington, the nations first president, from 1789 to 1797. Election of 1796 As Washingtons vice president, Adams was the next logical Federalist candidate for the presidency. He was opposed by Thomas Jefferson in a fierce campaign, causing a political rift between the old friends that lasted the rest of their lives. Adams was in favor of a strong national government and felt France was a greater concern to national security than Britain, while Jefferson felt the opposite. At that time, whoever received the most votes became president, and whoever came in second became Vice President. John Adams received 71 electoral votes and Jefferson 68. France and the XYZ Affair One of Adams major accomplishments during his presidency was to keep America out of a war with France and normalize relations between the two countries. When he became president, relations were strained between the United States and France mainly because the French were conducting raids on American ships. In 1797, Adams sent three ministers to try to work things out. The French would not accept them and instead, French Minister Talleyrand sent three men to ask for $250,000 in order to resolve their differences. This event became known as theÃ XYZ Affair, causing a great public uproar in the United States against France. Adams acted quickly, sending another group of ministers to France to try to preserve the peace. This time they were able to meet and come to an agreement that allowed the U.S. to be protected on the seas in exchange for granting France special trading privileges. During the ramp-up to a possible war, Congress passed theÃ repressive Alien and Sedition Acts, which consisted of four measures designed to limit immigration andÃ free speech. Adams used them to censor and repress criticisms against the government- specifically the Federalist Party. Marbury vs. Madison John Adams spent the last few months of his term in office in the new, unfinished mansion in Washington, D.C. that would eventually be called the White House. He did not attend Jeffersons inauguration and instead spent his last hours in office appointing numerous Federalist judges and other officeholders based on the Judiciary Act of 1801. These would be known as the midnight appointments. Jefferson removed many of them, and theÃ Supreme CourtÃ caseÃ Marbury vs. MadisonÃ (1803) ruled the Judiciary Act was unconstitutional, resulting in the right ofÃ judicial review. Adams was unsuccessful in his bid for reelection, opposed not only by the Democratic-Republicans under Jefferson but also byÃ Alexander Hamilton. A Federalist, Hamilton actively campaigned against Adams in hopes that vice presidential nominee Thomas Pinckney would win. However, Jefferson won the presidency and Adams retired from politics. Death and Legacy After losing the presidency, John Adams returned home to Quincy, Massachusetts. He spent his time learning, writing his autobiography, and corresponding with old friends. That included mending fences with Thomas Jefferson and beginning a vibrant letter friendship. He lived to see his son John Quincy Adams become president. He died at his home in Quincy on July 4, 1826, within a few hours of the death of Thomas Jefferson. John Adams was an important figure throughout the revolution and the early years of the United States. He and Jefferson were the only two presidents who had been members of the founding fathers and signed the Declaration of Independence. The crisis with France dominated most of his time in office, as he was faced with opposition to actions he took concerning France from both parties. However, his perseverance allowed the fledgling United States to avoid war, giving it more time to build and grow. Sources Adams, John. 1807. The Autobiography of John Adams. Massachusetts Historical Society.Grant, James. John Adams: Party of One. Farrar, New York: Straus and Giroux, 2005.McCullough, David. John Adams. New York: Simon and Schuster, 2001.Farrell, James M., and John Adams. John Adamss Autobiography: The Ciceronian Paradigm and the Quest for Fame. The New England Quarterly 62.4 (1989): 505-28.Smith, Page. John Adams, Volume I 1735-1784; Volume II 1784-1826. New York: Doubleday, 1962.John Adams: Biography. John Adams Historical Society 2013.
Monday, March 2, 2020
Spanish Indirect-Object Pronouns Spanish verbs can be accompanied by direct and indirect objects. A direct object is the noun or pronoun that the verb acts directly on, while an indirect object is the person affected by the action but not acted directly upon. So in a sentence such as I see Sam, Sam is the direct object of see because Sam is the object that is seen. But in a sentence such as I am writing Sam a letter, Sam is the indirect object. The item being written is letter, so letter is the direct object. Sam is the indirect object as one who is affected by the verbs action on the direct object. Spanish Differentiates Betweem Direct and Indirect Objects If youre learning Spanish, the distinction can be important to make because Spanish, unlike English, sometimes uses different pronouns for direct and indirect objects. It is also important to note that many Spanish sentences use indirect-object pronouns where a different construction is used in English. For example, me pintÃ ³ la casa would typically be translated as he painted the house for me. In fact, one sign of an indirect object in English is that it usually can be understood, to use me as an example, as for me or to me. For instance, he bought her the ring is the same as he bought the ring for her. In that first sentence, her is an indirect object. (The Spanish equivalent would be Ã ©l le comprÃ ³ el anillo.) Here are the indirect-object pronouns along with their English equivalents and examples of their uses: me - me - Juan me da una camisa. (John is giving me a shirt.)te - you (singular familiar) - Juan te da una camisa. (John is giving you a shirt.)le - you (singular formal), him, her - Juan le da una camisa a usted. (John is giving you a shirt.)Ã Juan le da una camisa a Ã ©l.Ã (John is giving him a shirt.)Ã Juan le da una camisa a ella.Ã (John is giving her a shirt.)nos - us - MarÃ a nos da unas camisas. (Mary is giving us some shirts.)os - you (plural familiar) - MarÃ a os da unas camisas. (Mary is giving you some shirts.)les - you (plural formal), them - MarÃ a les da unas camisas. (Mary is giving you some shirts, or Mary is giving them some shirts.) Note that the direct-object and indirect-object pronouns are identical in the first and second persons. Where they differ is in the third person, where the only indirect objects (except in what is usually considered substandard speech) are le and les. Using Indirect Objects in Special Cases As some of the above examples indicate, an indirect-object pronoun is used whenever a sentence includes an indirect object, even though a pronoun might not be used in English. A further clause can be added for clarity or emphasis, but, unlike in English, an indirect pronoun is the norm. For example, le escribÃ could mean I wrote to him, I wrote to her or I wrote to you, depending on the context. To clarify, we can add a prepositional phrase, as in le escribÃ a ella for I wrote to her. Note that le is still typically used, even though a ella makes it redundant. Both direct- and indirect-object pronouns are typically placed before conjugated verbs, as in the above examples. They can be (but dont have to be) attached to infinitives and present participles: Te voy a escribir una carta and voy a escribirte una carta (I am going to write you a letter) are both correct, as are le estoy comprando un coche and estoy comprndole un coche (I am buying him a car). In commands, direct and/or indirect objects are attached to affirmative commands but precede negative commands. EscrÃ beme (write me), but no me escribas (dont write me). Note that in affirmative commands and when attaching an object to a present participle, attaching the object at the end of the verb can result in an orthographic accent being needed to keep the stress on the correct syllable. If you have a direct object and an indirect object with the same verb, the indirect object comes first. Te las escribo. (I am writing them to you.) Sample Sentences Using Indirect-Object Pronouns Indirect objects are shown in these sentences in boldface. Object pronouns in regular type are direct objects or objects of prepositions. No le voy a dar el gusto a nadie de vencerme tan facilmente. (I am not going to give anyone the pleasure of defeating me so easily. A nadie is a redundant phrase; le remains necessary. The -me of vencerme is a direct object.)Ã ¿Nunca me has visto beber algo ms que una copa de vino? (Have you never seen me drink more than one cup of wine? Beber here is an infinitive acting as a direct object.)Le construyeron un gimnasio para que pudiera ejercitarse. (They built him/her a gymnasium so he/she could exercise. Note that the indirect object here can apply to both males and females.)Queremos decirle a ella que ella forma gran parte de nuestras vidas. (We want to tell her that she makes up a big part of our lives. Que and the words following function as a direct object.)
Saturday, February 15, 2020
Major case study - Research Paper Example Wildlife tourism can involve tours, experiences accessible in association with the accommodation of tourists, attractions at fixed sites, or it can come about as unguided meeting by independent travelers (Spenceley, 2012, pp. 85-88). Wildlife tourism has several stakeholders. The first stakeholders in this sector are the visitors. They have an expectation of accessing experiences that are of affordable high quality. These experiences include interesting activities of wildlife watching and guided excursions. Some tourists would like to have opportunities to familiarize themselves with the local culture and to have authentic interaction with local communities (Benson, 2001, p. 132). Another set of stakeholders is the tourism industry which includes private with public sector operators, the travel trade as well as industry associations. This ensures that there is development in the wildlife sector. They also ensure the individual operators get maximum short term profits. The third stakeholder is the host and the indigenous community. The indigenous community improves minimal negative social effect of this sector. While capitalizing on profits from the local area, they ensure that there is no disruption on the local wildlife (Lovelock, 2007, pp. 152-156). Another role they play is the protection of their environmental and livelihood assets, and minimization of disturbance to their communities and culture. It has the potential to add tourism-related benefits, to step up local services and employment opportunities, to improve the infrastructure with local business opportunities, and so stimulate revenue generation (Sosinski, 2011, p. 88). Wildlife managers in public plus private sectors are other stakeholders whose sole duty is the conservation, NGOs protection of wildlife habitats, biodiversity, generation of revenues and greater awareness via tourism to sustain conservation as