Environmental Impacts of Bottled Water Research Proposal

Natural Impacts of Bottled Water - Research Proposal Example From this conversation obviously there are worries on its suggestions for nature, for example, the consequences for water assets, contamination, vitality supplies, and wellbeing. For instance, the plastic container squander is dispensable to the open condition and includes the utilization of petroleum derivatives that contaminate nature. The exploration paper expects to decide the negative ramifications of filtered water for the earth to energize the advancement of fitting and sufficient intercessions to protect the earth. It will investigate a few regions including suggestions for water assets, wellbeing, squander disposal,pollution, vitality security, and intercessions applied. The exploration findingswould be pertinent to ecological protection offices, governments and different partners everywhere throughout the world. The research goals will be accomplished by creating addresses that will manage in execution, information assortments, and different pieces of the investigation. The inquiries will help in deciding the sort of information gathered for the motivations behind examination and conversation findings. Several negative ramifications for the filtered water industry are normal out of the exploration. The information gathered utilizing the exploration question would show a disturbing expanding pattern of j ug water in the U.S and the entire world.Secondly, the filtered water is sourced from regular assets and includes wastages that lead to over-misuse. Thirdly, plastic containers are produced using non-renewable energy sources and expanded use prompts an immense carbon impression.

Essay Samples on Interview With Friend

Essay Samples on Interview With FriendEssay samples on interview with friend are extremely popular among the students. They help them to prepare for interviews by gaining much required knowledge of the process. They also use these in order to practice their answers before the actual interview. An essay sample is simply a writing document that contains content related to an assignment given by the lecturer.Most essay samples on interview with friend are distributed in the form of sample papers. There are times when the students do not have enough time to prepare for a short term or a long term essay. Thus, they distribute sample papers which are usually organized according to the subjects and the kinds of the assignments. The students can then use the materials available from the sample papers. This will help them to analyze their work and see what can be improved upon.It is important to note that these sample papers are all gathered from some books. These books are circulated in diff erent universities and colleges. Students who take the course are given the option to choose a book they like and they may print out the paper. This is one of the ways through which the students are able to gain an idea about the topics of the essay.These books may also contain different options and questions that are included in the course outline. Thus, the students are able to choose a material that suits their purpose the best. Also, they are given the option to add a personal note to the paper. They should be able to improvise their content to suit the course paper.These are basically the first step which will help the students prepare for the written assignment. The other option is to make a review of the document. In this way, they will know how to improvise their work and make use of the material which they have selected.It is important to note that these samples are meant for different people. There are students who are writing for their essays while there are others who ar e not. Generally, the written assignment requires the students to write some creative sentences or essays. However, the choice is entirely up to the students as to how they are going to write the essay.If you are not sure about how to compose a good essay, then do not worry. All you need to do is to find a good professor and ask him/her about how to prepare for an essay. You can also find more information about how to make your essay in an interesting way in the internet.Essay samples on interview with friend are extremely helpful, as it helps the students to gain information about the subject matter. Thus, these are the reasons why these are very popular among the students. They help them to prepare for the essay which they are going to give on the examination.

The Role of Money in a Relationship Among the Couples

Feeling exposition The job of cash in a relationship among the couples, who will wed Outline: I. Presentation Money is everything. Cash speaks to control, love, bliss, and considerably more. II. Fundamental body: a) The connection between couples is incredible in light of the fact that they have cash b) Money once in a while can be a fiasco, due to its need c) Money impact on people’s influence III. End Money is significant thing in people’s lives. Without cash they can't live†¦ Money is everything in people’s life. Cash isn't just cash. Cash speaks to influence, love, euphoria, and much more.The Kazakhs accept that cash assumes a significant job in their life. Nobody can't accomplish anything in existence without cash. The job of cash in a relationship is imperative to the achievement or disappointment of a relationship. There a couple of reasons of that. To start with, the connection between couples is incredible in light of the fact that they have cash. F or instance, two people meet; them two have cash, employments, and condos. They appreciate each other’s organization, with places where they go, interests and so forth. Coincidentally, in the event that one of them doesn’t havet cash or employment they won't focus on her or him.Then the couple sets up a coexistence, gets hitched, has kids, appreciate with their lives. So, they are cheerful, in light of the fact that they have cash. Second, cash some of the time can be a calamity, in light of its need. We generally witness numerous endings of associations with the explanation of cash. For instance, one of the accomplices loses their employment. Following a couple of months the battling begins. It begins with little contentions about bills and clashes are each day. At that point the battles develop and it is steady. They comprehend that every one of these issues are a direct result of money’s need. It can take a glad couple directly to divorce.Finally, cash effect s on people’s power. Generally, men procure more cash, than ladies and they have more force in families. In any case, numerous ladies function as men and have great compensations today in Kazakhstan. What's more, they feel more liberated to settle on choices about what the couple does with cash. One accomplice feel that setting aside cash for what's to come is generally significant, while the other accomplice imagine that they ought to go through cash right away. Also, the accomplice, who wins less cash, feels embarrassment from another. The individual imagines that it is underneath them. Thusly, the issues start again.To finish up, cash is significant thing in people’s lives. Without cash they can't live. In the event that they would have the option to live without the cash, for what reason accomplish they work, what for? I don’t accept that a few people work just for their pleasure. Furthermore, I believe that having a decent monetary standing is the best way to dodge the pressure factors that can wreck people’s relationship. Additionally most couples, when they choose to wed they fail to acknowledge for cash. Yet, I imagine that the best time for couples to start talking about cash is before the wedding, so both realize what the different expects and how they will spend their money.Without having a comprehension about one another's demeanor and feelings towards funds, sparing, speculation and spending, individuals may be setting themself up for disappointment in their relationship. Reference list: * Laura Frangipani (April 05, 2008) http://www. helium. com/things/975446-the-job of-cash in-a-relationship. Helium . * Sissy R. Osteen, Ph. D. (Associate Professor), Rachel A. Neal, Ph. D. (Visiting Assistant Professor) http://agecon. okstate. edu/annie/records/T-4201web. pdf. Oklahoma Cooperative Extension Service. * Joanna Moorhead (September seventh 2008) http://moreintelligentlife. com/story/couples-cash. Progressively Intelligent Life.

Examining The Use Of Milling Machines - Free Essay Example

In previous chapter, the literature review piece and objective of present work has been discussed. This chapter introduces the speculative background of response surface methodology, introduction of milling machine, cutting principal, milling cutter taxonomy, machining parameters, chip thickness formation and milling machine parameters which influence the surface roughness 2.1 BACKGROUND As an central subject in the statistical design of experiments, the Response Surface Methodology (RSM) is a collection of mathematical and statistical techniques useful for the modeling and analysis of harms in which a response of interest is influenced by several variables and the objective is to optimize this response RSM also quantifies dealings among one or more measured responses and the vital input factors. The DOE++ software was used to develop the untried plan for RSM. The same software has also used to analyze the data collected. After analyzing each response, multiple response optimization technique have performed, either by inspection of the interpretation plots, or with the graphical and arithmetic tools provided for this purpose. It has mentioned previously that RSM designs also help in quantifying the dealings between one or more measured responses and the vital input factors. In order to determine if there stay alive a relationship between the factors and the response variables investigated, the data together must be analyzed in a statistically sound manner using regression. A regression is performed in order to describe the data unruffled whereby an observed, empirical variable (response) is approximated based on a functional bond between the estimated variable, yest and one or further regress or or input variable x1, x2,à ¢Ã¢â€š ¬Ã‚ ¦, xi. The least square technique is being new to fit a model equation containing the said regressors or input variables by minimizing the residual error measured by the sum of square deviations between the actual and the probable responses. This involves the calculation of estimates for the regression coefficients, i.e., the coefficients of the representation variables including the intercept or constant term. The calculated coefficients or the model equation need to however be tested for statistical implication. 2.2 MILLING MACHINE 2.2.1 Introduction Milling machines was first invented and developed by Eli Whitney to mass construct interchangeable musket parts. Although makeshift, these machines assisted man in maintain exactness and uniformity while duplicating parts that can not be manufactured with the use of a file. Development and improvement of the milling machine and components continuous, which resulted in the manufacturing of heavier arbors and high speed steel and carbide cutters. These components allowed the operator to remove metal more rapidly, and with more accuracy, than prior machines. Variations of milling machines were also developed to perform special milling operations. During this era, computerized machines has been developed to alleviate error and provide better. Milling are perhaps the most versatile machining operation and most of the shapes can be generated by this action. Unlike turning, shaping and drilling tools, the milling tool possesses a large number of cutting edges. Milling is the process of machining flat, curved, or asymmetrical surfaces by feeding the work piece against a rotating cutter containing a integer of cutting edges. The milling machine consists basically of a motor driven spindle, was mounts and revolves the milling cutter, and a reciprocate regulating worktable, which mounts and feeds the work piece. Milling machines are basically classified as vertical or horizontal. These machines is also classified as knee-type, ram-type, manufacturing or bed type, and planer-type. Most milling machines has self-contained exciting drive motors, coolant systems, variable spindle speeds, and power operated table feeds. Milling machines play an significant role in most machine shops, machining metals to various shapes and sizes by means of a revolving cutting tool or tools having a number of cutting edges called teeth. Such tools has known as milling cutters or mills. In order to machine numerous configurations in a milling machine, man have developed various types of milling cutters to fit the necessary requirements. Most milling cutters has made of high speed steel; some employ the utilize of carbide teeth and inserts.[20] The working principle, employed in the metal removing operation on a milling machine, is that the work has rigidly clamped on the board of the machine, or held between centers, and revolving multi-teeth cutter mounted moreover on a spindle or an arbor. The cutter revolves at a fairly high speed and the work fed leisurely past the cutter as shown in figure. The work can be fed in a vertical, longitudinal or cross direction. As the work advances, the cutterà ¢Ã¢â€š ¬Ã¢â‚¬Å"teeth do away with the metal from the work surface to produce the desired shape. [21] Figure2.1: Working Principle of milling operation [21] 2.2.2 Milling Cutter Nomenclature Figure 2.2 shows two views of a common milling cutter with its parts and angles acknowledged. These parts and angles are common to all types of cutters in some form. The pitch refers to the angular distance between like parts on the adjoining teeth. The pitch is unwavering by the number of teeth. The tooth face is the forward facing surface of the tooth which forms the cutting edge. The cutting edge can the angle on each tooth which performs the cutting. The land is the fine surface behind the cutting edge of each tooth. The rake angle is the viewpoint formed between the face of the tooth and the centerline of the cutter. The rake angle defines the cutting edge and provides a path for chips that have cut from the work piece. The primary clearance angle is the viewpoint of the land of each tooth, measured from a line tangent to the centerline of the cutter at the cutting edge. This angle prevents every one tooth from rubbing against the work piece after it makes its cut. The secondary go-ahead angle defines the land of each tooth and provides supplementary clearance for the passage of cutting oil and the chips. Figure 2.2: The two views of a common milling cutter with its parts and angles identified. [21] The hole diameter determines the size of arbor that is essential to mount the milling cutter. A keyway was present on all arbor-swelling cutters for locking the cutter to the arbor. Plain milling cutters that has more than 3/4 inch in width can usually made with spiral or helical teeth. A plain spiral-tooth milling cutter produces a better and smoother draw to a close, and requires less power to operate. A plain helix-tooth milling harvester is especially desirable where an jagged surface or one with holes in it have to be milled. The teeth of milling cutters are either right-hand or left-hand, viewed from the back of the machine. Right-hand milling cutters cut when rotate clockwise; left-hand milling cutters cut when rotated counterclockwise. Saw Teeth: Saw teeth are whichever straight or helical in the smaller size of plain milling cutters, metal slitting saw milling cutters, and closing stages milling cutters. The cutting edge is usually given about 5 ° primary clearance angle. Sometimes the teeth have provided with offset nicks which shatter up the chips and make coarser feeds promising. Formed Teeth: Formed teeth can usually specially made for machining unbalanced surfaces or profiles. The possible varieties of formed-tooth milling cutters are more or less unlimited. Convex, concave, and corner-rounding milling nail clippers are of this type. Inserted Teeth: Inserted teeth had blade of high-speed steel inserted and rigidly held in a blank of machine steel or cast iron. unlike manufacturers bring into play different methods of holding the blades in place. Inserted teeth are more cost-effective and convenient for large-size cutters because of their reasonable initial cost and because worn or broken blades has be replaced more easily and at less price tag 2.2.2.1 Recommended Angles for Milling Cutter The angle between the face and the land of the cutter tooth is called lip angle (ÃŽÂ ²).Its value depends upon the values of rake and relief angles. A larger lip angle ensures a brawny tooth. As such, the endeavor should be to keep it as large as practicable. This is particularly chief while milling harder metals and when deeper cuts to be employed. Cutters having helical teeth are made to contains a helix angle between 10à ¢Ã¢â‚¬â€Ã‚ ¦ (degree) and 50à ¢Ã¢â‚¬â€Ã‚ ¦ (degree) the recommended values of principal angles are given in the table [19] Table 2.1: Recommended Angles for Milling Cutter [21] Material Recommend values in degree Rake angle(degree) Relief angles(degrees) H.S.S Tools Stellite Tools Cemented carbides Cast iron(Soft) 10-15 6-8 3-6 4-7 Cast iron(Hard) 10 3-6 0-3 4-7 Mild steel 10-15 3-6 0-(-5) 3-5 Aluminum alloys 20-30 10-15 10-20 10-15 Brasses and Bronzes 10-12 5 2-3 10-15 Mg.alloys 20-30 15-20 15-20 10-12 2.2.3 Machining Parameters 2.2.3.1 Selection of Speed The approximate standards given in may be used as a guide for electing the proper cutting speed. If the operator finds that the machine, the milling cutter, or the work piece cannot be handle suitably at these speeds, instantaneous readjustments shouldcan be made. If carbon steel cutters have used; the speed should be about one-partially the recommended speed in the table. If carbide-tipped cutters are used, the speed could be doubled. If a bountiful supply of cutting oil is theoretical to the milling cutter and the work piece, speeds can be increased 50 to 100 percent. For roughing cuts, a moderate speed and coarse feed often give best results; for last cuts, the best practice is to reverse these conditions, by means of a higher speed and lighter feed. The formula for manipulative spindle speed in revolutions per minute is as follows: Where, Spindle speed (in revolutions per minute). Cutting speed of milling cutter. Diameter of milling cutter (in inches) 2.2.3.2 Selection of Feed The rate of feed, or the speed at which the work piece pass the cutter, determines the time obligatory for cutting a job. In selecting the feed, there are several factors which should be well thought-out are as follows: Forces are exerted against the work piece, the cutter, and their property devices during the cutting process. The force exerted varies directly with the amount of metal unconcerned and can be regulated by the feed and the depth of cut. Therefore, the wrong amount of feed and depth of cut have interrelated, and in turn are dependent upon the rigidity and power of the machine. The feed and depth of cut also depend upon the type of milling cutter being used. For example, deep cuts or foul-mouthed feeds should not be attempted when using a small diameter end milling cutter, as such an attempt would spring or break the cutter. Coarse cutters with muscular cutting teeth can be fed at a faster rate because the chips may be washed out more without problems by the cutting oil. The feed of the milling machine may be selected in inches per minute or millimeters per minute the milling feed has determined by multiplying the chip size (chip per tooth) desired, the integer of teeth on the cutter, and the revolutions per minute of the cutter. Example: the formula used to hit upon the work feed in inches per minute Where Feed rate in inches per minute Chip pert tooth Number of teeth per minute of the milling cutter Figure 2.3 shows the path of feed during the cutting operation. It is usually regarded as standard practice to feed the work piece against the milling cutter. When the piece is fed aligned with the milling cutter, the teeth cut under any weighing machine on the work piece surface and any backlash in the feed screw is taken up by the weakness of cut. As an exception to this recommendation, it is advisable to feed with the milling cutter, when cutting off accumulation, or when milling comparatively deep or long slots. The direction of cutter rotation had related to the behavior in which the work piece is held. The cutter should rotate so that the piece springs away from the cutter; then there will be no predisposition for the force of the cut to loosen the work piece. No milling cutter should be rotated toward the rear as this will break the teeth. Never revolutionize feeds while the cutter is rotating. Figure2.3 Direction of Feed during machining operation [21] 2.2.4 Chip Formation in Milling Operation The scheme of chip formation during plain milling using a straight cutter is explained in figure 2.4. The cutter has a diameter and the depth of cut provided by. When milling is done straight-edge cutter, the operation is orthogonal and the kinematics of chip formation is shown in figure 2.4. Since all the cutting edges take part in machining, a study of the process is facilitated by considering the action of only a single tooth. If is the feed velocity of the table in mm/min, the effective feed per tooth in mm will be, where is the cutter rpm and is the number of teeth in cutter. The material removal rate per unit width of the job is given by. It is clearly seen from figure that the thickness of the uncut material in front of cutting edge increases gradually, reaching a maximum near the surface and again drops to zero quickly. If the feed velocity is small as compared with the circumferential velocity of the cutter, then Figure 2.4: Details of chip formation [22] Where is the angle included by the contact arc at the cutter center O in radians. Now, considering the triangle OAT, we have Hence, Neglecting the higher order terms in as it is normally very small. Using this value of in the expression of the maximum uncut thickness, we get It is obvious that when cutting with a straight cutter, there is no component of the cutting force along the straight cutter axis. The average uncut thickness can be taken as half of the maximum value. Thus, From the above equation show that when the depth of cut increases, the chip thickness increases so that increases the cutting resistance and the amplitude of vibrations. As a result, cutting temperature also rises. Therefore, it is expected that surface quality will deteriorate. When the feed rate increases, the chip thickness increases so that increases in cutting force and vibration. 2.3 SURFACE ROUGHNESS PARAMETERS Surface roughness is an chief factor when dealing with issues such as friction, lubrication, and wear. It also have a major impact on application involving thermal or electrical confrontation, fluid dynamics, noise and vibration control, dimensional tolerance, and abrasive processes, among others. The resultant roughness fashioned by a machining process can be thought of as the amalgamation of two independent quantities Ideal roughness: Ideal surface roughness was a function of feed and geometry of the tool. It represents the best promising finish which can be obtained for a given tool shape and feed. It can be achieved only if the built-up-edge, chatter and inaccuracies in the machine tool activities are eliminated completely. For a sharp tool without nose radius, the maximum height of disproportion is given by Rmax = f/(cot à Ã¢â‚¬   + cot ÃŽÂ ²) Here f is feed rate, à Ã¢â‚¬   is major cutting edge angle and ÃŽÂ ² is the inconsequential cutting edge angle. The surface roughness assessment is given by Ra = Rmax/4 Idealized model of surface roughness have been without a doubt shown in Figure 2. 5. Practical cutting tools was usually provided with a rounded corner, and figure shows the surface produced by such a tool under ideal conditions. It can be shown that the roughness assessment is personally related to the feed and corner radius by the following expression: Ra=0.0321 f 2/r Where, r is the corner radius. Figure 2.5: Idealized Model of Surface Roughness [20] Natural roughness: In practice, it is not usually possible to achieve environment such as those described above, and normally the natural surface roughness forms a outsized proportion of the actual roughness. One of the main factors causative to natural roughness is the occurrence of a built-up edge and vibration of the machine tool. Thus, superior the built up edge, the rougher would be the surface produced, and factors tending to reduce chip-tool friction and to eradicate or reduce the built-up edge would give improved surface finish. The Principal fundamentals of surfaces are as follows: Surface: The surface of an object is the boundary which separate that object from another substance. Its shape and extent has usually defined by a drawing or descriptive specifications. Profile: It is the form of any specified section through a surface. Roughness: It was defined as closely spaced, irregular deviations on a scale smaller than that of waviness. Roughness may be superimposed on waviness. Roughness is uttered in terms of its height, its width, and its distance on the surface along which it is precise Waviness: It is a recurrent deviation from a flat surface, much like impression on the surface of water. It is measured and described in terms of the freedom between adjacent crests of the waves (waviness width) and height between the crests and valleys of the impression (waviness height). Waviness can be caused by Deflections are tools, dies, or the work piece, Forces or temperature sufficient to cause warp, Un flush lubrication, Vibration Any intermittent mechanical or thermal variations in the system during Manufacturing operations. Flaws: Flaws, or defects, are random irregularities, such as scratches, crack, holes, depressions, seams, moan, or inclusions as shown in Figure 2.5 Lay: Lay or directionality is the direction of the predominant surface pattern and was usually noticeable to the naked eye. Lay direction have been shown in Figure 2.5 Figure 2.6 Surface Characteristics [20] 2. 3.1 Factors Affecting the Surface Finish Whenever two machined surfaces come in make contact with with one another the quality of the mating parts the stage an important role in the performance and wear of the mating parts. The height, shape, arrangement and track of these surface irregularity on the work piece depend upon a number of factors such as: The machining variables which affect the surface roughness has spiteful speed, feed and depth of cut. The factors of tool geometry which affect to achieve surface draw to a close are nose radius, rake angle, side cutting edge position, cutting edge Work piece and tool material combination and their mechanical property Quality and type of the machine tool new Auxiliary tooling, and lubricant second-hand Vibrations connecting the work piece, machine tool and cutting tool. 2.3.2 Factors Influencing Surface Roughness in Milling Machine The various factors which influence surface roughness of work piece in the milling machine are: Depth of cut: escalating the depth of cut increases the cutting resistance and the amplitude of vibrations. As a result, cutting temperature also rises. Therefore, it has expected that surface eminence will deteriorate. Feed: Experiments show that as feed rate increase surface roughness also increases due to the increase have cutting force and vibration. Cutting speed: It is found that an increase of cutting speed generally improves surface eminence. Engagement of the cutting tool: This factor acts in the same way as the distance downward of cut. Cutting tool wears: The irregularities of the cutting edge due to wear are reproduce on the machined surface. Apart from that, as tool wear increases, other dynamic phenomena such as unwarranted vibrations will occur, thus further deteriorating surface quality. 2.4 CONCLUDING REMARKS In this chapter, the working principal of milling machine is presented. The categorization of milling cutter with its parts and angles are presented. Machining parameters which affect the surface roughness, chip thickness formation and factors influence surface roughness in milling machine are also presented in this chapter.

Mechanical Properties Of Graphene Using Different Potentials

Mechanical Properties of Graphene using Different Potentials G. Rajasekaran and Avinash Parashar* Department of Mechanical and Industrial Engineering Indian Institute of Technology, Roorkee - 247667, India * Corresponding author: E-Mail: drap1fme@iitr.ac.in, Ph: +91-1332-284801 Abstract 1.0 Introduction Due to outstanding properties, graphene got more attention by the scientific community; all its exceptional properties are owing to hexagonal monolayer of honeycomb lattice packed with carbon atoms. The mechanical properties of graphene have been investigated using various experimental, theoretical and computational approaches. By experimental based work, Lee et al. [1] estimated the mechanical properties of graphene such as Young’s modulus of about 1.0  ± 0.1 TPa and fracture strength of 130  ± 10 GPa. Frank et al. [2] estimated Young’s modulus of 0.5 TPa for 2 to 8nm thickness of graphene sheets. Zhang et al. [3] measured Young’s modulus of 0.89 TPa for single layer graphene sheet. Besides experimental work, numerous theoretical and computational studies have been carried out to investigate mechanical properties of graphene. By orthogonal tight-binding method Zhao et al. [4] estimated Young’s modulus of 1.01  ± 0.03 and fracture strength and st rain of 107 GPa and 0.20 in zigzag direction and 90 GPa and 0.13 in armchair direction respectively. By Ab initio calculation Liu et al. [5] estimated young’s modulus of 1.05 TPa and also estimated uniaxial tensile stress of 121Show MoreRelatedTuning Mechanical Properties Of Graphene With Stone Thrower Wales Defects1510 Words   |  7 PagesTuning mechanical properties of graphene with Stone-Thrower-Wales defects - A molecular dynamics study G. 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Essay on Academia vs. Athleticism - 1100 Words

Children’s hopes and dreams are embedded in their hearts and minds from when they are in elementary school. Some may mention they want to be doctors, nurses, and artists while others answer â€Å"I want to be famous.† There is no bigger dream among childhood sports than making it into a professional league. Those children feel a little bit of exposure will be enough to open the door and answer their prayers of stardom. The instructions are well known even among some of the youngest of players. They just need to play well in high school, then accept an athletic scholarship to a university, and excel in that sport while getting airtime on television. More often than not, the kids do not value their education, and they do just enough†¦show more content†¦In order to compete, the colleges were obligated to graduate at least half of their athletes (Real Sports). This change in the requirements resulted in students going to the top athletic schools with elemen tary scholastic abilities. While the colleges are allowing this disservice to their athletes, it is the NCAA that regulates and penalizes these institutions. In order justify students’ academic abilities, some schools have labeled these athletes as having learning disabilities; whereas, other schools have found their loophole by creating classes that did not require students to attend a class, and resulted in graduates with degrees that amount to nothing (Real Sports). Since the schools are behind the rules, the oversight would be weak making it difficult to reprimand. From time to time, they realize the need to discipline obvious offenders in order to remind other colleges of their power. In the article, â€Å"The NCAA and the Athletes It Fails,† a University of Texas classics professor argues, â€Å"The NCAA leadership will never take action that will kill the golden geese that generate huge television revenues and support the high salaries of its executivesâ⠂¬  (Palaima). He identifies the NCAA does not investigate these institutions because it is in the business of making money. The athletes bring the fans, and the fans bring the money. Athleticism has taken priority over

Reflections on the Cultural Plunge-Free-Samples-Myassignmenthelp

Question: Discuss about the Reflections on the Cultural Plunge. Answer: Rationale: A cultural plunge is the exposure done by someone to dwell in a minor group or being marked as the other (Green, Walters Walters, 2016). It is a life of adapting a different culture, language, tradition, status. I have done this cultural plunge to get the experience and insight the other people have and lead a strange life in a familiar way. The experience of cultural plunge gave me the idea about the reason, which influences my formation, how I became what I am today and how to change the behavioural aspect sob that I do not turn into a negative person. I have learnt belonging to a certain status is never the choice of an individual and nor it is in their hands. It is always the things like rearing up, education, culture and religion, which influences the identity and status of the individual (Hare Landa, Odna-Holm Shi, 2017). I have chosen the cultural plunge because I have already learnt the various kinds of diversity and its effect on early childhood education. I have explored various ways, which is related to cultural diversity and the important reason of experiencing the cultural plunge is to know how general people dominate the other minor groups and how they live their life. The cultural immersion of the cultural plunge created self-awareness in me. I have had a direct interaction with the black people and have chosen this particular group as I wanted to live the life of a black as marked by others who are effectively white by their colour to experience how they feel and experience how others think of the black. I have gained the knowledge of the turfs of the black people and gained insight about all the circumstances that they face and all the characteristics they have as an individual. I chose to experience the cultural plunge to feel how it is to live an unfamiliar life with all unknown people ar ound and fully in a different circumstance. Cultural Diversity is a very difficult and growing system of the world (Geary, 2014). I have learnt that this system will never end and nor will it allow the minds of the individual to be free from all these kinds of thoughts. The critical learning pedagogy has kept me insight accessible so that I can understand everything better and evaluate them accordingly in the end. In this paper, I will discuss my experience as a black person and highlight the implications of the practise. Description of the cultural plunge: I am aware of the fact that the church is the second home of many people. Hence, I felt that in case I truly want to experience the life of a black, I will have to be a part of the church and that is when my journey as a black started. As I am an early childhood educator, my intention was to learn the more about diversity and its affect in early childhood education. The warmth that I got from them and the behaviour they showed up made me the happiest one. I was the alone white among them and still they were so much happy to have me. According to the world that we belong, I had a thought that as the black people are always discriminated among the whites, I will get the same approach from them but to my surprise they turned to be the most welcoming ones. After meeting them even I had the doubt that if any one among them went t our church would I also such amount of warmth towards them. The answer is still unknown. However, the thought that the blacks have the same thought about the whi tes tore me into pieces and I felt ashamed of the fact that I have been taught to hate the blacks. The experience changed my way of thinking and I felt that I have turned into a better person. Standing between them I understood that it is never the fact about which colour we belong, it is always about the values, beliefs that we have in our heart and soul and only that can differentiate a person and not colour or status. The people taught me with their behaviour that thinking about other people is a part of life and they are human being as I am. We have the thought that if a person is black then it is the persons fault and we believe that being black is a kind of big sin (Byrne, 2017). We hate the person for being black and prefer not to have any communication to them and gradually mark them as others. This is completely a wrong concept because it is not their fault that the colour of their skin is black and nor it is their choice. We cannot blame and mark them as unwanted or others just because they do not have bright colour. I interacted with them and they were very happy to tell me their story because they knew that their stories are always kept unknown and when they got the chance to narrate their part they did not want to let the chance go. They narrated me how white people just because of their colour dominates them and how they feel when they receive such kind of behaviour. They told me that their kids cannot get admitted to famous schools as they are black and they are always discriminated in every circumstances because of their colour. They told me of how they are kept aside from the world and how they feel when they are judged for their colour of the skin. Even they believe that the colour of the skin is not their fault. They asked me a question after which I was unable to move. The question was why is the colour of the skin more important than the person?(Christopher et al, 2014) Even I have the same question to ask to every people who believe in cu ltural diversity that how can the value of the skin colour be more than that of a person. Reflective on my plunge: The cultural plunge was a meaningful experience for me and it provided me with a critical thinking and clear insight. This experience gave me the knowledge that irrespective of my status, class, gender and colour I will be accepted as a human. I have also learned the same and will always keep it in mind that I judge a person by their thinking and values not by the colour of their skin. My experience of the cultural plunge was the best one. I have never received such warmth from other people that I got from them. The experience taught me to be a better human being and treat others in a welcoming way. The experience of the cultural plunge taught me that cultural diversity has not killed humanity completely. I had a surprising experience and before experiencing the plunge, I never had any idea about the other peoples struggle for existence, culture and mankind. I never knew what the people feels who are treated as other and are discriminated. Living between them and getting to know thei r culture and thoughts gave me an idea of their consequences in life (Kolb, 2014). I came to know through the plunge that their life is tougher than others are and they still try to find happiness in every sector of their life. The people I was with taught me that it is very important to be a human and not a racist because being a human is what matters the most. This experience injected in me the negativity of cultural diversity. The experience introduced me to the entire problem the other have regarding their life. I am an early childhood educator; I know the importance of education in our life. It was very shocking to know that those people were upset that their children are not able to get a good education as many schools reject them for being black (Clark, 2015). Their pain was visible in their eyes. Those eyes were telling me that they wanted to be treated as humans and not as black. They wanted to be accepted thee way they are, they wanted to be like the way a normal people li ves. The experience taught me about myself that the truth of life is what kind of human being we are and not what colour we have in our skin. We all have blood in our veins and the colour of blood is the same in a white person and a black person. It is our insight how we see and treat people and we are responsible for the diversification of culture (Banks, 2015). I, through the plunge experience have learnt the truth of life, life is a challenging platform and we must have the humanity in us and face all those challenges without taking the back door. I have never had this kind of experience and if I would not have experienced the plunge I would still be in the dark side of life. I took the pledge that I will accept everyone without any discrimination and I will tell others to do the same so that they will be able to look into the matter with the sense of humanity. If I would not be a part of the plunge, I would not have the knowledge of the prejudices and practices, which are engraved in me. The experience the plunge gave me is my lifetime achievement and it will be my asset as an educator and more as a human being. As I am an early childhood educator, I have seen the diversification of culture among the students and hence this plunge is totally a part of the class readings. The learning activities through experiencing plunge that got has mad e me aware of every aspect of life and taught me to believe in humanity. Critical thinking is a continuous journey; it is not one-day learning. It needs time, patience, and mostly the interest to learn (McPeck, 2016). The learning objectives of cultural diversity enhanced my desire to learn more about it and made me aware of the lives of the back people. After reflecting my knowledge, I realized that I was to some extent prejudiced about the black people as I had less idea about them and their life style. Earlier even, I used to treat them as other people and my thoughts about them were not open. Now I know that they are humans just as everyone else and there is no need of discriminating them or marking them as other. The experience changed my views about discrimination and the insight that I achieved helped me y grow personally. Now I believe that every human has the same right to live and cannot be marked with any other name because of the colour of their skin. Discrimination is a nd will be a bad practice even in the future (Ang Van Dyne, 2015). Implications: After all the discussion, I have concluded that as an early childhood teacher I have to reflect the academic knowledge and customs so that the societal justice and the equity are promoted. Experiencing the cultural plunge has made me go through the process of enculturation, which introduced me to new aspects of thinking, understanding and even with the knowledge of being a human. As an early childhood educator, I had to undertake a critical stance that provided me with the perspectives of early childhood education. I have known that early childhood education is consisting of different beliefs and understanding, which shapes the thoughts of an individual. In the above discussion, I have taken into consideration the practise of childhood, which are right and ethical. I have learnt that dominant thinking can affect a particular group or person in a negative way. By critically experiencing, the cultural plunge I have went through many social and political factors, which dominate a group and people, and that is how the plunge occurs. By adapting the life of the other, I have come through many experiences like how the people lead that kind of particular life and how much they suffer by living such a life. I have also learnt the formation of myself and even made me aware of the roles of the agents in the formation. The cultural plunge that I experienced gave me the knowledge about how the dominance of other culture and status of people affects the life of the other group of people. References: Ang, S., Van Dyne, L. (2015).Handbook of cultural intelligence. Routledge. Banks, J. A. (2015).Cultural diversity and education. Routledge. Byrne, C. (2017). Weconnect: A global youth citizenship curriculum. Cavanaugh, S., Corbett, L. J. (2014). A successful model for short-term international teacher education programs.The Field Experience Journal,1, 1-11. Christopher, J. C., Wendt, D. C., Marecek, J., Goodman, D. M. (2014). Critical cultural awareness: Contributions to a globalizing psychology.American Psychologist,69(7), 645. Clark, R. M. (2015).Family life and school achievement: Why poor black children succeed or fail. University of Chicago Press. Geary, D. (2014). Taking the plunge into culture shock: Study abroad elements impelling cultural adjustment. Green, M. R., Walters, L. M., Walters, T. (2016). SHAPING A GLOBAL PERSPECTIVE.A Reader of Narrative and Critical Lenses on Intercultural Teaching and Learning, 185. Hare Landa, M., Odna-Holm, J., Shi, L. (2017). Education Abroad and Domestic Cultural Immersion: A Comparative Study of Cultural Competence Among Teacher Candidates.The Teacher Educator,52(3), 250-267. Kolb, D. A. (2014).Experiential learning: Experience as the source of learning and development. FT press. McPeck, J. E. (2016).Critical thinking and education. Routledge. Pedersen, P. B., Lonner, W. J., Draguns, J. G., Trimble, J. E., Scharron-del Rio, M. R. (Eds.). (2015).Counseling across cultures. Sage. Posti-Ahokas, H., Janhonen-Abruquah, H., Longfor, R. J. (2015). Urban Spaces for Intercultural Encounters: Teacher Students Reflections on the Cultural Plunge.World Studies in Education,16(2), 45-55. Posti-Ahokas, H., Janhonen-Abruquah, H., Longfor, R. J. (2017). GET OUT!.Silent Partners in Multicultural Education, 147. Walters, L. M., Green, M. R., Walters, T. N., Wang, L. (2015). The Examined Life. InTeaching at Work(pp. 211-233). SensePublishers. Young, G., Davis-Russell, E. (2014). The Vicissitudes of Cultural Competence.Diversity, Social Justice, and Inclusive Excellence: Transdisciplinary and Global Perspectives, 33.

Is Laertes Really A Foil To Hamlet Essays - Characters In Hamlet

Is Laertes really a foil to Hamlet? In Hamlet, common opinion states that Shakespeare probably created Laertes as a foil to Hamlet. A foil is a character whose traits are opposite of those of another character and who thus points out to the reader the strengths and weaknesses of another character. Laertes and Hamlet have much in common; they have deep love for Ophelia, desire for revenge at any cost, and similar association with their families, but as foil characters they handle themselves differently in the same situations. Hamlet and Laertes share a different but profound love for Ophelia. Laertes has a strong brotherly love for Ophelia which was apparent when he spoke to Ophelia before he left for England. He provided advice to Ophelia pertaining to her relationship with Hamlet. He tells her of his concerns for Hamlet's true intentions and wishes that she be very careful. Laertes loves his sister very much and does not want her to become hurt. Hamlet also loves Ophelia, but his love is more like a crush or an infatuation. He wrote her love letters and gave her gifts. His true love is shown not when they are together, but when Ophelia rejects Hamlet's love. Hamlet's appearance and disposition changes when his love has been denied, as seen in Act 2. Ophelia's death causes sadness in both Laertes and Hamlet. Hamlet and Laertes are so distraught that they fight each other in Ophelia's grave. Although Hamlet and Laertes despise one another, they both loved Ophelia. Revenge at any cost causes Hamlet and Laertes to act impulsively. Hamlet, while avenging his father's death, presumes Claudius is spying on him and his mother and impulsively stabs the spy hiding behind the arros. His actions caused him to murder Polonius instead of Claudius. In contrast to Hamlet, Laertes, upon hearing about his father's death assumes the slayer is Claudius. Without thought, Laertes moves to avenge his father's death (Act 4, Scene 5, lines 128-134); this shows Laertes' desire to seek revenge at any cost. Hamlet and Laertes' reactions are prompted by frustration and anger. Revenge causes both of the men to act impulsively, giving little thought to the outcomes of their actions. Laertes and Hamlet associate with their families in similar ways. Laertes and Hamlet both highly respect their fathers. After the death of both of their fathers, Laertes and Hamlet want to seek revenge on the assassins. Hamlet and Laertes are both also dominant when dealing with the women in their families. Laertes gives forceful advice to his sister as Hamlet gives demanding advice to his mother about Claudius and the circumstances surrounding the death of Hamlet Sr. Claudius, although not Hamlet's real father, and Polonius, Laertes real father, both spy on their sons. Polonius has Reynaldo spy on Laertes in England and Claudius has Rosencrantz and Guildenstern spy on Hamlet. Laertes and Hamlet share comparable aspects in their families. Laertes and Hamlet demonstrate many of the same characteristics as foil often do. They are both deeply in love with Ophelia, Laertes in a brotherly way and Hamlet was infatuated with her. The also were both capable of seeking revenge and acting spontaneously, not worrying about the effects of their actions. They hold similar views of the members of their families, deep respect for their fathers and are dominant toward the females in their families. Both of the young men being foil characters to each other, have many similar characteristics, but handle the situations differently.

Fluctuation of Share Prices in Bangladesh Essays

Fluctuation of Share Prices in Bangladesh Essays Fluctuation of Share Prices in Bangladesh Essay Fluctuation of Share Prices in Bangladesh Essay CONTENTS ABSTRACT3 over view of dhaka stock exchange4 introduction6 problem statement7 Overview7 Research Question/Hypothesis7 OBJECTIVES AND AIMS8 Overall Objective8 Specific Aims8 BACKGROUND AND SIGNIFICANCE9 research design and methods11 Overview11 Sources of Data11 Collection of Data11 time fram e 12 key determinants of share price of dse13 conclusion and recommendation17 BIBILIOGRAPHY 18 APPENDIX 19 Background As, in Bangladesh many people are involved in share business and, significantly many newcomers are heading towards the markets for investing but most of them are investing whimsically or without proper justification on the share markets. As a result some are gaining markedly and some are returning back loosing a great amount. Some think that dividend policy is the key factor of the share price fluctuation. Actually it is not the only factors behind the movement of share prices. Financial scholars have been conducting studies of dividend policy for several decades; but different researchers have come to different conclusions. Financial economists have come to different conclusion about factors determining dividend policy and effect of dividend policies on common stock price. A general question may arise in the mind of the shareholders that the corporate dividend policy affects the value of their stocks. So, in addition to the theory of dividend policy, it is necessary to discuss the empirical evidence on the dividend payment practices of the corporations and their possible impacts on common stock prices. : Empirical testing of dividend policy may focus on determinants which directly and indirectly affects the stock prices in Bangladesh especially in the Dhaka Stock Exchange. Key words: Stock market, economic factors, political factors, stability. INTRODUCTION The stock exchange has been perceived by many as the backbone for most contemporary economies, serving a critical need of raising capital funds for companies at a reasonably low cost as compared to other sources of finance such as borrowing. The stock exchange serves two critical functions; it provides a critical link between companies that need funds to set up new businesses or to expand their current operations and investors that have excess funds to invest in such companies and it provides a regulated market place for buying and selling of shares at prices determined by supply and demand, not withstanding other macroeconomic fundamentals such as interest and inflation rates. To meet their short-term cash requirements corporations usually borrow from banks. However, when corporations need long term financing they may sell their ownership interests in the company to the public, or borrow from the public by selling bonds. Stocks exist to enable companies in need of long term financing to sell pieces of their business as stock (equity securities) in exchange for cash. This is the principal method for raising capital other than issuing bonds. These publicly held shares could be traded to other investors on the stock market. The Bangladesh Stock Exchange (DSE) has become very important as an investment vehicle for both local and international investors especially after the introduction Economic Structural Adjustment Program (ESAP) in 1991 when borrowing rates increased to levels above one hundred percent. This study will try to unravel the major qualitative arguments of stock prices on the DSE. Origins of the Dhaka Stock Exchange: Dhaka Stock Exchange  (Generally known as DSE) is the main  stock exchange  of  Bangladesh. It is located in  Motijheel  at the heart of the  Dhakacity. It was  incorporated  in 1954. Dhaka stock exchange is the first stock exchange of the country. As of 18 August 2010, the Dhaka Stock Exchange had over 750 listed companies with a combined  market capitalization  of $50. 28 billion. History It first incorporated as  East Pakistan  Stock Exchange Association Ltd in 28 April 1954 and started formal  trading  in 1956. It was renamed as East Pakistan Stock Exchange Ltd in 23 June 1962. Again renamed as  Dacca Stock Exchange Ltd in 13 May 1964. After the  liberation war  in 1971 the trading was discontinued for five years. In 1976 trading restarted in Bangladesh. In 16 September 1986 was started. The formula for calculating DSE all share price index was changed according to  IFC  in 1 November 1993. The  automated trading  was initiated in 10 August 1998. In 1 January 2001 was started. Central Depository System  was initiated in 24 January 2004. As of November 16, 2009, the benchmark index of the Dhaka Stock Exchange (DSE) crossed 4000 points for the first time, setting another new high at 4148 points. Formation Dhaka Stock Exchange (DSE) is a  public limited company. It is formed and managed under  Company Act 1994,  Security and Exchange Commission Act 1993,  Security and Exchange Commission Regulation 1994, and Security Exchange (Inside Trading) regulation 1994. The  issued capital  of this company is Tk. 500,000 which is divided up to 250  shares  each pricing Tk. 2000. No individual or firm can buy more than one share. According to stock market rule only members can participate in the floor and can buy shares for himself or his clients. At present it has 230 members. Market capitalization of the Dhaka Stock Exchange reached nearly $9 billion in September 2007 and $27. billion in Dec 9, 2009. Management The management and operation of Dhaka Stock Exchange is entrusted on a 25 members Board of Director. Among them 12 are elected from DSE members, another 12 are selected from different trade bodies and relevant organizations. The CEO is the 25th ex-officio member of the board. The following organizations are currently holding posit ions in DSE Board: ? Bangladesh Bank ? ICB ? President of  Institute of Chartered Accountants of Bangladesh ? President of  Federation of Bangladesh Chambers of Commerce and Industries ? President of  Metropolitan Chambers of Commerce and Industries ? Professor of Finance Department of  Dhaka University ? President of DCCI (Dhaka Chamber of Commerce and Industry) Mr. Md. Shakil Rizvi is the current president of DSE. Trading The Dhaka Stock Exchange is open for trading Sunday through thursday between 11:00am – 3:00pm  BST, with the exception of holidays declared by the Exchange in advance. Recent Developments in DSE Total market capitalization of all listed securities in DSE increased substantially (by around 133 percent) in end of December, 2007 to Tk. 753. billion which, as a share of GDP, reached a new height in 2007 of nearly 16. 0 percent as against 2. 3 percent in 2003. In December 2007, a total of 350 securities were listed at DSE comprising 266 companies, 14 mutual funds, 8 debentures, 61 treasury bonds, and 1 corporate bond as opposed to a total of 267 securities comprising of 248 companies, 11 mutual funds, and 8 debentures in December 2003. Thu s during the last four years only 43 new companies got listed in the DSE of which only three were listed by direct listing route, and the rest were listed through public offering. Market indicators started to show new dynamism from November 2003 and reached new heights at the end of December 2003 as the daily average turnover jumped to Tk. 136. 9 million from the recorded low of Tk 30. 3 million in September 2003 (Chart 1). The DSE general index also started to rise from November 2003 which continued till the end of December 2004, as the DSE-Gen index reached its peak at 1971. 3. These developments owed significantly to the banking sector performance, as indicated by market capitalization and total turnover. Declaration of lucrative incentives in the FY04 national budget, floatation of shares of some profitable companies through Initial Public Offer (IPO) along with several important reform measures initiated by the Securities and Exchange Commission (SEC) helped to regain investor’s confidence back to the capital market. The FY04 national budget exempted the purchasers of listed equities of any queries as to the source of fund so long as purchased shares were not sold or transferred within two years of purchase. This was made effective for a limited period (FY04 to FY05). In addition, dividend-income tax was exempted and a new dividend distribution tax was imposed on the companies paying dividend. 1 One important development in the capital market in 2004 was the initiation of electronic settlement through the Central Depository System (CDS) in January 2004. In order to prevent market manipulation by in-house officials of listed companies, SEC banned the purchasing or selling of shares of a company by its owners during an interim period (from the date of the financial year closure and the day of approval of accounts by the company’s board). De-listing of 13 companies in August 2004 by DSE due to their repeated failure in complying with the listing rules was also an important step toward bringing discipline in the stock exchange. The trading of Bangladesh Government Treasury Bonds (BGTBs) started in DSE from January 2005. However, in order to temper the rising trend of stock index and control excess liquidity in the capital market, SEC temporarily suspended the credit facility extended by brokers to their clients. 2 At the same time, SEC also increased the members’ trade margin requirements by reducing the free trading limit from Tk. 10 million to Tk. million. As a result, secondary market activities became quiet during January-Februaryn 2005 and the daily average turnover declined to Tk. 245 million from Tk. 402 million in November-December 2004. However, the daily average turnover of DSE increased to Tk. 447 million in March 2005, which significantly surpassed the level of daily average transactions during the F Y03-FY05 period. 3 Considering the interest of the investors, SEC amended the margin rule in February 2004 by increasing the free limit to Tk. 10 million; and withdrew the order relating to the suspension of margin rule in April 2005. At the end December 2005, the stock index stood at 1,677. 3. The market observed a downward trend during January-June 2006 and then turned positive from July 2006. In August 2006, the daily average turnover at DSE reached Tk. 561 million, where Dhaka Electric Supply Company (DESCO) and Rupali Bank Limited accounted for around 13 1 In order to attract companies into the capital market, several other steps were also taken. The corporate tax rate for non-listed companies was fixed at 37. 5 percent and for listed companies it remained unchanged at 30 percent (and 45 percent on banks, insurance, and financial institutions). However, 10 percent tax rebate was allowed for companies declaring 20 percent or more in dividend. 2 The DSE-general index increased by 52 percent during July to December 2004 and the daily average turnover increased from Tk. 140 million in March-July 2004 to Tk. 316 million in August-December 2004. 3 Around 59 percent of the turnover was attributed to the banking sector. and 4 percent of the total turnover respectively. 4 In the wake of political instability, the market witnessed fluctuations during the last two quarters of 2006; the index however rose to 1,609. at the end of 2006. Sign of vibrancy in DSE started from the beginning of 2007 and continued till the last trading day of the year. All the market barometers significantly rose during 2007 reflecting regained investors’ confidence after 1996 stock market bubble. The increasing trend of DSE-Gen index started in January 2007 and continued over the year except for a short period covering February-April 2007. The DSE-Gen index crossed the 3,000 mark for the first time and closed at 3,017. 2 on the last trading day in 2007. In October 2007, the daily average turnover at DSE reached Tk. ,297 million, but declined to Tk. 1,244 million in December 2007 mainly due to SEC intervention. 5 OBJECTIVES AND AIMS Overall Objective It is important to have a sound knowledge over the field where someone wants to have an access in business or any career related job. Since, share market is popularly recognized as a good field for investment many people intends to invest here for safety and good return than Bank or any other Financing company. But some people found it more volatile than other and considered as insecure investment. My study would like to meet up the following pursued objectives To map out the limitations of the bank-based financing system of Bangladesh. To examine the structure of the existing financial sector of Bangladesh emphasizing on an organized capital market. To analyze limitations and examine opportunities of the capital market of Bangladesh covering both equity and debt markets in creating a congenial investment climate. To provide a useful basis for building a sustainable capital market with a view to creating a healthy investment climate in Bangladesh. To find out the reason of market fluctuation and make a steady market . Specific Aims The main objectives of the study is to make a sustainable environment in the share market as the investors find it a safe and secure place for their investing . Attract investors to invest more in the market showing that the reasons of the market fluctuation and its inside conspiracy . MATERIALS AND METHODS The focus of this review is the determination of stock prices in Bangladesh. To gather the information that we wanted we used interviews and the archival method. We targeted the people in the various organizations/companies that are registered on the Dhaka Stock Exchange, stock exchange staff, stock broking firms, investment analysts. In some instances we engaged people in some informal discussions because if people know that they are being interviewed they tend to withhold some information which they think is sensitive. We also gathered published information [3] from various libraries and the Bangladesh Stock Exchange publications. Importance of stock markets The importance of the stock market as an investment vehicle for the investors is explained here. Very few people in Bangladesh are aware that they can invest money on the stock market and reap some very lucrative returns through dividends and capital gains. For investors who invest on the market there are of course some risks that they have to live with, for example, the unexpected crashing of the stock market. According to McGregor[6] companies usually borrow money from banks in order to meet their short-term cash requirements. However, when they need long-term finance, they may sell their ownership interests in the company by using common and preferred stocks. Moreover, they can also borrow from the public by selling bonds to meet their long-term capital requirements. Stocks exist to enable companies in need of long-term finance to sell pieces of their business as stocks (equity securities) in exchange for cash. The selling of equity securities is the principal method of raising long-term capital other than the issuing bonds. The publicly held shares can be traded to other investors on the stock market and are in this case, known to be liquid[5]. According to Stanlake[7] company shares represent permanent loans and there are no rights to repayment of such loans. He also noted that in the absence of some kind of stock exchange, securities such as these will be very illiquid and it would be very difficult to find buyers for them. Hence, the existence of the stock exchange solves this problem because it provides a market where holders of shares and long term securities can always buy and sell them. A company that has obtained permission to have its shares traded on the stock exchange will find it much easier to raise new capital by making an issue of shares. The stock exchange, therefore, is an essential part of the capital market, i. . , market for long-term loans[2]. Shauna Croome[1] states that companies receive money from the securities market only when they first sell a security to the public in the primary market, which is commonly referred to as an Initial Public Offer (IPO). It is in the subsequent trading of these shares on the stock market that investors buying and selling the stock would benefit from the movements in the stock price. The benefits accrue through either the appreciation of the stock price or the dividends that are paid out. Croome[1] further went on to explain why management and founder members of a given company care about their stock’s performance in the secondary market when the company has already received its money in the IPO. He argued that the explanation lies in the fact that management or founder members of a public company tend to own a significant number of shares and also that salary incentives or stock options for management could be tied to the performance of the company’s stock. For these two reasons, management acts as shareholders and thus pay attention to their stock price. According to McGregor[6] another main role of the stock market is to act as a barometer of the financial health for the companies that are listed. Thus creditors tend to favorably consider companies whose shares are performing very well for financing purposes. This preferential treatment is due to the relationship, which exists between a company’s earnings and its share price. Over the long term, strong earnings are a good indication that the company will be able to meet its debt requirements. As a result, the company will receive cheap finance because of the lower risk associated with it. The Dhaka Stock Exchange provides the platform and the means for raising capital for both Bangladesh and international companies through the issuance of equity, debentures and depository receipts. It also provides investors with the opportunity to buy and sell shares in any company listed on the stock exchange. The other fact that has to be considered is that a stock exchange has been perceived as the backbone for most contemporary economies, serving a critical need of raising capital funds for companies at a reasonably low cost as compared to other sources of finance such as borrowing[2]. RESULTS AND DISCUSSION OF DETERMINANTS OF STOCK PRICE OF DSE The determinants of stock prices that we established after analyzing the data that we collected through archival techniques and interviews are summarized below: Corporate earnings: Information on a company’s performance and growth prospects is very important in determining a company’s share price. Demand increases for the shares that have a high prospect for growth (blue chip shares). The prices of such shares rise much faster than those of companies whose growth prospects are bleak. The expected receipt of dividend income is sometimes an incentive for investing in a given stock, particularly if the yield on the investment exceeds the return offered on other alternative investments like savings accounts. Investors may pay a premium for shares in issue. The less liquid the shares are, the more difficult they are to come across and one may have to pay a premium in order to get them. Management: The strength of the management team plays a very crucial role in determining the price of a share. Changes in the management team affect both the risk and returns associated with the counter. If the Nincumbent management team is perceived to be strong due to its past performance, changes in such a team can result in the dropping of share price and vice versa. Lawsuits: News of lawsuits against a company can severely affect its share price. Besides the issue of unwanted bad publicity, lawsuits can result in fines, damages and/or withdrawal of trading licenses. This is risky for an investor and therefore causes a plunge in the share price. Market liquidity and stability: When the market is less liquid, there are no funds to buy shares and hence share prices go down especially when supply is high. During financial crises, stock market information is very sensitive and hence share prices are volatile. Stock prices normally decline during the subscription period and when companies announce rights issues. Stock markets include laws that govern insider trading because this can also lead to share price volatility. Insider dealing is trading of stocks by people within the company who have important information about the direction the company is taking. The public may deduce that when the insiders are buying or selling shares of their own companies, they have some important information about the companies that drive them to do so. Availability of substitutes: When the market has substitute securities such as loan stocks, unit trusts and treasury bills, the share prices often go down or remain constant. For eight days from the 7th to the 14th of October 2004, most share prices for companies on the DSE traded at constant prices due to the short term treasury bills that were issued by the central bank during the same period to reduce market liquidity. For example, Old Mutual shares traded at a constant price of $11800 during that period even after the publication of some impressive results. Government policy: Changes or proposed changes in the system of taxation, government spending, monetary policy and in industrial policy (e. g. , privatization) can have an important effect on people’s willingness to buy or sell shares. In Bangladesh the recent problems that were experienced in the financial services sector have had profound effect on the financial counters. According to the Business Herald (5th of October 2004) financial counters are no longer as attractive to the prospective investors as they were in the previous years. Sentiments on the financial counters, with the exception of those that are financially stable reached their lowest ebb in 2004. During the first half of the year financial counters either remained static or plummeted, with at least three firms being suspended from trading on the Dhaka Stock Exchange. It can also be noted that each time a monetary policy or a government budget statement is presented the share prices are affected in some way. This clearly demonstrates the fact that government policy and actions impact on the share prices of listed companies. Macroeconomic fundamentals: Interest rates and inflation also have an effect on share prices. Where real interest rates are negative, investors tend to seek alternatives that yield positive returns and shares are one such alternative. As investors move from the money market to the DSE, share prices are likely to increase due to increased demand. When investors are assured of positive real interest rates on the money market they are more likely to invest on the money market where returns are guaranteed instead of the stock market where returns are uncertain. The exchange rate also has an effect on share prices as it affects the companies that either export or import. Devaluation of a currency might have a positive effect on the share price of an exporting company as it improves its competitiveness on international market. However, the companies that import raw materials are negatively affected by devaluation as their production costs automatically go up. On the other hand, companies that produce import substitutes are likely to benefit from devaluation as the imported products become less competitive as compared locally produced goods. Investor sentiments: Share price movements are also explained by the perceptions of the investors. For example in a bull market share prices are expected to rise and in a bear market they are expected to fall. Investor sentiments may be demonstrated through the seasonality of stock markets. For instance, share prices are usually anticipated to fall during the festive season. This compels some investors to redeem their shares just before the beginning of the festive season so as not to experience capital losses. The level of confidence of the investors in the general economy and economic policies of the country also impact on the share prices. For example, the land reform program, social unrest and policy reversals that were experienced between 1997 and 2001 negatively affected the stock market, as investors were uncertain about the direction the economy was taking. Uncertainties of this nature may also affect the global markets, for example, just after the 11th of September 2001 attack on the USA major world stock markets recorded their lowest volumes of trade. Technical influences: Technical influences are another factor that impact on share prices. A good example is the ranking of counters according to the performance and the profitability of the companies. Investors tend to regard highly counters in the ‘top ten’ and these are the companies they would be inclined to invest in. This is a self-fulfilling prophecy because as investors demand such shares their prices continue to go up. For example, in Bangladesh counters such as Old Mutual, Portland Cement, British American Tobacco, Delta Life Insurance are some of the counters in the top ten and they are the ones that are popular with investors. Another technical influence is the use of past share prices to forecast how share prices and stock markets will perform in the future. A company’s previous performance may always act as a pointer to its future performance and this guides investors as far as their investment decisions are concerned. Analyst reports: Analysts’ recommendations on â€Å"buy† or â€Å"sell† decisions affect prices of stocks in question as investors normally take heed of such recommendations. The public normally accepts the advice given by the analysts since the analysts are specialists in their respective fields. The determinants of share price on the basis of face value: Every company has a face value Company announce the dividend on the basis of face value On the basis of premium on share On the basis on right share On the basis of bonus share Earning revenue of company determined the share price Reputation of company often determined the share price Consistency of company often determined the share price Offerings of company determined the share price Determinants of share prices on the basis of Market Mechanism Ignorance about share market Syndicates affect on share market False information is a determinant of share market Unconsciousness of money market is one of the main reason of the fluctuation of the share market, Determinants of share prices on the basis of liquidity and governmental steps Interest rate of Bangladesh Bank and commercial Bank Inflation rate Total GDP Determinants of Market Price of Common Stock Present, past and future earnings of the company generally guide the shareholders? expectations of dividends and capital gains. The portion of earnings into dividends, and retained earnings is taken into account by the investors. Two major hypotheses are basically developed to explain the determinants of share price viz. , i) dividend hypothesis and ii) retained earnings hypothesis. The former attributes the explanation of share prices to the proportion of earnings that are distributed as dividends. Share price of a company with higher dividend payout would be higher. Even, if earnings remain the same, share price will increase as dividend payout increases. Several arguments, however, are developed in favor of dividend hypothesis as: a) dividends tend to reduce the risk and uncertainty attached to a share, b) it refers to the psychological preference of investors for current rather than future earnings, and c) it relates to the information content of dividend payout as dividends are taken by investors as a tangible evidence of earnings capacity of a firm. Retained earnings hypothesis, on the other hand, contends that higher share prices are consequences of higher retained earnings. Retained earnings being an important source of internal financing for business expansion effect share prices by their influence on future earnings. Kumar and Mohan (Kumar and Mohan, 1975) hypothesized that the market price of share is a function dividends and retained earnings and used the following regression Equation: Pit = a + bDit + cRit 29 where, Pit = price of stock i at time t, Dit = dividend per share of stock i at time t and Rit = retained earnings of stock i at time t. The coefficients they estimated for the two explanatory variables, dividends and retained earnings, are more or less equally significant. They argued that the dividend hypothesis has a little superiority over the retained earnings in determining the share prices, as T value is found slightly higher in case of dividends. Consistently, Nishat (Nishat, 1995) attempted to judge the relative importance of the dividend vis-a-vis retained earnings hypothesis in determining the share prices. He developed the following model to compare the dividend and retained earnings influence on the share prices in highly profitable growth industries of Pakistan: Pit = ? 0 + ? 1Dit + ? 2Rit Where, Pit = price of stock i at time t, Dit = dividend per share of stock i at time t and Rit = retained earnings. The above model might cause an upward bias in the dividend coefficient due to two major reasons. Firstly, the relationship is misspecified as it assumed that the riskiness of the firm was uncorrelated with dividend payout and share prices. This problem should be eliminated by introducing a variable namely lag of earning price ratio, to measure individual deviation from the sample average earning price ratio in the previous year periods as follows: Pit = ? 0 + ? 1Dit + ? 2Rit + ? 3[P/E] i(t? ) Where, [P/E]i(t? 1) = price earnings ratio of the previous Secondly, the income reported by a corporation in any particular period is subject to a host of short-run economic and accounting factors. If prices were related to normal than reported income, in regression equation, it would produce biased results in favor of dividend payout. However, the difference between the dividend and retained earnings coefficient might be reduced by use the following model: Pit = ? 0 + ? 1Dit + ? 2Rit + ? 3Pi(t? 1) Where, Pi(t? 1) = share price of the previous year. Some Policy Implications Volatility in stock prices is a common phenomenon in the equity market. Individual stock price undergoes ups and downs which is a regular feature of an efficient stock market. In the absence of price volatility, potential investors lose interest to participate in the stock market. However, careful monitoring of volatility by the concerned authority is needed in DSE which is yet to achieve maturity especially when high volatility exists in the market. If necessary, there should be effective intervention when the market experiences excess volatility. During unpredictable movements of individual stock prices, it would be useful for the authority to identify the factors behind such price movements and quickly disseminate the information to interested stakeholders. In addition, the authority may take measures to make available all relevant information relating to real worth of the companies experiencing excess volatility in stock prices, especially to the investors. It isn also important to ensure adequate supply of stocks through active participation of the government in the capital market particularly to dampen the excess demand. The endeavor should be to make the market more liquid, and the government can directly contribute to this by floating more treasury bonds. The availability of risk-free instruments would allow the investors to diversify their portfolios that carry lower risks. Of course, greater awareness and the development of stock market infrastructure are essential to stock market development. In addition, it is necessary to ascertain enforceable regulations that would ensure financial transparency, stop financial malpractice, and prevent any form of market manipulation. Capital market participation, in the form of floating debt and equity or asset securitization, remains the acceptable options of financing and materializing these options. As a financial product, securitization has gained popularity in Bangladesh for providing a method of issuing bonds that ensure maximum safety for investors. Most importantly, securitization addresses the fundamental asset liability maturity mismatch problem by providing true long-term funds. Upswings and downswings in the share market occur daily and no one can fathom the precise reasons. Why do the share prices fluctuate, beating the estimates of the brokers or investors? The price level is affected by the complex environment of the total economic system and all the economic activities are interlinked. Some of the important reasons that adversely affect the market are, extreme climatic conditions like heavy rain and floods or the total absence of it leading to crop failure, the varying interest rates, the political developments, war-like conditions or actual war, policy changes made by the government in the regulatory mechanism, and conditions that disrupt the confidence of the investing community. Even when the economic conditions are favorable, the share prices may crumble due to many extraneous factors. The internet and industrial revolution have deeply impacted the market and the technological advancement will continue to affect the small and big companies. The concept that world is one family has become the reality in the commercial world. So, global and domestic factors will have to be taken into account while  trading  in shares. Not long ago, if an entrepreneur thought of establishing an industrial unit, his survey would mostly confine to similar units within the country and their competing capacities. The situation is no more the same. For example, the giftware industry in India is facing stiff competition from China, and several units have pulled the shutters down or are on the verge of closure. The shareholders who invested in reputed gift items manufacturing companies have suffered losses. The most unexpected things happen in the share market and the random, unforeseen forces do their job pretty well to demolish the conclusions of the analysts and researchers. The market shifts dynamically with the impact of the laws of supply and demand, and the cyclical nature of the share market. Even a shrewd investor can only make a general guess about the adverse market factors affecting shares, but the precise predictions are impossibility. Finally, there are  stock  specific factors and general market conditions that will impact the price of a share. Professional stock trading companies offer consultancy that will help an investor to take profitable decisions. Do not go by cheap advertisements that promise you the moon. Such agencies get payment of their fees/brokerage and later land you in trouble. Conclusion and Policy Implications This study attempts to analyze different theoretical models in explaining the impact of dividend vis-a-vis retained earnings along with other independent variables like price earnings ratio of the previous year, lagged price on the prices of the stocks associated with DSE. To this end, some empirical studies relating stock prices to dividends and retained earnings conducted elsewhere have been analyzed. These studies produced considerable controversy and confusion regarding relative importance of dividend and retained earnings in the explanation of stock prices. In my study, the relative importance of dividend, retained earnings, price earnings ratio of the previous year and lagged price in explaining stock prices of the companies listed with DSE are explained. The findings suggest that in the market of DSE the overall impact of dividend on stock prices is comparatively better than that of retained earnings when dividend and retained earnings are taken as explanatory variables. It is also found that the impact of dividend and retained earnings is above the impact of additional explanatory variables like price earning ratio for the previous year and lagged prices. It means that whatever explanatory variable is taken announcements of expected dividends of the firms listed with DSE play an important role in the determination of stock prices. On the other hand, the study evidenced little bit different view when industry-wise dynamic relations are revealed. In some industries the impact of dividend on stock prices is stronger than that of retained earnings when dividend and retained earnings are taken as explanatory variables. In some cases the dividend impact remains very close to the retained earnings impact and in some cases impact of retained earnings on stock prices is comparatively better than that of dividend. It is also found that the impact of dividend and retained earnings is above the impact of additional explanatory variables like price earnings ratio for the previous year. But the impact of dividend and retained earnings is not above the impact of additional explanatory variables like lagged prices. Finally, it may, however, be concluded that whatever explanatory variable is taken announcements of expected dividends of the firms listed with DSE does not play an important role in the determination of stock prices in all industries. Although the study does not uncover the exact reasons of the dividend relevance like these, it merely provides that dividend announcement of the organizations in all industries does not have substantial explanatory power in explaining stock prices of the firms listed with Dhaka Stock Exchange. REFERENCES AHARONY, J. SWARY, I. 1980. Quarterly Dividend and Earnings Announcements and Stockholders Returns: An Empirical Analysis. The Journal of Finance, 35, 1-12. ALLEN, D. E. RACHIM, V. S. 1996. Dividend policy and stock price volatility: Australian evidence. Applied Financial Economics, 6, 175-188. ATIASE, R. K. 1985. Predisclosure Information, Firm Capitalization, and Security Price Behavior Around Earnings Announcements. Journal of Accounting Research, 23, 21-36. BAE, G. S. , S. , C. Y. KANG, J. K. 2008. Intragroup Propping: Evidence from the Stock-Price Effects of Earnings Announcements by Korean Business Groups. Review of Financial Studies, 21, 2015-2060. BAJAJ, M. VIJH, A. M. 1995. Trading Behavior and the Unbiasedness of the Market Reaction to Dividend Announcements. The Journal of Finance, 50, 255-279. BALI, R. HITE, G. L. 1998. Ex dividend day stock price behavior: discreteness or tax-induced clienteles? Journal of Financial Economics, 47, 127-159. BAMBER, L. S. 19 86. The Information Content of Annual Earnings Releases: A Trading Volume Approach. Journal of Accounting Research, 24, 40-56. BAMBER, L. S. CHEON, Y. S. 1995. Differential Price and Volume Reactions to Accounting Earnings Announcements. The Accounting Review, 70, 417-441. BARCLAY, M. J. SMITH, C. W. J. A. W. , R. L. 1995. The Determinants of Corporate leverage and Dividend Policies. Journal of Applied Corporate Finance, 7, 4-19. BEAVER, W. H. 1968. The Information Content of Annual Earnings A [pic]

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Impact of WTO membership on China’s Agriculture Sector Essay Although fruitful for sectors like finance and banking, China’s WTO member has not proved to be that much lucrative for the agriculture sector of China since it provides both opportunities and threats for the country’s economy. At one hand, China’s decreasing tariffs of agricultural exports attracted global market thereby causing a considerable boom in the year 2004 in which China’s agricultural exports raised to $17. 3 billion. At the other hand, as a result of free trade China faces a major threat in terms of the competition for domestic grains like corn and soybeans with the imported grains of better quality thereby snatching the livelihood of many farmers and people related to the agriculture sector. For the very reason, China has not opened its market of agricultural products as much as it has for the manufactured goods. Another reason behind a non restricted import of agricultural goods is that such a step on China’s behalf would have led to a trade deficit. Keeping in mind China’s growing population, China’s import would have superseded its export in case of non-protectionism. Also, China faces a risk of suffering losses because such products are easily infected and such a scenario can not only leave a scar for China’s growing international repute but can also cause a major set back to the Chinese exporters. Impact of China’s membership of WTO on China’s Manufacturing Industry: The manufacturing industry of China represents one of the major successes pertaining to the membership of WTO. Because of the cheaper prices of China made goods in the international market, the demand of these products is ever increasing. In case of manufacturing of automobiles, China has been excelling since 1975 but the major boom after its membership of WTO indicating a production percentage increase of 41. 3 percent in a single year when its production number raised to 3. 25 million in the year 2002. Today, the China’s automobile industry stands among the world’s top automobile giants. In the case of China’s Telecommunication Industry with China having entered 2nd generation of mobile communications equipment, china has launched its replica mobile phone. Unusually similar in appearance to the high quality branded cell phones, china made replica mobile phones are cheaper enough to satisfy a number of customers across the globe. Impact of WTO membership on China’s International repute: Having discussed the impact of WTO membership on China’s economy, what remains worth mentioning is a series of changes for the other sectors of the country. The impact of globalization is not just confined to the financial gains but has also left a strong image of China thereby hushing away the chances of any other world war in future. For the pro-globalists, globalization has opened new horizons for China to reach out to the world. This has resulted in an ascendance of China’s products across the world. The proliferation of China made good across the world are so wide that it has left U. S. with a ‘China Street’ in the New York City and Pakistan with a ‘China Market’ in the country’s capital. Both these markets are peculiarly meant for the selling of China made goods that are much cheaper as compared to those made by other countries. It is the result of internationalization that China has permeated into every corner of the global community by attracting the customers with its cheaper prices. But the other side of the coin suggest contrary to the positive side WTO membership on China’s international repute. The exemption of trade barriers encourages the flow of infections and diseases through products from one place to another. SARS stands as one such example that had left many people at the verge of death. It was in first few months of the year 2003 that marked the outbreak of SARS. â€Å"Originating in southern China in late 2002 (or earlier by some accounts), the epidemic quickly infected more than 8,000 people in 30-plus countries, causing nearly 800 deaths within six months. By the time the disease was finally brought under control, Beijing’s initial mishandling of the crisis, as well as the SARS scourge itself, had taken a serious toll on China’s economy and its international reputation. † Impact of WTO membership on China’s Legal System: Gregory C. Chow in his article ‘The impact of joining WTO on China’s economic, legal and political institutions’ suggests that the WTO membership of China has not only resulted in economic boom but has also brought an amelioration in the legal system of the country. He lays his assumption on the fact that by WTO membership China is dealing with a number of international firms. The exposure of foreign laws would positively affect China to pave its way to legal modernization. Also, it is in the aggrandizing phase of globalization that China has enacted many commercial laws that involve the laws pertaining to bankruptcy and corporate behaviour. It is a direct result of this fact that the number of Chinese legal personnel continue to increase. With WTO membership, this move towards globalization is further facilitated thereby suggesting a further amelioration of China’s legal system. Impact of China’s membership of WTO on other nations: Of all the corollaries of China’s entrance into the World Trade Organization, the global competition supersedes providing both the optimistic and pessimistic implications for the world. At one hand the increasing competitive has triggered a wave of fear for many smaller economies by dragging them at the verge of economic fiasco. At the other hand, the same competitiveness has fostered the production of high quality products and innovative technologies employed by the competitors. China’s accession to WTO demanded a decline in China’s tariffs on goods. These tariff barriers were employed by China as a technique of economic protectionism in order to flourish the domestic industry that might have faced overwhelming competition by the entrance of foreign goods with low tariffs. Making it crystal clear, the WTO membership not only opened new opportunities for China to globalize its export but with the ascendance of export the integration also caused the increase of import by China being forced to lower the tariffs on imported goods. According to the findings of Dorothy Guerrero in ‘China, the WTO and Globalization: looking beyond growth figures’ China had to lower down its overall tariffs on agricultural goods from 54 percent in 2001 to 15. 3 percent in 2005. However the net results favoured China in a sense that even in the absence of high tariffs, some invisible barriers for the products of foreign countries were still implemented by China. These non tariff barriers indirectly dissuade the participants of international trade market from progressively entering China’s domestic market. These non tariff barriers involve issues pertaining to stringent security check, product certification, labelling standards, delay in customs clearance and import approval. The stringency of these national non tariff barriers significantly differ from the international standards and often keep varying from time to time. As a result of rejection based on these national standards, foreign manufacturers suffered a great loss especially in terms of agricultural products. This rejection has lessened their share of goods exported to China. Apparently being insulated from the economic progress and WTO membership of China, Chinese Politics also experiences changes in terms of the preference of communists or democrats. Just like WTO demands free trade and rights of all the nations, the Chinese citizens of future can be predicted to unanimously demand democracy for the rights of every citizen.