Nike Wacc Case Study

Financial Management Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regarding an investment in Nike? 2 Case Overview Nike, Inc. NorthPoint Group Investment Decision Current share price of USD 42. 09 ? Declining market share for the period 1997-2000 ? Strategy for revitalizing the company under consideration ? Plan to boost revenue and optimize costs ? Highly experienced management team ? Mutual fund management firm ? Emphasis on large-cap value stocks ? Has been outperforming the market for the past 18 months ? Kimi Ford – portfolio manager seeking to identify undervalued stocks, consistent with the fund’s investment strategy ? Stock valuation based on forecasting future cash flows over a ten year period ? Discounting the UFCFF using a predetermined WACC value ? Calculating the discount factor based on the CAPM approach ? Considering sensitivity analysis 3 Understanding the WACC ? The Weighted Average Cost of Capital is the interest rate (minimal return) at which investor-supplied capital (equity and interest bearing loans) has been provided. Therefore, it is the weighted average minimum expectation, which shareholders and creditors require for their respective investments made with the company under consideration. The WACC reflects both, the cost of equity and the cost of debt. Different sources of funds have different costs and therefore, depending on the capital structure of the organization, the weightings of debt and equity are calculated and assigned. ? The WACC is calculated using the following equation: WACC = [E/(D+E)] x Ke + [D/(D+E)] x Kd (1-t) ? The minimum required return on shareholders’ investment. ? CAPM method has been widely used in calculating the cost of equi ty. ? Ke = Rf + b. (Rm – Rf) ? Risk level and volatility are calculated based on historical data. Cost of Equity Cost of Debt ? The interest rate at which a company can acquire new debt. ? Any fixed rates on outstanding debt are not relevant, since the investors are concerned with what it will cost the company to generate cash from any future investments, which would occur at market rates rather than historical ones. ? After tax cost of debt = (1-t)Kd, since interest is tax deductible. 4 Critique of Joanna’s Calculations Calculating Ke Since Joanna’s FCF forecast reflects a ten year period, it could be argued that, for the sake of consistency, the yield of a risk free ten year security should be used instead. ? An arithmetic mean estimation of the risk premium is generally accepted as an appropriate approach by the investment community. * ? Since Nike is a multinational company, its revenue stream bears additional risk based on the specific allocations to various countries. This should reflect additi onal risk premium such as exchange rate risk, political risk etc. Such calculation goes beyond the scope of this case but it should not be ignored. Beta has been calculated as a historic average but the included value YTD 06/30/01 should be excluded not only since it is not consistent in terms of period length, but the apparels business is seasonal with great portion of the revenues coming during the months of Dec. and Nov. Historic betas prior to 1996 should not be excluded. Calculating Kd ? Cost of debt is not properly calculated since potential shareholders and creditors are not concerned with interest on outstanding debt, but rather the current market rate at which the company could borrow to finance its operations and potential expansion. The technique used by Joanna is useful only to get some rough insight on what Nike is paying on its existing debt. ? Joanna has undertaken an appropriate approach in calculating the after tax cost of debt, since debt is tax deductible. ? Joann a is right to consider debt denominated in foreign currency, however her approach is flawed since she is once again looking at outstanding debt, which arrangements that occurred some time in the past might significantly differ from the current market reality. ? Since existing Nike bonds are trading at discount, we already know that the market yield exceeds the coupon rate. 5 Strong arguments exist for using the geometric mean under certain circumstances. This point will be further elaborated Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regardin g an investment in Nike? Calculating Cost of Equity ? Rf = 5. 39% based on the current 10 year yield for the sake of consistency with the forecasted 10 year FCFF. ? Calculating risk premium based on arithmetic average vs geometric mean: ? Arithmetic average assumes no serial correlation and thus could be overstating the premium. ? Arithmetic average ignores estimation error and available data is limited. ? Arithmetic average works best for forecasting short term periods where long term periods seem to be better captured by the geometric mean. Cost of Equity Yield on 10-year Treasuries Risk premium – developed market (geo. Risk premium – developed market (arit. ) 5. 39% 5. 90% 7. 50% Average risk premium Risk premium – country specific Levered ? Unlevered Cost of Equity 6. 70% 0. 00% 0. 82 0. 77 10. 91% ? Both methods are acceptable and even though the arithmetic mean is widely accepted as the proper method, we are using an average of both since we are dealing wi th a long term period and the geometric mean could be potentially more representative. ? No additional country risk premium is assumed due to lack of data. ? Unlevered beta has been calculated in order to reflect only the amount of business risk. For any future beta projections it will be more appropriate to calculate relevered beta based on the targeted capital structure. Beta 1996 1997 1998 0. 98 0. 84 0. 84 1999 2000 Average 0. 63 0. 83 0. 82 7 Sources: Ibbotson Associates, Aswath Damodaran Calculating Cost of Debt ? To calculate the appropriate yield to maturity we need to take into account that the settlement date (05/07/2011) falls between coupon payments, meaning that the first period will be shorter than the remaining 40 (20 years of semiannual payments). ? We calculate a transaction price (dirty price) of USD 98. 9 using a YTM of approximately 7. 17%. After adjusting for the accrued interest we get the quoted price of USD 95. 60. ? We are not considering the effective YTM for the cost of debt since it is not clear whether the returns could be reinvested at the same rate due to the following reasons (list not exhaustive): ? The yield curve is usually not horizontal. ? The shape of the curve is dynamic and changes over time. ? Some premium should be considered on debt issued in foreign currency, but this goes beyond the scope of this assignment and no debt breakdown has been provided for that matter. Cost of Debt Coupon Years to maturity Periods within one year Total periods Face value of c-bond Market price of c-bond YTM* Effective YTM 6. 75% 20. 03 2 40. 05 100. 00 95. 60 7. 17% 7. 30% Yield to Maturity Days from last coupon date Days to next coupon date Days between coupon dates Transaction price Accrued interest adjustment Quoted price Yield to maturity 171 10 181 98. 79 3. 19 95. 60 7. 17% 8 * Calculations have been made based on a 360 day year Calculating WACC 10. 26% WACC †¢ Calculations of the weightings †¢ We use book value of debt since not Weightings Ke / Kd onsider the market value of equity based on the current price per share and the diluted shares outstanding. 89. 87%* 10. 13%** all interest bearing debt is in the form of bonds maturing on 07/15/21 with a current YTD of 7. 17%. However, since the company has low leverage and is not under financial distress, there should not be a significant difference between the current market and book value of the outst anding debt. Cost of Equity After Tax Cost of Debt 10. 91% †¢ Calculations are based on revised 4. 44% †¢ Before tax cost of debt has been assumptions previously described. †¢ Cost of equity is not to be adjusted reviously calculated at 7. 17%. †¢ After applying tax rate of 38% the for taxes. after tax cost of debt amounts to 4. 44%. 9 * Market capitalization as of 05/07/2001 is USD 11. 5 bn. ** Total interest bearing debt (current + non-current) as of 31/05/2001 is USD 11. 3 bn. Figures as of 05/07/2001 are not provided for a better estimate. Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regarding an investment in Nike? 10 Other Methods for Calculating Cost of Equity ? Po = Do(1+g)/(r-g) ? Could be used for mature companies, which pay dividends on a constant basis, and it is reasonable to expect that they will also do so in the foreseeable future. ? The DDM model is overly sensitive over the value of assumed growth (g), however it is a very simple and straight forward method of calculating the fair value of a mature company. Since Nike is expected to undergo cost optimization over the next years, as well as shift in sales strategy, we should consider a high growth period of the expected dividends, after which constant growth could be assumed. ? For the purpose of this case, however, we are given than dividends increase by 5. 50% on an annual basis, even though Joanne predicts a CAGR of NOPAT for the period 2002-2011 equal to approximately 10. 4%. Dividend Discount Model Earnings Cap. Ratio ? Po = EPSo(1+g)(1-b)/(r-g), where b is the retention ratio. ? EPS is an accounting figure. The ratio depends on dividend policy. ? Useful and simple approach for mature firms with easily predictable future EPS and constant growth rate and retention ratio. ? For simplicity, we are assuming g = 5. 50%, just like in the DDM method. 11 DDM and Earnings Capitalization Ratio Calculations ? D1 has been calculated as of 30/06/2002, assuming 5. 5% increase in annual dividends paid in both 2001 and 2002. Do captures the period 30/06/2000-30/06/2001. ? Based on the DDM and Earnings Capitalization Ratio, we obtain a cost of equity of approximately 6. 7%-6. 8%. Both estimates seem unreasonably low. ? This is significantly lower than the calculated cost of equity using the CAPM model. Due to the flaws of both the DDM and Earnings Capitalization Ratio methods described above, we should hold the CAPM approach as most reliable in calculating the cost of equity. ? The calculation of the cost of equity using both the DDM and and Earnings Capitalization Ratio methods has been based on assumed constant growth in perpetuity, which will most likely not be the case, especially considering Nike’s new sales strategy and cost optimization over the next few years. Therefore, we are more likely going to observe a higher growth period followed by a stable growth period. Dividend Discount Model g Po 5. 50% 42. 09 Do D1 r 0. 48 0. 53 6. 77% Earnings Cap. Ratio g Po b (retention ratio) EPSo EPS1 r 5. 50% 42. 09 77. 75% 2. 16 2. 28 6. 70% 12 Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regarding an investment in Nike? 13 Investment Decision Based on the calculated WACC value, using the CAPM approach, and the predicted UFCFF for the period 2002-2011, Nike’s stock appears undervalued Since the purpose of the assignment was to calculate the WACC value only, we have taken all predicted UFCFF levels as given, even though certain adjustments could be appropriate to better reflect the expected boost in sales resulting from the new sales strategy, and the expected cost optimizations. Based on the predicted NPV of UFCFF, we are given that the current price of USD 42. 09 suggests a 11. 17% discount rate. Since our calculations reveal that the actual discount rate ought to be 10. 26%, Nike’s share price is trading under its intrinsic value. Therefore, Kimi Ford should recommend a buy on the stock. 14

If i was a crayon Essay

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Buddha was a religious innovator Essay Example for Free

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Right is left and left is right - Research Paper Example Schools, in particular private schools, have practiced uniforms or conformation to dress codes for their students for many years to help maintain order. In the wake of increasing school-based violence and gang activity in recent years, a rethinking on the implementation of school uniform policies and more stringent dress codes has been found necessary by public schools as well. However, until now no state legislation mandates the use of student uniforms or specific dress codes. Many large public school systems have schools with either voluntary or mandatory uniform policies, mostly in elementary and middle schools (ECS, Education Commission of the States, 2009). According to Morris and Wells (2000), the argument of school officials, parents and researchers favoring the use of school uniforms is that â€Å"they enhance the ability of the school to achieve its basic academic purpose, diminish the differences among socio-economic levels, promote self-confidence and school spirit, and improve student behavior.† The Manual on School Uniforms published by the U.S. Department of Education (1996) identified several potential benefits for school uniforms including decreasing violence and theft, preventing gang members from wearing gang clothing at school, instilling discipline among students, helping resist peer pressure, helping students concentrate on academics, and aiding school officials recognize intruders. In Long Beach, California, education officials believe the pilot school uniform program implemented in 11 schools serving 8,000 students caused school-related crime to decline by 76 percent while significantly increasing attendance. H owever, the correlation between uniforms and positive results is yet to be proved (Morris and Wells, 2000). Parents and students have consistently opposed uniforms on several counts such as: they infringe upon the First Amendment rights of students; they

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Technological Changes in Organizations Essay Example | Topics and Well Written Essays - 2000 words

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Fundamental Duties of Nurses Assignment Example | Topics and Well Written Essays - 250 words

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Game scrabble Essay Example | Topics and Well Written Essays - 1000 words - 1

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Globalisation in Kenya Essay Example for Free

Globalisation in Kenya Essay Globalisation is the process of integrating the world community into a common system,on the economical and social grounds. The economic integration is the initial phase globalization,which ensures reduction of geographical inequalities by first creating jobs and business opportunities all over the world. This is then followed by social integration which is the second phase of globalization. (www. worldbank. org/kenya ) Globalisation involves the opening up local standards to measure with the international standards. Globalisation in this context implies the process of transforming a country to a higher level in terms of economic and social development. United Nations Development Program is a global Development Network,that purports to create change and connect countries to knowledge,exposure and resources that enable their citizens lead a better life. It was established in Kenya in the the year 1964,by then known as Technical Assistance board. 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Security is enhanced through peace and security projects, without forgetting its role fighting out the spread of HIV/AIDS among the Kenyan sustainability projects address the preservation and conservation of Kenyan natural resources for the future generations,where strategic Outreach involves in creating an environment for in promoting partnerships for Aid and donor coordination and advocating initiatives related to sustainable human Development and mainstreaming of Kenyas policy,planning and visioning frameworks. The UNDP-Kenya also gives intelligence on socio-economic trends ,resulting from periodic analysis. Kenya is in East Africa and it was initially called Kirinyaga and later named Kenya,a name derived from the second highest Mountain in Africa. It is a country composed of people from different ethnic groups ranging over forty two tribes,with diverse cultures, making a total population of over thirty millions people. Statistics show that 80% percent of the Kenyan population are mostly farmers(www. worldbank. org/kenya ),and they live in dispersed rural settlements. The remaining 20% of the population lives in concentrated urban areas of Nairobi and Mombasa. The country is faced by problems like ethical divisions,drought,poverty and and the HIV/AIDS Epidemics,(http://www. fh. org/cdi_kenya ). Kenya is among the countries with highest population growth in the world,and it frequently experiences droughts,implying that it is unable to sustain its growing population . Poverty in Kenya can be seen evaluated from various angles ranging from increased dependency,inability to participate in development activities,high level of unemployment,inability to feed its population,lack of proper housing ,inappropriate and poor health facilities,inability to educate the young ones and in meeting their basic needs. The country is lacked as being the 30th most unequal societies globally in terms of resource distribution and gender biasness,where the top 10% of the of the population controls the Kenyas wealth. The group of people that is adversely affected by abject poverty includes the pastorals communities,agricultural laborers,unprofessional workers,female headed households,orphans and street families. (World bank website). Poverty reduction. Kenya is characterized by a high level of poverty like most developing countries of Africa,which a huge percentage of its population leaving below the the poverty line. This calls for intervention in attaining economic globalisation. UNDP-Kenya actively involves itself in poverty reduction throughout creating a favorable environment for trade,investment expansion and creation of employment among the Kenyan population. The enhancement of a favorable environment for trade automatically encourages both local and foreign direct investments which later leads to more employment opportunities hence income for the Kenyan population which increases their level of income,that adversely reduce poverty and increase the national output. At the executing level in attaining these goals,UNDP undertakes projects that involve improved groups ,which generate income and create employment. The projects are carried out in conjunction with the Government of Kenya ministries mostly the ministry planning and the ministry of youth affairs,and Non Governmental organizations at the community level. UNDP ensures the achievement of the above objectives in reducing poverty by the observation of the following practices; Resource development for Kenyan Capital market Authority,direct support to the Agricultural sector it being the backbone of the Countrys economy specifically in the tractor project,the development of bee and Honey products export processing related industries,provide professional and expert support to the Kenya Private sector Alliance,support the youth Employment scheme and the small enterprises Program,growing sustainable Business program,women empowerment in the â€Å"fanikisha† project,creating a link between the informal sector and trade opportunities, and last the enhancement of foreign direct Investments in commissioning the United National Conference on trade and Development(UNCTAD) to review the Countrys Investment laws and policies. UNDP gives an hand to exporters , small scale producers , manufactures and service industry a link to export marketers, and provides technical assistance to targeted products and developing their markets. This adds value to the Kenyas exports and thus a common good to the countrys economy and its people welfare. Democracy and good governance are the basis for the social Globalisation and it involves the respect of human rights,observation of just and the rule of law. This ensures smooth running of the government and the efficient allocation of resources , without forgetting accountancy in the use of public services. UNDP ensures Democracy and good governance is exercised in the country in Major national and local level institutions. It acts as a watchdog for the Kenyan people in ensuring efficiency,effectiveness,transparency,accountability and equality in the provision of public services and perpetuating the public confidence in ht e governments financial management system. UNDP ensures this by giving a hand in budgeting,planning and economic management process. The practices of UNDP that guarantees the achievement of Democracy and governance include the following; Engineering the formation and capacity building of Public Reform and Development Secretariat which design development priorities,improve the development partner relations and approving public money spending. UNDP also ensures democracy through community empowerment through active participation in ensuring that humanity and human rights are observed like in support of Women Advocacy through federation of women lawyers in Kenya who solely specialize in ensuring that women rights are not violated,establishing organizations taking care of needs of persons with disabilities,empowering of youth through the ministry of youth affairs,providing elections assistance programs and giving a hand in the implementation Human Rights in attaining a sustainable human Development. UNDP-Kenya supports the attainment of the the countrys new constitution and its willingness are assessed in its participation in support for the referendum, co-financed by Department of Finance and International Development, Swedish International Development Agency, Norway and Netherlands. UNDP-Kenya supports the public sector reforms,enables parliamentary participation,supports anti-corruption efforts, and also gives an hand in Kenya restoring the rule of law and observation of justice through creating awareness about the human rights,in an attempt to assist Kenya attain millennium development goals. Ensuring that there exists security is wide sphere among the Kenya communities,ranging from physical security to the provision of basic needs like food and health. Kenya is characterized with poor disaster management and preparedness which lead to massive destruction on a calamity striking,leading to a bigger loss than when measure we to me taken on either disaster management or preparedness. Calamities strike from natural to human initiated. UNDP-Kenya actively participates in ensuring food security,safety from physical harm and conflict, and healthy security. It tries to reduce the danger and the vulnerability of the population to natural catastrophes like drought and flood,and the man made catastrophes like war,in working closely with the Kenyan government,civil society and other United Nations agencies. It achieves its purported objectives by building disaster capacity management,mitigation,prevention and preparedness. Kenya is prone to inter-ethical wars because of its many different ethical communities, and UNDP ensures the formulation of policies that and programs that prevent conflict ,and rather promote peace and co-existence among the Kenyan communities. Health issues are addressed through the Programs HIV/AIDS prevention policies. Environmental management and conservation. Kenya is characterized by environmental abuse in terms of pollution , the inappropriate way of disposing refuse and depletion of indigenous species. This call for an intervention so as to conserve the environment and its constitutes for the coming generations and better stay of the current generation,in either protecting the species or avoiding the break up of health complications. UNDP actively involves itself in the environmental conservation and management and poverty into Kenyas National policies,planning process and strategies,reinforce community environment and natural resources governance,and ensure the development of sustainable energy sources and distribution of the energy in meeting the household needs,that generate income by creating employment opportunities and in meeting the energy requirements in other sectors of the Kenyan economy. Reaching out to donors and Consultants, and the provision of advocacy. There is normally a gap between the potential donors and the governments that need aid,and this is due to lack of negotiation ground and lack of trust. This requires an Intermediary in joining the to ends,which is in this case UNDP in Kenya,which also provide the advocacy. UNDP-Kenya provides an avenue for the Kenyan population to get assistance from within and outside the country. This is through its intensified network in Africa and all over the world given that its a global organization t helps in promoting partnership for both foreign and domestic aids and donor coordination and advocacy initiatives intended for sustainable Human development and its coming going into the Kenyas policy,planning and focusing framework. It also gives the Kenyan government an underground hand in preparing papers and reports for presentation in consulting Group meeting. Conclusion. Globalisation is seen as an integration of the world on either economically or socially in meeting the international standards. Economics integration involve the opening up of trade channels,investing all over the world and most importantly meeting the international standards. Social integration normally come after economic integration and it involves improving the peoples welfare in terms of their living standards,life style and respect human right through an informed judicial system that respects law and justice. United Nations development is an international network that solely aims at improving humanity by connecting countries to knowledge,exposure and resources that enable their citizens lead a better life. It is a vehicle to globalisation in the countries where it is established are mostly in the Developing countries like Kenya. Kenya like any other developing countries faces problems that need to be solved by reorganizing themselves and setting out solutions through a third party assistance. UNDP is among the third party participants in ensuring globalisation in Kenya and it intervenes through small improved groups,and in giving the government of the day technical advice and at times given responsibility to act on behalf of the government,given its expertise in analysis and implementation in attaining globalisation. It intervenes through its specialized programs in ensuring security in terms of food,health and physical security,it provided outreach services to the country in acting an advocacy role between donors and government,it directly involves it self in projects that reduce poverty by reaching the affected groups directly,it provides the government of the day with professional issues like budgeting and related economic issues like strategic planning. References Food for the child website: http://www. fh. org/cdi_kenya Tripod Website: http://lautbry. tripod. com/cpce/globalization/index. htm United Nations Website: http://www. ke. undp. org/index. htm

Early Childhood Trauma Lives on in Adulthood Essay Example for Free

Early Childhood Trauma Lives on in Adulthood Essay Abused children eventually become problem adults who are a burden to society. Recent studies reveal the significance of parenting in the cross-generational transmission of aggressive or problem behavior up to three continuous generations. Stable evidence has long recognized and documented the negative effects of aggressive or harsh and inconsistent parenting and identified the need for interventions that would foster better parenting skills. These new findings provide the direct link between the incidence of child abuse and the emergence of problem behavior later in life. Child abuse may be physical, emotional, sexual or through neglect. Child Protective agencies received and investigated three million reports of maltreatment of close to four million children in 1999, 54% of which were due to neglect. But because most of the victims were too young and too afraid to speak out, these agencies believed that the actual incidence was greater than reported. While it occurred in all social, ethnic and income groups, child abuse was most common among poor, under-educated and dysfunctional families and committed mostly by parents themselves who were young, unmarried or separated, lonely and coping with life’s stresses but not criminal or psychotic. Un-addressed incidence of child abuse increases the risk of criminality, academic failure and failed social relationships in later life. Present literature presents conclusive findings that parent-toddler relationship directly affects the toddler’s problem behavior, with deviant or aggressive maternal behavioral attitudes crossing and spanning three continuous generations from grandmother to the child . A study offers significant evidence that angry, aggressive parenting strongly influences the development of aggressive behavior in adolescence through social learning and often results in unsatisfactory romantic and marital relationships and conditions. Findings also show that financial distress and improper parenting produce problem behavior n children and that poor or injurious maternal attitudes lead to it. Antisocial and violent behavior in children and adults is also seen as the consequence of birth complications and certain biological factors when combined with a negative home atmosphere. Family relationships strongly affect a child’s self-esteem and the impact often remains through life. Collusion among siblings also contributed to the development of faulty behavior in children who were abused at home. Boys were more affected by peer rejection and girls, by low academic performance Abused preschoolers often came from low-income families and exhibited at least one antisocial behavior each day in class. Most of these children were African-American who suffered from guilt and self-blame but most mothers of both problem and non-problem children viewed their children in similar ways . Popular myths conduce to wrong beliefs and must be guided by scientific knowledge. And despite much knowledge and effort, there remains the need for consistent and thorough mechanisms that will confront the issue and arrest the causes or conditions in preschool age right at the family and in the community. Subjects and participants in the studies included parents of children with problem behavior, adolescent parents, grandmothers of problem children, other family members with a target child at high risk for sibling collusion, mothers of non-problem children, respondents to 39 studies of biosocial interactions, demographic sub-groups (such as African-Americans) and normative samples of preschoolers exhibiting antisocial behavior. Child mistreatment or abuse can be physical, emotional, sexual or in the form of neglect. Neglect was the most common type and the perpetrators were mostly parents who themselves were abused as children. Irritable and aggressive parenting led children to grow up into unstable, under-controlled adolescents and adults with troubled relationships, families and parenting in later life. This type of parenting passed from the first to the third generations through the behaviors of the children who learned and engendered them mainly from their mothers’ own behaviors. This antisocial behavior that began from home increased the risk of criminality, academic failure and social relationship problems. Financial stress had a strong impact on parenting quality that transmitted antisocial behavior from generation to generation Four studies directly showed and reinforced earlier findings of this intergeneration transmission, demonstrated by preschoolers at least once daily in class. These preschoolers came mostly from low-income families, most boys influenced by peer rejection and most girls, by low academic performance. Sibling collusion and biosocial factors aggravated and reinforced the formation of antisocial behavior from children who were abused. Mistreated African-American children experienced more guilt and self-blame than Caucasian children. Common beliefs about children’s misbehavior also clashed with scientific knowledge. All conditions pointed to the need for adequate mechanisms of early intervention that would consistently and thoroughly address the problem or question at the crucial preschool age of children . Child abuse is the physical, sexual, emotional mistreatment or neglect of a child. About half of all cases of child abuse involve neglect, committed most often by the child’s own parents, other family members and caretakers, such as teachers, babysitters, other children or even strangers. Once viewed as a minor social problem, child abuse caught closer notice from the media, law enforcers and professionals and, since then, figures began to go up. But authorities claimed that actual figures could only be higher than these, because abuses on children were more often hidden and the victims were too young and too afraid to report the crime. Child protective agencies investigated three million reports on the mistreatment of nearly four million children in 1999 and found that 54% of these were cases of neglect. They also discovered that a child was often a victim of more than one form of abuse, that it occurred more in low-income than high-income families with little education, among young mothers, single-parent families and in families where the parents were alcohol or drug-dependent. Investigations revealed that 90% of these parents, however, were neither criminal nor mentally unstable, but were lonely, young, single parents with unwanted pregnancies. Some or many of them were themselves abused as children, but statistics show that most abused children did not grow up to become abusive parents. Behavioral experts pointed to the lack of parenting skills, unrealistic expectations of children’s behavior and capabilities, social isolation and family conflicts as additional factors that contribute to child abuse, which they perceived as the parents’ coping response to their situation. The agencies’ 1999 investigations showed that 75% of perpetrators were the parents themselves and those involved in the care of these children. Physical abuse is the deliberate bodily injury on a child, most often a male (Black 2004). Earlier studies showed that 24% of all confirmed cases of child abuse were physical. The abuse is sexual if the child has not yet attained the age of legal consent and the abuse is performed for the sexual gratification of the abuser. The act may include sexual touching, intercourse, exposure of sexual organs or viewing pornography. In many sexual child abuse cases, the abuser was not a stranger or related to the child and one in five was under the age of legal consent himself or herself (Black). Reports also said that 20-25% of the cases were female and 10-15% were male who were sexually violated by age 18 (Black). Emotional abuse, on the other hand, consists of acts of rejection, ignoring, criticizing, isolation, or terrorizing of a child, which results in his or her loss of self-esteem. These are verbal assaults, which reject, belittle or use a child as a â€Å"scapegoat. † Emotional abuse is the least reported because it often accompanies the other types and the hardest to prove And neglect is the failure to provide for the child’s basic needs, whether physical, emotional or the lack of sustenance. Neglect accounted for 52% of all investigated reports of child abuse in 1996. Abusive parents physically afflict their child when they lose control even for normal actions like crying or a change in diapers. Non-abusive parents may at times get angry or upset, but remain genuinely loving, in contrast with abusive parents who harbor deep-seated hostility towards the child. Physical abuse can be suspected with the common signs, such as burns, bruises, bone or skull fractures. Death from physical abuse, such as the shaken baby syndrome, was among the leading causes for children less than a year old. Studies revealed that physical abuse changed children’s behavior in many ways. Psychological experts maintained that sexual abuse constituted sexual arousal in a child and the child’s willingness to act on it, conditioned by alcohol, drugs or the misconception that there was nothing wrong about the act. There were greater chances of sexual abuse if the child was developmentally disabled or vulnerable some way. This type of abuse was often discovered when genital or anal injuries or abnormalities, including the presence of sexually transmitted disease, were noticed in a child. Behavioral signs included anxiety, poor school performance, suicidal tendencies or attempts, excessive masturbation and an unusually sexualized behavior often gave sexual abuse away. Emotional abuse was often detected with the loss of self-esteem, sleep disturbance, headache or stomach ache, school absenteeism and leaving home. Neglect develops from a parent’s negative feeling towards a child or the parent may truly care but is unable to provide for the child’s needs because of the parent’s depression, drug dependence, mental handicap or other problems. Findings said that neglected children did not receive sufficient nourishment or emotional and mental stimulation and this lack hampered their normal physical, social, emotional and mental development. Underweight, delayed language skills and emotional instability were among the consequences. Doctors, social workers, other professionals, child welfare agencies and the police conducted physical and psychological examinations and interviews of abused children. Reporting to the authorities, treating the child’s injuries and protecting him or her from further harm were primary measures in child abuse cases. These authorities could then evaluate if moving the child to another willing and qualified relative or a foster family would be in the best interests of the child, whether long or short-term Further investigation could reveal that the child’s siblings were abuse victims themselves, as reports found that about 20% of siblings were child abuse victims themselves. These children wre observed to perform poorly in school, develop antisocial personality or behavior, or turn to drugs or alcohol, try suicide or become emotionally unstable in adulthood. Parents’ mistreatment or abuse of their own children leads these children to form antisocial or problem behavior as adolescents and as adults. Previous and recent studies presented substantial evidence that angry, abusive and aggressive parental behavior spill over to these children up to three generations through social learning. These behaviors, therefore, directly influence the different social behaviors and relationships of their children in adolescence and adulthood. Parents’ anger, hostility or emotional support essentially determines if a child will be a supportive or rejecting adolescent. Hostility towards parents and an adolescent conclusively predicts problematic romantic and family relationships later in his or her life. These latter studies also demonstrated that parenting in the first generation directly affected the bond between parents and child, one of the most important human bonds in life. This study offered evidence of intergenerational continuity wherein aggression in youth is often followed by aggressive parenting. That kind of parenting, in turn, appears to contribution to aggression in children. This particular study expounded on the utter significance of parenting in the intergenerational transmission of antisocial or problem behavior. It also explained how normative approval of aggression, aggressive fantasies and verbal aggression maintain aggressive behavior through time. Still another study focused on the transmission of problem behavior from parents to toddlers, its appearance in preschool and how it affects academic performance. It found that the characteristics of parent-child relationships tended to continue or replicate themselves across generations. It showed that a grandmother or mother who was cold or dissatisfied exercised inappropriate control, which was characterized by conflict. This behavior model was copied by adolescent children who repeated it towards their own. The study added that the kind of behavior the grandmother towards the parent increased the probability of impulsiveness, rebelliousness, irresponsibility and other psychological problems in adolescent and the eventual parent-child relationship. This last study likewise explained how hostile maternal behaviors go through a cycle of intergenerational continuity. It suggested that aspects of parent-child relationships passed from generation to generation. They, thus, served as direct models of behavior and indirectly influenced the development of personality traits, which characterized the relationship. Parent-child relationship was an important mediator between the parents’ characteristics and those of the child. The study suggested that reducing the risk of transmission in the first two generations would reduce the risk between the next two. The search for the connection between early childhood trauma or child abuse and the development of problem behavior later in life brought to light significant evidence of social and biological processes, which appeared to predispose children to antisocial behavior. This included of birth complications, a negative home environment of violence, hormones, neurotransmitters, toxins and drugs as having an impact on the development of problem behavior when the home environment or relationship reinforced their biologic effect. Still another study examined the level of intergenerational transmission and how financial distress and the parenting style affected the transmission. From interrogations and observations, it found that antisocial behavior of both parents had similar impact on their children and that parents who were more consistent and warm had lower development levels of antisocial behavior in their children. Fathers’ antisocial behaviors and mothers’ parenting had the strongest effects on children’s latter development of problem behavior and improper parenting style. Parallel studies discovered that preschoolers from economically disadvantaged families had a higher risk of developing antisocial behavior. The studies on preschool respondents said that 30% of those with misbehavior belonged to lower economic classes as compared to only 3% to 6% in higher economic classes. The preschoolers from lower economic classes also tended to develop lower or slower language ability levels and poorer social skills. They also developed bad temper and temperament, which would become worse when their families confronted financial stressors and limited resources. # BIBLIOGRAPHY Black, B. (2004). Child abuse. 4 pages. Encyclopedia of Nursing and Allied Health: Thomas Gale Brook, J. S. , Whiteman, M. , Zheng, L. (2002). Intergenerational transmission of risks for problem behavior. Journal of Abnormal Child Psychology: Plenum Publishing Corporation Conger, R. D. , Neppi, T. , Kim, K. J. and Scaramilla, L. (2003). 20 pages. Angry and aggressive behavior across three generations: a prospective longitudinal study of parents and children. Journal of Abnormal Child Psychology. Plenum Publishing Corporation Dubow, E. F. (2003). Theoretical and methodical considerations in cross- generational research on parenting and child aggressive behavior. 10 pages. Journal of Abnormal Child Psychology. Plenum Publishing Corporation. Fiorello, C. A. (2001). Common myths of children’s behavior. 4 pages. Skeptical Inquirer: Committee for the Scientific Investigation of Claims of the Paranormal Fox, L. (2002). Early intervention, positive behavior support, and transition to school. 31 pages. Journal of Emotional and Behavioral Disorders. Pro-Ed, Inc. Lewin, L, Davis, B. and Hops, H. (999). Childhood social predictors of adolescent antisocial behavior: gender differences in predictive accuracy and efficacy. 20 pages. Journal of Abnormal Child Psychology. Plenum Publishing Corporation. Qi, C. H and Kaiser, A. (2003). Behavior problems of preschool children from low-income families. 82 pages. Topics in Early Childhood Special Education: Pro-Ed, Inc Raine, A. (2002). Biosocial studies of antisocial and violent behavior in children and adults. 20 pages. Journal of Abnormal Child Psychology: Plenum Publishing Corpora

The Pathology Of Crime Criminology Essay

The Pathology Of Crime Criminology Essay Pathology is the study of a particular subject- a disease. It is the diagnosis of an abnormality through careful examination of the constituents of the diseased body. When crime is considered to be a disease, an abnormality among humans, then, Pathology of crime can be called the study of crime; the psychological and general aspects of it, by careful examination of the various constituents and factors of crime such as- disruption of existing social norms and values, mental illness, stress, disorganization in society, anti social psychopathological mindsets, physical disorders etc. Through my paper on this subject, I hope to cover exhaustively all the social factors that affect society , crime in society and also understand and outline the lacunae between existing laws against crime, those geared towards the upliftment of society in general and the reality faced by us, the common man. I also aim to unearth some potentially comprehensive, pragmatic and useful ways to reduce crime rate on a whole and evaluate the effectiveness of traditional punishment. What is Crime? A purist legal view of crime is defined as a violation of a criminal law. Irrespective of the moral or social outrage or ethical wrongness of an act, it cannot be termed a crime unless it directly or indirectly is infringing upon a certain act passed. In this sense, crime becomes a sociopolitical event, rather than a clinical condition, a clinical or medical condition- which cannot be treated or diagnosed. In the words of Mr. Vernon Fox,1985. In this traditional outlook on crime, an Actus Reus a criminal act and a guilty intention- Mens Rea ; are the essential elements of a crime. But crime cannot be restricted in such a way solely to the acts defined. Criminologists must study the deviants-the criminals, as well as the socio cultural contexts that define them. A lot of learned people and scholars in the fields of Sociology, psychology, neurology as well as eminent jurists and law makers opine that every criminal act is the result of abnormal behavior of the individual concerned . This is where it becomes imperative for us to understand the pathology of crime. Hence the question, what exactly is pathology? Pathology and its relationship with crime Pathology can be defined as the scientific study and characterization of an anomaly/ disease/ abnormality in a certain field of interest. criminal pathologists, more commonly known as criminologists; deal with the study, structure, changes and functioning of a society on the basis of crimes and the interdependent relationship between crime and society. As in, how society at large is affected by various criminal deviant behavior, how values, mores, laws, folkways in turn keep changing or adjusting to the general consensus of society at large and how this in turn affects impressionable young minds towards deviant tendencies. An interesting trend to note would be the generality towards the acceptance of crime as an abnormality in society. This acceptance shows us that in a utopian environment, the concept of crime ceases to exist. This pathology shows us that we believe crime is essentially a perversion of human character, something that must be remedied or rectified ; Removed from the minds of those who practice it. We can relate the rationality behind that of a pathological criminal to that of a pathological/ compulsive liar. A pathological liar doesnt always know when he/she is lying. The lie becomes a part of his/her reality. This is due to certain mental problems. It has also been found that there are some anomalies in the structure of the brain of a pathological liar. It is wired differently compared to regular healthy brains. This throws light on the psychological aspects of crime. It could perhaps be curable one day.   These ideas led to the study of phrenology, in which brain size and shape were used to determine criminality.  There is an immediate and overwhelming need for more medical research on the subject. Contradicting views Durkheim actually states that crime should be seen as something functional and necessary for society rather than something pathological, and a symptom of a diseased society. He bases his argument on that fact that crime has been omnipresent ever since society came into existence. He says all societies, bar none, have experienced crime. Thus, according to him, crime seems to represent a condition of normality. He says a crime is a crime because it offends values, not because it is fundamentally wrong. He thinks crime strengthens a societies ideals and values because they are reaffirmed every time someone is prosecuted for a wrong doing. Of course, his views are not widely accepted and are opposed by many, due to the obvious gaping loop holes in his explanation. Crime is never a good thing and it doesnt strengthen a society. It reflects on the ethics and morals of the community, true; and it might be historically ingrained in our culture but that doesnt make it right. It is still something that can, and should be curbed. Thus, on the basis of lack of strong arguments stating otherwise, we can assume crime is inherently a pathological condition. Factors responsible for crime. The most basic question that comes to mind when discussing the criminology or pathological aspects of crime would be the one that points to the grass root level of it all. Why does crime exist? What leads people to participate in such ethically and morally wrong deeds, and go about abusing the very values they grew up with? Psychological conditions. Environment Social disorganization Lack of education Lack of a strong support system social change/ Evolution- Regression. Negative liberalization Economic Fluctuations Dissolution of religious, marriage and family institutions No conformity towards social norms, morals. Changing status of certain sects of society Dissociative social processes and conflicts Lack of empathy and personal ethics. Effect of mass media The aforementioned reasons are some of the main factors for the reason crime exists. Tackling the growing phenomenon of crime can only be done by first taking care of the economic, social and psychological issues related to cause spikes in crime. We have to understand that the majority of socialization processes are completed by the family, in the primary stage. If the process of sociality is done right, with the family stressing on the inculcation of the right values, norms, culture and liberal thinking, the base for a healthy society can be accomplished. For this, it is essential for families to be tight knit and functional. The environment given to the children has to project safety. When there is an absence of a healthy environment and a family system, it has been statistically proven that there is an increase in the risk for delinquency. Most crimes can be averted when the simple differentiation between rights and wrongs, and human empathy are clarified and made extremely clear. When there is a fear of a higher authority which projects absolute morals and strict punishment for those who break this code of morality, there is a reduction in the occurrence of crime. Thus, religion, though borderline irrational, plays an important role in curbing crime; when interpreted the right way. Trends In Crime Age and crime Crime rate generally declines with progress in age. Most offenders caught come under the age bracket of 16-25. Experts say the age-crime curve probably reflects decreasing parental controls, a peaking of peer influence in the teenage years, and then increasing family and community controls with age. Sex and crime Of all the demographic variables present, gender seems to be the most muddled. Most offenses are predominantly done by males, save those of flesh trade. More than 83% of todays heinous crimes are committed by males. But the fairer sex seems to be proclaiming equality in this field, too. A lot of petty crimes, traffic violations and other minor crimes are slowly becoming the female domain of crime. Attached next is a graph, to illustrate both. arrests_by_age_sex.jpg Social class and crime A vast majority of those arrested or labeled as a criminal belong to the lower strata of society. Though some scholars say that the official data shows this only because those belonging to the higher classes can usually get away with crime by bribing or gaining favors from the authority figures, there has been a rise in white collar crimes and the like, which may soon even out the curve. Minority groups/ Race / Regionality and crime. People belonging to the minority groups and less dominant races or those who belong to other regions (those who migrate in search of better living conditions, work etc) usually belong to the poorer sections of society. This, coupled with the fact that the adults in the family are too busy eking out a living to take care of the education and moral well being of their wards ,could have a direct effect on the fact that a lot of miscreants and criminal offenders belong these backgrounds. Also, there is an underlying contempt towards the privileged lot because racial profiling and discrimination is rampant. This in turn creates conflict between the two groups and might provoke the poorer sections to target the privileged lot. These various trends in crime help us understand the societal approach to it and the group consensus. Targeted treatment can be done. Typology of Crime Criminal typologies are ways to try and classify types of crime and criminals. It can be based on various criteria like : Type of offence committed. Reaction of society towards said crime. What the law and legislatures state. Criminal career of the offender etc. There have been many attempts made to classify criminals under one binding system but no such efforts have paid off till date. For example, Schafers LIFE TREND typology of criminals (1982) is as follows- Occasional criminals Professional criminals Abnormal criminals Habitual criminals Convictional criminals Though seemingly comprehensive enough, this typology was rejected, just like many before because it did not completely classify every criminal type. The very science of typology has been under heavy criticism because Specific offenses vary with time and place. some offenders participate in more than one type of crime Most offenses are usually inter linked and cannot be over simplified by trying to make them seem more distinct than they are. No single typology is useful to group all offenders. But the typology of Criminal behavior systems is still widely taken into consideration. It is as follows- Violent personal crime occasional property crime occupational crime corporate crime political crime public order crime conventional crime organized crime Professional crime This kind of typology is done on the basis of behavior and type of crime committed, for making the legislative and judiciary process easier, by simplifying the classification. Figure3.1 Use of Typologies in CJS-Final.jpg Some of the most jarring and convoluted crimes ever recorded in History occurred sometime over the past century. Gruesome murders, violent rape and assault charges, extortion, art crimes and media copy cat crimes have been the rage. THE TATE-LABIANCA MURDERS, 1969 ; THE LANA TURNER AFFAIR, 1958 ;   THE BRINKS JOB, 1950 ; THE BLACK DAHLIA, 1947 ; THE MONA LISA, 1911; THE LINDBERGH KIDNAPPING; THE  Lufthansa heist etc are all globally famous crimes that literally shocked people. To know that fellow humans were capable of such monstrosities wasnt a comforting thought. The recent jimmy saville case is also terrifying, in many ways. But there has been a steady decline in violent crime, globally. Though experts are baffled for the reason behind this, a lot of criminologists think it has something to do with growing awareness and simple precautionary methods being cultivated in day to day life. There is actually research to support this claim. Apparently more than 40% of crimes in a society are the product of easy opportunity. In india, a sizeable number of crime results from the easy opportunity and due to lack of effective thinking on crime prevention. LEGISLATURES AND ACTS IN INDIA , RELATING TO CRIME. THE CHILD MARRIAGE RESTRAINT ACT, 1929 By this act, people above 21 who wish to marry a person below 18 or those who aid and solemnize this marriage are liable for punishment . (Imprisonment for more than 3 months and fine). The Protection Of Women From Domestic Violence Act, 2005 The Dowry Prohibition Act, 1961 The Juvenile Justice Act, 2000 Under this act, juvenile offenders (those under 18 years of age) are rehabilitated and protected. Reformation in the main criteria. Prevention Of Terrorism Act 2002 Though there are a myriad of such laws, legislations, acts being passed frequently, there is still a gaping bridge between them being recognized and being implemented efficiently. Laws made for the welfare of the people or certain sections of the society are highly misused or taken advantage of by people with dishonest intentions, thus making it unapproachable for those in real need of it. A GLARING EXAMPLE. Upliftment and protection of women has always been on the agenda for our law makers. There have been copious changes in existing legislations and acts being passed in various sections for the same. Art 15(A) (e) To renounce practices derogatory to women or their dignity. 304 B IPC Dowry harassment and death. 312-318 IPC Causing miscarriage and abortion; without consent. 359-374 IPC Kidnapping ad abduction 375-376 (D) IPC Sexual offences 497 IPC Adultery 494 IPC Bigamy 453 IPC Cohabitation by manipulation /deceit The prevention of sati act 1829 Hindu widow remarriage act 1856 Immoral traffic prevention act 1956 These are very few of the exhaustive list available. But we do not see most of these laws reaching their desired objective. Preventive Measures, Punishments. The problem of crime is a socially constructed problem. Its about socio economic status and criminal victimization, in most cases. Richer households are more likely to be victims of some crimes , such as crimes against property, trespass etc. Poorer households are more likely to be victims of serious intrusive crime such as burglary, mugging and domestic violence. Statistics also confirm that minority ethnic groups are also victimized more than regular people. Same goes for young people, whose chances of being physically molested, mobbed, assaulted etc decrease with increase in age. By understanding these demographics and applying the theory of crime of opportunity, there is a concept of Situational Crime prevention. What is situational crime prevention? Making changes to buildings and streets to make them safer Asking the police for help Using common sense to stop criminals Using neighbors to look out for crime Working with people from different agencies By being practical, smart, resourceful and keeping a vigilant eye on our surroundings, this theory claims to be able to reduce upto 50% of the crimes. (http://crimeprevention.rutgers.edu/topics/SCP%20theory/theory.htm) Youth and crime Four million people use illicit drugs each year, of which about 56% are aged 16-24. Most offenders who use drugs commit crimes to finance their drug use. Police crackdowns on dealers and users have had no impact on drug availability or levels of crime. Hence, appropriate drug treatment, psychological help and efficient rehabilitation programs must be made available. PUNISHMENT- History. The concept of crime and penalties and jurisdiction evolved as society civilized over centuries. They were originally considered to be private affairs. The offended party had to seek compensation or private revenge. Later, offenses were only against the king and later yet, the subjects. When compensation developed, fines were levied on behalf of the king (state), thus making the state the wronged party, much like what it is today. The intentions behind imposing penalties to compensate the wronged parties, though honorable, does not serve its purpose. People cannot restore lost dignity, respect or honor by providing monetary compensation to the victims. Though it may help some of them start over in life. what about the wretched families of the wrong doer, who have to bequeath their possessions and requirements in life to pay for a mistake they didnt even make. And the very concept of imprisonment also does not really make much sense to a forward rational thinker. Paraphrasing one of them, There is a logical contradiction at the heart of the idea (imprisonment) which is that, you are taking people away from society, away from the law-abiding world, and away from all the influences of people who keep the norm, and putting them in a place where they will only be mixing with people who have broken the norm and then expecting that some good will come out of it. I think, the evidence accumulated over many years is that, what you create is a lawless society.   Criminals /Delinquents should not be treated as evil. Psychoanalytic Theory :  The psychoanalytic theory, rather than seeking the causes in biological processes or anomalies, attempts to look into the mind of the individual. According to Friedlander, classical Freudian psychoanalytic explanations of delinquency focus on abnormalities or disturbances in the individuals emotional development from early childhood. The id is the unconscious seat of all irrational, antisocial and instinctual impulses, which must be controlled and shaped for successful adaptation to life within a society. This is done through the development of the ego, or the conscious and the rational part of the mind and through the superego, or the conscience, which serves as the moralizing part of the mind. The basic premise of his approach to crime is that, delinquent or criminal behaviour is, by itself, unimportant. It is only a symptom of the psychic conflict between the id, ego and the superego arising from abnormal maturation or control of instincts.   The treatment and policy implications of psychoanalytic theory are direct and obvious. Criminals and delinquent offenders should be treated, not as evil but as sick persons, who can basically, not be held responsible for their actions in any rational or controllable sense. Therefore, punishment of offenders will remain largely ineffective and will only provoke more guilt and unhealthy psychological reactions.  # # Kate Friedlander, 1947.   Emile Durkheim.   CONCLUSION

Treatise for the Christian Soldier in John Milton’s Paradise Lost Essay

Milton's Treatise for the Christian Soldier in Paradise Lost  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚         While the War in Heaven, presented in Book VI of John Milton's Paradise Lost, operates as a refutation of the concept of glory associated with the epic tradition, the episode also serves a major theological purpose. It provides nothing less than a perfect example of how the Christian soldier should act obediently in combating evil, guarding against temptation, and remaining ever vigilant against the forces of darkness. It also offers the ultimate hope that Satan can be thwarted and comforts Christians in the knowledge that Satan cannot be victorious. At the same time, the example warns against the pretensions that Christians might have about being able to overcome Satan by themselves. Christians are reminded that the victory can only be won by the Son of God; at best, they can only confirm their allegiance and obedience to God through their service. Throughout the poem Milton has tried to show two definitions of glory. The first lies in the assumption that war can bring glory to those who perform heroic deeds in its service. This is the view Satan holds, and is evidenced in his words to Abdiel, "But well thou com'st / Before thy fellows, ambitious to win / From me some plume" (vi, 159-161). The second defines glory not as something won, but something given. The Son affirms this definition when he explains to the loyal angels why he alone must end the war: "against me is all their rage, / Because the Father, to whom in Heaven supreme / Kingdom and power and glory appertains, / Hath honored me, according to his will" (vi, 813-816). James Holly Hanford perhaps best describes the conflicted feelings Milton had for war: War, then constituted for Milt... ...on's example and by Milton's manipulation of the elements of the epic tradition. For Milton, putting down the epic tradition in favor of Christian doctrine exemplifies his thoughts on war. As a realistic pacifist, Milton saw war as the result of sin, but knew that because of the presence of sin in a post-lapsarian world, war on earth would only be ended by the Son, just as he ended it in Heaven. Works Cited Fish, Stanley Eugene. Surprised by Sin: The Reader in Paradise Lost. New York: St. Martin's Press, 1967. Hanford, James Holly. "Milton and the Art of War." John Milton, Poet and Humanist: essays by James Holly Hanford. Cleveland: Press of Western Reserve U, 1966. 185-223. Revard, Stella Purce. The War in Heaven. Ithaca and London: Cornell University Press, 1980. Rosenburg, D. M. "Epic Warfare in Cowley and Milton." CLIO 22.1 (1992): 67-80.   

Descriptive Essays - The Good Old Truck :: Descriptive Writing Examples

The Good Old Truck    My dad bought his red Dodge Dakota truck in 1995. When he got the truck it had already hit a deer and two cows. Since he has owned it, its value has gone down considerably, even though he has spent more money fixing it than he paid for it. If it was worth as much money as it has cost to keep it running we could sell it and buy a new car. It is red with a stripe down one side-- yes, only one side, the other side has no stripe, I have no idea why this is. There is also a huge dent above the right hind wheel that occurred when a horse tried to jump in the back of the truck. The new, improved, revamped bumper is bent slightly down from the deer and other things that it has hit.    The back of the truck is mostly full of my dad's horse shoeing stuff. It is in no way neat or in any kind of arrangement. There are always empty horseshoe boxes piled to the brim. Underneath the boxes, balls of twine are entangled in old non-usable horseshoes. If you get inside of the truck, you enter a whole different place than the outside world. Notice that I said if you get in; what I mean by this is you can't get in through the passenger side unless someone opens it from the inside. The driver's side door doesn't open all of the time, and when it does you can't possibly slam it hard enough to get it to shut all of the way. Most of the time the passenger side is overheaped with trash, mostly empty pop bottles and cans. Inside it usually smells like horses. My dad shoes horses for a living, so the smell is on him and then is transferred to the seats and anything else that he touches. Also, he keeps his apron in the cab of the truck and it definitely smells like horses. Once in a while when I get in, I get a sniff of a mixture of vinegar and dust. The smell of vinegar comes from the homemade fly spray that my dad makes, and the smell of dust is from all of the dirt that is that has gathered in the corners on the dash. Once I finally get past the aroma of the truck I proceed to turn the key and hope it will start.

The Critical Reception of Flappers & Philosophers Essay -- Philosophy

The Critical Reception of Flappers & Philosophers Flappers and Philosophers served as F. Scott Fitzgerald’s â€Å"initial encore† after the â€Å"considerable success† of his first novel, This Side of Paradise.[1] Fitzgerald’s publisher, Scribners, â€Å"liked to have its authors issue short-story collections soon after they had published novels†; the Fall of 1920 offered Fitzgerald, as well as the publishing firm, a unique opportunity to both reinforce and, hopefully, expand the writer’s popular appeal.[2] Fifteen of his stories had been previously published or accepted for future publication when Fitzgerald selected stories for inclusion in Flappers and Philosophers in April of 1920. While the author â€Å"conceived initially of this collection as a mixture of poetry and prose,† the finished volume featured eight stories composed subsequent to the completion of This Side of Paradise and previously published in leading magazines, including the Saturday Evening Post, Smart Set, and Sc ribner’s Magazine.[3] Dedicated â€Å"TO ZELDA† and published on September 10, 1920, only five months removed from This Side of Paradise, Flappers and Philosophers sold well, enjoying a first printing of 5,000 copies and sales of 13,325 copies by November 1922.[4] Although the popular response to the collection appeared overwhelmingly enthusiastic, â€Å"the critical response was mixed† and, at times, â€Å"quite hostile.†[5] Some critics proposed that the volume â€Å"marks the conversion of F. Scott Fitzgerald’s undisciplined and turbid genius†¦into a bridled and clarified talent† and praised mastery â€Å"of the mechanism of short story technique†; a comparatively complimentary review in the New York Sun contends that â€Å"these short stories are not so much technically perfec... ...rs and Philosophers, by F. Scott Fitzgerald (New York: Scribner’s, 1959), 12 [4] Eble, Kenneth, F. Scott Fitzgerald. (New York: Twayne, 1963), 54 [5] Petry, Alice Hall, Fitzgerald’s Craft of Short Fiction: The Collected Stories, 1920-1935 (Ann Arbor: UMI Research Press, 1989), 9 [6] Bryer, 15, 17 [7] Bryer, 15 [8] Bryer, 16; Petry, 9 [9] Bryer, 16; Eble, 54 [10] â€Å"Flappers.† The New York Times [New York] 26 September 1920 [11] Times 26 September 1920; Klatt, Marion, â€Å"Critical Reception of Flappers and Philosophers† (http://www.people.vcu.edu/~bmangum/F&P.html) [12] New York Herald, 24 October 1920, qtd. in Klatt [13] Mizener, 16 [14] Tate, Mary Jo. F. Scott Fitzgerald A to Z. (New York: Facts on File, 1998), 90 [15] Bryer, 22 [16] Ibid. [17] Bryer, 20 [18] Bryer, 21, 23 [19] Petry, 52, 51 [20] Mizener, 15; Petry, 52 The Critical Reception of Flappers & Philosophers Essay -- Philosophy The Critical Reception of Flappers & Philosophers Flappers and Philosophers served as F. Scott Fitzgerald’s â€Å"initial encore† after the â€Å"considerable success† of his first novel, This Side of Paradise.[1] Fitzgerald’s publisher, Scribners, â€Å"liked to have its authors issue short-story collections soon after they had published novels†; the Fall of 1920 offered Fitzgerald, as well as the publishing firm, a unique opportunity to both reinforce and, hopefully, expand the writer’s popular appeal.[2] Fifteen of his stories had been previously published or accepted for future publication when Fitzgerald selected stories for inclusion in Flappers and Philosophers in April of 1920. While the author â€Å"conceived initially of this collection as a mixture of poetry and prose,† the finished volume featured eight stories composed subsequent to the completion of This Side of Paradise and previously published in leading magazines, including the Saturday Evening Post, Smart Set, and Sc ribner’s Magazine.[3] Dedicated â€Å"TO ZELDA† and published on September 10, 1920, only five months removed from This Side of Paradise, Flappers and Philosophers sold well, enjoying a first printing of 5,000 copies and sales of 13,325 copies by November 1922.[4] Although the popular response to the collection appeared overwhelmingly enthusiastic, â€Å"the critical response was mixed† and, at times, â€Å"quite hostile.†[5] Some critics proposed that the volume â€Å"marks the conversion of F. Scott Fitzgerald’s undisciplined and turbid genius†¦into a bridled and clarified talent† and praised mastery â€Å"of the mechanism of short story technique†; a comparatively complimentary review in the New York Sun contends that â€Å"these short stories are not so much technically perfec... ...rs and Philosophers, by F. Scott Fitzgerald (New York: Scribner’s, 1959), 12 [4] Eble, Kenneth, F. Scott Fitzgerald. (New York: Twayne, 1963), 54 [5] Petry, Alice Hall, Fitzgerald’s Craft of Short Fiction: The Collected Stories, 1920-1935 (Ann Arbor: UMI Research Press, 1989), 9 [6] Bryer, 15, 17 [7] Bryer, 15 [8] Bryer, 16; Petry, 9 [9] Bryer, 16; Eble, 54 [10] â€Å"Flappers.† The New York Times [New York] 26 September 1920 [11] Times 26 September 1920; Klatt, Marion, â€Å"Critical Reception of Flappers and Philosophers† (http://www.people.vcu.edu/~bmangum/F&P.html) [12] New York Herald, 24 October 1920, qtd. in Klatt [13] Mizener, 16 [14] Tate, Mary Jo. F. Scott Fitzgerald A to Z. (New York: Facts on File, 1998), 90 [15] Bryer, 22 [16] Ibid. [17] Bryer, 20 [18] Bryer, 21, 23 [19] Petry, 52, 51 [20] Mizener, 15; Petry, 52

Business Simulation Game Essay

The aim of the Competition and Strategy course is to provide students with deep knowledge on strategic decision-making in a business environment and the strategic principles behind it. Within this course my team members Kristijan, Yaniv, George and me (Team KUGY) had the opportunity to apply our academic and theoretical understanding and knowledge in an online business simulation game, wherein we created our own car business and competed on the European car market fictionally. This paper aims to elucidate the advance of our strategic decision-making, observes the reasoning behind it and examines the following implementation of our approach. Founded on the definition of strategy being â€Å"A plan of action designed to achieve a long-term or overall aim†, we questioned ourselves in the commencement of the game what our strategy would be (Andrews, 2010). Subsequently, after considering the theories studied in class we decided that we needed to express our own and coherent strate gy in less than 40 words, fitting to the restrictions objective, advantage and scope (Tregoe, Zimmerman, Schuster, 2008). â€Å"Attaining maximised profitability by carefully trying to get to know our customers’ needs, consequently adapting our products to suit their expectations to an extent where we would stop serving and start appreciating, so as to charge a premium price† (Yaniv, George, Kristijan and Ugo). The theoretical model we chose to establish our strategy was Porter’s generic strategy, that led us to a differentiation-focused strategy. Given to Porter, a competitive strategy is about differentiation (Andrews, 2010). Thus we thought that we should differentiate our business best by concentrating on a narrow target, hence, few market segments and decided that differentiation would be our competitive advantage. Furthermore Porter claims that decent strategic decision-making necessitates compromises and is slightly about what not to do rather than what to do (Porter, 1997). Based on this statement and our differentiation-concentrated strategy we decided to serve only 4 out o f 16 offered market segments, medium cars for 25 to 40  year old customers, medium cars for 41 to 55 year old customers, large cars for customers over 55 year old and finally luxurious cars for 41 to 55 year old customers. So as opposed extending our products over the whole market to realise maximised revenue KUGY decided to concentrate on three different segments with customers sharing similar needs, form three strategic business units whose goal it is to get to know the customer’s wants and needs to offer greater customer value and allow us to charge premium prices. Regarding finance, KUGY’s started position was up to  £500 million in the bank. In the first three rounds, KUGY took out two loans in the first 3 rounds so as to have enough capitals to finance our very cost concentrated strategy. Our expenses for research and development, competition market research, product, and marketing were considerable over all five years, which is replicated in significant fixed cost figures over all five years. However the data acquired on market perception and competition allowed us to get more familiar to our customers but also to design our products and put marketing efforts in harmony with thei r needs, by either adding and dropping product features, replacing research investments and distinguishing our products from the competition. Furthermore, KUGY increased the prices of all four models every year, which allowed us to increase revenue progressively over the five years of the game. KUGY has preferred to limit its production to small quantities because a limited target market is one of the most fundamental parameters of a focus strategy (Andrews, 2010). In the segments KUGY served, quantities demanded tend to be small in comparison with segments whose customers demand is based on less price demanding cars. Hence, if revenue is defined as R = Q * P, price was definitely the main factor in creating revenue instead of selling important quantities. KUGY tried to adapt production to such a level where our team would not have any car in stock at the end of each business year and normally succeeded in this concern with minor exceptions. Moreover KUGY tried to decrease its labour cost and invest in automation instead. Our team decided it will suit our company strategy and image and to have three extremely technologized production plants, with small but very skilled labour forces. We achieved further trade-offs concerning our marketing efforts. In regards to the four Ps, including price, product, place and promotion, KUGY took the decision to focus on all four would have opposed our strategy implemented in the  beginning. Hence, we focused our marketing strategy on product and promotion. As previously mentioned, we have invested significant sums in the development of our products, by investing in research and development over the rounds of the game, but also by adding and dropping features into sectors that seemed to be of significance to our customers and hence rose perceived benefits of our products from year to year. In addition to this advertising expenses were similarly high too, because of the fact that KUGY recognized communicating the benefits of both our efforts and our products to generate superior customer value as a first priority. George constantly highlighted that even the greatest product in the car market would not sell if its ascendancy or predominance were not communicated effectively. Given to Porter if a corporation decides upon a generic strategy, the corporation is best informed by thoroughly sticking to this strategy so as to remain differentiated (Andrews, 2010). According fact that we decided to focus on a relatively narrow target market, KUGY decided that trying to study more segments could jeopardize our current business. When presenting a new model KUGY stuck to segments whose customers’ needs are comparable so as to avoid â€Å"being stuck in the middle† as Porter cites it (Andrews, 2010). We all agreed that changing our strategy could lead our team to fail. Regarding the company decisions and overall performance we decided to stick to this strategy. Nevertheless, according to the fact that we defined every model to be one separate market based strategic business unit, the production and marketing activities achieved within the business units varied to an extent. The strategy used to every SBU was also a focus strategy. However the methods used to attain differentiation varied. For instance, we decided to reveal our luxurious car model by using newspapers and dealer incentives instead of TV advertising that we used for our medium and large car models. Additionally, we decided upon less radical price rises for our medium and large cars in comparison with our luxurious model. KUGY’s achievement can be measured thanks to its profits. Furthermore, in the second year, our corporation’s profits have been rising yearly, which signifies a good tendency in achievement. When looking at our overall profit calculation, as Pr = (P*Q – Q*VC – FC), with P (Price), Pr (Profit), Q (Quantities demanded), FC (fixed cost) and VC (variable cost), the most significant factor on revenue was the constant annual price rises as contrasting to  quantities demanded that raised regularly. Concerning the cost, overall cost was mostly defined by elevated fixed costs for marketing/advertising, product research and development, and competition and market research. KUGY’s competitive advantage was based on these considerable investments that allowed us to raise prices. According to the fact that we were making profit, our strategy appeared to work quite well, but it was unexpected to what extent price was receptive when comparing to all the efforts we put into our marketing and products. We were amazed how little we could raise the price keeping in mind how much money and effort we put into perceived customer value/benefits and the quality of our products. It would not have been fair to contest the elasticity used for profit calculations by the creators of the game, according to the fact that we lack the mathematical understanding to do so. Though it was quite disappointing when realising how little difference measures such as increased research and development, optimised marketing efforts and improved features made in comparison to changes in price. After comparing this business game with the real life, businesses that obey to the differentiation focus strategy such as Porsche or LVMH are making a lot of profits. Nevertheless, these firms have been into their business for decades and have invested considerable resources and efforts to attain their profit margins and their position within the market. I assume that if we would have played this business game for a longer period of time, applying a differentiation-focused strategy could have possibly resulted to a higher profit margin overall. However, theory and practice are very different. Particularly in very competitive industries such as the car industry and especially in times of considerable economic fluctuations, price seems to be the main factor when it’s about making purchasing decisions. Moreover, in my opinion, trying to attain maximised profitability by a cost leadership method in this business game is perhaps easier and less time consuming in comparison to KUGY’s strategy according to the fact that the players do not have to change the same amount of parameters and pay as much attention to few variables besides quantit ies demanded and price differences. While observing the data from both competition and market reports, trying to draw conclusions and also conducting endless amounts of test was sometimes very exhausting but at the same time very addictive. I have to admit I have very benefited from contributing in this business game  experience. My group work with George Yaniv and Kristijan was on of the rare first good teamwork experience I had in the last three years at Richmond University and even if we ran into some problems over the simulation game, we always took time to talk about it and try to find solutions to those issues. The fact that we were meeting on a regular basis has really facilitated the cohesion into our group. Moreover, everyone has contributed equally to the overall outcome, concerning creative inputs, estimating data, drawing conclusions and essentially trying to put it into decisions. I sincerely appreciated working with my group members and after every round of the game we sometimes had extra discussions on this topic. We all agreed that the key issue with implementing a strategy was that there is no right answer and hence no fundamental truth in this topic area. There are a lot of different methods to attain profitability and uncountable factors within the ever-changing industry environment that can affect a company’s profitably. When implementing a strategy all those factors need to be taken into consideration so as to allow the company to react properly to modifications in its environment. The theoretical part of implementing a strategy remained difficult, while the practical achievement were even harder. When KUGY understood that we could not be able to raise prices to the extent we hunted so as to to attain estimated profit margins, we started to question our approach and wondered if the decisions we took in the beginning were still suitable. We finally decided to stick to our strategy and accomplished a reasonable work with it even if it could have been better, but especially after we ended round three with a important loss, I really felt like we were not applying the good strategy and after brainstorming with our team and while everyone was trying to convince each other what to do we finally decided to stick to our first plan. I believe that managers in real firms who need to communicate and defend their strategic decision to their superiors, board of directors or employees cope with real difficulties. However, contributing in this business simulation game was a fun and very addictive experience and I really think I benefited a lot from it. I also hope that the experience I gained from it will at some point be useful in the future me when I will have to take my first strategic decisions. Bibliography Tregoe, B., Zimmerman, J., Schuster, S., 2008. Top Management Strategy? Harvard Business Review April 2008. Available at: http://www.nickols.us/strategy_definitions.pdf/ [Accessed 13 April 2014] Andrews, K., 2010. The Concept of Corporate Strategy, 3rd Edition. Financial Times Prentice Hall. [Accessed 13 April 2014] Porter, E., 1997. What is Strategy? Harvard Business Review Nov-Dec2008. Available at: http://www.nickols.us/strategy_definitions.pdf [Accessed 13 April 2014]