ORDINARY COURAGE by Joseph Martin Plumb Essay Example | Topics and Well Written Essays - 750 words - 1

Customary COURAGE by Joseph Martin Plumb - Essay Example He needed to be highlighted not so much as a war time legend however more as an exemplification of a perfect officer maintaining the temperances of devotion, valiance and nationalism. To top everything, he was one of those brought to the cruelty of the front lines at a youthful age of 14. (Jones, G., 2009). â€Å"Joseph Plumb Martin was raised by his maternal grandparents in their homestead in Connecticut. At 14 years old, he was at that point in real life during the Battles of Lexington and Concord. He figured out how to get into these front lines regardless of the protest from his granddad. He began his military profession when he joined the Continental Regiment that went on for eight long years (1776-1783)† (Jones, 2009). Companion impact was one of the primary reasons why JP Martin joined first the civilian army, afterwards enrolled as a private trooper of the Continental Regiment of the Revolutionary armed force which bolstered Gen. Washington. â€Å"All of his friends joined the military, compelling him to join as well. He was close and faithful to his peers† (Jones, 2009). The other motivation behind why J. P. Martin joined the military was on the grounds that he got propelled by ‘rage militaire’, a purposeful publicity upholding energy for arms and devoted enthusiasm (Jones, 2009) and (Glossary). Some portion of the alluring enrollment bundle at that point was the guarantee to give ceaseless apportion of food, medication and dress and obviously, a month to month compensation worth $ 6.75 dollars. Like a fever, this allure cleared the nation over. (Jones, 2009). JP Martin’s story makes significant progress uniquely in contrast to the rest. Its peculiarity originates from the â€Å"perspective of a typical soldier† (Jones, 2009). During that period, it was anything but a customary practice for a normal individual to expound on history. Most war reviews were composed from the fringe point of view which makes them to some degree shallow when contrasted with the records made by somebody like JP Martin who took part in the genuine war zone. One of the major

The Crystal Shard 2. On the Banks of Maer Dualdon Free Essays

string(67) an open to living could be made with a base measure of work. Regis the halfling, the just one of his sort for several miles toward any path, bolted his fingers behind his head and reclined against the overgrown cover of the tree trunk. Regis was short, even by the norms of his modest race, with the lighten of his wavy earthy colored bolts scarcely peaking the three-foot mark, yet his stomach was sufficiently thickened by his adoration for a decent dinner, or a few, as the open doors introduced themselves. The abnormal stick that filled in as his angling rod post transcended him, held between two of his textured toes, and hung out over the calm lake, reflected consummately in the shiny surface of Maer Dualdon. We will compose a custom exposition test on The Crystal Shard 2. On the Banks of Maer Dualdon or then again any comparative point just for you Request Now Delicate waves moved down the picture as the red-painted wooden bobber started to move somewhat. The line had glided in toward shore and hung flaccidly in the water, so Regis couldn’t feel the fish snacking at the lure. In a moment or two, the snare was cleaned with no catch to appear for it, yet the halfling didn’t know, and it would be hours before he’d even trouble to check. Not that he’d have minded, at any rate. This excursion was for recreation, not work. With winter going ahead, Regis calculated this likely could be his last outing of the year to the lake; he didn’t go in for winter angling, similar to a portion of the fanatically voracious people of Ten-Towns. Furthermore, the halfling previously had enough ivory loaded up from different people’s gets to keep him occupied for each of the seven months of day off. He was really an a sound representative for his not exactly driven race, cutting out a touch of human progress in a land where none existed, many miles from the most remote settlement that could properly be known as a city. Different halflings never came this far north, in any event, throughout the mid year months, favoring the solace of the southern climes. Regis, as well, would have readily gotten together his effects and come back toward the south, aside from a little issue he had with a certain guildmaster of an unmistakable thieves’ society. A four-inch square of the â€Å"white gold† lay next to the leaning back halfling, alongside a few sensitive cutting instruments. The beginnings of a horse’s gag defaced the equilibrium of the square. Regis had intended to take a shot at the piece while he was angling. Regis intended to do a ton of things. â€Å"Too fine a day,† he had supported, a reason that never appeared to become stale for him. This time, however, not at all like such a significant number of others, it really bore validity. It appeared as if the climate evil presences that twisted this unforgiving area to their iron will had taken an occasion, or maybe they were simply assembling their quality for a merciless winter. The outcome was a harvest time day fitting for the socialized grounds toward the south. An uncommon day in reality for the land that had come to be called Icewind Dale, a name all around earned by the eastern breezes that consistently appeared to blow in, carrying with them the chilled quality of Reghed Glacier. Indeed, even on the couple of days that the breeze moved there was little help, for Ten-Towns was verged on the north and west by miles of void tundra and afterward more ice, the Sea of Moving Ice. Just southern breezes guaranteed any alleviation, and any wind that attempted to arrive a t this forsaken territory from that course was normally hindered by the high pinnacles of the Spine of the World. Regis figured out how to keep his eyes open for some time, peering up through the fluffy appendages of the hide trees at the puffy white mists as they cruised over the sky on the mellow breezes. The sun poured down brilliant warmth, and the halfling was enticed from time to time to remove his petticoat. At whatever point a cloud shut out the warming beams, however, Regis was reminded that it was September on the tundra. In a month there would be day off. In two, the streets west and south to Luskan, the closest city to Ten-Towns, would be obstructed to any however the strong or the moronic. Regis looked over the long inlet that rolled in around the side of his small angling opening. The remainder of Ten-Towns was exploiting the climate, as well; the angling vessels were marching through main street, scrambling and weaving around one another to locate their unique â€Å"hitting spots.† No issue how frequently he saw it, the covetousness of people consistently flabbergasted Regis. Back in the southern place where there is Calimshan, the halfling had been ascending a quick stepping stool to Associate Guildmaster in one of the most unmistakable thieves’ organizations in the port city of Calimport. Be that as it may, through his eyes, human voracity had stopped his vocation. His guildmaster, the Pasha Pook, had a brilliant assortment of rubies †twelve, in any event †whose features were so cunningly slice that they appeared to cast a practically mesmerizing spell on any individual who saw them. Regis had wondered about the shining stones at whatever po int Pook put them out in plain view, and, all things considered, he’d just taken one. Right up 'til the present time, the halfling couldn’t make sense of why the Pasha, who had no under eleven others, was still so furious with him. â€Å"Alas for the avarice of humans,† Regis would state at whatever point the Pasha’s men appeared in another town that the halfling had made his home, compelling him to stretch out his outcast to a considerably increasingly remote land. In any case, he hadn’t required that state for 18 months now, not since he had shown up in Ten-Towns. Pook’s arms were long, yet this outskirts settlement, in the most cold and untamed land believable, was a more drawn out way still, and Regis was very substance in the security of his new asylum. There was riches here, and for those deft and capable enough to be a scrimshander, somebody who could change the ivorylike bone of a knucklehead trout into a masterful cutting, an open to living could be made with a base measure of work. You read The Crystal Shard 2. On the Banks of Maer Dualdon in class Paper models What's more, with Ten-Towns’ scrimshaw quick turning into the rave of the south, the halfling intended to shake off his standard dormancy and transform his newly discovered exchange into a blasting business. Sometime in the not so distant future. * Drizzt Do’Urden jogged along quietly; his delicate, low profile boots scarcely mixing the residue. He kept the cowl of his earthy colored shroud pulled low over the streaming rushes of his unmistakable white hair and moved with such easy effortlessness that a passerby may have believed him to be close to a deception, an optical stunt of the earthy colored ocean of tundra. The dim mythical being pulled his shroud more tight about him. He felt as helpless in the daylight as a human would in the corner of night. 200 years of living numerous miles subterranean had not been deleted by five years on the sunlit surface. Right up 'til the present time, daylight depleted and dizzied him. Be that as it may, Drizzt had voyage directly during that time and was constrained to proceed. As of now he was late for his gathering with Bruenor in the dwarf’s valley, and he had seen the signs. The reindeer had started their fall movement southwest to the ocean, yet no human tracks followed the group. The caverns north of Ten-Towns, consistently a visit for the roaming brutes on their way back to the tundra, had not been supplied to reprovision the clans on their long trek. Drizzt comprehended the suggestions. In ordinary savage life, the endurance of the clans relied upon their following the reindeer group. The obvious deserting of their customary ways was quite upsetting. Furthermore, Drizzt had heard the fight drums. Their unpretentious thunderings turned over the unfilled plain like removed roar, in designs generally unmistakable just to the next savage clans. In any case, Drizzt recognized what they predicted. He was a spectator who comprehended the estimation of information on companion or adversary, and he had regularly utilized his covertness ability to watch the every day schedules and customs of the pleased locals of Icewind Dale, the savages. Drizzt got his pace, stretching himself to the furthest reaches of his perseverance. In five brief years, he had come to think about the bunch of towns known as Ten-Towns and for the individuals who lived there. Like such huge numbers of different outsiders who had at long last settled there, the drow had discovered no greeting anyplace else in the Realms. Indeed, even here he was just endured by most, yet in the implicit family relationship of individual rebels, barely any individuals disturbed him. He’d been more fortunate than most; he’d found a couple of companions who could look past his legacy and see his actual character. Tensely, the dim mythical person squinted at Kelvin’s Cairn, the single mountain that denoted the passage to the rough dwarven valley between Maer Dualdon and Lac Dinneshere, however his violet-hued almond eyes, radiant spheres that could match an owl’s in the night, couldn't infiltrate the haze of sunlight enough to check the separation. Again he dodged his head under the cowl, inclining toward a visually impaired hurry to the unsteadiness of delayed introduction to the sun, and sank once again into the dim dreams of Menzoberranzan, the dark black market city of his predecessors. The drow mythical people had very strolled on a superficial level world, moving underneath the sun and the stars with their lighter looking cousins. However the dull mythical people were malignant, impassive executioners past the resilience of even their regularly unjudging family. Also, in the inescapable war of the elven countries, the drow were crashed into the insides of the ground. Here they found a universe of dull insider facts and dim magics and were substance to remain. Throughout the hundreds of years, they had thrived and become solid again, adjusting themselves to the methods of strange magics. They turned out to be more impressive than even their surface-abiding cousins, whose dealings with the arcane expressions under the nurtu ring warmth of the sun were pastime, not need. As a race, however, the drow wanted to see the sun and the stars. Both their bodies and psyches had adjusted to the profundities, and fortunately for al

Group Leadership Project Reflection Essay Example | Topics and Well Written Essays - 3250 words

Gathering Leadership Project Reflection - Essay Example Preceding the beginning of this task, it is fundamental to characterize administration. Authority put in basic terms, as per Susan Ward (Concepts of administration, 2011) â€Å"is a procedure by which an individual impacts the conduct of his subordinates for prevailing towards an objective or objective and coordinates the group in a way that makes it progressively steady and logical†. Be that as it may, it tends to be said without any uncertainty in anybody’s mind that Leadership is that quality summarized in an individual who has the ability to make or redo the operations, and the standards of any gathering of individuals, be it huge or little, political or business. This offers ascend to numerous inquiries and this examination paper will utilize decisively these focuses in responding to those inquiries: †¢ Leader and Follower jobs †¢ What functioned admirably? †¢ Leader’s adequacy/productivity †¢ Follower’s adequacy/proficiency †¢ How and what were the jobs created. †¢ How dynamic/static the gathering were †¢ Power culture and structure †¢ Leadership style †¢ How clashes were taken care of and choices made Ladies and Business Leadership †¢Leader and supporter jobs: history is obvious of the face that ladies have as a general rule experienced the very entrenched male-command social orders and organizations. To put it plainly, the male-predominance power. Indeed, even now in such huge numbers of nations of the world, particularly the underdeveloped nations, ladies are beaten and tossed in dull rooms. This has given men the nerve to see ladies as the devotees and not as the pioneers. All things considered, the ladies of today have battled like there's no tomorrow to change that perfect and build up themselves likewise as the pioneers. They have same or far and away superior capabilities as men.

Financial Panics of the 19th Century

Money related Panics of the nineteenth Century The Great Depression of the 1930s was called extraordinary which is as it should be. It followed a long arrangement of miseries which harrowed the American economy all through the nineteenth century. Harvest disappointments, drops in cotton costs, careless railroad theory, and abrupt dives in the securities exchange all met up at different occasions to send the developing American economy into disarray. The impacts were regularly fierce, with a great many Americans losing positions, ranchers being constrained off their property, and railways, banks, and different organizations going under for good. Here are the essential realities on the major money related frenzies of the nineteenth century. Frenzy of 1819 The principal significant American sadness, the Panic of 1819 was attached somewhat in monetary issues coming to back to the war of 1812.It was activated by a breakdown in cotton costs. A compression in acknowledge corresponded for the issues in the cotton showcase, and the youthful American economy was seriously affected.Banks had to bring in advances, and abandonments of homesteads and bank disappointments resulted.The Panic of 1819 went on until 1821.The impacts were felt most in the west and south. Sharpness about the monetary hardships reverberated for quite a long time and prompted the disdain that helped Andrew Jackson harden his political base all through the 1820s.Besides fueling sectional hostility, the Panic of 1819 likewise caused numerous Americans to understand the significance of legislative issues and government strategy in their lives. Frenzy of 1837 The Panic of 1837 was activated by a mix of elements including the disappointment of a wheat crop, a breakdown in cotton costs, monetary issues in Britain, fast theory in land, and issues coming about because of the assortment of cash in circulation.It was the second-longest American discouragement, with impacts enduring around six years, until 1843.The frenzy had an overwhelming effect. Various business firms in New York fizzled, and at any rate one New York City bank president ended it all. As the impact undulated the country over, various state-contracted banks additionally fizzled. The early trade guild development was adequately halted, as the cost of work plummeted.The sorrow caused the breakdown of land costs. The cost of food additionally fallen, which was ruinous to ranchers and grower who couldn’t get a better than average cost for their yields. Individuals who survived the downturn following 1837 recounted stories that would be reverberated a century later during Th e Great Depression.The fallout of the frenzy of 1837 prompted Martin Van Buren’s inability to make sure about a second term in the appointment of 1840. Many accused the financial hardships for the strategies of Andrew Jackson, and Van Buren, who had been Jackson’s VP, followed through on the political cost. Frenzy of 1857 The Panic of 1857 was activated by the disappointment of the Ohio Life Insurance and Trust Company, which really did quite a bit of its business as a bank headquartered in New York City. Foolish theory in railways drove the organization into inconvenience, and the company’s breakdown prompted an exacting frenzy in the money related region, as hordes of rushed financial specialists obstructed the avenues around Wall Street.Stock costs dove, and in excess of 900 trade firms in New York needed to stop activity. Before the year's over the American economy was a shambles.One survivor of the Panic of 1857 was a future Civil War saint and US president, Ulysses S. Award, who was bankrupted and needed to pawn his gold watch to purchase Christmas presents.Recovery from the downturn started in mid 1859. Frenzy of 1873 The venture firm of Jay Cooke and Company failed in September 1873 because of uncontrolled theory in railways. The securities exchange dropped forcefully and made various organizations fail.The discouragement made roughly 3,000,000 Americans lose their jobs.The breakdown in food costs affected Americas ranch economy, causing extraordinary neediness in rustic America.The wretchedness went on for a long time, until 1878.The Panic of 1873 prompted a populist development that saw the formation of the Greenback Party. The industrialist Peter Cooper ran for president on the Greenback Party ticket in 1876, yet was fruitless. Frenzy of 1893 The downturn set off by the Panic of 1893 was the best discouragement America had known, and was just outperformed by the Great Depression of the 1930s.In early May 1893 the New York financial exchange dropped forcefully, and in late June alarm selling made the securities exchange crash.A extreme credit emergency came about, and in excess of 16,000 organizations had bombed before the finish of 1893. Remembered for the bombed organizations were 156 railways and almost 500 banks.Unemployment spread until one of every six American men lost their jobs.The discouragement roused Coxeys Army, a walk on Washington of jobless men. The dissenters requested that the administration give open maintains sources of income. Their pioneer, Jacob Coxey, was detained for 20 days.The gloom brought about by the Panic of 1893 went on for around four years, finishing in 1897. Inheritance of nineteenth Century Financial Panics The financial issues of the nineteenth century occasionally caused torment and hopelessness and it frequently appeared that the bureaucratic and state governments were weak to do anything. The ascent of the dynamic development was, from numerous points of view, a response to prior money related frenzies. In the primary many years of the twentieth century money related changes made monetary falls more outlandish, yet the Great Depression indicated that the issues couldn't be effortlessly maintained a strategic distance from.

Free Essays on Origin Of World In Egyptian Mythology

Their comprehension of the infinite request was from direct perception of nature. Subsequently their creation fantasies worry about divine forces of nature; the earth, the sky, the sun, the moon, the stars, and obviously, the Nile stream. As per their antiquated conviction, waters of tumult encompassed the world, which was isolated in three sections: â€Å"Earth†, â€Å"Sky† and â€Å"Underworld† otherwise called â€Å"Duat†. In their conviction the sun used to travel down to the black market around evening time, which was the reason it couldn’t be seen. Yet, the vital and upsetting inquiry that happened was that how did everything started in any case. There are various recognition and ideal models concerning this fundamental inquiry. â€Å"The River Nile† had an all-wrapping viewpoint on the Egyptian life. The Nile was revered as a divine being and had a spot in Egyptian ceremony and folklore. . Since the Nile River, with its yearly floods assumed a basic job in this vast request. It should not shock discover water the basic component in the Egyptians thoughts of creation. Similarly as with the Nile, every year the flood no uncertainty made upheaval all animals living on the land, in the end the floods would subside and out of the turmoil of water would develop a hill, which contained procreative vitality that was the wellspring of all life. The hill was the way in to all manifestations. This â€Å"Risen Land† exemplified the god â€Å"Tatjenen†. Presently after that another basic inquiry that emerged was the place did this hill emerged from the start and who was the primary god to show up. Division of Egypt: Glancing back at Egyptian human advancement we find that it was separated in two sections; â€Å"Upper Egypt† otherwise called â€Å"Heliopolis† and â€Å"Lower Egypt† known as â€Å"Hermopolis†. Every one of these guaranteeing that the hill rose in their piece of the land gave various speculations about the beginning of world. Heliopolis’s Conception: At â€Å"Heliopolis† the â€Å"Ennead† for example â€Å"Group of nine gods† were worsh... Free Essays on Origin Of World In Egyptian Mythology Free Essays on Origin Of World In Egyptian Mythology Their comprehension of the infinite request was from direct perception of nature. Thusly their creation legends fret about lords of nature; the earth, the sky, the sun, the moon, the stars, and obviously, the Nile stream. As per their antiquated conviction, waters of turmoil encompassed the world, which was separated in three sections: â€Å"Earth†, â€Å"Sky† and â€Å"Underworld† otherwise called â€Å"Duat†. In their conviction the sun used to travel down to the black market around evening time, which was the reason it couldn’t be seen. In any case, the pivotal and upsetting inquiry that happened was that how did everything started in any case. There are various recognition and ideal models concerning this fundamental inquiry. â€Å"The River Nile† had an all-wrapping perspective on the Egyptian life. The Nile was venerated as a divine being and had a spot in Egyptian ceremony and folklore. . Since the Nile River, with its yearly floods assumed a basic job in this vast request. It should not shock discover water the principal component in the Egyptians thoughts of creation. Similarly as with the Nile, every year the flood no uncertainty made upheaval all animals living on the land, in the long run the floods would retreat and out of the turmoil of water would develop a hill, which contained procreative vitality that was the wellspring of all life. The hill was the way in to all manifestations. This â€Å"Risen Land† exemplified the god â€Å"Tatjenen†. Presently after that another basic inquiry that emerged was the place did this hill emerged from the outset and who was the main god to show up. Division of Egypt: Glancing back at Egyptian human advancement we find that it was isolated in two sections; â€Å"Upper Egypt† otherwise called â€Å"Heliopolis† and â€Å"Lower Egypt† known as â€Å"Hermopolis†. Every one of these guaranteeing that the hill rose in their piece of the land gave various hypotheses about the cause of world. Heliopolis’s Conception: At â€Å"Heliopolis† the â€Å"Ennead† for example â€Å"Group of nine gods† were worsh...

Book Riots Deals of the Day for September 27th, 2019

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How to Create a Successful College Recruitment Strategy

Open source learning. A global economy. Shifting demographics. These are just a few realities impacting your college recruitment strategy. According to the National Student Clearing House Research Center, Spring 2018 college enrollment across U.S. campuses was down from the previous year. University and college recruiters have shifted to overdrive in response. Related: How to improve higher ed student retention Some focus on radio ads, alumni referrals and online recruiting fairs. Others build interest on social media and at live events. Regardless of the outreach method, one thing is clear: In today's higher education landscape, recruiters must be increasingly creative and strategic to attract new students. A varied college recruitment strategy "The times, they are a-changin'," sang Bob Dylan. Want to keep up? Pay attention to your audience. Today's students don't want a cookie-cutter version of their parent's university experience. They're also not impressed by (pun alert) old-school marketing tactics. Instead, create a varied strategy that will reach your top prospects on multiple channels. Essentially, you want to provide engaging information that helps your college sell itself. Use multi-channel enrollment marketing Most colleges and universities know their target demographic well, and they market to basically the same audience year after year. However, success also depends on reaching new targets via a multi-channel approach: Website — a branded, responsive hub that's easy to navigate and engaging to use Blog or vlog — where interested prospects go for bite-size information Social media — critical online outreach, both locally and internationally Email campaigns — important tactic for lead generation and nurture Direct mail — still relevant and effective marketing for certain audiences Phone calls — an effective, if time-intensive, method for personal outreach Brand ambassadors — relatable outreach by faculty, students & alumni Parent outreach — critical influencers of your target audience Campus visit days — highly successful recruiting events, up close and personal High school visits — successful outreach that meets students where they are College fairs — key events that can market your institution both off and online International markets — a growing segment of your target audience Now, for a few of the most helpful enrollment marketing strategies... Recruiting college students online It's no surprise that most prospective students live online, particularly on mobile technology. So, today's recruiting strategies must be mobile-friendly. End of story. Source: Lake Superior State University Responsive web design is no longer optional. But, you'll stand out even more by offering mobile-friendly instruction and interactive pages. For instance, students are wondering what they'll learn on your campus. Why not show them instead of tell them? Continuing education is common enough. But, standout institutions are experimenting with AR, game-based platforms and social learning models. Just one interactive feature on your site can put you ahead of the curve. Even without all the technological bells and whistles, you can still provide value to new recruits. Offer valuable resources Don't just throw a bunch of content on your website and call it good. Instead, create a user-friendly path that puts visitors at ease. Which resources are clicked on the most? These might include: A catchy, above-the-fold video A listing of popular majors Programs and career opportunities Student and alumni testimonials Admissions deadlines Financial aid information Data-rich infographics Simplify the application process Of course, what you don't include on your homepage can be equally important. Generally, anything that simplifies your navigation and motivates would-be students to apply online is a good thing. Often, it means including more white space in your webpage design. Face it—applying for college can be a daunting task even for the initiated. So, a user-friendly interface is essential. Why not include a pithy video tutorial or a colorful step-by-step checklist to make the application process less painful? Also, non-traditional students (e.g. adult learners, international students) generally want to know about credit transfers, flexible course listings, and financial aid options. Build your blog Most colleges today have a blog. What about your college? More importantly, does your blog cover the topics your prospects care about most? Boston University's blog regularly shares pithy thoughts and videos by faculty members. Likewise, Cornell University publishes "life on the hill" posts that help wannabes sample current students' daily academic routines. Source: Cornell Your blog might also feature guest posts by alumni, video tours, listings of popular courses, and user-generated content. And of course, the most popular blog posts should factor into your upcoming email campaigns. Direct interaction with prospective students As you can see, a successful recruiting strategy contains many moving parts. But, personal interactions (phone calls, campus visiting days, etc.) are still the most powerful of these. According to Hanover Research: "Despite increased digital activity, a recent survey found that the most effective marketing strategies for universities are nevertheless events†based and involve direct interaction with potential students." After all, sometimes it really is about your newly upgraded facilities, swanky campus and student perks. Most prospects who've gotten this far already know about your tuition costs, financial aid options, and faculty-to-student ratio. A successful campus visit just helps close the deal. International student recruitment Quick—what's the Chinese version of Twitter? If you're recruiting students from China, you already know the answer to this question. (It's Weibo, by the way.) Source: Statista As you can see, international student recruitment is alive and well at American colleges and universities. As discussed earlier, your website needs to be user friendly and easy to navigate. This is particularly important if you're appealing to international students. Your site should help this target demographic understand the advantages of studying in America—and at your institution specifically. Simple videos and infographics can also help smooth potential cultural barriers. Do you already feature international students in your recruiting videos? If not, now's the time to help them share their story—in their language. As appropriate, include video links in your email campaigns. Share these on international social media channels. Your website should also include pages dedicated to the specific needs of international students and recruits. Source: Cornell Reduce educational jargon Higher education is adrift in educational jargon, which can be painful even to American-born students. All those acronyms can be excruciating to international applicants. Whenever possible, cut them out and use a simpler description. In the end, remember: Every positive interaction with a brand depends on clear communication. Key takeaways Now that you're familiar with what it takes to build a successful recruiting strategy, let's wrap things up by considering the real-life example of Western Colorado University. WCU's creative team struggled to manage their recruiting strategy and materials, as they were too busy trying to keep their head above water. Western Colorado University + Lucidpress Read Western Colorado University's full case study here to learn how they dealt with their recruiting and marketing problem. Is your school delivering a strong, consistent message with its brand marketing? Learn more in our free ebook: Branding in student recruitment

Essay on Political Parties in the United States - 797 Words

Political Parties in the United States There are numerous political parties in the United States and they all have no strict requirements for membership. That means whatever group you want to belong to you can. There are also no membership lists that are maintained. Some of the ways to determine party affiliation comes from voting surveys and public opinion polls. The majority of voters in America consider themselves to be Democrats. Party identification does not mean that who is you will vote for. There are several Democrats who will vote for Republicans in the presidential election. This is much more common in the United States than in any other major country. The most common parties are the Democratic and Republican†¦show more content†¦This party was established in the 1790s. The Democratic-Republicans were led by Thomas Jefferson and supported a weak central government. They believed that the states and citizens should retain the rights and powers and that the constitution should be strictly interpr eted. Jefferson was president from 1801 to 1809. The National-Republican Party arose when the Democratic-Republican Party split during John Quincy Adams presidency from 1825 to 1829. The split pitted the party against the followers of Andrew Jackson. During this time other groups formed the Whig Party. Andrew Jackson was elected president in 1828. Most historians regard the campaign organization of Jackson as the beginning of todays Democratic Party. Jackson and his followers were known as Democrats by about 1830. The Democratic Party is the oldest existing political party in the United States. It is said to have began in the 1790s as Jeffersons Democratic-Republican Party. This party was formed to fight the Bill of Rights and against the elitist Federalist Party. In 1800 Jefferson was elected the first Democratic President of the United States. Jefferson served two terms and was followed by James Madison in 1808. Madison helped to strengthen the armed forces in America by defeating the British in the War of 1812. James Monroe was elected in 1816 and served with little opposition. The election of John Quincy Adams inShow MoreRelatedThe United States Political Parties849 Words   |  4 PagesElmer Eric Schattschneider said (1995) â€Å"political parties created democracy, and . . . democracy is unthinkable save in terms of parties†(pg.3). A political party is a group of voters organized to support certain public policies(Dictionary.com). The aim of a political party is to elect o fficials who will try to carry out the party s policies. The United States political parties are what many would claim to be the center of the nation s political system, and among the many that believe that wouldRead MoreThe Political Parties Of The United States1183 Words   |  5 Pages There are two major political parties in the United States, the Democrats and the Republicans. The Democratic symbol is a donkey they got this from the colonial times when andrew jackson kept being called a donkey so he started to use it, and we have used it ever since. The republicans got their symbol from Nast. Nast invented a famous symbol the Republican elephant. In a cartoon that Nast that had ran in Harper s Weekly in the year 1874, Nast drew a donkey clothed in lion s skin, scaring awayRead MoreThe Political Parties Of The United States Essay1304 Words   |  6 PagesMany people, including the United States, thinks the US is the greatest democracy; but many other countries question whet her they are or not because the US democracy only tolerates two political parties. In the 2014 presidential election, there were 52 political parties that ran during the election. Some examples of the main stream parties were the Libertarians, Green, Constitution, and Reform Parties (Tormsen, 2015). Other parties included the Blue Enigma, Marijuana, NSA Did 911, etc. Although thereRead MoreThe Political Party Of The United States2029 Words   |  9 PagesGroup Report There have been several changes that have happened in the United States for the past 20 years. Firstly, the powers of presidents have been expanding at the expense of both branches, mostly in the Congress. The presidents have been using their executive orders to bypass the Congress from time to time. Follow by the interest group; the social issue such as abortion has been a big controversial topic among pro-life group and pro-choice group and the issue has been settled down by PresidentRead MoreThe Political Parties Of The United States940 Words   |  4 Pagesmind and different belief that they need to follow. Therefore, there are a couple hundreds of political parties have been created for people to joint in the U.S. Each party has a particular rules and goals that they need to aim. In fact, Republican and Democracy are the two biggest parties in this country. However, there are also many interesting other political party, and one of them is The Canary Party which was establish in the Spring of 2011. In recent human history, mankind has created and witnessedRead MoreThe Political Party Of The United States Of America1590 Words   |  7 PagesThe nature of the political party system in the United States of America, the oldest democracy in existence, is that the majority party rules. In essence, of the two major contemporary political parties that has a preponderance of votes wins the majority seat or as it is called â€Å"the winner takes all system† and the party that loses takes the minority seat and gets little to no power in the political arena. As a result, there is no representation for any other political party as long as the DemocratsRead More Political Parties in the United States Essay2450 Words   |  10 PagesPolitical Parties in the United States When the founders of the American republic wrote the U.S. Constitution in 1787, they did not envision a role for political parties in the governmental order. Indeed, they sought through various constitutional arrangements such as separation of powers, checks and balances, and indirect election of the president by an electoral college to insulate the new republic from political parties and factions. In spite of the founders intentions, the United StatesRead MoreCreation Of The United States And Political Parties2153 Words   |  9 PagesAn Age to Reflect: Creation of The United States and Political Parties Jonah Grier History 100 3/24/16 American history is filled with ups and downs. Starting out with only 13 colonies, America forcibly removed themselves from the one of the strongest empires in the world. Battling against political reform, the subtraction of resources from the motherland, the debt accrued by colonists, and the bank wars, America struggles to create a self-sustaining country. Forced Founders: Indians, DebtorsRead MorePolitical Parties Of The United States : The Democratic And Republic Parties915 Words   |  4 Pages There are two main political parties that dominate politics in the in the United States: The Democratic and Republic Parties. It turns out that these two political parties are opposed to each other on a wide range of issues that affect American public life. Unfortunately, many Americans are unaware of these differences between the two parties and tend to vote their officials into office in an uneducated manner. This often results in the political gridlock that often characterize government businessRead MoreWhy The United States Needs Political Parties3191 Words   |  13 PagesLanguage and Composition February 23rd, 2015 Why the United States Needs to Add More Political Parties American politics have been divided for years by two political parties, the Democrats and the Republicans. These two parties are the two major parties in America and they are the ones that run the American government and decide what is best for the citizens of the United States. On the surface it seems like a great idea to have two parties that each have different views and can represent both

Write a Critique of Michael P. Todaro’s Definition of...

Todaro defines development â€Å"as a multidimensional process involving major changes in social structures, popular attitudes, and national institutions, as well as the acceleration of economic growth, the reduction of inequality, and the eradication of absolute poverty. Development, in its essence, must represent the whole gamut of change by which an entire social system, tuned to the diverse basic needs and desires of individuals and social groups within that system, moves away from a condition of life widely perceived as unsatisfactory and toward a situation or condition of life regarded as materially and spiritually better.† (1985:85) Todaro believes there are three core values of development and these core values are life-sustenance,†¦show more content†¦Life expectancy rose from 63 years to nearly 65 years. An additional 8 percent of the developing worlds people received access to water. And an additional 15 percent acquired access to improved sanitation serv ices. (Human Development Report 2003) However, problems of inequality do exist with economic development and inequalities may lead to lower living standards of the poorer. Gillis claims that the ultimate goal of development, that is to say, development is first and foremost a process involving people, who are both the supreme movers of development and its beneficiaries (Gillis 1996). However, social transformation is closely linked to globalization. As not all countries have integrated successfully in the global economy, GDP in these countries remained flat or even declined. Lives of people in these countries are still undesirable since low incomes lead to low levels of living. This is due to the widening of income gap between rich and poor. The rich is better off while the situation of the poor is even worsen. Examples of those countries in threat are the sub-Saharan Africa and the former Soviet Union. Africa, which is largely excluded from the global economy. Manuel (1996) argues that Africa’s failure of e conomic development nation-state formation have led to declining incomes, appalling social conditions, widespread conflicts and vast refugee flows. Moreover, the rest of Asia, including the giants of India and China,

Dealing with Stress and Ambiguity in Organizations

JOMO KENYATTA UNIVERSITY OF AGRICULTURE AND TECHNOLOGY Dealing with Stress and Ambiguity in Organizations Group Assignment STUDENTS NAME: 1. DANIEL NDERI- HD313-C006-3244/2012 2. PATRICK LIVONDOLO HD313-C006- 3243/2012 3. TIMOTHY NYAUCHO HD313-C006-3333/2012 COURSE INSTRUCTOR: Dr. NYONGESA PAUL UNIT: HR3102- ENTREPRENEURIAL BEHAVIOUR MSC ENTREPRENEURSHIP –JKUAT (KISII CAMPUS) TABLE OF CONTENTS Title Page i Table of contents ii 1.0 Introduction 1 2.0 Symptoms of Stress 2 3.0 Causes of Stress 3 4.0 Managing Stress 5 5.0 Role Ambiguity 8 6.0 Conclusion 10 References†¦show more content†¦* Cribbing, over-reacting, arguing, getting irritated, anxiety, etc. * Deteriorating health, more of accidents, etc. * Improper eating habits (over-eating or under-eating), excessive smoking and drinking, sleeplessness, etc. 3.0 Causes of Stress Stressors can be divided into those that arise from within an individual (internal), and those that are attributable to the environment (external). Internal conflicts, non-specific fears, fears of inadequacy, and guilt feelings are examples of stressors that do not depend on the environment. Internal sources of stress can arise from an individual s perceptions of an environmental threat, even if no such danger actually exists. Environmental stressors are external conditions beyond an individual s control. Bhagat (1983) has reported that work performance can be seriously impaired by external stressors. There are many aspects of organizational life that can become external stressors. These include issues of structure, management s use of authority, monotony, a lack of opportunity for advancement, excessive responsibilities, ambiguous demands, value conflicts, and unrealistic workloads. A person s non-working life (e.g., family, friends, health, and financial situations) can also contai n stressors that negatively impact job performance. This can be summarized as follows. i. Organizational factors- With the growth in organizational stress andShow MoreRelatedCauses of Workplace Stress969 Words   |  4 PagesCauses of Workplace Stress There are many factors that can exacerbate the causes of stress in the workplace. The challenges faced by people in the workplace make the job more exciting and interesting. However, there are challenges that can also have negative effects. The normal reaction to stress is tension, anxiety and excitement and work-life goes back to normal after a while. If however, the stress becomes overwhelming or if it happens too often, there can be a problem getting back to the normalRead MoreRegency Grand Hotel3618 Words   |  15 Pagesperformance of the organization, he spent a great deal of time solving employee problems, there was an increase in the number of complaints by customers and an increase in mistakes made by the employees. The performance of the organization therefore deteriorated. Symptoms Causes of Deterioration of Performance: Symptoms Causes of Deterioration of Performance Cultural factors Communication factors Staff performance: personality and organizational fit Job design and role ambiguity Espoused and enactedRead MoreDefinitions of Self-Management, Time and Stress for Nurses1200 Words   |  5 Pageshandles stress. The purpose of this paper is to discuss how nurse leaders and managers can handle stress and time through self-management. The main points this paper will discuss are the definitions of self-management, time, and stress, sources of stress, signs of stress, strategies to manage stress, time management concepts, and how self-management relates to nurse leaders and managers. This topic is very important to nurses because â€Å"nursing is a stressful job that has excess and prolonged stress thatRead MoreCase Analysis : Office Space2344 Words   |  10 PagesCase Background In organizations, the main goal of the management, which they extend onto their employees is to complete as many tasks as possible, in the shortest amount of time. The tasks are usually given by the heads of the organization, which they pass on to the management, which they then give to the employees. The employees are tasked with completing these jobs to please their managers, who want the tasks completed in order to please the bosses of the organization. It is a recurring cycleRead MoreStressors : Stressors And Burnout2087 Words   |  9 Pagesâ€Å"chronic condition that results as daily work stressors take their toll on employees.† Stressors are factors within one’s environment, usually at work, that are difficult for an individual to deal with. Some stressors can be workload, role conflict and ambiguity, and events from one’s personal life. In the film, Peter had enough stressors that caused enough burnout to actually result in counterproductive work behavior. Though his carelessness and apathy ultimately landed him a generous promotion, this shouldRead MoreCoping with Stress in an Organization2242 Words   |  9 PagesCoping With Stress In An Organization 26 November 1994 Table of Contents I. Introduction II. Defining Stress III. Types of Stress IV. How to Handle Stress V. Recognizing Stress VI. The Military and Stress VII. Summary I. INTRODUCTION Since the beginning of mankind there has always been some kind of stress affecting how people feel, act and cope with situations. In this paper we will look at the definition of stress and what causes peopleRead MoreBalancing Work Life and Home Life1308 Words   |  6 PagesBalancing Work Life and Home Life The purpose of the article is to discuss what organizations can do to adopt more effective management of professional and private life. Organizations need to help employees define the boundaries between home and work. These boundaries should be more flexible than they currently are, the value of transition time between home and work should be recognized, and family shouldRead MoreWorkplace Intervention On Work Family Conflict1203 Words   |  5 PagesINTRODUCTION The increasing need for efficiency in a globalized economy has been challenging for workers in general. Demanding supervisors, tough tasks and some organizational rules are often seen as stressors by workers from different fields. Ethic organizations sought to improve the work quality which leads to performance in many ways. Lawson et al. (2016), studied the impact of workplace intervention on work-family conflict. These authors found a positive effect of workplace intervention on improvingRead MoreHigh Amount Of Stress Among Students1313 Words   |  6 Pageshigh amount of stress specially the university teachers. The present pilot study was conducted to identify the factors causing stress among the faculty of Graduate and Post Graduate colleges in Hyderabad, administering a questionnaire. A few coping strategies used by the faculty to combat stress are also reviewed. Through the conclusions drawn from this study, it can be suggested that the management of the colleges should focus on three things ( ) to reduce the occupational stress of the facultyRead MoreThe Supply Chain Management Function Of A Canadian Multinational Organization755 Words   |  4 Pagessustainability) and so on (e.g., Burke Cooper, 2004). For example, based on my own experience in the Supply Chain Management function of a Canadian multinational organization, while facing uncertain or unclear factors such as outsourced product and service quality, labour costs, currency exchange rates and so forth, we are now dealing with an increasing number of multi-channels with customers who, mostly, have much more demanding, specified and incoherent requirements on costs, lead time, process

Essay On Trumps Ethical Issues - 783 Words

On Trump’s announcement to end DACA Imagine a world where innocent individuals were fearful of their livelihood and the livelihood of their families, always having to look over their shoulders and stay in the shadows to avoid having everything they know ripped out from underneath them. It has been prevalent in the media lately that the Trump administration has ended the DACA program. The general consensus is that this will positively affect our economy as a nation and decrease our unemployment rates astronomically due to the job market opening back up. However, the opposite might be the case. That is the world Trump will have the power to create if Congress doesn’t make a decision to keep the DACA program within the next†¦show more content†¦Trump says that by ending DACA that he is opening up the job market to younger Americans, however, business leaders don’t believe this to be true (Gomez, 2017). One of the first, and most impactful results of the d eletion of DACA to Texas as a whole, is the decline of the G.D.P. The current G.D.P. of Texas as of now is 1.639 trillion. If DACA were to be abolished, this could drop by several billions of dollars within a decade. A drop like this could negatively affect the stock market for Texas as well. The reason for this is the decline of the amount of workers in Texas, assuming they have either been deported or are working illegally and under the table. With hurricane season this year being in the not so distant future Texas is still in the process of rebuilding, and will be for quite a while. A good portion of the people helping to rebuild Houston happen to be DACA recipients. In fact, not only are there DACA recipients on the front lines helping rebuild a place where they may not even feel welcomed, they’re also afraid to reach out for help after the devastation for fear of deportation, they’d rather suffer in silence than risk it. With DACA standing forShow MoreRelatedSoci al Services And Social Work1538 Words   |  7 Pagesthe system, and have the social worker use their power to help their client, however this is unfortunately not doable all of the time. Some agencies may reflect these inequalities themselves, and social workers often feel fear to speak up on these issues, at risk that they may lose their employment (Carniol, 2010, p. 107). We have discussed this scenario multiple times in our Basic Interventions class, particularly when talking about ethics. While most of us students agree that we would like to believeRead MoreMartha Stewart2966 Words   |  12 Pagesstanding sell order. Stewart gave this story to the government in formal interviews. After a lengthy investigation, Stewart was found guilty by the court on various charges on June 4, 2002, although not for insider trading. (AcaDemon term papers and essays). Obviously, Martha Stewart was engaged in this unethical and illegal behavior along with her broker Peter Bacanovic. Selling sh ares was just a onetime incident on December 27, 2001. â€Å"Martha Stewart was tried in U.S. District court. On June 4, 2003Read MoreBlack Mirror : A Look Into Memory6065 Words   |  25 PagesEach episode marks a separate section of my essay where I apply memory studies and theories, and respectively is followed by a real-life example of technology used within the episode. Memory studies, a term coined by social scientist and media historian, Steve Anderson, refers to a â€Å"way of looking at historical reception, what people remember of history, and the ways it is made useful in their lives†(Anderson, 21). Within this essay I will continuously refer to memoryRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesBalance Work–Life Conflicts 21 †¢ Creating a Positive Work Environment 22 †¢ Improving Ethical Behavior 22 Coming Attractions: Developing an OB Model 23 An Overview 23 †¢ Inputs 24 †¢ Processes 25 †¢ Outcomes 25 Summary and Implications for Managers 30 S A L Self-Assessment Library How Much Do I Know About Organizational Behavior? 4 Myth or Science? â€Å"Most Acts of Workplace Bullying Are Men Attacking Women† 12 An Ethical Choice Can You Learn from Failure? 24 glOBalization! Does National Culture Affect

Studies of Religion One Unit Hsc †Secularism Speech Free Essays

What is secularism? Secularism is the belief that religion should not interfere with or be integrated into the public affairs of a society. Oxford dictionary defines â€Å"secular† as â€Å"concerned with the affairs of the world, not religious or spiritual† so in this sense all civil government is â€Å"secular†. The only civil governments that are not fully secular in this sense are Vatican City and some fundamentalist Moslem states. We will write a custom essay sample on Studies of Religion One Unit Hsc – Secularism Speech or any similar topic only for you Order Now The governments of all the major countries in the world – including Australia, the USA, Great Britain, New Zealand, Italy, India, etc are all secular governments. There are multiple factors which have contributed to the decline of religion’s relevance for the integration and legitimation of modern life. The increasing pluralism and materialism of society alongside society’s increasing individualism and dissatisfaction with traditional religions are major reasons for secularisation. This trend is most evident in the significant increase in the number of people responding â€Å"No religion† in the census alongside an overall decline in the Christian figures recorded in the census Interfaith Dialogue and growing secularism. Since World War II, Australia’s population has grown and become more diverse and Australians have become more secular in nature. Secularists believe that people are comfortable without the reference to God in their lives. There are a number of reasons for the increase in secularism in Australia; these include increasing pluralism i. e. the acceptance of all religions as equal; individualism and materialism – spirituality may be overlooked when power, looks, possessions and fame are offered instead. What Impact did Secularism have on the Religious landscape of Australia post 1945? The rise of secularism has led to both a drop in the numbers of people regularly attending religious service. In 1947 only 0. 3% of the population classified themselves as having â€Å"No Religion†. However, in 1971 the instruction â€Å"if no religion, write none† was introduced into the census. This saw a seven-fold increase from the previous census year in the percentage of persons stating they had no religion (0. 8% in 1966 to 6. 7% in 1971). Thus many people who would have previously fallen under the â€Å"Not Stated† category were now included. Since 1971 this percentage has progressively increased to about 16. 5% in 1996, with a dip to 15. % in 2001. The 2001 census figures reveal that Christianity is still the numerically largest religious tradition in Australia accounting for 68. 0% of the population. However, there has been a significant decline in the percentage of people affiliated with Christianity. Furthermore, of those claiming affiliation there ha s been a decline in the regular attendance of religious services. The ongoing decline in most Christian groups as a percentage of the population is due to increasing secularization as well as other factors such as dissatisfaction with traditional religious movements, aging membership, and a lack of migrant intake. Effects of secularism †¢Loss of religious values. †¢Lack of religious church practice – civil marriages, non religious funerals, shopping malls (the new cathedrals) †¢Seeking alternative â€Å"religions† or â€Å"forms of spirituality†. †¢Social standing of clergy/church – trustworthiness †¢Political social action – Marxism, Green Movement etc. †¢Influence of scientific humanism, economic rationalism †¢Rise of New Age Religions which focus on personal satisfaction, wealth, self help groups, happiness, mind and spirit exhibitions, personal meditation, affirmation environmental â€Å"sit – ins†. These have all attained quasi religious status. How to cite Studies of Religion One Unit Hsc – Secularism Speech, Essay examples

Counseling Ethics Susan Kim Case

Question: Discuss about theCounseling Ethicsfor Susan Kim Case. Answer: Introduction Dr. Susan Lim is a prominent and renowned surgeon of Singapore. In 2007, after the death of Pengiran Anak Hajah Damit, the sister of the Brunei queen and cuisine of Brunei king died, Dr. Lim was accused with overcharging the patient (John Harding, 2011). Dr. Lim treated the patient in the period of 2001 to August 2007 and all the medical procedure made a total bill of 40 million dollars. She was charged with manipulating the bills and charging the patient astonishingly high in comparison to the natural circumstances (Asia one Health, 2016). In 2013, she was prosecuted and found guilty. In this situation, it should be noted that Dr. Susan Lim charged the client in accordance with the services provided to her. She provided client with exceptional services and in several situations she obtained training and paid from her own pocket for the services she provided. In order to put a hold to the legal proceedings, Dr. Lim claimed that in order to defend herself properly she is required to expose information that will cause unnecessary embarrassment to Brunei upon which a second disciplinary hearing was conducted. It was a threat made to the Singapore government to subvert the legal process. She indicated that she has information regarding the inconsistent relationship between the Ministry of Health, Brunei and the patients family or the royal family. In her defense, the doctor also stated that numerous gratuitous demands were asked to her including bearing the cost of a private air transport to send the patient from Singapore to Brunei. As a result, the doctor faced several charges of professional misconduct (Youtube, 2011). The basic prohibition of overcharging comes under the disciplinary offence as it is inherent in the art of being a professional. Specifically, overcharging comes under morally wrong action when a person has conducted deceit or abuse of ones position. It can be critiqued that was not simply a matter of overcharging but as the fees was astonishingly high and beyond an ethical limit. Major Stakeholders In this situation, the major stakeholders were the Brunei royal family, Dr. Susan Lim, SMC (Singapore Medical Council) and the Singapore government. Dr. Susan Lim Dr. Susan Lim was of the viewpoint that she has charged appropriate fees to the customer as she has provided exceptional services, invited foreign professionals for expert views and given special attention to the staff. In addition to it, Dr. Lim also manipulated the bills shown to the family to overcharge them. The Singapore Government The Singapore government stated that a person cannot charge higher than a certain limit. The court was not impressed by the justification of Dr. Lim which stated that due to exceptional care she charged the fees to this extent. While attending the patient, she was able to see other patients and perform other strategies (Chew, 2011). Brunei Family It can be critically assessed that the Brunei family was exploited in the situation due to their excessive wealth and affluence. Dr. Lim tried to maximize her profits in the situation and tried to obtain as much fees as she can as she knew that her client were capable of paying her. As per the article published in John Harding (2011), Dr. Susan Lim also tried to exploit the vulnerable relations of Brunei and Singapore and thought that the Singapore government will support her to protect the sensitive information of the Brunei royal family. It could be analyzed that in the last, Dr. Kim got desperate in the situation and tried to threaten the foreign ministry regarding an upcoming venture between Singapore and Brunei. Singapore Medical Council (SMC) Singapore Medical Council was in dilemma regarding the professional ethics of the doctors. In this situation, Dr. Susan charged excessively to the client in the situation wherein she was required to behave professionally. Ethical Dilemma The ethical dilemma is defined as the situation in which there are moral conflicts between one or two actions and choosing one action will refute one ethical system whereas choosing another course of action will contest another ethic (Garber, 2008). The situation could be considered as a predicament, as in this situation Dr. Lim is suffering from ethical dilemma whether she should charge her client according to the demands put on her. Furthermore, another ethical dilemma is when she will fight the legal battle she has to reveal sensitive information of her client. In this situation, the primary ethical dilemma is regarding the charges and the fees that a professional can charge ethically. Introduction to Moral Theories In order to arrive at a conclusion whether an action is morally justified or not, several moral theories have emerged. These theories try to provide a systematic method of examining what action is morally right or wrong. The major moral theories are competing in their advocacy and contradict each others views. There are certain controversial issues such as suicide wherein each moral theory contradicts. The primary aim of a moral theory is the desire to have certain system to evaluate whether a certain action is right or wrong (Timmons, 2012). There are certain models that assist a person in resolving ethical dilemmas and making ethical decisions. The moral dilemma of Dr. Susan Lim is explored with the help of certain moral theories and ethical decision making model. Counseling Process In the counsel process, the moral theories can assist Dr. Susan Lin in examining what actions are right and what actions are wrong. A theory encompasses different statements that explain some concept or fact. A moral theory can be defined as a theory that defines the wrong or right conduct. There are several moral theories and they provide the framework to evaluate and examine moral issues or certain action regarding whether they are right or wrong. The major moral theories are hard universalism, soft universalism, teleology and deontology. The Teleology Theory: The teleology theory of morality states that morality depends on what can be achieved in the end. It denotes that if a person can achieve good in situation by applying a specific course of action, then the course of action is justified. In the present situation, the course of action undertaken by Dr. Susan Lim can be justified by the teleology moral theory as according to this theory, in spite of the fact that Dr. Lim charged excessively to her client, her main intent was to take care of the patient. She was enthusiastic to provide all the necessary and other services that can prove beneficial to the treatment of the patient. She also undertook training and took advice from other experts to treat the patient. However, the teleological theory has several disadvantages: The consequences of actions are quite uncertain It may allow immoral actions on the basis of better consequences (Rawls, 2009). Deontological Ethics Theory: Another theory that can be used to justify the situation of Dr. Lim is deontological ethics theory. As per this theory, the morality of the action of a person can be judged according to his or her adherence to certain rules. In the situation of Dr. Lim, there were no certain professional rules or legislations that stop a medical professional from charging excessively. However, this moral theory also has certain disadvantages: It is inflexible; therefore, it can result actions whose consequences are not morally justified. This moral theory is impersonal. It does not consider the situation of the person and what issues result him/her to conduct certain actions (Broad, 2000). Decision-Making Process In the daily life of a professional, several situations occur, where it is required to take morally correct and ethical situations. Decision-making is a key skill and a professional can get help of different decision making models to take the correct decision. The most commonly used decision-making model is eight step decision making process in which the decision-making process is divided into eight stages. As a counselor, it is important to assist Dr. Susan Lim in taking a morally justified and correct decision. In this regard, the eight step decision-making model is taken to counsel her in ethical decision making process. The eight stages of ethical decision making models are: defining the problem, gathering all the relevant information, explores different alternatives that can assist in the situation, brainstorm and examine different choices, evaluating the alternatives, selection of best alternative, take decision and evaluate the results (Bergmann Brough, 2013). In the first step, the problem is defined, wherein it is examined what exactly is the problem, what the root cause of the problem, and how it can be solved. In the situation of Dr. Susann Li, the major issue is overcharging the client. The underlying assumption in the situation is that Dr. Susan Lim has provided exceptional and extraordinary services to the client and those services are not provided to other people. Her client, the Brunei royal family is unhappy with the excessive charges and feels unfairly treated. The problem should be solved as it will create and tarnish the image of the doctor and will result in dissatisfaction and discontent among the clients. The second stage is gathering information from all the possible sources. In this step, Dr. Susan Lim is required to collect the information from different sources, for example she should consult other doctors with similar qualification and experience regarding the charges that she should impose, check the judicial guidelines for the service providers regarding their fees and examine the total cost incurred by her before imposing the fees. She can also take guidance from Singapore Medical council. In the third step, she should judge the alternatives, in this situation; the alternatives include imposing different fees for the consultation and the treatment. Another option is increasing or lowering the fees according to her judgment regarding the services provided. Then after in the fourth step, different alternatives in the situation should be evaluated. Dr. Lim should examine these alternatives and select the best possible solution. In the fifth step, the most appropriate solution is obtained. In the present case, most appropriate alternative is to charge fees as per the professional ethics. As the medical profession is considered human service, charging patients exceedingly and working as a business is not appropriate. In the sixth step, the solution is implemented. In the present case, Dr. Lim should implement the justified solution of charging Brunei family according to the professional ethics. In the seventh step, the implemented solution is monitored for its results. When the Brunei family is charged fairly, they will not file any case and the reputation of the doctor remains intact. In the concluding step, the solution is measured for its performance. As it is the best-fit solution, the performance of the solution will be appropriate (Linder, 2013). Conclusion Conclusively, it can be stated that situation of Dr. Susan Lim was quite complex. She was suffering from moral dilemma regarding excessive charge of fees from her client. In her perception, the charges were justified as she provided exceptional services to the patient who was a family member of the royal family of Brunei. In this regard, a lawsuit was imposed upon her as she was charging excessively from the client. The situation of Lim can be explored from one of the moral theories which have been formed to distinguish right actions from wrong. The actions of doctor are justified from teleological moral theory wherein the actions are justified by their consequences. In addition to it, the deontological ethic also states that the moral position of a person can be justified from his or her adherence to the rules. However, both of these theories suffer from several limitations. In the counseling process, Dr Lim has been assisted in taking the right course of action by using the eight-s tep decision making model. According to this model, it has been evaluated that charging the client less will be the most appropriate course of action in this situation. References Asia One Health. 2016. Surgeon billed Brunei patient $40m over 4 years. Retrieved December 10, 2016 https://health.asiaone.com/health/health-news/surgeon-billed-brunei-patient-40m-over-4-years Bergmann, S., Brough, J. (2013). Reducing the Risk, Increasing the Promise: Strategies for Student Success. London: Routledge. Broad, C.D. (2000). Five Types of Ethical Theory. Psychology Press.Chew, R. (2011). DOCTORS FEES AFTER SUSAN LIMS CASE Implications for the Medical Profession. Retrieved December 10, 2016 https://www.sma.org.sg/UploadedImg/files/Publications%20-%20SMA%20News/4511/Insight.pdf Garber, P.R. (2008). The Ethical Dilemma. Human Resource Development. JohnHarding. (2011). Dr Susan Lims threatening letter to Foreign Minister George Yeo. Retrieved December 10, 2016 https://johnharding.com/2011/03/dr-susan-lims-threatening-letter-to-foreign-minister-george-yeo/ Linder, K. (2013). Crunch Time!: 8 Steps for Making the Right Life Decisions at the Right Times. Austin: Greenleaf Book Group. Rawls, J. (2009). A Theory of Justice. Harvard University Press. Timmons, M. (2012). Moral Theory: An Introduction. Plymouth: Rowman Littlefield. Youtube. (2011). Singapore Top surgeon 'threatened' MFA - 28Mar2011. Retrieved December 10, 2016 https://www.youtube.com/watch?v=xWuWLuSZ95Y

Auditing and Professional Practice Process of Auditing

Question: Describe about the Auditing and Professional Practice for the Process of Auditing. Answer: Case Study 1(a) It is customary for the auditor to be well prepared in advance before the start of actual process of auditing. For this purpose, it is essential that the auditor draws a plan taking broader understanding of the nature of business of the client and the industry conditions. Planning helps the auditor to allocate appropriate amount of resources to the right areas (Ernst Young LLP, 2012). In this context, following major issues have been identified as in the current case of City Ltd from planning view point: The evaluation of the audit risk needs to be made cautiously because the business conditions are adverse for City Ltd. There is overall industrial downturn in the construction industry in Australia, which gives rise to the risk of material misstatement. The company has under processed projects for which no buyer has yet been found. This situation gives rise to significant business risk (IAS 300, 2009). The risk of top management manipulating the financial performance is high. There may be window dressing of financial statements, thus, the auditor should plan extensive checking (IAS 300, 2009). Major areas for extensive checking should be revenues, accounts receivables, and cash. Case Study 1(b) In this case Web Ltd has expanded its IT capabilities through installation of new computer software. In the connection following audit planning issues have been encountered: There would be a change in the accounting process and consequently other internal processes, having bearing on the internal controls, will also undergo a change (Millichamp, 2002). The auditor must consider a thorough evaluation of the internal control system of the company. The auditor has to consider the overall impact of change in the information system on the audit risk (Millichamp, 2002). Case Study 1(c) Beauty Pty Ltd has established an overseas branch, which the main event that the auditor needs to consider while preparing overall plan for the audit. In this regard, there are various planning considerations for the auditor as detailed below: The inventory is transferred to the overseas branch from the domestic unit; therefore, the auditor should plan to check internal controls in relation to inventory transfer (Gramling, Johnstone, and Rittenberg, 2012). Assessing the materiality of overseas operations, the auditor should plan the resources needed to be allocated for the verification of the breach operations. The auditor should consider the risk of fraud and error in relation to the overseas operations and analyze the impact of that risk on the overall audit of the company (Gramling, Johnstone, and Rittenberg, 2012). Case Study 2(a) The test of controls is the process employed by the auditor to assess the adequacy of the internal control system. Thus, the focus of test of controls is on verifying and assessing that whether the internal control system of the company is adequate for the purpose (Gramling, Johnstone, and Rittenberg, 2012). However, the substantive approach is followed when the auditor desires to verify an amount of financial statements. Substantive testing entails more rigorous and in depth checking and it helps the auditor to collect corroborative evidences. Therefore, it could be inferred that its the purpose that forms the basis for selection between test of controls and substantive testing. Further, the initial risk assessment of the auditor also plays crucial role in deciding as whether to apply test of controls or substantive tests. Case Study 2(b) Audit approach refers to the methodology adopted by the auditor. In the cases involving high risk, the auditor adopts risk based audit approach, which requires auditor to maintain professional skepticism and alertness throughout the audit. Thus, it is the risk factor that affects the auditors mind set and thus, the audit approach (Gramling, Johnstone, and Rittenberg, 2012). At the planning stage, the auditor assesses the inherent and control risk to evaluate the risk of material misstatement in the financial statements. If the auditors assessment is that the combined level of inherent and control risk is high, it would be necessary for the auditor to adopt more rigorous checking. The increased extent of verification will help to reduce the detection risk low and thereby controlling the overall audit risk within the risk appetite. Case Study 2(c) Depreciation is the material item of expenses to be verified by the auditor, thus, it is crucial that the auditor deals with it carefully. The auditor should be completely satisfied with the accuracy and completeness of the amount disclosed as depreciation in the books of accounts. In order to ensure that the amount of depreciation as shown in the books of accounts is correct, the auditor should perform the following procedures: The auditor should perform recalculations by computing the amount of depreciation himself and cross verify the results with the books of accounts (Gramling, Johnstone, and Rittenberg, 2012). Further, the auditor should ensure that proper internal controls are in place to safeguard assets. Apart from that the auditor should also check completeness assertion to ensure that the all assets which should have depreciated have in fact been depreciated. For this purpose, the auditor should consider physical verification of the assets and tally the results with the books. Case Study 3 The financial reporting is the process of preparation of financial statements which comprises of income statement, balance sheet, and cash flow statement. These financial statements are prepared to communicate the required information to the investors and other stakeholder such as government and lenders. Thus, the question of reliability of the information communicated to the group of stakeholders arises, which gives rise to the need of auditing. The auditing is carried out by an independent third party to verify that the information communicated through the financial statements is true and correct. Thus, in this way the auditing and financial reporting is linked to each other (Gramling, Johnstone, and Rittenberg, 2012). Further, it is also important to note that auditing increases credibility of the financial statements prepared by the entity and generates faith in the stakeholders. Thus, it is inevitable to carry out auditing after preparation of the financial statements (Gramling, Johnstone, and Rittenberg, 2012). References Ernst Young LLP. 2012. Ernst Young Tax Guide 2013. John Wiley Sons. Gramling, A.A., Johnstone, K.M., and Rittenberg, L.E. 2012. Auditing. Cengage Learning. IAS 300. 2009. Planning an Audit of Financial Statements. [Online]. Available at: https://www.ifac.org/system/files/downloads/a016-2010-iaasb-handbook-isa-300.pdf [Accessed on: 09 December 2016]. Millichamp. A.H. 2002. Auditing. Cengage Learning EMEA.

US Opportunities Essays - Academia, Scholarship,

US Opportunities America is the land of opportunity. This country is full of great ways to better our lives. There are many different kinds of opportunities we can use to improve the quality of our living conditions. For example, there are many public school systems here, as well as the many college opportunities we are offered. This country is also a great place to find adventure, or just have a good time playing sports or exercising. Something else that is great about our country is our fantastic government system. Whether it's Federal, State, or Local government; ours is one to be proud of. America offers the most to any kind of person, no matter who you are or what you enjoy. In America there is an unbelievable amount of ways to learn. There is a public school system where anyone can go to school, Kindergarten through twelfth grade. If you want to further your education by going to college, there is a great variety of schools you could go to. If you want to be a doctor there are specific schools designed to teach people how to be doctors. Some colleges are good at different sports, and some are incredible acedemically, some schools are well-known for their drama programs or other things. Most schools offer scholarships to those who excel in specific areas. Scholarships are a good way to get financial aid if you can't or don't want to pay for college. If you're looking for action and adventure, you've come to the right place. America is the greatest place to kick back and have a good time. You could ski the icy slopes of the Rocky Mountains in Utah and Colorado, or you could surf and lay out on the sandy beaches of Hawaii or California. You could go crabbing on the rocky coast of Maine, or go ice fishing on a barren lake in the nippy weather of Alaska. Different places around the country offer a variety of seminars if you're looking for instruction, or you could read up on the subject before braving the great outdoors by yourself. Many people also enjoy sports. In Utah, there are all kinds of sports programs designed for people of all ages. This is a great place to come whether you're looking for sports action or outdoor adventure. Some might worry about the quality of our government. Despite the recent problems our president has had, the government is nothing to worry about. The local government is here to help us in any way needed. The local government helps us out with our school systems, roads, and many other things. The Federal government helps pass laws to make our states and towns better for us. All in all, the government is still going just as strong as they were in the beginning in 1776. Taking all the factors into consideration, I think America is the greatest place on earth to live. No matter what you want to do, where and when you want to do it; you can probably find it here. Whether you want to further your education, find a passion in some sort of outdoor adventure, or discover the mystery behind our government, this country is where you'll want to be. America truly is the land of opportunity.

Vile and Villain

Vile and Villain Vile and Villain Vile and Villain By Mark Nichol A recent reference to a certain Republican presidential candidate in which he was described as vile sent me to online etymological resources to look up the origin of the term. Interestingly, vile is unrelated to the similar-looking villain. Vile derives from the Latin term vilis, which means â€Å"base,† â€Å"cheap,† â€Å"common,† or â€Å"worthless.† Villain, on the other hand, originally had a neutral connotation: Although it also comes from Latin, its origin is the term villa, meaning â€Å"country house† or â€Å"farm† and still in use for the former meaning in English (from Italian). Villain originally meant â€Å"farmhand,† but from a pejorative reference to the low-born status of rustic farm laborers came to be associated with base behavior and by the early 1800s was associated with an antagonist in a novel or a play. In historical contexts, the variant spelling villein retains the original meaning. (The suffix -ville in the name of a town, and village, are related.) The Old English term ceorl, which survives in churl, also degenerated from a neutral term for a peasant (in this case, centuries earlier), as did the later word boor, derived from the French term bovier (literally, â€Å"herdsman,† and cognate with the Dutch word boer) and also much older in its negative sense than villain. The adjectives churlish and boorish both describe rude behavior; in each case, -ness is added to the adjective to produce the noun form. The verbs revile and vilify stem from vile; they mean, respectively â€Å"to consider with scorn† and â€Å"to slander.† (The noun forms are revilement and vilification.) However, servile and its noun form servility are related to neither vile nor villain; they derive from the Latin term servilis, meaning â€Å"of a slave.† Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:Program vs. ProgrammeDriver License vs. Driver’s License50 Musical Terms Used in Nonmusical Senses

Leadership style Essay Example | Topics and Well Written Essays - 250 words

Leadership style - Essay Example From the course readings, it was established that transformational leaders are vision developers. They develop vision because they identify a problem and want to fix it. Transformational leaders want to fix the problem because they are concerned about the people and concerned for the task they have been chosen to perform. After developing the vision, which becomes the main target of his leadership, a transformational leader finds means to sell the vision to his followers. Though not charismatic, a transformational leader is on the heart of the people because the people know he is concerned about him. For this reason, selling the vision is never too difficult for the transformational leader. The followers are more easily to buy into the vision and help achieve them. Again, transformational leaders are trusted by their followers to be knowledge budded and vision oriented. For this reason, they are always excellent when it comes to leading the way to achieving the vision. It is for this reason that the Changing Minds Organization states that â€Å"some Transformational Leaders know the way, and simply want others to follow them.† Finally, because the transformational leader cares about change, his followers will be sure to depend on him to better their lives. For this reason, a transformational leader must learn to â€Å"make continued efforts to motivate and rally their followers, constantly doing the rounds, listening, soothing and enthusing† (Changing Minds Organization, 2011). This way, transformational leaders are always sure to pull the crowd behind them though charismatic leaders are commonly associated with crowd

INTRODUCTION TO STATISTICS Essay Example | Topics and Well Written Essays - 2000 words

INTRODUCTION TO STATISTICS - Essay Example However, this relationship is weak. Finally, sales per square meter and sales floor space of the store i the only combination with a negative relationship. The two variables have a correlation coefficient of -0.29379 which implies that when one variable increases, the other one decreases. The graph above displays data points that resemble a rising line from the left hand side to the right hand side of the graph. Even though most of the points are clustered to the left of the graph, the slope of the assumed line (line of best fit) is positive. This shows that there is a positive correlation which implies that the more the number of full-timers, the more the sales per square meter. This plot supports the calculated correlation coefficient (0.237185). Since the calculated t is greater than the tabulated t (4.876932>1.96), we fail to accept the null hypothesis and conclude that the relationship exists between sales per square meter and the number of full-timers. From the above graph, data points resemble a rising line from the left hand side to the right hand. Most of the points are clustered to the left of the graph but the slope of the assumed line (line of best fit) is positive. This depicts that there is a positive correlation implying that the more the number of part-timers, the more the sales per square meter. Moreover, it supports the calculated correlation coefficient of the two variables (0.050085). Since the calculated t is smaller than the tabulated t (1.001704

Study on the Prediction of Corporate Bankruptcy

Study on the Prediction of Corporate Bankruptcy CHAPTER 1: A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and Winakor (1935) said that ratios of the failing firms were significantly changed from the continuing firms. In addition to that another study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. 1.2 Problem Statement In the corporate finance, the prediction of corporate bankruptcy was considered to be one of the most important issues. The main objective behind the study of the prediction of corporate bankruptcy was that this was the most important issue for the present firms to either file for the bankruptcy or not. The rationale of the study was to examine whether the financial ratios given in detail by Altman (1968) presented the detail regarding the factors of the firm which were helpful in the prediction of corporate bankruptcy in Pakistan. The capacity of study was to investigate the distinctive financial ratios which impacted the firms decisions to file for the bankruptcy or not and on the basis of firms financial ratios, the research study found the different significant ratios which were useful in determining the prediction of any of the organization. 1.3 Hypotheses The main problem of the different firms was to identify those financial factors or the most important ratios which could lead to the filing of bankruptcy or those factors which were useful in determining the prediction of the corporate firms. A central query in front of firms which wanted to file for bankruptcy was why the firms filed for bankruptcy or what financial factors helped out in taking decision to file for bankruptcy. Various financial factors or ratios impacted the decision regarding the filing for bankruptcy. These financial characteristics or the most important ratios were current ratio, debt ratio, net profit margin, assets to long term debt ratio, and growth rate. Many authors as Altman (1968) discussed these characteristics in research. The hypothesized relationship of these listed financial factors with bankruptcy was provided below: H1: There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. H2: There is a difference between the Debt ratio of bankrupted companies and non bankrupted companies. H3: There is a difference between the Net Profit Margin ratio of bankrupted companies and non bankrupted companies. H4: There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. H5: There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 1.4 Outline of the Study The research structured as follows. Chapter one based on the introduction of the thesis, which consists of the some introduction of the prediction of bankruptcy by different authors, the statement of problem, scope and objectives, hypothesis etc. Chapter two consists of literature review given by different authors, theories on prediction of bankruptcy and financial factors affecting the choice of decision to file for bankruptcy or not. Chapter three described methodology which is composed of justification of the selection of the variables utilized in analysis sample, the data, technique and hypothesis, also estimate model utilized in analysis. In chapter four, analyses of the results were there which were taken after the data processing. Chapter five contained the final results, conclusions and recommendations. References are included in chapter number six. CHAPTER 2: LITERATURE REVIEW A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and winakor (1935) said that ratios of the failing firms were significantly change from the continuing firms. In addition to that an other study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). A study conducted by Sandin and Porporato (2007) on corporate bankruptcy prediction model applied to emerging economies. The aim of this study was to find the predictability of bankruptcy by using the financial ratios given in the financial statements and these financial statements were taken from the Buenos Aires Stock Exchange. To test the hypothesis twenty two bankrupt and non bankrupt companies were examined by using the multiple discriminant analysis technique, resulted that financial ratios were very useful in predicting the bankruptcy. Actually this study was about the prediction model and classification of the distressed and failed companies in the Argentina. William Beaver (1996) conducted a study that Financial Ratios As Predictor of Failure, wherein ratios were tested for a specific purpose. The purpose was to forecast the failure. Since ratios were mostly examined for the prediction of failure. The aim of the study was to analyze the status quo that was depended on the financial statements made under the reporting standard and this study was conducted as a bench mark for further studies in bankruptcy area. Sample of data was selected on the basis of industry, firm size and period, Walworth companies should have taken from the same industry where from failed companies taken along with same firm size based on firm value and equal time duration then reliable result can be obtained said by Beaver (1996). This study pointed out and directed to the asset size and relationship among ratios, assets size and failure, study implicated that larger firms were more solvent than smaller firms, even if ratios were same. To examine the hypothesis, a paired analysis was used. According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. Merger and Bankruptcy Based on the literature review in the different research studies, it was found that the shareholders of the distressed firms were getting more benefit from mergers than from the bankruptcy. Thus, the investors kept the positive number of the firms stocks up as a consequence of the merger. Contrastingly, the stakeholders received nothing in case of the bankruptcy. Shrieves and Stevens (1979) managed to explain all of the possible reasons for preferring merger over bankruptcy and those principles included: (1) to avoid the bankruptcy legal and administrative costs, (2) possible loss of tax carry forwards of the loss firm incurred on liquidation, (3) the value of the going-concern in the merger was more than liquidation value if the firm bankruptcy progressed towards the liquidation, and (4) the bankruptcy created the bad effects on the revenues including sales and income due to the customer fears of inability contracts, give replacement parts, etc. Bulow and Shoven (1978) noticed based on the research that the investors have always been avoiding the bankruptcy and this tendency always benefitted the creditors as a whole and that theoretically, the bankruptcy occurred because of the disagreement between the concerned parties. This was treated in a literature that the merger was the best possible alternate of the bankruptcy with the assumption in the mind that it was more easy for the distressed firms to find a merger partner at some price as long as the net asset value was positive and this was also under the assumption of a well-functioning market for information. When the situation was aggravated toward a condition of less or negative net asset value, the possibility of merger was reduced. Hong (1983) made an empirical as well as theoretical model which distinguished among three different categories of financially upset firms and it was organized in three ways such as: firms which filed bankruptcy but reorganized successfully, firms which filed for bankruptcy but were liquidated ultimately, and also the firms which continued operations with out even filing for bankruptcy. Author further made a hypothesis that the intangible assets, the value of the firm as in a going concern and the value of the same firm in liquidation was different, were the main describing factor which affected the eventual outcome. The firms which had greater intangible assets were possibly having a sustainable economic growth and that growth allowed a firm to survive rather than be liquidated. LoPucki (1983) made an explanatory study of about 41 firms which filed the bankruptcy court of the Western District of Missouri. In this study, the à ¢Ã¢â€š ¬Ã…“successesà ¢Ã¢â€š ¬? were defined as the firms which have verified its various reorganization strategies that kept it on to survive for about three years after the date of petitioning the bankruptcy. Failures according to the author were those firms which had stopped operating functions before February 1983. LoPucki (1983) further could not try to make a method with discriminatory power, but in fact simply scrutinized the associations between the results of reorganization process and numerous individual variables. These individual variables included size, age, and type of the businesses, the survival of creditors opposition to the reorganization strategy, and physical geographic location. The relationships which were found during the research were: significantly higher success rate was associated with the manufacturing fi rms; more successful firms were only the larger firms; success was not significantly associated with the age of the firms; the target opposition of the creditors was mainly at the more successful firms; and lastly, the physical geographical location was not a significant describing variable. In short, only a finite amount of research was conducted on the topic of differentiating between failures and successes in bankruptcy, and outcomes have been open to doubts or inconclusive. The one published study conducted by the LoPucki (1983), scrutinized the first order correlations and could not struggle to build the model of classification. The other published research study conducted by Hong (1983), scrutinized the comparative importance of numerous individual variables and had not analyzed the classification authentication of the multivariate model. As it was already discussed in detail, this present study scrutinized the classification authentication of the multivariate model by using data from both analysis sample and a holdout sample 113 firms. Bordman, Bartley, and Ratliff (1981) noticed that firms went bankrupt only when its capital resources were not enough to pay back the obligations of the business. Thus it became the more important challenge for the new comers in the industry to maintain and establish such valuable resources and capabilities which could ultimately leaded to the production of positive cash flows before starting asset resources were exhausted (Levinthal, 1991). According to DAveni (1989), and Hambrick and DAveni (1988), both researches have noticed that most of the attention has been paid to the early failures and dramatic research has also been conducted in the literature. A macro view of the bankruptcy was given as a known strategy and an empirical examination of factors associated to successful reorganization (Moultan, and Thomas, 1993) and however, the structures of corporate governance were not incorporated in the analysis. An extensive data was available relating the intensity to which the officers and directors of the firm which was bankrupt were more possibly resigning or were being replaced (DAveni, 1990; Fizel Louie, 1990; Gilson, 1989). Several researchers used the multiple discriminant analysis MDA technique to develop a linear model to predict those firms which failed could be differentiated from the non-failed firms in UK (Taffler, 1977). This model resulted in an overall classification authentication for the year before the failure as comparative to three or two prior years of failure. The major contribution made by Taffler was the establishment of a Z-score model which was used for the prediction of company failures in the UK and furthermore, the author claimed of 100 percent predictive authentication in the model. In addition, in the consequent studies, Taffler (1982, 1983) discussed the pairing technique which was used in the prediction of corporate failure studies proved no more successful technique than any selection by the other tool or technique. Multiple Discriminant Analysis MDA models were dependable to certain intensity in the prediction of corporate failure. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Data was selected from Karachi Stock Exchange KSE 100 Index as given by State Bank of Pakistan in publication Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2004-2009). The period of study covers six years, 2004-09. The opted sample size of 44 firms was taken from KSE 100 Index and all of the firms listed on KSE 100 Index were selected for the samples which were going to bankruptcy in the past and some were also the present functioning firms which were currently working; so, only 44 firms included in the sample period of 2004-09. The objective behind the inclusion of these selected firms in the sample was that the inclusion of bankrupt and non-bankrupt firms in the analysis made it easier to distinguish the critical financial ratios of these both firms in order to predict for corporate bankruptcy. The data availability was the major issue faced in this research study. The secondary data sources were adopted for the collection of the data during this research study. Both of the empirical and theoretical aspects regarding the prediction of corporate bankruptcy were analyzed in this research study. For the purpose of the collection of the secondary data, external data sources were used, such as the data was collected from State Bank of Pakistan, general business publications, newspapers and journal articles, annual reports, internet and books. The data required for this study was completely dependent on the published data sources, such as the published sources listed above. 3.2 Sample Size A sample of 44 firms from KSE 100 Index was selected and in addition, out of these firms 22 firms were bankrupt and the remaining 22 were not bankrupt which was taken as the holdout sample for the prediction of the corporate bankruptcy. Only firms were used in the samples which were either became bankrupt due to the impact of the some of the financial factors or the ratios or the firms which were in operations during the research study was conducted and these firms were listed on the KSE 100 Index form 2004-2009. The impact of the different financial factors or ratios, which were listed in the previous chapters, on the prediction of corporate bankruptcy was analyzed on all of the firms selected as the sample. 3.3 Research Model Developed There are various financial factors or the ratios of the firms which affected the prediction of the corporate bankruptcy of the firms. This research study analyzed the impact of different factors or ratios already listed in the previous chapters on the prediction of corporate bankruptcy. The model developed was a binary logistic model and its specifications are provided below: Liquidity = a0 + a1Firm Size + a2DEBT + a3LTD + a4LSALES + a5OI/S + a6OI/TA+ a7IGP/TA+ a8Market to Book Ratio + ц where: Liquidity = the sum of cash and marketable securities divided by total assets Firm Size = natural log of the book value of total assets DEBT = the ratio of shorter period plus longer period debt to total assets LTD = the ratio of longer period debt to total assets LSALES = natural log of the annual sales OI/S = the ratio of operating income to sales OI/TA = the ratio of operating income to total sales IGP/TA = the inventory plus gross fixed assets to total assets ratio à Ã¢â‚¬Å¾ = the error term 3.4 Statistical Technique Binary Logistic Regression Analysis technique was used for this research study to examine the impact of the distinctive financial characteristics or the financial ratios of the firms on the prediction of corporate bankruptcy of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. Binary Logistic Regression Analysis technique was used for the purpose of prediction of of corporate bankruptcy or the prediction of the firms decisions to file for bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., prediction of corporate bankruptcy. The binary logistic regression analysis was selected for this study. It showed the intensity of the impact on the prediction of corporate bankruptcy during year 2004-2009 on the basis of several independent variables. CHAPTER 4: RESULTS The sample of 44 firms from the Karachi Stock Exchange KSE 100 Index was taken; Binary Logistic Regression Analysis technique was used for this research study. Research examined the distinctive financial characteristics or financial ratios of firms which filed for the bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., the prediction of corporate bankruptcy. Statistical Package for the Social Sciences (SPSS) was used for the analysis and examination of data. 4.1 Findings and Interpretation of the results Initially, the binary logistic regression technique was applied on the data collected using SPSS. Now, it was a nice time to proceed with the analysis of the results because the data was collected and ready to be examined. The interpretation and analysis is presented in the next sections of this research study. Case Processing Summary Unweighted Casesa N Percent Selected Cases Included in Analysis 192 91.4 Missing Cases 18 8.6 Total 210 100.0 Unselected Cases 0 .0 Total 210 100.0 This table explains the total population in the data file that is the 210 observations or the cases for the analysis of the bankruptcy prediction. This table further elaborates that the there were also some of the cases missing in the data because of the issue of data availability and some of the cases were the figures of zero. Dependent Variable Encoding Original Value Internal Value Bankrupt 0 Non-Bankrupt 1 The above table shows that there are only two variables in the dependent variable of bankruptcy that are the being bankrupt or non-bankrupt. Model Summary Step -2 Log likelihood Cox Snell R Square Nagelkerke R Square 1 234.707a .144 .192 This table elaborates the predictability of the complete model of the logistic regression which meant that to what extent the model predict the variation in the predicted group of bankruptcy. According to Cox Snell, the total predictors jointly explained variation in the groups of bankruptcy was 14.4%. While according to Nagelkirki, the all independent variable explained the group prediction of about 19.2%. Hosmer and Lemeshow Test Step Chi-square df Sig. 1 32.715 8 .000 This table checks the overall model fit which means that the model is at its best in predicting the group variation from non-bankrupt to bankrupt. The hypothesis of the above table is that the test model is fit. The hypothesis is rejected because the sig value is less than .05 which concluded that the test model was not fit in this case of predicting the group variation. Classification Tablea Observed Predicted Banckruptcy Percentage Correct Bankrupt Non-Bankrupt Step 1 Banckruptcy Bankrupt 76 29 72.4 Non-Bankrupt 43 44 50.6 Overall Percentage 62.5 The classification table is the most important table in case of the logistic regression because this table explained the correct identification of the cases correctly identified. The percentage of correctly identified cases is 62.5% which is also commonly known as the hit ratio which means that to what extent the numbers of cases were correctly identified. Variables in the Equation B S.E. Wald df Sig. Exp(B) 95% C.I.for EXP(B) Lower Upper Step 1a DA -1.219 .510 5.725 1 .017 .295 .109 .802 AtoLTD -.002 .001 1.583 1 .208 .998 .996 1.001 CR .938 .348 7.242 1 .007 2.554 1.290 5.056 NPM .037 .073 .262 1 .609 1.038 .899 1.198 SG .161 .232 .482 1 .488 1.175 .745 1.852 Constant .066 .579 .013 1 .910 1.068 This is the final most important table in the logistic regression because this is the only table which shows the role of different predictors in significantly explaining the role in the prediction of group variations. Those important significant variables were only two that were DA, and CR because the sig value of only these variables were less than .05. 4.2 Hypotheses Assessment Summary The hypothesis of the study was distinctive financial ratios have significant impact on the non firms decision to file for bankruptcy. These financial characteristics were current ratio (CR), debt ratio (DA), net profit margin (NPM), assets to long term debt ratio, and growth rate. In this study each of the financial characteristics or financial ratios of firms was tested and concluded the results. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽÂ ²       SIG. RESULT H1 There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. 0.938 0.007 Accepted H2 There is a difference between the Debt Ratio of bankrupted companies and non bankrupted companies. -1.219 0.017 Accepted H3 There is a difference between the Net Profit Margin Ratio of bankrupted companies and non bankrupted companies. 0.037 0.609 Rejected H4 There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. -0.002 0.208 Rejected H5 There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 0.161 0.488 Rejected CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion It was concluded based on the results of this research study that current ratio and debt ratio were only the independent variables which were showing significance in Pakistani market and these variables were highly significant in playing the vital role explaining the variation in the dependent variable of the prediction of corporate bankruptcy and the remaining independent variables could not explain the variation in the prediction of corporate bankruptcy. These results were not matching with the study conducted by Altman (1968). These results were varying because in various countries, there was difference in environments and circumstances and firms usually made decision accordingly. 5.2 Discussions Current ratio played a significant role in defining the variation in the prediction of corporate bankruptcy and this was also the case with the research study conducted by Altman (1968) because in his study the firm size was also playing a significant role. The variation in the prediction of corporate bankruptcy was not explained by the net profit margin ratio while it was significant in the study done by Altman (1968). The assets to long term debt ratio, and growth rate were not significantly explaining the variation in the prediction of corporate bankruptcy and study analyzed by Altman (1968), concluded the different results with some addition. 5.3 Implications and Recommendations This research was limited to the various firms listed on Karachi Stock Exchange of Pakistan only. The data taken from 44 firms which were took through various sectors of the KSE 100 Index for the year 2004-09 which were previously bankrupt and which were currently operating. It suggested that such type of study should be carried out in other countries of Asia as well, as to have comprehensive idea about the choices of the firms decision to file for bankruptcy. Moreover, it also suggested that other factors except ones examined in this study should be researched as to have perfect idea about the selection of the prediction of corporate bankruptcy. Besides that, this study can also be replicated in other developing countries. 5.4 Future Research This study helped various investors, management and other research conductors in analyzing and observing the behavior of firms regarding their decisions to file for the bankruptcy. Research students who want to work further on the prediction of bankruptcy can be benefited by this research study. Further more, the firms will become advantageous from this study because the study clarifies the distinctive financial characteristics or the financial ratios of different firms which significantly explain the variations in the prediction of corporate bankruptcy. Study on the Prediction of Corporate Bankruptcy Study on the Prediction of Corporate Bankruptcy CHAPTER 1: A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and Winakor (1935) said that ratios of the failing firms were significantly changed from the continuing firms. In addition to that another study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. 1.2 Problem Statement In the corporate finance, the prediction of corporate bankruptcy was considered to be one of the most important issues. The main objective behind the study of the prediction of corporate bankruptcy was that this was the most important issue for the present firms to either file for the bankruptcy or not. The rationale of the study was to examine whether the financial ratios given in detail by Altman (1968) presented the detail regarding the factors of the firm which were helpful in the prediction of corporate bankruptcy in Pakistan. The capacity of study was to investigate the distinctive financial ratios which impacted the firms decisions to file for the bankruptcy or not and on the basis of firms financial ratios, the research study found the different significant ratios which were useful in determining the prediction of any of the organization. 1.3 Hypotheses The main problem of the different firms was to identify those financial factors or the most important ratios which could lead to the filing of bankruptcy or those factors which were useful in determining the prediction of the corporate firms. A central query in front of firms which wanted to file for bankruptcy was why the firms filed for bankruptcy or what financial factors helped out in taking decision to file for bankruptcy. Various financial factors or ratios impacted the decision regarding the filing for bankruptcy. These financial characteristics or the most important ratios were current ratio, debt ratio, net profit margin, assets to long term debt ratio, and growth rate. Many authors as Altman (1968) discussed these characteristics in research. The hypothesized relationship of these listed financial factors with bankruptcy was provided below: H1: There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. H2: There is a difference between the Debt ratio of bankrupted companies and non bankrupted companies. H3: There is a difference between the Net Profit Margin ratio of bankrupted companies and non bankrupted companies. H4: There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. H5: There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 1.4 Outline of the Study The research structured as follows. Chapter one based on the introduction of the thesis, which consists of the some introduction of the prediction of bankruptcy by different authors, the statement of problem, scope and objectives, hypothesis etc. Chapter two consists of literature review given by different authors, theories on prediction of bankruptcy and financial factors affecting the choice of decision to file for bankruptcy or not. Chapter three described methodology which is composed of justification of the selection of the variables utilized in analysis sample, the data, technique and hypothesis, also estimate model utilized in analysis. In chapter four, analyses of the results were there which were taken after the data processing. Chapter five contained the final results, conclusions and recommendations. References are included in chapter number six. CHAPTER 2: LITERATURE REVIEW A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and winakor (1935) said that ratios of the failing firms were significantly change from the continuing firms. In addition to that an other study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). A study conducted by Sandin and Porporato (2007) on corporate bankruptcy prediction model applied to emerging economies. The aim of this study was to find the predictability of bankruptcy by using the financial ratios given in the financial statements and these financial statements were taken from the Buenos Aires Stock Exchange. To test the hypothesis twenty two bankrupt and non bankrupt companies were examined by using the multiple discriminant analysis technique, resulted that financial ratios were very useful in predicting the bankruptcy. Actually this study was about the prediction model and classification of the distressed and failed companies in the Argentina. William Beaver (1996) conducted a study that Financial Ratios As Predictor of Failure, wherein ratios were tested for a specific purpose. The purpose was to forecast the failure. Since ratios were mostly examined for the prediction of failure. The aim of the study was to analyze the status quo that was depended on the financial statements made under the reporting standard and this study was conducted as a bench mark for further studies in bankruptcy area. Sample of data was selected on the basis of industry, firm size and period, Walworth companies should have taken from the same industry where from failed companies taken along with same firm size based on firm value and equal time duration then reliable result can be obtained said by Beaver (1996). This study pointed out and directed to the asset size and relationship among ratios, assets size and failure, study implicated that larger firms were more solvent than smaller firms, even if ratios were same. To examine the hypothesis, a paired analysis was used. According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. Merger and Bankruptcy Based on the literature review in the different research studies, it was found that the shareholders of the distressed firms were getting more benefit from mergers than from the bankruptcy. Thus, the investors kept the positive number of the firms stocks up as a consequence of the merger. Contrastingly, the stakeholders received nothing in case of the bankruptcy. Shrieves and Stevens (1979) managed to explain all of the possible reasons for preferring merger over bankruptcy and those principles included: (1) to avoid the bankruptcy legal and administrative costs, (2) possible loss of tax carry forwards of the loss firm incurred on liquidation, (3) the value of the going-concern in the merger was more than liquidation value if the firm bankruptcy progressed towards the liquidation, and (4) the bankruptcy created the bad effects on the revenues including sales and income due to the customer fears of inability contracts, give replacement parts, etc. Bulow and Shoven (1978) noticed based on the research that the investors have always been avoiding the bankruptcy and this tendency always benefitted the creditors as a whole and that theoretically, the bankruptcy occurred because of the disagreement between the concerned parties. This was treated in a literature that the merger was the best possible alternate of the bankruptcy with the assumption in the mind that it was more easy for the distressed firms to find a merger partner at some price as long as the net asset value was positive and this was also under the assumption of a well-functioning market for information. When the situation was aggravated toward a condition of less or negative net asset value, the possibility of merger was reduced. Hong (1983) made an empirical as well as theoretical model which distinguished among three different categories of financially upset firms and it was organized in three ways such as: firms which filed bankruptcy but reorganized successfully, firms which filed for bankruptcy but were liquidated ultimately, and also the firms which continued operations with out even filing for bankruptcy. Author further made a hypothesis that the intangible assets, the value of the firm as in a going concern and the value of the same firm in liquidation was different, were the main describing factor which affected the eventual outcome. The firms which had greater intangible assets were possibly having a sustainable economic growth and that growth allowed a firm to survive rather than be liquidated. LoPucki (1983) made an explanatory study of about 41 firms which filed the bankruptcy court of the Western District of Missouri. In this study, the à ¢Ã¢â€š ¬Ã…“successesà ¢Ã¢â€š ¬? were defined as the firms which have verified its various reorganization strategies that kept it on to survive for about three years after the date of petitioning the bankruptcy. Failures according to the author were those firms which had stopped operating functions before February 1983. LoPucki (1983) further could not try to make a method with discriminatory power, but in fact simply scrutinized the associations between the results of reorganization process and numerous individual variables. These individual variables included size, age, and type of the businesses, the survival of creditors opposition to the reorganization strategy, and physical geographic location. The relationships which were found during the research were: significantly higher success rate was associated with the manufacturing fi rms; more successful firms were only the larger firms; success was not significantly associated with the age of the firms; the target opposition of the creditors was mainly at the more successful firms; and lastly, the physical geographical location was not a significant describing variable. In short, only a finite amount of research was conducted on the topic of differentiating between failures and successes in bankruptcy, and outcomes have been open to doubts or inconclusive. The one published study conducted by the LoPucki (1983), scrutinized the first order correlations and could not struggle to build the model of classification. The other published research study conducted by Hong (1983), scrutinized the comparative importance of numerous individual variables and had not analyzed the classification authentication of the multivariate model. As it was already discussed in detail, this present study scrutinized the classification authentication of the multivariate model by using data from both analysis sample and a holdout sample 113 firms. Bordman, Bartley, and Ratliff (1981) noticed that firms went bankrupt only when its capital resources were not enough to pay back the obligations of the business. Thus it became the more important challenge for the new comers in the industry to maintain and establish such valuable resources and capabilities which could ultimately leaded to the production of positive cash flows before starting asset resources were exhausted (Levinthal, 1991). According to DAveni (1989), and Hambrick and DAveni (1988), both researches have noticed that most of the attention has been paid to the early failures and dramatic research has also been conducted in the literature. A macro view of the bankruptcy was given as a known strategy and an empirical examination of factors associated to successful reorganization (Moultan, and Thomas, 1993) and however, the structures of corporate governance were not incorporated in the analysis. An extensive data was available relating the intensity to which the officers and directors of the firm which was bankrupt were more possibly resigning or were being replaced (DAveni, 1990; Fizel Louie, 1990; Gilson, 1989). Several researchers used the multiple discriminant analysis MDA technique to develop a linear model to predict those firms which failed could be differentiated from the non-failed firms in UK (Taffler, 1977). This model resulted in an overall classification authentication for the year before the failure as comparative to three or two prior years of failure. The major contribution made by Taffler was the establishment of a Z-score model which was used for the prediction of company failures in the UK and furthermore, the author claimed of 100 percent predictive authentication in the model. In addition, in the consequent studies, Taffler (1982, 1983) discussed the pairing technique which was used in the prediction of corporate failure studies proved no more successful technique than any selection by the other tool or technique. Multiple Discriminant Analysis MDA models were dependable to certain intensity in the prediction of corporate failure. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Data was selected from Karachi Stock Exchange KSE 100 Index as given by State Bank of Pakistan in publication Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2004-2009). The period of study covers six years, 2004-09. The opted sample size of 44 firms was taken from KSE 100 Index and all of the firms listed on KSE 100 Index were selected for the samples which were going to bankruptcy in the past and some were also the present functioning firms which were currently working; so, only 44 firms included in the sample period of 2004-09. The objective behind the inclusion of these selected firms in the sample was that the inclusion of bankrupt and non-bankrupt firms in the analysis made it easier to distinguish the critical financial ratios of these both firms in order to predict for corporate bankruptcy. The data availability was the major issue faced in this research study. The secondary data sources were adopted for the collection of the data during this research study. Both of the empirical and theoretical aspects regarding the prediction of corporate bankruptcy were analyzed in this research study. For the purpose of the collection of the secondary data, external data sources were used, such as the data was collected from State Bank of Pakistan, general business publications, newspapers and journal articles, annual reports, internet and books. The data required for this study was completely dependent on the published data sources, such as the published sources listed above. 3.2 Sample Size A sample of 44 firms from KSE 100 Index was selected and in addition, out of these firms 22 firms were bankrupt and the remaining 22 were not bankrupt which was taken as the holdout sample for the prediction of the corporate bankruptcy. Only firms were used in the samples which were either became bankrupt due to the impact of the some of the financial factors or the ratios or the firms which were in operations during the research study was conducted and these firms were listed on the KSE 100 Index form 2004-2009. The impact of the different financial factors or ratios, which were listed in the previous chapters, on the prediction of corporate bankruptcy was analyzed on all of the firms selected as the sample. 3.3 Research Model Developed There are various financial factors or the ratios of the firms which affected the prediction of the corporate bankruptcy of the firms. This research study analyzed the impact of different factors or ratios already listed in the previous chapters on the prediction of corporate bankruptcy. The model developed was a binary logistic model and its specifications are provided below: Liquidity = a0 + a1Firm Size + a2DEBT + a3LTD + a4LSALES + a5OI/S + a6OI/TA+ a7IGP/TA+ a8Market to Book Ratio + ц where: Liquidity = the sum of cash and marketable securities divided by total assets Firm Size = natural log of the book value of total assets DEBT = the ratio of shorter period plus longer period debt to total assets LTD = the ratio of longer period debt to total assets LSALES = natural log of the annual sales OI/S = the ratio of operating income to sales OI/TA = the ratio of operating income to total sales IGP/TA = the inventory plus gross fixed assets to total assets ratio à Ã¢â‚¬Å¾ = the error term 3.4 Statistical Technique Binary Logistic Regression Analysis technique was used for this research study to examine the impact of the distinctive financial characteristics or the financial ratios of the firms on the prediction of corporate bankruptcy of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. Binary Logistic Regression Analysis technique was used for the purpose of prediction of of corporate bankruptcy or the prediction of the firms decisions to file for bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., prediction of corporate bankruptcy. The binary logistic regression analysis was selected for this study. It showed the intensity of the impact on the prediction of corporate bankruptcy during year 2004-2009 on the basis of several independent variables. CHAPTER 4: RESULTS The sample of 44 firms from the Karachi Stock Exchange KSE 100 Index was taken; Binary Logistic Regression Analysis technique was used for this research study. Research examined the distinctive financial characteristics or financial ratios of firms which filed for the bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., the prediction of corporate bankruptcy. Statistical Package for the Social Sciences (SPSS) was used for the analysis and examination of data. 4.1 Findings and Interpretation of the results Initially, the binary logistic regression technique was applied on the data collected using SPSS. Now, it was a nice time to proceed with the analysis of the results because the data was collected and ready to be examined. The interpretation and analysis is presented in the next sections of this research study. Case Processing Summary Unweighted Casesa N Percent Selected Cases Included in Analysis 192 91.4 Missing Cases 18 8.6 Total 210 100.0 Unselected Cases 0 .0 Total 210 100.0 This table explains the total population in the data file that is the 210 observations or the cases for the analysis of the bankruptcy prediction. This table further elaborates that the there were also some of the cases missing in the data because of the issue of data availability and some of the cases were the figures of zero. Dependent Variable Encoding Original Value Internal Value Bankrupt 0 Non-Bankrupt 1 The above table shows that there are only two variables in the dependent variable of bankruptcy that are the being bankrupt or non-bankrupt. Model Summary Step -2 Log likelihood Cox Snell R Square Nagelkerke R Square 1 234.707a .144 .192 This table elaborates the predictability of the complete model of the logistic regression which meant that to what extent the model predict the variation in the predicted group of bankruptcy. According to Cox Snell, the total predictors jointly explained variation in the groups of bankruptcy was 14.4%. While according to Nagelkirki, the all independent variable explained the group prediction of about 19.2%. Hosmer and Lemeshow Test Step Chi-square df Sig. 1 32.715 8 .000 This table checks the overall model fit which means that the model is at its best in predicting the group variation from non-bankrupt to bankrupt. The hypothesis of the above table is that the test model is fit. The hypothesis is rejected because the sig value is less than .05 which concluded that the test model was not fit in this case of predicting the group variation. Classification Tablea Observed Predicted Banckruptcy Percentage Correct Bankrupt Non-Bankrupt Step 1 Banckruptcy Bankrupt 76 29 72.4 Non-Bankrupt 43 44 50.6 Overall Percentage 62.5 The classification table is the most important table in case of the logistic regression because this table explained the correct identification of the cases correctly identified. The percentage of correctly identified cases is 62.5% which is also commonly known as the hit ratio which means that to what extent the numbers of cases were correctly identified. Variables in the Equation B S.E. Wald df Sig. Exp(B) 95% C.I.for EXP(B) Lower Upper Step 1a DA -1.219 .510 5.725 1 .017 .295 .109 .802 AtoLTD -.002 .001 1.583 1 .208 .998 .996 1.001 CR .938 .348 7.242 1 .007 2.554 1.290 5.056 NPM .037 .073 .262 1 .609 1.038 .899 1.198 SG .161 .232 .482 1 .488 1.175 .745 1.852 Constant .066 .579 .013 1 .910 1.068 This is the final most important table in the logistic regression because this is the only table which shows the role of different predictors in significantly explaining the role in the prediction of group variations. Those important significant variables were only two that were DA, and CR because the sig value of only these variables were less than .05. 4.2 Hypotheses Assessment Summary The hypothesis of the study was distinctive financial ratios have significant impact on the non firms decision to file for bankruptcy. These financial characteristics were current ratio (CR), debt ratio (DA), net profit margin (NPM), assets to long term debt ratio, and growth rate. In this study each of the financial characteristics or financial ratios of firms was tested and concluded the results. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽÂ ²       SIG. RESULT H1 There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. 0.938 0.007 Accepted H2 There is a difference between the Debt Ratio of bankrupted companies and non bankrupted companies. -1.219 0.017 Accepted H3 There is a difference between the Net Profit Margin Ratio of bankrupted companies and non bankrupted companies. 0.037 0.609 Rejected H4 There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. -0.002 0.208 Rejected H5 There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 0.161 0.488 Rejected CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion It was concluded based on the results of this research study that current ratio and debt ratio were only the independent variables which were showing significance in Pakistani market and these variables were highly significant in playing the vital role explaining the variation in the dependent variable of the prediction of corporate bankruptcy and the remaining independent variables could not explain the variation in the prediction of corporate bankruptcy. These results were not matching with the study conducted by Altman (1968). These results were varying because in various countries, there was difference in environments and circumstances and firms usually made decision accordingly. 5.2 Discussions Current ratio played a significant role in defining the variation in the prediction of corporate bankruptcy and this was also the case with the research study conducted by Altman (1968) because in his study the firm size was also playing a significant role. The variation in the prediction of corporate bankruptcy was not explained by the net profit margin ratio while it was significant in the study done by Altman (1968). The assets to long term debt ratio, and growth rate were not significantly explaining the variation in the prediction of corporate bankruptcy and study analyzed by Altman (1968), concluded the different results with some addition. 5.3 Implications and Recommendations This research was limited to the various firms listed on Karachi Stock Exchange of Pakistan only. The data taken from 44 firms which were took through various sectors of the KSE 100 Index for the year 2004-09 which were previously bankrupt and which were currently operating. It suggested that such type of study should be carried out in other countries of Asia as well, as to have comprehensive idea about the choices of the firms decision to file for bankruptcy. Moreover, it also suggested that other factors except ones examined in this study should be researched as to have perfect idea about the selection of the prediction of corporate bankruptcy. Besides that, this study can also be replicated in other developing countries. 5.4 Future Research This study helped various investors, management and other research conductors in analyzing and observing the behavior of firms regarding their decisions to file for the bankruptcy. Research students who want to work further on the prediction of bankruptcy can be benefited by this research study. Further more, the firms will become advantageous from this study because the study clarifies the distinctive financial characteristics or the financial ratios of different firms which significantly explain the variations in the prediction of corporate bankruptcy.