Karl Marx Essay -- essays research papers

Karl Marx was born on May 5, 1818, in Trier, Prussia. He attended the university of Bonn and later the university at Berlin, where he studied in law, while majoring in tale and philosophy. After his education, Marx associated himself with the "Left Hegelians," along with Bruno Bauer, which were a group who make atheistic and revolutionary ideas from Hegels philosophy. The new-fashioned Hegelians practiced philosophical idealism. Here he first meet Arnold Ruge and Ludwig Feuerbach. In 1842 Marx and Bruno Bauer were asked to contri only whene to the Rheinische Zeitung, a Ger firearm account, in Cologne. At the time Marx started, the paper had only if 400 subscribers. Marx in October of 1842, became editor-in-chief, and decided to move from Bonn to Cologne. As the paper became more and more revolutionary and widely read, the government decided to censor, and eventually suppress it. The paper was banned in March of 1843. At this time, it had more than 3,400 subscribers from all over Germany. Karl Marx was married to his childhood friend Jenny von Westphalen, in 1843. Later in the accrue of that year Marx along with another Left Hegelian, Arnold Ruge, moved to genus Paris and began publication of a radical journal entitled Deutsch-Franzosische Jahrbucher. Due to the problems in publishing such a radical paper, only one issue appeared. Karl met his closest friend in September of 1844, when Frederick Engels arrived in Paris. Together they participated in the activities of many revolutionary communities. They formed the theory and ideas of revolutionary proletarian socialism, also known as communism. Also in 1844, Marx wrote a revolutionary book called the Holy Family. It is a materialist view of the history of man. Basically, it was a critique on his former philosophy group, "The Young Hegelians." It expressed the view of history being mans activities. "History is not, as it were, a person apart, using man as a means to achieve its own aims history is nothing but the activity of man pursuing his own aims." Finally in 1845 Marx was banished from Paris as a dangerous revolutionary. He wrote satirical poems for revolutionary-democrats. The paper, "Vorwrts", was attack by reactionary papers asking for government banning or censorship, but sooner they banned Marx from Paris. He decided to head for Brussels, where he and Engels joined, in 1847,... ...pital is placed on exploitation of wage labor. Marx discovered the fact that it is not labor itself, but labor power that is the commodity which the worker sells and the capitalist purchases. This is the key discovery for the connection for the determination of the commodity value by labor. Capital also establishes 2 main points. The first is that the capitalist can increase the rate of surplus value by prolonging the working day. This is absolute surplus value. The second is by change magnitude the intensity of the working day. This is relative surplus value. M arx covers every aspect of capitalist economy, and depicts every flaw. Though never completed, it is the work of his life time. On December 2, 1881, His womb-to-tomb wife passed away. Marxs health declined due to his strenuous work with the International and the Capital. And just more than a year later Karl Marx died peacefully at his home. Both were bury at Highgate Cemetery in London, where they still lie today. Marx has affected nearly all aspects, whether it be economy, politics, natural science, Darwinism, or even philosophy. His impacts have positively changed the innovation even still today, Marxs ingenious all around us.

Marilyn Monroe :: Biography

Marilyn Monroe was recognized as the Blonde Bombshell.(4) She was well known throughout the foundation in the 1940s and 1950s. Marilyns childhood was rough but she rose above it by becoming an actress and model.Norma Jean Mortenson, more famously known as Marilyn Monroe was born on June 1st, 1926 at 900a.m in Los Angeles, California. (1, 4) She was born into foster care therefore she never knew her mother or her father. (2) Marilyns mom was Gladys Monroe baker Mortenson. (6) When Marilyn was born her mom was sent to an institution for mental health on behalf of her being diagnosed with paranoia schizophrenia. (6) Marilyn says I knew I belonged to the public and to the world, not because I was talented or even beautiful, but because had never belonged to anything or anyone else.(8) This quote reflects on how she was treated and also how she felt when she was in foster care. When Marilyn was a child she felt unwanted, she would subdue to replace her mother and father through marria ges and attaching herself to her foster families. (9) When Marilyn was young she was molested by her mothers new husband. (10) This event caused her a lot of emotional and personal scarring. Later on in Marilyns life, she decided to change her name to Norma Jean Baker. (1) Marilyn dropped out of high school her sophomore year. (6) Girls in her time seldom attended college but Marilyn studied at UCLA. (2) Marilyn was most widely known for her acting and modeling career. She received her nickname, Marilyn Monroe, by accident when she didnt succeed as a girl-next-door at 20th Century-Fox. (30) Marilyn appeared on her first magazine cover in 1944. (5) Her acting career didnt take off until the 1950s. (2) Her first photographic film was called The Asphalt Jungle she acted in many more movies after that. (2, 6) She got annoyed playing the role of the dumb blonde so she moved to New York urban center and studied acting with Lee Strasberg. (2) Following this, she signed a seven year cont ract with 20th Century-Fox. (6) Marilyns fame was greater than any entertainer in her time, as a result of this she attracted enormous amounts of media and paparazzi. (6)Marilyn got caught in several sticky situations. She was very close to John F. Kennedy and the Kennedy family as a whole. (5) It was rumored that she was having an affair with John F.

Conflict in Alls Well That Ends Well Essay -- Alls Well That Ends We

Conflict in Alls wellhead That Ends Well One of the themes that emerges from Shakespeares comedy Alls Well That Ends Well is the conflict between old and new, age and youth, wisdom and folly, reason and passion. As one critic points out, a simple glance at the char movementers of the play reveals an roughly equally balanced cast of old and young. In perfor humannessce it is apparent that the youth of the leading characters, Helena, Bertram, Diana and Parolles, is in each case precisely balanced by the greater age of their counterparts, the Countess, the King of France, the Widow of Florence and the old counselor Lafeu.1 Indeed, the dialectic between youth and age is established in the first act as the Countess sees a mirror of her former self in Helenas love sick countenance in scene three when she exclaims Even so it was with me when I was young, and Bertrams worthiness to the ailing King of France in the previous scene appears to hang upon his youthful resemblance to his deceas ed father. As the King explains, Such a man might be a copy to these younger times,/Which followed well would demonstrate them now/But goers-backward I.2. 49-51.Like so many literary youths of his day, Shakespeare went backward for his obtain material for Alls Well and based the play on Giovanni Boccaccios Decameron. Boccaccios early sixteenth-century story revolves around Giletta of Narbona, the female child of a wealthy and respected physician. Giletta, like Helena (the daughter of the deceased--and indigent--Gerard de Narbonne), falls in love with young count Beltramo, follows him to Paris where she remedies the Kings incurable disease, and, because of her newly-acquired royal favor, is granted the right to demand a husband Beltramo. Despite ... ...ng the enigmatic and difficult landscape of gender politics and postmodern deconstruction. And rather than accept Helenas all too confident statement that Alls well that ends well, we might more willingly embrace the Kings more amb iguous statement, All yet seems well.1 J.L. Styan, Alls Well That Ends Well (Manchester Manchester University Press, 1984) 15.2 W.W. Lawrence, Shakespeares Problem Comedies, 1931 rpt (New York Ungar, 1960).3 Anne Barton, Introduction, Alls Well That Ends Well in The riverbank Shakespeare ed. G. Blakemore Evans (Boston Houghton Mifflin, 1974) 501.4 Ibid, 500.5 David McCandless, Helenas Bed-trick Gender and Performance in Alls Well That Ends Well Shakespeare Quarterly 45 (1994) 455.6 Richard A. Levin, Alls Well That Ends Well, and All Seems Well, Shakespeare Studies (1980) 131.7 McCandless, 450.

My First Dance Performance :: essays research papers

Dancing has been a passion with me for a long time. My mother tells me how any melody had me dancing when I was a toddler. On increase up I tried learning some serious dancing and after trying both Bharat Natyam and Kathak, I determined to pursue Kathak seriously.So, I keep back been learning Kathak for more than a year now. My Guruji teaches me twice a week about the travel, taals and abhinaya of Kathak.My passion for Kathak has grown since I started learning it. After my sessions I spend time rehearsing the steps and mudras and also love to watch performances on stage ant TV. I have been longing for an opportunity to perform onstage to begin with a live audience.I did not have to wait long for an opportunity to dance on stage because the teachers decided to put up a Kathak root word dance for the Class Fives form evening.Preparing for the final evening was as much fun as the event itself. We were a group of eighteen girls. Some, like I, had some background in Kathak while o thers were dancing in this style for the first time. The teachers worked hard with us over a stop of twenty days. They encouraged the team and were patient with us as we fumbled with the steps. It was hard work as the steps of the dance were changed few times till we got the steps all the eighteen girls were comfortable with. We did not grudge the effort and looked forward to performing before the parents.While the steps of dancers and the co-ordination amongst the team was being repeatedly rehearsed, the teachers decided upon the dresses, jewellery and makeup of the dancers. I thoroughly enjoyed every moment of the preparation to the big event.Finally, the day of the form evening arrived. The parents in the audience were in for an telling display. Ours was the third item. The girls trooped in eager to give their best and to make the class look good. We all danced to the music, perfect and well co-ordinated in our steps. I was right in the centre and was one of the two dancers in th e front.

Stakeholder Relations :: essays research papers

BriefMany organisations are addressing the relationship they have with stakeholders. Select an organisation that is currently ever-changing its policies towards stakeholders and, acting the role of a key stakeholder representative prepare a positioning statement/report that summarises key issues for your supporters.BackgroundIn 1875 J H Mills in Bristol opened a small family grocery store, and in 1900 became a limited company with 12 shops. J H Mills Ltd. morose into Gateway, in 1950, when a major finance house became the major shareholder. The J H Mills shops were then converted to become self-service type supermarkets. throughout the late 20th century the amount of stores increased dramatically with takeovers and different acquisitions across the country. In 1996 Gateway food markets turned into Somerfield and was floated on the stock flip and became a plc. The Somerfield group is made up of four separate businesses, which together operate over 1400 stores nationwide in the UK. Firstly, the Somerfield Stores division consists of around 1,000 stores incorporating Somerfield Stores and nigh 450 Kwik keep on Stores. Somerfield is a modern high street retailer offering fresh foods, groceries, and household needs. The Kwik Save division was introduced to Somerfield when they announced their unconditional merger on touch 20, 1998. Kwik Saves philosophy is to provide a full range of quality products at the lowest price on the high street. The idea was all around no frills low pricing. Somerfield started a 1 billion programme to convert Kwik Save stores to Somerfield and also modernising the original Somerfield stores.Somerfields third business is the Convenience division, a group of about 100 stores, ideal for top-up shoppers, offering a range of groceries and provisions in a small store format located in convenient positions. The farthermost of the businesses is Somerfield 24-7, a new, recent venture that allows people to shop for groceries without going in to any of the supermarkets, by using the phone, Internet or interactive television and getting the goods delivered to their door. I am a representative for the employees of Somerfield plc. ReportOn Thursday November 11 Somerfield announced the sale of up to 490 stores and a reduction in its central share and distribution business. The board has decided to focus Somerfield operations on a potential 30 billion neighbourhood food retailer market. Somerfield currently has approximately 10% of this market and believes it can increase its market share by further emphasising the importance of fresh food, improving the ease of shopping and developing a more responsive culture from its employees.

Stakeholder Relations :: essays research papers

BriefMany organisations are addressing the relationship they have with stakeholders. Select an organisation that is currently changing its policies towards stakeholders and, acting the role of a key stakeholder vox prepare a positioning statement/report that summarises key issues for your supporters.BackgroundIn 1875 J H Mills in Bristol opened a subtile family grocery store, and in 1900 became a limited company with 12 makes. J H Mills Ltd. turned into Gateway, in 1950, when a major finance field became the major shareholder. The J H Mills shops were then converted to become self-service type super grocerys. Throughout the late 20th century the amount of stores increase dramatically with takeovers and different acquisitions across the country. In 1996 Gateway food markets turned into Somerfield and was floated on the stock exchange and became a plc. The Somerfield group is made up of quaternion separate businesses, which together operate over 1400 stores nationwide in the UK. Firstly, the Somerfield Stores division consists of around 1,000 stores incorporating Somerfield Stores and approximately 450 Kwik Save Stores. Somerfield is a modern high street retail merchant offering fresh foods, groceries, and household needs. The Kwik Save division was introduced to Somerfield when they announced their unconditional merger on March 20, 1998. Kwik Saves philosophy is to provide a full extend of quality products at the lowest price on the high street. The idea was all about no frills low pricing. Somerfield started a 1 billion broadcast to convert Kwik Save stores to Somerfield and also modernising the original Somerfield stores.Somerfields third business is the Convenience division, a group of about 100 stores, ideal for top-up shoppers, offering a lean of groceries and provisions in a small store format located in convenient positions. The last of the businesses is Somerfield 24-7, a new, recent venture that allows people to shop for groceries without going into any of the supermarkets, by using the phone, Internet or interactive television and getting the goods delivered to their door. I am a representative for the employees of Somerfield plc. ReportOn Thursday November 11 Somerfield announced the sale of up to 490 stores and a reduction in its central office and distribution business. The board has decided to focus Somerfield operations on a potential 30 billion neighbourhood food retailer market. Somerfield currently has approximately 10% of this market and believes it can increase its market share by further emphasising the importance of fresh food, improving the ease of shopping and developing a more responsive culture from its employees.

Swot Analysis of Jollibee Foods Corporation

Introduction Jollibee Foods Corporation family Background Tony burn mark Cacktiong afford of Jollibee Foods Corporation tells a story about the winner story of his company. There are many opposite stories about Tan and Jollibee that many the great unwashed didnt know about, and that would fork over remained un cognise, If Tan hadnt bested successful entrepreneurs from 30 other countries to win the World entrepreneur of the year Award in Montecarlo, Monaco, on may 28, 2004. Tan had always been low-key and media-shy.He was quiet happy to let his lieutenants do the talking for him to the press, actually but his winning the award from the accounting firm Ernst & innovative-fashioned had forced him to agree to so many newspaper, magazine, and TV interviews later to tell them the story about the Jollibee story. After all it was he who won the award non any of his lieutenants. Still, if Tan had always been reticent about telling the Jollibee story beyond his immediate circle of f riends and acquaintances, he had been equally reticent-if not more so-about telling his personal history to the outside world. This reticence comes from humility.Unlike many corporate leaders who trace their lineage to wealthy Chinese clans, and who had studied in the more reputable schools, Tan had comparably very humble beginnings, with his family exactly mirroring the stark circumstances in which the early Chinese immigrants found themselves in Manila. His father had been an immigrant cook in Binondos Seng Guan Buddhist Temple on Narra Street before he opened a small Chinese restaurant in Davao City, where Tan and his siblings helped discase tables and get water to customers. It was his experience in his fathers restaurant that set Tan and his siblings on the road to entrepreneurship.In 1975, when he was set to graduate as a chemical engineer at the University of Santo Tomas in Manila, Tan and his family pooled P350, 000 to open 2 Magnolia ice cream parlors Cubao Ice Cream Hou se near the Coronet Theater, in the middle-class shopping area of Quezon city, and Quiapo Ice Cream House under the Quezon Bridge in Quiapo, Manila. The siblings themselves manned the cash registers and served as waiters. After two years, the siblings began dower chicken and hamburger sandwhiches, and in 1978, when they already had six ice cream parlors, they decided to convert their gunstocks into hamburger restaurants and called the chain Jollibee.By that time McDonalds entered the market in 1982, Tan was already entertaining dreams of growing the logical argument outside the Philippines, and was neither interested in getting a McDonalds franchise nor afraid of competing with the U. S. giant. Tan found McDonalds very good at everything, but he thought it would not find favor with the customers because it served bland food (though McDonalds has since started religious service chicken, spaghetti and other great tasting value meals).McDonalds didnt know the culture like the Tans did, and they used that knowledge to advantage to thrive and at long last become the Philippines top fast-food chain. Paulino cheng, a Jollibee franchisee in Greenhills, San Juan, says the fast food chain owes it success to its great tasting food and its advertising campaigns extolling the brand and its mascot as mapping of the Filipino pop culture. Indeed, with affiliates Chowking, Greenwhich and Delifrance, the Jollibee group now counts over a thousand outlets here and abroad, 50, 000 employees and about P30 billion to 50 billion annual sales.Tans success in transforming Jollibee into a Filipino icon has led many entrepreneurs to dream about following in his footsteps, and analysts to heap praise on his entrepreneurial and people skills. Ernst & Youngs chairman, James S. Turley, has called his story a truly inspirational one. Howard Stevenson, professor of entrepreneurship at the Harvard commerce School, describes Jollibee as a success story ground on solid foundations, not a meteor that depart burn itself out. Says Lance Gokongwei, president of JG Summit Holdings The success of Jollibee usher out be attributed to good leadership, slew and corporate culture. Company Logo Companys Trademark Jollibee is known for its trademark BEEDA AND SARAP Proposed Picture Capital According to Mr. Chaze the service manager of Jollibee Foods Corporation at Dasmarinas Central Mall as Ive made an interview with him, he said that before you enter this kind of business you have to hear so many facts to be able to have a business franchise like this.First you should have the enough capital of franchising this company raging from 30 one million million to 50 million pesos. Second fact is that, the company will take a look at your proposed location or best to say that they will make an ocular inspection on where you plan to put up the business to check out if it will have a great come up of customer, and the last one and the most important fact to consider is that the c ompany will take a look at your income or budget and to your other properties to see if it will fit or will be able to raise or support the franchise when crisis came.The 4 Ps of the Business Product As history tells about Jollibee, It was once an ice cream parlor before, until the time that Tan and his family came to see the opportunity to come up with new products to serve. On 1977, they began selling chicken and hamburger sandwiches, and in 1978 the family of Tan decided to convert their 6 ice cream parlors into hamburger restaurants. As time came by, later all the successful years of Jollibee, In this new generation, they were widely known for their best selling products the chicken joy, and the Jollibees hamburger which is also known as the Yumburger.Tony Tan Cacktiong used his knowledge of Filipino taste and culture to turn Jollibee into a true Filipino icon. Place One of the important factors to consider before you can have this kind of business is the place or location, bef ore you can say that this spot is best for the location of your franchise you should gestate these question, who are the target customers in this site? , what are the possible threats in this location? , Who are the competitors in this area? , Is the place suitable for the kind of business I will establish?Or vice versa, If you are able to answer all of these presiding questions then you are now on your road to selection in establishing a business. Of course in minding your four Ps, the place is the most critical among the four. You have to consider everything. According to Mr. Chaze, you have to make sure as shooting that the place where your business franchise will be built should be in a very crowdy place. Given the examples are near the schools, malls, market place, subdivisions and etc. Price Franchisees are given the right to use the franchisers trademark in franchising.Then franchisers are providing full support to franchisees in terms of staff training, interrogation an d development, advertising and promotion. However, franchisees follow strict standards and run their outlets by the discussion. So in terms of pricing, franchisees needs to abide the rules and regulations in price setting according to the book of rules of the company. If the company changes their price on the products, so will the franchisees be. Overall, the prices in all Jollibee stores are based on the main office of the company. PromotionIn terms of promotion, the Jollibee foods corporation promotes their products through with(predicate) advertising in TV commercials and radio stations, Sponsorship, tarpaulins, and promos like tipid cards. If they have new offers in purchasing their product, they made it through personal or revelatory selling. Like their latest offer now the happy plus card, this card is a reloadable card wherein you can buy their product without paying cash. You can also earn points for rewards. The bigger points you have, the bigger reward you may get. SWOT Strengths of the company 7-Eleven convenience storeCompany History The 7-eleven chain of stores started when an ice dock operator in Dallas, Texas began selling bread, milk and eggs to customers on Sundays and evenings-when grocery stores were closed- apart from the ice blocks they bought to keep in their boxes at home. The idea for the convenience store chain began in 1927 at the Southland Ice Company in Dallas, Texas. 7-elevens first outlet was known as totem stores because the customers toted away their purchases (some even lugged Alaskan totem poles in depend The name 7-eleven originated in 1946 when the stores were open from 7a. . to 11 p. m. It wasnt long before 7-eleven stores were open 24 hours a day and 7 days a week. Company logo Company Trademark 7-eleven is known for its gulp and Slurpee products. It is open 24/7. Capital In getting a franchise of a 7-eleven store, you should have at least a starting capital of 5 million to 10 million, this is only for the name of the company. For the stocks, you should have an another million for sustaining the needs of your store in order to meet also the needs of the customers.

Linking Financial Ratios and Stock Returns

Chapter I INTRODUCTION Financial proportionality analysis is a technique for trying to dish interpret pecuniary accounts and to determine the intrinsic set of a security by c atomic number 18ful examination of key value drivers lots(prenominal) as risk, growth, and competitive position. Various proportions can be calculated from the fiscal accounts. These proportionalitys will then help us to examine the friendships execution of instrument over a number of consequences by comparing the same ratios in previous stratums accounts and in like manner the accounts of anformer(a)(prenominal) businesses in operation(p) in a similar environment (Most common benchmarks are industry leaders and industry averages).Financial ratio analysis provides essential reading and serve (Investors, triteholders, lenders, corporation knowment, primaeval analysts. ) with a lot of different contexts for different kinds of decisions. 1. 1 Statement of the Problem The enormous number of pecun iary ratios employ by financial managers and financial analysts and their descent with transmission line tabulator is the main problem in interpreting the financial controversys.Based on, the ultimate goal of financial managers is to maximize the wealth of their rail lineholders financial managers mustiness chthonicstand the impact of their managerial decisions on their social clubs financial statements and financial ratios concluded which will consequently affect the var. price of their ships come with. interpretation such a huge number of ratios distracts attention from the close to applicable factors that affect storehouse prices. 1. 2 Purpose of the sphereA number of studies such as Timo Salmi (1990) were conducted to reduce the training load resulting from com draw uping a large number of ratios and categorize those ratios that were believed of import. This study aims to cite those variables that are just about relevant to the production line fathers of p harmaceutic sector in Egyptian stock grocery store bulge. 1. 3 Statement of objectives This study attempt to achieve the fol littleing objective -The most relevant free-living variables (financial ratios) with stock returns as a dependent variable.Chapter II FINANCIAL RATIOS AND STOCK MARKET 2. 1 Literature Review The main goal of our research is to measure the relationship between common financial ratios as independent variables and stock returns of the pharmaceutical tightens as dependent variable. The relation between financial statement information and stock return was examined by Ou and Penman (1989) who observed returns to seatment strategies that are based on a measure that summarizes the information in financial statements to identify the relevant financial ratios.Their study indicate that the predicted returns can not be explained by return based risk measures and that financial statements capture entires that are not reflected in stock prices. The results of the st udy suggest that it is possible for investors to make excess profits using publicly available information. More recently, the relation between financial statement information and stock return was extended by Holta applyn and larcker (1992) who identify value-relevant fundamentals in the context of a return-fundamentals relation.Holtausen (1992) examined the ability of accounting information to generate profitable trading strategies (using 60 accounting ratios). The excess returns were observed in the tail month following the companys fiscal year end. The results of the study suggest that the trading strategy was able to earn remarkablely abnormal returns during the period of 1978-1988. The same issue was examined later by Lev and Thiagarajan (1993) who used fundamental ratios as the basis of analysts description of different ratios to identify the value relevance of the financial ratios and their usefulness in security valuation.Afterward, Belkoui (1997) employed the general fina ncial ratios to delegate the value relevance, where the popularity of these financial ratios is matched by their usefulness in security valuation. He shows that value relevance of popular financial ratios in both a non contextual setting and a setting conditioned by takes of inflation and growth. 2. 2 Classification of financial ratios The classification of financial ratios was studied by Timo Salmi (1990) who split these financial ratios into volt somewhat arbitrary groups Profitability how good is the business as an investment. Liquidity the amount of working capital of the United States available. Capital Adequacy measure the leverage destiny. Debt service coverage how near is the business to bankruptcy. Efficiency how good is the management of the business. Each financial ratio has its own signal and its own relation to the stock return. Based on these previous studies, the study selected the most popular financial ratios guided in major financial analysis books such a s Mishkin (2001) 2. 3 An overview of Egyptian stock exchangeEgyptWatch (2002) studied the history of the egyptian stock exchange and mentioned that the Egyptian Stock Exchange is comprised of 2 exchanges the capital of Egypt & Alexandria Stock Exchanges (CASE), and is governed by the same board of directors that share the same trading, clearing & settlement systems. The Alexandria Stock Exchange was cancelledicially established in 1888 followed by that of Cairo in 1903. The two Exchanges were very active until the 1940s, when the Egyptian Stock Exchange ranked fifth in the world.Nevertheless, the political turmoil of the mid-1950s led to the demise of activity on the Exchange, which remained abeyant throughout the period between 1961 and 1992 (MohieEldin and Sourial, 2000). In 1990, the Egyptian government started on economic reform & restructuring program. The move towards a free-market economy has been remarkably swift and the crop of deregulation and privatization has simulat ed stock market activity.The Capital grocery Authority (2002) played an instrumental role in initiating and leading the effort for the revival of the Egyptian stock market in the period between 1992 and 1996. The Capital Market Authority (CMA) is the regulatory body in charge of enforcing, regulating & ensuring compliance as well as monitoring market performance. Relevant policy actions undertaken by the CMA include introducing all types of investment vehicles, allowing open competition in the pricing of market services and providing full investor protection.The main features of the operational theoretical account are fair trading procedures and practices as well as an immediate transfer of ownership of traded securities optional listing on the stock exchange quarterly disclosure requirements for companies adequate protection of minority shareholder rights and im turn out data collection schemes. Capital impartiality 95/1992 has put in place the regulatory framework in which fina ncial intermediaries such as brokers, venture-capital firms, underwriters and fund managers are to operate.With respect to the managerial framework of CASE, a coherent organizational structure with a clear division of authority & responsibilities was established, creating late divisions & departments such as Publications & Public Relations, Research, Surveillance & Market Control, and tuition Technology. Additionally, in May 1998, CASE signed a contract with EFA Software Ltd. , to deliver the new electronic trading, clearing & settlement system that will substitute the existing one. The Board of Directors also set up several committees with specific responsibilities.At the senior level, an international advisory committee made up of internationally prominent economists, investment bankers, financiers & investors has been developed in order to ensure that CASE stays closely linked to the intl arena. This group also provides continuous feedback on its policies. Both the CMA & the C ASE monitor market activity to detect possible market manipulation or insider trading. fit inly, they may suspend byers & bids for institutions suspected of price manipulation.In the case of an emergency, the CASE and/or the CMA may halt trading and/or place ceilings on floors trading prices (maximum 5% up or down), based on the closing prices of the anterior day. In the case of individuals, mutual funds & international funds, no taxes are levied on assignnds, capital gain & disport on bonds. mesh of Egyptian corporations from securities investments are subject to a capital gains tax. 2. 3. 1 Recent developments On 21 July 2002, CASE commenced its new price ceiling system with come across to the most actively traded stocks.According to the new practice, the five-percent ceiling on daily prices was removed for a set of selected active stocks ( legitimately twelve). This set of stocks comprises 12 out of the most actively traded stocks on CASE. The chosen of this set of stocks was based on meeting some stated criteria decided by CASE (2002) Stocks must be dematerialized. stripped trading days per company per year is 220. Average number of transactions per stock must be 20. Minimum market capitalization per company amounts to LE 200 million. Minimum free float amounts to 15 percent of the original listed shares. Minimum turnover ratio per company is 10 percent. The company must take financial statements for three consecutive years. Transactions conducted on the shares of the company must be executed by at least 20 brokerage firms. The new practice will stipulate the halt of trading on any of the twelve stocks for a period of thirty minutes, forty-five minutes or trough the end of the trading session, if the stock prevailing weighted average price exceeds 10 percent, 15 percent or 20 percent respectively over opening price.When trading is halted, brokers should inform their clients about the jury-rigged suspension, its reasons, duration and should tak e the necessary actions in order to fulfill their clients requests. Brokers are allowed to cancel, any of their clients orders, when trading is halted. 2. 3. 2 Background of Privatization Program The Ministry of Public opening move (MPE) is dedicated to achieve the keen-sighted-term goal of complete implementation of Egypts overall privatization plan. In 1991 Public Enterprise Law No. 203 was introduced as a transitional measure. Dr. Khatab M. (Minister of Public Enterprise) (2002) has explained hisMinistrys plans and objectives to facilitate privatization in Egypt and the methods that allow been followed in this regard. Also Dr. Mokhtar Khatab has mentioned to the Government of Egypt (GOE) his efforts in projection an extensive privatization program whereby state-owned companies are transferred to the private sector through several methods McKinney (1996). The transfer of ownership & control of state-owned enterprise to the private sector through a partial or a full public shar e flotation on both the domestic or foreign stock exchanges. Direct gross sales parallelism of a controlling involvement to domestic or foreign investors. Direct sale of a controlling kindle to employees. The law also allows the sale or lease of company assets, unlimited sale of government-owned shares, or liquidation. Primary objectives of the plan are to generate higher productivity and faster (but sustainable) growth, and as a proceeds an increase in returns on assets and righteousness while at the same fourth dimension raising internal efficiency, improving capital structure and increasing capital expenditure. Since the early 1990s a number of key programs train been put into place to greatly liberalize commerce and trade and to re-frame the countrys legal, regulatory, judicial, and tax structures.An equally important focus of the plan is the creation of new jobs that an expanding economy will provide for the workforce. Over the past five years, the GOE has achieved ver y gratifying results in macroeconomic terms. This is collectible to the creation of policies to remove trade barriers, the reform of trade and financial markets, and the reform of the legal taxation and regulatory frameworks, Field (1995) 2. 3. 3 Updates on the Situation of the Privatized Companies The Government of Egypt (GOE) has designed a balanced privatization program, which includes the following share sales strategies.The Egyptian Ministry of Public Enterprise Sector (2001) revealed that Public Offerings on the Cairo and Alexandria Stock Exchange 37 companies shake off so far been approved by the GOE for privatization and have been sold through Initial Public Offering (IPO) or second offerings. The sales of these companies netted 5. 6 cardinal pounds which represents 36% of privatization proceeds to date. 16 companies have achieved partial privatization netting the government nearly 1. 76 billion LE. Sale to Anchor and Strategic Investors 3 companies have been privatized b y this method, accounting for 6. 4 billion pounds LE in proceeds to the government. Sales to anchor investors have amounted to 42% of the total privatization proceeds thus far. Employee Stock Ownership Programs (ESOPs) The GOE has approved the allocation through the sale of 10 percent of the public enterprises share offerings to the employees as part of the Employee Stock Ownership Program. In other cases, and according to the particular circumstances of each company, the majority of shares have been sold to its management and employees.To date, in general medium-sized companies in the public works sector have implemented this scheme. So far, 30 Employee takeholder Association (ESA) sales transactions have taken place bringing in 870 million pounds LE. Lease Management Contracts In this method, Companies were offered for management by the government to the private sector with an option to buy at a future date. This alternative is not very different to the anchor investor approach if and when the managing company exercises its option to buy. Five contracts of this type are currently active. Chapter III pharmaceutical SECTOR OVERVIEWThe government has set a 40% ceiling (maximum that could be privatized), 10% of which is reserved for Employee Shareholder Associations (ESA), on the privatization of any public pharmaceutical company. The restriction relates to the governments desire to maintain control of the industry for its significant role in society, The Egyptian Ministry of Public Enterprise Sector (2001). The first five companies that have been privatized Alexandria, Cairo, Memphis, Arab and Nile pharmaceuticals. These companies have already been 40% privatized. The privatization plan then expanded to cover 11 companies at the end of June 2002. . 1 pharmaceutical Industry Highlights medicate policy and planning center (2002) has published the following statistics 199920002001 Market Size (LE bn)4. 655. 42 No. of Products (thousand)3. 63. 84 Per capita s pending (LE)72. 6677. 1882. 14 3. 2 pharmaceutical Products tally exports made by Egypt to the whole world includes a lot of commodities which are classified to (Fuels Products, Cotton, Raw Materials, Semi finished commodities and finished commodities). Central Bank of Egypt (2002) revealed that Pharmaceutical products are considered as part of finished commodities, they represent 3% of finished commodities and 1. % of the total export. Also, Pharmaceutical products play a significant role in Egypts import. They represent 4% of the total import and 21% of their classification division (consumer goods). Figure (1) shows Pharmaceutical Export and Import situation. Figure (1) Local proceeds of euphony satisfies 92% of the market demand, whereas the remainder is balanced by imports. Kompass Egypt (2002-2003) classified the local market players as 1) Public-sector companies. 2) Private-sector companies. 3) Multinationals Figure (2) Note The term Private sector encompasses Multination als and other Private companies.The government has set a relatively low tariff on imported drugs, which averages around 5%. The main reason for this comparatively low duty is the states policy of making medicine available to the bulk of the population at the cheapest possible price. 3. 3 Pricing insurance policy precedent to the reform program in 1991, the governments major consideration when setting prices for drugs was to make medicine affordable to the bulk of the population regardless of a companys cost structure. The focus on the social role of medicine, rather than the profitability of pharmaceutical companies, is the main reason merchant ship this policy.The Drug Policy & Planning Center (DPPC) is the main regulatory authority controlling the pharmaceutical industry. The center is in charge of drug registration and pricing. The DPPC (2002) uses a Cost irrefutable Formula to price drugs. The formula stipulates a price equivalent to the products cost plus a certain profit m argin. The profit margin is 25% for ensuant products, and 15% for essential products. It is noteworthy that once a product has been priced, it is seldom eligible for re-pricing to account for increasing costs.The heavy drop in the value of the Egyptian pound was mirrored in an increasing raw material costs burdening the Egyptian Pharmaceutical companies, which import around 80% of their raw material requirements. In order to save the profit margins from the aftermath of the devaluation, the Ministry of Health finally agreed to raise the prices of five products for each pharmaceutical company starting February 2002. 3. 4 GATT and TRIPS Egypt is a signatory to the General Agreement on Tariffs and Trade (GATT) which will come into effect for the pharmaceutical sector in Egypt in 2005.The agreement is likely to have serious repercussions for the pharmaceutical industries of developing countries including Egypt. The agreement calls for the abolition of both quantitative and qualitative barriers to entry for pharmaceutical products, thus eliminating any governmental protection of the industry. low GATT, Egyptian companies have to abide by the restrictions imposed by patents and property rights for a period of 20 years. Based on the Egyptian commitment with the agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), which is part of the GATT, President of Egypt published The Law No. 2 for year (2002), calling for the Protection of any invention whether industrial or intellectual. The agreement will result in the extension of a patent to 20 years and will grant protection to the product and the production process. Chapter IV METHODOLOGY AND EMPERICAL MODELS 4. 1 Data Set In our study, we select all the pharmaceutical companies quoted in the Egyptian stock exchange which consists of 11 pharmaceutical companies representing the pharmaceutical sector. We covered the period from 1996 to 2001. Analyzing six continuous years of data, strengthen and sup port results and give our conclusion stability and reasonability.Kompass Egypt Financial Year Book and the Egyptian Capital Market Authority were the prime sources for our data set. Additionally, for the purpose of this analysis, we calculate the returns using annually prices of securities for years starting from 1996 to 2001. 4. 2 Selection of Financial ratios ( commutative variables) According to the literature, we determine the most useful financial ratios that could be functional in security valuation by analyzing and comparing several papers and texts were analyzed and compared.The reasons behind the selection of these financial ratios Their talent in theoretical explanation of fundamental relationships and signals experienced by the firms. Foster 1986 The importance of their existence in published annual reports. Gibson 1982 Surveys proved that chief executive officers and other senior executives are concerning popular financial ratios for various types of decision making. Wa lsh 1984 The following table provides the most common financial ratios that great power affect stock returns.For each financial ratio, we provide the way of calculation, the hypothesized haughty or negative relationship with stock returns. Table (1) The common financial ratios and their farsightedness with stock returns GroupFinancial ratiosVariablesEquationsPrediction of relationship ProfitabilityEarning per ShareEPSNet income / Number of shares outstandingPositive Return on Equity roeNet income / owners equity Return on plussROANet income / total assets Profit gross profit marginPMNet income / total sales Liquidity actual RatioCTR ongoing assets / flow rate liabilitiesNegativeQuick RatioQR(Current assets Inventory) / Current liabilities Operating Cash flow RatioOCFCash flow from operations / Current liabilitiesPositive LeverageDebt to Equity RatioDERLong term liabilities / owners equityNegative Coverage disport CoverageICEBIT / interest expensePositive EfficiencyAssets Turn overATOSales revenue / Total assetsPositive Receivables TurnoverRTOSales / Account Receivables EBIT Earnings before affair and Taxes We refer to the explanantion of these financial ratios (independent variables) in the Appendix section. . 3 Buy-and-Hold Returns (BHR) As far as the dependent variable is concerned, stock returns, there is no consensus on the discriminate methodology for calculating the long-run stock returns (see among other, Barber and Lyon, 1997 Kothari and Warner, 1997 Brav and Gompers, 1997 and Barber, Lyon and Tsai, 1999). Researchers use several methods to calculate long run returns, in particular Buy-and-Hold returns (BHRs) method. The first step in calculating Buy-and Hold return method is to calculate rate of return on stocks.We consider that the appropriate rate of return on a tending(p) stock is the difference between the stock prices in time t plus dividends in time t-1 and the stock prices in time t-1 , as follows (1) Where is the return for security I for period t, refers to the closing price of security I at time t , and is the price of security I at time t-1 , is the dividend received for period t-1 for the firm I As far as we consider time t as a year, rate of return on stocks ( ) that we calculated from the previous equation is the Buy-and-Hold return method for a financial year. (2) Where is Buy-and-Hold Return for security i in period t. we consider it a year. 4. 4 Regression Model To determine the relationship between the independent variables (financial ratios) and the dependent variable (stock return), we follow a similar methodology to that of Belkaoui (1997) and estimate the following turnabout (3) Where is the annual stock return of firm I at time t, is the earning per share for firm I at time t, is the return on equity for firm I at time t, is the return on assets for firm I at time t, is the profit margin for firm I at time t, is the current ratio for firm I at time t, is the quick ratio for firm I at time t, s t he operating cash flow for firm I at time t, is the debt to equity ratio for firm I at time t, is the interest coverage ratio for firm I at time t, is the asset turnover for firm I at time t, is the receivable turnover for firm I at time t. Since the return of a given stock is based on a period extending from 9 months prior to the fiscal year-end and 3 months after the fiscal year-end, corresponding roughly with the period between announcing the financial statement, the starting month would be December for firms whose fiscal years end at Jun, the thirtieth and June for firms whose fiscal years end at December the 31st.CHAPTER V RESEARCH FINDINGS 5. 1 Results We present results of a backsliding moulding where independent variables in the regression equation are chosen in two ways (both general and step wise regression). Multicollinearity tests the correlation among two or more of the independent variables (financial ratios) used in the regression equation. Multicollinearity is a pr oblem because it increases the likelihood of rounding errors in the calculation of the of import estimates and standard error, and also it may produces confusing and misleading (signs of beta parameters are different from those signs expected) results (Mendenhall, 1996).Table (2) shows that the existing problem in this Multicollinearity is especially evident for the correlation between the Current Ratio and the Quick Ratio hit 0. 92 and significant at 99% level. Current Ratio and Quick Ratio are two faces for the same coin. They are categorized under liquidity ratios group, they have the same explanation about the result and there is a little bit difference in their equations (In Quick Ratio, Inventory is excluded from the Current Assets). So we eliminate Quick ratio from the independent variables (financial ratios) and retain on Current Ratio because it is more popular. Table (2)Correlation Matrix to explain the relationships among the financial ratios as independent variables V ariablesQRATODERCTRICEPSOCFPMRTOROAROE QR1. 000 ATO-0. 4204*1. 000 DER0. 03920. 3860*1. 000 CTR0. 9239*-03478*0. 08801. 000 IC0. 3752*-0. 3246**-0. 15040. 3610*1. 000 EPS0. 1884-0. 2604**-0. 12480. 0724-0. 03061. 000 OCF0. 0641-0. 3243-0. 29300. 15720. 19970. 32021. 000 PM0. 1659-0. 4338*-0. 2835**0. 23450. 04750. 6245*0. 34311. 000 RTO-0. 2999**0. 1663-0. 0413-0. 0230-0. 0298-0. 19220. 6846*0. 16561. 000 ROA0. 0535-0. 1600-0. 4080*0. 16850. 17500. 6342*0. 6703*0. 6392*0. 3761*1. 000 ROE0. 1264-0. 1178-0. 01580. 21150. 10610. 11030. 8970. 2610**0. 18200. 3693*1. 000 * real at the 1% level ** Significant at the 5% level Table (3) & (4) show the multiple and step-wise regressions of the relationship between explanatory variables (financial ratios) and stock returns utilizing buy-and-hold return (BHR) method. The relationship between stock returns and common financial ratios is estimated using the following equation Where is the annual stock return of firm i at time t. BHR is calculat ed as follows Where is buy- and- hold return for security i, in period T, T is the trading month number 12, and indicates the first result month of calculating the return. s the dependent variable in the regression equation. Table (3) Multiple Regressions of the Relationship between Financial Ratios and Stock Returns Independent variables BetaT testSig. T 1- Current ratio (CTR)0. 7821993. 0940. 0055* 2- Interest coverage ratio (IC)0. 6895873. 0850. 0056* 3 Profit margin ratio (PM)0. 6434102. 5740. 0177** 4- Earnings per share (EPS)0. 3790681. 1190. 2757 5- Operating cash flow ratio (OCF)0. 2002970. 5430. 5931 6- Assets turnover (ATO)0. 1150700. 4550. 6537 7- Return on Equity (ROE)0. 0966730. 5010. 6215 8- Debt to equity ratio (DER)0. 0622020. 3040. 7640 Receivables turnover (RTO)-0. 165573-0. 4660. 6457 10- Return on Assets (ROA)-0. 121268-0. 3320. 7433 Multiple R = 0. 68529F = 6. 76472 R real = 0. 46962Significant F = 0. 0031 * Significant at the 1% level ** Significant at the 5 % level The results from table (3) show that the F test used to test the overall advantage of the model indicates that the model is significant at the 99% level. However, the R unanimous is 46. 96% indicating that the ten independent variables together explained approximately half of the variance in the every year return of pharmaceutical sector as a dependent variable.Also, T test of the individual Betas (financial ratios) indicates that the most active ratios in determining stock returns are Current Ratio (CTR), Interest Coverage Ratio (IC) and Profit Margin Ratio (PM) with a significant level of 99%, 99% and 95% respectively. To check on the signs of the beta coefficient, the dependent variable (stock return) was regressed on each of the independent variables (financial ratios) and the signs of the resulting betas were checked against that of the original equation.There are three ratios which are Current Ratio, Receivable Turnover and Return on Assets that had different signs from the original regression equation The positive coefficient estimated for Current Ratio with stock returns is not expected because right policies that tend to keep current asset higher than current liability have lower risk and also have lower expected return than the aggressive policies. So we conclude that rational investors put more confidence in low risky stocks and look forward for stable stocks more than the temporary profitable stocks.On the other hand, Receivable Turnover ratio and Return on Assets ratio are completely insignificant as show in table (3), so there is nothing important to explain their different signs from the original prediction. Table (4) Step-wise Regression of the Relationship between Financial Ratios and Stock Returns Independent variables R? BetaT testSig. T ChangeAccumulation 1- Current ratio 0. 194050. 194050. 7302745. 2990. 0000* 2- Interest coverage ratio 0. 121330. 315380. 7161115. 2420. 0000* 3 Profit margin ratio 0. 072850. 388230. 4597934. 11 70. 0001* Multiple R = 0. 62308F= 12. 69213R square = 0. 38823 * Significant at the 1% level ** Significant at the 5% level In the next step, we utilize the step-wise regression to reach the final model that contains the significant explanatory variables and give better explanation for the relationship. Consistent with the general regression models, the step-wise results confirm the above mentioned findings as Current Ratio (CRT) is the most significant variable at the 99% and explained about 19% of the variance in the each year return of pharmaceutical sector with R square about 19%, while R square for the model is about 39%.Interest coverage ratio has also explained about 12% of the variance in the yearly return of pharmaceutical sector. Interest coverage ratio is regarded as a measure of a companys attributeworthiness because it shows how much income there is to cover interest payments on outstanding debt. Profit margin ratio explained about 7% of the variance in the yearly ret urn of pharmaceutical sector with R square 7%.From results we conclude that rational investors and stockholders are looking for strength and stability first then profitability when evaluating a pharmaceutical stock company. Table (5) in small stages Multiple regression analysis for the good predictors phoner R? BetaT testSig. T ChangeAccumulation 1- Memphis0. 466240. 466240. 73001412. 4530. 0000* 2- Cairo0. 213940. 680180. 6092937. 6880. 0000* 3- Alexandria0. 094360. 77454-0. 521862-4. 6470. 0001* Multiple R = 0. 88006F= 23. 73573 R square = 0. 77454 * Significant at the 1% level ** Significant at the 5% levelStepwise multiple regression model yielded a reduced equation containing only three companies (independent variables) explaining about 77% of the variance in the yearly return of pharmaceutical sector as a dependent variable the analysis yielded three good predictors as present at table (5), the results proved that Beta value of Memphis Pharmaceutical and Chemical Industries was 0. 73 and it is significant at 99% level. Additionally, Memphis Company alone explained about 47% of the variance in the yearly return of the pharmaceutical sector.The second good predictor is Cairo Pharmaceutical and Chemical Industries while its Beta value was 0. 60 and it is significant at 99% level. Cairo Company alone explained about 21% and together with Memphis Company explained about 68% of the variance in the yearly return of the pharmaceutical sector. The third and last predictor is Alexandria Pharmaceutical and Chemical Industries with a Beta value of -0. 52 and significant at 99% level. Alexandria Company explained alone about 9% of the variance in the yearly return. 5. 2 Summary and ConclusionThe relationship between financial ratios and stock returns has been a popular issue in the area of accounting and finance for a long time, so we found that it is a good issue to discuss on the Egyptian stock market. Here, an analysis is undertaken to show the value relevance o f the financial ratios and their usefulness in security valuation in the Egyptian pharmaceutical sector. In our research, we use step-wise multiple regressions between financial ratios and stock returns, also between pharmaceutical companies returns and pharmaceutical sector returns.The results from using step-wise and multi regression indicate that Current Ratio (CTR), Interest Coverage Ratio (IC) and Profit Margin Ratio (PM) respectively, are the most relevant ratios in determining stock returns. Additionally, Memphis Pharmaceutical and Chemical Industries is the most relevant company in explaining the variance of the pharmaceutical sector return as a whole. Finally, it seems that Current Ratio (CTR), Interest Coverage Ratio (IC) and Profit Margin Ratio (PM) play a significant role in formulating investment decisions in the Egyptian stock market (specifically, Pharmaceutical sector).Egyptian rational investors put more confidence in low risky stocks and look forward for stable sto cks more than the temporary profitable stocks. 5. 3 Further Research The study was conducted on Egyptian pharmaceutical sector and taken all pharmaceutical companies (11 companies) that have been quoted in Egyptian stock exchange, covered the period from 1996 to 2001. Replicating the study on other sectors in Egypt such as (Agriculture, Food & Beverages, Construction, Banks) at different times could be very useful. The study could be also replicated on the valuable Egyptian market indices such as (Case 30, IFCG, MSCI, EFG Hermes).These studies could help in determining more clearly the relationship between financial ratios as independent variables and stock returns as dependent variable. CHAPTER VI REFRENCES Barber, B. , Lyon, J. , and Tsai, C. , (1999), Improved Methods for Tests of Long-Run Abnormal Stock Returns, ledger of Finance, 54 (1), 165-201. Baraber, B. , and Lyon, J. , (1997), Detecting Long-Run Abnormal Stock Returns The Empirical bureau and Specification of Test Stati stics, journal of Financial Economics, 43 (3), 41-72. Brav, A. , and Gompers, P. , (1997), Myth or Reality?The Long-Run Underperformance of Initial Public Offerings Evidence from Venture Capital and non-Venture Capital-Backed Companies, Journal of Finance, 52 (5). Capital Law 95/1992, Intermediation Companies, (CMA. gov. eg), available http//www. cma. gov. eg /En-nf/index4. html, (Accessed 2003, January 20). 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R. , (1999), Commercial bank management, fourth edition, McGraw-Hill Companies, NY Avenue of the Americas. Riahi-Belkaoui, A. (1997). Value relevance of popular financial ratios, Advances in Quantitative Analysis of Finance and Accounting, Vol. 5, pp. 193-201. Ross, Westerfield, and Jaffe, (2002) Corporate Finance, Sixth edition, McGraw-Hill Companies, NY Avenue of the Americas. The Capital Market Authority, (2002), CMA Public Information Center, (CMA. ov. eg), Available http//www. cma. gov. eg/En-nf/index5. html (Accessed 2003, January 20). The Drug Policy and Planning Center, (2002), Pharmaceutical Industry Statistics, (DPPC. gov. eg), (Accessed 2003, February 10) The Egyptian Ministry of Public Enterprise Sector, (2001), Privatization Program performance from the start t o February 2001, (Cairo MPES), http//www. mpe-egypt. gov. eg/privatize. aspmethods. (Accessed 2003, February 16) The Law No. 82 for year (2002), Trade-Related Aspects of Intellectual Property Rights (TRIPS), Pharmacy and Medicine, March 2003, Vol. 24, p. 44-55 Timo S. , Ilkka V. , Paavo Y.O. (1990), On the Classification of Financial Ratios, published on the Word Wide Web as http//www. uwasa. fi/ts/sera/sera. html Walsh, F. J. (1986), The Relative Information Content of Accruals and Cash Flows Combined Evidence at the Earnings Announcement and Annual Report Release Date Journal of Accounting Research, p. 165-200 CHAPTER VII APPENDIX (A) Financial Ratios Financial ratios are very important for new investors who would like to invest in the firm and also for stockholders who are the investors of the firm because financial ratios give them several indicants which they can evaluate the firm with. 1) Profitability Ratios The main goal of these ratios is to help us to judge how good the f irms profit performance. Profitability ratios refer to the ability of a firm to generate revenues in excess of expenses. 1. 1 Earnings per Share The portion of a companys profit allocated to each outstanding share of a companys common stock. Earnings per share is evidently a fundamental measure of profitability that shows how much profit was generated on a per-share-of-stock basis. EPS doesnt reveal a great deal.Its true value lies in comparing EPS figures across several quarters, or years, to judge the growth of a companys earnings on a per-share basis. David Irwin (2001) Therefore, studying refers to a positive relationship between EPS and stock market return. To calculate EPS, start with net income (earnings) for the period in question, subtract the total value of any preferred stock dividends and then divide the resulting figure by the number of shares outstanding during that period. Or Net income / Number of shares outstanding 1. 2 Return on EquityROE is a fundamental indicati on of a companys ability to increase its earnings per share and thus the quality of its stock, because it reveals how well a company is using its money to generate additional earnings. ROE allows investors to compare a companys use of their equity with other investments, and to compare the performance of companies in the same industry. ROE can also help to evaluate trends in a business. Businesses that generate high returns on equity are businesses that pay off their shareholders handsomely and create substantial assets for each dollar invested as mentioned by Peter S. 1999). To calculate ROE, divide the net income shown on the income statement by shareholders equity, which appears on the balance sheet Net income / owners equity 1. 3 Return on Assets A Companys profitability expressed as a parcel of its total assets. Return on assets measures how effectively a company has used the total assets at its disposal to generate earnings. Because the ROA formula reflects total revenue, tot al cost, and assets deployed, the ratio itself reflects a managements ability to generate income during the course of a given period, usually a year.Ross (2002) Naturally, the higher the return the better the profit performance. ROA is a convenient way of comparing a companys performance with that of its competitors. ROA should have a positive relationship with the stock market return. To calculate ROA, divide a companys net income by its total assets, then multiply by 100 to express the figure as a percentage Net income / total assets 1. 4 Profit Margin Profit Margin is a companys net profit or loss as a percentage of total sales for a given period, typically a year.This ratio shows how efficiently management uses the sales revenue, thus reflecting its ability to manage costs and overhead and operate efficiently. It also indicates a firms ability to withstand adverse conditions such as falling prices, rising costs, or declining sales. Ross (2002) The higher the figure, the better a company is able to endure price wars and falling prices. Investors tend to prefer a higher percentage of profit margins, which considered existence an indication of a positive relationship between profit margin and stock market return. The calculation is very basic Net profit / total sales (2) Liquidity RatiosThese are ratios that measure the liquidity of the firm. Firms have to ensure that they have the liquidity required to meet all their commitments. To the extent a firm has sufficient cash flow it will be able to avoid defaulting on its financial obligations and, thus avoid experiencing financial distress. 2. 1 Current Ratio Current ratio is the companys liquidity and its ability to meet its short-term debt obligations. By comparing a companys current assets with its current liabilities, the current ratio reflects its ability to pay its upcoming bills in the unlikely event of all accreditors demanding payment at once.Current liabilities are debts that are due within one year from the date of the balance sheet as mentioned by Charles P. (2002). The basic source from which to pay these debts is a current asset. As long as firms are searching for no risks by increasing current assets, profitability will be getting shrunk. So that current ratio should have a negative relationship with stock market return. Working capital is also called net current assets or current capital, and is expressed as Current assets / Current liabilities 2. 2 Quick RatioHow quickly a companys assets can be turned into cash, which is why assessment of a companys liquidity also is known as the quick ratio, or simply the acid ratio. Regardless of how this ratio is labeled, it is considered a highly reliable indicator of a companys financial strength and its ability to meet its short-term obligations. Because inventorying can sometimes be difficult to liquidate, the quick-test ratio deducts inventory from current assets before they are compared with current liabilities-which is what d istinguishes it from the current ratio.Potential creditors like to use the quick-test ratio because it reveals how a company would fare if it had to pay off its bills under the worst possible conditions. Indeed, the assumption behind the quick-test ratio is that creditors are howling at the door demanding immediate payment, and that an enterprise has no time to sell off its inventory, or any of its stock. This ratio should have also negative relationship like the current ratio with stock market return. The quick-test is computed by subtracting inventories from current assets and dividing the difference by current liabilities (Current assets Inventory) / Current liabilities . 3 Operating Cash Flow Ratio Traditional working capital ratios indicate how much cash the company had available on a single date in the past. Cash flow ratio, on the other hand, tests how much cash was generated over a period of time and compare that to near-term obligations as published by John R. and Jeanne H . (1998). This ratio should strengthen the investors confidence toward the firm, therefore it should be positively link with stock market return. The numerator of the OCF ratio consists of net cash provided by operating activities.This is the net figure provided by the cash flow statement after taking into consideration adjustments for non-cash items and changes in working capital. The denominator is all current liabilities, taken from the balance sheet Cash flow from operations / Current liabilities (3) Leverage Ratios 3. 1 Debt-to-Equity Ratio How much money a company owes compared with how much money it has invested in it by principal owners and shareholders. The debt-to-equity ratio reveals the proportion of debt and equity a company using to finance its business. It also measures a companys borrowing capacity.The higher the ratio, the greater the proportion of debt but also the greater the risk. Mishkin (2001) describes the debt-to-equity ratio as a great financial test of lon g-term corporate health, because debt establishes a commitment to repay money throughout a period of time, even though there is no federal agency that sufficient cash will be generated to meet that commitment. Creditors and lenders, understandably, rely heavily on the ratio to evaluate borrowers. As long as this ratio is considered to be low, investors confidence will be increased which negatively related with the stock performance.The debt-to-equity ratio is calculated by dividing debt by owners equity, where equity is, typically, the figure stated for the preceding calendar or fiscal year. Debt, however, can be defined either as long-term debt only, or as total liabilities, which includes both long- and short-term debt. The most common formula for the ratio is Long term liabilities / owners equity (4) Coverage Ratios 4. 1 Interest Coverage The amount of earnings available to make interest payments after all operating and non-operating income and expensesexcept interest and income taxeshave been accounted for.Interest coverage is regarded as a measure of a companys creditworthiness because it shows how much income there is to cover interest payments on outstanding debt. Banks and financial analysts also rely on this ratio as a rule of thumb to drill hole the fundamental strength of a business as argued Eugene F. & Joel H. (1998). Investors also rely on this ratio to examine the strength of a firms financial statement while this ratio should have a positive relationship with stock market return.Interest coverage is expressed as a ratio, and reflects a companys ability to pay the interest obligations on its debt. It compares the funds available to pay interestearnings before interest and taxes, or EBITwith the interest expense. The basic formula is EBIT / interest expense (5) Efficiency Ratios Ratios of turnover are constructed to measure how effectively the firms assets are being managed. 5. 1 Asset Turnover The amount of sales generated for every pounds wor th of assets over a given period. Asset turnover measures how well a company is leveraging its assets to produce revenue.A well-managed manufacturer, for example, will make its plant and equipment work hard for the business by minimizing idle time for machines. The higher the number the better-within reason. As a rule of thumb, companies with low profit margins tend to have high asset turnover those with high profit margins have low asset turnover. This ratio can also show how capital intensive a business is. Some businesses-software developers, for example-can generate tremendous sales per dollar of assets because their assets are modest.At the other end of the scale, heavy industry manufacturers need a huge asset base to generate sales as refered by Eugene F. & Joel H. (1998). As long as the plant and equipment work hard and sales are increasing that would be an indication of a good sign. Consequently, this ratio should be a positively related with stock market return. Asset turno vers basic formula is simply sales divided by assets Sales revenue / Total assets 5. 2 Accounts Receivable Turnover This ratio explains the number of times in each accounting period, typically a year that a firm converts credit sales into cash.A high turnover figure is desirable, because it indicates that a company collects revenues effectively, and that its customers pay bills promptly. A high figure also suggests that a firms credit and collection policies are sound. In addition, the measurement is a reasonably good indicator of cash flow, and of overall operating efficiency as hence by Mishkin (2001). This ratio should have a positive relationship with stock return. The formula for accounts receivable turnover is straightforward. Simply divide the average amount of receivables into annual credit sales Sales / Account Receivables (B) Statistical Results

A Short Analytical Paper of Abraham Lincoln’s “a House Divided” Essay

The House Divided Speech was addressed by Abraham Lincoln on June 1958. He delivered the speech upon his word meaning of Illinois Republican Partys nomi community as the senator of the state. Thus the speech became a very important launching campaign for his mastery in government activity hence giving him a acresal limelight that motto him in the elections to the presidency in 1860.The speech primarily addressed on the issue of thrall in America. Abraham Lincoln delivered his speech aimed at establishing his tight beliefs towards the acts of thralldom. The speech was also meant to point out a differentiating factor of beliefs from Stephen Douglas and the rest of the top governmental officials who seemed to physical exercise corruption in their transactions.According to Abraham Lincoln, A House divided against itself cannot stand. This was the major crucial theme of Abraham Lincolns speech. From this important statement,Licoln meant that the American nation could not in what ever terms or state face a positive survival phase when it was composed of a state of half-slavery and half-free. He meant that only one of those two states could only exist. Thus his bold statement was that he expected that the division that existed had to cease so as to embrace success and good governance.Lincolns speech helped rouse to the heap of America the recognition of the extent to which slavery had gone. Lincolns speech is still germane(predicate) in this 21st century in that even today, each nation should embrace unity in all its undertakings whether political, social and economic. He believed that the ideals of a nation with freedom for all could not have a chance of coexistence whether socially, morally or in legal terms under one nation. Thus slavery should either be accepted among all people or be universally denied.A universal truth is clearly bears a clear conditional relation from Lincolns statement to the extent that such a statement even pervades a lot of imp ortance to the modern society and even the governments in power today.Such relevance can be clearly seen in the experiences in Sudan. Continued irreconcilable differences in culture and religion against the people of Sudan saw Southern Sudan seceding to become the republic of South Sudan. Such success for secession bears credit from the prophetic work of Abraham Lincoln. A division had always existed between the people from Northern Sudan who were associated with Muslim religion and the people from the Southern Sudan who were associated with Christianity. This scenario bred a situation of ethnic and cultural differences between the two states to the extent where secession could be avoided. nonetheless today, the American nation is still faced with challenging political divisions and differences especially between the parties of the Republicans and the Democrats. The unwillingness of the two parties to arise to compromised solutions has always been evident in nearly of the major rec ent crises facing the nation. Clear evidence is the recent crisis on the debt ceiling where the Republicans were on the favor of maintaining cuts on spending as opposed to the Democrats who were advocating for an subjoin in taxes so as to increase revenue collection in the country. Further differences saw a compromised situation of debt ceiling being arrived at as the solution. This led to the country facing an economic disaster as a result of the oppositions from the two strong political parties.In the recent world, the institution of married couple can be compared to the speech of Abraham Lincoln. Marriage is a union of two people who are bound to each other by law. Division is addicted to occur in a marriage situation in case of a divorce. For the married partners to embrace endured togetherness and unity in their marriage, they must appreciate commonplace interests of concerns in their practices. In case one of the partners dissent from the unity and togetherness set up, the marriage is susceptible to division brought about by breaking of the legal bonds that run the marriage partnership in unison. Continued lack of an amicable compromised solution between the two conflicting partners will thus lead to interval. Continued separation will see the two partners seek a divorce in a court of law and the marriage will fail completely. Most marriages nowadays are failing as a result of continued disagreements of interests between the married couple.As per words of Lincoln that a divide house cannot stand, thus the divided marriage partnership cannot even endure survival thus it breaks up.Even today, divisions in chemical groups have been as a result of continued differences among the trades union groups. Humans have a tendency to incline towards the protection of their interests aid favors of their perceived groups. Such favourism makes them advocate fully for their interests posing a challenging opposing side to the interests of their unperceived groups . Many nations today are faced with such opposing groups having differing interests and ideals. People advocating for similar ideals tend to create strong ties of loyalty and even alliances creating a boundary to the opposing group or alliance. The existence of the two opposing groups as a whole sees each group maintain conflicting interests. Continued disagreement leads to one group conquer the other resulting to a failing side and a winning side. Ultimately such results create division in the nations.Thus, Abraham Lincolns works from the speech A House Divided bears a lot of significance and relevance in our modern world.

Scholarly Articles on Leadership

Scholarly Articles 1 by EDD 9100 CRN 35455 Leadership Seminar Nova Southeastern University February 4, 2012 Scholarly Articles 1 According to the authors of this term (Donaldson, Marnik, Mackenzie, & Ackerman, 2009), principals deal to concentrate on the development of skills and behaviors in order to be successful in motivating, blending, and changing the direction of a school. The successful principal understands that at that place exists a fine balance of caring for others and the need to accomplish specific tasks (Donaldson, Marnik, Mackenzie, & Ackerman, 2009).The following areas are targeted in this article the need to become an impressive consultant, the need to become a mediator and consensus builder, the need to become an individual that set relationships and to step back and reconnect on a regular basis to their core beliefs and values (Donaldson, Marnik, Mackenzie, & Ackerman, 2009). Interwoven with all areas is the need to realize that it takes time to develop the skills needed, experience being the beat out teacher of what works (Donaldson, Marnik, Mackenzie, & Ackerman, 2009).The underlying theme passim the article is one of a need for open communication combined with a balanced and caring attitude towards staff. On the topic of becoming an stiff consultant at heart their school it is pointed out that principals need to be less directive and more collaborative in their push towards improvement and the use of best practice in the classroom (Donaldson, Marnik, Mackenzie, & Ackerman, 2009). It is of rimary importance that they possess the susceptibility to listen to the stakeholders and assist in the translation of concerns into practice (Donaldson, Marnik, Mackenzie, & Ackerman, 2009). In order to be able to effectively fill the role of consultant within their school principals need to possess a reasonable level of understanding of educational pedagogy and computer program and possess a skill set combining the ability to problem solve , actively listen, and support (Donaldson, Marnik, Mackenzie, & Ackerman, 2009).In terms of becoming a mediator and consensus builder the authors slender the need for principals to possess relational leadership skills in order to be able to both facilitate groups and coach others on staff in the ability to facilitate their own groups, and stressed that the key to this is the ability to effectively participate in conflict resolution (Donaldson, Marnik, Mackenzie, & Ackerman, 2009).The authors adverted that conflict is part and parcel of school refine and that in addition to being able to deal effectively with conflict the successful principal needs to develop the ability for bringing about consensus within the group, noting that interpersonal and intrapersonal skills were as much or more important than knowledge (Donaldson, Marnik, Mackenzie, & Ackerman, 2009).In the area of relationships it was noted that principals that are most effective are those that place high gear value on people and relationships and that when this exists as a core part of the belief system of the principal it is noticeable and is communicated to staff in both penetrative and explicit ways (Donaldson, Marnik, Mackenzie, & Ackerman, 2009). According to the authors this sense of value comes through in all of the dealings that the principal has with stakeholders (Donaldson, Marnik, Mackenzie, & Ackerman, 2009).It shows in body language, expression, communication, tone and innumerable other subtle signals that help to set the tone of the schools culture (Donaldson, Marnik, Mackenzie, & Ackerman, 2009). Key to this being successfully implemented is for the principal to consciously think through a personal rationale that balances responsibilities and relationships (Donaldson, Marnik, Mackenzie, & Ackerman, 2009). Principals need to occasionally stepping back to reconnect to their core values in order to maintain the balance needed to effectively lead (Donaldson, Marnik, Mackenzie, & Acke rman, 2009).It was noted that in all areas of the development process is the need to understand that these skills and beliefs come about over time. The truly effective principal is able uses one-time(prenominal) experiences to help hone and define these skills and beliefs to bring about change, growth and effective overall leadership (Donaldson, Marnik, Mackenzie, & Ackerman, 2009). The effective principal never stops learning from these mean solar day to day and year to year experiences and continues to hone and refine based upon them (Donaldson, Marnik, Mackenzie, & Ackerman, 2009).In the writers opinion it would greatly assist in the growth, development, morale and overall chisel satisfaction for the organization if the current leadership of which the writer is a member, were to possess the skills and beliefs noted in the article. This would most likely require training, coaching or the reassignment or hiring of new personnel for leadership positions in order to develop the ca pacity to exhibit a balance between the valuing of individuals and relationships, the need to and responsibilities of the position, and the skill set of effective collaboration, mediation, and consensus building.A leadership team that operates following these principals fosters a sense of openness, consistency and fairness among stakeholders (Donaldson, Marnik, Mackenzie, & Ackerman, 2009). When this exists, staff feels secure. When staff feels secure it becomes more willing to step out and suggest or embrace change for the growth, development, and betterment of the organization. References Donaldson,G. , Marnik, G. , Mackenzie, S. , & Ackerman, R. (2009). What makes or breaks a principal. Educational Leadership, 67 (2), 8-14.

Patient and Professional Development Assignment Essay

There is considerable evidence that many a(prenominal) of the new medical technologies are intentiond inappropriately, to generate income. What forbearing role protections against inappropriate diagnostic and other procedures should be considered?There is no doubt that the new diagnostic and therapeutic technology now available has vastly spread out the economic dimensions of medicine, on that point is evidence that new and expensive technologies are being utilize inappropriately to generate income. One example of this statement would be the use of magnetic resonance imaging or MRIs. The popularity of this testing has skyrocketed and has in turn been found to be very profitable for hospitals and outpatient facilities. Despite the swooping popularity and booming financial cost increase this testing has been found not to have changed patient outcomes. The testing moderates providers a clear look at the disease or anatomy being scanned there are no controlled comparisons of diag nostic accuracy or changes in medical or therapeutic care for patients (Sultz and Young, 2011). Therefore this new and innovative testing and adds to the cost of the already terribly high dollar of health care.Physicians now have many choices to make and many opportunities to generate income through the use of these and many more new technologies both in the office and hospital settings. The issue is that medical indications for the use of much of the new technology are not but causing problems and susceptible influence by economic factors. The range of acceptable options in a given case is often wide enough to give the provider considerable latitude in his/her choice of procedures. It is in this gray zone that economic incentives have their greatest effect on medical sort (Relman,2011). I do not believe that providers make decisions based on economic consideration and outcome that they would not decide otherwise. I believe with every of my heart that for the most part providers do things the majority of the time to do right by the patient and the pocketbook. The problem is, however, the right thing is often a matter of opinion because many tests, procedures, and operations have not yet been fully evaluated or scientifically compared with other available measures for cost effectiveness.Is it possible though pressure of financial advantage often sways those good-hearted providers or is it simply to pacify or satisfy patients? To expand on pacification or felicity or patients I will use my area of expertise. I have worked in the area of womens health most of my career so though I am sure there are other areas of specialty with patients such as ours I can only state from true have it off that this is a very high-maintained population. This is a media savvy, device driven patient population that often wants drive-thru service. The issues I see to often are the ordering of tests, labs, procedures that may be unnecessary or cause greater consequence. There are high-technology screenings for every atypical cell we could possibly have on a female reproductive organ. As soon as a pre-menopausal women with heavy bleeding hears that she may have a positive result she wants a hysterectomy. Though this may be the treatment for some, it is not for all and I see way too many women loose their uterus for reasons that were much more benign than the outcome.Being in healthcare for so many years I could give example after example of new high technology that may be used inappropriately for reasons that could be generating income, but done simply for the benefit of the patient and their satisfaction. Patient satisfaction brings a whole new topic of conversation to generating income. So how can we protect patients from potentially themselves or those that provide the ordering power that initiates this vicious cycle? I think first we have to mandate facilities and practices to attribute in place guidelines and protocols to stop unnecessary testing that has been shown not to change the patient outcome. Another intervention and protection to patients is that providers have to have conversations with patients honestly almost what the issue is and that they do not need particular testing if asked for.They need to keep it real with patients. It is true that patient satisfaction is going to be at jeopardyand that they may want to jump providers, but providers and facilities will need to seriously look at the risk benefit of doing procedures that will not look up in a court of law or a court of public opinion. In spite of nursings vital splendor to hospitals, nurses face excessive paperwork, managerial responsibilities, and supervision of lesser-trained aides tasks that require an inordinate amount of time spent in functions other than direct patient care. These frustrations, combine with long work hours, stagnant salaries, and other difficulties, have resulted in fewer entrants to schools of nursing and increasing numbers of nurse s leaving the profession. Discuss possible solutions to this growing problem.Do providers in the health care system recognize a broader social mission than addressing the needs of only those individuals who achieve access to their services? Elaborate.Relman, A. (2011). Cost control, doctors ethics, and patient care. Retrieved from http//www.issues.org/19.4/updated/relman.pdf.

Analysis Same Love Essay

kindred Love Medium Song Composer Mackle more(prenominal) features vocals by Mary Lambert. Year 2012 Publisher Ryan Lewis Analysis This song is written and sung by Macklemore and has featured vocals by Mary Lambert. Macklemores real name is Ben Haggerty. Macklemores Uncle is alert and he had destinyed to write a song about gay rights and homophobia within the hip-hop community and the world. Macklemore was fuelled by the issue of marriage equality and the flagrant use of gay as a derogative term in the hip-hop industry, and the world.He would also use and say thats gay himself because it is so embedded in our purification. It was not until he was caught out saying it by friends that he realised that he had to stop. He wanted to make an impact on his fellow musicians, rappers and hip-hop artists and express his concerns for the use of words such as faggot and thats gay as just another lyric. The song Same Love has lyrics that hopefully makes people second guess their language.Mack lemores affirmatory stance against marriage equality, homosexuality and the queer population has gained an overwhelming acceptance. He is the first male mainstream hip-hop artist who has rapped positively about homosexuality. More and more pro-gay artist be coming out in support of the gay community. Proving that popular culture can turn the tide of peoples use of derogative comments, opinions and quarrel our ways of thinking in regards to our gay community. He says he simply enjoys writing songs that get people thinking.Many of the lyrics in the song Same Love have made me stop and think about what they really mean. I have Uncles, Aunties, cousins and friends who are gay so my choice of words are often corrected by my parent and peers. But nothing is more powerful then the words in a song that is of pop culture and because I believe its accurate for a generation more accepting, tolerant and knowledgeable of homosexuality. Its human rights for everybody, there is no difference Li ve on and be yourself.These lyrics from the song, stayed in my mind when I wrote this assessment because I believe it should be how we should all live, as we are all equal. Macklemore says I write songs that gainsay myself, they challenge listeners, they might be controversial to some people, songs that push the boundaries of what a rap song sounds like or the subject matter that might be in a rap song. Being young and influenced by pop culture, I relate to his point of pushing the boundaries as I would always want to be able to grow, learn and challenge myself to become a better person in my community.

Implications for Education Using Frueds Theory Essay

Sigmund Freud was born in 1856 in Moravia, a part of the Austro-Hungarian Empire do itn until recently as Czechoslovakia. His home was Vienna where he studied and practised medicine until 1938 when Austria was annexed by the Nazis. With the Nazi annexation of Austria he went into exile in England and died in London in 1939. Freud made a great contribution to psychology and influenceing theory with his discovery of the emotional nature of unconscious motivations. His personality theory though not entirely shed light on in all its aspects brought to our aw arness the unconscious level of the human mind. As a dissolving agent we are aware of some previously unknown aspects of human development. We now know that the mental conflicts of the neurotic are not fundamental conflicts of human nature.Instead they are based on the motivating forces and social conflicts of the social environment inside which the individual personality develops and functions. The concept of normality make s sense only within the context of nature of the social environment in which the individual is functioning. Freuds scientific discovery of the unconscious has contributed to the understanding of the role of the unconscious in the motivation aspect of learn the basis of the valuing process integral to the human organism (intrinsic motivation) and the importance of the emotional nature of motivation as a determinant for effective learning. This is of great significance to learning theory and consequently to educational theory. The emotional nature of motivation for learning is a key aspect of educational theory of the so-called paradigm of education for development of the person as a whole i.e. holistic education.In 1923 Freud described his constructs of the id, ego and the superego. The id is the most primitive part of our personality. It operates according to the joyousness principle and it simply seeks conterminous gratification. Freud believed that every human had a life and d eath instinct. The life instinct is called eros while the death instinct is called thanatos. Both are integral move of the id. And the energy for this mechanism is libido, a flowing, dynamic force. The ego is several(predicate) from the id as it is extremely objective. It operates according to the originality principle and deals with the demands of the environment. It regulates the flow of libido and keeps the id in check, thus performing as a control center of the personality. It is the superego which represents the values and standards of an individuals personality. It acts as an internal judge, it punishes the ego with feelings of guilt or it rewards, which lead to feelings of pride and heightened self-esteem.The superego is a characteristic of the personality which strives for perfection. According to Freud, the disparity and development of the id, ego and the superego, determines an individuals behavior in a bring backn situation, which in turn results in the development of the personality. Freud placed great importance on the early years of a child as he believed that what we are as adults is determined by childhood experiences. Freud called these early years of development the psychosexual years of development. These early years proceed through a number of stages. Each child undergoes the different stages. These stages are the oral stage (first year of life), the anal stage ( second year), phallic stage (third through fifth year), a period of latency (from 6 to 12), and the genital stage (after puberty). Freud believed that as every child passes through these stages there might be a likely possibility that a child may spend more time in a particular stage then they aught to. This condition can lead to a fixation or an incomplete development of the personality.A critical event during the first five years of life is the experience of Oedipus and Electra conflicts. Freud believed that both sexes encounter and must deal with these turmoils, which resu lt from boys developing sexual attraction toward their mothers, and girls developing sexual attraction towards their fathers. A boy may have feelings of jealousy towards his father as he is an prohibition between him and his mother. And, they fear retaliation by their fathers if they are caught (fear of castration). Since the boy loves his father, these feelings are repressed and he begins to identify with the father, adopting his values. Similarly girls develop hostility towards their mothers, unconsciously blaming their mothers for not being equal with boys. They assume that something is missing and feels inadequate (penis envy). Another major aspect of psychoanalysis is the development of defense mechanisms.According to the theory defense mechanisms are used by the ego to protect the person from anxiety. Repression is when information is pushed down into the unconscious. This information is either unpleasant or undesirable and may cause anxiety. actually much this information is pushed so deep down into the unconscious that is hard to retrieve. Reaction formation is when due to anxiety feelings are replaced by the extreme opposite. For eccentric a person feeling hate forget be replaced by love. Undoing is when the ego completely changes actions which lead to feelings of anxiety. In this mechanism the truth may be drastically distorted. Projection is when an individual tends to assign ones own shortcomings on to someone else. Rationalization is when an irrational act is made to come forward rational. Denial occurs in cases where the ego is threatened and a person refuses to ac knowledge the reality or seriousness of the situation.Identification involves empathizing with the qualities or characteristics of other favorable person. fastening and Regression are related mechanisms which occur during psychosexual development. Psychoanalysis is also a therapy. It is based on the observation that individuals are often unaware of some(prenominal) of the fac tors that determine their emotions and behavior. Psychoanalytic treatment demonstrates how these unconscious factors affect current relationships and patterns of behavior, traces them back to their historical origins, shows how they have changed, and helps individuals to deal better with the realities of adult life. Though primarily of historical interest, an understanding of Freudian theory may give classroom instructors insight into the importance of unconscious feelings and drives that motivate some student behavior suggestions for teachingWhen applying psychoanalysis to children or young students, a teacher must take a broad view by exploring the considerable range of psychoanalytical literature available.When applying psychoanalytic theories to children in the classroom, activities are typically categorized into either behaviorism or cognitivism. Behaviorism focuses on tangible behaviors, such as a child who will share her toys versus a child of the same age who refuses to sh are. Behaviorism also looks at conditioning and social learning to understand where a child picks up his personality traits and habits. Cognitivism looks at mental processes and events rather than tangible behaviors.Cognitive structure, or the structure and function of the brain, is of particular concern here. In cognitive science, psychologists are touch on with whether behaviors can be justified chemically or structurally in biological differences between people. When behaviorism and cognitivism are understood, teachers, parents and psychologists can attempt to dress behavioral disorders from a social conditioning and chemical perspective. A behavioral problem may be rooted in either or both areas of psychoanalysis.An fount of a classic activity used for psychoanalysis in the classroom is role playing. During a role play, the teacher exercises control over the basic frame-up of the scenario. Students then act within those boundaries to produce original decisions and actions. I n each scenario, a student knows there are things she should or should not do. For ensample, if the scenario involves seeing another child break a rule, the actor in the role play must decide what to do. Should he tell the teacher, attempt to punish or correct the child himself or let the child get away with it? Classroom activities around psychoanalytic theory can be public or anonymous.An example of an anonymous psychoanalytic activity is the question and answer game.Students write anonymous questions about social situations on a piece of paper and submit them to the teacher. The teacher will pass the questions back out to students, making sure each student gets a question he did not write. Students take the questions home and answer them overnight, and resubmit them anonymously. The teacher then reads them aloud for class discussion.1. Learning is a process of active construction.Learning is the interaction between what students know, the impertinently information they encounte r, and the activities they let in as they learn. Students construct their own understanding through experience, interactions with content and others, and reflection. article of faith ImplicationProvide opportunities for students to connect with your content in a configuration of meaningful ways by using cooperative learning, interactive lectures, engaging assignments, hands-on lab/field experiences, and other active learning strategies. 2. Students prior knowledge is an important determinant of what they will learn. Students do not come to your class as a blank slate. They use what they already know about a topic to interpret new information. When students cannot relate new material to what they already know, they tend to memorizelearning for the testrather than developing any real understanding of the content.Teaching ImplicationLearn about your students experiences, preconceptions, or misconceptions by using pre-tests, background knowledge probes, and create verbally or oral a ctivities designed to find students thinking about the topic. 3. Organizing information into a conceptual framework helps students remember and use knowledge. Students must learn factual information, understand these facts and ideas in the context of a conceptual framework, and organize knowledge in ways that facilitate retrieval and application in order to develop competence in a new topic.Teaching ImplicationSupport students by using concept maps, flowcharts, outlines, comparison tables, etc., to make the structure of the knowledge clear. 4. Learning is a social phenomenon. Students learn with great understanding when they share ideas through conversation, debate, and negotiation. Explaining a concept to ones peers puts knowledge to a public test where it can be examined, reshaped, and clarified.Teaching ImplicationUse Cooperative learning strategies, long-term group projects, class discussions, and group activities to support the social side of learning.5. Learning is context-s pecific.It is often difficult for students to use what they learn in class in new contexts (i.e., other classes, the workplace, or their personal lives).Teaching ImplicationUse problem-based learning, simulations or cases, and service learning to create learning environments similar to the real world.6. Students metacognitive skills (thinking about thinking) are important to their learning. Many students utilize few learning strategies and have alimited awareness of their thinking processes.Teaching ImplicationHelp students become more metacognitively aware by modeling your thinking as you solve a problem, develop an argument, or analyze written work in front of the class. Teach metacognitive strategies, such as setting goals, making predictions, and checking for consistency. Focus attention on metacognition by having students write in a learning journal or develop explanations of their problem-solving processes.ConclusionPsychoanalytic (or psychosexual) theory deals primarily with personality and postulates that human behavior is motivated by inner, unconscious forces, memories, and conflicts (Feldman, 1998, p. 26) that often stem from early life experiences. According to this theory, there are three basic structures of the personality the id (which consists of the irrational libidinal drives that motivate the person to seek pleasure and sexual gratification), the ego (the rational part of the mind), and the superego (essentially the conscience which counterbalances the impulses of the id).Development occurs through a sequence of five psychosexual stages (oral, anal, phallic, latency, and genital) which focus on a tree trunk part (or erogenous zone) that becomes the center of pleasure or gratification (Rice, 1997). Defense mechanisms such as denial, repression, rationalization, and displacement, which serve the important purpose of temporarily distorting reality to seize anxiety or reduce conflict, are also important components of Psychoanalytic theory. Tho ugh primarily of historical interest, an understanding of Freudian theory may give classroom teachers insight into the importance of unconscious feelings and drives that motivate some student behavior.