To Consider the Influence of Legislation in Relation to...

Use the case study to illustrate your understanding of the influence of underpinning legislation in relation to how social care intervention could improve their quality of life. To consider the influence of legislation in relation to social care, the case of Mary who has been diagnosed with dementia will be used to explain how legislation is used. Within social work, law is very important as it is used to provide guidance and duties for the local authorities and professionals in how to proceed with a case. In this case social care intervention would be appropriate for Mary as she has significant care needs. She is often confused by her surroundings, she needs assistance during the night, and she is at risk of neglecting herself and†¦show more content†¦There are many things that must be taken into account when making these decisions. Considerations must be taken of the wishes and feelings of the service user, any beliefs or values that the service user may hold; such as Marys religious beliefs and also the information given by carers or family that know the service user well (Brammer; 2010, 483). In this case the decision made is for her to go to a residential home that is nearer to her daughter so that she is able to see her regularly; this is a catholic home which would suit Mary’s religious beliefs. For a carer or professional to decide whether or not someone who lacks capacity should go into a residential home, the Deprivation of Liberty Safeguards (DoLS), is used to ensure that this decision is lawful. This is introduced in the MCA 2005 and in this case Mary is unable to make reasonable decisions regarding her welfare due to her lack of capacity (Johns, 2009, 35-36). However, the decision to place Mary in a residential home is depriving her of her liberty which is a basic human right, as stated in the Human Rights Act 1989. The DoLS legislation allows carers and/or professionals to be able to act to ensure that â€Å"a care home or hospital only restricts someones liberty safely and correctly, and that this is done when there is no other way to take care of thatShow MoreRelatedDeveloping Management Skills404131 Words   |  1617 PagesSoftware Services Printer/Binder: Edwards Brothers Cover Printer: Coral Graphics Text Font: 10/12 Weidemann-Book Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on appropriate page within text. Copyright  © 2011, 2007, 2005, 2002, 1998 Pearson Education, Inc., publishing as Prentice Hall, One Lake Street, Upper Saddle River, New Jersey 07458. All rights reserved. Manufactured in the United States of America. This publication is protectedRead MoreMedicare Policy Analysis447966 Words   |  1792 PagesI 111TH CONGRESS 1ST SESSION H. R. 3962 To provide affordable, quality health care for all Americans and reduce the growth in health care spending, and for other purposes. IN THE HOUSE OF REPRESENTATIVES OCTOBER 29, 2009 Mr. DINGELL (for himself, Mr. RANGEL, Mr. WAXMAN, Mr. GEORGE MILLER of California, Mr. STARK, Mr. PALLONE, and Mr. ANDREWS) introduced the following bill; which was referred to the Committee on Energy and Commerce, and in addition to the Committees on EducationRead More_x000C_Introduction to Statistics and Data Analysis355457 Words   |  1422 PagesPrinter: Courier Corporation/Kendallville  © 2008, 2005 Duxbury, an imprint of Thomson Brooks/Cole, a part of The Thomson Corporation. Thomson, the Star logo, and Brooks/Cole are trademarks used herein under license. ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced or used in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, Web distribution, information storage and retrieval systems, or in any other manner—without

The Great Gatsby Analysis Essay - 2075 Words

Diction: In the Great Gatsby, Fitzgerald utilizes a heavily elegant and sometimes superfluous diction which reflects the high class society that the reader is introduced to within the novel. The speaker Nick Carraway talks directly to the reader. The diction is extensively formal throughout the novel using high blown language the borders on being bombastic. An example of this formal language is seen when Nick states,The truth was that Jay Gatsby, of West Egg, Long Island, sprang from his Platonic conception of himself. He was a son of GodÂâ€"a phrase which, if it means anything, means just thatÂâ€"and he must be about His Fathers business, the service of a vast, vulgar, and meretricious beauty. The words platonic and meretricious†¦show more content†¦The tone is hopeful and dignified. Much detail is used and even some ironic detail such as Gatsby being gorgeous. Even though one would not normally describe a man with such a word it fits perfectly in this sentence. Th e language is formal and it reveals Nicks positive view on life and on Gatsby. The syntax in this passage is made up of strung-together sentences and clauses. All of the sentences within this passage are complex or compound-complex. These long and airy sentences emphasize the tone of upper-class people speaking as well as the emphasis on a dream. The sentences are extensively poetic and carefully thought out giving it a nonchalant and superior tone. Passage 2: I didnt call to him, for he gave a sudden intimation that he was content to be alone - he stretched out his arms towards the dark water in a curious way, and, far as I was from him, I could have sworn he was trembling. Involuntarily I glanced seaward - and distinguished nothing except a single green light, minute and far away, that might have been the end of a dock. When I looked once more for Gatsby he had vanished, and I was alone again in the unquiet darkness. (pg 16) The diction in theis passage is a little less elegant than the previous passage because this passage is reflective of Gatsbys true nature. It is one of insuperiority and one of a dreamer who sees his dream right across the bay but yet it is so far away. ItShow MoreRelatedThe Great Gatsby Analysis1274 Words   |  6 PagesAlthough the timeline is kept vague in The Great Gatsby, F. Scott Fitzgerald makes it clear that his work of art is based in the early 1920’s between World War I and the Prohibit ion. This was a transitional period in the United States. America changed after the war and as a result, so did life. The idea of the perfect life fluctuated as troops began flooding back to the United States, migrating to cities, picking up jobs, and buying houses for their new or planned families. The economy was boomingRead MoreAnalysis Of The Great Gatsby 857 Words   |  4 PagesEnglish 3 3 February, 2016 The Great Gatsby Character Analysis Essay: Jay Gatsby â€Å"It is easier to live through someone else’s existence than to complete yourself. The freedom to lead and plan your own life is frightening if you have never faced it before. It is frightening when a man finally realizes that there is no answer to the question who am I except the voice inside himself.† (Betty Friedan). If the name â€Å"Gatsby† was fraudulent, then perhaps the description â€Å"great† in the title of the bookRead MoreGreat Gatsby Analysis1551 Words   |  7 PagesSmithley Vil Mr.Haughey World Literature 10 October 2012 Gatsby Analysis Isolation is a significant and recurring theme throughout the novel â€Å"The Great Gatsby†, by F. Scott Fitzgerald, that has had a great impact on its characters. A few in particular are Nick Carraway, Daisy Buchanan, and â€Å"Jay Gatsby†. Nick who appears to be everyone’s closest friend and confidante when he is really the most alienated character in the novel. Daisy Buchanan who feels alone and ignored, even while married, withRead MoreThe Great Gatsby Analysis5626 Words   |  23 PagesIntroduction â€Å"The Great Gatsby†Ã‚  is a  novel  by the  American  author  F. Scott Fitzgerald. First published in 1925, it is set on  Long Islands  North Shore  and in  New York City  from spring to autumn of 1922. The novel takes place following the  First World War. American society enjoyed prosperity during the â€Å"roaring†Ã‚  as the economy soared. At the sameRead MoreThe Great Gatsby Written Analysis876 Words   |  4 Pages Gatsby is Whipped (An Analysis of The Great Gatsby written by F. Scott Fitzgerald) F. Scott Fitzgerald is arguably one of the greatest writers to ever come to earth. In the 20th century, he wrote far beyond his time, and wrote about topics that others were afraid to bring up. â€Å"Genius is the ability to put into effect what is on your mind.† (Fitzgerald) One of his better known novels, The Great Gatsby, brings up several diverse and arguable topics, but also presents many messages too. The threeRead MoreAnalysis Of The Book The Great Gatsby 839 Words   |  4 PagesMia Mooko AP Lang. Summer Assignment 30 July 2016 The Great Gatsby Section One: 1. By the third paragraph of the third chapter, verb tense changes. What is the effect of this change, or what do you think it s purpose is? When describing Gatsby s parties, Fitzgerald switches from past to present tense not only to make the reader feel as if they are engulfed in the festivities, but to also emphasize the repetitiveness and predictability of his parties. By using present tense, the readerRead MoreLiterary Analysis Of The Great Gatsby 1490 Words   |  6 PagesJaylinn Cooper Mrs. Fowler English III March 3, 2017 Literary Analysis of The Great Gatsby The 1920s in America, known as the Roaring Twenties, was a time of celebration after a destructive war. It was a period of time in America characterised by prosperity and optimism. There was a general feeling of disruption associated with modernity and a break with traditions.The Roaring Twenties was a time of great economic prosperity and many people became rich and wealthy. Some people inherited oldRead MoreThe Great Gatsby Book Analysis1016 Words   |  5 Pagesthoughts by expanding my knowledge on deeper meanings and symbolism in literature. Before reading The Great Gatsby, it was just a book about a man who had great wealth and threw many extravagant parties to get the attention of a woman named Daisy Buchanan. After further analysis, I discovered there was a deeper meaning to almost everything that I had read. The whole plot of the book The Great Gatsby has an entire different meaning if you look past the surface of the book. Throughout this story youRead MoreAnalysis Of Money In The Great Gatsby1111 Words   |  5 Pages(Literary analysis on The Great Gatsby by F. Scott Fitzgerald) Gold diggers are commonly known as women that only go after a guy because of the money that he has. The said women doesn’t even need to love the man just to have the money is enough to keep her around on him. Often times there is a man that really does like this lady, but because he doesn’t have money he never gets with her. What if this man without the money decide he would do anything to get money to impress the girl. The Great Gatsby byRead MoreThe Great Gatsby Character Analysis956 Words   |  4 PagesIn the book, The Great Gatsby, written by F. Scott Fitzgerald, there is a strong message about the social class systems about the societies that exists between them. First, there are people like the Buchanans and Jordan Baker who were born into wealth and never really had to work for their money. Secondly, The new money people who can never really be like them, inherently because they have had to work for their money and sometimes finding it had been rough while doing so. (Houghton Mifflin) In

The Skeptic Theory of Morality in International Relations...

Introduction: Nuclear bombing of Nagasaki and Hiroshima, not answering the call for help in Rwanda, allowing Germany to take over Czechoslovakia, supporting the creation of the state of Israel, giving out loans (with interest) to developing countries, and the creation of the United Nations are all forms of international interference and cooperation amongst states. When looking at these examples and many more, it begs the question, does morality play a role in international affairs of a state? George Kennan, a prominent Skeptic, would argue that in international politics â€Å"other criteria, sadder, more limited, more practical, must be allowed to prevail.† In this essay, I will first present the Skeptic argument that morality either†¦show more content†¦These societies would then form into hierarchical civilizations leading to the modern state where laws and rules can not only be made but enforced to make peace and order is kept within the state. (Forde, 15) In th e international arena, there is no hierarchical rule to keep states in line or behaved; meaning that the international system is constantly in anarchy, aka the state of nature. This lack of rule enforcement puts states in a constant state of war, in a constant state where they need to stay on guard and in a tactical advantage otherwise the safety and well being of their state will be in jeopardy. In this scenario, the state’s number one priority is to protect itself and act in its self interest when need be, despite if it would typically be deemed immoral. (Donnelly 20) Machiavelli would go so far that it is within every right for more powerful states to conquer and subjugate weaker states because if another was to conquer that weaker state, they may have the advantage over you and destroy your state. Preemptive strikes, imperialism, and unprovoked wars are fully justified to Machiavelli because you either conquer or wait till your enemy attacks you. To some skeptics, ac ting in self interest is the only form of morality in the state of nature. (Forde, 9) Thucydides creates a moral argument that there is no justice between states of unequal power, and it is actually immoral for weaker states to resistShow MoreRelatedAustins Theory of Sovereignty2492 Words   |  10 Pagesother (earthly) person or institution. Austin thought that all independent political societies, by their nature, have a sovereign. †¢ Positive law should also be contrasted with â€Å"laws by a close analogy† (which includes positive morality, laws of honor, international law, customary law, and constitutional law) and â€Å"laws by remote analogy† †¢ Austin also wanted to include within â€Å"the province of jurisprudence† certain â€Å"exceptions,† items which did not fit his criteria but which should nonethelessRead MoreEssay on The Negative Impact of Homosexual Behavior on Society2319 Words   |  10 PagesGreece, Egypt, and even China. The attitude toward homosexuality always has been a variable, depending on the social, cultural and morality, or even the political development (Barnecka et al., 2005). Back in Greek history the concept of relations between two men was seen as the highest form of love, whereas the Judaic view always was against and frowned upon these relations considering it immoral and illegal. However, when the Roman rule was destroyed and the Christians took over Europe, homosexualityRead MoreAmerican School of Thought5349 Words   |  22 Pagesof Scandinavian Legal Realism were Alf Ross, Karl Olivecrona, and A. Vilhelm Lundstedt.[1] The realist approach was to attempt to look at rthe facts of the legal experience,and not at those things, such as the legal rules and doctrine which were in theory held to be important[2]. These two fold of realist school have their own view but the notion of these schools is same. Both school’s aim is to make clear vision and focus on fact .The realist approach to law is a part of sociological approach .sociologicalRead MoreNonviolence And Just War Theory2838 Words   |  12 PagesNonviolence and Just War Theory â€Å"Blessed are the peacemakers, for they shall be called sons of God.† (Matthew 5:9) Historically, there has been consistent disagreement between political philosophers regarding the possibility of a justification of war. Theorists from Grotius to Gandhi have from time immemorial argued about whether violence can ever be sanctioned as a viable recourse for preventing evil. History itself, at various times, seems to offer lessons regarding the complexity of the issue—demonstratingRead MoreAnalysis Of The Book New Introductory Lectures On Psychoanalysis Essay2107 Words   |  9 Pagesinterest in psychoanalysis and all of its knowledge. Freud’s first chapter in the book is called, â€Å"Revision of the Theory of Dreams† this chapter talks about his theory of dreams and about psychoanalysis. Freud talks about psychoanalysis marking a turning point in history taking a step from being a psychotherapeutic procedure to being a depth-psychology (page 8). He also states that the theory of dreams has remained what is the most characteristic and peculiar about the young science (page 8). With dreamsRead MoreJohn Austins Theory of Sovereignty6170 Words   |  25 Pagesof sovereignty is one of the most complex in political science, with many definitions, some totally contradictory. Usually, sovereignty is defined in one of two ways. The first definition applies to supreme public power, which has the right and, in theory, the capacity to impose its authority in the last instance. The second definition refers to the holder of legitimate power, who is recognized to have authority. When national sovereignty is discu ssed, the first definition applies, and it refers inRead MoreHonour Killing in Pakistan19346 Words   |  78 Pagesputting an end to the abuse of killing women in the name of honour. The first part is mainly theoretical and analytical. In this part a set of concepts is theorized as the notion of patriarchy, public/private division and cultural globalization. These theories test the empirical data of â€Å"honour killing† in the last decade and try to find their role in the society of Pakistan. This study also analyzes the â€Å"honour killing† cases in a different way by telling stories. Second part contributes to the researchRead MoreEthics and Social Responsibility Essay9502 Words   |  39 PagesUniversity of Miami football players. This paper will examine the various legal and ethical implications involved in this case, including an analysis of the university’s social responsibility, and an overview of the scandal in terms of three ethical theories: utilit arianism, Kant’s categorical imperative, and ethical relativism. Table of Contents I. Introduction (Stephanie) A. Purposes of Paper * Analytical paper - â€Å"3 value† analysis of law, ethics, and social responsibility * Read MoreAncient Nuclear Weapons (Indus Valley)7132 Words   |  29 PagesA ncient A tom Bombs Ancient Atom Bombs Fact, Fraud, and the Myth of Prehistoric Nuclear Warfare Contents I. The Myth of Ancient Atomic Warfare 1 II. The First Ancient Atomic Bomb Theories 4 III. The Tesla Death Ray 13 IV. Big Theories, No Evidence 16 V. What It All Means 20 Works Cited 24 ANCIENT ATOM BOMBS? ââ€"  1 I. The Myth of Ancient Atomic Warfare I N FEBRUARY 2008, GLOBAL DIGNITARIES gathered to inaugurate the Svalbard GlobalRead More The Evolving Nexus between Islam and Iran Essay5554 Words   |  23 Pageswith heightened media attention, the variance among systems of governance in these countries has continued to be overlooked. The Islamic presence in these countries, in fact, ranges vastly, from Islamic social groups that strive to revive social morality and eradicate Western culture to established political systems that endeavor to enforce Islamic law. The definition and conception of an Islamic state has been a source of debate in the realm of Islamic scholarship. Some scholars assert that

Prison Assault And Its Mental And Physical Mischief

Name: Title: Institution: Abstract Prison Rape is no mystery in today s society. The American media has depicted prison assault as a joke in movies and in music, yet have not understood the degree of how risky this crime is. A few cops even utilize this system as an intends to get an admission from a suspect. A noteworthy obstruction in settling Prison assault is the famous under-reporting of the crime. Just sixteen percent of prison assault casualties report their exploitation. Purposes behind under reporting are apprehension of results, disgrace, blame, shame, and decline to remember agonizing subtle elements. This paper investigates prison assault and its mental and physical mischief to prisoners, as well as to society. Literature Review With more than 2.2 million individuals in guardianship at any given time, the U.S. detains a bigger extent of its populace than any other nation on the planet. This over-imprisonment has prompted congestion in confinement offices the country over, constraining prison and correctional facility executives to change over exercise centers into residences. Numerous offices additionally need legitimate conventions to guarantee that the individuals why should helpless misuse are isolated from the individuals why should likely confer demonstrations of sexual savagery (Moster Jeglic, 2009). There is late endeavors to put a stop to prison assault, for example, the Prison Rape Elimination Act of 2003 and The NPREC commission and alsoShow MoreRelatedA Stolen Community : Where Are The Victims?1466 Words   |  6 Pagesgetting got had a significant diminishing† (Counter traffickers 2015). I ve been held down like a bit of meat while creatures masked as men damaged me again again but i keep on staying . -Unknown However while I was free physically, my mental flexibility was evacuated very quickly. Fear of the brain is frequently the hardest thing to deal with. With day by day beatings, your psyche gets to be totally controlled, molded to react in a certain manner. Numerous traffickers clarified thatRead MoreAn Analysis of Forensic Psychology in the Film, Primal Fear2856 Words   |  11 PagesProsecutor. Vail took advantage of the situation by defending his client based on insanity. However, at the end of the film, there is a clear shocking twist, when Aaron congratulates his lawyer for his competence. Aaron sends apologies to Laura for the assault he caused. It dawns on Vail that Aaron was still recalling what Roy did, rather than forgetting the incident. Roy unknowingly revealed his guiltiness of killing the archbishop. It was evident that his presence in the court room was premeditated, andRead MoreBanning Assault Weapons Essay6739 Words   |  27 Pagesï » ¿Arguing a Position Essay: Banning Assault Weapons and Large Capacity Magazines The issue of banning assault weapons and large capacity magazines has been debated for years, but has never been discussed with such urgency as it is now. The issue is the banning of assault weapons in our society. Are we the kind of country that allows and encourages its citizens to own weapons of mass destruction? The moral issue we face is banning ownership of these weapons to ordinary citizens while protectingRead MoreJuvenile Justice : Helping Or Hurting The Future Generations Of America3014 Words   |  13 Pagesthat redefine bad behavior as criminality, and stricter rule implementation by police officers than had existed when same was controlled by school administrators. In Christle’s opinion, these policies combine to create the first step in the School-to-Prison pipeline, which has caused the entry of American children into the juvenile justice system to increase at an alarming rate over the last half-decade, and disproportionately affect minorities and disadvantage d students, who could benefit far more fromRead MoreCommunity and Population Health Task I4979 Words   |  20 Pagesinterviewed were more specific with their answers and felt it was important to maintain low stress lifestyles to promote good mental and physical health, to exercise to promote strong bones/balance, to perform mental exercises to help prevent the onset of dementia, and to regularly attend appointments. Both groups agreed that positive vs. negative attitudes directly affect physical health and one’s quality of life. When I asked both groups of their opinions regarding what age adolescents are consideredRead MoreChildren in Conflict to the Law12401 Words   |  50 Pagesrefers to a child who is vulnerable to and at the risk of committing criminal offenses because of personal, family and social circumstances, such as, but not limited to, the following: 1) being abused by any person through sexual, physical, psychological, mental, economic or any other means and the parents or guardian refuse, are unwilling, or unable to provide protection of the child; 2) being exploited including sexually or economically; 3) being abandoned or neglected, and afterRead MoreThe Growing Problem of White Collar Crimes in India19963 Words   |  80 Pagesfor conducting the proceedings of the summary trials. After Santhanam committee report was published it was very much advent that for the first time Anti White Collar legislations include Prevention of Food Adulteration Act because it is an act of mischief done by a person out of his occupational capacity and therefore it will also be termed as a White Collar crime. The main object of Prevention of Food Adulteration Act is to eliminate the danger to the human life from the sale of unwholesome articlesRead MoreIntroduction to Rizal Course11998 Words   |  48 Pagestheir children, but they never spoiled them. They were strict parents and they trained their children to love God, to behave well, to be obedient, and to respect people, especially the old folks. Whenever the children, including Jose, got into mischief, they were given a sound spanking. Every day the Rizal’s (parents and children) heard mass in the town church, particularly during Sundays and Christian holidays. They prayed together daily at home – the Angel us at sunset and the Rosary beforeRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pages†¢ Discrimination 42 Biographical Characteristics 44 Age 44 †¢ Sex 46 †¢ Race and Ethnicity 48 †¢ Disability 48 †¢ Other Biographical Characteristics: Tenure, Religion, Sexual Orientation, and Gender Identity 50 Ability 52 Intellectual Abilities 52 †¢ Physical Abilities 55 †¢ The Role of Disabilities 56 Implementing Diversity Management Strategies 56 Attracting, Selecting, Developing, and Retaining Diverse Employees 56 †¢ Diversity in Groups 58 †¢ Effective Diversity Programs 58 Summary and Implications forRead MoreDeveloping Management Skills404131 Words   |  1617 PagesDifferences Important Areas of Self-Awareness 61 Emotional Intelligence 62 Values 65 Ethical Decision Making and Values 72 Cognitive Style 74 Attitudes Toward Change 76 Core Self-Evaluation 79 SKILL ANALYSIS 84 Cases Involving Self-Awareness 84 Communist Prison Camp 84 Computerized Exam 85 Decision Dilemmas 86 SKILL PRACTICE 89 Exercises for Improving Self-Awareness Through Self-Disclosure 89 Through the Looking Glass 89 Diagnosing Managerial Characteristics 90 An Exercise for Identifying Aspects of Personal

Dividend Policy Free Essays

Dividend Policy Vinod Kothari Corporations earn profits – they do not distribute all of it. Part of profit is ploughed back or held back as retained earnings. Part of the profit gets distributed to the shareholders. We will write a custom essay sample on Dividend Policy or any similar topic only for you Order Now The part that is distributed is the dividend. The ratio of the actual distribution or dividend, and the total distributable profits, is called dividend payout ratio. How much of its profits should a corporation distribute? There are several considerations that apply in answering this question. Hence, companies have to frame and work on a definitive policy of dividend payout ratio. Of course, no corporate management can afford to stick to a fixed dividend payout ratio year after year – neither is such fixity of dividend payout ratio required or expected. However, management has to broadly decide its policy on its broad attitude towards distribution – liberal dividend payout ratio, or conservative dividend payout ratio, etc. If one were to ask this question in context of debt sources of capital – for example, how much interest should a corporation pay to its bankers, the answer is straight forward. As interest paid is the cost of the borrowing, the lesser the interest a corporation pays, the better it is. Besides, companies do not have choice on paying of interest to lenders – as the rate of interest is contractually fixed. Rate of dividends may be fixed in case of preference shares too. However, in case of equity shares, there is no fixed rate of dividends. It cannot be said that the dividend paid is the cost of equity capital – if that was the case, corporations may try to minimize the dividend distribution. Hence, the following points emerge as regards the dividend distribution policy: †¢ The cost of equity is defined as the rate at which the corporation must earn on its equity to keep the market price of the equity shares constant. Let us further suppose that the market price of the shares is obtained by capitalizing the earnings of the corporation at a certain capitalization rate – the capitalization rate itself depending on the riskiness or beta of the industry. Suppose the corporation does not earn any profit. Shareholders were expecting a certain rate of return on their shareholding – hence, share prices will fall at the expected return on equity. On the other hand, if just the expected rate of return is earned by the corporation, the price of equity shares remains constant if the earnings are entirely distributed, and xactly grows by the expected rate of return if the earnings are entirely retained. The above discussion leads to the conclusion that the cost of equity is not the dividends but the return on equity – hence, a corporation cannot work on the objective of minimizing dividends. Equity shareholders are the owners of the corporation – hence, retained earnings ultimately belong to the shareholders. Supposing a company earns return on equity of 10%, and retains the whole of it, the retained earnings increase the net asset value (NAV) of the equity shares exactly at the rate of 10%. Assuming there are no other factors affecting the equity price of the company, the market price of †¢ †¢ †¢ †¢ †¢ †¢ the shares should exactly go up by 10% commensurate with the increase in the NAV of the shares. That is to say, shareholders gain by way of appreciation in market price to the extent of 10%. On the other hand, if the company distributes the entire earnings, shareholders earn a cash return of 10%, and there is no impact on the NAV of the shares, hence, the same should remain unchanged. Therefore, in both the cases, the shareholders earned a return of 10% – in the first case, by way of growth or capital appreciation, and in the second case, by way of income. In other words, merely because the corporation is not distributing profits does not mean it is depriving shareholders of the rate of return on equity. The above two points reflect the indifference, sometimes referred to as irrelevance of dividend policy (see Modigliani and Miller approach later in this Chapter) from the viewpoint of either the company or its shareholders. Supposing the corporation decides to retain the entire earning. Obviously, the corporation would earn on this retained profit at the applicable return on equity. Note that the return on equity is relevant, as retained earnings would be leveraged and would, therefore, benefit from the impact of leverage too. On the other hand, if the corporation were to distribute the entire profits, shareholders reinvest/consume the income so distributed at their own rate of return. Hence, it may be contended that whether the company retains or distributes the earnings depends on whose reinvestment rate is higher – that of the company or that of the shareholders? Quite clearly, the rate of reinvestment in the hands of the corporation is higher than that in the hands of the shareholders, (a) because of leverage which shareholders may not be able to garner; and (b) intuitively, that is the very reason for the shareholders to invest in the company in the first place. This argument generally favors retention of profits by the company rather than distribution. [As we discuss later, this argument is the basis of the Walter formula] As a counter argument to this, it is contended that shareholders do not need growth only – they need current income too. Many investors may sustain their livelihood on dividend earnings. Of what avail is the increase in market value of shares, if I need cash to spend for my expenses? However, in the age of demat securities and liquid stock markets, growth and income are almost equivalent. For example, if I am holding equity shares worth $ 100, which appreciate in value to $ 110 due to retention, I can dispose off 10/110% of my shareholding, earn cash equal to $ 10, and still be left with stock worth $ 100, which is exactly the same as earning cash dividend of $ 10 with no retention at all. While the above argument may point to indifference between growth and income, the reality of the marketplace is that investors do have varying preferences for growth and income. There are investors who are growth-inclined, and there are those who are income-inclined. Majority of retail investors insist on balance between growth and income, as they do not see an exact equivalence between appreciation in market value and current cashflows. Hence, the conclusion that emerges is that companies do have to strike a balance between shareholders’ need for current income, and growth opportunities by retained earnings. Hence, dividend policy still remains an important consideration. While making the above points, there are certain special points that affect particular situation that need to be borne in mind: †¢ Company’s reinvestment rate lower than that of shareholders: Sometimes, there are companies that do not have significant reinvestment opportunities. More precisely, we say the reinvestment rate of the company is lesser than the reinvestment rate of shareholders. In such cases, obviously, it is better to pay earnings out than to retain them. As the classic theories of impact of dividends on market value of a share (see Walter’s formula below) suggest, or what is anyway intuitively understandable, retention of earnings makes sense only where the reinvestment rate of the company is higher than that of shareholders. †¢ Tax disparities between current dividends and growth: In our discussion on indifference between current dividends and share price appreciation, we have assumed that taxes do not play a spoilsport. In fact, quite often, they do. For example, if a company distributes dividends, the same may be taxed (either as income in the hands of shareholders, or by way of tax on distribution – like dividend distribution tax in India). Alternatively, if the shareholders have a capital appreciation, which they encash by partial liquidation of holdings, shareholders have a capital gain. Taxability of a capital gain may not be the same as that of dividends. Hence, taxes may differentiate between current dividends and share price appreciation. Shares with fixed returns: Needless to say, there is no relevance of dividend policy where dividends are payable as per terms of issue – for example, in case of preference shares. †¢ Entities requiring minimum distribution: There might also be situations where entities are required to do a minimum distribution under regulations. For example, in case of real estate investment trusts, a certain minimum distribution is required to attain tax transparent status. There migh t be other regulations or regulatory motivations for companies to distribute their profits. These regulations may impact our discussion on relevance of dividend policy on price of equity shares. †¢ Unlisted companies: Finally, one must also note that discussion above on the parity between distributed earnings and retained earnings – the latter leading to market price appreciation – will have relevance only in case of listed firms. Technically speaking, in case of unlisted firms too, retained earnings belong to the shareholders, as shareholders after all are the owners of the residual wealth of the company. However, that residual ownership may be a myth as companies do not istribute assets except in event of winding, and winding up is a rarity. The discussion in this chapter on dividend policy, as far is relates to market price of equity shares, is keeping in mind listed firms. In case of unlisted firms, classical models such as Walter’s model or Gordon Growth model discussed below may hold relevance than market price-based models. From dividends to market value of equity: Dividend capitalisation approach: If, for a second, we were to ignore the stock market capitalisation of a company, what is the market value of an equity share? Say, we take the case of an unlisted company. We know from our discussion on present values that the value of any asset is the value of its cashflows. What is the cashflow a shareholder gets from his equity? As long as the company is not wound up, and the shareholder does not sell the stock, the only cashflow of the shareholder is the dividends he gets. It is easy to understand that if we are not envisaging either a sale of the shares or a liquidation of the company, then the stream of dividends may be assumed to continue in perpetuity. Hence, VE = ? ? (1 + K i =1 Di E )i (1) Where VE : Value of equity K E : Cost of equity Di : dividends in paid in year i Equation (1) is easy to understand. Shareholders continue to receive dividends year after year, and these dividends are discounted by the shareholders at the cost of equity, that is, the required return of the shareholders. If the stream of dividends is constant, then Equation (1) is actually a geometric progression. We can manipulate Equation (1) either to compute the price of equity, if the constant stream of dividends is known, or to compute the cost of equity, if the dividend rate and market price of the shares is known. Applying the geographical progression formula for adding up perpetual progressions, assuming constant dividends equal to D, Equation (1) above becomes: VE = = D (1 + K E ) ? (1 ? 1 ) 1+ KE (2) D KE Example: Supposing a company the nominal value equity were $ 100, and the dividends at the rate of 10 % were $ 10, if the cost of equity is 8%, then the market price of the shares will given by 10/8%, or $ 125. Incorporating growth in dividends: In our over-simplified example above, we have taken dividends to be constant. It would be unusual to expect that dividends will be constant, particularly where the company is not distributing all its earnings. That is to say, with the retained earnings, the company has increasing profits in successive years, and therefore, it continues to distribute more. If dividends grow at a certain compounded rate, say g, then, Equation (2) above becomes: VE = D (1 + g ) (1 + K E ) = ? (1 ? 1+ g ) 1+ KE (3) D (1 + g ) KE ? g Note that we have assumed here that even the first dividend will have grown at g rate, that is, the historical dividend has been D, but we are expecting the current year’s dividend to have increased at the constant rate. If we assume the current year’s dividend will not show the growth, and the growth will come from the forthcoming year, then we can remove (1+g) in the numerator above. The formula as it stands is also referred as Gordon’s dividend growth formula, discussed below. Example: Supposing a company the nominal value equity were $ 100, and the dividends at the rate of 10 % were historically $10. Going forward, we expect that the dividends will continue to grow at a rate of 5% per annum. If the cost of equity is 8%, what is the market value? We put the numbers in the formula and get a value of $350. Note that we can also test the valuation above on Excel. If we take sufficient number of dividends, say, 1000, successively growing at the rate of 5%, and we discount the entire stream at 8%, we will get the same value. Example: Supposing a company the nominal value equity were $ 100, and the dividends at the rate of 10 % were historically $10. Going forward, we expect that the dividends will continue to grow at a rate of 12% per annum. If the cost of equity is 8%, what is the market value? This is a case where the growth in dividends is higher than the discounting rate. The growth in dividends is a multiplier; the discounting rate is a divisor. If the multiplier is higher than the divisor, then the present value of each successive dividend will be higher than the previous one, and hence a perpetual series will have infinite value. There is yet another notable point – the growth rate g above may be also be visualised as the appreciation in the market value of the share. That is, shareholders are rewarded in form of current earnings as well as growth in the value of their investment. Dividend-based equity models: Walter Approach: The Walter formula belongs to James E Walter, and is based on a simple argument that where the reinvestment rate, that is, rate of return that the company may earn on retained earnings, is higher than cost of equity (which, as we have discussed before, the expected returns of the shareholders, or rate of return of the shareholders), then, it would be in the interest of the firm to retain the earnings. If the company’s reinvestment rate on retained earnings is the less than shareholders’ rate of return, the company should not retain earnings. If the two rates are the same, then the company should be indifferent between retaining and distributing. The Walter formula is based on a simple analysis that the market value of equity is the capitalisation of the current earnings and growth in price (g in our formula in equation 3 above). Hence, the basis of Walter formula is: VE = D +g KE (4) Here, the growth factor occurs because the rate of return on retention done by the company is higher than the cost of equity. That is to say, the company continues to earn at r rate of return on the retained earnings, and this is what causes growth g. Hence, g= r (E-D)/ K E Inserting equations (5) into (4), we have VE = (5) D KE + r (E – D)/K E KE (6) Where r = rate of return on retained earnings of the company E = earnings rate D = dividend rate Example: Supposing a company the nominal value equity is $ 100, and the dividends at the rate of 10 % are $10. Supposing the company earns at the rate of 12% , what is the market value of equity if the the cost of equity is 8%? The market value of the share comes to $ 162. 50. This is explainable easily. As the company is earning $12, and distributing $10, it retains $ 2 every year, on which it earns at 12%. The capitalised value of 0. 24 at 8% will be the expected growth. Therefore, the sustainable earnings of the shareholders will be $ 10 +3, which, when capitalised at 8%, produces the value $ 162. 50. Of course, the key learning from Walter’s approach is not what the market value of equity is, but how the market value of equity can be maximised by following a proper distribution policy. For instance, in the present case, it is not advisable for the company to distribute any dividend at all, as the company earns more than the shareholders’ opportunity rate. If the company was not to distribute anything, the market value of the share may increase to $ 225. Gordon growth model: Gordon’s growth model is simply Equation (3) above, that is, VE = D (1 + g ) KE ? g This is, as we have seen above, derived from perpetual sum of a geometric progression, under the assumption that the growth rate is less than the cost of equity. Modigliani and Miller approach: Franco Modigliani was awarded Nobel prize in 1985 and Merton Miller in 1990 (along with Markowitz and Sharpe). MM have theorised on the irrelevance of the capital structure, and a corollary, irrelevance of the dividend payout ratio to the value of the firm. Like several financial theories, MM hypothesis is based on the argument of efficient capital markets. In addition, we believe that a firm has two options: (a) It retains earnings and finances its new investment plans with such retained earnings; (b) It distributes dividends, and finances its new investment plans by issuing new shares. The intuitive background of the MM approach is extremely simple, and in fact, almost selfexplanatory. It is based on the following propositions: †¢ Why would a company retain earnings? Only tenable reason is that the company has investment opportunities. If the company does not retain earnings, where does it finance those investment opportunities from? We may assume a debt issuance, but then as MM otherwise propounded irrelevance of the capital structure, they see a parity between debt and equity, and hence, it does not make a difference whether the new investments are funded by equity or debt. So, let us assume that the new growth plans are funded by equity. Shareholders price the equity shares of the company to take into account the earnings and the retentions of the company. If the company distributes dividends, the shareholders take into account that fact in pricing of the shares; if the company does not distribute dividends, that is also reflected in the pricing of the shares. If dividends are distributed, the financing needs of the company will be funded by issuing new shares. The issue price of these shares will compensate for the fact that the dividends have been distributed. That is to say, the market price of the share will remain unaffected by whether the dividends have been distributed or not. †¢ †¢ Let us take a one year time horizon to understand the indifference argument of MM. We use the following new notations: Po P1 D1 n m I X : Price of the equity share at point 0 : Price of the equity share at point 1, that is, end of period 1 : Dividend per share being paid in period 1 : existing number of issued shares : new shares to be issued : Investment needs of the company in year 1 : Profits of the firm year in 1 The relation between the price at the beginning of the year (Po), and that at he end of the year (P1) is the simple question of discounted value at the shareholders’ expected rate of return (KE). Hence, Po = (P1 +D1) / (1+(KE) (7) Equation (7) is quite easy to understand. Shareholders have got a cash return equal to D1 at the end of Year 1, and the share is still worth P1. Hence, discounted at the cost of equity, the discounte d value is the price at the beginning of the period. Alternatively, it may also be stated that the P1 = (P0 )* (1+(KE) – D1 (8) That is to say, if the company declares dividends, the price the end of year 1 comes down to the effect of the distribution. Equation (7) can be manipulated. By multiplying both sides by n, and adding a self-cancelling number m, we may write (7) as follows: nPo = [(n+m)P1 -mP1 +nD1)]/(1+(KE) (9) Note that we have multiplied both sides by n, and the added number m along with m is cancelled by deducting the same outside the brackets. mP1 represents the new share capital raised by the company to finance its investment needs. How much share capital would the company need to raise? Given the investment needs I and the profits X, the new capital issued will be given by the following: mP1 = I – (X – nD1) (10) Again, this is not difficult to understand, as the total amount of profit of the company is X, and the total amount distributed as dividends is nD1. Hence, the company is left with a funding gap as shown by equation (10). If the value of mP1 is substituted in Equation (9), we have the following: nPo = [(n+m)P1 – {I – (X – nD1)}+nD1)]/(1+(KE) (11) As nD1 would cancel out, we will be left with the following: nPo = [(n+m)P1 – I + X] /(1+(KE) (12) Since nPo is total value of the stock at point 0, it is seen from Equation (12) that dividend is not a factor in that valuation at all. How to cite Dividend Policy, Essay examples

Bibliography A Welsh Folk Museum

Question: Describe about the Bibliography for A Welsh Folk Museum? Answer: Castel Veechio Museum: Themes and Issues: - Project Castel vecchio Museum Location- Verona, Italy Architect - Restoration by Carlo Scarpa Built - 1958-64 Castel vecchio Museum is a museum in Verona, northern Italy, situated at the eponymous medieval castle. Restoration by the architect Carlo Scarpa, between 1959 and 1973, has enhanced the appearance of the building and exhibits. Scarpa's unique architectural style is perceptible in the details for doorways, staircases, furnishings, and even fixtures designed to hold a specific piece of artwork. The museum displays a collection of sculpture, statues, paintings, ancient weapons, ceramics, gold works, miniatures and some old bells. The castle vecchio museum is just not a simple restored building with arts work in it. Its an assembly with everything worked out. This museum is included in Verona card and without that card it costs 6 EUR for its visiting which is assumed to be a fair price according to the numbers and quality of the artwork exhibited. The most important thing about this museum is its architecture. When seen from the top of one of the rowers the Verona can be seen easily. The questions which I will be addressing are- How architected the building of Castle vecchio museum. Which type of architecture technology is used by the architecture? Why the architect choose this museum for restoration. Why this museum is so important. The importance of castle vecchio museum is that this is a very old building built in the 14th century and that time it used as barracks during the wars and after that the famous architect Carlo Scarpa restored and redesigned this building and this became a museum for science. This is the largest museum in Italy as this has a variety of sculptures, frescos and paintings and most of these artworks are religious or spiritual theme. Dissertation outline: - Themes and issues about castle vecchio museum. Addressing questions. Importance of the castle vecchio museum. Dissertation outline. Executive summary. Visual material. Carlo scarpa done the work of restoration of the castle vecchio museum which was earlier a war barrack made in 14th century. The every part of this museum is designed and architected by the famous architect Carlo scarpa it is done during the period of 1958 to 1974. Rooms of this museum are disposed as in any other museum, but the windows, the lamps and the stands for artworks have been all conceived by the genius of Carlo Scarpa. The floor is never linked in a straight line to the wall, as not to disturb, as leaving a space in the case the wall would like to move around or we, with our imagination, could not keep stable the walls. The arches act like filters, from one room to the other. We notice that the main beam divides the roofing into two pieces and seems to indicate us the path to follow. The way goes on throughout the exhibition without hitches, leaving us often speechless, guiding us onto the top of the surrounding walls, in a succession of spaces designed with masterly care. Image: Inner architecture of the museum The bells of the museum are designed to put alongside of the staircase in such a way that they seems like as they are perfectly positioned. Image: Bells of the castle vecchio museum By going to the sculpture of Can Grande della Scala and to the other art pieces exposed outside. We take the only possible way. It is 30 meters long and, in this space, we go on looking all around, keeping silence. While we are getting to the entrance, we perceive that something is changing, as if we are going higher. This sensation is due to the vegetation that lowers while we are moving on. Iron beams are provided by the Carlo scarpa in order to support the roof structure. The beam is a double structured and a single piece is also mounted on the upper side of these double structured beams in order to evenly distribute and lessen the load on every beam. Image: Beams of castle vecchio museum Element, material or facade came close up to or occupied with another, there required to be a retort, a thicken or tapering, or solidifying, a texture change or smoothing, an understanding of which constituent is in the superiority. The stairs are designed in such a way that there should be always a dim sunlight in order for proper visualization of the stairs. Thats why the Carlo Scarpa attached a holed window like pattern at the end of stairs. The stairs are made of red sandstone on the surface and black stone commonly known as granite on the side surfaces, For the purpose of better outfit and looking and polishing. Image: Stairs of castle vecchio museum The doors of castle vecchio museum made in such a way that they consist of double gates at each and every gate among them one is made of glass and the other is made of wood with rectangular blank holes provided in it. The gates are designed by keeping in mind the requirements of both better looking as well as security of the museum. Because of security purpose the wooden gates are provided with a high thickness level. Image: Gates of castle Vecchio museum The design was continually aiming to create a private experience between the viewer and the object, where the object is offered up as if in an outstretched hand, to facilitate a very personal interaction. We can see this in his earlier work at the Gallerie dellAccademia in Venice, where he experimented with alternatives to the wall and the plinth and first introduced the beautifully detailed display easel. Scarpa was constantly reinforcing the importance of the object in the way he displayed it, maximizing its own intrinsic worth from the fixtures supporting the objects to the contrasting colored felts adjacent some of the paintings. Each work of art is displayed with fine distinction and sensitivity. In the ground-floor sculpture galleries he formed a five-room enfilade, drawing visitors through each aperture with the use of large, thick, textured slabs of stone that clad the archways to create a more human scale to the dimensions of the passageway, matched to the spring line of the arches. As you walk through towards the first gallery from the museum entrance, you step onto a small hollow ramp that is rather like a drawbridge, a contrasting element to a raised solid gallery floor. Everything is considered. In each of the somewhat asymmetric galleries, he has pulled the floor away from the obstruction to set up his own geometrical lattice and used irregular bands of concrete and stone, set at various widths to suit the displays. As horizontals, running across the gallery floor, they purposely slow you down on your way through, and set up a fresh controlled dynamic for the objects to function within. Sometimes Carlo Scarpa worked with the floor banding in the design of the displays, sometimes across them. At the walls, he carefully wrapped the stone edge of the new layer of floor into the recessed channel as if to embed it, so that it didnt appear as if the new surface had just been dropped in randomly. The sacellum, which protrudes from slightly inside the gallery into the courtyard, shows the depth of thinking behind the design. It clearly reads as a new intervention and feels like stepping into a polished plaster box, with rich red floor covering used to suit the more cherished dimensions of the space. The display of each object is meticulously considered. The leg of the nearest present cabinet, for example, is not allowed to come down arbitrarily onto the floor, but instead Scarpa positioned it so that it suited the section of the floor and was clearly part of the new layer of involvement he was creating at Castel vecchio museum. Visual material: - Image: castle vecchio museum outer look Image: View from top side of castle vecchio museum Image: Inner beam supporting and stair visualization References: - A welsh folk museum: st. Fagans castle In-text: (A Welsh Folk Museum: St. Fagans Castle, 1946) Bibliography: A Welsh Folk Museum: St. Fagans Castle. (1946). Nature, 158(4022), pp.783-784. ALEXANDER, C. An Attic Relief from Lowther Castle In-text: (Alexander, 1949) Bibliography: Alexander, C. (1949). An Attic Relief from Lowther Castle. The Metropolitan Museum of Art Bulletin, 7(6), p.162. BERGSTRM, C. M. Skokloster Castle - one of the worlds foremost Baroque museums In-text: (Bergstrm, 2001) Bibliography: Bergstrm, C. (2001). Skokloster Castle - one of the worlds foremost Baroque museums. Museum International, 53(2), pp.36-40. BRUCE-MITFORD, R. L. S. The Castle Eden Vase In-text: (Bruce-Mitford, 1941) Bibliography: Bruce-Mitford, R. (1941). The Castle Eden Vase. The British Museum Quarterly, 15, p.73. BRUNO, A. Rivoli - a castle for contemporary art In-text: (Bruno, 1986) Bibliography: Bruno, A. (1986). Rivoli - a castle for contemporary art. Museum International, 38(1), pp.4-8. CARTER, J., CASTLE, C. AND SOREN, B. Taking stock: museum studies and museum practices in Canada In-text: (Carter, Castle and Soren, 2011) Bibliography: Carter, J., Castle, C. and Soren, B. (2011). Taking stock: museum studies and museum practices in Canada. Museum Management and Curatorship, 26(5), pp.415-420. CASTLE, M. Blending Pedagogy and Content: A New Curriculum for Museum Teachers In-text: (Castle, 2006) Bibliography: Castle, M. (2006). Blending Pedagogy and Content: A New Curriculum for Museum Teachers. Journal of Museum Education, 31(2), pp.123-132. FLOWER, R. The Wyatts of Allington Castle In-text: (Flower, 1935) Bibliography: Flower, R. (1935). The Wyatts of Allington Castle. The British Museum Quarterly, 9(4), p.117. GRABOWSKA, J. The exhibition of amber in the Malbork Castle Museum In-text: (Grabowska, 1966) Bibliography: Grabowska, J. (1966). The exhibition of amber in the Malbork Castle Museum. Museum International, 19(2), pp.125-128. HISTORICAL MUSEUM IN CAPE COAST CASTLE In-text: (Historical Museum in Cape Coast Castle, 1971) Bibliography: Historical Museum in Cape Coast Castle. (1971). Africa, 41(02), p.160. IOANNIDES, M. Progress in cultural heritage preservation In-text: (Ioannides, 2012) Bibliography: Ioannides, M. (2012). Progress in cultural heritage preservation. Heidelberg: Springer. KRAUEL, J. AND OCKRASSA, A. New concepts in renovating In-text: (Krauel and Ockrassa, 2005) Bibliography: Krauel, J. and Ockrassa, A. (2005). New concepts in renovating. Singapore: Page One. KRCALOV, J. The Prague Castle Picture Gallery In-text: (Krcalov, 1966) Bibliography: Krcalov, J. (1966). The Prague Castle Picture Gallery. Museum International, 19(1), pp.31-38. MCLAUGHLIN, C. Rethinking Visual Anthropology:Rethinking Visual Anthropology In-text: (Mclaughlin, 1999) Bibliography: Mclaughlin, C. (1999). Rethinking Visual Anthropology:Rethinking Visual Anthropology. Museum Anthropology, 22(3), pp.71-73.