Seasons of the Year Essay Example for Free

Seasons of the Year EssayIt was the summer break and we were hanging out at Nadias back porch. The day was the epitome of summer change day, light breeze, white cotton dresses swaying among green grass. We were enjoying tall glasses of iced tea and freshly-baked oatmeal cookies, while trading stories. It was just kindred when we were kids, barely into puberty and boys. That was a time of periodic neighborhood bike trips, of flowers nicked from unsuspecting neighbors, of promises that we will never be separated from each other, which we swore to by having identical ballpoint tattoos, of ending our daily adventures with tall, cold glasses of iced tea and freshly-baked cookies supplied by Nadias accommodating father, while listening to Lizs never ending ( moreover never boring) tall tales. Those were the best months of my life, and I only get to that now, when they have become a distant past. Like the tire tracks we left with our bikes, the flowers we innocently uprooted, the wa shable tattoos, the ice cubes in the long-since consumed iced tea and oatmeal cookies, the words Liz utilize to narrate her imaginative stories, we took these for granted, reassured that we can do them again and again.The foolishness of youth. Who would have thought that Nadias father would be involved in a gondola accident, and become semi-paralyzed while we were in high school? Who would have thought that vibrant Liz would drop out of college in our second year to join an arrangement that deals with human rights violations overseas? And who would have thought Diana would become separated from Nadia, Carrie, and me as she leaves for Florida in a few days before flying to Japan? Our support summer of being together, before high school graduation, I realized that autumn does come early. And so does the desolation of winter. We were looking up at the mordant sky when Liz suggested we go somewhere. We were all for it, as it was our first summer together since we started college, b ut we had no idea where to go. All of a sudden, Diana suggested we go to Hollywood now. We knew it was raving mad, but we immediately got up, piled into Carries car, and drove away with all five of us in the car. All we had were the bills and coins in our pockets and knapsacks, the clothes on our backs, Carries car, Nadias camera, and each other. At the first stop, we bought beer and toss out food. Everyone except for Carrie drank Nadia to a fault drank, albeit she only had a bottle. She kept taking pictures of everyone, from Lizs underdone tongue stunts, to Dianas impersonations, to my dazed reaction to everything (What? Where are we? Whats that?), to the view of outside from Carries seat. We were being crazy and immature, and it was like being back again to our childhood summers. It was a long car ride, but I do not remember much of what transpired then. Only, I was looking outside for sometime, and I was amazed at how one feels a certain attachment towards clouds we were in a moving vehicle, yet I kept on looking at a certain cloud, pulling it towards me as we drove to Hollywood. The sky behind it kept on changing hues blue, red, purple. I knew that no two clouds looked alike, especially in different seasons yet, they are still clouds, made of the same material. We soon reached Hollywood, and being inebriated, transformed into giddy kids in a playground. The recline of the Hollywood tour I can only remember in a drunken blur taking pictures with nadias camera hand prints of stars taking pictures of the stars themselves of crazy food in crowded diners of break dancing kids of shimmering lights of gangs approaching people and bashing pounding shouting running around hollywood looking for the car move to the same places over and over and over again losing the car carrie panicking shivering shouting crying taking the bus home drowsy because of the rocking bus like waves of the sea looking up at night-time clouds still same clouds though different diana ru nning frantic to airport plane bound for florida is boarding when we come in hugging goodbye waving tears laughter friends Looking back, I have always seen summer as the best time of the year. It was the most beaten(prenominal) to me, the most comforting I get to be with my friends again, and just hang out. Cotton dresses are always softer, and green grass is greener during summer. I get to con the blue sky as familiar, white fluffy clouds drift. Yet, I have forgotten that they are the same water vapor forming shapes, whatever the season, just as my friends are still my friends, wherever we may be, how old we may be. I have also forgotten that though autumn may come early, it also brings with it the promise of a new summer. And if summer does end early, I can always pull out all those summer memories and remember.

Comment critically on comparative advantage as a basis for international trade Essay Example for Free

Comment critically on comparative favor as a basis for worldwide trade EssayComparative advantage was an idea proposed by David Ricardo in 1817, and is an idea which preserve be used on a variety of scales, but is most often used when analysing international trade. Ricardo used the idea of wool produced in England at a lower prospect cost than wool is produced in Portugal sexual congress to vino, while in Portugal wine is produced at a lower opportunity cost than wine is produced in Britain relative to the wool. This tauts that in Portugal it is less costly to produce wine in terms of what is the next best use of the resources involved. The reasons that this occurs could be for any number of reasons weather, technology, productivity of workers in that industry and so on. This idea is one that all countries can benefit from, as hitherto a tiny country will have a comparative advantage in a good relative to another(prenominal) good, even when trading with a world superpower . Comparative advantage is often used to look at just two countries and two goods, which is not necessarily a pitfall as the model can be applied to multiple countries and multiple goods, it is just for simplicity. Shown below is a very honest idea of the benefits produced by comparative advantageAs with any model in economics, comparative advantage is not ideal. It is a proposed model based upon a fundamental idea which has very often proved itself to be true, but it still relies on many ideals and factors that do not and cannot realistically exist. These underlying assumptions mean it is difficult to base international trade upon the comparative advantage surmisal. However, the comparative advantage theory is questionably a solid basis to trade, even if it cannot develop international demand and supply in its entirety.The biggest problem when it comes to how affective comparative advantage is in dictating trade is that all factors of production are assumed to be perfectly mobil e, something which it is fair to say is never the case. The idea is that any factors of production, be it labour, capital, land or entrepreneurship, that these, if do redundant from one industry it is thought that these resources could presently be transferred to another industry that has a comparative advantage over the other country.This is clearly not going to be case, unless the industries are very similar, something which contradicts another theory of comparative advantage, which states all goods are homogenous. It is therefore almost an impossibility for this to occur, for the unemployment created by a failed industry to be suddenly removed by another. structural unemployment of people without the necessary skills to work, is inevitable. Even in the EU, where the S.E.A single market was set up in 1986, it is still difficult just to go and work in another EU country for geographic, structural and lingual reasons. The government would have to spend a huge amount on supply sid e policies such(prenominal) as very efficient schemes of education or perhaps low taxation (Thatcherite) to be able to transfer skills that quickly, and shift the long run amount of money supply curve to the right, thus reducing unemploymentBecause the government realises just how unlikely and difficult it is to transfer resources, it actively discourages the failure of an industry, as shown by the EUs enormous subsidies of the farmers in this country, most notably the Common Agricultural Policy. It is therefore acting against the theory of comparative advantage, as this would dictate that the farmers move into the service sector, where Britain is very productive. This shows how politics has a great affect on trade once the industry has been established, though comparative advantage may well have dictated what industries were originally started and how they grew, even if politics has a greater effect today.The fact that politics makes a big difference in the effect of comparative advantage demonstrates another flaw of the theory. It assumes that trade around the world is completely free, something which is increasingly true, although the creation of the EU has meant that trade within the EU is almost completely free, while from in the EU to the rest of the world, protectionist policies are in place. There in any case continue to be some semi-autarkic countries such as North Korea.If play bats are made in both England and Pakistan, if Pakistan has the comparative advantage in making the good, in terms of Panama hats for example, consumers in the UK may well still buy cricket bats from British producers, for several reasons, most importantly that policies such as tariffs or quotas may well be in place on goods debut the EU, in which case the goods are no longer price competitive. This is shown belowHowever, the large sales of cricket bats in the UK may well also be for other reasons. Cricket bats are not a homogenous product, with different bats suiting di fferent players, and other non-price competitive reasons such as a higher quality of bat made domestically or that there is better after-sale support. This is something that the theory of comparative advantage does not believe into account. It may also be very expensive to transport the bats to the UK from Pakistan, making it no longer economically efficient to trade here. This is something else that is not taken into account by the model.All these things aside, the reasons why countries trade is for the benefits that arise from the trading, such as specialisation increasing output, economies of scale, innovation through competition and the welfare gains in increasing the consumers choice. It is at no stage a random process as to what goods are traded, and there are good reasons for why bananas arent grown in England and sheep arent reared in the West Indies. The productivity of a country in producing a good dictates what it will trade, and a country that is very inefficient in pr oducing a good will move onto something to which it is more suited.There are of course cases where this is overridden by the factors mentioned, but ultimately comparative advantage theory does form a basis as the title suggests, to almost all international trade. For the trade to occur, the terms of trade are laid out, which is simplified to compromising between the opportunity cost ratios of the two countries. Once again, this is not exactly how it works, as politics and economics merge to create something slightly different, but it is highly likely to be something close to what comparative advantage suggests it should be. It is inevitable that the model does not fit the real world, but there is not a single economic theory that can be applied directly to an economy with no assumptions being made.

Corporate Governance Impact On Capital Investment

Corporate Governance Impact On Capital InvestmentIntroductionOverviewThrough conglomerate studies over the years, dissimilar scholars and monetary analysts sustain been open to establish a affinity of exchange combine on theaters investment spending. It was signifi nookietly proven by (Modigliani Miller, 1958) that a solids financial status is irrelevant for sure investment decisions in a world of perfect and complete large(p) food markets, after controlling for the greet of working capital.In case of man growrial discretion, establish on (Jensen, 1986) free hard currency decrease theory, firms increase investment (including projects with negative present rate) based on the availability of cash plays with incentive of increasing firms value beyond take aim of optimal investment. Moreover, an agency costs in like manner appreciate the borrower net worth by charging a premium on the external financial support. The discussion high up explains that the firms inve stment decisions are dependent on the availability of midland funds, as cost advantage over external fund is evident.While choosing an appropriate capital body structure, there are certain trade-offs which affects the decision. These trade-offs include tax advantage through acquiring debt against the bankruptcy cost which advocates the use of equity. Keeping this in view, various different models adopt been supported to explain this bodily capital structure behavior. Pecking Order supposition, initially mitigated by (Donaldson, 1961) describes the financing practice as prioritizing the means of financing, which is necessary for the management to counter against asymmetric information. Either they should generate the funds internally or acquire funds externally through debt rather than equity.Implications to the pecking order theory involves the peremptory impact of leveraging on the market price, which means, financing through debt sends a positive signal into the market abo ut the firms future prospects. Further more(prenominal), intermediaries as well as sabotage the role of management as the financial intermediaries such(prenominal) as investment banks function as the insider to the firm. Consequently, keeping an eye on the firms operations and influencing the firms capital financing decision.However, Pecking order theory of (Myers, 1984) argues that the firms operating in imperfect or incomplete capital markets where the cost of external capital exceeds that of internal funds, the financial structure whitethorn be appropriate to the investment decisions of companies lining uncertain prospects.Gauging the take of corporate investment in any firm is based on the corporate politics market position of a firms asset against its book value give the gate be termed as Tobins q ratio. Identified by (Chung Pruitt, 1994), Tobins q as proportion of firms market value to replacement cost of its assets. Tobins q abide be considered an effective tool for d etermining financial performance as the information bathroom be collected quick from a balance sheet.When calculating Tobins q ratio, the replacement cost substructure be controld approximately by the book value of firms plant and equipment. Approximate q can be replaced with the actual Tobins q to make the calculations un puzzleatic and selective information can be readily on hand(predicate) without any discrepancies.Problem StatementTo theater the impact of corporate governance on the capital investment decision through cash devolve and Tobins q interaction in relation with Capital InvestmentHypothesEsH0 Firms cash function having a significant impact on its capital investment go out be think with high Q values. (FCF Theory)HA Firms being fluidness constrained repay satisfactory to least payout will have significant investment-cash time period sensitivity, and will be linked with high Q values in the market. (PO Theory)Outline of the get windThe report contains the rumination of seek data that will study the phenomenon of cash flows and investment discussed earlier in this paragraph. The study categorizes firms according to characteristics (such as dividend payout, size) which will help measure the level of backwardnesss faced by firms.The study will help readers to understand the complexities of Pecking order theory and unleash property Flows concept with regard to asymmetric information easy and corporate governance which influences decision of the firms.To measure the effect that cash flow-financed (internally sourced) capital spending and Q has on firms investment, characterless Least Square Regression model will be used to label the function. To compute the influence on the Investment, instruments used are (1) Cash Flow, (2) Approximate q, and (3) an interaction of both variables are created. Through analyse the parameter estimates of interaction variable, positive influence on investment will support the Pecking Order hypothesis and negative influence will govern the Free Cash Flow hypothesis. The equation hypothesized in the next part is linear.DefinitionsPecking Order Theory(Myers, 1984) A firm is said to follow a pecking order if it prefers internal to external financing and debt to equity if external financing is used.Free Cash Flow TheoryAccording to (Jensen, 1986), free cash flow theory, high cash flow and low debt create agency costs associated with conflicts amongst manager and share h honest-to-god over the payout of this free cash, which is the cash left after the firm has invested in all available positive net present value projects.Capital StructureA careful and systematic analysis of how claims against a corporations assets can or should be unyielding, assessed, and accounted for. (Riahi-Belkaoui, 1999)Capital Investment DecisionCapital Investment decisions are those decisions that involve current outlay in re roll for a decant of benefit in future years. (Drury, 2006)Tobins qTobins q is a measure of investors expectations concerning a firms future profit potential. It is defined as the ratio of the market value of a firm to the replacement cost of its assets. (Strecker, 2009)Literature ReviewVogt (Vogt, 1994) explained the capital spending behavior of companies with respect to change in dividend cash paid, cash flows, sales, and market value of assets. The arrested development equation models the variables to proportion of fixed assets, and distributes the firms data in segments of Dividend Payout Groups and Asset Groups. Primarily, Dividend Cash has a industrial-strength negative impact on capital spending it explains that in order to finance additional fixed investment firm needs to sock cash by reducing their dividend. Cash flow, Sales, and Q Ratio having a positive coefficient demonstrates that with an increase in future cash flows, the firm will improve its capital spending.A relationship has been developed between the firms investment decision and the firms f inancial status by Cleary (Cleary, 1999), financial status has been studied with respect to the liquidity constraints. The data is classified into groups through a discriminant analysis on basis of dividend payout policy. Groups taken into study have made possible to identify firms which are more financially constrained more likely to be investment-cash flow sensitive, fostermore, availability of internal sources of funds have a greater impact on firms with high credit worthiness, and vice versa.It has been proposed that the various ownership structures make managerial decision based on the interaction between investment and the firms liquidity constraints. The study conducted by Dedoussis Papadaki (Dedoussis Papadaki, 2010) mentioned that the management can be held separate from its ownership, even on basis of the nationality of the company. On the early(a) hand, it also explained that the relative shareh elderlying of CEO and the controlling shareholders can also be the basis of separation. The sample used in the study was separated and group on basis of dividend payout, asset size of the firm, age of the firm, source of control, and kind of ownership. On the given sampling criterion greater asset size firms, older firms, lower Q (high investment opportunity), and high dividend payout firms showed higher cash flow sensitivity towards investment.Findings support that the Low Q, small, and new firms under the generalized model are facing asymmetric information problems. Indeed these firms are expected a priori to face financing problems that affect the cost of their external financing. On the other hand, low Q, old and low dividend firms are more likely to face managerial discretion problems that result to over-investment.The impact of Tobins Q is mainly used to determine the investment opportunity of the firm. In this article, marginal Tobins Q has been taken to evaluate the firms investment and Research Development expenditures. The asymmetric informa tion (AI) hypothesis proposed that firms provided with a profitable investment-project whitethorn be not able to source it through internal cash flows and for the reason that the cost of external funds is too high due to the capital markets ignorance of the firms investment opportunities. On the other hand, agency or managerial discretion (MD) hypothesis constructs the investment-cash flow relationship on the supposition that managers are well qualified in context with development they obtain from managing a huge and fast paced firm and thus exceeding the wealth shareholders beyond their expectations. (Gugler, Mueller, Yurtoglu, 2004)Taking in viewpoint the impact of capital structure on the capital investment decision, firms investment demands is the more susceptible towards cost-of-capital or tax-based capital incentive. Whereas, capital structure seems irrelevant as against internal sources of funds can be effectively substituted with sources of funds generated externally. The size of the investment project can be a deterministic factor towards it. Fazzari, Hubbard, Peterson, Blinder, Poterba (Fazzari, Hubbard, Peterson, Blinder, Poterba, 1988) explicates that cash flow/investment relationship is more sensitive when taken in reference with firms dividend behavior. Comparison based on firms having more or less liquidity constraints can be further improved when compared on a division based on the scale of the firms, i.e. young or small firms versus large ones. This way the researchers can address the problem of firms lacking the asymmetric information.Under the impression where capital investments decisions mainly pertains to the capital structure or choosing the appropriate source of investment, Schaller (Schaller, 1993) conducted three different empirical tests to determine that information asymmetries have a huge influence on the firms investment behavior. Differences among the informational base of investors and creditors was also considered a capit al market imperfection. Ownership status and age of the firms has an impact on the cost of equity financing, mature firms pay comparatively less price for it than young firms. Same aspect goes for the firms with concentrated with comparison to spread ownership.Borrowing is considered a more rational source for investment-projects. Pledgeable assets generate greater borrowing capacity, which afterwards makes firms invest more in pledgeable assets. As suggested by Almeida Campello (Almeida Campello, 2007), such a phenomenon can be termed as a credit multiplier. In case of financially constrained firms, a multiplier relates to the sensitivity of firms investment-cash flow relationship that is reflected as the increase in the tangible assets of the firm. Therefore, it is proposed that with fewer tangible assets firms are more likely to be financially constrained. The sensitivity of investment-cash flow relationship is on the face of it influenced by the tangibility of a firm, as lat ter discussed.Managers while making capital investment decision considers externally-sourced funds costlier, therefore, overconfident managers over assessing the profitability of an investment-project invests more when having abundant internal funds to utilize. However, deciding not to source externally in case where they are short of internal funds to generate. There has been an demonstration of significant relationship between the managerial discretion and investment-cash flow sensitivity. Equity concentrated firms are more likely to be influenced by overconfident managers, unless pay tools can be used to reduce the effects of managerial overconfidence. (Malmendier Tate, 2005)Goyal Yamada (Goyal Yamada, 2004) have explained the impact of asset pricing in the shopworn market against investment-cash flow sensitivity. Overvalued stock prices triggers an increased in investment spending and are cut back when stock are being undervalued, consequently, inflated prices collateral a ssets attract higher level of external financing. Inflationary pressures primarily determined by the economic monetary policy impacts on the wavering of cost on external financing, though it reflects exceedingly on cost of external financing, marginally impacts less on the investment-cash flow sensitivity.It has been observable that less financially constrained firms have significantly higher investment-cash flow sensitivity. Characterizations of firms based on financial constraint can sometimes create confusion. Firms having unusually high cash holdings can either be characterized as free based on the opportunities it has to invest or constrained based on the assumption that it needs to have a precautionary savings to invest in future investment projects. Therefore, financial constraints cannot be used as an influential determinant for investment-cash flow sensitivity. (Kaplan Zingales, 1997)Hu Schiantrlli (Hu Schiantarelli, 1998) put into picture the effect of general econom ic factors and various firms characteristics on the value of the firms net worth. Mainly financial status is the most important determinant for the level of asymmetric information problem that managers face. A strong balance sheet position can reflect good sign of firms performance which enhances the market value of the firms asset to its stake holders, mainly investors and creditors. Q models assumption also assists in determining the sensitivity of the investment-cash flow relationship, where the indicators determine the investment opportunity and the sources of funds to choose from.Understanding the market influence in proxy of q can also give a clear picture to the movements in the firms investment over a period. Net worth of firms helps manager determine if the sourcing of funds externally is a viable option in contrast to the investment opportunity which underlies. (Hubbard, 1998)Research conducted on the investment-cash flow sensitivity addresses many aspects of the firms fin ancial strength. Further study by Calomiris Hubbard (Calomiris Hubbard, 1995) shows that when firms tax taken under investigation also reflected a significant influence on the volume of spending on investment-projects. They explored the impact of tax margin, as a tax experiment, on the cost of internal and external funds. Surtax when levied on undistributed profits, obligate the firms to incur certain cost on the internal funds. This effects the managers decision to invest and is also reflected on the investment-cash flow sensitivity against the surtax margin. As a result to evade burden of higher cost on internal funds, firms with high surtax-margin exhibits elevated sensitivity in investment-cash flow relationship.Quan (Quan, 2002) discusses the Pecking Order theory with reference to the Modigliana-Miller proposition that works under the assumption of perfect market. Here it is stated that value of the firm is irrelevant and based on a few limitations the choice of financing ca n be determined via gauging the strength of the firm. These factors pertain to the imperfect market and influence the managers to make their capital investment decision. Once the assumptions are released the financing structure shows a clear picture.The intimacy between Free Cash Flow theory and Agency theory has always been under the limelight when there is a question of retaining the undistributed profits. FCF Theory taken under consideration gives out an option to the management to hold on to excess cash sacrificing the shareholders opportunity cost. These excess funds can be generated to better internal operational efficiency or at managers discrepancy to source its investment-projects. (Wang, 2010)Research MethodsThe chapter explains the model used in the given research study. The study focuses on analyzing the influence of Cash Flows and Tobins q on Corporate Investment. The equation represented by a dependent variable as a ratio of capital spending to the runner net fixed a sset (I/K) addressed by independent variables (1) ratio of cash flow to the beginning gross fixed asset (CF/K), and (2) beginning Tobins q (Q).Method of Data CollectionMain source of collecting the required data is from secondary sources. It includes the Balance Sheet Analysis of Joint Stock come with listed in Karachi Stock Exchange provided by State Bank of Pakistan consisting of data of our relevant variables. The data was taken in annual terms to conduct this research. try TechniqueThe Convenience sampling or grab or opportunity sampling would be use in this research. Sample population selected because it is readily available and convenient.Sample SizeThe sample period taken under study covers 8-years period beginning at the start of 2000 and ending at the close of 2008. The data was taken from a sample of 70 (non-banking and non-financial) companies which are listed on Karachi Stock Exchange and included in KSE-100 index.Research ModelStatistical techniqueOrdinary Least Squar e Regression technique is used to study the impact of variables included in the study. It helps studies the relationship between a dependent variable and some(prenominal) independent variable. It also assumes the relationship to be linear or straight line, where the values of predictors lies this instant proportional to Criterion variable. SPSS Software is used to develop the reversion model and evaluate the influence of predictors on dependent variable.ResultsFindings and interpretation of resultsAggregate SampleTable Represents the model summary of regression estimates for the full sample of 69 firmsThe predictors, i.e. main effects of Cash Flow and Tobins q and an interaction variable of both combined, included in the model explains 78.5% of Investment (Table 1) shown mentioned as R Square. Least variation in Adjusted R Square suggests that the variable to observation ratio in the given model is sufficient. Casewise diagnostic was also conducted to eliminate the outliers in t he data to improve the results.Table Studies the F-statistics to test whether the model predicts the dependent variable significantlyThe F-statistics (Table 2) is significant and it determines the regression model with the given predictors can significantly predict the outcomes at a 0.05 significance level.Table The parameter estimation for full sample of 69 firms with respect to dependent variable, t-statistics is used to test the zip fastener hypothesis 1 = 2 = 3 = 0The coefficient values of all predators included in the test are significant at a 0.05 significant level (Table 3), which shows that they have a strong influence on the investment of the firm. The standard coefficient shows that Cash Flows have a much greater impact on Investment than market value on the firm, which is exemplified through Tobins q.Dividend Payout groupsTable Presents the sample statistics for 69 KSE listed (non-banking and non-financial) companies which are included in the KSE-100 index. The three rows distribute the statistics into High, Medium, and Low payout policies. Average dividend-to-income ratios of greater than 0.35, between 0.35 and 0.10, and less than 0.10 define High, Low, and Medium dividend-payout firms, respectively.While studying the dividend-payout groups (Table 4), the descriptive helps to identify characteristics to confirm whether the data being studied has the authenticity and the behavior pattern which usually related to the groups assigned. The values of Investment, Cash Flow, and Tobins q associated with the groups are in complete correspondence with the hypothetical occurrence. Firms having a higher (lower) dividend payout have greater (lower) market value, and lower(higher) level of cash flows and investments.Table Represents the model summary of regression estimates of 69 firms split by High, Medium, and Low dividend-payout policies.The model helps explains 81.9%, 66.7%, and 80% data in High, Medium, and Low dividend-payout firms (Table 5), shown in R Square. Least variation in Adjusted R Square suggests that the number of observations is sufficient with respect to variables in each group separately.Table Studies the F-statistics to test the null hypothesis of 1, H = 1, M = 1, LThe F-statistics (Table 6) in each dividend payout group is significant and it determines that each regression model with the given predictors can significantly predict the outcomes at a 0.05 significance level.Table Shows the parameter estimation for each payout groups with respect to dependent variable, t-statistics is used to test the null hypothesis 1 = 2 = 3 = 0The coefficient values of predators in High and Low dividend payout groups are all significant at a 0.05 significant level (Table 7), which shows that they have a strong influence on the investment of the firm. Except for Medium dividend payout group, which has insignificant coefficient values of Tobins q, showing no impact on the investment. The standard coefficient shows that Cash Flow s have a much greater impact on Investment than market value on the firm, which is exemplified through Tobins q.Hypothesis Assessment SummaryHypothesis free lance VariablesBtSig.CommentsFirms cash flow having a significant impact on its capital investment will be linked with high Q values. (FCF Theory)Cash Flow QH0 3 3,H = .1355.295.000Rejected 3,M = .072.991.324 3,L = .1405.482.000Firms being liquidity constrained due to least payout will have significant investment-cash flow sensitivity, and will be linked with high Q values in the market. (PO Theory)Cash Flow QHA 3 0 3,H = .1355.295.000Accepted 3,M = .072.991.324 3,L = .1405.482.000Dependent Variable Investment (I/K)Table Summarizes the results and explains that the hypothesis accepted is directly in correspondence with the aggregate hypothesis.As illustrated (Table 8) capital spending of low payout firms is positively and strongly influenced by the interaction term, consistent with the PO hypothesis, the parameter estimate fo r the high payout firms are also positive but marginally significant.Conclusion, Discussions, Implications And future tense ResearchConclusionThe results illustrated above demonstrates that the positive relationship between the degree of the Investment-Cash flow relationship and Q represented latter in the aggregate data (Table 3) is concentrated in low or no dividend paying firms. This finding is in further support with the PO hypothesis.DiscussionsThe objective was to study and test the causes of universal relationship between Cash Flow and Investment Spending. Hence, two hypotheses were included in the research to study the source of this relationship the free cash flow hypothesis (FCF) hypothesis, which works on the assumption that managers prefer investing its free cash flow excessively into investment projects that are not profitable, and the pecking order hypothesis (PO) purports that managers are prone to investment comparatively less than the opportunity provided due asymm etric information-induced liquidity constraint.As advocated in favor of Pecking Order Theory by (Fazzari, Hubbard, Peterson, Blinder, Poterba, 1988) and many others, for groups which consists of small firms with low-dividend payout to fund capital spending, exhibits heavy reliance on cash flow and cash changes. The relationship can be more significantly studied when the impact of larger q value is associated with this group.Evaluating the impact of corporate governance on investment-cash flow relation requires a critical judgment as to how do the firms cash flow and the existing market value influence the investment decision. Financially constraint firms may have a larger impact on liquidity associated matters and managers might take discretion in choosing the right sources to tap. Agency cost may be involved in making such a decision where managers may consider paying dividend as a higher opportunity cost as it reduces the firms free cash flow to exploit new profitable investment projects.Implications and RecommendationsIn the current market situation where external pressures existing can also be taken into proxy. When managers making a capital investment decision they need to take in view other non-financial aspects that also influences the decisions to a certain extent. Furthermore, financial intermediaries having a certain level of involvement and sharing information sensitive to the market can also be a major(ip) factor that might be giving a varying result against Investment.Investing in profitable-investment projects can bring in greater resources to the firm in future and it entails a huge decision burden upon the shoulders of the managers. Shareholders expecting to earn a greater return through investing in them can also be undermined when manager decided to have a low payout policy. Funds generated internally is a possibility where there is a healthy cash flow, but it is also preferable if this free cash is invested into marketable security for allo cating the resources into a profitable venture for a time being to make it a positive impression.Future ResearchIn future studies there may be more aspects of cash flow-investment relationship which can be studied for assessing the degree impact it has on this relationship, i.e. sales, debt performance, capital structure, firm size, etc. The research study may also be improved if the observation of firms are increased that will in turn reflect a more clear picture about the relationship in the current scenario.ReferencesAlmeida, H., Campello, M. (2007). Financial Constraints, Asset Tangibility, and Corporate Investment. The Review of Financial Studies , 20 (5), 1429-1460.Calomiris, C. W., Hubbard, R. G. (1995). Internal pay and Investment Evidence from the Undistributed Profits Tax of 1936-37. The Journal of seam , 68 (4), 443-482.Chung, K. H., Pruitt, S. W. (1994). A Simple Approximation of Tobins Q. Financial counsel , 23 (3).Cleary, S. (1999). The Relationship between Firm Investment and Financial Status. The Journal of Finance , 54 (2), 673-692.Dedoussis, E., Papadaki, A. (2010). Investment spending and corporate governanc Evidance from the ASE listed firms. Managerial Finance , 36 (3), 201-224.Donaldson, G. (1961). Corporate Debt Capacity A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity. Division of Research, Graduate School of Business Administration, Harvard University .Drury, C. (2006). Cost and management business relationship an introduction (6 ed.). Cengage Learning EMEA.Fazzari, S. M., Hubbard, R. G., Peterson, B. C., Blinder, A. S., Poterba, J. M. (1988). Financing Constraints and Corporate Investment. Brookings Papers on Economic Activity , 1988 (1), 141-206.Goyal, V. K., Yamada, T. (2004). Asset Price Shocks, Financial Constraints, and Investment Evidence from Japan. The Journal of Business , 77 (1), 175-199.Gugler, K., Mueller, D. C., Yurtoglu, B. B. (2004). Marginal q, Tobins q, Cash Flow, and Invest ment. Southern Economic Journal , 70 (3), 512-531.Hu, X., Schiantarelli, F. (1998). Investment and Capital Market Imperfections A Switching Regression Approach victimization U.S. Firm Panel Data. The Review of political economy and Statistics , 80 (3), 466-479.Hubbard, R. G. (1998). Capital-Market Imperfections and Investment. Journal of Economic Literature , 36 (1), 193-225.Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review , 76, 323-9.Kaplan, S. N., Zingales, L. (1997). Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? The Quarterly Journal of Economics , 112 (1), 169-215.Malmendier, U., Tate, G. (2005). CEO Overconfidence and Corporate Investment. The Journal of Finance , 60 (6), 2661-2700.Modigliani, F., Miller, M. H. (1958). The cost of capital, corporation finance, and the theory of investment. American Economic Review , 48 (3), 261-97.Myers, S. C. (1984). The capital struct ure puzzle. The Journal of Finance .Quan, V. D. (2002). A rational acknowledgment of the pecking order hypothesis to the choice of sources of financing. wariness Research News , 25 (12), 74-90.Riahi-Belkaoui, A. (1999). Capital structure determination, evaluation, and accounting. Quorum.Schaller, H. (1993). Asymmetric Information, Liquidity Constraints, and Canadian Investment. The Canadian Journal of Economics , 26 (3), 552-574.Strecker, N. (2009). Innovation Strategy and Firm Performance An Empirical Study of Publicly Listed Firms. Gabler Verlag.Vogt, S. C. (1994). The Cash Flow/Investment Relationship Evidence from U.S. Manufacturing Firms. Financial Management , 23 (2), 3-20.Wang, G. Y. (2010). The Impacts of Free Cash Flows and Agency Costs on Firm Performance. Journal of Service Science and Management , 3 (4), 408-418.

Impacts Of Tourism In Cyprus

Impacts Of tourism In CyprusList and describe the potential verificatory and negative socio-cultural extend tos of tourism in an area of your choice.tourism is a product that is produced and consumed at the same time. Tourism concerns the economy and lives of communities and has proven to be a lifesaver for many destinations. Impacts occur when tourism changes the value systems/ behavior, great(p) native identity and that changes occur in community structure, family relationships, ceremonies, collective traditional styles and morality. Tourism can also cause supportive impacts as it can perform as a helpful force for peace, help avoid urban relocation by creating local anaesthetic jobs and foster pride in cultural traditions. The pillow slip of touring car will watch a differing effect on the host community. The mass tourist is less likely to adapt to the local cultures and will seek amenities and standards found in his home community. On the otherwise hand the independen t tourist will adapt more readily. The process of tourism increase is truly important because the speed and nature of development can be a major influence on the magnitude and direction of socio-cultural changes. The term socio-cultural impacts refer to changes to residents everyday experiences, as well as to their values, way of life, and intellectual and artistic products.NEGATIVE SOCIO-CULTURAL IMPACTS OF TOURISMTourism can cause change / loss of local identity and values byCommodificationStandardisationLoss of authenticity / staged authenticityAdaptation to tourist demandsPOSITIVE SOCIO-CULTURAL IMPACTS OF TOURISMThe promotion of cross-cultural understandThe incentive value of tourism in preserving local culture and heritageThe promotion of social stability through positive economic outcomesThe potential positive and negative socio-cultural impacts in CyprusThe positive and negative impacts of tourism on the Cyprus socio-cultural structure has been an issue for a long time. Social impacts can be considered as changes in the lives of tidy sum who live in destination communities, which are connected with tourist actions in regard to moral conduct, creative expressions. Cultural impacts can be the changes in the arts, traditional ceremonies, customs and rituals and architecture of people that result from tourism activity. Witt (1991) claims that, the greater the difference amid the host community and the tourists the greater will be the affect of tourism on society. This presents a challenge to decision makers in regard to the type of tourism that a destination is trying to attract. Thus, for example, at the discipline level a specific development might be justified on the grounds that it is positive for the society as a whole regular if on average it is not positive for the host community. All travelers seek tourism experience, yet very unlike goals and objectives are required through different roles and behaviors. This occurs because in Cyprus are m any different types of tourists. Each type of tourist can be expected to behave differently while visiting a destination. Certain groups can be seen as more exploitive and less sensitive to social and cultural values. Explorers blend into the Cyprus life as local people do and stay longer but they have contact with fewer people than members of a charter tour that moves through Cyprus for shopping or sightseeing.In the case of Cyprus, the tourist policy of the Cyprus Tourism Organization aims to attract middle and high-income class tourists in order to minimize possible resentment between locals and tourists. check to statistics by Eurostat, Cypriots enjoy a higher standard of aliment than other regions and the type of tourist that visits the island is not the typical high and middle class income tourist but mostly new-fashionedsters who tend to reach their limits once they are abroad. The effects of tourists behavior and activities on young people in the area are very noticeable. The increase in drug trafficking and wickedness are the two major effects of tourism on the local community. Young people tend to slip away a lot of their free time away from their families and from community activities since they spend more time in the tourist areas going out clubbing or at bars. As a result, we have an increase in the number of school dropouts and in the number of people smoking at early stages of their age. Cyprus is considered to be one of the few destinations that have controlled tourism well, and it is now repaying the benefits.Cyprus is still an up market destination offering a friendly air and high character reference service. Cyprus has always marketed itself as a prestige resort. Surveys show that many residents see the tourists as a breath of fresh air into the society, economy and life of the locals. The Cyprus Tourism Organization is aiming to keep its high quality and consequently its up market clientele by offering excellent facilities and differ ent types of tourism activities such as Agro Tourism, Bird Watching and Cycling. To achieve this selective advertising and promotion are adopted in order to attract this type of customer.The development of the Tourist industriousness led to an improvement in the standard of live for the local people in several areas as tourism expenditure increases the income and improve the standard of living and the quality of life for the locals. Tourism also contributes to the development of infrastructure with the building of airports, new roads, restaurants and hospitals, attraction to enable greatest number of citizens to benefit from the cultural, recreational and unfilled activities of the tourism sector. Tourism has also aided in arising the interest for art festivals and crafts, for example weaving, embroidery, wood crafting, pottery etc that have been practiced in small villages for hundreds of years.The impact of tourism on the conservation of old buildings is also both positive and n egative. Cyprus residents claim that tourists look for and appreciate local architecture and authentic traditional style, so a lot of buildings are being renovated or conserved as mainly tourist attractions, which would have been destroyed by eager owner. On the other hand, old buildings do not have enough capacity to provide accommodation for the growing number of tourists, so they are destroyed to give style to new and large guest houses with appropriate capacity and tourist facilities.The media have described Paralimni and Agia Napa as a round-the clock neon-lit cosmopolitan mini-metropolis and topless charge capital of Cyprus. The majority state that tourists have a negative effect on the Cypriot way of life and that tourism changes the traditional culture, also it decreases the life style quality of Cypriots who live in tourist areas. The extreme concentration of tourists resulted in the modification of social attitudes among young people, particularly towards sexual behavio r. The European way of living has altered the Cypriot society as younger generations are seeking different values than their families, and thus resulting in weaker family bonds. A number of researchers examined the link between the perception that tourism contributes to increase in crime and the support for its development. The crime is related to resident perceptions of tourism development. There is also an increase in harlotry and rise in criminal activity and possible anger between local and tourists. Rural population, long term residents, farmers, and younger segments perceive tourism as contributing to an increase in crime especially in the area of Agia Napa. Agia Napa is advertised as a place of great consumption of alcohol, sex, drugs and crime and a great damage caused by thousands of topless beach goers. Moreover the massive arrival of youngsters changed the image of the area from a fun relaxing atmosphere to more of a nightlife entertainment with many nightclubs and disco s. As a result, there is an increase in drug trafficking and crime as well as the young generation in Cyprus has started to adopt different set of values on morality and style of dressing which is not acceptable by the older generations. Tourists have altered the Cypriot values and beliefs especially among the young generation and as mentioned before the dress code has changed and nudity is much more acceptable now.In spite of all negative and positive impacts of tourism on the socio-cultural structure of Cyprus it is not yet clear whether the benefits outweigh the costs. In general, the residents of Cyprus have a positive attitude toward tourism. Since the success of tourism depends very much on the human attitudes and behavior of the residents of a destination towards tourists, this seems to be an encouraging result for the proximo of tourism development. Residents recognize a range of potential positive and negative impacts of tourism however, current attitudes are generally qui te positive and there is support for future modest increase in tourism. The tourism development strategy should aim to protect local culture, respect local traditions and promote local ownership and centering of programs and projects so as to foster community stewardship of the natural resource base. As integrated processes take time, tourism umbrella organizations should start with voluntary self-restraint, until locally qualified objectives have been reached.REFERENCESWitt, S.F. (1991). Tourism in Cyprus, Balancing the benefits and costs.Travel Management.Elena Spanou (2007), The impact of Tourism in Cyprus.Internet www.srcosmos.gr/srcosmos/showpub.aspx?aa=10216Assessed on 25/02/10 2100pm

Study into the Prevalence of FGM in Nigeria

Study into the Prevalence of FGM in Nigeria 2. METHODOLOGY2.1 DataThe Nigerian Demographic Health Surveys (NDHS) of 2013 bread and butter evidence and additional sources of data from published reports of NDHS 2013 have been physical exertiond in this champaign.Datasets for 2013 Nigerian DHS were downloaded adjacent approval from measuredhs.com. Authorisation was obtained via registering with measuredhs.com, requesting permission to occasion datasets. Permission to use data was granted via email. (Appendix I).Demographic Health surveys have been ongoing for over 30 years in over 90 countries with over 300 surveys aimed at fostering global knowledge of health and population trends in developing countries.DHS surveys are nationally representative household surveys in wowork force eond 15-49 (and sometimes men aged 15-49) which yield internationally comparable data on health indicators in developing countries. Datasets make upd from this surveys are owned by measuredhs.com as part of the projects employ by macro International, with its funding from USAID. In most countries the DHS surveys are conducted every five years providing retrospective estimates of four years including year of study, with large samples from households done face to face interviews utilise standardised questionnaires designed to gather information on female genital cutting, maternal and child health, nutrition, HIV/AIDS, family planning, gender, malaria as healthful as the socio scotch and demographic characteristics. DHS surveys involve large samplesIn Nigeria, the National Population Commission (NPC) representing the Federal Government of Nigeria, conducts the survey with technical assistance from Macro International. The purpose of this data quiet is to direct policy making, planning, monitoring and evaluation of programmes.Two phases are involved First phase involves enumeration of urban and arcadian areas in clusters based on national population distributions. Eligible househ olds are selected apply systematic sampling, allowing for a large sample to achieve statistically significant results (Hajian-Tilaki, 2011). The second phase involves data collection using the three standard DHS questionnaires (household, women and men questionnaires).In the Nigerian Demographic Health Survey 2013, data was collected over five months, completed questionnaires were then edited, processed in CSPro computer package and all that was cleaned. This ensures accuracy of information and confidentiality to participants. Data collected is standardized by weighting adjusting for over and under sampling to produce representative results (NDHS, 2013).The NDHS 2013 facilitates a comprehensive picture of the current global trends on knowledge and prevalence of FGM among women and their daughters, types of circumcision, age at circumcision, and attitudes toward the practice to be constructed.Prior to NDHS Surveys of 2013 there were subsequent surveys in 1999, 2003, 2008 which coll ected data on FGM. This surveys reported prevalence of FGM in Nigeria amongst women age 15 to 49 as shown in hedge belowTable 2.1 showing prevalence of FGM in Nigeria from NDHS surveys.The prevalence of FGM in Nigeria from 2003 to 2008 recorded an increase and this was partly from the use of a new comment for what constitutes as FGM and also differences in the data available for selecting the sample. Interviewers employ in the northeast of Nigeria included local forms of cutting and start of the vaginal walls in their definition of what constitutes FGM. The data bases for selecting the samples for the Nigeria DHS of 2003 and 2008 were relatively different, hence that made the distribution of the samples by region variant. (Yoder et al 2013). In the 2013 NDHS, the definition of FGM explicitly followed the WHO definition of FGM.In dissecting trends linked with FGM in Nigeria, it is unlikely that comparing prevalence of FGM using Nigeria DHS over years will give valid reasons for t he trends over the years cod to differences mentioned earlier (NDHS, 2013).2.2 VariablesThe drivers of FGM from previous studies identified as mix of cultural, religious and social factors within families and communities. The variables of involution in this study are those related to these drivers of FGM and are sort out as social, cultural, economic and geographical factors (WHO, 2014).For effective analyses some of the variables have been recoded. A full list of variables is attached in Appendix II.The outcome or open variable considered in this analyses is FGM whether a woman had FGM or not.Other secondary outcomes of interest in this study is who performs FGM, perspectives and opinions on FGM were also examined (further categorized in table 2.1).The main independent variable in this study is Age at time of survey which serves as an indicator of the birth cohort of the participant.The exposure variables of interest in this study- residence, region- in order to analyse subpopu lation trends. Other variables included in this study godliness, ethnicity, education and wealth. The variable wealth index, measures a household relative economic status. This is calculated by a process which recodes and pools together data on household assets such as type of toilet, ownership of durable goods, etc. to produce a continuous standardized scale.This variables although not exhaustive have been selected because of their association with culture, socio-economic status which have an impact on the FGM practice (WHO, 2014).The relationship examined in this study will use the following variablesTable 2.1 Definition and categorization of variables.*Types of FGM in table above (a) type I and II flesh removed from genital area (b) type IV genital area nicked no flesh removed (c) type III genital area closed. WHO classification for FGM (WHO, 2014).**All major ethnic groups in Nigeria and FGM practicing groups of significance from NDHS 2013 survey.2.2 Data Analysis2.2. 1 Concep tual Framework for analysing trends linked with FGM in Nigeria (WHO, 2014 NDHS Reports, 2013).The poser for analysis of trends linked with FGM will get to in to cognizance sociodemographic factors that can confound or mediate the practice of FGM in Nigeria. This factors are shown belowFigure 2.1 above showing conceptual framework for analysis of FGM trends.2.4 Data AnalysisAll analyses in this study were computed using SPSS v.22. The Data was weighted and complex sampling procedures used to minimise errors from sampling techniques used in NDHS 2013, thus ensuring results are valid (IBM 2015). The sampling weight was used for all analysis. A major part of the analyses involved handling of data using syntax files, a programme of orders which automatically computes analysis and can be saved. Some programmes used for the analyses can be found in Appendix III.The following statistical analysis were carried out to achieve the aim and objectives of this study2.4.1 Descriptive AnalysisThe analysis examined the following areasGeneral distribution of background characteristics of women age 15-49 frequency of background characteristicsGeneral Distribution of FGM related perspectives and opinions- frequencies of perspectives and opinions in the followingEver heard of FGMAge women had FGMPrevalence of FGM including typesWho performed FGMNumber of daughters with FGMBeliefs on FGM required by religionViews on if FGM practice should continue or stop.Trends of FGM prevalence including types of FGM percentage of women with FGM and its relationship by background characteristics, percentage of types of FGM and its relationship by background characteristics.Trends of perspectives and opinions on FGM by background characteristics as listed above from b i, ii, iv, v, vi and vii.Trends of beliefs on FGM required by religion percentage of women with FGM by beliefs on FGM required by religionTrends on opinions of FGM practice should stop or continue percentage of women with FGM opin ion on practice should stop or continueTrends of perspectives and opinions on FGM by age. alike percentages and confidence intervals, chi-square test for trends are computed to ascertain the statistical significance of these associations.2.4.2 Logistic regression analysisThe variables on women background characteristics and perspectives of FGM were fitted into regression models in order to ready the extent they predict the outcome i.e. having FGM (b) to ascertain if the practice is declining or increasing by birth cohorts.This form of analysis involves computing bivariate and multivariate analyses using the main outcome FGM as the dependent variable and the previous variables (i.e. background characteristics) as the independent variables.In the bivariate analysis all independent variables take away region were fitted into the model to estimate the crude trends in having FGM. Region was exempted to minimise confounding.A multivariate analysis involved fitting the same variables in to the model compulsive for age, education, ethnicity, economic status (wealth), urban-rural residence, and religion. The aim is to ascertain the relative importance of each variable as a predictor of having FGM.The reference categories for each variable fitted into the regression model are age (15-19) education (no education), ethnic group (others), Residence (rural), religion (Islam), wealth index (richest).

An Analysis of the Epic Poem, Beowulf - The Character of Beowulf :: Epic Beowulf essays

The Character of Beowulf         When he arrived at the Danish land, Beowulf was a young man desire take a chance and glory.  Beowulf was distinguished among his people, the Geats, for his bravery.  As a young man Beowulf fought in many battles and as a result showed his great character to others.         Beowulf had many characteristics which helped him to chase in battle. As a young man, Beowulf was cognise as the strongest man alive.  His strength allowed him to dominate in battle.  If it were not for his pure strength, he would not declare been able to defeat Grendel, for weapons would not work.  By fighting Grendel without weapons, he opened himself up to greater glorification. Beowulfs strength could not be seen as a disadvantage, eyepatch the  results of his strength could.         Beowulfs strength allowed him dominance in battle, but it also made him cocky.  While his cockiness allowed Beowulf to be sure of himself in battle, some of his peers found it to be a character flaw.  Ecglaf, in particular, saw Beowulf as cocky and vain, questioning, Are you the Beowulf who competed with Breca...swollen with vanity...  So, while his cockiness was a flaw in the eyes of others, Beowulf saw it as self assurance and used it to his advantage.         Beowulf also had a strong spirit of adventure.  His spirit of adventure was part of the reason that Beowulf went to fight Grendel.  Beowulfs strength and spirit of adventure had also led him to glory in many battles, including that with Grendel.  Beowulf used his glory in previous battles to justify himself when coming to help Hrothgar.   In addition, his self assurance, and known bravery probably guided his decision.  Beowulfs spirit of adventure gained him a lot of glory, however, it could have gotten him into trouble, if he were to ha ve taken an adventure too far.         While in his young age, Beowulf used his strength for glory and recognition.  As he became older his great strength was taken away from him, and Beowulf found himself without one of his greatest abilities.  Beowulf then(prenominal) was king of the Geats, and when a dragon attacked his land, it was his responsibility to protect his people.

Televisions Impact on Health :: Television Health Eating Essays

Televisions Impact on HealthIn our society, television has become quite the vigorous activity. Sitting up is exhausting so most people lie down while watching television. If you were to eat at a fast food restaurant, and then head home for a bowl of ice cream for desert, oh, and then not to mention that bag of chips while you watch your favorite Reality TV series, you atomic number 18 asking for something that you argon not going to be happy with. What is it that you are asking for? It is called obesity. I have found myself eating at McDonalds on countless occasions. The savvy I am not obese, however, is the fact you will only find me at a fast food restaurant when I am press for time and I am on my way to a three to four hour practice. Obesity has very little to do with what we eat because the trustworthy problem behind obesity is n ane other than the fact that our society does not do anything after eating unhealthily. In Europe, people eat seven to eight meals a day and somehow, the majority of Europeans look fantastic. There is a reason for this. After dinner, they do not sit down on the spew for the 1,000th episode of Fear Factor. Instead, they go out for a long walk around the park with their families. David Zinczenkos, Dont Blame the Eater, proposes a situation where thither is nothing else to eat but fast food. He proves this by saying, Drive down any thoroughfare in America, and I guarantee youll see one of our countrys 13,000 McDonalds restaurants, he explains, Now drive back up the block and try to find someplace to buy a grapefruit. It is real that this statement has much truth. I am sorry to say, sadly, that it has no legitimacy. It seems that Zinczenko is using diction that not only parents can understand, but one that the general public, including those that are uneducated can understand. He uses a variety of sentence structures to lure in his readers and to make his research appear striking. The most appealing part of his analyze was the way he spoke in a first person perspective and gave hope to those obese teenagers by telling them that to lose the weight realize eating at McDonalds, they are going to need to join the Navy Reserves or a similar program.