Oppose National Identification Cards Essay Example | Topics and Well Written Essays - 1000 words

Restrict National Identification Cards - Essay Example Eventually, the Act was proposed to forestall psychological oppression by making thorough and reliable gauges with respect to state-gave IDs for all the states to follow. States are dispatched to remodel the drivers’ licenses and non-drivers’ ID cards with the end goal that uniform security highlights could be remembered for them over the entire nation (PFAW Capitol Hill). The law canceled Section 7212 under Intelligence Reform and Terrorism Prevention Act of 2004, a guideline focusing on the issue of national principles for drivers’ licenses and individual recognizable proof cards where least measures were set and certain data were revealed in the ID cards left to each of the states’ tact, in this way relinquishing the consistency of the classes and models on who are qualified to get the drivers’ licenses over the entire nation. The new law as such improved this by supplanting every one of the considerable number of states guidelines with a particu lar national one (Hann). In fact, states are not commanded to acknowledge these government gauges. In any case, declining to do so would imply that their occupants would be rejected business, at that point denied having government managed savings or prohibited air travel. It might be said, rather than forcing an immediate request on the states, the government is compromising them into going along shrewdly. Battling fear based oppression is the essential explanation for all these. Be that as it may, advocates of these are really overlooking that the hoodlums couldn't care less about laws, not really as to breaking them at any rate. A fear monger would less flutter an eyelash when he won't be obediently ready to acquire a government ID card. Individuals who dismissed the nation’s migration laws would not mind so a lot if they somehow happened to affront these ID prerequisites, particularly when any card can be produced and any controlling organization could

Landing Essay Example For Students

Landing Essay Troy MosleyProcess EssayDecember 12, 2001LandingIts been said that, A pilots second most noteworthy rush is flying. Landing is the first. Beyond question, while flying around might be fun, its not justified, despite any potential benefits if the pilot cannot set down the plane securely. Flight schools spend roughly 50 percent of ground educational time going over landing methodology with prospective pilots. The procedure isn't too convoluted, however every progression in the process is significant and there is a great deal to recollect. The main necessity when setting down a plane is to educate aviation authority that you entering the traffic example of the air terminal as you approach. When the pilot advances the go beyond from aviation authority, he should keep up legitimate height in the rush hour gridlock design until he is agreed with the runway. Before dropping elevation the pilot must experience the arrival agenda. The agenda is known as the GUMPS check and represents gas, undercarriage, blend, force, and safety belt/shoulder tackle/frameworks check. The GUMPS check requires the pilot to check the fuel measure to verify that the airplane has enough fuel to land. The undercarriage check is the suggestion to bring down the arrival gear. The blend check reminds the pilot to set the blend measure with the goal that the blend of fuel and air is at the correct level for landing. The Power check reminds the pilot to keep up the best possible force level or landing. At last, the GUMPS check reminds pilot to get ready themselves and their travelers for arriving with safety belts and shoulder saddles, just as, to check all the framework measures again before diving. When the GUMPS agenda is finished, the pilot is agreed with the runaway, and the air traffic controller has given the thumbs up, the time has come to set down the airplane. By then, the pilot focuses on the edge marker on the runway, while bringing down the airplane folds and pitching the airplane nose down to the best possible skim proportion. This fragile parity proceeds while the airplane eases back and dives to grounds level. Not long before contact down the pilot flares the nose of the airplane upward and coasts the plane onto the runway for a delicate landing. By then the pilot slaughters the choke and airport regulation guides the pilot to the maneuvering goal. Everybody inhales a murmur of alleviation and another effective flight has been cultivated. It requires a lot of focus and practice to effectively and reliably land an airplane. While in the long run it turns out to be natural, a pilots first arrivals are laden with the threats naiveté and tension bring. Great preparing and planning, and experience will cause incredible landers of most pilots with the goal that they to can encounter the second most prominent rush over and over.

Life of Pi †Significance of Color Essay

A lady once stated, â€Å"There is no existence without shading. † This is only the situation with the fundamental character of â€Å"The Life of Pi†, Pi Patel. Pi is a cast away on a raft in the Pacific Ocean with a tiger, an orangutan, a hyena and a zebra. There is one shading that was referenced on numerous occasions all through the story, the shading orange. In the novel â€Å"Life of Pi† by Yann Martel, this shading is utilized as an image for expectation and endurance. To trust intends to want for something with desires for its satisfaction. Pi’s case is a flawless case of seeking after something. He has numerous occasions when he picks up trust all through the novel, including building a pontoon, arrival on the island, or in any event, finding the food in the storage of the raft. The most significant, is the expectation Pi is given through his friend on the raft, Richard Parker, a 400 and fifty pound Royal Bengal tiger. Being the shading orange, the tiger turns into a case of expectation all through the book. Pi acknowledges, to keep himself, Richard Parker, and the will to endure alive, he should tame the tiger. â€Å"I needed to tame him. It was at that point that I understood this need. It was anything but an issue of him or me, however of him and me. We were, truly and allegorically, in almost the same situation. We would liveâ€or we would dieâ€together. † (Martel, 164) Keeping Richard Parker alive would permit Pi to continually recall that he isn't the just one affliction and he has somebody there for him, regardless of whether he can reply or not. In spite of the fact that Pi has numerous motivations to be cheerful, the writer gives the peruser reasons too. Before the area of the sinking of the Tsimtsum, a questioner and columnist that is conversing with Pi about the sinking of the boat depicts visiting Pi sometime down the road at his home in Canada. He meets Pi’s family and notices that Pi’s little girl, Usha, holds an orange feline. â€Å"Leaning against the couch in the front room, gazing toward me shyly, is a little earthy colored young lady, beautiful in pink, especially at home. She’s holding an orange feline in her arms. † (92) This scene ensures the peruser that the final product of the story and Pi’s life will be not absolute disaster. Pi has an actual existence where he has been fruitful and has offspring of his own. While in the Pacific Ocean, Pi’s just objective was to endure. Things on the pontoon and religion genuinely gave him this will to endure, and Pi was increasingly fit for getting by with them in his essence. While on the raft, Pi has an orange life coat with an orange whistle, an orange float, a brilliant orange canvas, and a 400 and fifty pound Bengal Tiger. Pi is tossed on the raft by Chinese men with an actual existence coat as of now on him. â€Å"One of the men intruded on me by pushing an actual existence coat into my arms and yelling something in Chinese. I saw an orange whistle dangling from the existence coat. (105) The existence coat is utilized by Pi in developing a pontoon to have a sheltered spot away from Richard Parker, and the whistle is utilized by subduing the huge tiger. He uses his splendid orange endurance gear to remain alive and avoid Richard Parker. For the vast majority of the journey they take on the raft, Richard Parker stays under the covering, even from the earliest starting point. After Pi is pushed over the edge in to the raft, he says â€Å"I couldn’t see Richard Parker. He wasn’t on the covering or on a seat. He was at the base of the vessel. † (106) Richard Parker having orange hide, is an image of endurance. He keeps Pi alert and consistently helps him to remember his circumstance. Religion had a major influence of Pi’s life, and he implored three times each day consistently while he was on the pontoon. His family’s religion is Hinduism, and orange is the shade of the second Hindu chakra, which are accepted to be focuses of the body from which an individual can gather vitality in the religion. All through his whole excursion, he was consistently in contact with something that was the shading orange, and that is the reason it turns into an image of endurance. Each thing and detail of his excursion helps him in endurance, and is a piece of the result of him being protected. The shading orange will consistently be recalled by Pi and perusers as the shade of expectation and endurance. The shading gives perusers trust in Pi and gives Pi the will to endure in light of the assets that will be that shading. The things Pi has on the pontoon all guide in his extraordinary endurance, similarly as Richard Parker and the religions he rehearses gives a proportion of passionate help. These assistance the little fellow keep up trust in this horrendous disaster. In any case, most importantly, the orange shade of endurance and expectation will consistently be known as the shading that kept him alive.

Reviewing the large body of works in Dividend Pricing - Free Essay Example

For past 40 years, a large body of works on the ex-dividend day price behavior of stocks have demonstrated that the price drop in most cases is only partial, decreasing by less than the full dividend amount. Researchers have proposed three competing theories to explain this empirical preference for capital gains over dividends. These include the existence of tax-induced clienteles (Elton Gruber, 1970), short-term trading (Kalay, 1982) and discreteness of stock prices due to minimum tick-sizes (Bali Hite, 1998). Although the partial price drop is well established as an empirical regularity, the explanation of this behavior is still very much an unresolved issue. In this chapter, we will discuss these three competing theories in theoretical part and we will compare them critically. Then, in empirical part, we will go through the latest researches to show the research gap and construct research hypothesizes. 2.2 Theoretical Literature 2.2.1 Tax-Induced Clienteles Miller and Modigliani (1961) show that, in the context of perfect markets, with no taxation and no transaction costs, dividend policy is irrelevant. In this context, investors are indifferent between dividends or capital gains, and the price of the stock should go down by the full amount of the dividend on the ex-dividend day. (H. M. Miller Modigliani, 1961) Although Miller and Modigliani (1961) accept the existence of dividend clienteles, they argue that if the distribution of payout ratios corresponds exactly to the distribution of investor preferences, then the case is no different to the case of perfect markets, where it is irrelevant whether investors receive dividends or capital gains. Each firm will tend to attract its own clientele, consisting of investors that prefer its payout ratio. Black and Scholes (1974) propose that firms, knowing that there are preferences for differing types of dividend yields, will adjust their dividend policies as necessary to satisfy such de mand. Farrar and Selwyn (1967) observe that the unfavorable fiscal treatment of dividends over capital gains implies that firms should not pay dividends because investors would prefer the higher after tax returns associated with capital gains. Brennan (1970) develops this line of work and reaches similar conclusions. (Black Scholes, 1974) (Farrar Selwyn, 1967) (Brennan, 1970) Given the wide variety of investors present in markets, there is no doubt that there is differing preferences caused by any given fiscal framing. Several researches at that time tried to answer this question whether, by observation of real data, this clientele effect can be empirically detected. Elton and Gruber (1970) establish a relationship between stock price behavior on the ex-day and the tax levied on the marginal stockholder. In a market with rational arbitrage, the price drop should reflect the relative after-tax value of dividends and capital gains for the marginal stockholder. This implies that t he marginal investors income tax rate can be inferred simply by observing the price drop on the ex-day. The equilibrium condition is: Where is the stock price on the cum-dividend day, is the stock price on the ex-dividend day, is the stock price when bought, is the dividend, is the dividend tax rate and is the capital gains tax rate. From Eq. we obtain: Elton and Gruber (1970) find that, on average, the stock price drop is less than the dividend amount, which is consistent with the tax on dividends being higher than the tax on capital gains, in the period covered by their study. They also find a statistically significant positive relationship between the right hand side of Eq. , both with dividend yield and payout ratio. Barclay (1987) confirms the results of Elton and Gruber (1970), while Schlarbaum et al. (1978) find very little evidence of this type of relationship using individual investor data from a brokerage firm. After the 1986 tax reform act in the US that equalized t axes on dividends and capital gains, Michaely (1991) finds that the ex-day price drop remained below one contrary to the tax-induced clientele hypothesis. (Barclay, 1987) (Schlarbaum, Lewellen, Lease, 1978) (Roni Michaely, 1991) 2.2.2 Short Term Trading Around the Ex-Day Several papers study the effect of dynamic trading strategies around the ex-dividend day. These strategies imply that investors trade around the ex-dividend day in order to avoid or to capture the dividend, depending on their preferences for dividend or capital gain. Kalay (1982) shows that the price drop is bounded by transaction costs: Where, and is the expected cost of a round trip transaction. Only within the boundaries defined by transaction costs in Eq., where there are no arbitrage opportunities, would it be possible to infer tax-clienteles effect exists. Beyond those limits, the price drop would reflect only the effects of arbitrage trading. Miller and Scholes (1982) present a similar argument. (M. H. Miller Scholes, 1982) Eades et al. (1984) study the behavior of prices around the ex-dividend day and show the existence of abnormal returns on days other than the ex-day, which is contrary to the tax-induced clientele hypothesis. The results of Kalay (1982) are consist ent with the findings of Karpoff and Walking (1988), who detect a significant relationship between ex-day returns and transaction costs. Lakonishok and Vermaelen (1986) confirm the presence of short-term traders in the market around the ex-dividend day, detectable because of high or abnormal volumes. Michaely and Vila (1996) set out an inverse relation between transaction costs and abnormal volume. The evidence of abnormal volumes around the ex-day is contrary to the clientele models. Naranjo et al. (2000) re-examine and extend the work of Eades et al. (1984) and find that the high-yield stock ex-day returns were highly influenced by corporate dividend capture. (Eades, Hess, Kim, 1984) (Karpoff Walkling, 1988) (Lakonishok Vermaelen, 1986) (R. Michaely Vila, 1996) (Naranjo, Nimalendran, Ryngaert, 2000) 2.2.3 Market Microstructure Arguments The discreteness argument presented by Bali and Hite (1998) focuses on the multiple ticks of price changes as compared with the continuity of dividends. Because the price changes are discrete in most cases they cannot equal the dividend amount. The authors argue that the market systematically rounds the price drop down to the nearest tick and this causes the price to drop by less than the dividend amount. Dubofsky (1992) argues that an ex-dividend premium below one may be explained by mechanical rules imposed by the NYSE and AMEX for the ex-day adjustment of open limit orders to buy stock. (Dubofsky, 1992) The transition of ticks in US markets from 1/8 to 1/16 ticks and then to decimalization in 2001 provided an excellent opportunity to test the theory of Bali and Hite (1998). The reduction of ticks and the progressive elimination of discreteness should result in a price drop on the ex-day increasingly closer to one. Cloyd et al. (2006) refute the discrete pricing hypothesis and find new evidence consistent with long-term tax-induced clienteles. The price discreteness of Bali and Hite (1998) has been also refuted by Jakob and Ma (2004) and Graham et al. (2003). (Cloyd, Oliver Zhen, Connie, 2006) (Graham et al., 2003; Jakob Ma, 2004) 2.2.4 Comparison and conclusion Among these three theories that explained above, the microstructure theory is fully refuted. Because although after 2001 stock prices were decimalized, price drop ratio abnormality still exist in US market as Cloyd at al. (2006) proved. So, the price discreteness could not be a good explanatory reason. Short term trading theory also faced with several shortcomings. Transaction cost plays an important role to provide arbitrage opportunity. Therefore, this theory just can be apply for stocks which amount of dividend is high enough to compensate transaction cost and provide arbitrage opportunity on ex-date. In result, short term theory has its` own limitation and cannot generalize to all stocks and markets. Tax-clientele theory apparently is the first and more reliable theories while discussed first time by Miller and Modigliani (1961) on dividend area. Elton and Gruber (1970) extend this theory for the first time to explain price behavior on ex-date. Most of researchers confirm the result of Elton and Gruber (1970), while others only find very little evidence of this type of relationship. It is apparent that research methodology and sampling play an important rule to investigate tax-clientele theory. However, most of researchers find consistent results with Elton and Gruber (1970). Moreover, Withworth and Rao (2010) expand this research for a period of more than 80 years and find the same result. Moreover, they investigate the stability of this theory for two different period of time and approved the tax-clientele theory. In summary, we high light and confirm Borges (2008) point of views as follow: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ different theories have not been very successful at explaining this regularity. At best, the evidence is still mixed as to the existence of tax-clienteles and, in most cases, is inconsistent with the discreteness hypothesis. By this deliberation, we select tax-clientele theory as our research framework and try to overco me its` shortcoming by introducing strategic ownership as a moderating variable. The reason behind it will be discussed in empirical literature review while we evaluate the latest researches critically. 2.3 Empirical Literature Review In this part we start with Elton and Gruber (1970) who founded Tax-Clientele theory on ex-dividend date pricing explanation. Then we review and criticize other related researches which tried to proved or refute this theory to show their difference and shortages. Consequently, we express how this research could fill these gaps and deficits and help the explanatory power of tax-clientele theory. As explained in theoretical literature, Elton and Gruber (1970) establish a relationship between stock price behavior on the ex-day and the tax levied on the marginal stockholder. In a market with rational arbitrage, the price drop should reflect the relative after-tax value of dividends and capital gains for the marginal stockholder. This implies that the marginal investors income tax rate can be inferred simply by observing the price drop on the ex-day. The equilibrium condition is: Where is the stock price on the cum-dividend day, is the stock price on the ex-dividend day, is the sto ck price when bought, is the dividend, is dividend tax rate and is the capital gain tax rate. From Eq. we obtain: Elton and Gruber (1970) hypothesize that high tax bracket investors will on average generally prefer to hold low dividend yielding stocks, to avoid the consequences of taxes, while low tax bracket investors will on average generally prefer to hold high dividend yielding stocks since taxes have a smaller impact on the after-tax value of dividend income. This theory is commonly referred to as the clientele effect. Empirically, Elton and Gruber (1970) document that on average, the securities of dividend paying stocks decline less than the amount of differential taxation on dividends and capital gains. Elton and Gruber (1970) also find that the implied tax bracket decreases when the dividend payout increases, which they interpret to imply that: (1) high tax bracket investors own low dividend yielding stocks; (2) low tax bracket investors own high dividend yielding stoc ks; and (3) corporations (who are taxed more on capital gains than they are on dividends), will prefer high dividend yielding securities. This, they argue, provides evidence of a tax-induced clientele effect. Eades, Hess and Kim (1984) investigate ex-dividend day returns of several taxable and non-taxable distributions by investigating the pricing behavior for five days on each side of the ex-dividend day which they define as the ex-dividend period. Their results are quite surprising and cast considerable doubt on the clientele or tax hypothesis interpretation of ex ­-day pricing behavior. Their paper contributes to the ex-dividend day literature by looking at four different dividend distributions. First, ex-dividend day returns for taxable cash distributions are observed to be positive and significant, which is consistent with the hypothesis that dividends are taxed more heavily than capital gains. Second, ex-dividend day returns for preferred stocks are negative and sign ificant; since corporations dividend tax rates are less than their capital gains tax rates, and they tend to be the largest clientele of preferred stock, one would expect a negative ex-day return as reported. Third, non-taxable stock dividends and splits are priced on the ex ­-day as if they are fully taxable. This result is puzzling, particularly if returns are caused by tax effects. In this case one would expect to find no ex-day premium for non-taxable distributions. Finally, non-taxable cash dividends are priced as if they receive a tax rebate. This result casts further doubt on the tax interpretation of ex-day pricing behavior. To help explain the conflicting results, Eades, Hess and Kim (1984) investigate several explanations of the ex-day period anomaly. In particular, they examine the possibility of errors in data, day of the week effects, dividend announcement effects, the impact of infrequent trading, and non-normality of returns. None of the proposed explanations a re capable of explaining the curious ex-dividend day results; however their research eliminates possible reasons for the documented ex- ­dividend day anomaly. Poterba (1986) also finds interesting results associated with the ex- ­dividend day when he examines the Citizens Utilities Co. Citizens Utilities is unique since it has one class of common stock which pays stock dividends and another which pays taxable cash distributions. Poterba (1986) finds that the cash dividends ex-day price decline is less than the dividend amount, while the price of the stock paying stock dividends declines on the ex-day by nearly the full amount of the dividend. Clearly the disparity between the ex-day dividend valuation and the observed prices of the two shares is consistent with previous explanations of dividend distributions Poterba (1986) offers the following explanations for his results, the first of which he himself admits may be weak. First, he argues, investors may value cash d ividend income more than stock dividends particularly when transaction costs are high. Second, he argues that investors may value certain firm attributes which are correlated with cash dividend payments. This may explain why firms pay cash dividends even though investors value cash dividends less than comparable capital gains. (Poterba, 1986) Barclay (1987) investigates the ex-day behavior of stock prices before income taxes exist. Looking at data between the years 1900 to 1910, Barclay finds that stock prices fell on average by the full amount of the dividend. This evidence is consistent with the hypothesis that investors value dividends and capital gains equally in the pre-tax period, and that the differential taxation of dividends and capital gains has since caused investors to discount the value of taxable cash dividends in relation to capital gains. Michaely (1991) tests for the validity of the tax-clientele effect and explicitly compares his findings to those of Elton an d Gruber (1970) and Kalay (1982). As a competing hypothesis, Michaely (1991) argues that the existence of short term traders and corporate traders dominates the market and thus affects the ex-dividend day return. In other words, he expects to find a premium greater than one on the ex-dividend day, whereas Elton and Gruber and Kalay (1982) find a premium less than and equal to one, respectively. Michaely (1991) terms his hypothesis the corporate-trading hypothesis. Michaelys analysis (1991) is unique in the sense that he identifies and eliminates two sources of heteroskedacity found in the premium, where the premium is defined as the ratio of the price change between the last cum-day and the ex-day to the amount of the dividend. When the premium is adjusted to correct for heteroskedacity, Miachaely (1991) finds a negative abnormal return, particularly among high yield securities. Since corporations may prefer dividends over capital gains, this result provides evidence that corpora te and short term trading on the ex-dividend day affect price behavior. In fact, Michaely (1991) finds no evidence of an adverse tax effect since he finds a negative premium. 2.3.1 Tax law Changes Although a complete understanding of the determinants of ex-dividend stock price behavior still eludes us, the essence of the best-known and most enduring of all theories is that different tax rates cause investors to value dividends and capital gains unequally. The works cited previously employ a wide variety of methodologies that have furthered our understanding, but there are few better opportunities to test theories about taxes than the natural experiment created by changes in a countrys tax laws. Therefore, the remainder of this subsection reviews most of the important works that have considered one or more tax law changes, whether in the U.S. or abroad. We then discuss some of their strengths and weaknesses, along with how this study advances knowledge in the area. We begin with Barclay (1987), who documents ex-day price behavior before and after the introduction of the Federal Income Tax in 1913. Using data from the Commercial and Financial Chronicle, Barclay finds that i s not only close to one but also stable across groups when stocks are sorted into quintiles by dividend yield. In a matched sample from the post-income tax era, is less than one and generally increases with dividend yield. These findings are clearly consistent with EG. While its uniqueness makes Barclays study (1987) extremely interesting, it does have one notable drawback. Specifically, his post-tax matched sample is drawn from the period 1962-1985. Although the Center for Research in Security Prices (CRSP) database makes it much easier to obtain these later prices, one cannot help but wonder how ex-day prices behaved immediately following 1913. Grammatikos (1989) examined ex-day price behavior before and after the Tax Reform Act (TRA) of 1984. The 1984 Act lengthened the time a corporation must hold the stock at risk from 16 to 46 days. If the corporation does not meet the minimum holding requirement, the dividend becomes ineligible for the inter-corporate dividend exclusion an d is instead taxed at the normal rate, thus eliminating the motivation for dividend capture altogether. Consistent with the added risk imposed on dividend capturers, ex-day returns rose on average after the Act, but not so much for stocks that could be hedged with options. (Grammatikos, 1989) Of all U.S. tax law changes, none has been more thoroughly researched with respect to its effect on ex-day pricing than the 1986 Tax Reform Act (TRA). The 1986 Act lowered ordinary personal and corporate income tax rates but eliminated preferential tax treatment of long-term capital gains. According to the EG model, either of these two changes should cause to rise (and ex-day returns to fall), and indeed most empirical investigations [e.g. Robin (1991), Lamdin and Hiemstra (1993), Koski (1996)] support this prediction. Probably the most notable dissenter is Michaely (1991), who finds that is not significantly different from one in any of the years 1986-1989 around the TRA, leading him to con clude that short-term traders are much more active now than in the time period studied by EG. (Koski, 1996; Lamdin Hiemstra, 1993; Robin, 1991) However, Bhardwaj and Brooks (1999) point out that Michaelys estimates may have been distorted by outliers. They are able to replicate his results, but after filtering out a small number of observations with other simultaneous distributions, excessively large positive or negative price drop ratios, and/or missing bid/ask prices on the cum- or ex-day, they find that in 1986 (i.e. before the TRA took effect) was on average less than one, positively correlated with the dividend yield, and negatively related to transaction costs, consistent with the integrated tax framework. (Bhardwaj Brooks, 1999) Ki (1994) results are mixed, as ex-day excess returns fall post-1986 for his NASDAQ sample but not for NYSE/AMEX securities. Finally, it is also worth pointing out that the 1986 TRA decreased tax heterogeneity, as it caused long-term investors and would-be arbitrageurs to view dividends and capital gains similarly. Michaely and Vila (1995) and Wu and Hsu (1996) support the general consensus that ex-day returns dropped following the 1986 reform, but consistent with prior arguments, they also find a significant reduction in ex-day volume as decreased heterogeneity reduced the incentive to trade. (Ki, 1994) (Roni Michaely Vila, 1995) (Wu Hsu, 1996) 2.3.2 Non-US Stock Markets Of course, studies of tax reforms need not be confined to the U.S. Tax law changes in the United Kingdom (UK) have provided several excellent opportunities to test the basic tax clientele model, and the evidence has been mostly supportive. While Poterba and Summers (1984) do not find a notable change in ex-day returns following the introduction of a capital gains tax in 1965, they do find a substantial drop following a 1973 reduction in the effective tax rate on dividends. Lasfer (1995) finds that ex-day returns decline following the 1988 Income and Corporation Taxes Act, which reduced the differential taxation of dividends and capital gains (similar to the 1986 TRA in the U.S.). (Poterba Summers, 1984) (Lasfer, 1995) Bell and Jenkinson (2002) study ex-day returns 30 months before and after the 1997 Finance Act (FA97), which removed pension funds preference for dividends over capital gains. Price drop ratios fell and ex-day returns rose following FA97, especially for high-yield stocks, implying not only that taxes affect valuation but also that pension funds are the likely marginal investors for the securities used in the study. (Bell Jenkinson, 2002) While the UK evidence has been mostly compatible with EG, results from Canadian tax reforms have been less so. In spite of a 1971 tax law change that increased the value of dividends relative to capital gains, Lakonishok and Vermaelen (1983) find lower price drop ratios for securities on the Toronto Stock Exchange, which they attribute to another provision of the tax reform that reduces short-term trader profits. In a sample period (1970-1980) covering four different tax regimes, Booth and Johnston (1984) find that is consistently less than one. However, they are unable to draw conclusions in favor of the tax model because PDR does not increase with dividend yield as hypothesized. (Lakonishok Vermaelen, 1983) (Booth Johnston, 1984) 2.3.3 Other Securities and Non-Taxable Distributions While most ex-day pricing research has focused on taxable cash dividends on common stocks, one can also make inferences about existing theories by observing the price behavior of different securities and around other distribution types. Eades, Hess, and Kim (1984) document negative excess returns for preferred dividends, as might be expected for high-yield dividend capture targets. However, Stickel (1991) obtains conflicting results. In his sample of nonconvertible preferreds, he finds positive abnormal returns and volume on the ex-day, with returns declining for more liquid stocks. So far, this is consistent with a synthesized model where both long-term investors and short-term arbitrageurs influence prices around preferred dividends. Inconsistent with this framework, however, is Stickels finding that trading volume increases with liquidity for low-yield but not high-yield preferred. (Stickel, 1991) Preferred dividends are of course relevant to ex-day pricing theories, but it i s perhaps more interesting to compare observations around non-taxable distributions against those around the usual taxable dividends. Eades, Hess, and Kim (1984) and Grinblatt, Masulis, and Titman (1984) examine ex-day price behavior around stock dividends and splits, which are non-taxable. According to both the EG model and the short-term trading hypothesis, these studies should find ex-day price drops fully reflective of the dilution caused by additional shares. In fact, neither does. Eades et al.(1984) report that non-taxable stock dividends and splits are priced on ex-dividend days as if they are fully taxable. Oddly, Grinblatt et al.(1984) note higher positive ex-day returns for stock dividends than splits, possibly due to the added inconvenience investors face when dealing with odd lots. (Grinblatt, Masulis, Titman, 1984) Green and Rydqvist (1999) study a unique security, Swedish lottery bonds, to which special rules apply. Coupon payments on the bonds (distributed by lott ery) are not subject to income tax, but capital gains are taxed at the ordinary rate. Furthermore, the regulatory environment is not conducive to short-term arbitrage using these securities. Consistent with the EG tax model, Green and Rydqvist find that the bond price drops by about 130 percent of the distribution on the ex-coupon day, and that the bonds frequently trade at negative pre-tax yields. (Green Rydqvist, 1999) Elton, Gruber, and Blake (2005) examine two samples of closed-end funds. In one sample, distributions are not taxed (but capital gains are); in the other, distributions are taxed normally. As expected, market-adjusted price drop ratios are greater than one for the non-taxable distributions but less than one for the taxable sample. Price drop ratios for both samples also behave as predicted by the EG model following tax law changes in 1993 and 1997. Similarly, Milonas, Travlos, Xiao, and Tan (2002) examine taxable and non-taxable dividends in the Chinese stock ma rket and find price behavior mostly consistent with the tax theory. (Elton, Gruber, Blake, 2005) (Milonas, Travlos, Xiao, Tan, 2006)

The Elements of Emotional Intelligence - Free Essay Example

Sample details Pages: 2 Words: 459 Downloads: 1 Date added: 2019/05/06 Category Psychology Essay Level High school Tags: Emotional Intelligence Essay Did you like this example? Emotional analytics are involved in every action, decision and judgment that we undertake. People with emotional intelligence recognize this and use it to manage their life. In the course of the last two decades, this concept has become a very important indicator of a person?s knowledge, skills and abilities in the workplace, school and personal life. Don’t waste time! Our writers will create an original "The Elements of Emotional Intelligence" essay for you Create order Research proved the role of EI in performance, motivation, decision-making, management, and leadership. Therefore, EI has many benefits when applied efficiently. They entail valuable information about confidence, awareness, conscious decision making and every aspect of the human life. Studies have proven that emotions are constructive and contribute to performance enhancement and well-evaluated decisions. John Mayer and Peter Salovey coined the phrase emotional intelligence in 1990. Many EI models have developed over the last two decades; they can be divided in three categories: ability, mixed, and trait EI models. The major difference in the three is whether EI an innate human ability or a competence that can be trained into or gained over time. There is variation from strict testing of abilities with scale type models to the subjective questionnaires of self-reporting.  µ Ability models define emotional intelligence as a mental ability. µ Mixed models of emotional intelligence combine mental ability with personality characteristics such as optimism and wellbeing. µ While trait models of EI refers to an individual?s perception of their abilities in emotional conditions.Social and cognitive neuroscience research findings and their wide application within the corporate environment marked a fundamental shift in the perception of emotions. The writings of years of psychology and management also gave way to designing of models about EI concept and working under experimentally valid scenarios. The elements of emotional intelligence as defined by Reuven Bar On (1996), Daniel Goleman (1995), and Petrides (2000) 1. Self-awareness Recognise your feelings, understand your swift or prompt responses to events and analyse how your emotions affect your behaviour and performance. 2. Self-Regulation Manage internal cognitive states, impulses and resources to achieve goals. Identify limiting beliefs. 3. Self-Motivation Use deep emotional states to move and guide you towards your goals. Enable yourself to take initiatives and to persevere in the face of obstacles and setbacks. 4. Social awareness Sense, understand and respond to what other people are feeling. Having empathy with others and also comprehending social networks while paying attention to body language cues. 5. Social Skill Being able to manage, influence and inspire emotions in others. Handle emotions in relationships. Influencing and and inspiring others through effective emotion communication. Interpersonal Relationships All relationships, whether work-related or personal, have 3 bases: Fulfiling needs, relating to each other, and exchanging information through feelings, thoughts, and ideas. Reciprocating is important in every relationship so that both parties may benefit. Sharing thoughts and feelings make up stronger and well grounded relationships.

Susan Glaspell s A Wife And Housekeeper - 886 Words

Finding love, getting married, becoming a housekeeper, and hopefully being blessed with children used to be a woman’s goal in life. Susan Glaspell wrote and interesting play of a woman whose husband slowly took everything away that she loved in life. In return, she ends up taking his life while he’s asleep, by slowly killing him with a rope. The male and female gender dynamic of the story plays a significant aspect in the roles of the characters and their behavior. The men expect the women to live a domesticated lifestyle and fulfill the roles of a good wife and housekeeper. The women embrace the roles; however, they understand the struggles that come with being a wife. Since they can sympathize with Mrs. Wright, they understand how she feels and it explains why they react the way they do with the men in the play. Trifles opens your eyes to an interesting view of what being a housewife can do to a woman over time. Women are often more observant of small details; however , men are more observant of what they find important. The difference in what men and women pay more attention to proves true multiple times in the play, but there is one time that stands out more than any other. An empty bird cage is noticed by Mrs. Hale and Mrs. Peters. Mrs. Peters examines the cage. She states, â€Å"Why, look at this door. It’s broke. One hinge is pulled apart page.† (Glaspell). Mrs. Hale also realizes it has been manhandled. When Mr. Henderson walks back in the house, from being outside, heShow MoreRelatedSusan Glaspell s The Of A Good Wife And Housekeeper 930 Words   |  4 Pageswould live when they grew up. Susan Glaspell wrote and interesting play of a woman whose husband slowly took everything away that she loved in life. In return, she ends up taking his life while he sleeps, by slowly killing him with a rope. The male and female gender dynamic of the story plays a significant aspect in the roles of the characters and their behavior. The men expect the women to live a domesticated lifestyle and fulfill the roles of a good wife and housekeeper. The women embrace the roles;Read MoreSusan Glaspell s A Jury Of Her Peers1174 Words   |  5 Pages A Jury of Her Peers is a short story written by Susan Glaspell in 1917 and follows the investigation of the murder of John Wright, with his wife Minnie Wright being the alleged murderer. Martha and Lewis Hale assist Sheriff Peters and his wife, Mrs. Peters, with investigating the scene of the crime. Throughout the story, women notice significance in their findings, of which the men overlook. The men have a dismissive attitude towards the women, ignoring their contributions. When the women solveRead MoreTrifles : A Dramatic Examination Of Gender Role1031 Words   |  5 Pagesplaywright Susan Glaspell. The play examines through the framework of a murder mystery how rigid gender role dynamics in the early 20th century not only shaped people s thinking, but blinded them from seei ng what would otherwise be clear as day to someone else. During the time the play was written the women s liberation movement had yet to take place. Women were strongly stereotyped and were not seen as the intellectual equals of men. This pervasive sexism is a strong framing mechanism for Glaspell sRead More Examination of Mrs Wright in Trifles by Susan Glaspell Essay1011 Words   |  5 PagesExamination of Mrs Wright in Trifles by Susan Glaspell The play ?Trifles?, by Susan Glaspell , is an examination of the different levels of early 1900?s mid-western farming society?s attitudes towards women and equality. The obvious theme in this story is men discounting women?s intelligence and their ability to play a man?s role, as detectives, in the story. A less apparent theme is the empathy the women in the plot find for each other. Looking at the play from this perspective we seeRead MoreBreaking Away From Society: A Doll’s House by Henrik Ibsen Essay1228 Words   |  5 Pagesfocused on the appearances and opinions of society. Society played a key role in the formation of the attitudes and opinions of marriage in the late 1800’s and early 1900’s. â€Å"A Doll’s House† by Ibsen was written in 1879 and focuses on the problems within the traditional marriage of the time. â€Å"Trifles† was written several years later in 1916 by Susan Glaspell and was also a story that brought the issues with marriage ideals to the forefront. Both of these plays were meant to convince people to start questioningRead MoreFeminist in Susan Glaspell ´s Play Trifles999 Words   |  4 Pages Trifles In Susan Glaspell’s play Trifles a man has been murdered by his wife, but the men of the town who are in charge of investigating the crime are unable solve the murder mystery through logic and standard criminal procedures. Instead, two women (Mrs. Hale and Mrs. Peters) who visit the home are able to read a series of clues that the men cannot see because all of the clues are embedded in domestic items that are specific to women. The play at first it seems to be about mystery, but itRead MoreThe Story Of An Hour By Kate Chopin And The Jury Of Her Peers1049 Words   |  5 Pagesstories, â€Å"The Story of An Hour†, by Kate Chopin and â€Å"The Jury of Her Peers†, by Susan Glaspell compare two married women who live under the shadow of their husbands. Both of these stories were written in the late eighteenth and early nineteenth centuries during the time when women were treated unequally. Women had limited rights. For example, they could not vote, voice their o pinion or work outside the home. Glaspell and Chopin were considered feminist writers who focus their writing on the struggleRead MoreEssay on The Treatment of Women in Trifles by Susan Glaspell829 Words   |  4 PagesThe Treatment of Women in Trifles by Susan Glaspell Trifles, a one-act play written by Susan Glaspell, is a cleverly written story about a murder and more importantly, it effectively describes the treatment of women during the early 1900s. In the opening scene, we learn a great deal of information about the people of the play and of their opinions. We know that there are five main characters, three men and two women. The weather outside is frighteningly cold, and yet the men enter theRead MoreThe Dramatic Play Trifles 1099 Words   |  5 PagesIn the dramatic play, â€Å"Trifles†, Mr. Wright has been hung in his farmhouse and all suspicions point to his wife. The County Attorney, Sheriff Peters, and a neighbor, Mr. Hale go to Mr. Wright’s house to investigate the crime scene. When they arrive at the house, they find Mrs. Wright sitting on the porch and she is silent. Along with the three men there are two women, Mrs. Hale and Mrs. Peters. While the men do an investigation, the women conduct an investigation of their own. Walking throughRead MoreSusan Glaspell s The Play Trifles1499 Words   |  6 PagesFor centuries, women were often looked at as housekeepers of the household. It was rare to see women managing businesses or working for the government. Usually, men were the power holders of the society and tend to ignore many brilliant ideas from women. Overlooked and overworked, women are yet fighting for their rights to achieve the liberty they have today. Susan Glaspell wrote the play Trifles to embed the thematic focuses about the contrast between the two sexes, the practiced culture of social

Analysis of Micro Economy in Australia †MyAssignmenthelp.com

Question: Discuss about the Analysis of Micro Economy in Australia. Answer: Introduction In this particular report, the overall analysis regarding the micro economy of the country Australia has been significantly discussed. Here the aspects of monopoly, duopoly, and oligopoly market in Australia have been significantly highlighted in order to judge the current commodity market scenario of the country. Thus in order to formulate all the judgement a mere analysis through representing different diagrams has been emphasized in order to depict the feasibility assessing the research. a sectional overview of the respective market has also been analyzed so as to perceive the ideas generated from the overall considerations. Explanation of markets prevailed in Australia Generally, the market structure in any economy entails significant characteristics in the recent period of time. There are four types of markets like perfect competition market, monopolistic competition market, oligopoly market and monopoly market. There are also significant perception upon some other markets like duopoly, monopsony. Therefore, the significant description regarding the markets in Australia has been revealed so as to perceive the ideas regarding how the market has been operated determining the products and services (Nabin, et al., 2014). Monopoly market depicts that the aspects of the market competition where the only one firm operate through producing goods. In this respective market, there exists only one producer, which can produce goods, and it has not contained any substitute product that can generate any competitive structure. Theoretically, it has been sufficed that the monopoly market has formulated one single supplier in the market with numerous customer who can easily purchase the products. Only one supplier through entailing the supply of goods has controlled this market and apart from this, the supplier can also control the respective price of the products. It can be said that that oligopoly market has significantly determined the aspects through controlling the business operation through large suppliers that are small in numbers through dominating the market in which the firm sold its product. Generally, oligopoly can be differentiated with monopoly market through intervening the feasibility of large num ber of suppliers rather than the monopoly, which constitute only one firm (Julien Musy, 2015). This particular market has also constituted minimum rival firms operating in the market. This type of market always persist competition in accordance with the price and non-price aspects within the firms. This has been perceived because the firms produce homogeneous goods through which the product differentiation may occur in different situation. Another interventions assessed through oligopoly market is entailing the decisions independently through firms production. Thus, the assumptions are important to secure effective decision in accumulating profit by selling the products. The duopoly market has incessantly embedded the aspects that analyze the behaviour of oligopoly market. It has been assessed that there exists interdependence between respective firms (Hattori Tanaka, 2016). The assumptions considering the market size, which remain constant, derive loss of one firm that equals to the value of profit achieved by another firm. Thus, the firms have to forecast about enhancing the market share or to encapsulate a constant market share in the respective country. This has significantly determined the game theory in the duopoly market. Considering this feasibility, Australian economy has endeavoured with all these market interventions, which readily outflow the commodity production and sales to their potential customers through acquiring excess profits (Simshauser Whish-Wilson, 2017). Evaluation of the market through economic concepts In the respectivemicro economic market environment of Australia, there exists some interventions which has been aroused through the consequences, that encircles various functional strategies. If we consider the monopoly market competition, then an organization or a firm will face the aspects of normal profits with the potency to achieve super normal profits. Apart from this, the pricing strategy with allocative efficiency within the products of the firm has been intervened. Moreover, the significance regarding the barriers to entry has been considered. Nevertheless, the price discrimination in the monopoly market has been considered to be much more significant characteristics. Even though duopoly has no such determinants that can regulate the market structure, but oligopoly market has intervened the aspects of price wars among the firms (Hazledine, 2017). Moreover, the price leadership is considered to be embedded upon the oligopoly market in order to determine the profit achieved by the firms through selling the products. The kinked demand curve has also been ascertained through oligopoly market determinants. In the country Australia, busting monopolies is considered as one of the most crucial job of government. This has been regulated through the aspects of monopoly, that has to be charged. The government of Australia has prevented the monopoly and oligopoly formation by pertaining competition laws. However, it has been analysed that monopoly has existed its significance in the Australian commodity market resulting into only one product seller with an uncommon product (Tyers, 2015). Only one firm Telstra has achieved the monopoly in the telecommunication industry of Australia, which has owned the network of copper wire assisting in transmission of telephone calls and internet services. Generally, monopoly market is certainly different from duopoly and also oligopoly market. There exists the dominance on behalf of two firms in the market with differentiation i n the products or its respective range. Thus, the grocery prices among the supermarkets of Australia like Coles as well as Woolworth maintain a cosy duopoly structure in the market. Analysis through different charts and diagrams In this respective section, the analysis of the different market structure has been pertained. From the diagram, it can be stated that in the monopoly market, a firm can be price taker or a quantity maker. Therefore, if price of the products can be reduced, then the sales have been increased. Thus, by increasing unit sales, the average revenue or AR curve falls and the marginal revenue will be lower than average revenue. Thus the AR curve is always downwards sloping which the sales has been increased. In the oligopoly market, the significance of price cartel can be demonstrated with the help of the diagram highlighted aside. This has been pertained through the consequences where all the firms operating in the market agreed to perceive fixed price at which the products will be sold. Now whether the market is considering to sell the product at lower price for meeting the demand, the cartel will significantly impose high price through restriction all the supply of the products. Thus, the firm can easily increase the profitability if all the firms control the respective prices (Lin Matsumura, 2017). Bibliography Hattori, M., Tanaka, Y. (2016). License or entry with vertical differentiation in duopoly. Hazledine, T. (2017). Mixed pricing in monopoly and oligopoly: theory and implications for merger analysis.New ZealandEconomic Papers,51(2), 122-135. Julien, L. A., Musy, O. (2015). A Review of Heinrich von Stackelberg's Book:Market Structure and Equilibrium. Lin, M. H., Matsumura, T. (2017). Optimal Privatization Policy under Private Leadership in Mixed Oligopolies. Nabin, M. H., Nguyen, X., Sgro, P. M., Chao, C. C. (2014). Strategic quality competition, mixed oligopoly and privatization.International Review of Economics Finance,34, 142-150. Simshauser, P., Whish-Wilson, P. (2017). Price discrimination in Australia's retail electricity markets: An analysis of Victoria Southeast Queensland.Energy Economics,62, 92-103. Tyers, R. (2015). Service Oligopolies and Australia's Economy?Wide Performance.Australian Economic Review,48(4), 333-356.