Power of Cash Flows

The Power of Cash Flow Ratios EXECUTIVE SUMMARY CASH FLOW RATIOS ARE MORE RELIABLE indicators of liquidity than balance sheet or income statement ratios such as the quick ratio or the current ratio. LENDERS, RATING AGENCIES AND WALL STREET analysts have long used cash flow ratios to evaluate risk, but auditors have been slow to use them. SOME CASH FLOW RATIOS COMPARE THE RESOURCES A company can muster with its short-term commitments. OTHER CASH FLOW RATIOS MEASURE A COMPANYS ability to meet ongoing financial and operational commitments.THERE IS NO CONSENSUS ON THE DEFINITION OF NET free cash flow, although the authors suggest taking off-balance-sheet financing into account. AUDITORS CAN USE THE INSIGHTS uncovered by cash flow ratios to spotlight potential problem areas, thus helping them plan their audits more effectively. JOHN R. MILLS, CPA, PhD, is a professor in the Department of Accounting and CIS at the University of Nevada, Reno. His e-mail address is www. [email  protected] unr. edu1. Mills experience includes auditing and consulting in the gaming industry. JEANNE H.YAMAMURA, CPA, PhD, is an assistant professor in the accounting and CIS department at the university's Reno campus. Her e-mail address is www. [email  protected] edu2. Yamamura worked as an auditor overseas, including a stint in Papua, New Guinea. To fully understand a company's viability as an ongoing concern, an auditor would do well to calculate a few simple ratios from data on the clients cash flow statement (the statement of sources and uses of cash). Without that data, he or she could end up in the worst possible position for an auditor—having given a clean opinion on a client's financials just before it goes belly up.When it comes to liquidity analysis, cash flow information is more reliable than balance sheet or income statement information. Balance sheet data are static—measuring a single point in time—while the income statement contains many arbitrary noncas h allocations—for example, pension contributions and depreciation and amortization. In contrast, the cash flow statement records the changes in the other statements and nets out the bookkeeping artifice, focusing on what shareholders really care about: cash available for operations and investments.For years, credit analysts and Wall Street barracudas have been using ratios to mine cash flow statements for practical revelations. The major credit-rating agencies use cash flow ratios prominently in their rating decisions. Bondholders—especially junk bond investors—and leveraged buyout specialists use free cash flow ratios to clarify the risk associated with their investments. That's because, over time, free cash flow ratios help people gauge a company's ability to withstand cyclical downturns or price wars.Is a major capital expenditure feasible in a tough year? If the last time total cash got a hair below where it is now the company's capital structure had to be r evamped, the auditor should treat the deficient value like a loud buzzer. Many auditors and, to a lesser extent, corporate financial managers have been slow to learn how to use cash flow ratios. In our experience, auditors traditionally use either a balance sheet or a transaction cycles approach. Neither approach emphasizes cash or the statement of cash flows.While auditors do use the cash flow statement to verify balance sheet and income statement accounts and to trace common items to the cash flow statement, their use of ratios for cash-related analysis has been limited to the current ratio (current assets/current liabilities) or the quick ratio (current assets less inventory/current liabilities). According to an informal survey of Big 5 and other national accounting firms, even now their audit procedures have not changed in ways that take advantage of the information presented in the cash flow statement, even though that statement has been required for over a decade.The value of cash flow ratios was evident in the collapse of W. T. Grant. Traditional ratio analysis performed during the annual audit did not reveal the severe liquidity problems that resulted in a bankruptcy filing shortly thereafter. While W. T. Grant showed positive current ratios as well as positive earnings, in fact it had severely negative cash flows that rendered it unable to meet current debt and other commitments to creditors. Educators have not been emphasizing the cash flow statement either. Auditing textbooks commonly include only ratios based on the balance sheet and income statement with little or no discussion of cash ratios.The next generation of auditors needs to learn how to use cash flow ratios in audits because such measures are becoming increasingly important to the marketplace. Investors and others are relying on them. The cash flow ratios we find most useful fall into two general categories: ratios to test for solvency and liquidity and those that indicate the viability o f a company as a going concern. In the first, liquidity indicators, the most useful ratios are operating cash flow (OCF), funds flow coverage (FFC), cash interest coverage (CIC) and cash debt coverage (CDC).In the second category, ratios used to assess a company's strength on an ongoing basis, we like total free cash (TFC), cash flow adequacy (CFA), cash to capital expenditures and cash to total debt. Lenders, rating agencies and analysts use all of these. Auditors should know when and how to use them, too. The gaming industry expanded to 12 states from 2 between 1989 and 1995. During that time, many of the traditional casino corporations managed asset growth rates of 200% and more. Rapid expansion led to major problems, including bankruptcy, when revenues did not meet projections.As this examination of two gaming companies shows, cash flow analysis can help avoid business meltdowns, providing auditors and clients with an additional level of comfort in both planning the audit and ev aluating the strength of the going concern. Boomtown was a relatively young but successful Nevada company that went public in October 1992, with assets of $56 million. By 1995, its assets were up to $239 million, dropping to $206 million in 1996. Company operations grew from one casino in the local Nevada market to four properties in three states—Nevada, Louisiana and Mississippi.In the same period, Circus Circus was one of the largest and most profitable gaming corporations in the industry. Its properties, also all in Nevada at that time, included the Excalibur and the original Circus Circus in Las Vegas, the Colorado Bell and Edgewater in Laughlin and the Circus Circus in Reno. The company grew from total assets of $783 million in 1992 to over $2. 2 billion by 1996, including acquisitions. By the end of 1996, it had operations in three states—Nevada, Louisiana and Mississippi. Liquidity Assessment Exhibit 13, shows a variety of ratios calculated from the financial st atements of Boomtown and Circus Circus.The figures cover the period from 1992 to 1996, although Circus Circus was on a January 31 fiscal year while Boomtown used a fiscal year ending September 30. Look at the lines for the current ratio (current assets/ current liabilities) and the quick ratio (current assets less inventories/current liabilities) for each. Viewed through the lens of these traditional balance-sheet-based ratios, Boomtown appears to be stronger financially than Circus Circus. But this was not the case. Boomtown's current ratio was frequently well over 1. 00, even soaring to 4. 4 in 1993, while Circus Circus current ratio never strayed over 1. 32. Boomtown was able to maintain a higher quick ratio as well. Over the five years in question, Boomtown's current ratio showed fairly consistent improvement, a trend that would be reassuring to most auditors. Although the balance sheet ratios for both companies are fairly low, that is normal for the gaming industry. Casinos jus t don't carry much inventory—mostly perishable foods and the like. And gaming companies carry practically no receivables because gaming generally is a cash business.The traditional measures don't address operating cash flows or cash interest coverage directly, but auditors can use cash flow ratios to answer questions about their clients liquidity—Are these companies generating enough cash to cover their current liabilities? How many times does cash flow from operations cover interest expense? Running a Casino†¦ Image Boomtown's cash interest coverage was considerably weaker than that of Circus Circus, except in 1993, when Boomtown had no long-term debt. Circus Circus consistently maintained cash in excess of 5 times debt. Now look at the line for OCF.Over the interval shown, the Circus Circus OCF ratio slipped under 2. 00 only once, meaning that it generated enough cash to cover its current liabilities twice over—and even improved on that despite a rapid gr owth rate. The company's cash interest coverage ratio also was consistently high. Boomtown's cash flow ratios, however, might surprise an auditor relying solely on balance sheet ratios. Its OCF was consistently weaker than that of Circus Circus, even slipping into a negative position in 1994. Once Boomtown's OCF slipped below 1. 00, it was not generating enough cash to meet its current commitments.Accordingly, it had to find other sources for financing normal operations. An auditor relying solely on the quick and current ratios in this instance would have missed that important point. An auditor who bothered to calculate two other cash flow ratios—FFC and cash/current debt—would have gotten even more remarkable results. Because Circus Circus carried very little current debt, its cash covered current debt well over 175 times in every year, while Boomtown's cash didn't even cover current debt in 1994, and its cash/current debt coverage was in the single digits for three o f the other four years.More remarkably, Boomtown's FFC went negative in 1994 and again in 1996 and was consistently weaker than that of Circus Circus in every year. Accordingly, the conclusions an auditor might draw after looking at the cash flow ratios might differ sharply from his or her opinion based solely on balance sheet ratios. Going-Concern Analysis Traditionally, auditors have used the balance-sheet-based debt-to-equity ratio (total debt/total equity) and the times-interest-earned (EBIT/annual interest payments) ratio to examine a company's longer-term financial health (see exhibit 24).These measures do provide one perspective on the company's ability to carry its long-term debt obligations and its solvency. The traditional solvency ratios reveal big differences between Circus Circus and Boomtown. Although both companies expanded considerably in 1993 and 1994, the effects on each corporation's financial position were drastically different. Circus Circus showed a downward tr end in its traditional debt-to-equity ratio, an indicator of an increasingly strong balance sheet, while maintaining a fairly stable times-interest-earned ratio.After 1992, Boomtown's debt-to-equity ratio rose steadily, showing increasing reliance on outside borrowing. Its times-interest-earned ratio also weakened, even going negative twice. Cash flow ratios, however, provide an even clearer picture of each company's financial solvency. Consider the lines for TFC, two for each company—one based on actual capital expenditures and the other on estimated maintenance spending. Negative figures in 1993 reveal that Circus Circus needed to go outside to raise cash for capital expenditures in both 1993 and 1994.However, using a capital maintenance approach, figures consistently greater than 1. 0 show the company was clearly generating enough cash flow from operations to maintain its normal operations and to provide at least some funds for additional growth. But 1993 and 1994 were yea rs when total assets grew at 21% and 37%. Few companies could expand at this rate solely with internally generated funds from operations. Analysis of Boomtown's cash flow ratios unveils a very different kind of growth. Its TFC (maintenance) ratio slipped below 1. 0 for three years in a row.An auditor who notices that Boomtown wasn't able to fund normal operations from internal sources for three consecutive years has heard an alarm; however, the noise from the TFC (actual) ratio is even louder. Boomtown did not manage any of its growth from internally generated cash—it's TFC (actual) ratio never got above 1. 00! That can't go on forever. Now look at the total debt ratio line and the two cash flow adequacy (CFA) ratio lines for each company. The total debt ratio, to which credit-rating agencies and loan officers pay close attention, was quite stable for Circus Circus throughout.Boomtown's, which started out weaker, took one wild fluctuation way up and then collapsed. Looking at the CFA ratios, once again Circus Circus exhibits more than adequate funds for maintenance and sufficient internally generated cash for new capital investments in all but one year. The one exception was attributable to rapid growth. Boomtown's spectacularly negative ratios shout the company's need for substantial outside funding. Turning to the capital expenditures ratio lines, Boomtown was unable to generate enough cash internally to even maintain plant and equipment in 1994, despite more than doubling its total assets.Circus Circus, on the other hand, had plenty of cash for maintenance throughout and needed outside cash to fund growth only for a two-year interval. In fact, Boomtown's cash ratios do indeed reveal that drastic changes would have been needed for this company to survive on its own. It didn't. Boomtown was acquired by Hollywood Park, Inc. , on June 30, 1997. Boomtown also disposed of its Las Vegas property, which had generated continuing operating losses. Despite its earlier promise, Boomtown ran out of cash. Traditional ratios would not have provided sufficient warning, but cash flow ratios would have.Auditors who employ cash flow ratios to assess corporate liquidity and viability can help their clients spot trouble in time to take corrective action. HOW TO TEST SOLVENCY WITH CASH FLOW RATIOS Creditors and lenders began using cash flow ratios because those ratios give more information about a company's ability to meet its payment commitments than do traditional balance sheet working capital ratios such as the current ratio or the quick ratio. When a loan officer evaluates the risk she is taking by lending to a particular company, her greatest concern is whether the company can pay the loan back, with interest, on time.Traditional working capital ratios indicate how much cash the company had available on a single date in the past. Cash flow ratios, on the other hand, test how much cash was generated over a period of time and compare that to near -term obligations, giving a dynamic picture of what resources the company can muster to meet its commitments. Operating cash flow (OCF) Cash flow from operations Current liabilities Company's ability to generate resources to meet current liabilities Operating cash flow (OCF) ratio. The numerator of the OCF ratio consists of net cash provided by operating activities.This is the net figure provided by the cash flow statement after taking into consideration adjustments for noncash items and changes in working capital. The denominator is all current liabilities, taken from the balance sheet. Operating cash flow ratios vary radically, depending on the industry. For example, the gaming industry generates substantial operating cash flows due to the nature of its operations, while more capital-intensive industries, such as communications, generate substantially less. The gaming giant, Circus Circus, exhibited an OCF of 1. 37 for fiscal year l997 while the media king, Gannett, produced an OC F of 1. 148 for a similar period. In order to judge whether a company's OCF is out of line, an auditor should look at comparable ratios for the company's industry peers. (For further details, see the case study5. ) Funds flow coverage (FFC) EBITDA (Interest + Tax-adjusted* debt repayment + Tax-adjusted* preferred-dividends) Coverage of unavoidable expenditures *To adjust for taxes, divide by the complement of the tax rate. Funds flow coverage (FFC) ratio.The numerator of the FFC ratio consists of earnings before interest and taxes plus depreciation and amortization (EBITDA), which differs from operating cash flow. Operating cash flow includes cash paid out for interest and taxes, which EBITDA does not. The FFC ratio highlights whether the company can generate enough cash to meet these commitments (interest and taxes). Accordingly, interest and taxes are excluded from the numerator. The denominator consists of interest plus tax-adjusted debt repayment plus tax-adjusted preferred divi dends. To adjust for taxes, divide by the complement of the tax rate.All of the figures in the denominator are unavoidable commitments. An auditor can use the FFC ratio as a tool to evaluate the risk that a company will default on its most immediate financial commitments: interest payments, short-term debt and preferred dividends (if any). If the FFC ratio is at least 1. 0, the company can meet its commitments—but just barely. To survive in the long run, any company must have enough cash flow to maintain plant and equipment. To be really healthy, it should be able to reinvest cash for growth. Accordingly, if a company's FFC is less than 1. , the company must raise additional funds to meet current operating commitments. To avoid bankruptcy, it must keep raising fresh capital. Cash interest coverage Cash flow from operations + Interest paid + Taxes paid Interest paid Company's ability to meet interest payments Cash interest coverage ratio. The numerator of cash interest coverag e consists of cash flow from operations, plus interest paid plus taxes paid. The denominator includes all interest paid—short term and long term. The resultant multiple indicates the company's ability to make the interest payments on its entire debt load.A highly leveraged company will have a low multiple, and a company with a strong balance sheet will have a high multiple. Any company with a cash interest multiple less than 1. 0 runs an immediate risk of potential default. The company must raise cash externally to make its current interest payments. The cash interest coverage ratio is analogous to the old-fashioned coverage ratio (also known as the interest coverage ratio). However, where the numerator of the coverage ratio begins with earnings from the income statement, the numerator of the cash interest coverage ratio begins with cash from the cash flow statement.Cash interest coverage gives a more realistic indication of the company's ability to make the required interest payments. Earnings figures include all manner of noncash charges—depreciation, pension contributions, some taxes and stock options. A company with a low income-based coverage ratio may actually be able to meet its payment obligations, but the mask of noncash charges makes it difficult to see that. A cash-based coverage ratio gives a direct look at the cash available to pay interest. Cash current debt coverage Operating cash flow—cash dividends Current debtCompanys ability to repay its current debt Cash current debt coverage ratio. The numerator consists of retained operating cash flow—operating cash flow less cash dividends. The denominator is current debt—that is, debt maturing within one year. This is, again, a direct correlate of an earnings current debt coverage ratio, but more revealing because it addresses managements dividend distribution policy and its subsequent effect on cash available to meet current debt commitments. As with the cash interest coverage ratio, the current debt ratio indicates the company's ability to carry debt comfortably.The higher the multiple, the higher the comfort level. But like most other ratios, as long as the company is not insolvent, the appropriate level varies by industry characteristics. HOW TO USE CASH RATIOS AS A MEASURE OF FINANCIAL HEALTH Beyond questions of immediate corporate solvency, auditors need to measure a client's ability to meet ongoing financial and operational commitments and its ability to finance growth. How readily can the company repay or refinance its long-term debt? Will it be able to maintain or increase its current dividend to stockholders? How readily will it be able to raise new capital?Banks, credit-rating agencies and investment analysts understandably are very concerned with these questions. Accordingly, they have developed several ratios to provide answers to them. Auditors, who are more concerned about full disclosure, can use these same ratios to pinpoint area s for closer scrutiny when planning an audit. Capital expenditure Cash flow from operations Capital expenditures Company's ability to cover debt after maintenance or investment on plant and equipment Capital expenditure ratio. The numerator is cash flow from operations. The denominator is capital expenditures.A financially strong company should be able to finance growth. This ratio measures the capital available for internal reinvestment and for payments on existing debt. When the capital expenditure ratio exceeds 1. 0, the company has enough funds available to meet its capital investment, with some to spare to meet debt requirements. The higher the value, the more spare cash the company has to service and repay debt. As with all ratios, appropriate values vary by industry. Cyclical industries, such as housing and autos, may show more variation in this figure than noncyclical industries, such as pharmaceuticals and beverages.Also, a low figure is more understandable in a growth indu stry, such as technology, than in a mature industry, such as textiles. Total debt Cash flow from operations Total debt Company's ability to cover future debt obligations Total debt (cash flow to total debt) ratio. The numerator is cash flow from operations. The denominator is total debt—both long term and short term. Total cash flow to debt is of direct concern to credit-rating agencies and loan decision officers. This ratio indicates the length of time it will take to repay the debt, assuming all cash flow from operations is devoted to debt repayment.The lower the ratio, the less financial flexibility the company has and the more likely that problems can arise in the future. Auditors should take diminished financial flexibility into account when identifying high-risk audit areas during planning. NET FREE CASH FLOW RATIOS Other ratios that spotlight a company's viability as a going concern rely on a computation of net free cash flow. Net free cash flow (NFCF) is not yet well defined, although bankers are working to standardize these computations in a way that would facilitate comparisons across companies and across industries.However, at present, there are still many variations of net free cash flow. We propose a total free cash (TFC) ratio developed by First Interstate Bank of Nevada, which uses it to make loan decisions and loan covenant agreements. This TFC computation offers the advantage of incorporating the effects of off-balance-sheet financing—by taking into account operating lease and rental payments. Total free cash (TFC)†  (Net income + Accrued and capitalized interest expense + Depreciation and amortization + Operating lease and rental expense – Declared dividends – Capital expenditures) (Accrued and capitalized interest expense Operating lease and rental expense + Current portion of long-term debt + Current portion of capitalized lease obligations) Company's ability to meet future cash commitments †  These rat ios require computation of the company's net free cash flows. As net free cash flow can vary by company as well as by industry, the formulas should be considered as recommended rather than absolute. TFC ratio . The numerator of this ratio is the sum of net income, accrued and capitalized interest expense, depreciation and amortization and operating lease and rental expense less declared dividends and capital expenditures.The denominator is the sum of accrued and capitalized interest expense, operating lease and rental expense, the current portion of long-term debt and the current portion of long-term lease obligations. Varying definitions of capital expenditures can confuse the issue. Since different definitions change the value of free cash flow ratios, it is best to be clear about which definition the auditor is using and why it makes sense for a particular purpose. For example, if the auditor is trying to determine whether the company can maintain its present level of operations, the capital spending figure used hould exclude new investments and be limited to the amount of spending required to maintain operating assets. Sometimes maintenance spending is estimated at 2% of total assets, or up to 5% of property, plant and equipment. Industries with very long-lived capital assets may use smaller percentages to estimate maintenance spending. However, if the auditor is more interested in long-term growth potential, then actual capital expenditures from the cash flow statement should be used. Cash flow adequacy (CFA)†  (EBITDA – taxes paid – interest paid – capital expenditures) (Average annual debt maturities scheduled ver next 5 years) Company's credit quality †  These ratios require computation of the company's net free cash flows. As net free cash flow can vary by company as well as by industry, the formulas should be considered as recommended rather than absolute. Cash flow adequacy (CFA) ratio. The numerator is earnings before interest, taxes, depreciation and amortization (EBITDA) less taxes paid (cash taxes) less interest paid (cash interest) less capital expenditures (as qualified above). The denominator is the average of the annual debt maturities scheduled over the next five years.Cash flow adequacy helps smooth out some of the cyclical factors that pose problems with the capital expenditure ratio. It also makes allowances for the effects of a balloon payment. Companies with strong NFCF compared with upcoming debt obligations are better credit risks than companies that must use outside capital sources. Thus, a high CFA means high credit quality. KNOW YOUR CLIENT In order to fully understand where to set the levels at which the cash flow ratios discussed here should trigger deeper investigation, auditors need to understand their clients businesses and the industries in which they operate.As with any other ratio, an auditor should listen to the client's explanation of any unfavorable changes in cash r atios before becoming too alarmed. An auditor should know what cash concerns are critical to a company's business. We wouldn't suggest that a successful audit is just a matter of picking the right equations and plugging in the numbers. There are no absolutes. But properly applied, cash flow ratios can be revealing to auditors during the audit planning stages and can give the auditor a more accurate picture of the company. Auditors must ascertain whether the financial statements are fairly presented in accordance with GAAP.They must be satisfied with the accuracy of the transactions and balances summarized in the four financial statements and the related disclosures. Effective auditors can use cash flow ratios to improve their understanding of the cash concerns critical to the particular company and to plan the audit more effectively. References ^www. [email  protected] unr. edu (www. readability. com) ^www. [email  protected] edu (www. readability. com) ^Exhibit 1 (www. journalo faccountancy. com) ^exhibit 2 (www. journalofaccountancy. com) ^case study (www. journalofaccountancy. com)

Darwin and Wallace Island Finch Evolution Lab Experiment

Evolution and Natural Selection have been a recurring focus of biology throughout the years. This Particular experiment is based on Charles Darwin’s observations of finches made in the Galapagos Islands. He noted that different neighboring islands in the Galapagos had distinctly different types of finches. He theorized that this was caused by natural selection, where the environment determined the characteristics of the species in it. In the Evolution Lab Experiment, I looked at how beak size and population numbers for two hypothetical populations of finches on two different islands evolved in response to factors that I manipulated by changing environmental conditions. The specific environmental conditions that I chose to manipulate were the precipitation in the environment and the variance of the finches. However I only manipulated the precipitation and variance on Darwin Island and not on Wallace Island. I thought that if Darwin Island finches had less variance and less precipitation than Wallace Island Finches, that Darwin Island finches would be unable to effectively adapt in order to easily consume the type of seed that was a result of the lesser amount of precipitation. MATERIALS The materials required for me to complete this experiment were my laptop and my University of Phoenix Student Website. Once I accessed the University of Phoenix Student Website, I was able to access the Evolution Lab, which is the final required material. An optional material that I chose to use was a pen and paper to take notes. PROCEDURES In order for me to accurately test my hypothesis, I needed to first get to the Evolution Lab. Once I logged onto my University of Phoenix Student Website, I went to the classroom tab and clicked on Evolution Lab, which is found in week three. Once I pulled up the Evolution Lab window, I chose the button labeled â€Å"Change Inputs†. Once I arrived at the screen with the seven variables on the left and the pictures of the finches on the right, I clicked on the tab labeled â€Å"Variance†. The next step is to change the Darwin Island Finch Variance to 0. 50. I did not change the Wallace Island Finch Variance. After the Variance was set, I clicked on the tab labeled â€Å"Precipitation†. I changed the precipitation on Darwin Island to 10 centimeters and left Wallace Island Precipitation at 20 Centimeters. Since I only changed two variables in an attempt to pinpoint the cause of the results, the next step was to click the tab labeled â€Å"Done†. After I chose whether I wanted to look at the results over 100, 200, or 300 years, I clicked the tab labeled â€Å"Run Experiment†. At this point, I was ready to analyze the results and take notes if I needed to. Lastly, if I needed to extend the time the results were recorded, all I needed to do was click the tab labeled â€Å"Revise Expt. †. Then I clicked the pull down tab and changed the range from 100 to 200 or 300. DATA DISCUSSION As seen in this experiment, when the Variance was lowered along with the Precipitation on Darwin Island, the population was on average, half of that of Wallace Island where the numbers were left in the default status. I made the hypothesis that if I decreased the variance and precipitation on Darwin Island, that the finches there would be less able to adapt their beaks to accommodate the larger size of seeds and would eventually all die off. Since the graphs produced from the Evolution Lab program did not depict the species of finches on Darwin Island falling to zero, my hypothesis did not turn out to be correct. I believe that with the variance lowered to . 5 and not all the way to zero, the finches were still able to evolve, but not as rapidly as the finches on Wallace Island. In addition, since only a small amount of evolution was necessary for the finches on Darwin Island to be able to consume the larger seeds produced from a decreased amount of rain; I believe they could have survived with an even smaller amount of variance. The reason I feel that a smaller amount of variance would have sufficed is that, not only did the finches in my experiment not go extinct, but they only remained below their initial population for the first fifty years after the parameters were put into place. One aspect of the experiment that I feel could be improved upon is the lack of information on how many times a new generation was produced. I was wondering how many times the finches would have to produce offspring in order to observe evolution. I can see that it took the finches on Darwin Island fifty years to regain their initial population of 200, but I would like to know how many times in that fifty years new generations were produced so that I could connect rise in population with a number of generations so that I might be able to predict future evolution. An additional way that the experiment could have been improved would if I had given the Wallace Island finches an increased number of variance and same amount of precipitation. This would have allowed me to not only see what would have happened when the finches had a higher likelihood of evolution to the decreased amount of rain and therefore a solidified cause for the resulting population, but it would have allowed me to analyze the reverse effect and possibly predict trends. CONCLUSION Overall, I tested the effect of lowered variance and lowered precipitation of one population of finches while leaving another population of finches as the control group. I predicted that the finches with the lowered variance and lowered precipitation would become extinct. Even though my hypothesis was rejected at the end of the experiment, I learned that even with an increase in the size of their food as a result of lowered precipitation and a lowered ability to evolve, the finches on Darwin Island rebounded quite quickly.

Consensus Decision Making Essay Essay

A decision is a determination of a question or doubt by making a judgment. Decisions are a part of everyday life for normal human beings and can be as insignificant as to where to eat lunch, or as important as whether to pop the marriage question to a longtime girlfriend. Decisions can be made in a variety of ways, but most of the time they are either made individually or in a group setting. Both individual decision making and group decision making have their pros and cons, and can even determine the type of individual a person is. Decision making is not always an easy process, but is a part of life. There are major differences between group decision making and individual decision making. When individuals are in a group, decision making could not only involve one person’s opinion, but everyone’s opinion which could become vital to the final outcome. This could sometimes make it easier for a final decision to be reached, or maybe make it even harder to reach a final decision. Arguments and disagreements can occur in group decision making based on other people’s opinions. Sometimes people try to persuade other individuals to change their decision to the one they want, by giving them their own opinions and making them seem like facts. Group decision making can also be positive because there is more brain power involved which can ultimately lead to a quick and more efficient type of decision making. The other type of decision making is individual decision making. This type of decision is basically based solely on one opinion and one opinion only, which ultimately gets the individual what they want. The individual decision making also comes from one point of view and only from the knowledge from the individual. This could lead to a misunderstanding on how to decide because the individual was presented the information to process and had a hard time understanding on which way to decide. The individual’s knowledge on the topic they are deciding on may be little to none, and could lead to a poor decision. Either way, individual decision making and group decision making both have their major differences, positives, and negatives. All of the activities in class and the film â€Å"12 Angry Men,† give us individuals some perspective into decision making and also show us the explicit pros and cons. One very interesting and fun assignment we had to  do was the NASA assignment were as individuals we were given 15 choices of important items and had to rank them based on what we thought was important. Then we were put into groups and had to decide which ones were most important barring our opinions. Many people had conflicting views on what was important and what was not, and some had not realized how important an item was until they were in a group. It was extremely interesting to see how all of the group members came to decisions on this although conflict had occurred. Another group activity that we did in class was the time capsule activity. This was another strongly opinion based activity but because there were other people in the group there were many items being tossed around. There wasn’t a set list of items to choose from like the NASA activity, so there were unlimited amount of choices and some choices were surprising. Some important items were many of the times overlooked by the people in the group because their opinion came into play, which was just like the NASA activity. There were many disagreements while working in a group setting because some people may have different priorities. The movie â€Å"12 Angry Men† showed us more positives and negatives of individual and group decision making. In the beginning of the movie all but one juror votes individually decide that the man was guilty without any deliberation of the evidence. After discussing each piece of evidence the jury slows takes a turn towards not guilty. Although some were stubborn, the fact that all of the jurors talked out their opinions and had a reasonable doubt had some of the change their decision to not guilty. After much deliberation and conflict, the jury was unanimously deciding that the accused was not guilty after all. This was after almost all of the jurors had decided guilty, which meant that the group decision making was much more successful than the individual decision making. The right decision was made in the end because of the talking and opinions that were thrown around which ultimately had the jurors changing their initial decisions. This movie again showed us the positives and negatives when it comes to decision making. Many believe that group decision making is a much more efficient way of deciding outcomes which is why it is so often used in the United States Government. Examples like the House of Representatives and Congress show how many people deliberate about new decisions. Many new laws are discussed  by these groups of people and then eventually passed to the president. This just exemplifies how people opinions and votes do matter to the government. Of course the judicial branch is the branch the uses group decision making a lot. Jury’s make decisions on crimes by deliberating and talking about evidence and whether there is a reasonable doubt. They reach a verdict together and all have to agree on the same thing. The executive branch also uses group decision making. The president just doesn’t make decisions based on his opinions, he usually consults many people about new changes that he wants to make. The president is only one brain, and if he gets more opinions from other brains he can ultimately decide on whether or not this is going to benefit society as a whole. Individual decision making and group decision making have major differences. Both of them have their positives and negatives which are a part of everyday life, and are prevalent in the government.

How did the struggle to resist segregation create a sense of African Essay - 1

How did the struggle to resist segregation create a sense of African American community, what purely African American institutions, cultural expressions, and po - Essay Example Myriads of blacks heroically resisted ‘white domination’, often jeopardizing their own lives. It is not possible to know the numbers of the African-Americans segregated by Whites were men and women who had confronted by some blatant acts of ‘bravery’, such as walking conceitedly down the roads or talking back to Whites instead of quitting. Anti-racial, socials integrity, desegregation, and even ‘racial equivalence’ enjoyed huge support amid leftists than integration. Even though black civil rights protesters had always stresses on ‘desegregation’ (Robin et. Al 1996). In nearly all white liberal spheres ‘cultural integration’ came to represent solving the Negro problem by carrying black people into previously all-white bodies (Robin & Earl 2005). Leftists, on the contrary, regardless of their beliefs, always struggling for ‘racial integrity’ in terms of taking racial discrimination separately – one of the opportunity for entrepreneurship – so as to create a more dominant challenge to ‘community rule’. From the beginning, they resisted to create systems which guarantee the equal rights for every one, irrespective of class or nation, to live as full human beings (Robin 2002). The split continued to be ever-lasting in 1905 when W. E. B. Du Bois1 established, with William Monroe Trotter who was a detractor of Washington, the whole black â€Å"Niagara Movement†2 (Robin 2002). With the organized challenges by movements like the National Association for the Advancement of Colored People (NAACP3) and Universal Negro Improvement Association (UNIA4) and their personal insubordination to Jim Crow5, African Americans embraced enriching their cultural life of, mainly, non-political demonstration against ‘white domination’ that infused all divisions of black life (Robin 2002). And in no more than the next twenty years, the NAACP staged a harmonized approach of legalized encounters, taking provinces and states to court to execute

Why does ADHD impact on academic performance and what can be done to Annotated Bibliography

Why does ADHD impact on academic performance and what can be done to support ADHD children in the classroom - Annotated Bibliography Example The child is also labeled as a day dreamer in class. (NCP, 2008) Impulsiveness – Executive functions of the brain help human beings to inhibit emotional outbursts and impulsive behavior. A school going child usually uses these function to reason out the benefits of doing homework against watching cartoons but a child with ADHD is unable to do so. He is not able to plan ahead for his examinations, learn from previous mistakes or consider consequences of impulsive actions. All this leads to bad academic performance. (George J. DuPaul, 2003) Low Self Esteem and confidence – Children with ADHD are usually laggards in the class and are not able to complete their tasks efficiently. This leads to reprimand from teachers as well as ridicule from fellow students. This lead to low self esteem and a belief that they won’t be able to do anything well in life. This usually has disastrous consequences for the child. (Craig A. Everett, 2001) Rule Breaker – A child with ADHD usually challenges authority at every opportunity he gets. He does not like to follow rules and regulations. Teachers at school do not like to see this attitude and may decide to target the student as they might regard this attitude as not a medical problem but disrespect. The authors of this journal article have studied in-depth about the different methods in which non-medication support can be provided to ADHD children. We will discuss the main points which have been mentioned in the article. It has been proved through this study conducted by Rebecca Shaw and Vicky Lewis that children with ADHD produced the greatest number of accurate responses regarding basic computerized tasks as compared to children with no disorder. Computerized and graphic representation of facts and figures help children with ADHD to improve concentration .Various educational software have been made for ADHD children and have

Womens participation levels in sport and physical activity and how it Literature review

Womens participation levels in sport and physical activity and how it is affected - Literature review Example This paper intends to discuss the participation of women in sports and physical activities. Reasons for why it is affected will also be provided (Alexander 2006, p 24). Recent studies and statistics have proven that the number of women participating in sports and physical activities is low as compared to that of men. Participation is the process of being involved physically in an activity, or being a person who takes part in an activity physically. In a study done, in Australia, on women and men to see the level of their participation in sports and physical activities, the results showed that out of the total population, only 38.7% of the women participated in sports, while 65% of the men participated in sports. However, studies show that today, as compared to the previous years more women are participating in sports (Festle 2007, p 32). There are various reasons why women did not participate in sports in the previous years, for example, lack of time. Women were expected to remain home and take care of their children and home (Festle 2007, 16). For example, a woman would wake up in the morning, prepare her husband for work and start taking care of house chores and the children. These activities denied the women time to spare to do things they enjoy, like sports. Another reason why women did not participate in sports or physical activities was because of the expectations the society had put on them. Women did not take part in sports since it was seen as an activity that only men should participate in, but not women. A woman seen taking part in these activities was seen as a disgrace to the family and society at large, since it was considered masculine (Sportsscotland 2008, p 29). Lack of income was another excuse given for women not participating in sports. Women were not allowed to go out and work; men were expected to work and provide for their families; thus, it was rare for a woman to have money to spend (Joli,

Xerox Corporation and Organizational Development Essay

Xerox Corporation and Organizational Development - Essay Example Strategies vary depending on what business, products or services, industry, location, machinery, labor and fund at the disposal of the business. In any organization, change is inevitable and the organization that thrives will always be the organization that anticipates change, is flexible and willing to adapt itself to change. Let us follow the organizational changes of Xerox Corporation that brought the company up from its fall and turned it around. Xerox Corporation is the world's largest document-management company. Headquartered in Stamford, Connecticut, the company is a pioneer of photocopying that its name has become so synonymous with the product that the term "Xerox machine" is often used to refer to xerographic duplicators produced by other companies. In addition, the term "Xeroxing" is quickly becoming synonymous with "copying." The company made its presence felt in 1959 with the introduction of the first one-piece, plain paper photocopier using the process of xerography (electro photography), the Xerox 914. The company opened a famous research center, the Xerox Palo Alto Research Center or Xerox PARC. Until the end of 1970, Xerox dominated the market with an amazing monopoly. Its market share was 90% and this led to a confidence about it surviving new competition in the market. By the 1980's Xerox's market share declined from 90 % to 43 % due to the competition from Ricoh, Sharp, Cannon, Kodak and IBM. Facing a downturn in office-equipment outlays, tougher rivals, an accounting scandal and management turnover, Xerox saw sales drop drastically. By the year 2000, Xerox's share price had fallen below $4, from a high of $64 a year earlier. In year 2001, Xerox experienced a net loss of $293 million. That was down 1% from the year before and 20% off its peak of $19.4 billion in 1998. [Xinxin, n.d, para 1.0] The basic reasons of failure for Xerox was not being able to anticipate and leverage the changes in the technology sector, lagging behind in developing products with digital technology and being overconfident in maintaining market share and brand loyalty. It failed to anticipate and strategize to face the emerging competition, was unable to offer customers lower priced products to counter the competition and was plagued by a lack of vision to scale to revolutionary digital age products using its strong presence. The organization was in desperate need for an OD intervention. When Anne Mulcahy, chairman and chief executive of Xerox, assumed responsibility in the year 2000, she had the unenviable task of turning around a company that was on the verge of bankruptcy. She realized that a massive organizational restructuring was in order if results needed to be achieved. Xerox's systems were studies and data was collected. The vision, the New Xerox Movement, was made to transform Xerox into a more cost-conscious, competitive, quality-control-based company contributing the first step encompassing the strategic change. Under her leadership, Xerox moved from losing $273 million in 2000 to earning $91 million in 2003. By last year, the company's profits had reached $859 million on sales of $15.7 billion. At the same time, its stock has risen, returning 75% over the last five years, compared with a loss of 6% for the Dow Jones Total

Seven Nation Army by the White Stripes Band Assignment

Seven Nation Army by the White Stripes Band - Assignment Example The song also received a positive welcome in the commercial arena. Following the good commercial reception, the song won a Grammy Award in 2004 for Best Rock Song title. Generally, the song explores the aspects of general life. What we see in the song is like-themed with some other songs in the album such as Blue Orchid. Though the song addresses some issues which the singer feels, it raises a feeling of self-worth and even more, a call to fight for one's rights. In analyzing this song, I will basically focus on the approaches aforementioned, that is; life in general and fight for freedom. Besides that, I will also analyze the video, musical as well as the lyrical structure of the song. To start with, the video is red themed. The video starts with a unique work by the producer. It then progresses to a kaleidoscopic view with three colors which are black, red and white. At some points in the video, there are scenes of skeletons holding shields which reflects the lyrics of the song that seven armies would not hold him back. The two Whites change roles with their instruments in harmony with the beats of the song. Still, in the video, there is an elephant citing which captures an association of the song with the title of the album. Back to the musical and lyrical analysis, the song starts with what sounds like bass, however, what sounds like the ass is actually a guitar to which an octave effect has been added that makes it sound like a bass. There is then the introduction of the drums’ this mixture of instruments, where all the instruments were used in the former years of the 1950s makes the music unique in its own. The song has three main stanzas. Each stanza s eems to be a continuation of the story in the former stanza; this gives the song a smooth flow from the start to its end. Every stanza has its own major idea but all in all, they sum up to form a masterpiece of a song.

Professional Organizational Communication Vision Statement Essay

Professional Organizational Communication Vision Statement - Essay Example Belasen (2000) observes that whereas organizations should have a form of leadership to steer them towards achievement of their goals, this leadership could not necessarily be that obvious in some organizations. With an organization focused on attaining a specific goal, coordination plays a critical role. As such, communication forms the basis of the successful existence of an organization. Therefore, more and more organizations appreciate the importance of communication, especially where production process depend largely on teamwork and collaboration among workers from different functional groups (Belasen, 2000; King, 2009). The change in communication technologies has resulted in transformation of both organizational and work structures, making communication technologies and practices important in organizations. Figure 1 graphically portrays our organizational communication concept. Message would originate from the sender and channeled through the appropriate channel to the recipient, with various factors interfering with the communication, referred to as noise in the graphical representation. Communication is a complex and multifaceted concept in any organization. From the graphical representation of our organization’s communication concept, it would be appreciated that other than the sender and receiver of the message, the environment, the source of noise, also plays a role together with the channels. This appreciates the role of social context and structure of an organization with regards to how it influences communication. According to Downs and Adrian (2004), communication should be considered as a continuous and dynamic process. Furthermore, having analyzed various literature sources, these scholars appreciate communication as a process. This idea of process indicates the interaction of various components whose outcomes would be determined by unspecific consequences. Moreover, Hatala

Business Law-Tort Essay Example | Topics and Well Written Essays - 750 words

Business Law-Tort - Essay Example A tort is a legal wrong, and in this case the legal wrong is nothing being done to prevent an accident from happening on the job. It is a company's responsibility to ensure the safety of employees. Kofsy may not of been a direct employee, but he did deliver items to this place of business. He has as much legal rights as an employee as well as patients and visitors to the hospital. What would of happened if a patient wandered out there or a visitor got lost, and tripped and fell down because of that crack That is an endangerment to anyone who comes in contact with that area. Pat Seiple had Kofsy bringing that bed off of the truck to show him the difficulty he was having, and what could possibly happen if he used the steel plate. Technically, knowing that this could injure himself, he shouldn't have done it or at least not done it without help. Pat Seipe had refused to help due to company policies. Kofsy still attempted to bring the bed off of the truck with and without the steel plate, and then when it got stuck he struggled to get it out resulting in his own injury. Who is at fault A tort law helps distinguish who is at fault, and who is responsible for the damages. This case here is considered an unintentional tort due to negligence. The tort law helps focus on the consequences on this accident. First what needs to be determined is whether this case is a 'fault' liability (the plaintiff's fault), or a 'strict' liability (the defendant or both are at fault). In this situation, it seems to me that both are at fault here. Due to the fact that this area was not repaired so deliveries could be made without injuries or damages, and to the fact that Kofsy could of refused to move the bed after it got stuck. He had informed Pat that it would get stuck with the steel plate, and he went ahead to prove it to him. He could of refused knowing what would have happened, and someone could have seriously got hurt. However, it is still the company's responsibility to provide a safe atmosphere for all. This misfortune incurred costs to Kofsy, and it now has to be decided on who is responsible for them. The tort law was developed to allow victims the opportunity to shift the costs that befall them to others. It provides an avenue of redress, but not a guarantee of recovery. The law states, "A's wrong must be the proximate cause of B's harm." (Coleman, Oct. 20, 2003) In other words, it was the hospital's wrong causing Kofsy's harm. Therefore this case would fall under a tort. Under the principle of corrective justice, it is stated, "An individual who has wronged another has the duty to repair the wrongful losses occasioned." (Coleman, 2003) Due to the negligence of repairs, Kofsy has suffered from his injuries, accumulated hospital bills, and lost money from being out of work. Is this area repaired though to prevent future accidents All of this could have been prevented if both parties took safety measures. However, this isn't the case here. We now have to decide on how Kofsy will be compensated if at all. Tort 3 Even though his actions caused this injury by struggling to remove the bed from being stuck by himself, the company still should have had this fixed prior to avoid any injuries. It is not like Kofsy didn't let anyone aware of the damage at the hospital. It should have been fixed right away leaving the discussion of the subject and demonstration out of it. The company should be responsible for all medical bills incurring from what

The Realities of Juvenile Crime In The United States Essay

The Realities of Juvenile Crime In The United States - Essay Example Different investigations and studies have been conducted on juvenile crime and justice. Major issues of these studies include juvenile delinquency and offense status. Other issues include comparison of adult courts and juvenile courts, variables that correlate with juvenile crime rates, delinquency, effects on the young tried as adults and current issues in the juvenile justice. The difference between the juvenile courts and adult courts include the absence of the right to bail in childrens court. If a minor is detained in a juvenile hall, you cannot post a bond to get him or her out. Another difference is that in juvenile courts, the parents and guardian are questioned by the court during hearings about their childs behavior. The responses of the parent or the guardian play a role in determining the case, however, this does not exist in adult courts. Also juvenile court hearing is closed to the public meaning that the general public is not inside juvenile courts with the exception of family members, but in adult court the general public can attend the trial hearing. Typically, in juvenile court the mental health and substance abuse evaluations are carried out, a rare phenomenon in adult courts (World Youth Report, 2003). The causes that correlates to juvenile crimes includes drugs and substance. Drug abuse causes delinquency among teenager leading to committing crimes such as precocious sex activity, school failure, gun ownership and other related behaviors. The social media plays a part in juvenile crimes; television and movies have promoted "cult of heroes" that advocate justice through physical means that seek the elimination of enemies. This has been supported by the American Psychological Association that concluded that television violence contribute up to 10% of aggressive behavior among teenagers. Peer influence is also a major cause of delinquent

Women Development, Dowry Act Essay Example for Free

Women Development, Dowry Act Essay Be it enacted by Parliament in the Twelfth Year of the Republic of India as follows: 1. Short title, extent and commencement.-(1) This Act may be called the Dowry Prohibition Act, 1961. It extends to the whole of India except the State of Jammu and Kashmir. It shall come into force on such date as the Central Government may, by notification in the official Gazette, appoint. 2. Definition of `dowry’.-In this act, `dowry’ means any property or valuable security given or agreed to be given either directly or indirectly- (a) by one party to a marriage to the other party to the marriage; or (b) by the parents of either party to a marriage or by any other person, to either party to the marriage or to any other person; at or before or any time after the marriage in connection with the marriage of said parties but does not include dower or mahr in the case of persons to whom the Muslim Personal Law (Shariat) applies. Explanation II.-The expression `valuable security’ has the same meaning as in Sec. 30 of the Indian Penal Code (45 of 1860). 3. Penalty for giving or taking dowry.-(1) If any person, after the commencement of this Act, gives or takes or abets the giving or taking of dowry, he shall be punishable with imprisonment for a term which shall not be less than five years, and with the fine which shall not be less than fifteen thousand rupees or the amount of the value of such dowry, whichever is more: Provided that the Court may, for adequate and special reasons to be recorded in the judgment, impose a sentence of imprisonment for a term of less than five years. * * * Explanation I omitted by Sec.2 w.e.f 2nd October, 1985 (2)Nothing in sub-section (1) shall apply to or, in relation to,- presents which are given at the time of a marriage to the bride (without nay demand having been made in that behalf): Provided that such presents are entered in list maintained in accordance with rule made under this Act; presents which are given at the time of marriage to the bridegroom (without any demand having been made in that behalf): Provided that such presents are  entered in a list maintained in accordance with rules made under this Act; Provided further that where such presents are made by or on behalf of the bride or any person related to the bride, such presents are of a customary nature and the value thereof is not excessive having regard to the financial status of the person by whom, or on whose behalf, such presents are given. 4. Penalty for demanding dowry.- If any person demands directly or indirectly, from the parents or other relatives or guardian of a bride or bridegroom as the case may be, any dowry, he shall be punishable with imprisonment for a term which shall not be less than six months but which may extend to two years and with fine which may extend to ten thousand rupees: Provided that the Court may, for adequate and special reasons to be mentioned in the judgment, impose a sentence of imprisonment for a term of less than six months. 4-A. Ban on advertisement.- If any person- (a) offers, through any advertisement in any newspaper, periodical, journal or through any other media any share in his property or of any money or both as a share in any business or other interest as consideration for the marriage of his son or daughter or any other relative, (b) prints or publishes or circulates any advertisement referred to Cl. (a), he shall be punishable with imprisonment for a term which shall not be less than six months, but which may extend to five years , or with fine which may extend to fifteen thousand rupees: Provided that the Court may, for adequate and special reasons to be recorded in the judgment, impose a sentence of imprisonment for a term of less than six months. 5. Agreement for giving or taking dowry to be void.- Any agreement for the giving or taking of dowry shall be void. 6. Dowry to be for the benefit of the wife or heirs.- (1) Where any dowry is received by any person other than the woman in connection with whose marriage it is given, that person shall transfer it to the woman – (a) if the dowry was received before marriage, within three months after the date of marriage; or (b) if the dowry was received at the time of or after the marriage within three months after the date of its receipt; or (c) if the dowry was received when the woman was a minor, within three months after she has attained the age of eighteen years, and pending such transfer, shall  hold it in trust for the benefit of the woman. (2) If any person fails to transfer any property as required by sub-section (1) within the time limit specified therefor or as required by sub-section(3), he shall be punishable with imprisonment for a term which shall not be less than six months, but which may extend two years or with fine which shall not be less than five thousand rupees, but which may extend to ten thousand rupees or with both. (3) Where the woman entitled to any property under sub-section (1) dies before receiving it, the heirs of the woman shall be entitled to claim it from the person holding it for the time being: Provided that where such woman dies within seven years of her marriage, otherwise than due to natural causes, such property shall- if she has no children, be transferred to her parents, or  if she has children, be transferred to such children and pending such transfer, be held in trust for such children. (3-A) Where a person convicted under sub-section (2) for failure to transfer any property as required by sub-section (1)or sub-section (3) has not, before his conviction under that sub-section, transferred such property to the women entitled thereto or, as the case may be, her heirs, parents or children, the Court shall, in addition to awarding punishment under that sub-section, direct, by order in writing, that such person shall transfer the property to such woman, or as the case may be, her heirs, parents or children within such period as may be specified in the order, and if such person fails to comply with the direction within the period so specified, an amount equal to the value of the property may be recovered from him as if it were a fine imposed by such Court and paid to such woman, as the case may be, her heirs, parents or children. (4)Nothing contained in this section shall affect provisions of Sec. 3 or Sec. 4. 7. Cognisance of offences.- (1) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2of 1974),- no Court inferior to that of a Metropolitan magistrate or a Judicial Magistrate of the first class shall try any offence under this Act; no Court shall take cognizance of an offence under this Act except upon – (i) its own knowledge or a police report of the facts which constitute such offence, or (ii) a complaint by the person aggrieved by offence or a parent or other relative of such person, or by any recognized welfare institution or organization: it  shall be lawful for a Metropolitan Magistrate or a Judicial Magistrate of the first class to pass any sentence authorized by this Act on any person convicted of any offence under this Act. Explanation.- For the purposes of this sub-section, recognised welfare institution or organization means a social welfare institution or organization recognized in this behalf by the Central or State Government. (2) Nothing in Chapter XXXVI of the Code of Criminal Procedure, 1973 (2of 1974), shall apply to any offence punishable under this Act.) Notwithstanding anything contained in any law for the time being in force, a statement made by the person aggrieved by the offence shall not subject such person to a prosecution under this Act. 8. Offences to be congnizable for certain purposes and to be bailable and non-compoundable.- (1) The Code of Criminal Procedure, 1973 (2 of 1974) shall apply to offences under this Act as of they were cognizable offences- (a) for the purpose of investigation of such offences; and  (b) for the purpose of matters other than-  (i) matters referred to in Sec. 42 of that Code, and  (ii) the arrest of person without a warrant or without an order of a Magistrate. (2) Every offence under this Act shall be non-bailable and non-compoundable. 8-A. Burden of proof in certain cases.- Where any person is prosecuted for taking or abetting the taking of any dowry under Sec. 3, or the demanding of dowry under Sec.4, the burden of proving that he had not committed an offence under those sections shall be on him. 8-B. Dowry Prohibition Officers.-(1) The State Government may appoint as many Dowry Prohibition Officers as it thinks fit and specify the areas in respect of which they shall exercise their jurisdiction and powers under this Act. (2) Every Dowry Prohibition Officer shall exercise and perform the following powers and functions, namely, (a) to see that the provisions of this Act are complied with; (b) to prevent, as far as possible, the taking or abetting the taking of, of the demanding of, dowry; (c) to collect such evidence as may be necessary for the prosecution of persons committing offences under the Act; and (d) to perform such additional functions as may be assigned to him by the State Government, or as may be specified in the rules made under this Act. (3) The State Government may, by notification in the official Gazette, confer such powers of a police officer as may be  specified in the notification, the Dowry Prohibition Officer who shall exercise such powers subject to su ch limitations and conditions as may be specified by rules made under this Act. (4) The State Government may, for the purpose of advising and assisting the Dowry Prohibition Officers in the efficient performance of their functions under this Act, appoint an advisory board consisting of not more than five social welfare workers (out of whom at least two shall be women) from the area in respect of which such Dowry Prohibition Officer exercises jurisdiction under sub-section (1). 9. Power to make rules.- (1) The Central Government may, by notification in the official Gazettee, make rules for carrying out the purposes of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for- (a) the form and manner in which, and the persons by whom, any list of presents referred to in sub-section (2) of Sec. 3 shall be maintained and all other matters connected therewith; and (b) the better co-ordination of policy and action with respect to the administration of this Act. (3)Every rules made under this section shall be laid as soon as may be after it is made before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be; of no effect, as the case may be, so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule. 10. Power of the State Government to make rules.- The State Government may, by notification in the official Gazette, make rules for carrying out the purposes of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely: (a) the additional functions to be performed by the Dowry Prohibition Officers under sub-section(2) of Sec. 8-B; (b) limitations and conditions subject to which a Dowry Prohibition Officer may exercise his functions under sub-section (3) of Sec. 8-B. (3) Every rule made by the State Government under this section shall be laid as soon as may be after it is made before the State Legislature.

Leading The Industry Topshop Marketing Essay

Leading The Industry Topshop Marketing Essay Topshop was the most influential brand in the British Fashion community, edging out HM for number one position and dominating all other competitors. They distinguished themselves through their immensely popular range of clothing, accessories and makeup and a portfolio of successful product-led marketing initiatives such as Topshop Unique and Kate Moss Design Collaboration. Topshop integrated multiple marketing initiatives into one connected program creating a network effect which resulted in increased traffic through their sales channels. Our methods We use patented technology and methods from our research partner Linkfluence the world leader in social media analysis. Â  To gauge who is the most influential womans High Street fashion brand in the UK, JOYN analysed all social media activity from the 1000 most influential social websites in the UK Fashion Community published from July to December in 2010. Â  The most relevant opinions were selected, coded and analysed by our team of fashion experts. Unpick the Market Leader The most signficant finding of our research was high quality products and range are the foundation of a successful digital strategy. Almost 70% of all conversations about Topshop directly related to their products, their conventional marketing activities were a fraction of that figure. Top Shops products enjoyed a cult following in the British Fashion Community. Popular lines such as Mainline, Premium, Boutique and Unique position their brand as an astute follower and creator of trends. This resulted in over 115 mentions every month amongst the most influential blogs, online magazines and traditional media, none of which they paid for. Topshops ability to earn enormous media coverage from fans, influential bloggers and online magazines is proof of their position as most influential brand. Topshop Success Stories in 2H 2010: Alluring products London Fashion Week Engage emerging designers Spread marketing investments Author influential blog A Clear Brand Position A key ingredient in any successful brand is a clear and identifiable brand position that people trust and believe. Topshop set out to copy the catwalk, but what they have ended up doing is to develop something that has much more personality and character of its own. With many competing brands all offering fashion and quality at the best price, Topshop differentiate themselves as a fashion-led trendsetter inspired by London youth culture and fashion. An example of the value of taking a stand was Topshop being the only High Street brand showing at London Fashion Week. There commitment to this initiative extends to financially supporting and stocking emerging designers. The support and enthusiasm from the UK Fashion community was huge, Topshop Unique earned over 200 articles within the British Fashion Community reaching a potential audience of millions. Earned media coverage is a proven sales driver and created a halo effect of good-will and credibility to Topshops other ranges. This kind of media is fueled by consumer satisfaction and advocacy, its proof that Topshop have earned their space in their customers hearts. Winning Design Collaboration The Design Collaboration strategy outperformed celebrity endorsement. Topshops long-standing design collaboration with an outspoken and controversial fashion icon successfully drove word of mouth. The Fashion Community wrote 1069 online articles about Topshop between June and December 2010, 217 were in relation to Kate Moss. HM attained similar levels of success. Their designer collaboration with Lanvin attracted 223 articles during this period a fantastic result. However the pressure to go bigger and better requires significant financial investment and carries increased risk. Mango and Uniqlo both pursued a celebrity endorsement strategy which barely registered amoungst key influencers. Their high-profile endorsements from Terry Richardson, Orlando Bloom, Charlize Theron, Scarlett Johansson and Olivia Palermo were largely ignored. The Kate Moss Collection set the benchmark for success demonstrating the value of authentic design collaborations. What this means for your brand 1. Commit to social media The leading brands are investing in social media because they realise their customers have stopped trusting advertising and are increasingly influenced by online word-of-mouth and customer recommendation. Thanks to the growth of social media, traditional advertising and celebrity endorsement is no longer leading consumers to your door, now, a multitude of bloggers, online magazines and social networks drive sales. This means traditional advertising strategies must be reconsidered, or scrapped to make way for a new understanding of when at what touch points people are most open to influence and how best to talk to them at those points. 2. Use social media research to learn about your customers Evaluating perceptions of your brand in social media will reveal what people are really think about you- good, bad or indifferent. Â  When we looked at Mango we saw their products and marketing failing to capture the imagination of the fashion community a social media listening strategy would have alerted Mango to this problem. Most people assume Google Analytics does this job, but this simple tool only allows you to analyse visitors to your website. The real insights come from listening to the spontaneous conversations happening throughout social media that impact your brand. This can reveal current and potential groups of customers, popular online retailers, product preferences, online influencers and lead users.

Illegal Immigration And Border Security

Illegal Immigration And Border Security Introduction Department of homeland security is one of the reactions of 9/11 attacks on United States of America. It is a cabinet department of federal government of USA. It was formed on November 25, 2002. DHS was mainly formed to fight terrorism. DHS imbibed Immigration and Neutralization Services in March 2003. After assuming its duties, DHS divided the enforcement and services functions in to two different new agencies. Those two new agencies are named as immigrations and customs enforcement and citizenship and immigration services. Investigation division and intelligence gathering unit of Immigration and Neutralization services and custom services were merged to form Homeland security investigations. All these are designed to make the homeland United States of America save and secure. It was formed to assure the people of USA to secure them from any kind of terrorist related activities and also from threats like illegal immigration. The five core missions of homeland security are as follows. (Smith, 2006) Prevent terrorism and enhancing security. Secure and manage our borders. Enforce and administer our immigration laws. Safeguard and secure cyberspace. Ensure resilience to disasters.   (http://www.dhs.gov/our-mission) Department of homeland security strives to protect the nation from terrorism by increasing the security, by securing borders to prevent illegal immigration which is one of the ways for terrorists to enter in to the country. Country border security is maintained by DHS. This includes protecting USA air, land and sea point of entries. Border security force securely regulates lawful trade and travel. It also fights against illegal terrorist transactions. The department also revised laws related to immigration to prioritize the identification and removal of criminal aliens who will be the potential threats for public safety. DHS also secures cyberspace of civilian government computer systems. It also responds in the event of natural disasters coordination with federal and state partners. (Alden, 2012) Illegal Immigration As we know US is found by Great Britain. Over centuries USA has developed its culture. But still it has an essence of British culture. Unite States is known as nation of immigrants. Immigrants contributed a lot to nations development. Our nation trusted many immigrants to for its development and designing its infrastructure. If we trace the ancestors of many American citizens, they will lead to origin outside the country. America significantly has a heterogeneous culture. In 19th century immigrant labor made a significant contribution towards transcontinental rail road construction. In 20th century, immigrants like Enrico Fermi and Werner Von Braun made a notable contribution for national security. More noticeably there were significant contributions for broadcast and entrainment industry from immigrants. Some of the known examples are Penelope Cruz from Spain. Jim Carry, Pamela Anderson and Michael J Fox are from Canada. The ancestors of famous pop singer Michael Jackson who is also known as King of Pop is originally from Africa. A well-known actor and also former governor of California is originally from Gratz, Austria. This recognizable list of immigrants proves that USA receives open society of those who want to in migrate into country and make their identity. But, unfortunately there are many situations where illegal immigrations are reported which has become primary national threat in the present day. (Smith, 2006) Illegal immigration has become one of the major threats for the nation. It has become a priority national security issue that has to be dealt with immediately and forcibly. It can no longer be viewed as secondary issue besides terrorism and drugs. Illegal immigration is related to both of them. It is of the reasons where terrorism and drug dealing issues are developing its roots in the country. Solving this issue can reduce the illegal weapon and drug transactions to maximum extent. If this is left unresolved, there is a chance for our enemies to take advantages of the situation which will be threat for public safety. This problem of illegal immigration leaves three symptoms. It poses a question on inability to defend the border and enforce the immigration laws strictly. On top of all the policies and laws exists in the federal and state levels, illegal immigrations makes the citizenship meaningless, legal immigrant status pointless and illegal immigrant status penalty-less. This add s to reasons for which drugs and terrorists increasing in the country. Secondly, due to technology in the present situation, illegal immigrants have ties with their origin which doesnt make immigrants to invest proportionate effort to personally identify the new culture. This decreases factors like patriotism, loyalty and citizenship. Thirdly, at some point illegal immigrants was the cause of the reintroductions of the diseases that are eradicated decades ago. This poses a serious threat for the public safety. There are situations where some activists for illegal immigrants forced bilingual education and also subsidies on the education which was an extra burden on taxpayer. This makes the citizenship really meaningless. On top of all this, there are prisons filling with illegal immigrants of some petty crimes to drug dealing and even to murder cases. These situations leave a big burden on tax payer. This also will be the threat for public safety. Illegal Immigration in future turns in to national crisis even if it only circumscribed to our nations infrastructure. According to the latest news, the effect of illegal immigrations increased to a significant level. Large illegal immigration groups may cause a significant threat to nations security. There is a chance for terrorists to enter and also influence the other illegal immigrants towards their activities. There is also a chance of recruiting them in to terrorist organizations like al-Qaeda and other potential terrorist groups whose primary motive is to harm USA. The same illegal group under potential leadership may cause significant loss for the nation. (Rosenblum, 2012) (Smith, 2006) There are many events where there is a human flood of immigration in to the country. Most of the immigrants came from northern and western parts of Europe before the civil war. From 1890 and 1920 more immigrants sailed from southern and eastern European countries like Greece, Poland and Italy. In 1910, there was a large group migrated in to the country which contributes to a significant number of about 13.5 million who are settled in USA. The estimated population of both legal and illegal immigrations till date is about 35 million. Bracero program is one of the events where there is significant amount of immigration. Bracero program was designed by United States after 2nd world war to compensate the shortage of agriculture labor. The program was started in 1942 and ended in 1964. The program legally employed 4.5 million Mexican citizens to work mainly in Texas and California. This was a temporary arrangement which stated that they should return back to their country after 1964. Bracero program had a statutory position of a bilaterally treaty that offered measure of regulation and control. This was used as a loophole by many immigrants to enter with the intention of settling here. The estimated immigrants through bracero program are about 1.1 million. This equals to adding a city which is a size of Dallas every year. This leads to cause problems for legal residents. This also leads some terrorists to migrate in to the country easily. There are many reports stating there are many criminal activities near USA bord er such as MS-13. Terrorists using flaws in immigration laws enter in to the country and leads to some severe problems. Not only terrorists, there are many others like drug cartels that enter in to the country exploiting flaws in the immigration laws. Drug dealing is mainly controlled by illegal immigrants. Besides all this, corrupt Mexican law enforcement officials help in illegal immigration through southern border. (Alden, 2012) (http://www.dtic.mil/ndia/2008homest/needs.pdf) (Rosenblum, 2012) Exploiting immigration laws also served as an opportunity for the Lee Boyd Malvo who is alleged for random sniper attacks in Richmond, VA and Washington D.C. It was reported that he was illegally immigrated following his mother who is also migrated illegally and remained in the country. Along the southern border there was increase in lawlessness which pushed civilian border patrol and law enforcement personnel in to risk. This lawlessness by illegal immigrants helped them to generate income through drugs and support a drug cartel that indeed supports terrorist organizations. This also served them to intrude in to the country and develop their network all over the country. This also explained how 9/11 hijackers exploited immigration laws and entered in to the country. Economic impact is one of the primary reasons for illegal immigration. Irish potato blight of 1845-1849 is one of the economic disasters. At that time many refugees left Ireland for USA. The main reason for Mexicans to enter the country is mostly economic. As we know Mexico is a developing country. There are two significant sources income for the Mexico. One is direct sales of oil and second is income from the people who resides in USA and sends money to their relatives. Although there are some entrepreneurs and skilled workers there is more unemployment which leads them for migrating it to USA where the can find ample of employment opportunities. The only reason for them to migrate is money. The can earn money which has higher value than their national currency and as mentioned plenty of employment oppurnities. Prior to 9/11 attacks either governments was strict about immigration laws. The illegal worker was named as undocumented worker. After 9/11 attacks, laws were made rigid to p revent illegal immigration which may cause threat to public safety. Border security: It is the core element of Department of Homeland Security to prevent illegal immigration with U.S. border patrol (USBP) within the Bureau of customs and border protection (CBF). Border security acquired additional attention since 9/11 attacks. Since 1990 migration was controlled at the border by the strategy called prevention through deterrence. It is the idea that the concentration of personnel, surveillance technology and infrastructure along thickly trafficked region of the border prevents unauthorized entry. Since 2005, CBF attempted to reduce illegal entry by imposing heavy penalties and implementing policies known as enforcement with consequences. Immigration and reform act was implemented in 1986. After many events, IRCA authorized 50% increase in the size of USBP. 10 additional laws was added which are related to immigration. This was the reaction for 9/11 attacks. Country faces a deadly situation where border security has become primary entity. The significant decrease of il legal immigrants was lowered only after 2007. This is only because of increased enforcement. Illegal immigration has become a major problem when bracero program was implemented. From the laws of enforcement was made rigid. Despite of rigid laws there was a significant increase in illegal immigration till 2007. It was only controlled from 2007. (Rosenblum, 2012) Border control strategy: Seventy later its formation, border patrol designed its first formal national border control strategy in 1994 which is called as National strategic plan. This plan was updated as a reaction of 9/11 attacks. The new plan was published in 2012. The existing plans were based on the operational strategy of prevention through deterrence as mentioned earlier. Its main goal is to reduce illegal immigration to a significant level. CBF has also strived to decrease illegal entry by imposing high penalties and also by enforcement with consequences strategy. (Rosenblum, 2012) National strategic plan: In is the outcome of increased unauthorized immigration along southwest border of USA. It was developed in 1994. Drug smuggling was the serious problem along the southwest border. INS then changed it approach of arresting the illegal immigrants to prevent their entry. NSP designed multi-phase strategy where phase I involves hold the line program in El Paso, TX, and operational gatekeeper in San Diego, CA. Phase II includes increase of Operation Rio Grande in Texas. Phase III and phase IV includes remaining southwest border. This was a successful strategy where arrests of illegal entry were increased and reduced number of immigrants. National border patrol strategy: After 9/11 attacks, USBP has formulated new NBPS. It was designed to emphasis on terrorism. Its main motto was to prevent terrorism. The five main objectives of NBPS are as follows. (Rosenblum, 2012) By increasing the number of apprehension of terrorists and prevent their illegal entry and also prevent weapon smuggling. Decreasing illegal entry by improving enforcement laws. Detecting, apprehending and deterring smugglers of drugs and human. Leveraging Smart border technology. Reducing crime in border communities. Conclusion: Illegal immigration is one of the biggest threats to nation. It is one of the reasons for terrorism and drugs in the country. It decreases the value of legal citizen. It acts as root cause for many criminal activities, drugs, terrorism etc. This has to be prevented. Border security is striving to fight against illegal immigration.

African Americans Essay -- History, Slaves, Slaveholders

A slave is an individual entirely subjected to his or her owners' will. Slaves were treated like merchandise. They could be purchased and sold, traded for other items, lent out to, or mortgaged like a form of domestic animal. Slavery differentiates from many types of mistreatment ranging from serfdom, manual labor, or the ranking of women in patriarchal society. In past history the conventional definition of slavery was legal and stated that â€Å"slaves were peoples' property and could be bought, sold, traded, leased, or mortgaged like a form of livestock (Gilder Lehrman, 2009).† Because slaves are under the private control and care of their owner they were often exposed to sexual abuse and cruel unusual punishment. In many cultures, especially the African American culture, slaves were representatively desecrated; for instance, many were branded, tattooed, or required to wear distinctive clothing that could represented a slave. Also, regardless of the place and time period, s ocieties had established certain common stereotypes on the qualification of a slave. They were seen as immoral, childish, lethargic, immature, dim-witted, and incapable of freedom (Gilder Lehrman, 2009). Originally, the English colonists relied on indentured white servants and the late seventeenth century there was a shortage of servants. In response to this, colonists’ progressively resorted to enslaved Africans, leaving the whites to freedom. Due to this there were three distinguishing systems of slavery that emerged in the American civilization. In Maryland and Virginia slavery was mostly used in harvesting the raise of tobacco and corn and worked under the "gang" system (Gilder Lehrman, 2009). â€Å"In the South Carolina and Georgia, slaves raised rice and indigo... ...nt standing would facilitate him to find other avenues should the boycott fail (A&E Television Network, 1996). His powerful speeches inspired many and within a year of protesting and preaching the city busses were desegregated. In today’s society slavery still exists but not in physical labor aspects. Now the largest slavery operation is human trafficking, where by victims are generally forced, defrauded or coerced into sexual or labor utilization. It is among the fastest growing criminal activitie occurring both worldwide and in individual countries. Slavery will always be around in one form or another. People need to make money and unfortunately after all the great strides made during the period of segregation it is not enough. There is still hope that individuals like Rosa Parks and Martin Luther King Jr. exist in this world and the suffering will stop.

Paul A Samuelson :: essays papers

Paul A Samuelson BIG ISSUES OF ECONOMIC CONCERN Samuelson has offered the world many economic theories. One area he is widely known for is his views on the spending multiplier. Samuelson has presented a way through his aggregate demand model to demonstrate how the spending multiplier affects individual types of spending. There are several components of aggregate demand. The basis for understanding this model is as follows: ïÆ'Ëœ An increase in prices causes a drop in household assets, thus causing consumers to spend less. ïÆ'Ëœ Increases in domestic prices reduce exports, which causes an increase in spending on imports. ïÆ'Ëœ The interest rate effect is when prices increase, as does the demand for money, thus increasing the interest rate. This forces a downward pressure on investment and purchases of durable goods. Therefore, investment, exports and consumption are all inversely related to pricing. In Samuelson’s model, government spending was the only constant. This means the government will always buy the same amount of goods no matter what the price. The aggregate demand schedule is therefore, the sum of consumption, investment, government purchases and exports. The chart below depicts the aggregate demand schedule. Price Level Consumption Investment Gov. Purchases Exports Real Expenditures (1986 $ billions) 160 400 75 100 25 600 140 450 100 100 50 700 120 500 125 100 75 800 100 550 150 100 100 9000 80 600 175 100 125 1000 Samuelson used this model to demonstrate how changes in these components would impact real expenditures. For example, the chart below shows the results if the government increased its purchases by $200 billion.

Business Ethics and the Chinese Market Essay -- Business Ethics Essays

I believe that standard business ethics cannot be possible internationally. Culture varies from society to society. The change in culture varies due to various reasons it depends on economic and legal factors. Political and legal factors play a vital role and that differentiate from one culture to another that is why I believe that business ethics can never be universal. Considering the example of China where government put a check on online information. Google has a big concern over the Chinese market because many web pages were blocked within that region. Culture also have great influence in emerging economies as it can be observed that in many countries offering expensive gifts in corporate world is consider as bribe especially in United States or Canada while in few countries it is ethically acceptable. Here, sharing expensive gifts even to politician in power is illegal but companies provide them as a bribe otherwise they will not receive any favors from the government. To run smooth business it is important to not to have any barriers for that company avail this option of gifting bribe to high officials even the foreign corporation does not hesitate to follow this same practice. Chinese is suppose to be as the big market, which helps in generating revenues because of this reason Google had to change their ethical rules for China, and has to follow their rules and Chinese government also did not them to lose. The role of cooperation is to establish a relation of profit that creates a support to their investors. The rules and laws of the corporation follows the sets, which are made by National Government of the country where they are operating however, they do not mainly play a role in changing the ethics of the c... ...ucious%20connection%20120505%20science%20direct.pdf). Cox, T., and Blake, C. (1991). Managing Cultural Diversity: Implications for Organizational Competitiveness. Academy of Management Executive vol. 5 (3). Retrieved from (http://www.jstor.org/discover/10.2307/4165021?uid=3738832&uid=2&uid=4&sid=21101348728463). Hitt, M., Lee, H., and Yumel, E. (2002). The Importance of Social Capital to the Management of Multinational Enterprises: Relational Networks among Asian and Western Firms. Asia Pacific Journal of Management vol. 19 (2). Retrieved from (http://link.springer.com/article/10.1023%2FA%3A1016247920461?LI=true). Welbourne, P., Harrison, G., and Ford, D. (207). Social Work in UK and the Global Market Recruitment, Practice and Ethical Considerations. International Social Work vol. 5 (1). Retrieved from (http://isw.sagepub.com/content/50/1/27.short). Business Ethics and the Chinese Market Essay -- Business Ethics Essays I believe that standard business ethics cannot be possible internationally. Culture varies from society to society. The change in culture varies due to various reasons it depends on economic and legal factors. Political and legal factors play a vital role and that differentiate from one culture to another that is why I believe that business ethics can never be universal. Considering the example of China where government put a check on online information. Google has a big concern over the Chinese market because many web pages were blocked within that region. Culture also have great influence in emerging economies as it can be observed that in many countries offering expensive gifts in corporate world is consider as bribe especially in United States or Canada while in few countries it is ethically acceptable. Here, sharing expensive gifts even to politician in power is illegal but companies provide them as a bribe otherwise they will not receive any favors from the government. To run smooth business it is important to not to have any barriers for that company avail this option of gifting bribe to high officials even the foreign corporation does not hesitate to follow this same practice. Chinese is suppose to be as the big market, which helps in generating revenues because of this reason Google had to change their ethical rules for China, and has to follow their rules and Chinese government also did not them to lose. The role of cooperation is to establish a relation of profit that creates a support to their investors. The rules and laws of the corporation follows the sets, which are made by National Government of the country where they are operating however, they do not mainly play a role in changing the ethics of the c... ...ucious%20connection%20120505%20science%20direct.pdf). Cox, T., and Blake, C. (1991). Managing Cultural Diversity: Implications for Organizational Competitiveness. Academy of Management Executive vol. 5 (3). Retrieved from (http://www.jstor.org/discover/10.2307/4165021?uid=3738832&uid=2&uid=4&sid=21101348728463). Hitt, M., Lee, H., and Yumel, E. (2002). The Importance of Social Capital to the Management of Multinational Enterprises: Relational Networks among Asian and Western Firms. Asia Pacific Journal of Management vol. 19 (2). Retrieved from (http://link.springer.com/article/10.1023%2FA%3A1016247920461?LI=true). Welbourne, P., Harrison, G., and Ford, D. (207). Social Work in UK and the Global Market Recruitment, Practice and Ethical Considerations. International Social Work vol. 5 (1). Retrieved from (http://isw.sagepub.com/content/50/1/27.short).