How Buddhism is Being Used to Promote Nationalism in Sri Lanka and Japan - Free Essay Example

Sample details Pages: 7 Words: 2004 Downloads: 5 Date added: 2019/07/03 Category Religion Essay Level High school Tags: Buddhism Essay Did you like this example? In this essay, I am discussing how Buddhism is being used to promote nationalism in two countries, Sri Lanka and Japan and I am discussing contemporary as well as historical perspective with its similarities and differences. Lets starts with the example of Sri Lanka Don’t waste time! Our writers will create an original "How Buddhism is Being Used to Promote Nationalism in Sri Lanka and Japan" essay for you Create order With the long history and a distinctive culture, Buddhist religion plays a prominent role in the island of Sri Lanka. Buddhist monks starts to travel to the Sri Lanka by the third century BCE and inhabitants of the Island quickly embraced Buddhist institutions and practices. We can quantify the impact of Buddhism in the historical days in Sri Lanka in couple of ways. First, ancient Buddhist monasteries and archaeological sites throughout the island, which demonstrates the long-standing and extensive presence of sites associated with Buddhist worship and practices and second, the numerous historical texts called VAMSAS. The fusion of these Buddhist sites and texts are sufficient to explain the Sri Lanka as a place where the Buddhas religion has flourished for millennia. In modern Sri Lanka, these assertions charged significance in debates over national identities and multiculturalism. From the Buddhist texts such as the MAHAVAMSA (Great Chronicle) from the sixth century CE, Sri Lanka occupies a special place as Island of the Dharma, where in Buddha himself visited the Island and prophesied that his SASANA would illuminate the land and be established there for posterity. There was little doubt about the supremacy of Buddhism in the islands religious and political sphere before sixteenth century in Sri Lanka. King Parakramabahu-1, purified monkhood resulted in a huge unified SANGHA which adhered to the conservative vision of the Theravada order that stressed strict monastic discipline and the acceptance of a closed canon of Pali Buddhist scriptures. The Sri Lanka island declared itself independent from British rule on February 04, 1948, after successive colonial rules by the Portuguese, Dutch and British. The long colonialism tries severely weakened Buddhist institutions but did not lead to the conversion of more than about ten percent of the islands population. Since the nineteenth century, the modernizing trends among Sri Lankan Buddhism have given rise to a form of Buddhist nationalism that fuses religious ideals with political activity. The Buddhist Laity widely criticized the entrance of Buddhist monks into political arena. But the Scenario is slightly shifts when Anagarika Dharmapala starts to encourage monk in early twentieth century to lead the religious and social reforms he envisioned for the country, monastic involvement in politics eventually followed. Primarily, Dharmapala concentrated on the monks who would serve their village rites and practices of medicine and astrology in order to become preachers who motivated the Laity on the development of Buddhist morality, which would in turn become the basis for promoting the dignity and prosperity of the nation (Seneviratne 1999;40). In accordance with this thought, monks should pro-actively involved in Sinhala society, upgrading the morality of all citizens and bringing about a cultu ral revival in order to lay the foundations for a vibrant and independent nation-state. Thus, for securing individual comforts and the collective welfare of the people of Sri Lanka, The Buddha Dharma plays vital role. The Sinhala Buddhists, followers of Dharmapala saw Buddhism as having distinctively special role in the formation of Sinhala culture and national identity. During the several centuries of colonial rule in Sri Lanka, number of Sinhala Buddhists concludes that for a revival of Buddhism held the key to a broader cultural revival that could pave the way towards independence from Great Britain. The monks intended to focus the role of rural development in bringing about a national regeneration, during early twentieth-century. During this period some of the Buddhist monks emphasized the economic development of the rural village through development projects, crime eradication and temperance, which were finally rooted in the development of Buddhist morality, which also includes virtues such as punctuality, activeness and cleanliness. One of those Buddhist monk is Ven. Kalukondayave Pannasekhra (1895-1977). The involvement of monks in such social welfare projects strengthen the nationalist sen timents in the Island as well as the model of Christian missionary, who were also engaged in similar projects. These type of activities, also allowed the monks to regain the central role in society, which were during colonial rule took over by colonial sponsored institutions such as hospitals and schools. The numerous monks start to stress social service in national politics as part of the proper role of a Buddhists monk, in the final years of British rule in the island. The Buddhist monks along with the Indian nationalists strongly engaged in political debates and activities in their respective countries against the British imperial presence in their countries. In the years of independence in 1948 and thereafter the island witnessed vigorous debates over the legitimacy of monastic involvement in politics. Ven. Walpola Rahula, the author of the heritage of the Bhikkhu and holder of doctoral degree in France, was one of the more prominent advocates for the political monks. He argued that the Buddhist monks have a duty to serve the nation by advising the country leaders on political issues and giving popular support for righteous policies. During 1950s, the bonds between religion and the state in Sri Lanka was strengthen with the help of Monastic involvement in the countrys politics. The Buddha Jayanti was recognized in Sri Lanka publicly in the year 1956, after 2500 years since the Buddha passed away. This is the year, when election take place and new party that promote Buddhist nationalist agenda was swept into the office, who setting off a chain of events that strengthened the formal association between Buddhism and the Sri Lankan state. A report The Betrayal of Buddhism, was started by the ALL Ceylon Buddhist Congress, published in 1956 and neutralised the negative effects of Christian mission and, especially, the state-funded English schools run by missionaries in the island. During these years, numerous monks formed a political organization to campaign actively for the new party promised to support Buddhist interest. The new constitution in 1972 asserted Buddhism the foremost place among other religion in the cou ntry, and which states, that it was the duty of the state to protect and foster Buddhism while still assuring fundamental rights to members of other religions. The Tamil minorities provoked the communal riots in 1956, 1958, 1977 and 1983, due to the unfortunate effect of alienating the Tamil minorities by some other government policies. The liberation tigers of Tamil Eelam (LTTE) was formed as a Tamil rebel organization in 1976 and starts armed conflict with the state in1983 following the riots which results the deaths of several thousand Tamils in the island, which includes renowned politician and Buddhist monks. Until the military defect of the LTTE in 2009, the civil war become a cause celebre for Buddhist nationalists who warned of the dangers still facing Buddhism in postcolonial Sri Lanka. The number of Buddhist monks participated in protests against the LTTE and the foreign organization or bodies that were supposed to be supporting the Tamil separatist cause, such as Norwegian government. Following several assassinations of political leaders and peace initiatives, Buddhist nationalism gaining assertive profile in the following years of the conflict with the LTTE. The entrance of global economic and cultural forms along with Christian missions from the west sparked a backlash against foreign influences that were supposed to be threaten the islands religious and cultural heritages. To promote the Buddhism religion, Ven. Gangodawila soma (1948-2003), the reputed Buddhist monk, introduced a public campaign as a path to increase national prosperity and protect Sinhala cultural heritages. Monk soma helped to galvanize aids for a nationalist program which could defend Buddhism and the nation from foreign forces and influences that threatened to undermine them, through regular television appearances, newspaper column, and sermons delivered at temples around the island. Buddhist nationalists of Sri Lanka have drawn criticism to the World bank, Hindi films and non-government or ganizations (NGOs) for the allegedly harmful effects they have on Buddhism and Sinhala culture. The growing hostility in Sri Lanka towards the agents of globalization is seen in the formation of a political party called The Jathika Hela Urumaya (JHU) led by Buddhist monks, who subsequently secure nine seats in the parliament for the partys monastic leaders in 2004. The presence of robed monks participating as politicians remain controversial in Sri Lanka and invites public and private criticism about the morality and decorum of these monk-politicians. In contemporary Sri Lanka, Buddhism retains and influential place in both private as well as public affairs. Its contemporary expressions have been conditioned by the experiences of Sinhala Buddhists with European colonialism, Christian missionaries, orientalist scholarship, ideas and aspirations of gender equality, partisan politics, ethnic separatists, and global political and development organizations. For some Sri Lankan, Buddhism is a symbol of national unity and a cultural heritage that is unique to Sri Lanka. Japanese nationalism in the other hands; There are more than 75000 Buddhist temples in Japan, which claims over 93 million members. Majority of the Japanese claims that they have faith in Buddhism more than other religion. The economic problems and the pressure from western power to open its ports for trade were cracking by the timbers that supported Japanese Tokugawa regime in the mid nineteenth century. Samurai rebels finally brought down the decrepit regime in 1868, after more than 260 years of rule and vowed to restore the emperor to power. Then the Japans first modern era, called Meiji starts which ends on 1912. After getting power, the new Meiji government starts to disestablish Buddhism from the state apparatus, of which it had been a part for centuries. The government restrict Christianity and established the TERAUKE system in which all families were required to register with the Buddhist temples, from the beginning of seventeenth century. During the first few years of the Meiji government, the system of giving economic benefits to the Buddhists priests was withdrawn and new laws were passed that required families to register with government offices rather than temples. The new regime frequently characterised Buddhism as foreign, although Buddhism had been the most powerful form of organized religion in Japan for over a thousand of years. Many of the founders of the Meiji government were from domains in western Japan where anti-Buddhist sentiment ran high among rulers. These sects of societies saw priest parasites on society and are destruction to builds a strong and modern society or nation. Japanese Buddhist institutions had a long history of backing different political regimes and were hungering to prove how they could support the restoration of imperial rule. Buddhist leaders overlooked their difference and formed inter-sectarian organization to strengthen the unity. The Pan-Sectarian Buddhist Ethical League (Shoshu dotoku kaimei) was one of the most influential organization, that formed towards the closing of 1868. In the support of government, Buddhist leaders, throughout the country spreades the slogan such as love the country and protect the Dharma, revere the emperor and serve the Buddha, pacify and preserve the country through Buddhism. More than 3000 Buddhists priests joined in the Great Teaching Promulgation Campaign (Daikyo senpu undo) as instructors, as a demo of their craving to donate to the propagation of imperial ideology. Some important temples, for example, Nishi Honganji and Eiheiji, donated money to the new government to show their support. The early Meiji period was also a time for replication. Designating the hostile sentiments of many in the new government, Buddhist jumps to construct a history of Buddhism in the Tokugawa period as decadent. Tokugawa Buddhism therefor becomes a foil in contradiction of which they could define themselves and where they sought to go. Part of this redefinition of themselves involved accusing their own previous drawback for the suffering. To eliminate these transgressions Fukuda, along with Shaku Unsho and other leading clerics, tries their own restoration by seeking to revive what they saw as fundamental to Buddhism. In particularly, they emphasized with which prohibited killing, stealing, lying, illicit sex, and slandering the three jewels of Buddhism (the Buddha, the Dharma and the Sangha). During the med 1870s, government policies softened toward Buddhism and Buddhist leaders, particularly of Shin Buddhism, started to emphasize themselves.

Contrast Of Dividend Policies Of Indian Companies - Free Essay Example

Sample details Pages: 13 Words: 3996 Downloads: 4 Date added: 2017/06/26 Category Statistics Essay Did you like this example? The Sub-continent has become the prime target for foreign direct investment. India ranks 6th among the top 10 countries for Foreign direct investment. Although not in the front line, it has become an attractive destination for foreign investment. Don’t waste time! Our writers will create an original "Contrast Of Dividend Policies Of Indian Companies" essay for you Create order Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s economic policies are tailored to attract substantial capital inflows and to sustain such inflows of capital. Policy initiatives taken over a period of years have resulted in significant capital inflows of foreign investment in all areas of economy including the public sector. This paper analysis the structure of economic reforms during the pre- independence and post independence era in the context of growth of foreign direct investment and the risks posed by the political, economic and social conditions for foreign investors. Essentially, this research seeks to analyze and understand the economics and politics of Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s progressive integration with the global economy. Prior to understanding the economic progress of India, it is vital to first identify the current economic status of India so that it is easy to retrace the process leading to the current status. India presently enjoys the status of an attractive emerging market. However, this status has been the result of numerous economic reforms adopted over the years. India intent to open its markets to foreign investment can be traced back to the economic reforms adopted during two prime periods- pre- independence and post independence. Pre- independence, industrialised economies of India was the supplier of foodstuff and raw materials to the of the world and was the exporter of finished products- the economy lacked the skill and means to convert raw materials to finished products.Post independence with the advent of economic planning and reforms in 1951, the traditional role played changes and there was remarkable economic growth and development. International trade grew with the establishment of the WTO. India is now a part of the global economy. Outside world is now linked with india either through direct involvement in international trade or through direct linkages with export and economic transaction. Consequently economic reforms were introduced initially on a moderate scale and controls on industries were substantially reduced by 1985 industrial policy. This set the trend for more innovative economic reforms and they got a boost with the announcement of the landmark economic reforms in 1991. After nearly five decades of insulation from world markets, state controls and slow growth, India in 1991 embarked on an accelerated process of liberalization. The 1991 reforms ensured that the way for India to progress will be through globalization, privatisation, and liberalisation. In this new regime, the government is now assuming the role of facilitator and catalyst agent instead of the regulator and controller of economic activities. India has a number of advantages which make it an attractive market for foreign capital namely, political stability in democratic polity, steady and sustained economic growth and development, significantly huge domestic market, access to skilled and technical manpower at competitive rates, fairly well developed infrastructure. FDI has attained the status of being of global importance because of its beneficial use as an instrument for global economic integration. 1.2 STOCK MARKET WORKING OF STOCK MARKET REGULATION OF FRAMEWORK WHY DO PEOPLE INVEST MONEY IN SHARES? WHY VOLATILITY IN STOCK MARKET OCCUR? HOW MONEY IS MADE IN STOCK MARKET? ECONOMIC ROLE OF STOCK MARKET Now the market is further divided into PRIMARY MARKET and SECONDARY MARKET. PRIMARY MARKET Deals with the new issues of securities. SECONDARY MARKET Deals with outstanding securities. Also known as à ¢Ã¢â€š ¬Ã…“STOCK MARKETà ¢Ã¢â€š ¬?. 1.3 TRANSLUCENSE OF EQUITY MARKET: MARKET SECURITY BOND/DEBENTHERS STOCK TREND 1) COMMON STOCKS 2) PREFERRED STOCKS SHARE MUTUAL FUNDS. PAR VALUE vs. MARKET VALUE BULLISH vs. BEARISH FUNCTIONS OF STOCK MARKET? Stock exchanges Brokers Registrars Depositories and their participants Securities and Exchange Board of India (SEBI) MARKET INDICES: Stock market indices are the indicators of the stock market. Some of the market indices types are BSE SENSEX, NSE-50 etc. Their usefulness: Board trends of the market can be recognize by indices. The funds are rationally allocated by the investors among stock by using indices. Future market can be predict by analyst using indices. The general economy report can be made on the basis of indices. RISING IN STOCK PRICES? Possible reasons for the increment and decrement of rising prices: Company News. Country News. Foreign Exchange rate . Depends upon the market forces i.e demand and supply of stock. 1.4 Research Aims The primary aim of this research is to develop an elaborate discussion on how Stock market works and to give the main concepts of Stock market and give the technical analysis of Indian stock market and shares. 1.5 Research Objectives The following will be the objectives of the study: 1) To describe the Trends of Stock market of India, 2) To identify the Stock behaviour at various time slots, 3) To examine and analyse strategies adopted to make money in Stock market, 4) To identify the role of market activities on economy, 1.6 Research Questions The following are the research questions of the study: 1). How many Exchanges are there in India? 2). what is an Index How does one execute an order? 3).Why Stock market is so volatile? 4). Computation of Stock Index? 5). Shareholder Protection and Stock Market Development? 1.7 A selective review of the literature There has been considerable research that seeks to identify the determinants of corporate Dividend policy. One branch of this literature has focused on an agency-related rationale for paying dividends. It is based on the idea that monitoring of the firm and its management is helpful in reducing agency conflicts and in convincing the market that the managers are not in a position to abuse their position. Some shareholders may be monitoring manage rs, but the problem of collective action results in too little monitoring taking place. Thus Easterbrook (1984) suggests that one way of solving this problem is by increasing the payout ratio. When the firm increases its dividend payment, assuming it wishes to proceed with planned investment, it is forced to go to the capital market to raise additional finance. This induces monitoring by potential investors of the firm and its management, thus reducing agency problems. Rozeff (1982) develops a model that underpins this theory, called the cost minimisation model. The model combines the transaction costs that may be controlled by limiting the payout ratio, with the agency costs that may be controlled by raising the payout ratio. The central idea on which the model rests is that the optimal payout ratio is at the level where the sum of these two types of costs is minimized. Thus Rozeffà ¢Ã¢â€š ¬Ã¢â€ž ¢s cost minimisation model is a regression of the firm target payout ratio on five variables that proxy for agency and transaction costs. Transaction costs in the model are represented by three variables that proxy for the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s historic and predicted growth rates and risk. High growth and high risk imply greater dependency on external finance due to investment needs, and in order to honor financial obligations, respectively. This, in turn, means, that the firm raises external finance more frequently, hence bears higher transaction costs that are associated with raising external finance. The model captures agency costs with two proxies. First, the fraction of the firm owned by insiders is a proxy for insider ownership and is expected to be negatively related to the target payout ratio. As insiders hold more of a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s equity, the need to monitor their actions is reduced because the incentive for managers to misuse corpor ate resources falls. Second, the natural logarithm of the number of outside shareholders is a proxy for ownership dispersion. It is expected to be positively related to the target payout ratio because the greater the dispersion, the more severe is the collective action problem of monitoring. Indeed results from an Ordinary Least Squares (OLSQ) cross sectional regression using 1981 data on 1000 US firms, support the theory put forward. Thus the model provides good fit and consequently has attracted the attention of subsequent studies. Llyod, Jahera and Page (1985) is one of the first studies to modify Rozeffà ¢Ã¢â€š ¬Ã¢â€ž ¢s cost minimisation model by adding a size variable. An OLSQ cross sectional regression is applied to 1984 data on 957 US firms, and the results provide support for the cost minimisation model and show that firm size is an important explanatory variable. Likewise Schooley and Barney (1994) add a squared measure for insider ownership, arguing that the relationship between dividend and insider ownership may be non-monotonic. Indeed the results from an OLSQ cross sectional regression, using 1980 data on 235 industrial US firms, provide further support for Rozeffà ¢Ã¢â€š ¬Ã¢â€ž ¢s model in general and for the hypothesis put forward in particular. More support and further contribution to the agency theory of dividend debate, is provided by Mohà ¢Ã¢â€š ¬Ã¢â€ž ¢d, Perry and Rimbey (1995). These authors introduce a number of modifications to the cost minimisation model including industry dummies, institutional holdings and a lagged dependent variable to the RHS of the equation to address possible dynamics. The results of a Weighted Least Squares regression, employing panel data on 341 US firms over 18 years from 1972 to 1989 support the view that the dividend process is of a dynamic nature. The estimated coefficient on the institutional ownership variable is positive and significant, which is in line with tax explanations but contradicts the idea about the monitoring function of institutions. Holder, Langrehr and Hexter (1998) extend the cost minimisation model further by considering conflicts between the firm and its non-equity stakeholders and by introducing free cash flow as an additional agency variable. The study utilises panel data on 477 US firms each with 8 years of observations, from 1983 to 1990. The results show a positive relation between the dependent variable and the free cash flow variable, which is consistent with Jensen (1986). Likewise the estimated coefficient on the stakeholder theory variable is shown to be significant and negative as predicted. The estimated coefficients on all the other explanatory variables are also shown to be statistically significant and to bear the hypothesized signs. Hansen, Kumar and Shome (1994) also take a broader view of what constitutes agency costs, and applies a variant of the cost minimisation model to the regulated electric utility industry. The prediction is that the agency rationale for dividend should be particularly applicable in the case of regulated firms because agency costs in these firms extend to conflicts of interests between shareholders and regulators. Results of cross sectional OLSQ regression for a sample of 81 US utilities and for the period ending 1985 support the cost minimisation model and the contribution of regulation to agency conflicts in the firm. Another innovative approach to Rozeffà ¢Ã¢â€š ¬Ã¢â€ž ¢s cost minimisation model is offered in Rao and White (1994) who apply it to 66 private US firms. Using a limited dependent variable, Maximum Likelihood (ML) technique, the study shows that an agency rationale for dividends applies even to private firms that do not participate in the capital market. The authors note that perhaps by paying dividends, private firms can still induce monitoring by bankers, Accountants and tax authorities. To summarize, the agency theory of dividend in general, and the cost minimization model in particular, appear to offer a good description of how dividend policies are determined. The variables in the original cost minimisation model remain significant with consistently signed estimated coefficients, across the other six models reviewed above. Specifically, the constant is, without exception, positively related to the dividend policy decision, while the agency costs variable, the fraction of insider ownership, is consistently negatively related to the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ dividend policy. The latter is with exception of the study by Schooley and Barney (1994) where the relationship is found to be of a parabolic nature. Similarly, the agency cost variable, ownership dispersion, is consistently positively related to the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy, while the transaction cost variable, risk, is consistently negatively related to the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy regardless of the precise proxy used. The other transaction cost proxies, the growth variables, are also mainly significant and negatively related to the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy, although past growth appears to be a less stable measure than future growth. However, in spite of the apparent goodness of fit of the cost minimisation model to US data, its applicability to the Indian case may be challenged. Indeed, Samuel (1996) hypothesises that agency problems are less severe in India compared with the US. In contrast, it may be argued that some aspects of the Indian economy imply a particular suitability of the agency theory, and of the cost minimisation model, to this economy. Notably, as explained in Haque (1999), many developing countries, including India,established state-centred regimes following their independence. These regimes drew their ideology from socialist and Soviet ideas and were accompanied by highly centralized economic policies, which may increase agency costs in at least three ways as follows. First, such policies may increase managersà ¢Ã¢â€š ¬Ã¢â€ž ¢ agency behavior per se. Indeed Joshi and Little (1997) note that when domestic firms enjoy subsidies or a policy of protectionism, the pressure on managers to become more efficient is relaxed. Second, high state intervention means an extension of agency problems to shareholder-administrator conflicts. Indeed, Hansen, Kumar and Shome (1994) show that the degree of industry regulation enters the dividend policy decision. Third, to the extent that management of the economy is based on social philosophies of protecting the weaker sectors such as employees or poorer customers, this may influence managers to consider the interests of non-equity stakeholders. This all method of stock can also been seen that the ups and down in the stock market is only the gamme of risk but if we discussed and see the main game is played by a mathematician who play the whole game behind the market and people are unaware of these things they are only focusing on there on shares and now be more effective due to the ups and downs in the rate of the stock market. This implies that stakeholder theory should be particularly relevant to the Indian case, and, as shown by Holder, Langrehr and Hexter (1998) this may lead to a downward pressure on dividend levels. However, the relevance of stakeholder theory to the Indian case also implies enlargement of agency problems to conflicts of interests among capital holders and other shareholders, increasing the need for shareholders to monitor management behaviour. It is thus the case that on the one hand stands the prediction by Samuel (1996) that agency costs should be lower in the Indian business environment. This implies that the agency rationale for dividends should be less applicable in the case of India. To contrast this, the agency rationale for dividends is predicted to become particularly applicable to India, due to the extension of agency conflicts on at least three accounts as explained above. An empirical procedure is the natural way to settle these differences and it is to this task that we now turn. 1.8 Overview of the Dissertation Chapter 1 is a general summary and a brief introduction of the study. It mapped out the research aims, research objectives and research questions. It also suggests topics for complementing research, and an overview of the dissertation. Chapter 2 will be the review of the related literature that will put the study in context with the research aims. It will proceed with addressing the research objectives, thereby meeting the research aims. Chapter 3 will present a detailed picture of the methodology. Chapter 4 will expound on the discussions of the study and the final chapter shall present the conclusions and recommendations of the study. 1.9 Conclusion The study develops an elaborate discussion on how to effectively be in the Stock market and a brief discussion on Stock market of India such that results favourable to it will commence using empirical data from secondary documents. Chapter 2 Dividend behaviour of Indian firms after share split 2.1 DIVIDEND BEHAVIOR As we have to discussed in this section about the dividend behaviour so it can be discussed,dividend policy remains a source of prolonged public disagreement despite years of theoretical and practical research, one aspect of dividend policy is the link between dividend policy and stock price risk . Risk can be reduced by paying large dividends (Golin 1986) and is a proxy for the later on earnings (Basken, 1990). Many theoretical mechanisms have been given advice that cause dividend policy and payout rolls to vary directly with common stock volatility. These are the effect of duration, effect of rate of return , pricing effect and information effect. Duration effect complies that high dividend rolls give more near the amount of money being transferred. If dividend policy is stably high dividend stocks will have a shorter time. Gordon john Model can be used to suggest so that high-dividend will be less intensive to Rise and fall irregularly in number or amount in discount rates and thu s ought to show higher price volatility. Now we can also take a look on some agency type reports being played in stock market agency cost argument, as developed by Johnson and Micken (1970), that is payment of dividends people motivates managers to remove sediment cash which is invested below at the cost of capital or waste on it on organizational capabilities (Roeff, 1991 and Eastrbrook 1990). Many authors have pressure the importance of facts content of dividend (Daniel and Thomson, 1989; Bern, Mosey 1989). Diller and Rack (1986) suggested that dividend announces provide the missing cuts of Facts and figures about the firm and allows the market to tell about the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s current savings. The main thing in the dividend policies is that if one company suggests the rate of its share too low all the investors which want to purchase the shares are the same as the stake holders are willing to do so and that back in the loop. Investors may have greater trust on that reported earnings reflect economic profits and loss statements when announcements are as a companion or escort by sample dividends. If investors are more certain in their suggestion, they may ere act less to questionable sources of facts and figures and their main theme value may be insulated from irrational development, or behavior. The best discussion be made on this topic can be emphasized as rate and effect of market rate of return effect, as discussed by Godin (1967), is that a firm with low payroll and high dividend interest may tend to be valued more in terms of future investment chances (Daisy, 1965). As a result, its stock price may be more intensive to changing rates of return over rare time intervals. Volatility Index is a major tool of measuring marketà ¢Ã¢â€š ¬Ã¢â€ž ¢s expectation of volatility over the next term. Volatility is often described as the à ¢Ã¢â€š ¬Ã…“rate and magnitude of changes in pricesà ¢Ã¢â€š ¬? and in stock often suggest to as risk. Volatility Index is a measure, of the amount by which an Index is expected to change over the time, in the next term, (calculated as analyzed volatility, denoted in percentage e.g. 40%) based on the order book of the index options. Fama (1992) and Fames and French (1995).People were speechless, many broke. 2.2 THEORETICAL FRAMEWORK AND MODEL SPECIFICATION 2.2(a) Control variables: Share price ups and downs should be relevant to the basic risks ensured in the product markets. There is a impact of stock marketà ¢Ã¢â€š ¬Ã¢â€ž ¢s risk on the firms dividend policy. Volatility Index is a good indicator of the investorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ behavior on how markets are expected to be changed in the next term. Usually, during periods of market volatility, market moves steeply up or down And the volatility index tends to rise. As volatility subsides, option prices tend to Decline, which in turn causes volatility index to decline. The information of the less listed firms the market in the stocks of small listed firms, more illiquid, and as a complicated subject to greater price in the ups an down of the stock market. Baskin (1985) suggests that firms with a more deplored body of stakeholders may be more disposed off towards using dividend policy as a device for signaling. Function of size and thus a size control was required in the form of latter. A value of 2 indicates there appears to be no distortion. Small values of d indicate relevant and supporting error terms are, on average, close in value to one another, or positively corrected .It is also possible that main and important differences in market hall hull, cost effectiveness, restrictions in varying infrastructure etc. This all lead to differences in dividend policy. These also have impact on ups and downs of the share prices in the stock. 2.2(b) Variable definition Price volatility (PV) The policy of central planning adopted by the government sought to ensure that the government laid down marked goals to be achieved by the economy thereby establishing a regime of checks and balances. The government also encouraged self sufficiency with the intent to encourage the domestic industries and enterprises, thereby reducing the dependence on foreign trade. Although, initially these policies were extremely successful as the economy did have a steady economic growth and development, they werenà ¢Ã¢â€š ¬Ã¢â€ž ¢t sustained. Square root transformation can be used to show the average measures of variance for all available years and can be transformed to a standard deviation. Parkison (1982) describes the method of closing and opening prices how this method is very easy to the traditional method of summation. 2.2(c) Dividend yield Policy (DYP) The variable has been calculated by the summation of all the annual cash which have to paid to common stake holders and then dividing this sum by the average stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s value of the stock in the year. The government approached the World Bank and the IMF for funding. In keeping with their policies there was expectation of devaluation of the rupee. This lead to a lack of confidence in the investors and foreign exchange reserves declined. 2.2(d) Earning volatility Of Stock (EV) In order to develop our sense about this variable, the first step is to get an approximate average of available years of the ratio of last year going earnings (before taxes and interest) to intellectual assets. In order to compare the shocks to US markets over countries and the sample period, it is Necessary to impart shocks of the à ¢Ã¢â€š ¬Ã…“same magnitudeà ¢Ã¢â€š ¬?. Since financial markets are volatile, it Would be misleading to compare shocks of the same nominal magnitude across different Periods of time. Thus, the responses of the Asian markets have been tracked to a one standard Deviation shock in the US variable. 2.2(e) Payout Ratio (POR) When total dividend exceeds total cumulative profit than payout ratio is set to one. From begin the total cumulative self owned company earnings were calculated for all years. The ratio of total dividends to total earnings is payout. The use of this procedure controls the problem of extreme values in individual years attributed to low or possibly negatively effect on the net income. 2.2(f) Size (SZ) The variable was so made by taking the average market value of common stocks. The variable size was also think in a form that gives impact in the order of magnitude in real terms. 2.2(g) Long-term Debt (DA) Sum of all the long-term debt (debt with maturity more than a year) to total assets is taken as a ratio. An average is taken over all available years. 2.2(h) Growth in Assets (ASG) The ratio of the change in total assets in a year was taken by the early growth. Then the ratio was averaged over the years. 2.3 Conclusion In this chapter Present day India enjoys the status of an emerging market. Skilled and managerial labor and technical man-power are such as that they match the best available in the world. Urban middle-high class people has been targeted from the chasing of the market these people did not know about the superior brands and ups and down of the market the status of people very much matter in the stock market. A combination of these factors contributes to India having a distinct and a cutting edge in the globe. India has been termed as the à ¢Ã¢â€š ¬Ã‹Å"stealthà ¢Ã¢â€š ¬Ã¢â€ž ¢ miracle economy of the new millennium. We observe a common pattern of triggered by changes in the market and technological environment. Changes adopts in the form of innovation, avoidance and of regulation.

Intersections of Race, Class, and Gender in the Tempest

ENG 225 C (De) Constructing the Other Intersections of Race, Class, and Gender in The Tempest In Shakespeares play, ‘The Tempest’, the characters of Prospero and Caliban, represent two different extremes on the social spectrum: the ruler, and the ruled. Their positions on the social hierarchy are largely due to the fact that Caliban responds almost wholly to passions, feelings of pleasure; his senses, while Prospero is ruled more by his intellect and self-discipline; his mind. Within ‘The Tempest’ there are obvious social implications regarding this social hierarchy, with the representations of characters such as Caliban and Prospero. During Shakespeares time social classification was much more rigid than today and some members†¦show more content†¦Essentially Prospero lands on Caliban’s island, takes away everything he has, and then forces him to become his slave proclaiming he saved him from his witch mother. This is yet another perfect example of how Prospero displays the obvious social hierarchy and is also the typical colonizer . These actions and consequent reasoning’s are also prime examples of Prospero’s horrible tyrannical ways from the beginning of the play. Prospero and Caliban’s relationship is strained from the beginning of the play when Prospero’s strong authoritative beliefs begin to surface. Caliban has the right of ownership of the island; however, Prospero firmly believes in the superiority of the white European over the half-devil islander. While this puts a strain on their relationship from the start, the boiling point came when Caliban attempts to rape Miranda, Prospero’s daughter. Even after attempting to rape Miranda, Caliban was brutally honest in not denying his malicious intent. â€Å"O ho, O ho! Would’t had been done!/ Thou didst prevent me; I had peopled else/ This isle with Calibans† (I.2.349-51). In response to Caliban’s attempted rape and his obvious total lack of remorse for it, Prospero states, â€Å"I have used thee / wit h humane care, and lodge thee/ In mine own cell till thou didst seek to violate / The honor of my child† (I.2.345-8). Prospero recounts here that he has cared forShow MoreRelatedWomen Were Birds And Unspeakable Things By Laurie Penny1407 Words   |  6 PagesDespite this commonality, the voice, stories, and themes are different and unique. Both touch on similar ideas, but the tone the authors take on are distinctive. Unspeakable Things, a novel by Laurie Penny, abrasively addresses the oppression of gender in society through the lens of girls, boys, sex, the Internet, and love and intimacy. This intersectional analysis has an overlay of the impact of neoliberalism, what Penny describes as the â€Å"attempt to reorganize society and the state on the basis

The Biblical Flood of Genesis Based Upon the Flood of the...

Biblical Flood Based Upon the Flood of Gilgamesh In the middle of the nineteenth century, archaeologists unearthed twelve clay tablets. Around the turn of the twentieth century, archaeologists finally managed to decipher the tablets written in Akkadian, the language of ancient royalty and diplomacy. The tablets tell of the story of Gilgamesh. (1) The eleventh tablet tells that Gilgamesh, in his quest for immortality set out on a long journey to look for his ancestor, Utnapishtim. Utnapishtim was already bestowed with eternal life by the gods. Upon reaching the island of Utnapishtims abode, Gilgamesh was told a story by his ancestor of a great flood that once swept the world. (2) The similarity between this story and that†¦show more content†¦The floor was 200 feet square. The walls were 200 feet high. I gave it six stories and divided the breadth seven times. Its interior I divided into nine. 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Make a roof for the ark and finish it to a cubit above, and set the door of the ark in its side; make it with the lower, second and third decks.† Genesis 7:13-16 On the very same day Noah and his sons, Shem and Ham, and Japheth, and Noah’s wife and the three wives of his sons with them entered the ark, they and every beast...and all the cattle...and every creeping things...and every bird...And they that entered male and female of all flesh, went in...and the Lord shut him in. â€Å"Six days and six nights raged the wind, the flood, the cyclone devastated the land. When the seventh day came, the cyclone, the flood, the battle was over...theShow MoreRelated Comparing the Great Flood in Epic of Gilgamesh and the Biblical story of Noah’s Ark1162 Words   |  5 PagesComparing the Great Flood in Epic of Gilgamesh and the Biblical story of Noah’s Ark Many of the same ancient stories can be found in different cultures. Each story differs in a small way, but the general idea remains synonymous. 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George Orwell 1984 Questions free essay sample

By George Orwell QuestionsJayson Papa 1. Re read pages 3-6 and describe the setting/atmosphere in your own words The first few chapters of  1984  are devoted to introducing the major characters and themes of the novel. These chapters also acquaint the reader with the harsh and oppressive world in which, Winston Smith lives in. It is from Winston’s perspective that the reader witnesses the brutal physical and psychological cruelties brought upon the people by their government. The tone, setting and atmosphere in the opening pages are recurring throughout the whole book and for most of the book the same tone remains. The overall tone of the book is dark, pessimistic, gloomy, cynical and undesirable, especially in the first few pages. It is a slow paced first few pages which reiterate the dark and gloomy tone as every day in London is surrounded and captured by miserable weather. The slow paced and gloomy tone matches Winston’s attitude and actions. The facilities and buildings are run downed and old and are described as grey and dull of colour. . What might change in your life if you â€Å"had to live†¦in the assumption that every sound you made was overheard, and, except in darkness, every moment scrutinised† how does Winston react to/live with these conditions? There is a definite perceived fear amongst not only Winston, but everyone who isn’t a part of the party. If Big Brother announces that everything people do or say is overheard or seen by Big brother and the thought police then people do believe it. Even though it may not be true, people still believe that it could be true therefore behave as if it is true. Winston soon believes that the loss of passion and purpose in life is possibly more terrifying than death itself. Many reasons why Winston rebels is due to his memory. His memory of things being different and better at one time has made it impossible for him to obey the party. Winston accepts his defeat, however his main concern and goal is to help the future generation, he does this by writing in his diary, along with sharing knowledge he gains throughout the book. Winston and Julia combine to rebel against the party however Julia rebels for different reasons to Winston. 3. When you read the novel for the first time, did you follow the footnote on p. 6 and read the appendix on newspeak? Why or why not? I did not follow the footnote or read the appendix as I was more interested in the storyline then possibly becoming confused by the footnote. I did not understand the principles of newspeak at the time, however I was sure that it would be mentioned numerous amounts of time later on in the novel and this would allow me to understand it and its principles. Newspeak is definitely a crucial aspect in understanding what Winston does for a living along with the aims of the party. . a – Explain based on re reading pages 6 and 7, what you think the purpose of each of the ministries were and what kind of methods they might use in their day to day operations based on the descriptions found in these two pages. In 1984, there were four different ministries, all of which served a different purpose. The first ministry revealed was the Ministry of Truth, which wa s described as â€Å"startlingly different from any other object in sight† as it was an enormous pyramidal structure soaring 300 metres into the air. The Ministry of Truth had three slogans painted on one face of the building in elegant lettering, those slogans read: â€Å"WAR IS PEACE†, â€Å"FREEDOM IS SLAVERY†, AND â€Å"IGNORANCE IS STRENGTH†. The Ministry of Truth concerned itself with news, entertainment, education and the fine arts. The second ministry described, was the Ministry of Peace which concerned itself with war. The Ministry of Love proceeded after, and was said to maintain law and order. Lastly revealed was the Ministry of Plenty, which was responsible for economic affairs. The Ministry of Love is described as the most ‘frightening one’ as there were no windows in it at all. Winston has never been in or near the Ministry of Love as it was supposedly ‘impossible’ to enter except on official business. To add to the Ministry of Loves daunting features, the building was surrounded by barbed wire, steel doors and machine guns. The streets leading up to the Ministry of Love were roamed by guards in black uniforms armed with truncheons. With such a harsh description, one would imagine that inside the Ministry of Love, much interrogation and torture would take place. Many would believe that the Ministry of Love is ironically named. However, the term ‘love’ is accurate as the purpose is to instil love of big brother. 4. b Why do you think the ministries are given seemingly ironic name? The reason for the ministries being named ironically is to give the rest of the community a sense of security. Big Brother attempts to portray himself as a leader who wants only good for his people. However the party does this in a way that forces people to believe this. The Ministry of Love portrays itself to the people like a ministry dedicated to helping people in need, however in fact it is a prison, devoted to capturing people who are against the party and shaping them into better party members via torture in room 101. The next ministry, the Ministry of Truth, depicts itself as a ministry that will preserve history however it is a ministry where the truth is manipulated to conform the standards of the party. The Ministry of Plenty presents itself as a ministry that offers goods and services. However, it is actually a ministry that controls the food rations to the point of starvation. The last ministry, the Ministry of Peace, displays itself as a ministry that attempts to deal with peace and war in a humane way however it wages an endless war against â€Å"enemies†. 5. For whom†¦was [Winston] writing this diary? Why do you think Orwell was writing 1984 Winston believes that he has lost the battle against big brother. For his lifestyle that he had in his youth had been taken away from him, however, he constantly replays these memories in his head. Winston’s goal is to educate the future on how life used to be. Winston hopes that his diary will be passed on and he hopes his stories are spread throughout the future generation, as he is against the party and what they stand for, especially newspeak. As it is mentioned in the novel, by the year 2050, no one will remember proper English (Oldspeak) as newspeak will â€Å"narrow the range of thought, as no human in the year of 2050 will understand the conversation occurring at this time† as Syme describe. This is also a long term goal for Winston, to keep Oldspeak alive. Orwell wrote the book, to warn the future generation, much like Winston, about the possibility and probability of every move, action and work spoken is seen or overheard. Orwell highlights the possibility of no free will, and that one day we will all live under an authoritarian government. 6. How is mass hatred of Goldstein generated and sustained The main technique used by Big Brother in persuading the mass to direct hatred towards Goldstein is to conduct a two minutes hate. The two minutes hate is an operation conducted by Big Brother every morning at 11:00 am. The reason that the two minutes hate is so powerful is because hatred makes people to stick together to form a community. Goldstein is portrayed as the enemy, the one who deceives and takes from the community and from Big Brother himself. The two minutes hate is a constant reminder of the deceitfulness of Goldstein, and due to the two minutes hate being so powerful and enticing, people are obliged to join in. 7. What is the political purpose of this? The political purpose is quite simple. We do not know if the existence of Goldstein is true or not, however Big Brother uses Goldstein as a scapegoat. Big brother uses Goldstein in order to gain respect and trust and ultimately love. Goldstein is portrayed as a betrayer and a taker, and this allows Big Brother the opportunity gain respect from his people. The two minutes hate is in order to unite people as a community and to expel hatred for Goldstein and to make people subconsciously show love towards big brother. 8. What is fatalism? How is Winston fatalistic with regards to his approach to the diary writing? Fatalism is the thought or belief that all events are predetermined and therefore inevitable. Winston writes his diary in order to prevent this thought of â€Å"inevitability†. Winston is too old to change his lifestyle however his ultimate goal in writing the diary is to educate the future. Winston knows that Big Brother will become stronger, and Newspeak will live on, however If there is a chance in Oldspeak surviving, Winston is willing to contribute and help.

True Love in Othello free essay sample

A look at the role love plays in Shakespeares Othello. The author of this paper traces the subject of love through many Shakespeare works. Sonnets and plays are examined. The author then puts an emphasis on Othello and includes lavish quotes from the play in an attempt to describe loves role in the action and characters. Other than in Romeo and Juliet, which is a romantic tragedy, love plays a part in Othello more than in any of Shakespeares other tragedies. Othello and Desdemona are presumed to be in love. Roderigo chases after the love of Desdemona. Iago is jealous of the love between Othello and Desdemona and Iagos plots are all based on proving to Othello that Desdemona and Cassio are in love. Although love clearly plays a large role in the play, it is debatable whether this love is true love. This is especially true for the love between Othello and Desdemona. We will write a custom essay sample on True Love in Othello or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In order to determine what Shakespeare intended their love to be perceived as, it is possible to look at how Shakespeare has defined true love in other works. According to his definition, clearly Othellos love for Desdemona is not true love, however; Desdemonas love for Othello, is indeed true love that remains unbroken throughout the play.