The Importance of the Culture in Global Industry Essay

The Importance of the Culture in Global Industry - Essay Example Culture has become a multi-billion dollar industry. Lampel, Lant and Shamsie (2000) yield to this reality in their article on the difficulties which go up against directors in social ventures. Citing Marshall McLuhan’s statement that â€Å"†¦ we are quickly moving at present from a period when business was our way of life into a time when culture will be our business,† (p. 263), Lampel, Lant and Shamsie’s (2000) essential concern is the compelling and productive administration of the social businesses. Aches for (2003) echoes this equivalent concern and underscores the significance of craftsmanship and culture as business products. Garnham (2005), regardless of a clear concurrence with the recently referenced authors’ primary contentions, moves toward the issue of trade and culture from an alternate point of view. Instead of take a gander at it from an administrative perspective, he scrutinizes it from a strategy point of view. In this manner, he addr esses the effect of social approaches on the innovative expressions ventures in the UK. His methodology praises and, to a degree, finishes that of different writers and, taken together, each of the three articles furnish perusers with an away from into the significance of expressions as an industry, and the administration challenges it presents. Caverns (2003) continues from the reason that despite the fact that workmanship can be acknowledged for art’s purpose, its valuation and financial gratefulness requires the executives. A workmanship piece or a masterful creation has its specialists, whether or not or not advertising and the executives have gone into the condition. Its advancement, in any case, is dependant upon the board and showcasing.

What do you think Shakespeare is saying about the Theme of Love Essay Example

What do you think Shakespeare is stating about the Theme of Love? Paper From the earliest starting point of the play, to be specific the preamble, it is apparent that Romeo and Juliet will spin around two subjects: love and disaster. In Act 1 Scene 1 Romeo says, Heres a lot to do with despise, however more with affection. The chorale likewise acquaints us with the possibility of a couple of star crossed sweethearts ending their life. Shakespeare utilizes sensational incongruity to permit his crowd to focus on the occasions paving the way to the disaster, as opposed to the genuine catastrophe itself. For this situation, we are cautioned of the dreadful section of their passing stamped love. This sensational incongruity additionally permits the crowd to concentrate on the other primary subject of the play, love, and to differentiate altogether different types of adoration with the one fundamental energy, that of Juliet and Romeo. The preface is written as a piece, generally an affection sonnet. This serves to make a sentimental climate from the initial scene. Therefore it is unforeseen that the main reference to adore in the play is totally sexual. The initial two characters we meet are Sampson and Gregory, two Capulet hirelings. They are revolting and unrefined, making numerous sexual references and innuendoes. They don't consider love to be including feelings or wants, however as a simply physical item, sexual not passionate. Sampson recounts how he will assault the servants of the Montague family unit: Ladies being the more fragile vessels are ever pushed to the divider I will push Montague㠯⠿â ½s men from the divider, and push his house keepers to the divider. Both Sampson and Gregory have frivolous and restricted view of adoration. Neither of them seems to have ever experienced genuine romance. They talk in a rough and coarse way, boast about their own traits and consider ladies to be objects not individuals. They are shallow and harsh, mirroring the boorish individuals of society. We will compose a custom exposition test on What do you think Shakespeare is stating about the Theme of Love? explicitly for you for just $16.38 $13.9/page Request now We will compose a custom article test on What do you think Shakespeare is stating about the Theme of Love? explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom exposition test on What do you think Shakespeare is stating about the Theme of Love? explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer The following type of adoration we see is Romeos fixation for Rosaline. This is totally based around her excellence, as Romeo has no information on her character. She is wealthy in magnificence He specifies nothing, be that as it may, of her character, aside from her lack of engagement in marriage. Her dismissal has caused him much hopelessness, and along these lines he considers love to be unfeeling and horrible. Love is a smoke produced using the smoke of moans. This illustration thinks about affection to terrible sensations brought about by smoke contamination, for example, suffocation and loss of vision. Romeos language is intricate and persuasive. Anyway his language seems excessively rich, proposing creation. He shows what was anticipated from a pining darling by remaining in sycamore forests and closing himself away from light. This is too sensational to even consider appearing practical. Romeos abuse of expound analogies causes his adoration to appear to be counterfeit and bothered. Being cleansed, a fire shining in darlings eyes, Being vexed, an ocean fed with darlings tears. This presents two distinct sides of adoration, satisfaction and wretchedness as an outcome of dismissal. He likewise attempts to communicate these two clashing states with the utilization of paradoxical expression. Plume of lead, brilliant smoke, cold fire, wiped out wellbeing, As yet waking rest, that isn't what it is! The second type of fixation less centered around in Romeo and Juliet is Paris sentiments towards Juliet. At the point when he initially shows up in Act 1 Scene 2, he appears to be a mindful, delicate character, communicating his lament that the quarrel between the Montagues and the Capulets has endured for such a long time. To be sure, Montague alludes to him as Gentle Paris. At the point when he converses with Juliet in Act 4 Scene 1, he appears to be as yet mindful and inviting, saying initially Pour soul, thy face is highly manhandled with tears, however possesive over Juliet, guaranteeing that by crying she has vandalized his property, Thy face is mine, and thou hast defamed it. He is additionally exceptionally sure that she restores his sentiments, in spite of the fact that he has had no immediate warmth from Juliet herself and she is acting briskly towards him. He says,So will ye, I am certain, that you love me. Like Romeo, he acts in the methods of a grieving darling after Juliets demise, laying blossoms at her tomb and talking about his pain gracefully: Sweet bloom, with blossoms thy wedding bed I fling, O misfortune, thy overhang is residue and stones, Which with sweet water daily I will dew. Afterward, he asks for Romeos kindness to lay him with Juliets body in the tomb to kick the bucket. Another, differentiating type of adoration, which experiences numerous progressions all through the play, is love appeared by guardians for their kids. The Montagues, having an extremely little part in the play, regularly discuss their adoration for their child. Master Montague communicates his anxiety at Romeos odd conduct when he says: Would we be able to yet gain from whence his distresses develop We would as readily give fix as know. Toward the finish of the play, when the groups of Romeo, Juliet and Paris are discovered dead, Lord Montague reports that his better half has kicked the bucket since she lamented for Romeos banish. The Montagues show love and assurance for their child. The Capulets parental love for Juliet changes ordinarily. Toward the beginning of the play, Lord Capulet specifically shows a solid fatherly consideration towards her, thinking of her as sentiments about wedding Paris. He talks about her profoundly, Earth hath gulped every one of my expectations however she, She is the confident woman of my earth My will to her assent is nevertheless a section Be that as it may, in Act 3 Scene 4, Lord Capulet doesn't appear as kind as in the past. He tells Paris Sir Paris, I will make a frantic delicate Of my childs love. I figure she will be dominated In all regards by me; nay more, I question it not. Right off the bat he said that he would agree to the marriage if Juliet did, and in Act 3 Scene 4 he asserts she ought to have nothing to do with the issue, that she will obey him. By Act 3 Scene 5, he shows no thought of her musings whatever, and utilizes extraordinary abuse against her. We have a revile in having her.He likewise utilizes language to assault her looks. As Juliet has not really done anything definitely off-base, Lord Capulet has nothing to blame her for, so he affronts her picture with hostile, fierce allegations which don't identify with the reason for his displeasure, for example, You green-infection flesh, out you stuff, You fat face Hang thee youthful stuff, insubordinate bastard. His affections for Juliet change once more, after he thinks she is dead. His language contains a lot of reiteration. He has two short discourses in which he records numerous words identifying with death and loathe and rehashes the words murder and youngster, demonstrating his incredulity and trouble at such a youthful demise. Scorned, bothered, despised, martyred, slaughtered To kill, murder our gravity? O youngster! O youngster! My spirit and not my youngster. Dead workmanship thou, alack my youngster is dead. Damned, despondent, pitiful, derisive day. Woman Capulet is significantly colder towards Juliet. She doesn't appear to have a lot of part in Juliets life, aside from in Act 4 Scene 5 when she sees Juliet dead. She cries O me, O me, my kid, my lone life. Restore, gaze upward, or I will bite the dust with thee This stands out totally from her perspectives towards Juliet in the remainder of the play. After the contention among Juliet and her folks about union with Paris, Lady Capulet doesn't communicate a lot of outrage or dissatisfaction, yet excusal and disconcern, which I believe is significantly colder than Lord Capulets frightful affront. Talk not to me, for Ill not talk a word, Do as thou wither, for I have finished with thee. Woman Capulet and Juliet converse with one another officially, Juliet tending to her mom as Madam, while she tends to her dad as Good dad. Woman Capulet considers love marriage a social extra. She consequently thinks Paris is a perfect counterpart for her girl as he is rich, well known and has a high spot in the public arena. It is this sort of value that she esteems in her sweethearts. Like the attendant, she thinks it is exceptionally significant that marriage improves economic wellbeing and most likely doesn't really adore her better half. She wants Juliet to be cheerful, however accepts that having a rich spouse is the best way to do this. She is very shallow and doesn't see behind social lines, accepting that picture given to outcasts is progressively significant that comfort. The Nurse considers love to be a significance that characterizes ones future bliss and societal position, to some degree like Lady Capulets sees. In any case, as Mercutio, the Nurse alludes frequently to sex. She plays with the expression, ladies develop by men, taking it in two implications, that ladies develop by methods for societal position, a lady turns out to be increasingly fair once she is hitched, and ladies genuinely developing, in pregnancy. The medical caretakers character is one of the diverting parts of the play. Shakespeare utilizes this cleverness to lift the inauspicious environment. The medical attendants character, and particularly Mercutios character, utilizes roughness in their jokes. I am the day laborer, and drudge in your enjoyment/however you will bear the weight soon around evening time. This alludes to the fulfillment of Romeo and Juliets marriage. The unrefined pieces of the play would have engaged the lower class and less refined individuals from the elizabethan crowd. An essential character in Romeo and Juliet who gives a humourous yet rough demeanor to cherish is Mercutio. His amusingness is generally rough and annoying. He makes jokes to the detriment of Romeo, the medical attendant, and Tybalt, which demonstrates deadly. He considers love to be a reason for satisfactory sexual action. In a considerable lot of his scenes he makes visit sexual references, for instance in Act 2 Scene 1. Mercutio is shouting to a fanciful Romeo (thinking Romeo is at home), utilizing language that would enrage him. He claims to invoke Romeo as though he were a soul, by talking in a sexual man

Tonti, Henri de

Tonti, Henri de Tonti or Tonty, Henri de both: äNre ´ d? tôNte ´ [key], c.1650â€"1704, French explorer in North America, b. Italy. Serving in the French army, he lost a hand in battle; his skillful use of the appliance with which the hand was replaced was later to lead Native Americans to believe him possessed of special powers. In 1678, Tonti accompanied the explorer La Salle to Canada as his lieutenant and was dispatched to Niagara where, among hostile Native Americans, he constructed the Griffon, the first sailboat to ply the Great Lakes W of Ontario. Tonti preceded La Salle westward to Detroit and penetrated into the country of the Illinois, whom he won over to the French interest. In 1680, left by La Salle at Starved Rock to construct a fort, he was faced by desertion of his men and the hostility of the Native Americans and was forced to winter in Wisconsin. Meeting La Salle at Mackinac the following year, he traveled with him down the Mississippi to its mouth; they proclaimed the entir e Mississippi watershed the domain of France. Tonti returned alone to the Illinois River, where he was rejoined by La Salle, and together they completed (1682â€"83) Fort St. Louis at Starved Rock. When La Salle returned to France, Tonti was left in charge of the fort. La Salle did not return, for he failed in his attempt to find the mouth of the Mississippi by sea. Having no word, Tonti in 1686 descended the river in a hopeless search for La Salle. The following year he took part with a band of Illinois in the raid by the marquis de Denonville against the Iroquois. Tonti remained at Fort St. Louis, developing the new empire, until 1700, when he joined Iberville's colony at the mouth of the Mississippi. Pierre Margry included Tonti's account in Mémoires et documents pour servir à l'histoire des origines francaises des pays d'outre-mer (6 vol., 1879â€"1888; tr. Relation of Henri de Tonty, 1898). See J. C. Parish, The Man with the Iron Hand (1913); C. B. Reed, Masters of t he Wilderness (1914); E. R. Murphy, Henry de Tonty, Fur Trader of the Mississippi (1941). The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia University Press. All rights reserved. See more Encyclopedia articles on: U.S. History: Biographies

Security valuation of APN news and media ltd - Free Essay Example

Sample details Pages: 10 Words: 3117 Downloads: 2 Date added: 2017/06/26 Category Media Essay Type Argumentative essay Did you like this example? This report discusses the security valuation of a media and publishing company called APN News and Media ltd. The research follows the three step valuation process and top down approach which starts by analysis of the economy and moves further for analyzing the industry and filters down to the company analysis and valuation of the stock. The First part of the report presents an in depth analysis of financial ratios for APN News and Media ltd and its two competitors Fairfax Media ltd and West Australian Newspapers Holding ltd. Don’t waste time! Our writers will create an original "Security valuation of APN news and media ltd" essay for you Create order The financial analysis includes internal liquidity ratios, operating performance ratios, and risk and growth analysis. The Second part of the report discusses the calculation of weighted average cost of Capital and assumptions made for risk premium and risk free rate. It also discusses the weight and cost of debt for APN and expected rate of return by investors of APN and the cost of capital. The Third part of the report discusses the first two steps in the valuation process; Economic and Industry analysis and economic influences on the company. The analysis is based on influence of economic indicators on the stock. The final part of the report discusses the valuation of APN by employing various methods like Dividend Discount model, Free cash flow to Equity and Free cash flow of the firm. : Part i Internal Liquidity Analysis Figure 1: Current Ratio The Figure 1 above shows the current ratios for the three firms APN, Fairfax and West Australian Newspapers. Current Ratio is best known liquidity measure which examines the relationship between current assets and liabilities. Current ratio of APN has almost followed a sinusoidal format maintaining an average of 1.5 and has lost the track during global recession in 2008 reaching its lowest of 0.91 and has also recovered by gaining the average of 1.5 in 2009. Current Ratio for Fairfax has also followed sinusoidal format with an average of 0.75 which grew significantly from 2006 but later dipped down due to recession and though it has still maintained the average after recession but it has not seen any movement further up from past three years. The ratios for West Australian newspapers has higher average compared to other two and also shows clear signs of recovery after the recession. Figure 2: Quick Ratio Quick ratio analyzes the liquidity of the com pany to better accuracy and is more reliable as it only uses Cash and recievables for calculation of ratios and neglects inventories and other current asset. The quick ratio for all three companies has followed exactly the same path as current ratio but with lower averages. Figure 3: Cash Ratio Cash ratio is the most conservative liquidity ratio which analyzes the relationshio between cash and marketable securities to Current liabilities. APN has been quiet successful in maintaing an average of just below 30% in last five years and had dipped below 20% mark during recession and is also showing positive signal after recession. The cash ratio for FXJ is quite hapazard as it is not following a pattern which makes it really uncertain while WAN follows a smooth curve with very good average. Figure 4: Average Receivables collection period Receivables turnover is the meaure of firms accounts receivable. The faster these accounts are paid, the sooner the firm gets funds to pay o ff its current liabilities. It is very useful to convert this ratio into collection period which gives the ratio in terms of days and is very easy for analysis. The graph shows that receivable turnover period for APN in 2000 was 120 days which is very high and is consistently reducing from then which is a good indicaion and has reached a steady state of about 65 days from 2004 onwards.While the collection period for FXJ and WAN has stayed steady and consistent and also lower compared to APN. This is a good indication for APN that it can reduce the collection period further down. Figure 5: Average inventory processing period Inventory turnover examines the liquidity of inventory by calculating the proceesing time required for goods and inventory processing period indicates the ratio in terms of days which clearly gives processing time. Processing period for APN shows a very good indication as the time taken for processing has reduced from 18 days in 2000 to 8 days in 2009. Whil e processing period for FXJ increased from 2000 to 2002 and later moved down to 9 days in 2009. While processing period for WAN had decreasing trend initially but later increased again. Figure 6 : Payables payment period Payables turnover is the measure of firms ability to pay the bills in time and indicates the time taken by the firm to pay for the raw goods. The graph shows no trouble for APN and indicates that APN takes approximately 0 to 5 days more to pay its bills after receiving it. While FXJ and WAN have maintained a lower payment period indicatin that bills are paid quciker than APN as their collection period is lower. Operating Performance Analysis: Figure 7: Operating profit Margin The variability of operating profit margin over time is a prime indicator of the business risk of the firm. Operating profit margin is gross profit minus the general and administrative expenses. Profit Margin for APN was in between 20 % to 25 % from 2000 to 2008 but has dipped down to 18% in 2009 which is not a good sign and this has to be corrected by reducing the expenses or by increasing the sales. The profit margin for FXJ has stayed below or same as APN which shows that APN has a decent margin but WAN has very high profit margin which was above 35% from 2004. It is interesting to observe that all the companies have reduced its profit margin after 2008 which is due to recession. Figure 8: Total asset turnover The figure 8 above shows the total asset turnover for three companies. This ratio indicates the effectiveness of the firms use of its total asset base by comparing it with sales. The asset turnover has steadily increased from 30 % in 2000 to 45 % in 2009 which shows that APN is utilizing its assets to the maximum extent but there is a declining trend from past three years which is the factor that has to be taken care. It is a good sign to see that asset turnover for APN is moderate in industry which can be moved further above to the level like WAN which has above 80% turnover. Figure 9: Interest Expense Rate Interest expense rate shown in the figure 9 above shows the amount reported by company as an expense for borrowed money. Again APN is placed moderately in between FXJ and WAN and the interest expense increased significantly in 2000 and stayed moderate thereafter. It is observable from graph that WAN with higher interest expense has higher risk but it is also utilizing the capital in profitable way which is evident from graphs of operating profit margin and Asset turnover. Again there is a dip after 2008 due to financial crisis. Figure 10: Financial leverage multiplier The financial leverage c alculated as Total Assets / Total Stockholders Equity examines how a company uses debt to finance its assets and it is also known as the financial leverage ratio. The leverage ratio for APN has been in between 1.5 and 2.3 in the period 2000 to 2010 which shows debts of little above 50% for APN while it is below 50% for FXJ but WAN is the risk lover with total assets of about 7 times of equity during 2005 to 2007. Figure 11: Tax Retention rate The above figure 11 shows the tax retention rate for three companies which is the proportion of the total net earnings before tax retention rate. The graph shows a very high retention rate for APN which ranges from 70% to 85% in the period 2000 to 2010 higher than its competitors whose retention ratio ranges from 65% to 75%. A higher retention rate means higher earnings available for dividends which is a positive aspect for investors. Figure 12: ROE The figure 12 above shows the Return on Equity for three companies which is an impor tant indicator of performance as it indicates the return that management has earned on the capital provided by Stockholders. APNs ROE ranges between 8 and 10.5% in the period 2000 to 10 which is just moderate return but still earns higher return than FXJ whose ROE declined from 11.8 to 4.8% in the same period. While WAN with higher debt and risk earned a return ranging from 40 to 100% in the same period with 140% as the peak ROE during 2006. Figure 13: Equity turnover The figure 13 above shows the equity turnover for three companies which examines the turnover of the capital component of the firm. Equity turnover for APN ranges from 0.5 to a 1.1 in the period 2000 to 10 which is a significant increase and also it means that it is generating sales worth its capital indicates a fair use of equity which has sunk in the case of FXJ from above 1.1 to 0.5 in the same period. While again WAN has taken the lead to generate sales worth twice the equity in the initial five years and abo ut 4.5 times in next four years. Figure 14: ROIC The figure 14 above shows the ROIC for three companies which relates the firms earnings to all invested capital involved in the firm which includes interest bearing debt. ROIC for APN ranges from 11.4 to 8.6% which shows a decline in the return in period 00 to 10 and FXJ has a similar decline from 13 to 6% in the same period. While WAN has achieved a good growth from 25 to 30 % in the same period. APNs ROE shows an increase while ROIC has declined in the same period which shows that debt is not utilised properly by APN to generate higher returns. BUSINESS RISK Business risk is the uncertainty of operating income caused by the firms industry. This uncertainty is due to Variability of sales over time caused by volatility of earnings. Firms capability to produce its products and the balance between variable and fixed costs The business risk, sales volatility and operating leverage for three companies are as shown below. Refer Appendix C for calculations. APN FXJ WAN Business Risk (operating earnings) 0.3113 0.4262 0.2638 Sales volatility 0.2632 0.3166 0.1564 Operating leverage 1.4953 3.4548 1.9569 The above table gives a high risk for FXJ with all the three factors of volatility higher than other two companies but APN has a moderate risk which is in between FXJ and WAN. WAN has the lowest risk with least volatility in its earnings and sales. The more volatile the operating earnings as compared to the volatility of sales, the greater the firms operating leverage. So operating leverage is least in case of APN when compared to other two competitors which place it in a fairly good position and moderate Business risk. FINANCIAL RISK Financial risk is additional uncertainty of returns to equity due to firms use of financial obligation securities. This risk adds up to the business risk and acceptable level of financial risk depends upon business risk of the firm. In turn if a firm has low business risk, investors are ready to take higher financial risk. In this analysis, the financial risk was analysed using few balance sheet ratio that indicate the proportion of capital derived from debt and few ratios that considers cash flows available to pay fixed financial charges. Please refer to Appendix C for calculations. The balance sheet ratios used are debt to equity ratio and long term debt to capital ratio; Debt to equity ratio for APN has increased from 45 to 75% in the period of ten years while it has reduced from 65 to 38% for FXJ and it has increased from 150 to 200% for WAN. APN has higher financial risk as 75% of total capital is debt and WAN has very high financial risk with debt about 1.5 times the eq uity but still has higher returns. The other ratio which can explain the financial risk is interest coverage ratio which is firm ability to earn at least the interest payable. The interest coverage ratio has decreased from 6 to 4 times for APN, 6 to 3 times for FXJ, 11 to times for WAN. The interest coverage ratio is currently 4 for APN which means the operating profit is 4 times the interest expense which is moderate and APN is in a position to pay back the interest and WAN is able to earn 11 times the interest which will balance the higher debt of the firm. The next important ratio which examines the financial risk is Cash flow coverage ratio which determines the cash flow when compared to interest expense. Cash flow coverage ratio provides similar results as interest coverage ratio and the risks for the firm remains the same as the above analysis with higher risk for WAN, moderate risk for APN and lower risk for FXJ. GROWTH ANALYSIS Figure 15: Growth analysis The figure 15 above shows the growth of the three companies which was calculated using retention ratio and ROE. The growth of a business depends on amount of resources retained and reinvested and rate of return earned on reinvested funds. Please refer to Appendix D for calculations. So g = Retention ratio x ROE. The growth rate of APN starts with 2 % in 2000 and increases to 4% in 2005 and decreases back to 2% in 2007 and has a growth of 3 % for 2008 and 2009. The growth rate for FXJ and WAN are scattered but the trend line moves toward upward direction showing the growth in the media industry. ALTMANS Z SCORE Altman Z score used to examine the characteristics of a firm for bankruptcy. Five variables are used for prediction of corporate bankruptcy. They are: †¢ X1 working capital/total assets †¢ X2 retained earnings/total assets †¢ X3 earnings before interest and taxes/total assets †¢ X4 market value of preferred and common equity/book value of total liabilities †¢ X5 Sales/total assets Figure 16: Z score The figure above shows a Z score analysis and in this model, a Z score of above 2.90 indicates non failure, and a Z score below 1.23 indicated bankruptcy. According to Z score analysis APN and FXJ are very close to bankruptcy and WAN is very well placed. Please refer to Appendix E for calculations. : Part iI Calculation of weighted average cost of capital: Krf 4.9 Kmrp 5.5 ? 0.9505 Ks 10.1278 Wd 0.6595 Kd 6.8486 tax rate 0.1473 Wc 0.3405 WACC 7.2998 The 90 day Treasury bill y ields in Australia was considered as the risk free rate of 4.9% (RBA, 2010) and risk premium was considered as 5.5 % which is the mean risk premium used in 2010 by analysts and companies in Australia (Fernandez and Campo, 2010). The beta for the firm was calculated by using regression analysis of return index of market and return index of the firm which was obtained as 0.9505. Please refer to calculation in Appendix F. So after calculation the expected rate of return is 10.1% and WACC is 7.3%. : Part iii Effect of Economic indicators on firms share price Figure 17: GDP, CPI on Share price The figure 17 above shows the effect of GDP and CPI on share price of the firm APN. On careful analysis it can be observed that there is no effect of GDP on share prices whereas CPI is inversely proportional to Share price which means for every positive change or increase in CPI leads to decline in the share prices and if CPI decreases, then there will be an increase in share price. So CPI has an adverse effect on share prices. CPI is a measure of average price of consumer goods and services purchased by households and also APN being in industry of Consumer discretionary; the effect can be explained by the increase in prices of goods and services in the industry affecting the profitability of goods of APN and so the decrease in share prices. Figure 18: Interest rate on Share prices. The above figure 18 shows the effect of interest rate on share prices and indicates that Interest rates does not affect the share prices of the firm APN. Industry analysis: APN which is a media and publishing company belongs to consumer discretionary industry. This industry relies on consumers to spend that part of their paycheck that is disposable or discretionary on things they do not absolutely need to survive. In many economies, this is the largest segment of the economy because it includes automobiles (the largest), all retail store, and fast food and media companies. It has a market capitalisation of $168b which is about 13% of the whole stock market. In the present situation Australian retail and consumer companies are lagging behind their international peers. This position is untenable in the medium term, so effort has to taken to match the international standards. The economy is expected to drive the competition and so it is up to firms strategies whether retail and consumer companies will drive the agenda, or simply respond to a market shift generated by government regulation and consumer demand. Internationally, many retailers have already seen a rapid change in consumer sentiment regarding the environment and felt a resulting impact on their brands. : PART iv Three valuation methods were employed to value the firms stock namely dividend discount model, Free cash flow to equity, Free cash flow to the firm. Please refer to Appendix H for calculations. The following assumptions were made based on the economic and industry analysis together with financial ratio analysis. APNs growth rate was consistently increasing until it met with the global economic recession and now it has recovered from the recession. As per ANZ outlook 2009, Companies should be completely out of recession by 2011 and so it was assumed that APN would start growing again until it meets the constant growth period after three years. First valuation method employed for analysis is dividend discount model and this model can be used for valuation of APN as it issues dividends to its share holders regularly and the value of the stock obtained b y using this method is as shown below. The second valuation technique employed by analysis is free cash flow to equity. This technique resembles a present value of earnings concept except that it considers the capital expenditure required to maintain and grow the firm and change in working capital required for a growing firm. It determines the free cash flow that is available to the stock holders after payments to all other capital suppliers and after providing for the continued growth of the firm. The value of the stock estimated by this technique was The third technique employed for valuation was free cash flow to the firm which determines the value of total firm and subtract the value of the firms debt obligations to arrive at a value for the firms equity. In this technique we discount the firms OFCF at the firms weighted average cost of capital rather than cost of equity. The value of the stock estimated by this technique was The impact of key economic indicators and in dustry on the firms valuation is discussed in detail in Part III. COnCLusion: The value of the firms stock obtained by different valuation techniques are as given below Price Dividend Discount Model $1.36 FCFE $3.6 FCFF $1.55 The value of the stock obtained by valuation methods are almost the current value of the stock.

Cost of Production Versus Cost to Society

A Game of Thrones Chapter Two Free Essays

string(28) " words could not reach him\." Catelyn Catelyn had never liked this godswood. She had been born a Tully, at Riverrun far to the south, on the Red Fork of the Trident. The godswood there was a garden, bright and airy, where tall redwoods spread dappled shadows across tinkling streams, birds sang from hidden nests, and the air was spicy with the scent of flowers. We will write a custom essay sample on A Game of Thrones Chapter Two or any similar topic only for you Order Now The gods of Winterfell kept a different sort of wood. It was a dark, primal place, three acres of old forest untouched for ten thousand years as the gloomy castle rose around it. It smelled of moist earth and decay. No redwoods grew here. This was a wood of stubborn sentinel trees armored in grey-green needles, of mighty oaks, of ironwoods as old as the realm itself. Here thick black trunks crowded close together while twisted branches wove a dense canopy overhead and misshappen roots wrestled beneath the soil. This was a place of deep silence and brooding shadows, and the gods who lived here had no names. But she knew she would find her husband here tonight. Whenever he took a man’s life, afterward he would seek the quiet of the godswood. Catelyn had been anointed with the seven oils and named in the rainbow of light that filled the sept of Riverrun. She was of the Faith, like her father and grandfather and his father before him. Her gods had names, and their faces were as familiar as the faces of her parents. Worship was a septon with a censer, the smell of incense, a seven-sided crystal alive with light, voices raised in song. The Tullys kept a godswood, as all the great houses did, but it was only a place to walk or read or lie in the sun. Worship was for the sept. For her sake, Ned had built a small sept where she might sing to the seven faces of god, but the blood of the First Men still flowed in the veins of the Starks, and his own gods were the old ones, the nameless, faceless gods of the greenwood they shared with the vanished children of the forest. At the center of the grove an ancient weirwood brooded over a small pool where the waters were black and cold. â€Å"The heart tree,† Ned called it. The weirwood’s bark was white as bone, its leaves dark red, like a thousand bloodstained hands. A face had been carved in the trunk of the great tree, its features long and melancholy, the deep-cut eyes red with dried sap and strangely watchful. They were old, those eyes; older than Winterfell itself. They had seen Brandon the Builder set the first stone, if the tales were true; they had watched the castle’s granite walls rise around them. It was said that the children of the forest had carved the faces in the trees during the dawn centuries before the coming of the First Men across the narrow sea. In the south the last weirwoods had been cut down or burned out a thousand years ago, except on the Isle of Faces where the green men kept their silent watch. Up here it was different. Here every castle had its godswood, and every godswood had its heart tree, and every heart tree its face. Catelyn found her husband beneath the weirwood, seated on a moss-covered stone. The greatsword Ice was across his lap, and he was cleaning the blade in those waters black as night. A thousand years of humus lay thick upon the godswood floor, swallowing the sound of her feet, but the red eyes of the weirwood seemed to follow her as she came. â€Å"Ned,† she called softly. He lifted his head to look at her. â€Å"Catelyn,† he said. His voice was distant and formal. â€Å"Where are the children?† He would always ask her that. â€Å"In the kitchen, arguing about names for the wolf pups.† She spread her cloak on the forest floor and sat beside the pool, her back to the weirwood. She could feel the eyes watching her, but she did her best to ignore them. â€Å"Arya is already in love, and Sansa is charmed and gracious, but Rickon is not quite sure.† â€Å"Is he afraid?† Ned asked. â€Å"A little,† she admitted. â€Å"He is only three.† Ned frowned. â€Å"He must learn to face his fears. He will not be three forever. And winter is coming.† â€Å"Yes,† Catelyn agreed. The words gave her a chill, as they always did. The Stark words. Every noble house had its words. Family mottoes, touchstones, prayers of sorts, they boasted of honor and glory, promised loyalty and truth, swore faith and courage. All but the Starks. Winter is coming, said the Stark words. Not for the first time, she reflected on what a strange people these northerners were. â€Å"The man died well, I’ll give him that,† Ned said. He had a swatch of oiled leather in one hand. He ran it lightly up the greatsword as he spoke, polishing the metal to a dark glow. â€Å"I was glad for Bran’s sake. You would have been proud of Bran.† â€Å"I am always proud of Bran,† Catelyn replied, watching the sword as he stroked it. She could see the rippling deep within the steel, where the metal had been folded back on itself a hundred times in the forging. Catelyn had no love for swords, but she could not deny that Ice had its own beauty. It had been forged in Valyria, before the Doom had come to the old Freehold, when the ironsmiths had worked their metal with spells as well as hammers. Four hundred years old it was, and as sharp as the day it was forged. The name it bore was older still, a legacy from the age of heroes, when the Starks were Kings in the North. â€Å"He was the fourth this year,† Ned said grimly. â€Å"The poor man was half-mad. Something had put a fear in him so deep that my words could not reach him. You read "A Game of Thrones Chapter Two" in category "Essay examples"† He sighed. â€Å"Ben writes that the strength of the Night’s Watch is down below a thousand. It’s not only desertions. They are losing men on rangings as well.† â€Å"Is it the wildlings?† she asked. â€Å"Who else?† Ned lifted Ice, looked down the cool steel length of it. â€Å"And it will only grow worse. The day may come when I will have no choice but to call the banners and ride north to deal with this King-beyond-the-Wall for good and all.† â€Å"Beyond the Wall?† The thought made Catelyn shudder. Ned saw the dread on her face. â€Å"Mance Rayder is nothing for us to fear.† â€Å"There are darker things beyond the Wall.† She glanced behind her at the heart tree, the pale bark and red eyes, watching, listening, thinking its long slow thoughts. His smile was gentle. â€Å"You listen to too many of Old Nan’s stories. The Others are as dead as the children of the forest, gone eight thousand years. Maester Luwin will tell you they never lived at all. No living man has ever seen one.† â€Å"Until this morning, no living man had ever seen a direwolf either,† Catelyn reminded him. â€Å"I ought to know better than to argue with a Tully,† he said with a rueful smile. He slid Ice back into its sheath. â€Å"You did not come here to tell me crib tales. I know how little you like this place. What is it, my lady?† Catelyn took her husband’s hand. â€Å"There was grievous news today, my lord. I did not wish to trouble you until you had cleansed yourself.† There was no way to soften the blow, so she told him straight. â€Å"I am so sorry, my love. Jon Arryn is dead.† His eyes found hers, and she could see how hard it took him, as she had known it would. In his youth, Ned had fostered at the Eyrie, and the childless Lord Arryn had become a second father to him and his fellow ward, Robert Baratheon. When the Mad King Aerys II Targaryen had demanded their heads, the Lord of the Eyrie had raised his moon-and-falcon banners in revolt rather than give up those he had pledged to protect. And one day fifteen years ago, this second father had become a brother as well, as he and Ned stood together in the sept at Riverrun to wed two sisters, the daughters of Lord Hoster Tully. â€Å"Jon . . . † he said. â€Å"Is this news certain?† â€Å"It was the king’s seal, and the letter is in Robert’s own hand. I saved it for you. He said Lord Arryn was taken quickly. Even Maester Pycelle was helpless, but he brought the milk of the poppy, so Jon did not linger long in pain.† â€Å"That is some small mercy, I suppose,† he said. She could see the grief on his face, but even then he thought first of her. â€Å"Your sister,† he said. â€Å"And Jon’s boy. What word of them?† â€Å"The message said only that they were well, and had returned to the Eyrie,† Catelyn said. â€Å"I wish they had gone to Riverrun instead. The Eyrie is high and lonely, and it was ever her husband’s place, not hers. Lord Jon’s memory will haunt each stone. I know my sister. She needs the comfort of family and friends around her.† â€Å"Your uncle waits in the Vale, does he not? Jon named him Knight of the Gate, I’d heard.† Catelyn nodded. â€Å"Brynden will do what he can for her, and for the boy. That is some comfort, but still . . . â€Å" â€Å"Go to her,† Ned urged. â€Å"Take the children. Fill her halls with noise and shouts and laughter. That boy of hers needs other children about him, and Lysa should not be alone in her grief.† â€Å"Would that I could,† Catelyn said. â€Å"The letter had other tidings. The king is riding to Winterfell to seek you out.† It took Ned a moment to comprehend her words, but when the understanding came, the darkness left his eyes. â€Å"Robert is coming here?† When she nodded, a smile broke across his face. Catelyn wished she could share his joy. But she had heard the talk in the yards; a direwolf dead in the snow, a broken antler in its throat. Dread coiled within her like a snake, but she forced herself to smile at this man she loved, this man who put no faith in signs. â€Å"I knew that would please you,† she said. â€Å"We should send word to your brother on the Wall.† â€Å"Yes, of course,† he agreed. â€Å"Ben will want to be here. I shall tell Maester Luwin to send his swiftest bird.† Ned rose and pulled her to her feet. â€Å"Damnation, how many years has it been? And he gives us no more notice than this? How many in his party, did the message say?† â€Å"I should think a hundred knights, at the least, with all their retainers, and half again as many freeriders. Cersei and the children travel with them.† â€Å"Robert will keep an easy pace for their sakes,† he said. â€Å"It is just as well. That will give us more time to prepare.† â€Å"The queen’s brothers are also in the party,† she told him. Ned grimaced at that. There was small love between him and the queen’s family, Catelyn knew. The Lannisters of Casterly Rock had come late to Robert’s cause, when victory was all but certain, and he had never forgiven them. â€Å"Well, if the price for Robert’s company is an infestation of Lannisters, so be it. It sounds as though Robert is bringing half his court.† â€Å"Where the king goes, the realm follows,† she said. â€Å"It will be good to see the children. The youngest was still sucking at the Lannister woman’s teat the last time I saw him. He must be, what, five by now?† â€Å"Prince Tommen is seven,† she told him. â€Å"The same age as Bran. Please, Ned, guard your tongue. The Lannister woman is our queen, and her pride is said to grow with every passing year.† Ned squeezed her hand. â€Å"There must be a feast, of course, with singers, and Robert will want to hunt. I shall send Jory south with an honor guard to meet them on the kingsroad and escort them back. Gods, how are we going to feed them all? On his way already, you said? Damn the man. Damn his royal hide.† How to cite A Game of Thrones Chapter Two, Essay examples

Tecumseh, Nat Turner and Frederick Douglas free essay sample

This paper looks at three non-white individuals of the early 1800s Tecumseh, Nat Turner, and Frederick Douglas and the impact they had on history by resisting the white establishment. On the other hand the Indian tribes viewed the American cause as incomprehensible and outrageous. Even as a young boy, Tecumseh was exposed to the fighting and loss of family members due to the American expansion. In the 1780s, he was already forming the belief that guided his life: the Indians only real and permanent security would come from resisting the white invasion and forcing a recognition of Indian territorial rights (Nash 157). Therefore he had no other choice but to fight for his land. From the Indian point of view, land was a gift from above and not to be bought or sold by anyone. Treaties made with Congress were invalid due to the fact that one tribe had signed away another tribes land. We will write a custom essay sample on Tecumseh, Nat Turner and Frederick Douglas or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page As for siding with the British in the war, the Indians were not guilty of any crime.

Behaviorism essays

Behaviorism essays Behaviorism is a school of psychology and theoretical viewpoint that emphasizes the scientific study of observable behaviors, especially as they pertain to the process of learning. That is the text book definition of behaviorism, my definition in my own words is, doing something that causes a response in someone or something, and by doing it enough times causes a constant reaction every time in the person or thing. John Watson founded behaviorism in the early 1900's. Watson emphasized the scientific study of observable behaviors rather then the study of subjective mental process. The behavioral theory dominated psychology for more then 50 years. Hockenbury and Hockenbury (170) Watson believed that as much as Pavlov's dogs reflexively salivated to food, human emotions could be thought of as reflexive responses involving the muscles and glands. In studies with infants Watson identified 3 emotions that he believed represented inborn and natural unconditioned reflexes, fear, rage, and love. According to Watson each of these emotions could be triggered by a stimuli. For example he found 2 stimuli that triggered fear, a sudden loud noise or sudden dropping A prime example of this is when you have a new puppy and you are training it To sit. Because he is just a puppy it will have no idea what the command "sit" is. So you Will have to teach it what the command means. When you give the command to the puppy you will push his butt down and show him what he is suppose to do when he hears the command. You will have to do this a few times until the dog gets used to it. Every time you give the command and the puppy follows it, you reward him for his Actions, either with a treat or pet and praise him. If the puppy doesn't follow the command you give him negative attention such as spank, or yell at him. Soon enough the dog will realize that every time I follow my masters command I get praised, but ...

How to Write a Good Shakespeare Essay

How to Write a Good Shakespeare Essay How to Write a Good Shakespeare Essay William Shakespeare and his works of literature are probably one of the most popular topics for college and university students to have their written papers composed about. No wonder, in our days this is not as easy to come up with a great and interesting essay or research paper devoted to this topic – so many words have already been said and written about this gross figure in the English classical literature. Still, if you dig deeper and make much efforts in order to make your academic paper about Shakespeare sound interesting and fresh, then you have the chance to succeed. In particular, you are welcome to order a custom written paper about the playwright and poet in one of the online-based custom paper writing companies. The services these companies offer are good and their prices are competitive and customer friendly. No matter which topic or aspect of the Shakespeare’s works you have chosen as the basis for the academic work, the custom writing services would be granted to you. So, start with searching for a good online writing company and once you find one, get acquainted with its policies and guarantees. This is your duty and foremost responsibility as the customer of a custom writing agency to be aware of what you are eligible for, be that the Money Back guarantee, Plagiarism-free policy of Revision policy. If you find the policies and responsibilities posted by the company reliable enough, then your next step should be checking the pricing. If the pricing for academic papers is good as well, then you are welcome to start the order placing procedure. After you are done with this, state the instructions and requirements you have received from your tutor on the future paper about William Shakespeare. And once the order is placed, just wait for the writer to compose the academic paper for you within the deadline you have specified. This is easy as a cake. The writers from online custom paper writing companies know all the topics which may be covered in an essay or research paper about William Shakespeare, so they will not dissatisfy you with the final result. Their knowledge on the topic is enormous and the databases they have in their hands are very impressive too. Have no worries, the academic paper ordered from an online custom paper writing company will have no high similarity index. Academic writers from such agencies and companies do not tolerate plagiarism and will never put your academic reputation at a risk. They will complete a clear and clean paper according to your and your tutor’s requirements and instructions, so the paper about Shakespeare will be enjoyed by you and the rest of the group. is one of professional writing services which can provide you with essay writing help on Shakespeare topics. Dont hesitate to visit our service now!

(Principle of sport) - Grant funding application assignment Essay

(Principle of sport) - Grant funding application assignment - Essay Example We aim at engaging the children in activities such as obstacle races and wheelchair football. We have helped other groups of sporting enthusiasts before in building strong sporting skills and expect to extend this gratitude to the disabled children in London. Our motivation is driven by the fact that a greater percentage of disabled children languish in poverty and dejection due to their condition. We expect to host approximately 100 disabled children for two months, with a close contact session of five to six hours each day. We expect to host our project at the Goals Soccer Centre located in Northampton and the key sports officials in London are expected to join us in the delivery of the key activities. Through this project, we expect that other organizations will be inspired to take responsibility of their society and help the disabled enjoy their life more through sporting activities. Statistics from the United Kingdom government indicate that over 11 million people are limited to long term illness, disability and impairment. Around 6% of this population represents children. Also, a substantially large proportion of the individuals who live with the disabled members live in poverty as compared to families with no single case of disability (Barnes & Mercer, 2009, p. 119). More likely, these children do not consider using emergency care whenever particular health problems arise and we seek to enlighten them and their parents on how to deal with the situation in the right manner. Thus, the project is useful since it provides more education to disabled children on how to exercise and deal with related risks and diseases (Pitts, et al., 2014). Over the period of the implementation, our project should reach over 100 disabled children and each one of them on how to solve the depression that pins them down in most cases

Memo and sales letter Assignment Example | Topics and Well Written Essays - 750 words

Memo and sales letter - Assignment Example I urge that you To employ humanity in dealing with the issue. I also would like to take you back to an issue that occurred 2 months ago where Jane Sanders, another employee, was forced out of her parking space by male employees under threats of physical abuse. The company appeared not to accord the occurrence the seriousness it deserves. Although the male employees have been reprimanded, I feel that was not at all due appeasement to the harassed employee. Furthermore, Mrs. Sanders did assert repeatedly that some of the male employees in the incident in question have made inappropriate passes at her in the past. This brings the focal point of that particular case not only to gender inequality but also sexual harassment. I would like to remind the company of the country’s constitutional provisions for gender sensitivity. The constitution provides that female members of the workforce be treated in a just and fair manner as the male members of the workforce. An oversight of this is therefore liable to legal complaint. It is only after this assertion is taken into account that the situation will be remedied. An assurance from the Human Resource department that the issues above will be handled with the utmost solemnity and reassurance of our safety in the workplace will go a long way to instill change. This would be the first, among many steps to remedy the crisis. Our company is extremely appreciative of the time that we have been able to serve you. We are honored that you have chosen us as your product provider. The last time you wrote to us you had a challenge with the gear that you purchased. I believe that the issue was well taken care of by our repair and maintenance team. Kindly get back to us and inform us whether you were fulfilled with the results. Our customer service team will review your recommendations depending on your response. We take great pride in being able to learn from our most valued and loyal

Joint Illnesses and Diseases: Causes and Treatments

Joint Illnesses and Diseases: Causes and Treatments Herniated Disc Herniated (slipped) disc happens when all or only a portion of an intervertebral disc is forced through the weak part of the disc thus exerting pressure to the adjacent nerves or spinal cord. Intrinsic degeneration of the intervertebral disc or extrinsic compression of the neural structures in the spinal canal can cause radicular pain. The loss of disc height, which can alter the mechanics of the axial skeleton, may result to disc degeneration. The said changes might produce in other structures such as the zygapophyseal (facet) joints and may result to spinal stenosis. Radicular pain is defined as pain radiating in the distribution of spinal nerve caused by the irritation of the dorsal root ganglion while discogenic pain is an axial pain originating in a degenerative disc. [39] [40] [41] [45] Considered to be a critical part of the load-bearing structures of the spinal column, the structural component of the invertebral disc make it capable of changing shape and absorbing shock thus allowing movement. The dysfunction of the intervertebral disc is brought about by multiple factors namely trauma, aging or the degenerative disorders of the spine. [46] The boundary between nucleus and annulus become less evident as a person ages, furthermore as a person grow older the nucleus of the intervertebral disc becomes less gel-like and more fibrotic. Trauma results from activities such as slipping, lifiting while in a flexed position, suppressing a sneeze or falling on the buttocks. Degeneration like in osteoarthritis or ankylosing spondylitis predisposes the misalignment of the vertebral column of the client. [46] A research on the mechanism of intervertebral disc pointed out several pathophysiologic processes. It includes the changes that occur in aging, loss of proteoglycan which is mentioned as the most significant biochemical change that occurs in disc degeneration. It is inferred that the loss of proteoglycan leads to loss of hydration. Another mechanism is the loss of collagen fiber. Unlike with the proteoglycan, the loss of collagen is not that evident. Furthermore, it is deduced that the biochemistry of disc degeneration do not just include increase fragmentation of collagen and proteoglycans but also it includes the increase fragmentation of fibronectin populations. The said mechanisms contribute to the functional changes of the intervertebral disc. [6] The cervical and lumbar portion of the vertebrae is commonly affected by the dysfunction because it is the most flexible areas of the spine where bending of the vertebral column and support of the mass are greatest. Around 90 to 95% of herniations in the lumbar vertebrae occur in L5 or L% to S1 regions respectively. With regards to the herniation at the cervical spine, the most often affected portion is C1 to C7 and C6 to C6. The protrusion usually happens posteriorly toward the intervertebral foramen where the annulus fibrosus is thin and poorly supported by the anterior or posterior ligaments. Pain is the first and the most usual symptom of herniated disc. The nerve roots namely L4, L5, S1, S2 and S3 give rise to back pain that radiates down back of the leg and over the sole of the foot. Major weakness is rare but slight weakness may occur. Also the most common sensory deficits are paresthesia and numbness, specifically of the leg and foot. There are instances also that knee and ankle reflex may also be absent or decreased. [46] Osteoarthritis Osteoarthritis is a disease in the joints that usually affects middle-age to elderly people. The disease is commonly referred as OA or as the wear and tear of the joints although it also involves the cartilage, joint lining, ligaments, and bone. Osteoarthritis is undoubtedly the most usual type of arthritis. [47] Almost 27 million Americans are living with osteoarthritis and almost 1 million people consults medical professional because osteoarthritis. [47] Perhaps, it is the most cause of disability and pain among elderly people. [48] [49] Among the risk factor in the development of osteoarthritis are old age and obesity, in fact in the United States it is concluded that by the year 2020, the prevalence of osteoarthritis is already 66 to 100%. [49] Epidemiologic data shows that age, gender and race interact in the development of osteoarthritis. Men is said to be affected at a younger age compare to women however the prevalence of women affected with osteoarthritis exceeded men by mi ddle age. [50] Heredity influences the occurrence of osteoarthritis. There is a lower prevalence of hip osteoarthritis among Chinese than Europeans, perhaps representing the influence of other factors such as occupation, obesity or heredity. White women will most likely experience hand osteoarthritis on the other hand knee osteoarthritis is more common on black women. [49] In addition, excess fat may have might have a direct metabolic effect on cartilage beyond the effects of excess joint stress; hence weight loss reduces the risk of developing knee arthritis. The disease is defined as a breakdown of joint cartilage brought about by mechanical strees or biochemical alteration, resulting to the failure of the bone underneath. Osteoarthritis used to affect various joints in the body which includes hip, knee, first metatarsal pharyngeal joint and, cervical and lumbosacral spine. [47] [48] With regard to hands, the base of the thumb and, the proximal and distal interphalangeal joints are most commonly affected. Osteoarthritis is a joint failure wherein all structures of the joint have undergone structural change which is pathological. [49] As mentioned earlier, osteoarthritis is popularly known as wear-and-tear arhthritis. Osteoarthritis undergoes substantial mechanical and composition change in the properties of cartilage. [48] The first structural change happens in the cartilage followed by the soft tissue. The progressive wear and tear of the cartage leads into thinning of the surface of the joint and bone ulceration. Later on, inflammation of the joint, increased in the blood flow and hypertrophy of subchondral bone will occur. Consequently, new cartilage and bone will be formed at joint margins resulting to osteophytosis or bone spurs which cause alteration in the shape and size of the bone. The primary manifestation of osteoarthritis is a long-standing pain in one or more joints that aggravate with weight bearing or joint use. There is also a presence of morning stiffness usually for 30 minutes and bone deformity (osteophyte) or enlargement of the joint. In some cases there are crepitation and effusion. [51] Spondylolisthesis Spondylolisthesis is a bone condition wherein a vertebral body in the spine slips out of the proper position onto the bone below it. It can be associated with spondylosis, infection, lumbosacral junction congenital anomalies, osteoporosis, trauma, tumor, degenerative spine or prior surgery. It is most common to women than men. The slippage of the vertebral body may be asymptomatic or may cause low back pain, hamstring tightness, nerve root injury which is more frequent in L5, or spinal stenosis. The tenderness of spondylolisthesis can be produced near the segment that has slipped forward. There might be a protrusion of the abdomen and shortened trunk because of the extreme forward displacement of L4 on L5. Surgery is usually recommended for patients who are not recovering through rest and physical therapy. [33] In children spondylolisthesis usually happens between the L5 and S1. It is sometimes because of a birth defect in the spine area or an acute injury in the portion of the spine. In adults, the most often reason behind the development of spondylolisthesis is the abnormal wearing off of the bones and cartilage such as in arthritis. Individuals playing sports such as gymnastics, football and weight lifting is at risk in developing the disease. [52] Anteroposterior and lateral plain radiographs of the lumbar spine should be obtained in patients complaining of back pain. The lateral view of plain radiograph is useful in identifying spondylolithesis for it can demonstrate the pars interarticularis. Pars interarticularis is the region of junction of the lamina and the pedicle. Incases wherein there is an absence of nerve involvement, computed tomography (CT) scanning of the lumbar spine provides necessary information with regards to spondylolithesis and its possible cause. CT myelography can give information regarding nerve impingement to patients with radiculopathy. Magnetic Resonance Imaging is advantageous for it protects the patient from being exposed to radiation while imaging is being done. Typically sagittal and axial planes are used. [52] Fibromyalgia Fibromyalgia is a poorly understood type of myofascial pain syndrome. Patients with fibromyalgia usually have severe muscle pain and tenderness having specific trigger points, easy fatigability and disturbances in sleep. People with fibromyalgia have â€Å"tender points† such as on neck, shoulders, hips, arms, legs and back. These areas hurt if pressure is exerted to them. In the United States, fibromyalgia has a prevalence rate of 3 to 5 % in females and 0.5 to 1.6% in males. Fibromyalgia is the second most common disease that experts in rheumatology encounter with 15% among those who are evaluated. It is also ascertained that around 8% of patients cared in primary care clinics have fibromyalgia. In 2005, the United State spend 10, 199 dollars per patient per year and it has been also estimated that overall, fibromyalgia costs the United State economy over 9 billion dollars every year. [53] With respect to gender, epidemiologic data reveals that fibromyalgia is more common to women than in men with a female-to-male ratio of around 9:1. Furthermore, it can occur to patients at any age of either sex. It can occur to pediatric patients, especially the adolescents. [54] The current understanding about fibromyalgia is that it is a disorder of central pain processing or a syndrome of central sensitivity. It is described as a problem with pain threshold. Researchers suggests that patients with fibromyalgia have a lower threshold to pain and other stimuli namely noise, heat and strong odor. It is also believed that neurobiologic changes causes hypersensitivity of patients. These neurobiologic changes are related to psychological factors in that this change affects the person’s perception to pain, expectancy or vigilance. Disturbed sleep has been linked to the pathogenesis of fibromyalgia. Studies have ascertained that awakening unfreshed or nonrestorative sleep has been observed in most of the patients with fibromyalgia. Sleep electroencephalographic studies have shown disruption of normal stage 4 of sleep (non-rapid eye movement). Deprivation in stage 4 sleep has a role in causing fibromyalgia as supported by the observation that symptoms of fibromyalgia developed to normal individuals with disrupted sleep in stage 4. Decreased serotonin metabolites are seen in the cerebrospinal fluid of patients with fibromyalgia. Since serotonin is known to be a neurotransmitter that regulates NREM sleep and pain, it is believed that it might also be involved in the pathogenesis of fibromyalgia. Autonomic dysfunction is also suspected to be involved in the development of fibromyalgia. Individuals with the said disorder were observed to have low levels of cortisol. Low level of urinary free cortisol decreased respo nse to corticotrophin-releasing hormone suggest abnormal hypothalamic-pituitary-adrenal axis. There is also low level of growth hormones. Growth hormone is released during stage 4 or NREM sleep. Many patients have accompanying psychological abnormalities. Almost 30% of patients fit the diagnostic criteria of anxiety, depression, somatization and hypochodriasis. There is also high prevalence of physical and sexual abuse, and eating disorder. [55] The goal of treatment for patient with fibromyalgia is to relieve pain and other symptoms, and to help a person cope with the said symptoms. It includes: physical therapy, stress relief methods, exercise and fitness program, antidepressants, muscle relaxants and cognitive behavioral therapy. The Haunting Of Hill House | Analysis The Haunting Of Hill House | Analysis Eleanor life is characterized by numerous challenges that happen because of her mother. She has a difficult responsibility of taking care of her ailing mother without any help from the society. She leads a strange life blending with people that sees her outcast in the society as she has grown with the attitude that people hate them because they do not mix with them. She later learns that her mother defied the society norms, and that is the reason that the society abandoned her. Others believe that perhaps that is the reason that she is ailing. Even though, Eleanor is aware of the existence of the social norms, she never knew their significance because she was never into them. After she drives into the Hill House, at first, she is not certain about her identity in the society, and she thinks that in the Hill house, she might experience some difference. She enters the house and her life changes, she starts seeing things in a completely different way and after contemplating on her relationship with the society, and she has no option, but to become a witch. Her death is mysterious as other character restores their lives back. It is true that many critics and readers believe that, in the end, Hill House consumes Eleanor and she willingly allows this to happen. Hill House consumes Eleanor Eleanor mothers poor health deprived Eleanor more than just her precious moment. The main reason that Eleanor rides forth to the house is an event that happened when she was young that certainly integrated some kind of supernatural manifestations. Despite of the situation, Eleanor tells Dr. Montague afterward in the story that she cannot clearly recall her mother claimed that the neighbors never appreciated them, and that was the reason that she would never mix with them (Jackson 73). The reader learns that, Eleanor and her sister had supposed at the time that the other was responsible for the supernatural incident (Jackson 7). This incident although, Dr. Montague reassures Eleanor that the event is long forgotten, means the incident must have had a negative impact on Eleanors family and, certainly did not affect Eleanors personality (Jackson 74). She is still uncertain whether she will ever be accepted in the society after her mother defying the social norms. It is difficult to face the reality in order to fight the stigma from the society. However, that is the only way out if she has to survive in the society. From the start, Eleanor grew up with a mother who was against the societys norms. Perhaps the ailing mother suffered out of her ignorance to the societal norms, and Eleanor suffers because of her mother. The journey to the Hill House is move that Eleanor fails tom resist. At one point, he thinks it is the right call for her to make, considering her relationship with the society and at another point, he wrestles with that spirit that pushes her to accept the invitation into the house. It becomes almost impossible for her to make a decision. From the onset of the book, Eleanor is in a dilemma. Even though, there are some characters in the Hill House that accepts to be part of the Hill house that does not mean that Eleanor should be inclusive. As opposed to Eleanor, the four characters have weird characters and perhaps that is the reason they feel comfortable being part of the Hill House. For instance Luke, despite being an heir of the house, steals from his aunt. Theodora too, an artist by profession is a lesbian. Doctor Montague, although a scholar, has an interest in the occult. This shows that, even though it is difficult to accept these characters within the social culture, they are better off than Eleanor, who cannot face the society. To worsen the matter, Eleanor is homeless, and this secludes her from the rests of Jacksons characters. Theodora engages into a conflict in the Hill House, but she cannot return, she remains there. The house has already consumed her. In depicting a homestead setting far from the Hill House, Jackson reveals to the reader that Dr. Montague is a family man and in the later chapters, we see his wife cleaning dishes together with Mrs. Dudley in Hill House, and this shows a kind of familiarity. Similarly, Dudley and her family own a house in town (Jackson 39) which keeps them safe from the house during late night hours. Moreover, Luke Sanderson could say that he owned the house, but he never took care of it. Luke is an affluent man, and he could buy the house, but it is not clear why he does not have one. Instead of accepting her situation and predicaments in life, for instance, being homeless, Eleanor says that she has a home. She is aware of the social values, even though she has never been deep into them. Hill house is a strange house as depicted in the previous discussions. When Eleanor accepts to be consumed by the house, she turns out to be an outsider. The House consumes Eleanor, and it blends both her fear and attraction of the House. She is lured into mysterious place, and she becomes interstitial that her pas life when she enters the house. Eleanor fits neither with her friends, nor in the society, and she turns out to be outrageous. The society rejects her , she turns to be a fringe member, and she does not have an option, but to fit into the skin of a witch. The five characters in the house have their differences, but Eleanor believes that with time they will adopt tom each others behavior (Jackson 58). She anticipates that sooner they will be a friend, and Theodora, affectionately refers to her as a cousin. They lived in the house as one family and even shared meals together. However, some scholars look at this situation in a different perspective, for instance, Tricia Lootens, in Whose Hand I Was holding, says that the characters live together as one family. However, Lootens is not certain about the continuity of this group and she cites this as terror of [Jacksons] entire culture: the brutal, inexorable visionà ¢Ã¢â€š ¬Ã‚ ¦of nuclear families that kill what they are supposed to nurture (151). Even though, Lootens believes that the group has a hidden agenda of ruining each others life, I refute with her perception. The characters are in harmony with one another, and there is no sense or fear between them. Eleanor is the one who is undisputed and seems rejected and deserted. This is evidenced at the novel closes its chapters, whereby Theo, Luke, and Dr. Montague observe Eleanor and she distances herself from the Hill House. Jackson mentions about the death of Eleanor and the other characters going back to their normal lives. Novel Dental Materials for Root-end Applications: A Review Novel Dental Materials for Root-end Applications: A Review Abstract Achieving a good apical seal is crucial for ensuring successful endodontics; especially in cases that involve a wide apex (e.g. immature apices, apical resorption, and fracture involving the tooth apex). An efficient root-end material is an absolute requisite towards achieving this goal. The recent years have witnessed a decent outflow of new products for root-end applications. However, their merits, and claims of superiority over MTA, have to be ascertained via sustained research. Keywords: Apical seal, bioactive, MTA, novel root-end materials, review. Introduction The quest for an ideal material for root-end applications has produced a plethora of products that are based on different compositions and exhibit varied setting reactions. Though many of them have been proven to be effective, none of them can be described as ideal yet, thus generating scope for further development. MTA as the gold standard Since its introduction by Torabinejad in 1993, MTA has been extensively studied and used. Over the years, it has emerged as the time-tested and attested material. MTA is essentially Portland cement (Sio2, CaO, Al2O3, MgO, and Fe2O3), to which a radioopacifier (Bi2O3), and dehydrated(anhydrous) calcium sulphate have been added. MTA is biocompatible and osteogenic. It is bioactive: i.e. MTA is capable of interacting with living tissues and allows deposition of apatite crystals in the MTA-tissue interface. This material is capable of inducting hard tissue formation.1 Apart from exhibiting excellent sealing properties, it also has the capacity to set and also remain steady in the presence of moisture. Hence, a recent review has described it as ‘hydraulic silicate cement’.2 However, this material is not devoid of disadvantages. Re-entering MTA-treated teeth is difficult. High acidity and alkalinity (beyond a pH of 8.4) can unfavorably influence the surface hardness of set MTA. MTA is shown to expand uncontrollably.3 Grey MTA has been found to discolor tooth and the neighboring gingival tissues. Both grey and white MTA contain toxic substances and impurities. The material is fairly difficult to manipulate owing to its sandy consistency; though the small particle size of white MTA may aid in producing a thicker mix; hence, better workability.4 MTA exhibits low washout resistance during initial set especially when a setting accelerator is not incorporated into the MTA mixture. Its initial solubility is undesirable when used as a root-end filling material.5 In lieu of MTA’s potential drawbacks, the search for superior materials has resulted in the emergence of newer materials in the market; the majority of which, bear resemblance to MTA with minor alterations in their composition. Bioaggregate This novel water-based, hydraulic cement, consists of tricalcium silicate as its primary component. Tantalum oxide imparts radioopacity; hydroxyapatite and amorphous silicon oxide have been added to reduce the level of formation of the weak phase- calcium hydroxide.6 Purity is ensured via elimination of aluminum. Though the manufacturer states that trace amounts of naturally occurring contaminants may be detected during chemical analysis, the lack of detection of heavy metal contamination is noteworthy. The material is bioactive.7 Sayeed et al. suggested that Bioaggregate be considered as an alternative to MTA owing to the former’s better sealing ability. The authors attributed the hermetic seal associated with bioaggregate to: (1) Its nano-sized particles that exhibit excellent adhesion to the dentinal walls of the root canal, (2) Its hydrophilicity.The presence of a gel-like calcium silicate hydrate as the main component, resulted in improved strength, hardness, and sealing characteristics to the set material.8 Bioaggregate also exhibited excellent biocompatibility and induced periodontal regeneration.9 Biodentin Biodentine, marketed by Septodont is available as a powder and liquid formulation. Tricalcium silicate and dicalcium silicate form the core materials of the powder. Purity of calcium silicate is enhanced by eliminating the contaminants namely aluminates. Calcium carbonate and calcium oxide, and zirconium oxide have been added as the fillers and as the radioofacifier respectively. Liquid comprises of calcium chloride as the accelerator. Hydrosoluble polymer and water reducing agents are also present. Biodentine can be used as a root repair material but is not indicated for root amputation and hemisection. The working time is over 1 minute and the setting time ranges between 9 and 12 minutes. The final hardness of Biodentine approximates that of the dentin, thus rendering retreatment difficult if not impossible. 10 On performing cytotoxicity assay and cell growth on set materials, human gingival fibroblasts responded similarly to Biodentine and MTA extracts.11 EndoSequence Root Repair Material EndoSequence Root Repair Material (Brasseler USA) is based on bioceramic technology and is essentially composed of nanoparticles of tricalcium silicate, dicalcium silicate, calcium phosphate monobasic, amorphous silicon dioxide, and tantalum pentoxide.12 It differs from white MTA mainly in that it is aluminium free and contains calcium phosphate monobasic and tantalum pentoxide (radioopacifier).13 It is marketed as a pre-mixed formulation in two different consistencies: syringeable paste, and condensable putty. `The former has bendable tips to facilitate intra-canal material placement. 14 According to the manufacturer, the material exhibits superior handling properties owing to its pre-mixed formulations, short setting time (~2 hours), and high resistance to washout. The material is radiopaque, hydrophilic, and highly alkaline (+12 pH), thus bactericidal. Its setting reaction is initiated by dentinal moisture. 15 Endo sequence is bioactive. 16 Hirschberg et al. compared the sealing a bility of ERRM with MTA, and concluded that leakage was greater in samples restored with ERRM when compared to that of MTA-restored samples.17 In simulated root resorption defects, intracanal placement of white MTA resulted in greater and sustained release of hydroxyl ions, and thus a higher pH when compared to EndoSequence. This, the authors attributed to the quicker set of ES as compared with MTA. But, few MTA samples exhibited discoloration, while none of the ES samples did. This may be esthetically relevant.18 Top of Form Bottom of Form iRoot BP Plus These bioceramic materials are primarily composed of calcium silicate, and require the presence of moisture to set and harden. They also contain zirconium oxide, tantalum pentoxide, calcium phosphate monobasic, and filler agents They are available in three forms: (1) iRoot ® BP Plus putty root canal filling andrepair material- white hydraulic premixed puttyintended to be used for root canal repair and restorative applications, (2) iRoot ® BP Injectable Root Canal RepairFilling Material- white hydraulic premixed injectable paste intended to be used for root canal repair and restorative applications, and (3) iRoot ® SP Injectable Root Canal Sealer- injectable white hydraulic cement paste intended to be used for permanentroot canal filling and sealing applications. 19 According to the manufacturer, these materials are insoluble, radiopaque, aluminum-free, possess excellent physical properties, and do not contract on setting.20 iRoot ®BP Plus was biocompatible and did not elicit critical cytotoxic effect. However, its long-term performance was inferior as compared to White MTA.21 Another study observed that both materials i.e. iRoot BP Plus and iRoot FS exhibited negligible cytotoxicity. Under simulated clinical conditions, iRoot FS was able to completely solidify within an hour, whereas iRoot BP Plus set only after seven days.22 Ceramicrete Developed at Argonne National laboratory, Ceramicrete is essentially a chemically bonded phosphate ceramic (CBPC), which was developed to function as a binder for waste management. The material was inducted into dentistry owing to its inherent strength, biocompatibility, and bioactivity. Radioopacity is achieved by incorporation of radio opacifiers (bismuth oxide, cerium oxide). Wagh and Primus found Ceramicrete to be a strong material exhibiting lower porosity and permeability due to the formation of potassium-magnesium phosphate hexahydrate ceramic matrix phase. The decreased porosity also contributes to Ceramicrete’s superior sealing capacity.23 The use of an acid conditioner prior to application of ceramicrete may result in better adaption due to removal of smear layer, thus improving the seal. Incorporation of calcium silicate whiskers resulted in the formation of a brushite phase, which improves mechanical properties. Though, initially, the material tends to be acidic, set Ceremicrete-D is alkaline (pH of 11 after 72 hours). However, the acidic pH (2.2) of a fresh mix may exacerbate the acidic condition of an already inflamed tissue. 24 The low pH may be the reason why ceramicrete D caused initial death of primary osteoblasts and failed to support further cell growth, since low pH is shown to inhibit osteoblast activity. 25 The radioopacity of ceremicrete was substantially less (3.2mm of aluminium) than white MTA (8.5mm of aluminium). Handling properties and resistance to washout were superior. According to porter et al, Ceremicrete-D retained a weak chalk like consistency even after seven days of setting. They suggested the original formula be modified to effect increase in the strength of the material.26 Capasio Capasio (Primus Consulting, Bradenton, FL) is an experimental calcium-phospho-aluminosilicate–based cement that is mixed with a water based gel. Bismuth oxide has been added as a radiopacifier.27 When mixed, Capasio develops dough like consistency and can be rolled into a rope which enables better handling. Ceremicrete-D and Generex A also demonstrate this desirable property. Capasio displays good washout resistance, and improved physical characteristics such as setting time (9 minutes), compressive strength, and washout resistance.26 It exhibited slightly less basic pH (10.9) when compared with white MTA. 28 The radiopacity of Capasio was significantly less as compared to MTA but marginally greater than Ceremicrete-D.26 Capasio is also bioactive. It has the ability to precipitate apatite crystals on its surface. The smaller particle size of Capasio (a mean particle size of 5.3 µm as compared to 10 µm of MTA) may be perceived as an advantage. Materials that demonstrate the capability of penetrating dentinal tubules exhibit improved marginal adaptation, retention, and also entomb the residual bacteria. The material was shown to penetrate dentinal tubules up to a depth of 18-26  µm; much greater than that of MTA.29 Penetration of an endodontic material into the dentinal tubules results in improved marginal adaptation, increase mechanical retention, entombs residual bacteria and improved antibacterial effects owing to closer proximity of the material to the bacteria.30 Quick-set Capasio (Primus Consulting, Bradenton, FL) has been further developed and has been renamed as Quick-Set (Primus Consulting). The refinement has been performed via removal of the cationic surfactant from the liquid gel component, which was thought to affect its biocompatibility. Using murine dental papilla-derived odontoblast-like cell line (MDPC-23), Wei et al. observed that the in vitro cytotoxicity of Quick-Set was similar to that of WMTA.31 Ashraf et al. concluded that the in vitro osteogenic/dentinogenic differentiation potential of Quick-Set was favorable. 32 Generex A and B Generex A (Dentsply Tulsa Dental Specialities, Tulsa, Usa) and B are calcium-silicate-based materials with novel setting reactions. Generex A contains tricalcium silicate, dicalcium silicate, and tricalcium alumunate. Its composition is similar to that of MTA but for the fact that the powder is finer, and unique gels are used for mixing instead of water as is the case with MTA.25 Usage of the gel results in: improved handling characteristics and reduced setting time.26 Among the materials evaluated for their osteogenic potential (Generex A, Capasio, Ceramicrete, and MTA), only Generex A and MTA allowed primary osteoblast growth.25 In a study conducted by Porter et al, Generex A exhibited the shortest setting time (1.25 hrs) as compared to Capasio and Ceramicrete, which set in 2.5 hours. Generex A also emerged as the strongest among the other materials tested. 26 Endobinder Endobinder differs from MTA in that, MgO and CaO (cause undesirable expansion of the material), and Fe2O3 (causes tooth darkening) are eliminated from its composition. Al2O3 and CaCO3 are calcined at temperatures between 1315deg C and 1425d C, and are ground following which, Bismuth oxide is added to obtain radioopacity. Purity is ensured by eliminating traces of MgO, CaO, and Fe2O3.32, 33 Endobinder assisted early differentiation of a higher osteoblastic cell population in comparison to MTA. this, the authors attributed to the lower calcium hydroxide release from endobinder when compared with MTA.34 While slightly higher concentration of extracellular calcium can stimulate osteoblast cell viability, proliferation, differentiation, and function, an overload can be cytotoxic. 35 According to Oliveira et al., Endobinder exhibited better fluidity, improved handling properties, higher mechanical strength, and reduced porosity (with lower pore size) when compared with MTA.36 The material was biocompatible when tested in subcutaneous tissue of rats.37 Conclusion The past few years have witnessed the development of novel materials with a purpose of overcoming the disadvantages of MTA. Some are primarily composed of calcium silicate (Endobinder, Endosequence, Generex A and B, and iRoot BP Plus), some are primarily tricalciumsilicate-based (Bioaggregate, and Biodentine) or calcium-alumino-silicate based (Capasio and quickset), and one is a chemically bonded phosphate ceramic (Ceramicrete). The focus behind developing these materials has mainly been- improved physical and biological properties over the present gold standard i.e. MTA. While some of these novel materials have exhibited improved characteristics, more research in the form of in vivo and in vitro studies are required in this direction, in order to ascertain the same. Also, newer materials with a composition differing from that of MTA, may bring a fresh approach with regard to this application. 1

Pros of Social Media Essay

Greenfield may well have a point when she argues that the young brain can’t handle over-stimulation of â€Å"fast action and reaction. † But isn’t that the same argument we’ve been making about all technology and entertainment for decades now? Indeed, I’m of the MTV generation and all those fast cuts and blaring sounds were supposed to warp my brain long ago. (I know some TechCrunch commenters who would argue it has†¦) Everything has a trade off, and I’d argue the benefits in communications, education and collaboration of the Web far outweigh the negatives, and indeed give us greater benefits than we get from TV or Guitar Hero. Kids and social networking: Pros and cons Post this, comment on that. Social media are a part of the daily routines of many adults and children. And the identifiable pros and cons of social networking among kids are beginning to emerge, according to a presentation at the American Psychological Association meeting. â€Å"While nobody can deny that Facebook has altered the landscape of social interaction, particularly among young people, we are just now starting to see solid psychological research demonstrating both the positives and the negatives,† said Larry D. Rosen, Ph. D. professor of psychology at California State University, Dominguez Hills, and technology researcher. Rosen says ongoing research and preliminary results of studies suggest a few trends in kids. On the plus side: In a world full of distractions, social networking and technology can provide tools for teaching in a way that engages and captivates young minds. Online social networking can also help young people learn how to socialize with their peers; users also show more â€Å"virtual empathy. † â€Å"It’s almost like social networks are training wheels for life in a lot of ways – it teaches you to express empathy and see how people respond,† Rosen said. It teaches you to also just develop your sense of self of who you are. You float things out on a wall post on Facebook and then sit back and look at the comments that you get. It’s a place where you can grow and develop. † What is social media? There are many definitions of the term â€Å"social media† floating around the Internet. While social media is used heavily for marketing, the definition offered by Ron Jones of Search Engine Watch captures what kids are using social networking sites for. Jones defines social media as â€Å"essentially a category of online media where people are talking, participating, sharing, networking, and bookmarking online. Most social media services encourage discussion, feedback, voting, comments, and sharing of information from all interested parties. † As Jones points out, social media is a two-way conversation that allows people to stay â€Å"connected or linked to other sites, resources, and people. † The key words for teenagers being â€Å"stay connected. †

Money Can Not Buy Happiness Essay

Do you believe that your income is the main factor in determining your happiness? It is a classic debate that has reached its tentacles into the minds of our nation’s individuals and wrapped itself firmly around their minds having them strive for happiness. Money does not buy happiness. Too many Americans are so blinded by their own ignorance that they constantly pursue happiness as if it was a matter of circumstance rather than their own perspective. Such a way of life is crippling to those individuals because they miss the plethora of opportunities for happiness that surrounds them in every way of life. Today, more and more people argue that money can buy happiness. Proponents of such a viewpoint often argue that money â€Å"makes the world go ‘round†. They may argue that it allows us to have carefree lives because we don’t have financial strain with money. They may argue that it gives people the ability to buy whatever they may want and that causes us to be pleased with our purchase. They may even argue that money allows one to be charitable to others. Those who make these arguments have the wrong perspective of the world. Those who argue that many buys happiness and those who live their lives in such a manner can never really attain true happiness. Clearly, these people who are striving to make money are really just striving to be happy. They dedicate their lives to being happy and thus place very significant value on being happy. One study attempted to determine the paradoxical effects of valuing happiness. It concluded, â€Å"valuing happiness could be self-defeating, because the more people value happiness, the more likely they will feel disappointedâ€Å" (Savino et al. 807). Furthermore, those that argue that happiness allows us to live carefree lives by removing the burden of financial strain need to change their  perspective in order to truly be carefree. People living life in such a manner are never truly carefree because they constantly have the stress on them to be making more money in order to live a carefree lifestyle. Such a conditional â€Å"happiness† is not truly carefree. Rather than living life in such a manner, people should remove the excessive stress of making money and appreciate their own respective situations. That certainly beats caging the circumstances under which they can thrive and be happy to only being included in a specific income bracket. Basically, put less value on how you regard happiness. â€Å"Valuing happiness may lead people to be less happy just when happiness is within reach† (Savino et al. 807). Individuals who believe that money can buy them happiness may believe that money allows them to buy certain objects or allows them to have certain experiences that allow them to be happy. However, one study showed, â€Å"†¦ that happiness seekers voluntarily choose to practice up to eight happiness strategies at a time suggests that by experience or instinct they have discovered a successful approach to the pursuit of happiness† (Lyubomirsky et al). However, there was little correlation between the application of these happiness seeking strategies and an actual real-world application’s effect on a boost in well being (Lyubomirsky et al). There is close to no correlation between activities or objects that â€Å"happiness-seekers† seek to buy and their own happiness. Rather than believing you can buy happiness with your money, one should perhaps try helping an old lady cross the street. The good feeling in your belly after such a kind and gracious act is true happiness. Raymond Angelo Belliotti argues that, â€Å"†¦leading a robustly meaningful, valuable life merits worthwhile happiness. But worthwhile happiness does not automatically follow from such a life. If we must choose, a robustly meaningful, valuable life is preferable to a merely happy life†¦Ã¢â‚¬  (Belliotti). I completely agree with Mr. Belliotti. However, I believe that placing value and finding meaning in all that we do will correlate to a happy life. Finding meaning in what we choose to do can be the true pursuit of happiness that attains happiness. Thus, it is the pursuit of meaning and value rather than a pursuit of money that gives one happiness. Throughout history, the adage that money does buy happiness has been disproven. If this argument was true, then the argument would be made that serfs, peasants, and all poor or financially unprivileged individuals throughout history were unhappy. However, when put it such a broad context, that argument seems ridiculous. Throughout all of history, individuals found happiness in love, their families, their religions, their surroundings, their countries, etc. Uncivilized human beings who had no concept of money probably found much more happiness in all that they did because they lived without the shackles of the concept of money. One fascinating study was conducted that may silence those who believe money can buy happiness forever. â€Å"This study provides the first evidence that money impairs people’s ability to savor everyday positive emotions and experiences. In a sample of working adults, wealthier individuals reported lower savoring ability (the ability to enhance and prolong positive emotional experience). Moreover, the negative impact of wealth on individuals’ ability to savor undermined the positive effects of money on their happiness† (Mikolajczak, et al). This study clearly demonstrates the inability to have a prolonged positive emotional experience in wealthier individuals. This study literally states that money cannot buy happiness in other words. Furthermore, it goes on to say that those who have money actually tend to be less wealthy. This study gives evidence that could give so many people so much happiness if they applied it to themselves and stopped believing that money could buy happiness. The individuals who argue for the idea of money buying happiness may argue that money allows individuals to be more charitable and therefore allows individuals more happiness through their charitable work. Certain wealthy individuals like Bill Gates even has his own charity, which truly does magnificent work and helps the world. However, people are not all as privileged as Bill Gates. Individuals who have less money can still be incredibly charitable and save many lives. For example, thinking outside the box, volunteering at homeless shelters, helping the elderly, helping individuals around you in need on a daily basis, planting trees, etc. all  have great benefits and can help the lives of many people! All you really need to do to be charitable is ask yourself what it is that interests you and put your efforts into pursuing that charitable task! In conclusion, money simply does not buy anyone happiness. Happiness is a result of our perspective and how we see the world around us. People have found happiness is the worst circumstances imaginable. Many stories are told of those who survived the holocaust who put all their efforts into finding some piece of beauty around them in order to be happy. Something as simple as appreciating the sunrise can make someone happy. Happiness is not limited to high net worth individuals. Happiness is not reserved for the people who have money. Happiness is a human emotion and experience that is engrained into who we are as living creatures. Living things all around us experience happiness. My dog literally does not have a penny to his name (unless he has been stashing hundred dollar bills that I am unaware of), and literally is one of the most joyful things when he is taken to the park to run around with his owner and the other dogs. Happiness surrounds us in everything we do, it permeates every situation, money does not buy it; it is only attainable when you realize it was always there in the first place. Just reach out and grab it. Works Cited Belliotti, Raymond Angelo. â€Å"The Seductions Of Happiness.† The Oxford handbook of happiness. 291-302. New York, NY US: Oxford University Press, 2013.PsycINFO. Web. 1 July 2013. Moà ¯ra Mikolajczak, et al. â€Å"Money Giveth, Money Taketh Away: The Dual Effect Of Wealth On Happiness.† Psychological Science (Sage Publications Inc.) 21.6 (2010): 759-763. Academic Search Complete. Web. 16 July 2013. Nicole S. Savino, et al. â€Å"Can Seeking Happiness Make People Unhappy? Paradoxical Effects Of Valuing Happiness.† Emotion 11.4 (2011): 807-815.PsycARTICLES. Web. 1 July 2013. Sonja Lyubomirsky, et al. â€Å"Pursuing Happiness In Everyday Life: The Characteristics And Behaviors Of Online Happiness Seekers.† Emotion 12.6 (2012): 1222-1234. PsycARTICLES. Web. 1 July 2013.