Challenges in The Music Industry Essay Example | Topics and Well Written Essays - 2500 words

Difficulties in The Music Industry - Essay Example The music business is experiencing a tough time because of a decrease in CD deals throughout the years. This is for the most part because of the free computerized downloads from document sharing destinations. The specialists are done winning much from sovereignties since the record organizations are not selling as much as they once did. This has made the requirement for the craftsmen and the record organizations to look for different other options. The music business is an enormous one and comprises of makers, craftsmen, retailers, lyricists, showcasing organizations, distributers, record studios, record marks architects, makers and wholesalers. Basically, craftsmen, who could likewise be lyricists, are marked under agreements by record organizations to create a given number of collections or singles. As a general rule, record organizations pay for the creation, production and advertising of collections around the world. Any income created from collection deal goes towards taking car e of the expense of its creation. Various record organizations likewise have proprietorship rights to the back index of craftsmen. This generally implies they can choose how this index will be utilized. For example, another craftsman may wish to re-record the melody, or a publicizing office might need to utilize it in its battle. The record organization has the watchfulness of choosing whether or not to reissue the material. This could most likely be in a reformatted variant comprising of extra tracks or could be totally re-aced. In various cases, specific sorts of music don't have adequate interest to warrant spending of a great deal of cash on them. Accordingly, the record organization may make large misfortunes on that craftsman. The record organizations as a rule respect the specialists they work with as among their item portfolio. This prompts extremely fruitful craftsmen adequately sponsoring lesser known ones. Record organizations in this way base their business on the capacity to give music fit for fulfilling the shoppers' wide scope of tastes. They in this manner need to deal with their item portfolio cautiously to ensure that the money that streams into the business is satisfactory in keeping up the entirety of its liabilities. Many record organizations are generally proprietors of different organizations that they may either have set up or purchased. For example, Universal Music Group additionally possesses different organizations, for example, Deutsche Grammophon and Verve. The organization likewise possesses various names appropriating both stone and standard pop material. It is subsequently basic for the business to be commanded by five or so significant organizations representing around 75 percent of all recorded music deals around the world. In any case, inside these five organizations might be numerous different organizations and marks, which might be notable in their field of activity. These littler organizations may really have been set up or gained by their parent organizations. The difficulties Various record names have seen their business fall colossally throughout the years. This fall has been credited to expanded robbery that has enormously influenced the music business. Specialists get their eminences from their music's deals by the record organizations. Theft implies that any deals made are not official, and along these lines no installment for the craftsmen. The progression of innovation has not made the circumstance any better. It has prompted an expansion

Indus Valley Civilization

Distinguish and break down the measures fundamental for a network of individuals to be described as a progress by looking into how well the social orders of the Indus River Valley and the Huanghe (Shang Dynasty) River Valley meet the models. Utilize the Persianâ charts to direct your near investigation of these likenesses and contrasts. The term progress alludes to a perplexing human culture, wherein individuals live in gatherings of settled residences. Development and decay of human advancements relied upon a few attributes, for example, complex government, religion, and strict customs, nearness of putting down and account keeping, propelled science and innovation, progressed creative and scholarly abilities, city arranging and great structures, division of social classes, and specialization of work. The Huanghe River Valley (China) could be described as a human advancement. This early human progress had one ruler (Shang) that controlled water system. They lauded the god like lords of early civic establishments beginning with P’anku. Haunghe River Valley shaped a letter set dependent on ideographic images. The utilization of setting up permitted them to account part truth and part fiction information on early rulers. Creatively, the Chinese accentuated fragile structures. Shang controlled and developed some great tombs and castles. The Indus River Valley shared numerous attributes of a development. This progress had political thoughts and strict perspectives joined with Indo-European vagrants. The Indus River Valley built up their own letters in order (Harappan), which was rarely deciphered. Indians pride turned into a significant piece of their principle personality. Generally, the Huanghe and Indus River Valley had characteristics that could portray them as human advancements. Despite the fact that there were contrasts, it was as yet thought to be an intricate human culture in which individuals lived in gatherings of settled residences.

Moving On How to Quit Your Job with Grace

Moving On How to Quit Your Job with Grace Finally! The day has arrived when you’ve finally decided to make the big announcement of quitting your job to your colleagues and boss. However, your mind is a mess and you don’t have a clear plan of action on how you should handle the procedure. It’s quite normal to feel awkward and nervous before taking the big step.You are undoubtedly filled with bittersweet emotions and hence, are looking for the perfect way to quit your job gracefully without impacting any relationships in a negative way.The following guidelines will educate you on all the required steps that you should follow for a painless exit strategy. ENVISION A STRATEGY BEFORE THE BIG DAYPreparation for taking the big step of quitting your job requires certain protocols to be executed to ensure a painless and convenient way of leaving the company with grace.Prepare a speech, have a few words with your boss on how the time was well spent, offer your gratitude to all your colleagues, and be prepared for a counter offer that may be offered to you at the last minute by the powers-that-be.Here are the most important aspects to consider before you post your final notice.Let your Boss be the First to know  Your boss happens to be the most influential figure during your time of employment, hence, it’s your responsibility to notify him before spreading the news to your colleagues. It’s important to consider that your boss could have many important projects lined up and may not be available to have a one-on-one session when you approach him.Schedule an appointment with him or let him know that you have something important to talk to. Y ou could also try catching him at the beginning of the day when things aren’t too busy, this allows you to pour your heart out and explain why you are leaving the company. Your boss may have a few words of inspiration and might even try to offer you advice on your new job. This is valuable advice from someone far more experienced and you should seriously consider it.Not every employee has a positive relationship with their bosses, nonetheless, it’s considered impolite to send your notice by e-mail or by SMS. During your recommendation letter, your boss may not have the best things to write about you and this can affect your prospects in your new job.Refrain from offering feedback on other employees to your boss on the day of departure, you never know when you may need their help or end up crossing paths in the future. Also, keep the matter strictly professional and offer a personal note of thanks without the need for gifts and other festivities.Here’s a summarized video by Eva n Carmichael on how to tell your boss that you are quitting the company. Provide Backup in Transition Planning When Required of You  Ensure all your work commitments, project reports, business follow-ups, and client deadlines are completed before you quit the job. This can positively affect your relationship with your co-workers and managers. You can be the role model for the company that affects future candidates on how to complete their work tasks before posting their resignation.If another employee has been assigned as part of a transition plan to replace you, politely oblige and showcase the day-to-day schedule on how the new employee can ease into your position. Your fellow colleague will be grateful for your helping hand and your boss will be sure to add in a detailed description in your recommendation letter.By keeping a tidy work desk on the last day of work, you demonstrate that you value your position in the company even to the final day. Being messy shows a lack of discip line and can showcase a poor code of conduct by you. Remember, by following appropriate protocols in the workplace, you instill positive guidelines into yourself and become a valuable member of any company you choose to join.Be Prepared to Take up a Counter-offer  During your exit interview, a counter-offer, by increasing your paycheck, can arise if you are considered valuable to the company. It’s not unusual for companies to bribe their employees with a promotion if their services are in great demand. Instead of declining, request your seniors for a day or two to think over it and carefully consider the counter-offer.It’s in your best interests to weigh the pros and cons of a counter-offer over your new job. The biggest advantage is that you get to increase your pay without having to move desks and you are already accustomed to the workings of your company. If you have gained a promotion, consider the responsibilities of the new position and the additional workload that comes w ith it.It’s alright to be bold and ask for a higher pay when faced with a counter-offer. Remember, they are the ones that need your services, so it’s alright to hike the offer by a few numbers. However, don’t be selfish in your endeavors and ask for more than you are worth, this can have negative consequences.If you’re stuck with your principles and no hike in your salary can stop you from pursuing your goals, then politely decline and offer your sincerest gratitude and proceed to move on.Don’t Quit Before You’ve Made Peace with Your Co-workers  Professional rifts or a former feud with a colleague can cause confusion on whether you should be the better person and apologize or storm off leaving them in the dust. In such situations, it’s always better to extend a hand of friendship and let bygones be bygones. After all, after a month in your new job, you won’t remember any of the past controversies, but you can leave your present job with a clean conscience at the very least.Who knows, you could also find a friend for life just by offering a second chance at starting again. It’s always the better move to create more professional contacts in your career than to lose a few due to an ego clash.While its normal to expect some people to react differently, for example â€" them being happy knowing of your departure. Do understand that their presence has no place in your future and such employees are better off not being a part of your career prospects. You will always be happy to know that if you’ve been a valuable employee, you will have a dozen friends for every resentful co-worker.Create a Thank-you Note to Express your positive feelings  You’ve obviously not made it this far in your professional career all by yourself. Take the time to make a list of all the people who’ve helped you and assisted you when the times were tough. Remember that colleague who once took your shift because you had a party to rush off to? â€" Add them to your list.By remembering the little positive things and writing a personalized thank-you note to your co-workers, you provide them with happiness thanks to your little gesture. Also, be sure to leave your contact information behind and do stay in touch with them. You never know when you could need their help, or you could reach out to help them by informing them of an opportunity.Refrain from bragging about your new job in front of your colleagues. It’s great that you made it this far in your professional venture but that doesn’t give you the right to make your co-workers feel bad. Leave the office on good terms and do offer to help your colleagues in any project they are working on during your 2-week notice, if you have the time to spare. There’s no better way to express gratitude than to help ease the burden of your fellow comrades.HELPFUL TIPS TO PREPARE FOR DURING YOUR 2-WEEK NOTIVE PERIODThe standard 2-week notice period can be an important time for you to execute the above plans whi le also showcasing your positive abilities. It’s normal for employees to relax and conduct themselves in a non-professional manner by chatting away with their colleagues and not taking their work seriously. After all, the new job is yours, what could go wrong, right?Wrong!You have every reason to prove yourself to ensure the recommendation letter that reaches you has all your positive qualities mentioned. If your boss decides to write an awful review of your professional qualities, your new boss may immediately be concerned and may even consider firing you.Hence, it’s important to follow protocol and pay specific attention to the following points.Offer Feedback During Your Exit Interview  Was the company able to fulfill your career requirements? Were you able to learn new skills from the company? Is the workforce within the company up to the standards? Care to share a few points on how to improve the company? These are some of the questions that employers are looking to learn fr om their employees to ensure a quality working environment.As an employee, it’s your responsibility to offer feedback to improve the current state of the company. For example, If there is a much-needed equipment that could improve production and ease the workload of your co-workers, then write it down in the feedback letter.On a personal front, do mention what the company taught you over the years and how satisfied you were with the company. These questions can help a company grow and make appropriate decisions during the next board meeting. Most companies tend to review the feedback forms of their past employees. This allows them to better assess the situation and make the necessary changes to bring improvement.Remember to always put your thoughts on paper and not discuss any improvements with your co-workers. It’s impolite to talk about the flaws with your office mates when you are quitting your job. It also goes without saying that being honest in your feedback can really boo st the company’s performance over a period.Maintain a Friendly Demeanor  During the last 2-weeks of your job, it’s easy to lose yourself by becoming selfish, after all, you have no reason to fear anyone. This behavior can call for an ugly confrontation and a lot of feuds that can cause you to be mentally harassed. By being friendly, you can gain brownie points from your seniors that can affect your recommendation letter in a positive light.By complimenting your company and talking about it in a positive sense, you can boost the morale of your comrades and help them achieve even greater heights. There’s no greater happiness than having your junior co-workers call you and ecstatically talk about the promotion they just received and how your motivational words had a hand in it.Don’t forget your company gave you a job and a means of security when you most needed it, it’s your turn to pay it back. Never ask your office mates to follow suit by lecturing them on the negative draw backs of the company. If word spreads around to your seniors, they won’t find it a least bit amusing.Maintain a friendly appearance even if you don’t feel like it, after all, it’s just 2-weeks of showing up to work. And when the final day comes, don’t forget to say goodbye to everyone and leave the office feeling like a champ for enduring it all.Different People Will Provide Different Reactions: Maintain a Straight Face  Let’s face it, it’s unlikely for all your co-workers to react the same way to hearing the news of your departure. While most would be emotional enough to cherish the fond memories they had with you, others may be elated at you vacating the post. In these times, it’s important to never lose your cool or act in an unprofessional manner.Since your employer is legally obliged to terminate your contact information linked to the company, it’s important to share your personal contact number and e-mail with your co-workers on the last day of work. This is so that you can stay connected to them even after you’ve exited the company. Making professional contacts is incredibly valuable and it’s considered a good practice to keep a list of all known associates you’ve worked for.If you have any mentors or sponsors from another department, it’s important to schedule an individual meeting and ensure you are on good terms and explain the reason for leaving. If there are too many colleagues to individually address within the 2-week period, it’s alright to write a personalized e-mail.Do remember that the last day of work is an incredibly important day, it’s the last time your co-workers and managers see you in a professional environment and it’s critical to maintain a friendly demeanor if you want to be remembered in a positive sense.Be Regular Until the Last Working Day  It might seem like the easy route out by posting your two-week notice and not showing up for work until the very last day of work. This can prove disastrous for yo ur career and you could end up receiving a lawsuit by the company. The 2-week period is an important time frame that allows your employer to find another candidate that can replace you. Hence, it’s necessary that you show up during this time and complete your outstanding work commitments.By being irregular, your employers will have no other choice than to blacklist you for being an unprofessional candidate. All the years of working tirelessly can mean nothing in the end if you end up being lackadaisical.Create a 2-week regimen with great emphasis on punctuality, show up for work earlier than usual and complete any unfinished projects. Ensure you have all your reports submitted and leave no stone unturned for your manager or boss to feel disappointed in you during your last day of work.BE GRATEFUL FOR ALL THAT YOU LEARNT IN YOUR TIME WITH THE COMPANYThe first thing to learn in your professional career is to never forget the roots that helped you grow into the tree you are today. Th e best way you can thank your current company is by working hard until the last minute of the final day and ensuring all your co-workers are treated with respect upon your departure. Offer your last-minute goodbyes to every member of the company, no matter how small their role was. You never know when you could run into each other again on a professional front and you wouldn’t want your previous negative encounter to ruin things for you.If you’ve been asked to serve a longer notice period than the required 2-week duration, you can politely decline and explain that a longer notice period clashes with your joining date for the new job. However, it’s your duty to ensure you leave no pending work for the employee that replaces you, to take over.Don’t forget to collect any employee benefits you may have missed on the last day. This could include unused vacation pay, sick pay, pension plan, insurance, tax rebate, etc. It’s also in your best interests to return any company proper ty that might be in your possession â€" company phone, keys, documents, security access codes, etc.If you are confused about making the right decision on whether to quit or stay with your current job, this video segment by John Baybay is the right guide to alleviate your situation. CONCUSIONTurning in your resignation doesn’t necessarily have to be a stressful experience. Make sure the details of your new job are finalized before you submit your final papers. Create a checklist to ensure the transition process is executed smoothly. The resignation letter should strictly be professional and must be written with a tone of gratitude in mind.When in doubt, always refer to the internet for ideas on how to write a professional resignation letter. By following the steps in this guide, you can be sure you’ve managed to impress your boss and your co-workers and give them a full understanding of how to sign off professionally.

Macbeth Themes - 899 Words

â€Å"What are the major themes in Macbeth† By Connor Maguire William Shakespeare’s Macbeth a play complete with many themes and viewpoints. The themes are exhibited by the main characters of the play, notably antagonist Macbeth. Themes seen in the play include ambition, where is is portrayed as both dangerous and unnatural. However, it does exist in both good and evil forms in the play. Another theme seen is whether Macbeths actions in the play are a result of fate, or free will. Although outside sources, such as the witches and Lady Macbeth, have an influence on Macbeth, he still intentionally deliberates before taking action, leaving the question unanswered at the end of the play. Finally, the supernatural is a theme that is essential in†¦show more content†¦This is why he resolves to not go through with it after this speech, but of course, after some convincing from the also abitious Lady Macbeth, he does go through with the act, letting his perilous ambition. Also, one of the major themes in Macbeth is the concept of ones actions to be a result of fate or free will. The play goes along with Macbeths fate seemingly already decided by the witches prophecy, and whatever action he takes will be a result of the witches influence and not of his own choice. On the other hand, Macbeth appears to clearly use his own functioning thoughts and processes to make decisions, some of which are of course related to the prophecy he heard before. Hence, it is mostly believed that Macbeth s fate may be set in stone but his choices determine the specific circumstances by which he arrives at or fulfills his destiny. Macbeth is first affected by fate when he is confronted by the witches; â€Å"All hail, Macbeth, thou shalt be king hereafter!† (Act 1, Scene 3). The third witches prophecy is clear and precise, and Macbeth seriously gives this a lot of thought. Because he believes he will be king, he becomes irrational and impatient through his actions of k illing Duncan, convinced that would be the only way he could take reignship. Macbeth is fated to be king but he decides all on his own that he will murder Duncan in order to obtain the crown. This suggests that man s fate isShow MoreRelatedThemes in Macbeth742 Words   |  3 PagesWithin Shakespeare s famous Macbeth there are many different themes that make the play the captivating masterpiece that it is. The role of the supernatural is a very important element of Shakespeare s Macbeth. Just as important, the theme of masculinity is very dominant. Both themes contribute to the play s unique and powerful nature, overall creating a very effective storyline, strong characters, and unexpected twists and turns throughout. In the time of William Shakespeare thereRead MoreThe Theme of Macbeth1413 Words   |  6 PagesThe play Macbeth written by William Shakespeare in the beginning of the 17th century, deals with a man#8217;s turn from the king#8217;s most glorious, brave and courageous general into a traitor and murderer influenced by evil forces. In the following I am going to describe the play briefly and explain the theme of it. Furthermore I will discuss Macbeth#8217;s character and his internal conflict. While the general Macbeth and his friend Banquo are returning from a victorious battle, KingRead MoreMacbeth Themes991 Words   |  4 Pagesimportant themes in Macbeth involves the witches statement in Act 1, Scene1 that fair is foul and foul is fair. (Act 1, Scene 1, Line 10) This phrase aptly describes the macabre status quo within the character Macbeth and without. When Macbeth and Banquo first see the weird sisters, Banquo is horrified by their hideous appearances. Conversely, Macbeth immediately began to converse with these universally known evil creatures. After hearing their prophecies, one can say that Macbeth consideredRead MoreMacbeth - Supernatural Theme809 Words   |  4 Pagessupernatural forces in William Shakespeare s, Macbeth, provides for much of the play s dramatic tension and the mounting suspense. Several supernatural apparitions throughout the play profoundly affect Macbeth and the evil forces eventually claim Macbeth and destroy his morals. Macbeth s a mbition was driven by the prophecies of the three witches and unlike Banquo, he was willing to do anything to assure that they actually transpire. Macbeth is horrified at the notion of killing Duncan, hisRead MoreThe Theme Of Guilt In Macbeth1871 Words   |  8 Pagesextreme deed like robbing or even murdering a person. In the play Macbeth, written by William Shakespeare, the main character Macbeth is driven to insanity because of all the guilt that he holds. Macbeth is not the only character in the play who goes insane because of guilt that they carry. In fact there are so many characters who have guilt that it is a main theme in the play. Shakespeare uses many different strategies to portray this theme like imagery, symbolism, motifs, and irony. Although some mayRead MoreThemes in Shakespeares Macbeth1043 Words   |  5 PagesMacBeth is one of the most renowned plays in history, written by famous playwright William Shakespeare. It is a story of betrayal, tyranny, murder and de adly ambition. These four themes make this tragedy a great resource for studying the darker side of humanity, and why we resort to such measures. While studying the play, I gained many insights into humanity, and will highlight three in-depth. Firstly, I saw the negative effects of uncontrolled ambition. MacBeth, the valiant warrior, hero of ScotlandRead MoreTheme Ambition In Macbeth985 Words   |  4 Pagesconsequences. Macbeth was written in 1606 by Shakespeare. It is important that you understand the text in order for you to know what is going on in the play. Federigo’s Falcon was written in the 14th Century after the Black Plague. The story was told the 5th day of the journey. Beowulf is an Old English epic poem that has 3182 long lines. It is important because it is written in Old English and is the oldest poem. It was written in the time between the 8th and the 11th century. The theme ambition isRead MoreThemes in Macbeth Essay1822 Words   |  8 PagesShakespeare’s play Macbeth evil is conveyed in many ways through characters, themes and settings. Many themes are explored in detail contributing hugely to the sense of evil with characters being used along with these themes to create evil within the ch aracters. These themes and characters are shown in different settings at different times consequently affecting the mood and atmosphere of the play. In relation, Shakespeare uses characters in order to raise the appeal of themes being presented.Read MoreThemes Of Shakespeare s Macbeth970 Words   |  4 PagesThemes of Macbeth (Importance of Act Four Scene Three) What are themes? A theme is a subject of talk, a piece of writing, a person’s thoughts or a main topic. Themes are what make a story or play meaningful. Themes often times have morals or lessons that teach the readers something useful. In the play Macbeth, by William Shakespeare, has several different important themes that influences readers to this day. In Jarold Ramsey’s book Studies in English Literature 1500-1900, he mentions one of theRead MoreThe Themes Of Macbeth By William Shakespeare1037 Words   |  5 PagesHow Motifs are used to Develop the Themes of Macbeth Just like in any other narration, Macbeth expresses masterful use of diverse rhetorical devices. Specifically, this narration is evidently defined by the use of motifs. Motifs of this narration are represented through the use of various events and some specific symbols. In many cases, themes of many narrations are developed through characters and their actions. However, in Macbeth, the themes are also created using motifs. In this regard, darkness

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What the In-Crowd Wont Tell You About English Short Essay Topics

What the In-Crowd Won't Tell You About English Short Essay Topics Now you have a notion about what a proposal essay is and the way to pick the correct topic to compose your own essay, below are some examples of proposal essay topics. Try to remember, proposal essays serve a purpose outside academia. When you compose the essay, you will have to choose a single side to concentrate on. In other words, a proposal essay identifies an issue and suggests a remedy to that issue. Use transition words to get your text coherent and simple to read. Be mindful of the size it must be and begin writing the narrative essay outline. To structure an essay, you have to simply follow the aforementioned format. Firstly, you have to be aware of the right format of essay writing. When prior brainstorming is finished, you might begin drafting your essay. As tempting as it might appear to skip past the extra info and go right to the list of persuasive essay topics, don't do it. The multiple topics could be found, for instance, in the dissertation abstracts international database. There are broadly four kinds of essays. Short essays are still spend the type of formal essay because the parts will need to get included in it. Formal essays are usually academic in nature and tackle significant topics. Because proposal essays are a form of argumentative essay, you wish to be certain the essay is worthy of an argument. Finding the most suitable arguments will allow you to prove your point and win. There are a couple of explanations for the immense expansion in words. A fantastic persuasive topic also needs to be interesting, relevant and ought to deal with contemporary troubles. An excellent persuasive speech topic ought to be specific and focused. The Essay Topics list is provided for English along with Hindi section. Deciding on your topic isn't that easy. Essays are extremely personalized. They are like stories, only that they are a bit formal. There are certain kinds of essays we've given as samples to help students acquaint themselves and learn to compose various samples. By doing this it is possible to easily finish the descriptive paper. Well, grading papers can be very dull. Whatever it is that you want to focus on polishing on, then you'll find available English study materials. A wide selection of globalization essay is provided above to help students getting education in many classes. Proposal essays are typical in company and science classes and professions, but are also practical for a range of unique disciplines. You need to understand how to compose an effective essay as it is a typical foundation for a student's grade. If you are searching for assistance with your essay then we provide a comprehensive writing service given by fully qualified academics in your area of study. The simplest way to find out the sort of an essay is to realize the writer's point of view. Hopefully, you could find a couple of tips that you believe can help you improve your essay writing abilities. You may continue to keep your argumentative essays for your upcoming job portfolio in case they're highly graded. Additionally, by arguing for the other side of your opinion, you are going to learn which points you want to better address in your essay. Moreover, our English-speaking writers make sure every order has original content and a suitable structure. To compose an impressive short essay, especially during an examination, you should be in a position to hit the question and supply a straightforward answer while at the identical time observing the most suitable structure of an essay. So, it's a significant foundation for assorted epic stories! For example, you may be writing an essay arguing that individuals should drink less coffee. Some individuals have short attention span so that you want to have the writing skills to get your point with merely a few words. Opt for a distinctive topic that others may not think of, and whatever you select, make sure that you know a lot about it! If you wish to write in another language, you have to practice in creative ways each day.

Greece Heroism Essay Example For Students

Greece: Heroism Essay Greece: HeroismIn ancient Greek times heroism was much different than it is now. Today, allyou have to do to become a hero most of the time is rich, after you do this themedia will take it from there. But in the time of the Trojans it took much more,things that Achilles thankfully, was very good at or things he thought wasimportant. Achilles was not only a hero physically, but was more importantly, ahero for the Achian armys morale, also his chivalric properties were importantwith his being a hero. Physically Achilles is superior to anyone that I have read of so far in theIliad, other than Zeus and a few other gods. Even the best of the Trojanwarriors and fighters cannot compare to Achilles fighting skill or his strength. Morale is something that the Achians are truly suffering from in the end of booksix and into book nine. Something that the Achians need and Achilles provideswhen he is with the A.chians is a sort of a father figure if you would, afigure to look up to and to follow. Another way Achilles aggrandized theAchians morale was him just being on their side and not on the Trojan team. Chivalry was a trait that Achilles saw to be very important, to strive hard toperform well in. He showed a few instances were he could have conducted himselfdifferently but made a gallant decision. This includes when Agamemnon took awayBriesies, Achilles war prize. Achilles could have become very angry and couldhave killed him very easily but he refrained, he spared the Achians leader andleft so no shame could soil his name. Compared to most heros in ancient Greece Achilles was a monster of a hero, forhe showed multiple ways a hero can be the best hero, he also showed exactly howgood a hero can be through his physical properties, his influence he had on theAchians army morale, and his desire to be the best warrior and hero he could bethrough his chivalrous acts. English

Motivational Reasons for Failure in School Essay Example

Motivational Reasons for Failure in School Essay In August of 2009 two boys began their school year at public schools in Southeastern Idaho. Both boys had been raised in similar settings of a two parent home, average income, and raised in a demographically rural community. These boys have had equal opportunities in the educational system of supportive parents and teachers and after school programs. Intellectually both boys have the ability to succeed in school. This tale of two Southeastern Idaho boys, and of millions of children just like them, raises the question of why some students educationally excel and others do not. If both boys in this scenario have the same opportunities, the same environmental settings, and the same level of intelligence then why will one excel and the other not? Research has shown that motivation reasons, such as fear of failure, incuriosity, and lack of ambition, can cause low classroom achievement. Have you ever been so afraid of failing at something that you decided not to try it at all? Or has fear of failure meant that, subconsciously, you undermined your own efforts to avoid the possibility of a larger failure. Many of us have probably experienced this at one time or another. The fear of failure can immobilize – it can cause us to do nothing, and therefore resist moving forward. But when we allow fear to stop our forward progress in life, we are likely to miss great opportunities along the way. According to the Reiss Motivational Profile, fear of failure in the number one reason for low achievement in school. Students that display this fear of failure often feel that failure hurts less if they don’t try to succeed. We will write a custom essay sample on Motivational Reasons for Failure in School specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Motivational Reasons for Failure in School specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Motivational Reasons for Failure in School specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Signs that a student may have a fear of failure are a reluctance to try new things or get involved in challenging projects, procrastination, and low self-esteem or self-confidence. We have defined the emotion and identified the symptoms, now how can we help overcome. Students with fear of failure may be at their best when parents and teachers stand behind them and encourage them. Positive encouraging words and actions are observed and taken in. Students will respond if the classroom atmosphere is uplifting and rewarding. Students should be made aware that in everything they do, there’s always a chance that they will fail. Facing that chance, and embracing it, is not only courageous, but it gives them a fuller, more rewarding life. According to Steven Reiss incuriosity scored as the second motivational reason why students have low achievement is school. In the Merriam-Webster dictionary incuriosity is define as lacking a normal or usual curiosity: uninterested. Students in school seem to regulate how much thinking they do. Some need to think a lot, these students need many interests to satisfy their high need for intellect. Others aim to think very little. It is not just one or two topics they hate thinking about, they just dont like to think for any length of time. At least, that is what they say and how they behave. These school children need many practical activities to gratify their need to minimize thinking. 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Without accepting full responsibility for the direction of their life, students will not be able to commit to a plan of action, and will ultimately remain sitting on the fence. These students find it easy to blame people and situations for their failure to move forward in life. Students can be motivated differently for a variety of reasons, from age to culture to special needs. Teachers will need to incorporate various scenarios. Some motivations might work better than another or a combination of the two is a better approach. Individual students respond differently, some may respond to tangible rewards, stickers, and praise. Motivation for others will be a sense of accomplishment, responsibility, and pride. The tale of the two junior high boys in Southeast Idaho illustrates the role that fear of failure, incuriosity, and lack of ambition plays in low achievement at school. Both boys had equal opportunities educationally and environmentally. 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Depression (An internal battle) A tear, a smirk, a shit-eating grin. A laugh even. Something so sinister and deep and dark. That's how it works. It tears you apart inside. Shrivels your innermost emotions. Emotions you thought no one knew about or even cared about. But people knew. They knew that your worst fear was fear. They knew that you take on more than you can handle. Not just sometimes, but all the time. They know all about you. You never told them. They just knew. It's when you start feeling sick to your stomach that you know what they have known all along. You get a nervous twitch in your eye. Your muscles tense. You become clammy. Scared, even. Maybe someone told you all of your flaws. Or maybe you just figured them out for yourself. But you don't like it. You want to change, but you can't. You are you. Your flaws are you.The Flaws

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Input and out put for the computer - Essay Example Most prevalent input devices are the keyboard and the mouse. Keyboard is similar to the typewriter, it helps in typing in text, numbers, symbols, punctuation, letters etc. Pressing an enter key, sends the information to the processing device. Mouse is a pointing or clicking device that helps in locating and selecting the files at a faster pace. It has three buttons the left button helps in selecting the file or the folder or the icon on the desktop, a right button which when clicked displays the properties related to the file, while the middle is to scroll the page. Other input devices are scanner, light pen, joystick to play games, digital camera etc. The result or the outcome after the processing could be displayed by the output devices. The most prevalent output device is the monitor, it is like a TV screen and also called as VDU (Visual Display Unit). Whatever is typed through the keyboard can be seen on the monitor screen. The results of the input are being displayed on the monitor. This is called the soft copy as we can only read it and store the results. When the computer is switched off, results could not be retrieved therefore hard copy or the printouts are taken by another output device, the printer. Other input/output devices are the Floppy disk, CD-ROM, Pen drives etc. They also act as portable storage devices as they store the information from the computer and also provide the information to the

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International Human Resources Managemnt - Essay Example We will briefly start with the need of international human resource management, followed by the increase in problems and hurdles and finally highlight the key strategies that should be adopted to have a strategic international HRM in order to achieve an added or competitive advantage (Lane 2000). This will include a special focus on dealing with expatriates. In the end we will sum it up with certain recommendations and conclusion. Globalization has accelerated greatly in the last few decades. Organizations are crossing borders either through opening branches or subsidiaries in other nations or simply hiring individuals on a contract basis. However, one major misconception is that due to globalization labor environment has become uniform. Though super national bodies such as European Union are trying to develop consistent policies across all nations they are still at a very initial level. Therefore, there is a dire need for having unique HRM policies and strategies for every state in which the business is operating (Caluwe 2000). In this situation the real question arises when there has to be a balanced developed between an integrated HRM practice across border and at the same time keeping consideration of the local perspective. Organizations need to spread their competent policies to other sides of the business. This means that if there is an effective strategy in place at the home ranch it has to be introduc ed in other nations too for competitive advantage. As mentioned in the introduction, there are many factors that make international HRM more complicated and act as a hurdle in achieving a well management system of human resource. Some of them are as follows: 1. Legal laws and policies: Every country has its own labor laws and rights protection policies. Further, how well are they enforced is another factor that differs from one state to another. Multinationals that are present in Europe as well as India have to

The Literature In English Component

The Literature In English Component CHAPTER 1 INTRODUCTION 1.1Introduction It has been 9 years since the literature in English component was first introduced by the Ministry of Education and to be included in English subject syllabus for Secondary school. In parallel to the Ministry vision in producing excellent students who can compete globally in the future, Literature in English for both Lower Secondary and Upper Secondary Schools aim to inclusively facilitate secondary students to improve and strengthen their proficiency in the English Language. Through the literature in English component also, it allows the students to learn many things from many perspectives by studying other cultures and world views. Literature in English also gives the students more opportunities to be more appreciative towards the esthetics of the English language and towards Literature masterpieces as well. Besides, the learning of literature will help to impart values beneficial to students personal growth, development and character. However, throughout the 9 years of implementation of the Literature component in secondary school, numerous studies have been done and have revealed some facts regarding students interest towards the literature in English component in the secondary school. Most of Malaysian students give negative responses to the learning of literature in English in classroom especially at the early period when it was first introduced. Indeed, most of the researches have done some researches on how to enhance the learning of literature in English among the students due to the fact that Malaysian students have lack of interest in learning literature in English. There are varieties of factors that contribute to students interest in Literature. However this research will look deeply into the three main causes that affecting students interest in learning literature in English and on how strong the causes really affects the students. The three factors are the students exposure towards the target language and the level of proficiency, the content of the literature component itself, and the activities done in the classroom. In fact, these three main factors are always being discussed as the reasons that influence students interest in learning literature in English. The language spoken at home might influence the students interest towards the learning of literature in English differently. Students are coming from different family background that has different experience communicating in English at home. If the parents are good in mastering the English language and always communicate with the children in English, it might encourage the students to read the literature in English texts. However, if the students have lack of exposure towards English language, it might also demotivate them to read the literature in English texts since they are hardly understand them. Another main challenge for the students to learn literature in English is caused by the selection of texts itself. Students might have lack of interest in Literature because of the text (short story, poem and novel) are boring and inappropriate for them. If the students are unfamiliar with the plot and the settings of the story, they will have difficulty to understand it and lead to the lack of interest to learn it. Furthermore, the major problem regarding students learning in literature is students encounter language difficulties that does not match their language ability. Even teachers cannot agree on the type of texts that should be taught although they generally agree that the texts should promote intellectual development, independent thinking, are interesting to adolescents and meet certain cultural and aesthetic standards (Agee, 1998). Thus, the selection of the texts should be analysed and studied again whether they are appropriate or not. Literature component in English has been implemented in Malaysian curriculum starting from the year 2001. Since then, the students in secondary school have learnt a lot of poems, short stories and even novels as the items of learning literature. Table 1.1 shows the items that learned by lower secondary schools students in Malaysia. Table 1.1: Curriculum specifications for literature in KBSM English program for lower secondary students. Form Title Author Genre 1 Life's Brief Candle William Shakespeare Poem The Dead crow A.Samad Said Poem The Lake Isle of Innisfree W.B Yeats Poem The Pencil Ali Majod Short Story How Dalat Got Its Name Heidi Munan Short Story Of Bunga Telur and Bally Shoes Che Husna Azhari Short Story 2 Rubinson Crusoe Danie Defoe Novel Potato People Angela Wright Novel Phantom of the opera Gaston Leroux Novel 3 The Prisoner of Zenda Antony Hope Novel Dr Jekyll and Mr Hyde R.L.Stevenson Novel Teachers creativity in teaching Literature is also one of the most important features to capture students interest. Since literature is still considered new to Malaysian education system, the main problem for both teachers and students is to have various interesting activities to be applied in the classroom to teach literature. Most of the activities in literature classroom focus on the comprehension of the text by reading the text and answering the comprehension questions provided by the teachers and from the work books. In the discussion forum as stated in the Malaysian English Language Teaching Association (MELTA) web, www.melta.org.com, teachers are advised to provide the students with various creative activities in classroom to teach literature and to generate students interest in learning literature. Thus, teachers role is to search for new ideas, practicality and do experiments in literature through the reading from activities book or through the internet. Creative activities are used to enhance students understanding of literary texts and to attract their attention and interest in reading and learning literature. Creative approaches like role play and dramatization or even games are created to improve the dull traditional method of teaching literature, which only focus on close reading and explanation of literary texts. Students interests need to be capture before they can fully appreciate the beauty of the literature. (MELTA forum). 1.2 Statement of Problem The literature in English component has been implemented as part of KBSM English syllabus for about 9 years since it was first introduced in year 2001. However, through my experience and observations show that the students have a lack of interest towards the learning of literature and they fail to appreciate or understand of what literature is. Thus, it is vital to understand the factors that influence the students interest to learn literature in English in order for all to solve the problem. Since English is considered as the second language in Malaysia. Thus, the students level of proficiency in the language is varying to each other. Some students are given much exposure to the target language at home and some are even never utter any English word at home. However, interest is an subjective issue because it does not mean that if the students are good in English language that they are interested to learn literature in English more than the students who are not very proficient in English language. However, at the same time one of the underlying issue in the implementation of the literature in English component is that most of the students feel that the literature texts offered in the English language Syllabus are inappropriate, unchallenging and even boring. In fact, the topic of literature text has been discussed and debated since it was first introduced until the present time. The main issue is to revise the use of the current text and it has been supported by the students, parents and teachers. Some people think that the texts are beyond the students level of proficiency to understand it and the themes discussed are also very dull. On the other hand, some argue that the texts cover a wide range of works dealing with different themes and appropriate for the students to learn. As stated in MELTA forum website, one of the members in the forum who is only known as tpriya_1717 wrote that the important aspect that should be given greater emphasis would be the effectiveness of teachers in utilizing the texts in the teaching and learning process in classrooms. From her opinion, it gives a picture that the teachers should be more creative to involve students with lots of interesting and enjoyable activities to boost the students interest while learning literature in the classroom. Unfortunately, since our education system tends to be more to exam-oriented, most of the teachers teach literature with the purpose to pass the students in the examination and neglecting the main reason of learning literature which is to understand and appreciate literature. Thus this research aims to find the answer whether all the factors mentioned above influence the students interest in learning literature in English positively or negatively. Furthermore, the research also will investigate which factor is having greatest influence to the students interest to learn literature in English. 1.3 Objectives of Research The purposes of this research are to: 1) Investigate the influence of students level of proficiency in English language towards their interest in the learning of literature in English. 2) Examine whether the contents of the literature component in Malaysian curriculum for lower secondary students are appropriate and suitable for the students and whether the contents are able to generate the students interest to learn literature in English. 3) Study students preferences of activities applied in the classroom by the teachers during the literature lesson. 1.4 Research Questions The research questions for the research to find out are as below. 1) How does the students level of proficiency in English language influence students interest to read the literature in English texts? 2) What are the students perceptions towards the current literature in English component texts? 3) Which types of activities in the classroom are more interesting to the students in the learning of literature in English? 1.5Definitions of Terms 1) Factor: One that actively contributes to an accomplishment, result, or process. Context of study: The factors are the causes or the reasons that contribute to the influence in students interest in learning Literature in English. It can be considered as the agents that are responsible towards the development of students interest in learning Literature in English. In this study, the factors are divided into three main divisions which are the students family background, the selection of texts in literature in English component, and the activities during the literature in English lessons. 2) Interest: A state of curiosity or concern about or attention to something Context of study: Interest is the emotional reactions and behavioural tendencies towards the learning of literature in English. In this study, the students interest is categorized into two categories which the students who react positively towards literature in English and students who react negatively towards the literature in English. However, interest is the behaviour that can be changed or developed by certain strong influences either it turns out to be positive or negative. 3) Learning: Knowledge or skill gained through schooling or study. Context of study: Learning is a process of study to gain the knowledge. The learning of literature in English mostly happens at school especially during the literature lesson for English subjects. As literature in English component is a part of English syllabus in Malaysian education curriculum, the students need to learn it. Thus, in this study, the learning of literature in English is referring to the formal learning of the subject in Malaysian secondary school. 4) Literature in English: written material specifically in English language such as poetry, novels, essays, etc., especially works of imagination characterized by excellence of style and expression and by themes of general or enduring interest. Context of study: Literature in English component is a part of the English syllabus in Malaysian secondary schools. It is divided into three genres which are short stories, poems, and novels. 1.6 Scope of Research The scope of the research involved the participation of 40 students in Form 3 with different level of proficiency from SM La Salle Tanjung Aru Kota Kinabalu, Sabah. Form 3 students have finished covering all the literature contents for lower secondary school. The data was collected and analyzed based on the questionnaires which were distributed to the respondents concerned. 1.7 Limitation of Research The limitation of this study: A. Time constraints : 1) Students might not have sufficient time to fill the survey form thus resulting in unanswered items and/or inaccurate answers. B. Small sample: 1) The findings of the research are only valid or based on one school. It does not representing of all schools in Malaysia and not even in Sabah. 1.8 Significance of Research Over the years since the implementation and the development of literature in English component as part of Malaysian curriculum, many issues has been discussed regarding on the problems faced by the students that affect their interest in learning the literature in English. This study will find the most reasonable and rational answer on the factors affecting students interest to learn literature in English. This study also will prove whether students level of proficiency in English really has a very strong influence to the students interest in learning literature. Besides, this study will help the curriculum designers to improve the contents of literature component for lower secondary school. This study also can be used as a reference for teachers to investigate students preferences for activities in classroom during literature lesson and apply them in the class. This Study will also provide and enable other or future researchers who would like to conduct the same research with sufficient and useful information based on the topic. The methodology in this research such as the questionnaire can ease the future research by adapting them or perhaps amend them to suit their study. CHAPTER 2 LITERATURE REVIEW 2.0 Introduction This chapter presents review of the general situation and the development of literature in English in Malaysias education system. However, the main discussions are focused on the three main factors that have the greatest influence towards the students interest in learning literature in English. The three main factors are the family background of the students, the selection of text or the contents for Literature components, and the preferred activities by the students during the literature lesson. This review will also provide some insights into the relationship between English language proficiency that might influence students interest in learning Literature in English. Apart from that, reviews on other possible factors will also be discussed as the argument of this chapter. These reviews are to give a better understanding on how these factors can really influence and affects the students interest in learning literature in English. 2.1 The Scenario of the teaching of LIE components in Malaysia Historically, the development of the teaching of literature in English in Malaysia can be considered as inconsistent. The teaching and learning of literature in English in the Malaysian English Second Language (ESL) context has evolved from being a core part of the English language curriculum to a point of near extinction only to re-emerge in the 21st century in a far stronger form (Subramaniam, 2003). In addition, he stated that the downturn in the teaching and learning of literature as a subject is crucially marked by the change in the medium of instruction in schools from English to Malay. According to Carter and Long (1991: cited in Fauziah Ahmad 2007), the importance of literature was only fully realized sometime in the mid 1980s where extensive debates and discussions took place. Since then, the situation for learning and teaching has changed radically and literature is presently being reconsidered within the language teaching profession. Fauziah (2007) believes that the changes of attitude toward the importance of literature have also affected the Malaysian national curriculum. As she stated in the introduction of her research, Literature in English was first introduced to Form Four students in 1992. Subsequently, this has led to the re-introduction of literature into language classrooms in the year 2000, and is now an integrated element of the English language component. The wind of change in the teaching and learning of literature in Malaysia is also supported by Talif (2005), in his book entitled Teaching Literature in ESL:The Malaysian Context, a book which discusses briefly on the development of literature in English in Malaysian schools. The study shows that Literature in English was first introduced by the Malaysian Education Ministry by implementing the Class Reader Programme (CRP) in 1990 at the Form 1 level in all secondary schools. Basically, the CRP programme was designed to motivate students to read the class readers at home as well as to prepare the students for the Literature in English Programme (LEP) at the upper secondary students. The LEP was offered as an elective subject for study at the upper secondary school level (Form 4-5) which was implemented in 1992. To date, the Malaysian Ministry of Education (KPM) implemented the literature in English component as a part of English syllabus in March, 2000. It started with only for Form 1 and Form 4 students in year 2000, followed by Form 2 and Form 5 in year 2001, and to all Form 3 in every school in year 2002. The component has been examined in SPM exam in year 2001 and in PMR exam in year 2002, (Ministry of Education Malaysia). To summarize the history and the development of literature in English in Malaysian curriculum, the following review may conclude all. In Malaysia, three different reading programmes have been introduced over the last three decades. The English Language Reading Programme (ELRP) was implemented in 1983, the Class Reader Programme (CRP) in 1993 (Malachi Edwin, 1993) and the incorporation of the literature in English component into the English Language syllabus in 1999 (Subramaniam, 2003). To date, the literature in English component in the English Language paper is considered to be the most successful reading programme because the texts that are being taught and read in the classroom are a tested component in the public examinations (Vethamani, 2004a; 2004b). (Too W.K, 2009, page 41) From the reviews above, it can be concluded that the journey towards the inclusion of literature in language courses has been going through many stages of change. Thus, the implementation can be considered as unstable and the improvements by the ministry are needed from time to time. 2.2 The Students Attitude towards the teaching and learning of Literature in English The lack of interest in learning literature in English among Malaysian students is one of the prevailing issues focused on by various authorities and researcher. It is such an alarming issue because the students attitude towards literature is closely related in determining the success and failure in learning literature. There are three main factors that are always being associated with the lack of interest in learning literature in English among the Malaysian students. The figure 1 shows the main focus of the researcher in the study of factors affecting the Malaysian lower secondary students interest in the learning of literature in English. In order to support the statement above, the researcher decide to make Daviss model of research as a reference (1992: cited in Siti Norliana, 2008) to compare and support statement of the problem on the factors that affecting students attitude towards studying literature. For the purpose of this study, the researcher opts to consider attitude (Daviss model of reaseacrh, 1992) as interest towards studying literature. The positive attitude may bring the meaning of highly interested and negative attitude would be the lower interest. According to Davis (1992), the Figure 2 shows the potential factors that have significant relationship with students attitudes towards literature in a foreign language. Factors In comparison to the researchers model and the Daviss model of research, both models show several similarities regarding on the factors that might influence and affect the interest towards the learning of literature in English. Davis believes that those factors contribute great impacts to the students attitudes in studying literature. Based on Davis (1992), all of the factors result the variation of the students attitudes towards the studying of literature. 2.3 Students Level of Proficiency in English Language Learning literature in English is quite a challenge for Malaysian students because the English is considered as the second or the third language in our nation. In order for the students to learn literature in English, the first thing that they have to master is the language itself because that is the only way to associate with literature in English better. Thus, the level of proficiency in English would affect the students interest in learning literature in English. If the student is good in English, the possibility to have higher interest towards literature in English is very high. Meanwhile, lower proficiency levels in English may lead to frustration and less motivation among students to learn literature in English. 2.3.1 Language Spoken at Home Students usually are coming from different family background. Thus students may have different experience or exposure towards the learning of literature. There are students who are very good in term of proficiency in English language because they practice the language at home with their parents in daily communication. However, there are also students who never use or speak in any other language including English as a spoken language at home but only speak in their mother tongue language at home. This situation can be seen by comparing between the students from urban area and students who live in rural area. According to Jamali and Hasliza (2002), Malaysian students especially those who live in rural areas do not see the need to use of English in their life, and it caused them to have lower motivation to learn English. The exposure towards English language and literature in English that they received are very little compared to urban students. In fact, there are a growing number of ch ildren whose first language is English and who may be termed native speakers since their parents have chosen to use only English in the home instead of their ethnic languages. Murugesan (2003). Thus, the students level of proficiency in English language may vary to each other. The more the students have been exposed to the English language, the more interest they gain to learn and read the literature in English. 2.4 Selection of texts in Literature in English component There are always bad and negative feedbacks that have been received from the students and the teachers regarding on the literature text in Malaysian school. Sidhu (2003), as cited in Too (2006), found that most students showed little interest in reading prescribed texts. The result of Sidhus research revealed that 60% of the students viewed the texts in Literature in English as boring and failed to arouse their interest to read. Various comments and feedbacks also can be retrieved from the discussion forum in MELTA website mostly participated by the teachers and the students. Some of them think that the texts for English literature components are boring and need to be reviewed. Retrieved Online November 18, 2009 from: http://www.melta.org.my/modules/newbb/viewtopic.php?topic_id=1098forum=5viewmode=flatstart=20 2.4.1 Students Difficulties in understanding the texts There are three different genres that the students have to learn and read for the literature in English component. They are short story, poem and novel. Students have different perception and interest towards each genre. According to Siti Norliana (2008) research, the students showed higher interest in reading the short stories item compared to poems and novels. The students prefer short stories because they are not lengthy and less time consuming to read if compared to Novels. Most of the students described novels as lengthy and very confusing in term of plot and characters. It should not be a surprise that the students prefer short stories more than novel because as cited in Wei-Keong Too (2006, Page 43), both Reed (1992) and Chances (1999) analyses conclude that the books that young adult choose are character driven and the plot is fast. In Dr. Sharifahs (2002) study, the analysis result showed that the students positive responses towards short stories and novels are higher than the poems. According to the result, students are less interested in reading poems because of the use of literary language with underlying meaning. Thus, it is very hard for the students to understand the texts. When the students find the poems very difficult in terms of language, they will automatically refuse to read it and show lower interest towards any text in the same genre. For instance, the poem like Lifes Brief Candle is very hard for the students to understand since they are not familiar with the literary language used in the poem and could not get the underlying meaning of the poem. In Huzainas (2006) research result, students found Lifes Brief Candle the most difficult because they could not associate the candle much with their life. If the students could associate the texts with their own experience and surroundings, they will understand the meaning of the texts easier and become more interested to read more from other authors. 2.5 Activities in the classroom Teachers creativity in teaching Literature is also one of the most important features to capture students interest. Teachers play the important role to instill interest in learning literature in English among the students. As for that, teachers need extra initiatives and creativities to instill students interest towards the subject by providing the students with the interesting activities. Creative activities are used to enhance students understanding of literary texts and to attract their attention and interest in reading and learning literature. 2.5.1 Teacher-centered VS student-centered activities The activities during the literature in English lesson are important to make the students take part in the lesson. However, many teachers lack creative ideas to provide the students with interesting activities when teaching literature in the classroom. Unfortunately, many teachers apply activities which are more teacher-centered in orientation during literature lesson. Teacher-ecentered activities are activities that are more controlled by the teachers all the time, such as spoon-feeding the students with all the information and thorough explanations and translations. Thus, the students role is only taking notes from the teachers and memorise them for the sake of passing the exam. As mentioned by Sharifah Nadia (2007) in her research, since our education system is exam-oriented, most of the teachers teach literature with the purpose to pass the students in the examination and neglecting the main reason of learning literature which is to understand and appreciate literature. As a resu lt, the activities are stereotype because the teachers only focus on how to make the students pass in the exam. An experienced and excellent teacher would use student-centered activities that involve students participation during the literature lesson. In this kind of activities, the students get involved and participate in the lesson instead of listening only to the teachers explanation. The students will be able to experience and understand the meaning of literature during the learning process. There are many enjoyable activities that the teachers can apply in the classroom especially during literature in English lesson such as dramas, role plays, group discussion, games, and multimedia presentations. These activities allow the students to express themselves through literature and capture their interest to learn literature in English. Since the student-centered activities are more enjoyable and link to the students interest, the students are more interested to learn more about literature in English in the classroom. In Siti Norlianas (2008) study, the students show more positive response towards activities that allow them to participate in the lesson actively. Table 2.1 shows the result of students acceptance towards activities used in literature in English lesson by the teacher in the classroom. Table 2.1 Students Acceptance towards the Activities for Literature in English Classroom No. Teaching Methods Percentage (%) 1) Students provide background information 96.2 2) Variety of activities (games, drama, role play, etc) 95.4 3) Working in groups 91.8 4) Teacher's explanation 90.9 5) Audio Visual Supports 85.5 6) Translation and using Malay in teaching literature 70 The result is cited from Siti Norliana (2008) From the result, it shows that the students prefer the activities that can encourage them to participate in the lesson and allow them to think more critically rather than listening to teachers talk. In addition to the research, based on the interviews by Siti Norliana (2008), found that half of the students described that the activities employed by the teachers are dull and inadequate. This situation is supported by Dr. Sharifah (2002), she concluded that the teachers knowledge, expertise, and creativity i

Comparing My Twin Cousins Essay -- comparison compare contrast essays

Comparing My Twin Cousins For years I have been fascinated by that mysterious quirk of nature called twins. In my family, there are several sets of identical twins, and I have always concentrated on their similarities. I did not realize that identical twins also have many differences. My identical twin cousins, Sue and Heidi, appear to be perfect mirror images. They love to dress alike. They can feel each other's pain. They sound alike and can complete each other's sentences. But upon taking a closer look, I have found that they are as different as day and night. Aside from Sue and Heidi's outward characteristics, they possess several distinguishing traits that allow them to be viewed as two separate, independent individuals. Sue and Heidi are total opposites intellectually. Sue is not a very good student. She absolutely hates school and does only enough work to get by. She does not study and refuses to apply herself. She has a bad habit of procrastinating when it comes to her school work. For example, one of her class assignments was a Black History report on anyone of her choice. The assignment was given on a Monday and was due the following Friday. Sue did not begin working on her report until Thursday evening. As a result of her not allowing herself enough time to prepare her material, she received a low grade on her report. Heidi, on the other hand, is an exceptional student. She does more than what is expected from her by her teachers. She asks for extra assignments to keep her busy in her spare time. She takes her studies seriously. She prepares well in advance for each assignment and takes her time in completing her work. For instance, her class received the same Black History assignme nt as ... ...away from home. She has several pets of her own: two cats, a dog, four hamsters, and a ten-gallon aquarium of fish. She also loves to read. She makes it a habit to read daily, whether it's a newspaper, a magazine, or a book. She especially loves to read novels; she is even a member of a mail-order book club. She plans to attend Texas Southern University and major in veterinary medicine with a minor in business administration. Her future goal is to own a veterinary clinic. Sue and Heidi have as many differences as they have similarities. But they do not compete with each other and are like built-in best friends. Sometimes they communicate with one another by an unspoken means, telepathy. Identical twins, Sue and Heidi are a remarkable creation. On the outside they are a perfect mirror image, but, on the inside, they are as different as night and day.

Failing business Essay

Many are quick to remember one’s failure and slow to remember the redeeming moments. My life is no different. I am only human and I too have made my own mistakes in life. Though I sometimes have the tendency to move on from failure and perhaps forget, there are many who are only too quick to remind me of my past. Learning from this, I have vowed to treat each failure as a learning experience; One that makes me stronger and makes me better. This is the lesson that I learned from what some people would consider as one of the most challenging days of my life. I recently discovered that the pursuit of one’s goals is not as easy as it seems. When one looks at all the successful businessmen in the world, it does not seem apparent that they had to undergo many challenges to become successful. Yet as I have learned, there is so much work and effort that is needed to succeed in life. This is how my first business, a commercial cleaning service, became a failure but ultimately a success because I learned a very valuable lesson from it. The plan of the commercial cleaning service was simple. I had intended to take advantage of the lack of cleaning services in my area. I noticed that there were very few cleaning services and if there were any they were either inefficient, too expensive or both. Being a novice entrepreneur, I figured that this was an opportunity that was a guaranteed success; after all, all I had to do was simply offer better service and better prices. This was my first mistake. In making this assumption, I did not consider the fact that the ones who had established themselves before me had probably thought of these same advantages. I was naive to think that only I had the monopoly of great ideas and that others were not able to think as well. This presented the first challenge because I was unprepared for what happened. The initial costing for supplies and capital equipment was way higher than anticipated due to the fact that I was trying to provide quality service. Since I had already made those investments, I had to readjust my computations on Return on Investment and saw that the only way that I would be able to cover the daily expenses was to increase the price. So, instead of providing cheap and good quality service, I was constrained to offer only quality service. This unfortunately paved the way for the next problem which was the fact that I did not have prior experience in this field. While I did consider myself a neat freak, I was certainly out of my league when it came to running a commercial cleaning service. I failed to consider the fact that there are so many variables to consider and that when one has employees one has to ensure that they do their duties satisfactorily. This was no longer just a simple matter of telling people to clean something and making sure it was done properly. It involved going over the shifts and ensuring that every detail was not overlooked. Aside from this, I had to also consider the welfare of the people who were working under me. No matter how motivated I was, I could not seem to convince my employees to have the same passion and conviction. This was lesson number three for me; I learned that employees are never really motivated to perform unless they have a personal stake in the matter. I needed to get them involved on a personal level and believe in offering quality service at a good price. Unfortunately, the only thing they were interested in was clearing their pay and spending their money. Suffice it to say that the business soon failed. I was disheartened by the harsh reality check that happened but I am proud to say that I have learned from this experience. I could have lost much more to learn that valuable lesson. As I look back at that memory, I greet it with a smile knowing that even though it resulted in failure, I would not be the person I am today were it not for that experience. The thing about life is that there is always hope and there are several chances to fail and even more chances to succeed; as long as one has the drive and the passion.

Bilateral Cooperation Between the United States and...

On 24th February, U.S President Barack Obama has ratified an agreement on civil nuclear cooperation between U.S and Vietnam, which enables America to join the market of civil nuclear energy in Vietnam and creates opportunity for them to sell reactors to Vietnam. According to The Associated Press, this is a sign of strengthening the bilateral cooperation between the two countries. Vietnam and the U.S Government have reached an agreement on civil nuclear cooperation in October 2013 on the sidelines of 23th summits Association of Southeast Asian Nations (ASEAN). After being ratified by President Barack Obama, this agreement will be taken under consideration within 90 days by American Congress. If there is no disapproval idea from lawmakers†¦show more content†¦Gas price increases by 300 dong, to 24.510 dong per liter, diesel increases by 240 dong per liter, to 22.700 dong per liter. One liter of petroleum costs 22.630 dong now, increasing by 230 dong, fuel oil also increases by 200 dong/liter. The latest price adjustment is 2 pm 18/12/2013, when gas price increased by 584 dong/liter for RON 92, up to 24.214 dong/liter. Diesel was allowed to increase by 653 dong, up to 22.963 dong/liter. Petroleum also increased by 384 dong. http://hn.24h.com.vn/tin-tuc-trong-ngay/tu-20h-toi-nay-gia-xang-tang-300-dong-lit-c46a611150.html Hanoi: Proposal to increase bus fare On November 11th, Department of Transportation Hanoi had proposal to adjust on bus fare with subsidy in city. Accordingly, the Department of Transportation launched an expected fare adjustment in which ticket fare increase by 40% for less-than-25-km distance ( from 5000 dong, up to 7000 dong), 16% for from 25km to less than 30km distance (from 6000 dong to 7000 dong), and 14% for over 30km distance (from 7000 to 8000 dong) . Distance Current fare (VND) New fare (VND) Increased rate (%) 25 km 5,000 7,000 40 25-30 km 6,000 7,000 16 30 km 7,000 8,000 14 For monthly ticket, the one- priority fare (for students) increases from 45.000 dong to 50.000 dong, from 90.000 dong to 150.000 dong for non-priority passengers. One-turn More-than-one-turn Current fareShow MoreRelatedThe End Of The Cold War Essay2178 Words   |  9 PagesCold War created new dimensions for bilateral and multilateral international relations, including the U.S.-Vietnam relations. From the demand of normalizing the bilateral diplomatic ties, the U.S. detailed a four-phase roadmap in April 1991, which associated closely with resolving the Vietnam’s military involvement in the Cambodian conflict, and the U.S. prisoners of war/missing in action (POW/MIA) issue during the war in Vietnam. 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What Is Foreign Direct Investment - Free Essay Example

Sample details Pages: 19 Words: 5689 Downloads: 6 Date added: 2017/06/26 Category Business Essay Type Narrative essay Did you like this example? The removal of cross-border restrictions on international capital flows and the trend toward an integrated world economy has been a substantial progress over recent two decades. Hence, it has increased the growth of foreign direct investment (FDI) activity. Madura and Fox (2007) define foreign direct investment (FDI) as the investment in real assets (such as land, buildings, or even existing plants) in foreign countries. They also find that multinational corporations (MNCs) commonly capitalize on foreign business opportunities by engaging in FDI. They engage in joint ventures with foreign firms, acquire foreign firms, and form new foreign subsidiaries. These types of FDI can generate high returns when managed properly. A substantial investment is required, and thus can increase the risk to capital. It may be difficult for multinational corporations to sell the foreign project when the investment does not perform well as expected. In order to maximize the corpor ations value, it is significant for MNCs to understand the potential return and risk of FDI and analyze the potential benefits and costs before making investment decisions. 2.1.2 Motives for FDI The reason why firms locate production overseas rather than exporting from the home country or licensing production in the host country, and the reason why firms seek to extend corporate control overseas by forming multinational corporations have been developed by many scholars. Kindleberger(1969) and Hymer(1976), emphasize various market imperfections in product, factor, and capital markets as the key motivating forces to accelerate FDI. Eun and Resnick (2004) explore some key factors that are important for corporations making decisions to invest overseas. These factors include trade barriers, imperfect labor market, intangible assets, vertical integration, product life cycle and shareholder diversification services. Madura and Fox (2007) indicate that MNCs engage in foreign direct investment widely because it can improve profitability and enhance shareholder wealth. In most cases, MNCs utilize FDI to boost revenues, reduce costs, or both. Revenue-related motives include attracting new source of demand, enter profitable markets, exploit monopolistic advantages, react to trade restrictions and diversify internationally. Cost-related motives involve full benefit from economies of scale, use foreign factors, use foreign raw materials, use foreign technology and react to exchange rate movements. 2.1.3 Benefits of FDI It seems unwise to conclude that both forms of geographic diversification are likely to be equally profitable or unprofitable. Errunza and Senbet (1981, 1984) find evidence to support a positive relation between excess firm value and the firms extent of international diversity by using multinational firms only. Focusing on international acquisitions, Doukas and Travlos (1988) and Doukas (1995) document that US bidders gain from industrial and i nternational diversification. Similarly, Morck and Yeung (1991, 2001) find a positive relation between international diversification and firm value. However, they show that industrial diversification and international diversification add or destroy value in the presence or absence of intangible assets. Their findings support the view that the synergistic benefits of international diversification stem from the information-based assets of the firm. Christophe and Pfeiffer (1998) and Click and Harrison (2000) find that multinational firms trade at a discount relative to domestic firms. More recently Denis, Denis and Yost (2002), using the Berger and Ofek (1995) excess value measure and aggregate data, show that global diversification reduces shareholder value by 18%, whereas industrial diversification results in 20% shareholder loss. In contrast, Bodnar, Tang and Weintrop (1999), relying on a similar valuation measure, find share-holder value to increase with global diversification. Doukas and Lang (2003) take firms which made foreign new plant announcements during the period 1980 1992 as a sample, regardless of the industrial structure of the firm, they interpret that unrelated foreign direct investments are associated with negative announcement effects and long-term performance decreases in subsequent years, whereas related investments are associated with positive short-term and long-term performance. Although their findings indicate that both specialized and diversified firms benefit from core-business-related rather than non-core-business-related foreign direct investments, the gains are larger for diversified firms. They conclude that geographic expansion of the firms core business itself is beneficial to shareholder value. In contrast, they find that geographic expansion of the firms peripheral (non-core) business harms firm value and performance. Hence the evidence indicates that the internalization theory is more consistent with the international expa nsion of the core rather than the non-core business of the firm. That is, the positive synergies from global diversification are rooted in the firms core competencies. Theories of foreign direct investment (FDI) agree on at least one major point: foreign firms mush have inherent advantages that allow them to overcome the higher costs of becoming a multinational (Hymer, 1976). These advantages may be tangible, such as an improved production process or a product innovation. They also may be intangible, such as brand names, better management structures or the technical knowledge of employees. Girma, Greenaway and Wakelin (2001) conclude that foreign firms do have higher productivity than domestic firms and they pay higher wages in the UK after their investigation. They do not find aggregate evidence of intra-industry spillovers. However, firms with low productivity relate to the sector average, in low-skill low foreign competition sectors gain less from foreign firms. FDI brin gs two main benefits to the host country. First, it introduces new production facilities into the domestic economy directly, or may rescue failing firms in the case of acquisition, raising overall output, employment and exports. Second, domestic governments hope that foreign firms will be unable to internalise their advantages fully, and local firms can benefit through spillover. 2.1.4 Effects of FDI Borensztein, Gregorio and Lee (1998) test the effect of foreign direct investment (FDI) on economic growth in a cross-country regression framework by utilizing data on FDI flows from industrial countries to 69 developing countries over the last two decades. The results suggest that FDI is significant for transfer technology, and contributes more to growth than domestic investment. Moreover, they find that the contribution of FDI to economic growth is improved by its interaction with the level of human capital in the host country. However, the empirical results imply that FDI is mo re productive than domestic investment only when the host country has a minimum threshold stock of human capital. Thus, FDI contributes to economic growth only when a sufficient absorptive capability of the advanced technologies is available in the host economy. Investigating the effect of FDI on domestic investment, they find that the inflow of foreign capital crowds in domestic investment rather than crowds out. FDI support the expansion of domestic firms by complementarity in production or by increasing productivity through the spillover of advanced technology. A one-dollar increase in the net inflow of FDI is associated with an increase in total investment in the host economy of more than one dollar, but do not appear to be very robust. Thus, it appears that the main channel through which FDI contributes to economic growth is by stimulating technological progress, rather than by increasing total capital accumulation in the host economy. Markusen and Venables (1999) develop s an analytical framework to assess the effects how an FDI project affect local firms in the same industry. There are two forces for the effect of entry of a multinational firm on the domestic industry. One is a competition effect, under which multinationals displace domestic final-goods producers, and the other is a linkage effect back to intermediate-goods producers, creating complementarities which could benefit domestic final-goods producers. They explore the determinants of the relative strengths of these effects. In circumstances of initial equilibrium with no local production, multinational entry can push the economy over to an equilibrium with local production in both the intermediate and final-goods industries, with a resulting welfare improvement. They then pay attention to endogenise the entry decision of multinational firms. It may now also be the case that multinationals provide the initial impetus for industrialisation, but the developed local industry creates suffi ciently intense competition to eventually drive the multinationals out of the market. Hobday (1995) finds initial multinational investments in developing East Asia created backward linkage effects to local suppliers in a large number of situations. There are some examples such as computer keyboards, personal computers, sewing machines, athletic shoes, and bicycles in Taiwan. 2.2 Cost of capital and capital structure Many major firms through the world have begun to internationalize their capital structure by raising funds from foreign as well as domestic sources. As a result, these corporations become multinational not only in the scope of their business activities but also in their capital structure. This trend reflects not only a conscious effort on the part of firms to lower the cost of capital by international sourcing of funds but also the ongoing liberalization and deregulation of international financial markets. If international financial markets were completely integ rated, it would not matter whether firms raised capital from domestic or foreign sources because the cost of capital would be equalized across countries. On the other hand, some markets are less than fully integrated, firms may be able to create value for their shareholders by issuing securities in foreign as well as domestic markets. Cross-listing of a firms shares on foreign stock exchanges is one way a firm operating in a segmented capital market can lessen the negative effects of segmentation and also internationalize the firms capital structure. For example, IBM, Sony, and British Petroleum are simultaneously listed and traded on the New York, London, and Tokyo stock exchanges. By internationalizing its corporate ownership structure, a firm can generally increase its shares price and lower its cost of capital. 2.2.1 Definition of cost of capital Eun and Resnick define the cost of capital as the minimum rate of return an investment project must generate in order to pay its financing costs. If the return on an investment project is equal to the cost of capital, under taking the project will leave the firms value unaffected. When a firm identifies and undertakes an investment project that generates a return exceeding its cost of capital, the firms value will increase. It is significant for a value-maximizing firm to try to lower its cost of capital. Madura and Fox (2007) explain that a firms weighted average cost of capital (referred to as Kc ) can be measured as: Kc = [D/(D+E )] * Kd * ( 1-t ) + [E / (D+E)] * Ke Where: D = market value of firms debt Kd = the before-tax cost of its debt t = the corporate tax rate E = the firms equity at market value Ke = the cost of financing with equity The ratios reflect the percentage of capital represented by debt and equity, respectively. In total the cost f capital, Kc is the average cost of all providers of finance to the firms. A multinational company finances its operations by using a mixture of fixed interest borrowing and equity financing that can minimize the overall cost of capital (the weighted average of its interest rate and dividend payment). By minimizing the cost of capital used to finance a given size and risk of operations, financial managers can maximize the value of the company and therefore maximize shareholder wealth. According to the size of firm, international diversification, exposure to exchange rate change, access to international capital markets and exposure to country risk, the cost of capital for MNCs may be different from that for domestic firms. 2.2.2 Costs of capital across countries Madura and Fox (2007) interpret that an understanding to why the cost of capital can vary among countries is relevant for three reasons. First, it can explain why MNCs based in some countries may have a competitive advantage over others. Just as technology and resources differ across countries, so does the cost of capital. MNCs based in some coun tries will have a larger set of feasible (positive net present value) projects because their cost of capital is lower; hence these MNCs can more easily increase their world market share. MNCs operating in countries with a high cost of capital will be forced to decline projects. Second, MNCs may be able to adjust their international operations and sources of funds to capitalize on differences in the cost of capital among countries. Third, differences in the costs of each capital component ( debt and equity ) can help explain why MNCs based in some countries tend to use a more debt-intensive capital structure than MNCs base elsewhere. The cost of debt to a firm is primarily determined by the prevailing risk-free interest rate in the currency borrowed and the risk premium required by creditors. The cost of debt for firms is higher in some countries than in others because the corresponding risk-free rate is higher at a specific point in time or because the risk premium is higher. Cou ntries differences in the cost of debt include differences in the risk-free rate, differences in the risk premium and comparative costs of debt across countries. A firms cost of equity represents an opportunity cost: what shareholders could earn on investments with similar risk if the equity funds were distributed to them. This return on equity can be measured as a risk-free interest rate that could have been earned by shareholders, plus a premium to reflect the risk of the firm. The risk premium and hence the cost of equity will vary according to different economic environments. The costs of debt and equity can be combined to derive an overall cost of capital. The relative proportions of debt and equity used by firms in each country must be applied as weights to reasonably estimate this cost of capital. 2.2.3 MNCs capital structure decision Bancel and Mittoo (2004) survey on the cross-country comparisons of managerial views on determinants of capital structure in a samp le of 16 European countries: Austria, Belgium, Greece, Denmark, Finland, Ireland, Italy, France, Germany, Netherlands, Norway, Portugal, Spain, Switzerland, Sweden, and the UK. They show that factors related to debt are influenced more, and those related to equity are influenced less, by the countrys institutional structure, especially the quality of its legal system. They find that financial flexibility and earnings per share dilution are primary concerns of managers in issuing debt and common stock, respectively. Managers also value hedging considerations and use windows of opportunity when raising capital. This evidence strengthens arguments of La Porta et al. (1997, 1998) that the availability of external financing in a country is influenced primarily by its legal environment. Since agency costs of debt are likely to be higher in countries with lower quality of legal systems, this evidence is also consistent with theories of capital structure such as agency theory that assign a central role to debt contracts and bankruptcy law (Harris and Raviv, 1991). They find that although a countrys legal environment is an important determinant of debt policy, but it plays a minimal role in common stock policy. They find that firms financing policies are influenced by both their institutional environment and their international operations. They also show that firms can adopt strategies to mitigate the negative effects of the quality of the legal environment in their home country. For instance, firms in civil-law countries have significantly higher concerns for maintaining target debt-to-equity ratios and matching maturity than do their peers in the common-law countries. Further, they find that firms operating internationally have significantly different views than do their peers in several ways. For example, firms that have issued foreign debt or equity in the sample during the last ten years are more concerned about credit ratings. Firm-specific variables that are commonly used in the capital structure literature to explain leverage also explain cross-country differences in managerial rankings of several factors. For example, large firms are less concerned about bankruptcy costs, and high growth firms consider common stock as the cheapest source of funds and use windows of opportunity to issue common stock. These results support the arguement by Rajan and Zingales (1995, 2003), that firms capital structures are the result of a complex interaction of several institutional features as well as firm characteristics in the home country. Their results support that most firms determine their optimal capital structure by trading off factors such as tax advantage of debt, bankruptcy costs, agency costs, and accessibility to external financing. They confirm the conclusions of Titman (2002): Corporate treasurers do occasionally think about the kind of trade-offs between tax savings and financial distress costs that we teach in our corporate finance c lasses. However, since this trade-off does not change much over time, the balancing of the costs and benefits of debt financing that they emphasize much is not MNCs major concern. They spend much more time thinking about changes in market conditions and the implications of these changes on how firms should be financed. Lee and Kwok (1988) examine the impact of international environmental factors on some firm-related capital structure determinants which in turn affect the MNCs overall capital structure. They consider international environmental variables of political risk, international market imperfections, complexity of operations, opportunities for international diversification, foreign exchange risk and local factors of host countries, and test agency costs and bankruptcy costs. They find that MNCs tend to have higher agency costs of debt according to Myers definition than DCs. This finding remained unchanged even when size and industry effects were controlled. Though MNCs app eared to have lower bankruptcy costs than DCs, the difference largely disappeared when the size effect was controlled. Quite contrary to the conventional wisdom, the empirical findings showed that MNCs tended to be less leveraged than DCs. This finding remained even when the size effect was controlled. However, when companies were separated under different industry groups, the results varied significantly. Burgman (1996) directly estimate the effect of foreign exchange risk and political risk on the capital structure of MNCs. Using the foreign tax ratio to classify firms as either MNCs or DCs and controlling for industry and size effects, Burgman finds that MNCs have lower debt ratios and higher agency costs than DCs. Furthermore, international diversification does not appear to lower earnings volatility. To estimate the sensitivity of a firm to foreign exchange risk, Burgman conducts a regression analysis of the stock returns of each sample firm on the returns of an index of U.S . stocks and on the U.S.$:SDR returns. His political risk measure is based on the following ratio: number of low political risk countries to the total number of countries in which the firm operates. Low political risk countries are the top 20 in the country risk rankings provided by Euromoney in 1989. The results of a regression analysis for his sample of MNCs suggest that the debt ratios of these companies are positively related to both risks. Burgman concludes that this evidence is consistent with the hypothesis that MNCs use debt policy as a tool to hedge foreign exchange risk and political risk. Chen et al. (1997) conducted regression analyses to investigate the effect of international activities (as measured by foreign pre-tax income) on capital structure. They report that even after controlling for firm size, agency costs of debt, bankruptcy costs and profitability, the long-term debt ratios of MNCs are lower than those of DCs. However, within their sample of MNCs, debt rat ios increase with the level of international activities. 2.2.4 Segmented capital market A capital market for asset claims is integrated when the opportunity set of investments available to each and every investor is the universe of all possible asset claims. In contrast, a capital market is segmented when certain groups of investors limit their investments to a subset of the universe of all possible asset claims. Such market segmentation can occur because of ignorance about the universe of possible asset claims, or because of transactions costs (brokerage costs, taxes, or information acquisition costs), or because of legal impediments. From an international perspective, market segmentation typically occurs along national borders, a condition wherein investors in each country acquire only domestic asset claims. Grubel, Levy and Sarnat, and Lessard employ a mean-variance portfolio theoretic framework, have stressed the benefits of diversifying investments across national bord ers, namely the pooling of risks that results from investing in projects that are less than perfectly correlated. Subrahmanyam points out that when segmented capital markets are integrated, in addition to the diversification effect (always positive), there is a wealth effect (possibly negative) which arises out of changes in the macro-parameters of the risk-return relationship. For the special cases of quadratic, exponential, and logarithmic utility functions, it can be shown that international capital market integration is Pareto-optimal, that is, the welfare of individuals in the integrated economies will not decline, and will generally improve. The positive effect of an expansion in the opportunity set offsets any negative wealth effect. The market reformed and liberalized in developed economies in the 1970s and emerging economies during the second half of the 1980s led to the removal of many barriers. The deregulation and the development of local equity markets allowed the po ssibility of foreign portfolio investments (FPIs). Overall, FPIs would provide a new source of capital and internationalize the domestic capital markets. Subsequent improvements in risk sharing and risk matching would cause the cost of capital to fall. Errunza and Miller (2000 ) use a sample of 126 firms from 32 countries, document a significant decline of 42% in the cost of capital. In addition, they show the decline is driven by the ability of U.S. investors to span the foreign security prior to cross-listing. The findings support the hypothesis that financial market liberalizations have significant economic benefits. 2.2.5 Interaction between subsidiary and parent financing decisions In segmented markets the parent and its subsidiaries will generally have different valuation objectives and investment-acceptance criteria. Under some conditions these depend on the international financing mix. Decentralization can be optimal in the sense of global maximization, provided that t he parent is unrealistically free, ex-ante, to optimize its percentage ownership in the subsidiaries at the beginning of each planning period. In the case of a two-country firm, the subsidiaries maximands are independent of the parents. But when the parents ownership position is predetermined at a fixed level, as it is normally, the situation is radically different. Market values cannot then be maximized independently and Pareto optimization is required. Michaels (1974) main result is that, unless agreement can be reached on a compensation principle, the joint ventures cost of capital will be indeterminate. In such circumstances optimal financial planning for the MNC as a whole may be impossible. Concluding remarks draw attention to the attendant possibility that the MNC in this case may be unstable and/or inefficient. 2.2.6 The MNCs capital structure decision An MNCs capital structure decision involves the choice of debt versus equity financing within all of its subsidiaries. Thus, its overall capital structure is essentially a combination of all of its subsidiaries capital structures. MNCs recognize the tradeoff between using debt and using equity for financing their operations. The advantages of using debt as opposed to equity vary with corporate characteristics specific to each MNC and specific to the countries where the MNC has established subsidiaries. Madera and Fox (2007) indicate some common firm-specific characteristics that affect the Macs capital structure such as stability of Macs cash flows, Macs credit risk, Macs access to retained earnings, Macs guarantees on debt and Macs agency problems. They also point the unique host country characteristics can influence the MNCs choice of debt versus equity financing and therefore influence the MNCs capital structure. These characteristics include stock restrictions in host countries, interest rates in hose countries, strength of host country currencies, country risk in host countries and tax laws in host countries. 2.3 Risk analysis 2.3.1 Political risk With operations under the jurisdiction of a foreign government the firm is also exposed to political risk, therefore it must estimate the potential costs it will face due to unstable governments, regime change and changes in policies. Political risk may be defined as a particular exposure to risk which depends on the actions of a government, and its assessment or analysis for a MNC is a decision-making tool for investing in foreign countries. Over recent decades, there has been a significant increase in political risk for MNCs. This is true not only for an MNCs operations in developing countries, but also for those in developed countries. Governments have felt the need to respond to various pressure groups aimed at curbing the power of MNCs. For example, oil companies may face unfavourable legislation designed to pay for the damage to environment. Developing countries may have to respond to populist sentiments or worsening economic circumstances by seeking to renege on contracts signed by previous regimes. Another risk area which has grown in recent years has been the strength of fundamentalist religious groups in a number of economically important regions. Shapiro (1999) and Buckley, 2000) argue that government intervention in the economy increases the likelihood of political risk for the MNCs. Proponents of free markets strongly support this view, arguing that government intervention creates a number of inefficiencies in the markets that discourage competition, justify the privilege of state-controlled enterprises, promote unnecessary bureaucracy, and overall stifle initiative. Clark and Marois(1996) and Wilkin (2000) categorise negative political risks as macro and micro risks. Macro political risks are those which affect MNCs in general, whereas micro political risks are those which relate to specific firms in specific countries. Shapiro identifies them as: expropriation; currency an d trade controls; changes in tax and labour laws; regulatory restrictions; and requirements for additional local production( 1996:747). Simons framework includes wider societal issues such as public opinion, alliance shifts, revolutions and coups (quoted in Demirag and Goddard, 1994). Expropriation is generally regarded as the most obvious and extreme form of political risk. The realities of the current global economic climate mean that many countries may not resort to such drastic measures, due to the very unfavourable situation that such an action may create for them in the long term. This could be in the form of international economic isolation and cessation of support from the International Monetary Fund and the World Bank. This support is vital for continued economic progress in developing countries, and any cessation of it may mean an even tougher economic environment for these countries. Before commencing operations an MNC should undertake a dispassionate and careful an alysis of the political risk of operating in the foreign country concerned. Operations in developing countries may require a more thorough analysis of the costs versus benefits, and a large degree of uncertainty may always be present in starting operations in a developing country. This should be weighed against the perceived benefits and calculated returns on investment. It is important for the MNC to take a calculated and educated view of the situation. There is no commercial activity without risk, and a degree of risk will therefore have to be accepted. Some of the important aspects that need to be looked at are: political stability, or degree of acceptable instability; economic factors; savings, development and social stability; government budget deficits; and transparency and openness of the economy. It must also be recognised that recent developments in terrorism risk are bringing a new dimension to political risks. While terrorism in the past may have been identifiable as a county risk, such as the IRA in the UK, Abu Nidal in Israel and the Shining Path in Peru. There is the growth of terrorist groups in the 21st century who are not associated with a specific nation-state or narrow geographical region. The actions of such groups may disrupt a business across a range of activities and locations, rather than simply disrupting operations in a specific country. The most obvious answer when faced with political risk would perhaps be to avoid it completely by deciding not to do business in a particular country, but this has to be balanced against the loss of an opportunity to make a profit, and the more global nature of certain political risks. Given the risks inherent in business generally, it would normally only be the most extreme situations that require avoidance. The decision would most probably be made, on commercial grounds, to accept a degree of political risk and attempt to manage such risk effectively. Political risk, like other risks, may be m anaged by diversification across various territories. Henisz (2000) shows that multinationals face an increasing threat of expropriation if political hazard in the host country increases. However, the degree of risks depends on the strategic behaviour of the multinational, which may partner with host-country firms that have a comparative advantage in interactions with the host-country government. Harms (2002) estimated the impact of financial risk on equity investment flows which includes the sum of FDI and portfolio investment to developing countries. Using a panel data set of 55 developing countries and the period 1987 to 1995, he find that lower financial risk is associated with an increase in FDI and portfolio investment. On the other hand, Egger and Winner (2005), utilize a sample of 73 countries over the period 1995 to 1999 and find a positive linkage between corruption and FDI. In the presence of excessive regulation and other administrative controls, they propose that cor ruption may act as a helping hand to encourage FDI inflows. Recently, several studies have analysed the relationship between fundamental democratic rights and FDI. Using different econometric techniques and periods, Harms and Ursprung (2002), Jensen (2003), and Busse (2004) interpret that multinational corporations are more likely to be attracted where there is democracy. On the other hand, Li and Resnick (2003) argue that competing causal linkages are at work. They find that democratic rights lead to improved property rights protection, which increases foreign investment. Apart from this indirect impact on FDI, increases in democracy may reduce FDI. These studies use pooled time-series analysis, but not all of them account for possible endogeneity of the independent variables while some often focus on very specific indicators such as democratic rights, omitting a broader range of policy-related variables. Busse and Hefeker (2007) explore the linkages among political risk, ins titutions, and foreign direct investment inflows and show that government stability, internal and external conflict, corruption and ethnic tensions, law and order, democratic accountability of government, and quality of bureaucracy are highly significant determinants of foreign investment inflows. 2.3.2 Exchange rate risk In foreign direct investment (FDI), most firms face exchange rate risk because the exchange rate between the home and host currencies might change in the future. When transactions are contractually finalized (transactions exposure), the firms value might change because of the sensitive exchange rate movements (economic exposure). The importance of exchange-rate variability for domestic and international investment flows has been argued quite a lot. In industrialized economies, the presumed effects of exchange-rate variability have influenced the choice of international monetary regimes. The Smithsonian Agreement was discussed in the early 1970s and again a t the time of the Plaza Accord during the mid-1980s. In the early 1990s, the negative implication of variable exchange rates was a theme for designing the Exchange Rate Mechanism (ERM) operable over currencies in the European Monetary System (EMS). The currency crises within the ERM in September 1992 and Spring 1993 refocused attention on the rationale for limiting short-term nominal exchange rate movements and on the validity of arguments that exchange rate variability is costly and dampens real economic activity. Igawa (1983), Cushman (1985, 1988) and Goldberg and Kolstad (1995) examine bilateral FDI flows between the U.S. and a few of developed countries (U.K., France, Germany, Canada and Japan), they find a positive relationship between exchange rate risk and FDI. On the other hand, Kelly and Philippatos (1982) argue that the investments appeal less when the exchange rate risk is greater. Clare (1992, 1998), Benassy-Quere, Fontagne, and Lahreche-Revil (2001) and Brzozowski (2 006) focus on cross-country studies and all find a negative relationship between exchange rate risk and FDI. Benassy-Quere, Fontagne, and Lahreche-Revils (2001) study covers FDI flows from 17 OECD nations to 42 developing countries, finding a negative response to exchange rate risk. Brzozowskis (2006) study covers FDI flows to 32 transition and emerging countries, and shows a relationship not as strong as expected, is still negative. Clares (1992) study covers the FDI flow from the U.S. to 14 developed and 15 developing countries, and finds a strong negative relationship for each set of countries as well as across the entire spectrum of countries. Clark, Hooper and Kohlhagen, Gotur, Cushman (1983, 1988), De Grauwe, Maskus, and others focus on tudies of the effects of exchange rate risk on trade and find that exchange rate risk reduces trade. However, earlier results (Hooper and Kohlhagen) lend little support to this hypothesis; although Cushman (1988) find significant adverse eff ects of exchange rate risk on U.S. trade flows. Pick (1990) analyzes the effects of exchange rate risk on U.S. agricultural exports to ten different countries and estimate a model which incorporates exchange rate risk. but it also shows that exchange rate risk is not always important. His results suggest that the exchange rate risk was not significant in the seven developed markets, but significant to determine U.S. agricultural exports. Anderson and Garcia ( 1989) examine the effects of exchange rate uncertainty on bilateral soybean trade flows and finds that imports for Japan, France, and Spain are sensitive to short-term variations in nominal bilateral exchange rates. 3. Methodology 3.1 Reseach methods and data (not be finished) Here, this dissertation use the second data gathered from the companies and research based on other scholars research. 3.2 The International Capital Asset Pricing Model(ICAPM) Madura and Fox (2007) indicate that the International Capital As set Prcing Model (ICAPM) can be regarded as more formal treatment of the cost of capital elements than mentioned before. This model is an international extension of the Capital Asset Pricing Model (CAPM). The CAPM addresses a single currency area and single financial market where there are no restrictions on financial transactions. The ICAPM extends this analysis to multiple currency areas and multiple financial markets. Both these two models seek to answer the question what discount rate should be applied to the future cash flows of a particular project. Kj = Rf + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²j ( Rm Rf ) Where: Rf = risk free rate of return Rm = market return ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢ = beta of a particular share or a project The application of the CAPM model and the ICAPM model presents considerable practical problems for an MNC. The company first has to find a like project of a similar risk class to identify an appropriate beta. Highly correlated measures of return can produ ce very different betas. There is a problem of meaning. Why a beta is particularly high or low or why it changes is not easy to explain. Selecting the appropriate beta may well not be easy. A final critique is that the model is not complete. The application of the ICAPM or any discount cash flow model does not account for the role of real options in investments. Don’t waste time! Our writers will create an original "What Is Foreign Direct Investment" essay for you Create order