Medicine and Law Essay

On February 11, 2003, the Eighth Circuit Court of Appeals decided that the State of Arkansas could compel death row detainee Charles Laverne Singleton to take antipsychotic medications to make him sufficiently normal to execute. Singleton was to be executed for lawful offense capital homicide yet got crazy while in jail. â€Å"Medicine should recuperate individuals, not set them up for execution; a law that requests that specialists make individuals well with the goal that the administration can murder them is a ludicrous law,† said David Kaczynski, the official chief of New Yorkers Against the Death Penalty. There are numerous contentions in this entry. The principal contention is this section is â€Å"medicine should mend individuals, not set them up for execution†. The reason is â€Å"medicine should mend individuals, not set them up for execution† and the end is â€Å"medicine shouldn’t slaughter people†. The second contention in this section is â€Å"a law that requests that specialists make individuals well so the legislature can kill them in a ridiculous law†. The reason is â€Å"a law that requests that specialists make individuals well to slaughter them† and the end is â€Å"the law is absurd†. This section delineates numerous issues happening in America today. Despite the fact that, the detainee Charles Laverne Singleton was indicted to capital punishment, utilizing specialists and medication to execute him isn't right. Medication was made to recuperate individuals from malady and forestall sickness. Specialists became doctors to help individuals, spare lives, and teach people to build their personal satisfaction. At the point when specialists moved on from clinical school they made a vow to help spare lives. Taking an interest in an execution conflicts with the laws clinical morals and everything a doctor represents. Contentions for this way may incorporate the measure of cash it takes to keep t he prisoner in prison, deadly infusion is a less rough method of execution, and a specialist is the most qualified individual to give a deadly infusion. Despite the fact that, keeping convicts in prison costs a ton of assessment payers’ dollars, there are different approaches to execute the people waiting for capital punishment. The deadly infusion may be less savage in any case; it doesn’t make it the perfect technique to execute. Specialists are the most qualified to give a deadly infusion yet there are not the most qualified to kill. The choice likewise sets jail specialists in a place that challenges morals. Specialists need to ask themselves: Is it better to give care to death row prisoners patients, since everybody merits capable consideration and assurance from pointless misery? Does it corrupt the healingâ profession to utilize one’s clinical aptitudes to set up an individual for execution? The administration needs to murder the people waiting for capit al punishment yet they don’t need to do it without anyone's help. Requesting that a specialist grimy their hands brings about the administration keeping their hands clean. More exploration must be done to discover new techniques to execute these death row convicts. Medication and specialists ought not be the way to execute anybody. The Code of Ethics expresses that a doctor ought to never be â€Å"compelled to take an interest during the time spent building up a prisoner’s capability or be engaged with treatment of an awkward, denounced detainee if such action is in opposition to the physician’s individual beliefs† [9]. On February 11, 2003, the Eighth Circuit Court of Appeals decided that the State of Arkansas could compel death row detainee Charles Laverne Singleton to take antipsychotic medications to make him sufficiently rational to execute. Singleton was to be executed for lawful offense capital homicide however got crazy while in jail. â€Å"Medicine should mend individuals, not set them up for execution; a law that requests that specialists make individuals well with the goal that the administration can slaughter them is a ridiculous law,† said David Kaczynski, the official chief of New Yorkers Against the Death Penalty. There are numerous contentions in this entry. The primary contention is this section is â€Å"medicine should mend individuals, not set them up for execution†. The reason is â€Å"medicine should recuperate individuals, not set them up for execution† and the end is â€Å"medicine shouldn’t slaughter people†. The second contention in this en try is â€Å"a law that requests that specialists make individuals well with the goal that the legislature can kill them in a ridiculous law†. The reason is â€Å"a law that requests that specialists make individuals well to execute them† and the end is â€Å"the law is absurd†. This section delineates numerous issues happening in America today. In spite of the fact that, the detainee Charles Laverne Singleton was indicted to capital punishment, utilizing specialists and medication to execute him isn't right. Medication was made to recuperate individuals from sickness and forestall ailment. Specialists became doctors to help individuals, spare lives, and teach people to expand their personal satisfaction. At the point when specialists moved on from clinical school they made a vow to help spare lives. Taking an interest in an execution conflicts with the laws clinical morals and everything a doctor represents. Contentions for this way may includeâ the measure of cash it takes to keep the prisoner in prison, deadly infusion is a less fierce method of execution, and a specialist is the most qualified individual to give a deadly infusion. Despite the fact that, keeping convicts in prison costs a great deal of assessment payers’ dollars, there are different approaches to execute the people waiting for capital punishment. The deadly infusion may be less brutal be that as it may; it doesn’t make it the perfect strategy to murder. Specialists are the most qualified to give a deadly infusion yet there are not the most qualified to kill. The choice likewise sets jail specialists in a place that challenges morals. Specialists need to ask themselves: Is it better to give care to death row detainees patients, since everybody merits skilled consideration and insurance from superfluous misery? Does it corrupt the recuperating calling to utilize one’s clinical abilities to set up an individual for execution? The administration needs to murder the people waiting for capital punishment however they don’t need to do it without anyone's help. Requesting that a specialist messy their hands brings about the administration keeping their hands clean. More exploration must be done to discover new techniques to execute these death row convicts. Medication and specialists ought not be the way to murder anybody. The Code of Ethics expresses that a doctor ought to never be â€Å"compelled to take part during the time spent building up a prisoner’s skill or be engaged with treatment of an uncouth, denounced detainee if such action is in opposition to the physician’s individual beliefs† [9].

Sociology - Family Relationships - Marriage Essay

Humanism - Family Relationships - Marriage - Essay Example It is both a physical and a psychological need of each person. Individuals need to get hitched so as to build up a solid society where youngsters know who their folks are and the guardians are obligated to satisfy their children’s individual, social and practical needs. This is crucial to the improvement of a dynamic and humanistic culture. Marriage press is conceivably an irregularity between the quantity of ladies and grooms in a specific network. For instance, the African America men will in general wed white American women leaving practically 43% African American ladies between the ages of 30 to 34 years unmarried. (Newsweek refered to in Darleene, 2007). Nonetheless, the ladies of the network will in general limit themselves to African American men due to a few reasons. In this manner, there are a greater number of grooms in the African American people group than ladies. Wedding down is a term used to allude to the situations when a person from a specific social and monetary class will in general wed another from a lower class. Most African American ladies will in general wed down as they for the most part locate no decision however to wed lower class men of their race. A portion of the key factors that assume an unequivocal job in the continuation of marriage are joblessness, absence of trust, absence of adoration and genuineness, misuse (either verbal or physical or both), barrenness, ridiculously exclusive standards and money related trouble. These are the variables that entice the individual accomplices of the couple to separate the marriage when all is said in done. In any case, the most basic factors that choose whether or not a couple will remain wedded are the capacity of both of the two accomplices to bargain, the level of significance they grant to their relationship and the time they take into account the issues to get settled. In the event that a couple is resolved to remain wedded, nothing can obliterate it. Eventually, everything gets settled down and the two begin to discover solace and harmony in their

Presentations Made Simple

Presentations Made SimpleWhen businesses need to present a business to their customers or clients, they should consider PowerPoint presentation services. This will provide them with a way to showcase their products and services to their prospective clients, without the need for any kind of fancy equipment or manpower.Of course, the average business owner might want to present his or her products and services in front of other people. However, this is not usually how businesses do things, because they would rather focus on their own product and service presentation.But, when it comes to the presentations that are actually going to be given to others, there is no need for the business to have a complicated presentation. That is because those who are creating the presentation want it to be simple and easy to understand, so that they can reach their intended audience. This means that the presentation will also be quick and easy to create.What kinds of presentations do PowerPoint presenta tion services provide? The list is truly long, and there are literally hundreds of companies that provide these types of services. For example, you could have a PowerPoint presentation created for you by a company that makes computer software.The goal of any company that is providing these types of services is to make sure that the products and services that a business needs to put on the market are easily understandable by potential customers. In order to accomplish this, they use graphics, animations, audios, and various other types of multimedia to get across the message that is needed. This is typically done using PowerPoint, although other types of presentation services can also be used.PowerPoint presentation services are available to all businesses that are seeking to reach potential customers. This includes organizations that offer all kinds of products and services. Whether you are selling rental homes and apartments, selling cars, renting office space, or marketing service s, you can get the services that you need.Of course, businesses who need such services will want to work with a company that is local, affordable, and provides quality services. This will ensure that the company can reach the best possible people who need the service and will provide them with all the tools necessary to help them succeed.There are a number of different types of presentation services that a business can use. This means that businesses can have one created in minutes that will help to get their message across. With the right presentation services, a business can have all the help that it needs to have a successful marketing campaign.

Management And Maturity Of Income Essay Example Pdf - Free Essay Example

Sample details Pages: 17 Words: 5147 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Financial Economics has made significant progress in asset management, the coordination between firms cash inflows with cash outflows by matching the maturity of income generated by assets with the maturity of interest incurring debts. People now little about the maturity structure of firms assets and liabilities, because willingly obtainable and thorough information regarding a firms liabilities and liabilities like commitment were not easy and time overwhelming to gather in our country, while many papers had explained how imbalances in the maturity period of asset and liability structure could be the main reason of currency and financial crises in the emerging markets, the factors that create such imbalances in the first place have established comparatively little attention so far. The agency costs can be reduced if firms issue short-term debt and, thus, are evaluated periodically. Don’t waste time! Our writers will create an original "Management And Maturity Of Income Essay Example Pdf" essay for you Create order Information asymmetry and conflict between shareholders and debt holders can be intensified in transition economies for three reasons: (i) lack of shareholder and creditor protection owing to the imperfect legal system; (ii) the high level of uncertainty enables firms with overdue debt to switch to high-risk assets, which increases flotation and/or transaction costs; and (iii) the ownership structure of companies in emerging markets creates potentially higher agency costs because managers dominate the board of directors and have comparatively greater control rights (Harvey, Lins and Roper (2004). Smith and Warner (1979) argue that riskier and smaller companies have higher agency related costs because managers of small companies have mutual interests with the shareholders since they are holding a larger proportion of the equity. The managers are interested in increasing the equity value even if doing so reduces the firms total value, behavior that obviously conflicts with the credi tors objectives. The objective of this study was to contribute and filling the gap of maturity mismatch between firms assets and liabilities, and firms can employ to reduce agency costs is to match the duration of assets and liabilities. Study showed theoretically how mismatch may lead to and exacerbate maturity mismatch due to market uncertainty, and how maturity mismatch increased output instability on the non/financial firms. Second, research provided empirical results that support the predictions that firms debt maturity was positively related to maturity of its assets to test this prediction the study made the model which depended on the following variable like debt maturity ratio, asset maturity ratio, market to book value ratio, and firm size. A common recommendation was that a firm would compare the maturity period of its assets to that of its long term liabilities. If long term liabilities had less maturity period with respect to assets, then there may not be sufficie nt cash on hand to pay back the principal when it was outstanding. On the other hand, if debt has a greater maturity period with respect to assets, then cash flows from assets come to an end, whereas debt expenses stay outstanding. Maturity matching could lessen these risks and then structure of corporate hedging that decreases predictable expenditure of financial distress. In a related element, Myers (1977) dispute that maturity matching could control agency conflicts between equity holders and debt holders by ensuring that debt reimbursements were planned to communicate with the reduction in the worth of assets. In a model of this fact, Chang (1989) revealed that maturity matching can reduce organization expenditure of debt financing. Hoven and Mauer (1996) study also reveals well-built support for the standard textbook recommendations that firms should compare the maturity period of their assets to that of their liabilities. Research investigation specified that asset maturity was an important aspect in explaining distinction in debt maturity structure. The sample of firms were taken from non/financial firms listed on the Kse-100 index and their financial data consisting from year 2004 to 2008 and those firms were used to analyze the distinctive financial characteristics. The reasons for choosing non-financial firms because it played significant role in the economy of our country and the measurement of maturity matching of assets and liabilities and reduction in agency cost would help these firms to avoid risks like liquidation and changing in interest rates. For example, if the duration of the maturity of assets was larger than the maturity period of its liabilities, then the maturity structure was at risk to growing interest rates. This was because the higher maturity period assets were more responsive to interest rates than the lower maturity period liabilities. If interest rates go up then the assets were turned down in value more rapidly than the liabilities were. If interest rates remain constant, there may be a deficit in supporting the liabilities. One way to diminish this problem was to rebalance the assets such that the maturity period of the assets were equal to the maturity period of the liabilities, then any interest rate modify has a minor outcome. If in the above case, the asset maturity period was too high, the maturity period must be shortened. This short fall may be achieved by either rebalancing the structure with shorter maturity period assets or by shorting longer maturity period assets, and if the firms debts and debt like obligations are larger then its assets in amount then this mismatch between the maturity period of assets and liabilities can lead it towards liquidation so to keep away from that liquidation the firms should keep up matching between the amount of its assets and liabilities, and companies that have a greater reliance on external finance face a comparatively weaker agency problem. De Ha as and Peeters (2006) agency cost issue can be alleviated by the higher variability of firm value, which can interfere with the firms ability to payoff its obligations. This was a key pattern of the advantage that Non-Financial firms listed on KSE-100 Index can acquire from this study by matching the maturity period of its assets to that of its debts and by reducing the agency cost problem. 1.2 Statement of Problem The objective of my study is to contribute to filling the gap of maturity mismatch between firms assets and liabilities, and the importance of agency cost, which shows theoretically how mismatch may lead to and exacerbate maturity mismatch due to market uncertainty, and how maturity mismatch increases output instability in the Non-Financial firms listed on KSE-100 Index. The purpose of the study is to notice whether the debt maturity structure described by Shah and khan (2005); Myers (1977); Titman (1992); Diamond (1991); Barnea, Haugen, and Senbet (1980); Jalilvand and Harris, (1984); Ozkan, 2000, Yi, 2005 and Whited, (1992); Warner (1979); Hoven and Mauer (1996); Barclay and Smith (1995); Barnea, Haugen, and Senbet (1980, 1985); and Hart and Moore (1995) present the detail regarding the debt maturity structure. The scope of study is to analyze the maturity matching structure between firms assets and liabilities, and agency cost problem. 1.3 Hypotheses H0: There is a posi tive relationship between Debt maturity and asset maturity. H1: There is a positive relationship between Debt maturity and Firm Size. H2: There is an inverse relationship between Debt maturity and Market to Book Ratio. 1.4 Outline of the Study The outline of the study processed as follows. Chapter one based on the introduction of the thesis, which consists of the some introduction of debt maturity structure by different researchers, the statement of problem, scope and objectives hypothesis etc. Chapter two consists of literature review given by different researchers, theories on debt maturity structure, and factors affecting the debt maturity structure. In chapter three, research methods were described, which contained method of data collection, sampling technique, sample size, research model developed, and statistical technique. Chapter four consists on the findings and interpretation of the results which were taken after the data collection process. Chapter five contained the conclusion, discussions, implications, recommendations, and future research. CHAPTER 2 LITERATURE REVIEW The literature included two types of theories about the debt maturity structure: agency cost theory, and maturity matching theory. 2.1 Agency Cost Theory Myers (1977) discussed that risky debt financing caused low investment benefits when a firms investment had chances to look for growth option. Financial Analysts worked to represent equity holders failed to accomplish profitable investment options because risky debt control a part of equity holders incentive in the form of a decrease in the probability of default. Myers represented that low investment benefits can be assured by providing short-term debt to mature before the growth options utilized. The hypothesis was that the firms assets had a greater ratio of growth options were used shorter-term debt. Titman (1992) presented that if growing firms have both the greater chances of bankruptcy and positive future-outlook then got incentive from borrowing short-term debt and going for a constant-rate contract. Briefly, there was an acceptance in the literature that growth (market-to-book ratio of assets) should be inversely correlated to debt maturity in the agency/contracting cos ts perspective. Williamson (1988) firms with more tangible assets should find asset substitution (risk shifting) more difficult, which lowers debt agency costs and thus raises optimal leverage. Hart and Moore (1995) defined the role of long-term debt in controlling managements capability in increasing funds for future projects. It was analyzed that long-term debt may restrict self-interested managers from financing non-profitable investments entails a direct variation of long-term debt with market-to-book ratio. Therefore, the relationship between growth options and debt maturity structure had an experimental issue. Diamond (1991) focused on the relationship between debt maturity and the credit value of a firm. Diamond defined liquidity risk as the risk that a debtor will lose control rents because creditors do not want to refinance, and therefore choose to liquidate the firm. Because short-term debt was seen by Diamond as being debt that matures before the profits of an in vestment were received, it was necessary to refinance short-term debt. For firms with high credit worthiness, the liquidity risk was not relevant. A decreased in credit worthiness did not lead to a crunch of credit to the firm. For this reason, firms with a high credit rating were expected to borrow on the short term. For firms with a medium credit rating, the liquidity risk can be of importance. Firms with a low credit rating also interested to borrow on the long term. Firms with a low credit rating were therefore forced to borrow on the short term. Firms with comparatively greater ratio of future investment opportunities tend to be littler. Barnea, Haugen, and Senbet (1980) found that organization conflicts, similar to Myerss (1977) underinvestment problem, could be restrained by reducing the maturity of debt. Therefore, smaller firms which faced additional harsh agency conflicts than larger well-maintained firms may use shorter-term debt to mitigate these conflicts. In most cases, the issuing costs of a public debt issue were fixed, and these costs were therefore self-determining of the size of the debt. Because public debt has a longer maturity than private debt, a positive relation between the size of a firm and the maturity of debt was proposed. However, those reasoning did not apply to small unlisted firms, because these firms make very little use of public debt. The present study also included leverage and industry affiliation as determinants of debt maturity. Arguably, larger firms have lower asymmetric information and agency problems, higher tangible assets relative to future investment opportunities, and thus, easier access to long-term debt markets. The reasons why small firms were forced to use short-term debt include higher failure rates and the lack of economies of scale in raising long-term public debt. It was further argued that larger firms tend to use more long-term debt due to firms remaining financial needs (Jalilvand and Harris, 1984). Agency problems (risk shifting, claim dilution) between shareholders and lenders may be particularly severe for small firms. Then, bondholders attempt to control the risk of lending to small firms by restricting the length of debt maturity. Large (small) firms, thus expected to had more long (short)-term debt in capital structure. Consequently, these arguments imply a positive relationship between firm size and debt maturity. It was widely accepted by the current literature that larger firms have lower agency costs of the debt (Ozkan, 2000, Yi, 2005 and Whited, 1992), because these larger firms were believed to have an easier access to capital markets (firms can more easily overcome the transaction costs) and a stronger negotiation power (firms have a stronger position in the debt negotiation than smaller firms). Hence both these arguments favor larger firms for issuing more long-term debt compared to smaller firms. In addition to it Smith and Warner (1979) argued that sma ller firms were more likely to face higher agency costs in terms of a conflict of the interest between shareholders and debt holders. Hoven and Mauer (1996) found out only little evidence for the agency cost aspect that debt maturity used to restrict the conflicts of interest between share holders and debt holders. Although smaller firms in the sample lead to used short term debt, findings also suggested that firms with big amounts of growth options have small leverage, and hence small to moderate incentive of debt maturity structure to reduce the conflicts of interest above the utilization of those options. Barclay and Smith (1995 ) test of the determinants of corporate debt maturity accepted the hypothesis that firms with greater growth choices in investment opportunity sets issued large amount of short-term debt. Study also found that firms issue large amount of long-term debt. The findings were robust to surrogate measures of the investment opportunity set. Technique as we ll propose to growth options in the firms investment opportunities be key in discussing both the time-series and cross-sectional fluctuation in the firms maturity structure. Study also supported strong relationship among firm size and debt maturity: superior firms issue a considerably bigger proportion of long-term debt. This was uniformed with the observance that small firms dependent more heavily on bank debt that traditionally had shorter maturity than public debt. Smaller firms had large growth options, which were indicating to employ shorter-term debt to reduce the agency conflicts; these indications assume debt as uncertain. Though, the capital structure theory suggested that these firms employ moderate amounts of leverage to mitigate the risk of financial loss. As such, firms with low leverage and low chances of financial loss would likely be unbiased to employ debt maturity structure to restrict agency conflicts, all other matters remain constant. Agency cost theory also proposed that smaller to medium size firms have relatively higher agency costs because the possible divergence of risk shifting and reducing the concentration between equity holders and managers (Smith and Warner, 1979). To overcome the issue and to control the agency cost short-term debts were recommended Barnea, Haugen, and Senbet (1980, 1985). The large constant flotation cost of constant securities comparative to the small size of the firm had an additional barrier that stops all small firms access to the capital market. Smith (1986) argues that managers of regulated firms have less discretion over investment decisions, which reduces debt agency costs and increases optimal leverage. Shah and khan (2005) evidenced the blended support for the agency cost, Study findings showed that smaller firms employ more shorter term debt then longer term debt; even there was no evidence that growing firms employ more of short-term debt as assumed by (Myers, 1977) that debt maturity varies i nversely to proxies for firms growth options in investment opportunities, The implication of firm size variable also verify the information asymmetry hypothesis, established it costly to access capital market for long term liabilities. 2.2 Maturity Matching Theory A frequent recommendation in the literature discussed that a firm should go with the maturity structure of its assets to that of its debt. Maturity matching can concentrate these threats and thus a structure of corporate hedging that decreased projected expenses of financial suffering. In a related element, Myers (1977) explained that maturity matching could control agency conflicts between equity holders and debt holders by ensuring that debt repayments had planned to match up with the decrease in the worth of assets in place. At the closing stages of an assets life, the firm encountered a reinvestment judgment. Concerning to debt that matures at that time assists to restore the suitable investment benefits as soon as new investments were needed. Though, this analysis specifies that the maturity of a firms assets did not the only determinant of its debt maturity. Its growth options play a vital role as well. Chang (1989) revealed that maturity matching could reduce organization ex penses of debt financing. Stohs and Maurer (1996) and Morris (1976) argued that a firm can face risk of not having sufficient cash in case the maturity of the debt had shorter than the maturity of the assets or even vice versa in case the maturity of the debt was greater than asset maturity (the cash flow from assets necessary for the debt repayment terminates). Following these arguments, the maturity matching principle belongs to the determinants of the corporate debt maturity structure. Emery (2001) argued that firms avoid the term premium by matching the maturity of firms liabilities and assets. Hart and Moore (1994) confirmed matching principle by showing that slower asset depreciation means longer debt maturity. Therefore, this study expected a positive relationship between debt maturity and asset maturity. Gapenski (1999) differentiated two strategies of maturity matching namely the accounting and financing approach. The accounting approach considers the assets as curren t and fixed ones and calls for the financing of the current assets by short-term liabilities and of the fixed assets by long-term liabilities and equity. The financing approach considers the assets as permanent and temporary. In these terms the fixed assets were definitely permanent ones and some stable part of the fluctuating current assets was also taken as permanent. This approach then suggests financing the permanent assets by long-term funds (long-term liabilities and equity) and temporary assets by short-term liabilities. Consequently, the financing approach generally employs ceteris paribus more long-term liabilities than the accounting approach does. Firms also consider asset maturity as an essential determinant of the debt structure. In contrast, companies that have a greater reliance on external finance face a comparatively weaker agency problem. The related agency costs are lower because the higher income variability of these firms erodes their capacity to cover their int erest and credit payments. Hoven and Mauer (1996) come across with well-built support for the regular textbook recommendations that firms should compare the maturity period of firms liabilities to that of firms assets. Study results were indicating asset maturity a key aspect in discussing instability in debt maturity structure. Shah and khan (2005) found unambiguous support for maturity matching hypothesis. Study findings reveal that the fixed assets vary directly with debt maturity structure. Myers (1977) argues that maturity matching of firm assets and liabilities can also partially serve as a tool for mitigation of the underinvestment problem, which was discussed in the agency costs theory section. Here the maturity matching principle ensures that the debt repayments should be due according to the decrease of the asset worth. Comparing maturities as an effort to list debt repayments to match up with the decrease in expected worth of assets now in place. Gapenski (199 9) differentiates two strategies of maturity matching namely the accounting and financing approach. The accounting approach considers the assets as current and fixed ones and calls for the financing of the current assets by short-term liabilities and of the fixed assets by long-term liabilities and equity. The financing approach considers the assets as permanent and temporary. In these terms the fixed assets are definitely permanent ones and some stable part of the fluctuating current assets is also taken as permanent. This approach then suggests financing the permanent assets by long-term funds (long-term liabilities and equity) and temporary assets by short-term liabilities. Consequently, the financing approach generally employs ceteris paribus more long-term liabilities than the accounting approach does. The financing approach (borrowing more on long-term basis) brings more stable interest costs than the accounting approach; but as the yield curve is usually upward sloped, the financing approach is also more costly. The financing approach versus accounting approach decision making is thus a classical risk return trade-off relationship. In praxis, the corporate commonly favor the accounting approach before the finance approach, the same holds for our consideration of maturity matching for the empirical evidence of the debt maturity structure. Based on these Maturity matching arguments, we will consider the impact of balance sheet liquidity immunization on the corporate debt maturity structure. The financing approach compared with accounting approach decision making had a classical risk return trade-off relationship. In praxis, the corporate commonly favor the accounting approach before the finance approach, the same holds for our consideration of maturity matching for the empirical evidence of the debt maturity structure. Based on these Maturity matching arguments, this study considered the impact of balance sheet liquidity immunization on the corporat e debt maturity structure. Guedes and Opler (1996) stated that the mean of estimation of asset maturity did not appear to be vary much between firms, those issue debt (term of one to nine years) and firms that issued debt up to twenty nine years term. But firms that issue debt for greater than thirty years term had assets with significantly long lives. Assumptions expect that firms will compare the maturity of assets and liabilities show that partially correct. Morris (1976) argues that such a strategy allows firms to decrease uncertainty both over interest costs over the assets life as well as over the net income that will be derived from the assets. (Emery (2001) the higher the term premium, the stronger should be the firms incentive for maturity matching. CHAPTER: 3 RESEARCH METHODS 3.1 Method of Data Collection Secondary data is comprised on non-financial firms listed on KSE-100 Index for year 2003-2008, collected from the different sources i.e. Karachi Stock M arket, Balance sheet analysis report published by State Bank of Pakistan and other internet sources. The data is comprised on following variables: Dependent variable Debt Maturity Independent Variables Asset Maturity, Firm Size, Market to Book Ratio, 3.2 Sampling Technique Procedure All the non-financial firms listed on the Karachi stock Exchange KSE-100 index selected for the purpose of conducting the research study. 3.3 Sample Size Sample for this study has been taken from Balance Sheet Analysis of non-financial companies listed on the Karachi Stock Exchange (2003-2008), a publication of Statistics Department of State Bank of Pakistan. The book contains six years data of balance sheets and income statements of non financial firms. 3.4 Research Model Developed Following model was determined the impact of different variables on the debt maturity and to test the hypothesis that the variables that impact on debt maturity were studied in this thesis, like: Asset Maturity, Firm Size, and Market to Book Ratio, by using multiple linear regression. DEBMAT = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± + ASSETMAT (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1) + SIZE (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2) + MV/BV (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¼ Where DEBMAT is Firms Debt Maturity (Debt maturing more then one year / Total Debt) ASSETMAT is Firms Asset maturity (Fixed Assets / Depreciation) SIZE is Firm Size (Log (natural) of total assets) MV/BV is Market-to- Book Ratio (Market value of firms assets / Book Value of firms assets)  µ is error term ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± is the Constant 3.5 Statistical Technique After collecting the data from the selected population, it was analyzed by using SPSS software to study the impact of independent variables on the dependent variables. The statistical technique Multiple Linear Regression was used to identify the variables that impact the debt maturity. CHAPTER: 4 RESULTS 4.1 FINDINGS AND INTERPRETATION OF THE RESULT: Multiple linear regression technique applied through SPPS software by using the Enter method, which is highly recommended for this type of analysis. Following results appeared: TABLE 1: MODEL SUMMARY FOR DEBT MATURITY Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate Durbin- Watson 1 .624 .389 .336 .16521 1.884 A. Predictors: (Constant), ln_assmt, ln_mkttobv, FIRM size B. Dependent Variable: sqrt_dema This table displays R, R squared, adjusted R squared, the standard error, and Durbin- Watson. R, the multiple correlation coefficients, is the correlation between the observed and predicted values of the dependent variable. Larger values of R indicate stronger relationships. R squared showed the percentage of deviation in the dependent variable explained by the regression model. Small values specify that the model did not in shape with the data well. Dependent variable (Debt maturity) and two independent variables (asset maturity, and market to book value ratio) were transformed to make the data normally distributed. It shows that 38.9 % variation in dependent variable (square root of debt maturity) was due to independent variables (log of asset maturity, firm size, and log of market to book value ratio). TABLE 3: ANOVA FOR DEBT MATURITY ANOVA Model Sum of Squares df Mean Square F Sig. 1 Regression .592 3 .197 7.228 .001* Residual .928 34 .027 Total 1.520 37 A. Predictors: (Constant), ln_assmt, ln_mkttobv, FIRM size B. Dependent Variable: sqrt_dema This table summarizes the results of an analysis of variance. If the significance value of the F statistic is small (smaller than say 0.05) then the independent variables did a fine work to clarify the deviation in the dependent variable. If the significance value of F is greater than 0.05 then the independent variables didnt clarify the deviation in the dependent variable. In this model the significance value of the F statistic is less then 0.05, thus the independent variables did a fine work to clarify the deviation in the dependent variable. TABLE 5: COEFFICIENT FOR DEBT MATURITY Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF Model 1 (Constant) -.733 .301 -2.434 .020 ln_assmt .266 .065 .559 4.063 .000 .948 1.055 FIRM size .041 .020 .288 2.097 .043 .954 1.048 ln_mkttobv -.055 .042 -.180 -1.311 .198 .957 1.045 EQUATION: Sqrt_dema = -0.733 + 0.266*ln_assmt + 0.041* Firm size 0.055*ln_mkttobv +  µ In this model square root of Debt Maturity was the dependant variable and the independent variables include Asset Maturity, Firm Size, and Market to Book Ratio,  µ is the error term. If debt maturity changed by 1 unit then asset maturity increased by 0.266, firm size increased by 0.041, and market to book value ratio decreased by 0.055. 4.2 HYPOTHESES ASSESMENT SUMMARY The hypotheses of the study were distinctive financial characteristics have significant impact on debt maturity. These financial characteristics were asset maturity, firm size, and market to book value ratio. In this study each the financial characteristic tested and concluded the results. TABLE 4.3 : Hypotheses Assessment Summary S.NO. Hypotheses R Square Coefficients SIG. 0.05 RESULT H1 There is a positive relationship between Debt maturity and asset maturity. 0.389 0.266 0.000 Accepted H2 There is a positive relationship between Debt maturity and Firm Size. 0.389 0.041 0.043 Accepted H3 There is an inverse relationship between Debt maturity and Market to Book Ratio. 0.389 -0.055 0.198 Accepted Chapter 5 DISCUSSIONS, IMPLICATIONS, FUTURE RESEARCH AND CONCLUSIONS In this study, multiple linear regression analysis is exercised to examine data collected from listed Pakistani non-financial firms for period 2003-08. Regression analysis is used to measure the long term debt used by firms. Debt maturity is taken as a dependent variable in the study where as asset maturity, firm size, and market to book value ratio are independent variables to measure their effect on debt maturity. 5.1 Conclusion The study concludes that the most important variables are debt maturity, and asset maturity. According to this study, these variables are most important in the prediction/ anticipation of maturity structure of firms asset and liabilities. According to study, asset maturity is very important for the model to predict the debt maturity structure. Asset maturity is positively related to debt maturity. This study confirmed matching principle by showing that slower asset depreciation means longer debt maturity. These results were also supported by Hart and Moore (1994). Firm size is also one of the important variables for this study. This study found out only little evidence for the agency cost aspect that debt maturity used to restrict the conflicts of interest between share holders and debt holders, these results were matching with the study conducted by Hoven and Mauer (1996). These results were varied in various countries, because there have been difference in environments and circum stances and firms make decision accordingly, it also showed that smaller firms employ more shorter term debt then longer term debt, which was supported by Shah and khan (2005). There was an acceptance of growth (market-to-book ratio of assets) should be inversely correlated to debt maturity in the agency/contracting costs perspective in this study, these results were supported by Titman (1992). 5.2 Discussion All variables were considered to be in line with the literature, however, based on regression coefficients shown by many variables along with dependency problem, the final model comprised of independent variables; asset maturity, and firm size had significant value of less than 0.05 which suggests that these variables have significant impact on the debt maturity of non-financial firms listed on KSE-100 index. On the other hand, results also revealed that market to book value ratio had significant value greater than 0.05 therefore it may not necessarily lead to an impact on non-financial firms listed on KSE-100 index. 5.3 Implications and Recommendations This research was limited to the non-financial firms listed on Karachi Stock Exchange. The data taken from 58 firms are taken through various sectors for the year 2003-08. It was suggested that such type of study should be carried out in other countries of Asia as well, as to have comprehensive idea about the debt maturity structure. Moreover, it is also suggested that other factors except ones examined in this study should be researched as to have perfect idea about the debt maturity structure. Besides that, this study can also be replicated in other developing countries. Reference Jose Guedes and Tim Opler The Determinants of the Maturity of Corporate Debt Issues The Journal of Finance, Vol. 51, No. 5 (Dec., 1996), pp. 1809-1833 Andreas Stephan, Oleksandr Talavera, and Andriy Tsapin (2008) Corporate Debt Maturity Choice in Transition Financial Markets Working Paper No.4/03 Harvey, C.R, Lins, K.V, and Roper, A.H (2004). The effect of capital structure when expected agency costs are extreme Journal of Financial Economic 74(1), 3-30. Attaullah Shah Shahid Ali Khan (2004) Empirical Investigation of Debt-Maturity Structure: Evidence from Pakistan Faculty member Institute of Management Sciences, Peshawar Mark Hoven Stohs and David C. Mauer The Determinants of Corporate Debt Maturity Structure The Journal of Business, Vol. 69, No. 3 (Jul., 1996), pp. 279-312 Michael J. Barclay and Clifford W. Smith, Jr. The Maturity Structure of Corporate Debt The Journal of Finance, Vol. 50, No. 2 (Jun., 1995), pp, 609-631. Williamson, 0, 1988, Corporate Finance and Corporate Governance Journal of Finance, 43, 567-591. Myers, S.C. (1977). Determinants of corporate borrowing Journal of Financial Economics 5 (November): 147-75 Hart, Oliver, and John Moore, (1995) Debt and seniority: An analysis of the role of hard claims in constraining management American Economic Review 85, 567-585. Smith, C, W, Jr, and Warner, J.B, (1979) On financial contracting: An analysis of bond covenants Journal of Financial Economics 7 (June):117-61. Diamond, Douglas W. (1991) Debt maturity structure and liquidity risk Quarterly Journal of Economics 106, 709-737. Chang, C, 1989. Debt maturity structure and bankruptcy Working paper, Minneapolis: University of Minnesota. Kim, C.S Mauer, D.C, and Stohs, M. Hoven. (1995). Corporate debt maturity policy and investor tax-timing options: Theory and evidence Financial Management 24 (spring): 33-45. De Haas, R, and Peeters, M, (2006). The dynamic adjustment towards target capital structures of firms in transition economies Economics of Transition 14(1), 133-169. Barclay, M.J, and Smith, C.W, Jr. (1995). The maturity structure of corporate debt Journal of Finance 50 (June): 609-31. Titman, S, and Wessels, R, (1988). The determinants of capital structure choice Journal of Finance 43 (March): 1-19. Gapenski, L. C. (1999): Debt-Maturity Structure Should Match Risk Preferences Healthcare Financial Management, December 1999, pp. 56-59,

A Brief Look at Bullying and Cyberbullying - 2704 Words

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The Characters Of Stapleton And The Joker - 978 Words

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Strategic Audit

Question: Discuss the strategic issues of the organization Zara. Answer: Summary of SWOT The selected company, i.e. Zara is a powerful brand with its marketing presence in the major countries as part of the major continents like America, Asia, Europe, and Africa. Therefore, the company faces high level of burden in meeting the various needs of its customers from different segments in order to retain the leading position in the fashion industry. The significant strength of the company depends on the prompt response of Zara regarding the designing process through the internal chain of operations (Cooperet al. 2016). Zara uses to design and manufacture new products according to the market demands and supply them to its various departmental stores in the multiple geographical locations within two weeks. Therefore, the promptness of the internal operations of the company is known to be one of the major strengths for facilitating the growth of Zara within the identified market. However, the company face challenges in terms of gaining competitive advantage in different countrie s as part of its international market (Sandbergand Mena2015). The particular constraint is faced by the company in the process of maintaining the flexibility in prices of its products due to the involvement of high shipping costs. As a result, the company is unable to supply the significant volume of products to the low cost countries. Nonetheless, as a devastating retailer in the world, Zara can apply its innovative strategies to counter the challenges and cope up with the latest trends of manufacturing and distribution process. Identification and Evaluation of Four Corporate or Business Level Strategies Four of the major strategies applied by the company are outlined in the following paragraphs: Cost leadership strategy In the designing process of the business, Zara has adopted an haute couture process with the aim of minimizing the costs and maintaining the high fashion at the same time (Fink2013). The particular trend of the fashion world is largely maintained by the designing process of the company by using the less expensive fabrics. The effectiveness of the certain cost leadership strategy is based on the small quantity of production of each category of design. With the help of the identified process, Zara can effectively determine which specific design should need to be produced to a larger volume. Alternatively, the company can cut the production process of identified design at any time promptly. Single Business Strategy The business strategy of Zara is based on the production of clothing products, as 95% revenue of the company comes from the clothing accessories (Hill, Jones and Schilling (2014). Apart from that, the business model of the company is constantly focusing on diversifying the business products to capture expanded markets (Stuberet al. 2013). The business strategy of Zara is focusing on the development of products apart from the clothing items. For an example, the participation of Zara can be observed in the home furnishing under the brand name of Zara Home. It contributes 2.3% of the total revenue of the company (Pinkhasovand Nair2014). By looking at the scenario, it can be stated that Zara should need to emphasise more on the areas other than the fashion manufacturing process. Transformational strategy The strategies developed by Zara are highly focused on achieving efficient regarding both global and regional responsiveness. From the analysis of the internal operations Zara, the company can avail more flexibility in terms of designing and moving products from the production centre to the department stores (Stacket al. 2014). The particular process provides benefits to the company through the vertical integration of its business strategy. Due to the proposed application, the possible transformation of the corporate strategy is observed, as it helps Zara responding to the local changes related to the customer preference. Additionally, the significant feedbacks of the customers are directly forwarded by the company to its massive designing team through the application of its transformation strategy. Business model innovation Innovation is an integral part of developing the corporate strategy by the chief level executives of Zara. According to Sorescuet al. (2012), the retail business model should need to comprise three critical elements such as format, governance, and activities. Effectively maintained business model helps the retailers to develop strategic options to include innovation in the corporate strategies comprehensively (Pinkhasovand Nair2014). Zara has fruitfully maintained the three mentioned elements in its strategies throughout its operating period to achieve success within the transformational market. For an example, technologic advancements of different regions determine the application of different format of activities for the company within the chosen industry. Moreover, different activities of Zara in the number of countries reflect unique cultural implications. Zara understands the vast range of difference between governance and quality structures in the var ious international levels to conduct significant strategic analysis for entering the new markets. Identifying at least three significant strategic issues that Zara faces As the business world is adopting the digital marketing marketers rather prefer to rely on the digital marketing campaigns. Likewise, the organization Zara has gained an enormous popularity after adopting the digital marketing strategies. However, the organization has to deal with some strategic issues that may appear to be serious challenge to the organization. While considering the internal strategies of the organization, it has been identified that most of the stores of Zara are located in Europe, which is making the organization vulnerable to anything that could cause disruption in the region. The strategic issues faced by the Zara can be categorized while developing the marketing approaches. The competitors are in the rush of reducing their lead-time. It has been observed that customers decision to buy the products depend on the personal state. It has been identified that Zara has implemented different marketing strategies from the initial phase; however, the implemented strategies are not to advertise through the traditional media. One of the major issues found in the marketing strategies adopted by Zara is the pricing policy. In response to the aggressive pricing strategies of the competitors, the organization Zara set high price for the products. The organization Zara has been implementing competitive pricing strategies. Therefore, due to the high price of the products, the organization may lose its customers. In addition, due to the economic uncertainty in the economy, the people in European countries may not afford the price for the products. Furthermore, it can also be added that the fashion industry in UK has been dynamic. The competitor determined to change their marketing strategies on a regular basis. Likewise, the entry of the new organization is also considered as the big threat for Zara. In order to resolve this particular issue, the organization has implemented the diversification marketing strategy(He 2012).However, the implementation of this strategy has not been effective, as the organization did not experience any growth in the business. As mentioned by Willemset al. (2012), almost 90% of Zaras sales revenue usually come from their clothing business despite having home furnishing under the brand Zara Home. In addition, Zara seeks to achieve both global efficiency as well as responses from the local environment. In this context, Hill, Jones and Schilling (2014) added that Zara has more flexibility than its competitors with respect to the moving the products designing stage to the store shelf. Thus, to respond to the local customer preference, Zara tends to transmit the feedbacks directly to its design team in Span facilitated by the information technology. Nevertheless, the customers in European countries have not shown much interest in buying the products as the price for the products are comparatively high. Although, the organization has focused on the quality of the products, the pricing is one of the major factors in the countries that have unstable economic environment. On the contrary, it has also been identified that the competitors such as HM, Forever 21 and Uniqlo may harm the business of Zara in respect to the customer loyalty (Garrigos-Simon, LapiedraAlcam and Barber Ribera 2012). Recommendation and Conclusion In order to deal with the above discussed strategic issues, the organization Zara could apply cost leadership strategy, which could help to reduce the price of the products and act as the low cost producer in the industry for a particular level of quality. The organization could sell the products at average industry price to gain profit higher than the competitors in the market or they could sell the products below the average industry price to increase the market share globally. Furthermore, it can also be added that in the event of the price war, Zara could maintain some profitability leaving the extent of competition behind. Conversely, without the price war, if the industry matures and the price of the products could decrease. Thus, it can be mentioned that if the organization could sell the product at the cheapest price, they will remain profitable for long time. As the cost leadership strategy is usually effective in broad market, Zara could implement the strategies in the Euro pean market. Some other ways that Zara could implement such as acquiring the cost advantages by developing the process efficiencies and deriving the unique access to a wide source of lower cos materials through optimal outsourcing. However, in order to adopt the cost leadership strategies, the organization needs to have effective distribution channels. Reference list: Cooper, Z., Koritsanszky, L.A., Cauley, C.E., Frydman, J.L., Bernacki, R.E., Mosenthal, A.C., Gawande, A.A. and Block, S.D., 2016. Recommendations for best communication practices to facilitate goal-concordant care for seriously ill older patients with emergency surgical conditions.Annals of surgery,263(1), pp.1-6. Fink, C., 2013. The Triumph of the Dark: European International History, 19331939. By Zara Steiner. Oxford: Oxford University Press. 2011. Pp. xiv+ 1222. Cloth $65.00. ISBN 978-0199212002.Central European History,46(02), pp.437-439. Garrigos-Simon, F.J., LapiedraAlcam, R. and Barber Ribera, T., 2012. Social networks and Web 3.0: their impact on the management and marketing of organizations. Management Decision, 50(10), pp.1880-1890. He, N., 2012. 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