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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. DonÃ¢â¬â¢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 ½ÃâÃ ± + ASSETMAT (ÃÆ'Ã ½ÃâÃ ²1) + SIZE (ÃÆ'Ã ½ÃâÃ ²2) + MV/BV (ÃÆ'Ã ½ÃâÃ ²3) + ÃÆ'Ã ½ÃâÃ 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) ÃâÃ µ is error term ÃÆ'Ã ½ÃâÃ ± 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 + ÃâÃ 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, ÃâÃ 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,
Thursday, May 14, 2020
Research Paper: Bullying Bullying can be found almost everywhere; in homes, on the internet, and especially in schools. Students of lesser abilities or non-conformists can essentially be main targets; however, anyone is vulnerable to a bullyÃ¢â¬â¢s wrath. Although the common lunch thief threat has been the general association with the word bully, that term has unfortunately evolved and become apart of the violent side of our culture today. All too often students feel the need to Ã¢â¬Å"disappearÃ¢â¬ or escape leading to destructive decisions such as suicide, substance abuse, or depression (Kowalski 6). Today the causes of bullying are involved with social differences such as sexual orientation, physical appearance, ethnicity, or insecurities. For the past few years bullying has gradually increased in the US, and of course worldwide because of the internetÃ¢â¬â¢s growing diverse locations and servers. Statistics show that Ã¢â¬Å"A total of 29.9% of the sample reported moderate or frequent involvement in bullying, as a bully (13.3%), one who was bullied (10.6%), or both (6.3%)Ã¢â¬ (NIH Public Access). Forms of bullying include through a computer screen also known as cyberbullying and through physical confrontation leading students to experience symptoms of depression which could also provoke deeper personal issues. Cyberbullying has come across society through social media sites as well as personal opinion. Children are now breaking the norm of traditional confrontation and dunking heads in toiletsShow MoreRelatedAdvantages And Disadvantages Of Social Media Essay1714 Words Ã |Ã 7 Pagesmore children and adolescents can develop a preference for online communication instead of face-to-face interactions. Additionally, because of social mediaÃ¢â¬â¢s use by young people, social media is not as safe as it once was with the new oncoming of cyberbullying and online predators. 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There are multiple reasons as to why it affects our community, such as lower grades, job stability, cyberbullying, sexting, and it can harm college admission. I have known a family friend that has experienced social networking in a horrible way, which has messed with his dreams and life goals. Social networking has a negative influence on our lives, causing many various problems in our community. Social networks are internetRead MoreCelebrity Cyberbullying, The Lack Of Privacy And Impulsive Paparazzi2189 Words Ã |Ã 9 Pagesliving their dreams.Ã¢â¬ The intention of this piece is to address the main factors that play a role in celebrity meltdowns and provide a solution to combat them. The main factors are celebrity cyberbullying, the lack of privacy and inconsiderate paparazzi. LetÃ¢â¬â¢s begin with the issue of celebrity cyberbullying. Celebrities Read Mean Tweets is a hit segment that airs on Jimmy Kimmel Live, with view counts in the double digit millions. The segment shows celebrities embracing criticism, disrespect andRead MoreSocial Media: Twitter Essay example1341 Words Ã |Ã 6 PagesIndividuals around the globe use Twitter for numerous reasons from streaming live new information, local trends, and the hottest topics. Cyber bullying also happens on twitter. Cyber bullying is the use of cell phones, instant messaging, e-mail, chat rooms or social networking sites such as Facebook and Twitter to harass, threaten or intimidate someone. Cyber bullying is often done by children, who have increasingly early access to these technologies (Rouse, Margaret). If a person is being cyber bulliedRead MoreThe Effect of Wireless Communication on Society Essay1407 Words Ã |Ã 6 Pagesconversation (Ã¢â¬Å"Are SmartphonesÃ¢â¬ ). And as if bullying was not already a major concern, by the reason of wireless technology a new form of bullying has arisen. ItÃ¢â¬â¢s called cyberbullying. Cyberbullying is bullying that takes place using electronic technology. Examples of cyberbullying include mean text messages or emails, rumors sent by email or posted on social networking sites, and embarrassing pictures, videos, websites, or fake profiles (Cyberbullying).Society can thank smartphones for the lackRead MoreSocial Media And Its Effects On Society1597 Words Ã |Ã 7 Pagesconvince their fan base a person should look to be considered Ã¢â¬Å"attractive.Ã¢â¬ Social media changes Ã¢â¬Å"public opinionÃ¢â¬ and users slowly and subconsciously become accustomed to those regulations. Social networking opens the door to many negative influences, and creates the opportunity for said influences to appear as positive within a society. In addition, social networking sites provide an outlet for cyber-suicide. Cyber-suicide is any suicide as a result of cyberbullying. Ã¢â¬Å"A Public Health PerspectiveÃ¢â¬ byRead MoreSocial Media And Its Effects On Society1703 Words Ã |Ã 7 Pagesa mainstream activity, that does not make common behavior the correct behavior. Ã¢â¬Å"Behaviors[sic] such as attempting to attract more followers about your life.Ã¢â¬ (Fishwick, 2016). Users today are more willing to participate in activities such as cyberbullying, or activities that could potentially harm others or themselves mentally or physically. Getting praise and compliments from strangers, who couldnÃ¢â¬â¢t care any less about another userÃ¢â¬â¢s well-being, are more important than their own well-being. BlindlyRead MoreBullying And A Child s Confidence And Outlook On Life3867 Words Ã |Ã 16 PagesShazia Sheikh 16 May 2015 Sociology 121 Bullying in Elementary Schools It is no secret that children begin to absorb what they are presented with very early on in their childhood. Any form of abuse during the elementary school years can be particularly harmful to a childÃ¢â¬â¢s confidence and outlook on life because it is when they are learning and growing their social circles the most. This is a serious matter and can result in the dropping of grades, long-term withdrawal from relationships and selfRead MoreIs Social Networking Bad For Teenagers?1421 Words Ã |Ã 6 Pagestheir everyday lives in which it is causing sleep deprivation, anxiety, obesity, and more. Teenagers do not realize how much they harming themselves physically, emotionally, and mentally. Ã¢â¬Å"Teenagers suffer from Facebook depression, sexting, and cyberbullying, which are threats.Ã¢â¬ Ã¢â¬Å"Other problems from social networking so much is obesity, Internet addiction, and sleep deprivation are issued for teenagers.Ã¢â¬ (Ramasubbu, 2015). I feel as if teenagers shouldnÃ¢â¬â¢t be using social networking because they can
Wednesday, May 6, 2020
One wears a sleek, purple suit, while the other wears a dirty, grey suit. Even though both characters are wearing a suit, it is necessary to look in between the lines at the diction that the author uses to build characterization. The man that wears the sleek, purple suit is the Joker from the many productions in which he existed, and the man that wears the dirty, grey suit is Stapleton, from The Hound of the Baskervilles. Stapleton and the Joker may be extremely contradistant, but they both share one affinity, the evilness that rushes through their blood. In their books and movies, Stapleton and the Joker are the main villains, which makes them very related. By looking at both of the creatorsÃ¢â¬â¢ imagery, it is clear that the Joker andÃ¢â¬ ¦show more contentÃ¢â¬ ¦Stapleton does not support the crimes that Stapleton does, so much that she wrote, Ã¢â¬Å"As you value your life or your reason, keep away from the moor.Ã¢â¬ (43). The matron was trying to keep Sir Henry Baskerville away from Baskerville hall, and away from the death that faced him. Stapleton and the Joker are similar and diverse because of their corresponding heroes. The JokerÃ¢â¬â¢s opponent is Batman. He is an immortal being, and usually catches the Joker at the end of whatever the crime is. Also, when the Joker does a crime, Batman usually knows that the Joker was the one who did it, mostly because he is such a vicious person. Nonetheless, Stapleton is able to hide in plain sight the fact that he murdered Sir Charles Baskerville, with his charming appearance. Stapleton was hiding his crimes by admitting, Ã¢â¬Å" Ã¢â¬ËI had a school, Ã¢â¬Ë said stapleton. Ã¢â¬ËIt was in the north country. The work to a man of my temperament was mechanical and uninteresting, but the privilege of living with youth, of helping to mould those young minds, and of impressing them with oneÃ¢â¬â¢s own character and ideals was very dear to me. Ã¢â¬Ë Ã¢â¬Å" (103). Stapleton seems so nice and sympathetic , so much that he made a school, so it was hard for his opponent, Sherlock Holmes, to find out that he, out of all men, was the killer. Although The Joker and Stapleton are different, their personalities share one main connection, that they both are surprisingly vain. The Joker thinks highly of himself, as well as his
Tuesday, May 5, 2020
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. How to Maintain Sustainable Competitive Advantages-----Case Study on the Evolution of Organizational Strategic Management. International Journal of Business Administration, 3(5), p.45. Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning. Pinkhasov, M. and Nair, R.J., 2014. The strengths and weaknesses of luxury. InReal Luxury(pp. 28-55). Palgrave Macmillan UK. Sandberg, E. and Mena, C., 2015. Exploring strategic strengths and weaknesses of retail purchasing groups.The International Review of Retail, Distribution and Consumer Research,25(3), pp.276-297. Stack, R.J., Llewellyn, Z., Deighton, C., Kiely, P., Mallen, C.D. and Raza, K., 2014. General practitioners perspectives on campaigns to promote rapid help-seeking behaviour at the onset of rheumatoid arthritis.Scandinavian journal of primary health care,32(1), pp.37-43. Stuber, K., Bruno, P., Kristmanson, K. and Ali, Z., 2013. Dietary supplement recommendations by Saskatchewan chiropractors: results of an online survey.Chiropractic manual therapies,21(1), p.1.
Saturday, April 11, 2020
Beowulf scene: Beowulfs funeral Imagine having a leader, a superhero who is unbeatable, slays all the enemies in his land and his victory and heroic acts travels from territories to territories and even reaches the noble ears of the king who seeks his esteemed strength to fight evil and dragons. Unbelievable, isnÃ¢â¬â¢t it? But true, that is how Beowulf the great superhero and leader of the Geats was and his loss was felt by all no wonder his funeral which will be discussed below was an exceptional event where funeral rites and culture was not followed because he was simply not an ordinary person even in his death. The largest and hottest fire ever built in Geat and from the imported pyre wood is blazing on the barrow. The wailing and mourning of their great leader from the Geatish people is louder than the winds, even the men who are warriors are lamenting their great loss. The roaring of the fire together with all the heat and smoke it is emitting that no one seems to notice or even care about is a clear sign that the death is all that matters to them right now and giving their all for the best funeral is all that matters at the moment. No one seems to care about the noise that is a combination of wailing, mourning, lamenting and talking all at the same time. All this is going on concurrently with the funeral pile preparation. The funeral pile is surrounded by war clothes and items like helmets, battle shields that are made from strong wood and even bright corselets in honor of the great war hero BeowulfÃ whose death after a long battle with the dragon and killing it has made it more superhuman. As the smoke rises towards the heavens, there are talks of what a great leader Beowulf was and how evil death is to take him away from them after bearing over fifty winters being their leader (Haley, 105). The barrow is surrounded with a beacon and it continues to rise as people of Geat surround it with an adornment of war garments, jewels (made of gold to indicate wealth, dignity and importance of the dead) and even circlets. Most of the jewels and circlets being used to surround the barrow is from the slain dragon that the men rolled over the cliff. A wall is being built by the men and it is surrounding the flames of the fire. They want the final outcome to look like a promontory that people far away in the sea can view it and acknowledge the leadership and death of Beowulf. The barrow is complete now and the mourning continues. There are twelve men who are said to be offspring of the noblemen and they are now riding round the barrow lamenting and mourning their king. Some of them are narrating great stories of his heroic acts and courageous prowess in the battlefield. The praise is now taking over the lamenting and mourning and most people are now just praising him and his kindest to his people and his mildest with his men. The sadness in the air as the Geatish people pay their last respect to their king with the mourning and lamenting even by some of the noble and strong men is an indication of the magnitude of their loss. Work Cited Haley, Albert. Beowulf. Massachusetts: Branden Books, 1978. So When Are You Buying Your Essay? Students who decide to buy essays online timely when they need help and canÃ¢â¬â¢t do it themselves make a wise decision. Right decision made at the right time can save you a lot of tension, as well as your grade. Get professional help now.
Tuesday, March 10, 2020
Summer Law School Reading List for 1Ls If you enjoy reading and would like suggestions for legal-themed books before you begin your first year, youÃ¢â¬â¢ll find a summer law school reading list for 1Ls below. If you want to check out some other reading list suggestions, check out these lists from the ABA: Ã TheÃ 25 Greatest Law Novels EverÃ and Ã 30 Lawyers Pick 30 Books Every Lawyer Should Read.Ã Sometimes before law school it can be fun to get excited about the law. And what better way to do that then reading some quality fiction and non-fiction. This list wont necessarily make you an excellent law student, but it will get you excited about the law and also entertain you while you are relaxing over the summer.Ã But before we dive into the list of things to read this summer, a note on what not to read law school textbooks and supplements. Trust me, you will have plenty of time to read them in law school. I wouldnt worry about the substantive law during your pre-law summer. Instead, think about working on the skills needed toÃ make you the best law student you can be.Ã Legal FictionÃ The Paper ChaseÃ by John Jay Osborn Jr.Ã This book, which is also a well-known legal film, follows the story of James Heart who attends Harvard Law School. You will watch him struggle in class, study for exams and fall in love. (Little known fact, the author is now a law professor himself. I have taken his class and he is not as intimidating as Prof. Kingsfield in the book!) Billy BuddÃ by Herman MelvilleBilly Budd is about a sailor on a British Warship. But, when he is falsely accused of mutiny he strikes back, killing another person on the ship. He is tried at sea and the book takes you through the case.Ã To Kill a Mockingbird by Harper LeeOne of my favorite-all-time books. The book highlights Atticus Finch who is a lawyer that has inspired new lawyers and law students for generations. If you didnt read it in school, pick up a copy today (or watch the movie which is also excellent).Ã The Firm by John GrishamÃ Mitch McDeere is recruited as a high paid associate at a l aw firm, but he learns he is actually working for a crime family. If you would rather, you can also check out the movie. A Time to KillÃ by John GrishamIf you are interested in the death penalty, you might enjoy this book. This is John Grishams first novel and many think his best. There is also a movie if you would rather have a movie night.Ã Presumed Innocent byÃ Scott TurowThis is Turows first novel about a prosecutor accused of murdering his colleague. There is political intrigue, legal maneuvering and a quality ending.Ã Defending JacobÃ by William LandayÃ The author is a prosecutor-turned-novelist. He takes the transcript of a trial and turns it into a very riveting story (which is not an easy thing to do). I actually listened to it as a book-on-take during a road trip and I thought the story was excellent!Ã Non-FictionÃ A Civil Action by Jonathan HarrThe book discusses a toxic tort case in Massachusetts and gives you a window into how this type of litigation works. You might have also seen the move about this case too. Becoming Justice BlackmunÃ by Linda GreenhouseThis book discusses the mysterious world of the Supreme Court. Ã One L by Scott TurowA well known account of a first year law student at Harvard Law. I will warn you, it might stress you out about your 1L experience. You have been warned (and really, 1L year isnt that bad).Ã Personal History by Katharine GrahamÃ Not necessarily about the law, but if you are interested in the press and freedom of the press, you will be interested in the later chapters of this book.Ã My Beloved World by Sonia SotomayorÃ This is a nice read about Justice Sotomayor of the United States Supreme Court. Her book is honest and interesting for those just beginning their law schoolÃ Mindset by Carol DweckÃ Ã¢â¬â¹This is a fantastic book that ha s nothing to do with law school, but also everything to do with law school. This book teaches you about two different mindsets. One that can really help you be successful in law school and one that will stand in your way of success. Which one will you choose?
Saturday, February 22, 2020
Employment Law-- Report Part2 - Case Study Example In some countries (such as Canada), employment laws related to unionised workplaces are differentiated from those relating to particular individuals. In most countries however, no such distinction is made. The labour movement has been instrumental in the enacting of laws protecting labour rights in the 19th and 20th centuries." 1 "In this case the EAT held that nurses providing a telephone service from their own homes at night were working throughout the night, even though they were able to do as they wished and might be asleep between telephone calls. The employees provided emergency nursing cover for nursing homes through a booking service that was staffed by qualified nurses 24 hours a day. During the day the service was provided from various offices but at night it was provided by nurses working from their homes. The Inland Revenue NMW Compliance Team served an enforcement notice on the employer. The Employment Tribunal considered that there was essentially no difference between the day workers and the night workers, except that the night workers worked from home. The Tribunal therefore concluded that the nurses were working for the whole of their night shift. The EAT upheld the decision of the Tribunal. ... ies approached their mutual obligations and the way remuneration was calculated; and the extent to which the period during which work was performed was ascertainable. The fact that the nurses were remunerated according to a shift system illustrated the nature of the obligation, since the employer would not be expected to pay them for time when they were not working. The EAT considered that the nurses' situation was different from that of other home workers because they could not choose the periods of time during the night when they answered the telephone calls. The continuing obligation to hold themselves ready to answer the telephone throughout the night was an important element in considering which periods of time constituted work. The main issue was what was to be regarded as their "actual work". The EAT emphasised that the task is to look at all the facts of the case, rather than trying to apply a general rule or categorise the nature of the work involved." 01 Further more detailed description of type and work of National Minimum Wage Compliance Team is as Follows: "The National Minimum Wage Compliance Team is an arm of the Inland Revenue charged with the task of enforcing the minimum wage with extensive powers to bring infringing employers to the Tribunal. It has had a remarkable track record of success with well selected and well prepared cases. The result is greater compliance with the NMW, more money for workers and more tax and NI revenue for the Treasury. British Nursing Association -v- Inland Revenue ( National Minimum Wage Compliance Team ) concerned workers who operated a telephone booking service for a bank nurse agency. During the day the service was conducted from the employer's premises, but the night shift worked from their homes. The calls