Henrik Ibsen s A Doll s House - 1005 Words

Readers of Henrik Ibsen work will notice he tends to incorporate everyday problems into his work. Ibsen use of everyday problem gives audience better insight to better relate to his plays, and reflect upon their own situations which would also make his plays believable. Ibsen would make his endings occasionally open-ended. Ibsen would do this, so audience members could think for themselves. It would be up to the crowd’s own interpretation on how the characters would continue life. In The English Review article â€Å"A New World for Women† writer Stephanie Forward claims â€Å"Henrik Ibsen’s Plays were staged as part of a privately subsidized feminist experimental project†. Which brings the topic of Henrik Ibsen’s play â€Å"A Doll’s House†. Ibsen’s stage†¦show more content†¦The Nanny abandoned her child in order to financially take care of herself. Mrs. Linde is a representation of Nora’s yearning for freedom. M rs. Linde search for a job represents how she is trying to begin a new life for herself. During Mrs. Linde marriage to her deceased husband, she felt as if she was being controlled. Mrs. Linde lost her ambition because she was busy taking care of other people in her family. Nora tries to sympathize with Mrs. Linde by telling her about the situation with her husband and how they were once poor. While talking Nora begins to let it slip that in order to get out of debt she received the money illegally. Nora never told her secret to her husband and it is not revealed who she owns this debt to until later. The person to whom she owes the debt to is Krogstad. All the other characters are oblivious to Krogstad motives for being at the Helmer’s house except Nora. Krogstad threatens to tell the truth, and displays how he is also controlling Nora as a doll. Krogstad, however, is not an evil person as he sympathizes with Nora by pointing out â€Å"Even money-lenders, / hacks, well, a man like me, /can have a little of what you call feeling, / you know.† (101-105). Krogstad reasoning for wanting to blackmail Nora is, so he can keep his job. Krogstad purpose is not to achieve a higher social status rather, his primary goal is to make sure his family is financially safe. Nora was going to ask Dr. Rank for money until he professed his loveShow MoreRelatedHenrik Ibsen s A Doll House1563 Words   |  7 Pages In the play, A Doll House by Henrik Ibsen, the title itself symbolizes the dependent and degraded role of the wife within traditional marriages. Ibsen portrayed the generous nature root into women by society, as well as the significant action of this nature, and lastly the need for them to find their own voice in a world ruled by men. Ibsen wrote this play in 1879, this is the era where women were obedient to men, tend the children until their husband came home, and stood by the Cult of DomesticityRead MoreA Doll s House By Henrik Ibsen1717 Words   |  7 Pagesâ€Å"A Doll, a Partner, and a Change† Social movement of women liberation toward equal rights and independence has been a big subject in human history. It happens not only in Europe but also all over the world. Though making progress, this movement has been advancing slowly and encountered backslashes from time to time. Maybe there is something deeply hidden which the society has not figured out yet, even women themselves. What do women want, freedom or good life? Most of the time, they are notRead MoreA Doll s House By Henrik Ibsen1291 Words   |  6 Pages A Doll s House by Henrik Ibsen, is a play that has been written to withstand all time. In this play Ibsen highlights the importance of women’s rights. During the time period of the play these rights were neglected. Ibsen depicts the role of the woman was to stay at home, raise the children and attend to her husband during the 19th century. Nora is the woman in A Doll House who plays is portrayed as a victim. Michael Meyers said of Henrik Ibsen s plays: The common denominator in many of IbsenRead MoreA Doll s House By Henrik Ibsen1288 Words   |  6 Pages Henrik Ibsen’s A Doll’s House is based in the Victorian society of the 19th century. It assesses the many struggles and hardships that women faced because of marriage â€Å"laws† that were crucial during that time period. The society was male- dominated with no equality. Nora is the protagonist in A Doll’s House and the wife of a man named Torvald. This play is about Nora’s voyage to recognizing her self- determination and independence. She transforms from a traditional, reserved woman to a new, independentRead MoreA Doll s House By Henrik Ibsen1298 Words   |  6 Pagesâ€Å"There is beauty in truth, even if it s painful. Those who lie, twist life so that it looks tasty to the lazy, brilliant to the ignorant, and powerful to the weak. But lies only strengthen our defects. They don t teach anything, help anything, fix anything or cure anything. Nor do they develop one s character, one s mind, one s heart or one s soul.† (Josà © N. Harris). Nora Helmer’s choice to lie and deceive is inappropriate and wrong for women to do to her husband during this time period; itRead MoreA Doll s House By Henrik Ibsen1037 Words   |  5 PagesHenrik Ibsen s A Doll s House is a work of literature genius. This three-act play involves many literary technics that are undermined by the average reader such as the fact that the plot shows the main characters Torvald and his wife Nora live the perfect life. An ironic paradox based around the fact that Nora and Torvald’s relationship is the complete opposite of perfect. Also, bringing upon a conflict as well, appearance versus reality. These little hidden meanings within stories are what areRead MoreA Doll s House : Henrik Ibsen962 Words   |  4 PagesDrama Analysis A Doll’s House (Henrik Ibsen) And Trifles (Susan Glaspell) In comparing both dramas, the overwhelming aspect of convergence between both is the open discussion of gender identity. Both dramas make similar points about what it means to be a woman. Modern society in both dramas is constructed with men holding power over women. This is seen in Trifles in how men like George Henderson and Mr. Hale are myopic. The premise of the drama is how women worry over trifles, and the dismissiveRead MoreA Doll s House By Henrik Ibsen1421 Words   |  6 PagesIn A Doll’s House, Henrik Ibsen examines conventional roles of men and women in the nineteenth century. In the play, Nora exemplifies the conventional feminine standard during that period. She seems to be powerless and confines herself through high standard expectations, demonstrating what the role of a women would be as a wife and mother. The protagonist of A Doll’s House is a woman named Nora Helmer. Ibsen shows how Nora’s design of perfect life gradually transforms when her sec ret unravels. InRead MoreA Doll s House By Henrik Ibsen876 Words   |  4 PagesA Doll’s House by Henrik Ibsen A Doll’s House takes place in the home of Torvald and Nora Helmer. Through conversation with Nora’s good friend Kristine Linde it is revealed that Mr. Helmer was ill around the same time Nora’s father died. Luckily Nora’s father left her enough money that Torvald and Nora could go on a life saving trip to Italy. But the truth comes out when we find out Nora’s father did not leave her a penny. We find out that Nora got a hold of the money through a loan but she signedRead MoreHenrik Ibsen s A Doll House Essay1501 Words   |  7 PagesHenrik Ibsen’s play â€Å"A Doll House† was set in the Victorian era, a time where women were highly respected. Women in this time period did not work, they had nannies to take care of their children and maids to take care of their homes. Many women had no real responsibilities, they spent their time having tea parties and socializing with their friends. Henrik Ibsen dared to show the realism of the Vict orian era while everyone else would only focus on the romantic aspect. In the play, â€Å"A Doll House†

Mayor Schells Zero Homeless Family Pledge - 1240 Words

Contents Abstract: 2 Introduction: 2 Policy Choices: 2 Pre Implementation and Design Strategies 4 Steps Taken to Reengineer the Program 4 Importance of Conducting Assessments Prior to Implementation 5 References: 6 Abstract: The paper discusses Mayors Schells zero homeless family pledge. Mayor Schell was determined to eliminate the homelessness in Seattle when he became the mayor in 1998, to achieve his mission he and his team came up with some strategies and restructuring which are discussed in the paper. Introduction: Mayor Paul Schell was committed to end the homelessness problems in Seattle. He requested the city council to provide him adequate support in his pursuit to end the homelessness of children, women and families. In 1998 in his press conference he mentioned his desire to satisfy the needs of the homeless children, women and families. He knew that he required emergency assistance. K. Oldham mentioned in his paper Homeless in Seattle, that the mayor took a firm pledge that the homelessness will end by Christmas and to assist him Alan Painter, the director of the service of the community division, held a key role in the planning and strategy formulation. (K. Oldham, 1999) He collaborated with the Mayor to address this issue however he was deeply concerned that the complete focus on homeless people by the Mayor would affect the other issues which would be neglected as a result. Policy Choices: Making policy in such a dynamicShow MoreRelatedPad 500 Assignment 31608 Words   |  7 Pages†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...†¦.3 Mayor Schell’s Policy Choices†¦..†¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦....4 Mayor Schell’s Pre-Implementation and Design Strategies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..............5 Reengineering the Program†¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦...†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.....†¦.†¦.6 Conducting Assessments.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..8 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦10 Abstract This assignment is about Mayor Paul Schell’s pledge for homeless families in Seattle, Washington. Mayor Schell on June 2, 1998 spoke to the press and pledge that there willRead MoreProgram Reenginerring Essay1071 Words   |  5 Pagesunemployment is on the rise. As a result of these factors, homeless has been an issue for many years. Every city and city leaders try to come up with a solution to the problem. A lot of politicians use this issue as a platform in their campaign On June 2nd, 1998, Mayor Paul Schell spoke to the press about the needs of homeless families, women and children. He asked for the City Council’s support in providing â€Å"immediate emergency assistance to homeless families and single women, a critical step in providing lastingRead MoreThe Concept of Program Reengineering1198 Words   |  5 PagesAdministration May 20, 2012 Analyze four (4) policy choices of Mayor Schell that were made as part of the strategy for the homeless. In 1998, Mayor Paul Schell spoke to the press about the needs of homeless families, women and children. He asked City Council to support providing immediate emergency assistance to homeless families and single women. He also made a firm pledge that by Christmas 1998, there would be no homeless families or homeless single women on the streets of Seattle. Seattle citizens

Term Paper of Dbbl Free Essays

Introduction: To finance their investments firms use retained earnings, new borrowings or the issue of stock. The financing decision involves i) dividend and ii) the capital structure. Dividend policy involves the decision to pay out earnings versus retaining them for reinvestment in the firm, and dividend policy decisions can have either favorable or unfavorable effects on the price of a firm’s stock. We will write a custom essay sample on Term Paper of Dbbl or any similar topic only for you Order Now Cash distributions are made to stockholders form the firm’s earnings, whether those earnings were generated in the current period or in previous periods. Origin of the Report: During this semester of Summer 2010 in MBA program of East West University, we are required to submit a term paper in the course Corporate Finance: â€Å"An Appraisal of Dividend Policy and Capital Structure of An Organization†. We have chosen PRAN for our term project. Objectives of the Report: The general objective is to prepare and submit the term project within specified time by having an idea and over viewing the PRAN, their Dividend Policy and their Capital Structure. Scope of the Report: The scope is limited to over viewing PRAN their dividend policy and the Capital Structure they have adopted for their organization. Limitations of the Study: Secondary data were used in this study as result it may differ from actual data. As a group, we have also faced some difficulties in compiling and discussing it due to unavailability of all members at the same time. The absence of solid and verse knowledge about dividend policy is absent and we have taken it as an addition in our learning curve. Methodology: The report is originated from secondary data sources- 1. The Company’s Annual Report 2. DES website 3. Different Articles from Internet 4. Other related websites Company Profile PRAN: PRAN stands for Programme for Rural Advancement Nationally. â€Å"PRAN† is currently the most well known household name among the millions of people in Bangladesh and abroad also. Since its inception in 1980, PRAN Group has grown up in stature and became the largest fruit and vegetable processor in Bangladesh. It also has the distinction of achieving prestigious certificate like ISO 9001:2000, and being the largest exporter of processed agro products with compliance of HALAL HACCP to more than 70 countries from Bangladesh. PRAN is the pioneer in Bangladesh to be involved in contract farming and procures raw material directly from the farmers and processes through state of the art machinery at our several factories into hygienically packed food and drinks products. The brand â€Å"PRAN† has established itself in every category of food and beverage industry and can boost a product range from Juices, Carbonated Drinks, Confectionery, Snacks, and Spices to even Dairy products. Today, our consumers not only value â€Å"PRAN† for its authentic refreshing juice drinks products, but also for its mouth watering quality confectionery products with high visual appeal and exciting texture. We intend to expand our presence to every corner of the world and strive to make â€Å"PRAN† a truly international brand to be recognized globally. The authorized capital of PRAN is BDT 50,000,000 and paid up capital is BDT 8,000,000. The proportion is given below: |Share Percentage | |Director /Sponsor |Govt. Institute |Foreign |Public | |42. 75% |0% |1. 27% |0% |55. 98% | [pic] Dividends: Dividend is that part of the profits of a company which is distributed amongst its shareholders. According to ICAI, â€Å"Dividend is a distribution to shareholders out of profits or reserves available for this purpose. † In other words we can say that a corporation makes Dividend payments to its shareholder. It is the portion of corporate profits paid out to its stockhol ders. When a corporation earns a profit at the end of a financial year, that profit can be uses by two different ways: it can either be re-invested in the business or it can be paid to the shareholders as a dividend. Many corporations retain a portion of their earnings and pay the remainder as a dividend. Dividend Policy and Stock Value: There are various theories that try to explain the relationship of a firm’s dividend policy and common stock value. Dividend policy is the policy a company uses to decide how much it will pay out to shareholders in dividends. A firm has different options to deal with its earnings. It can give all their earnings as dividend or it can retain all its earnings as retained earnings. The firm can also declare a portion of its earnings as dividend and can retain other portion as retained earnings. Dividends may be in the form of cash or stock. Most secure and stable companies offer dividends to their stockholders. Their share prices might not move much, but the dividend attempts to make up for this. High-growth companies  rarely offer dividends because all of their profits are reinvested to help sustain  higher-than-average  growth. Dividend Relevance Theory: The value of a firm is affected by its dividend policy – the optimal dividend policy is the one that maximize the firm’s value. Optimal Dividend Policy: Proponents believe that there is a dividend policy that strikes a balance between current dividends and future growth that maximizes the firm’s stock price. Dividend Irrelevance Theory: The theory states that a firm’s dividend policy has no effect on either its value or its cost of capital. Bird-in-the-Hand Theory: It states that dividends are relevant. Remember that total return (k) is equal to dividend yield plus capital gains. Myron Gordon and John Linter took this equation and assumed that k would decrease as a company’s payout increased. As such, as a company increases its payout ratio, investors become concerned that the company’s future capital gains will dissipate since the retained earnings that the company reinvests into the business will be less. Gordon and Linter argued that investors value dividends more than capital gains when making decisions related to stocks. In this theory â€Å"the bird in the hand’ is referring to dividends and â€Å"the bush† is referring to capital gains. The traditional argument in favour of dividend is the idea that dividends reduce risk because they bring shareholders’ cash inflows forward. Although shareholders can create their own dividends by selling part of their holdings, this entails trading costs, which are saved when the firm pays dividends. The risk reduction or bird in the hand argument is associated with Graham and Dodd (1951) and with Gordon (1959) and it is often defended as follows. By paying dividends the firm brings forward cash inflows to shareholders, thereby reducing the uncertainty associated with future cash flows. In terms of the discounted dividend equation of firm value, the idea is that the required rate of return demanded by investors (the discount rate) increases with the plough-back ratio. Although the increased earnings retention brings about higher expected future dividend, this additional dividend stream is more than offset by the increase in the discount rate. This argument overlooks the fact that the risk of the firm is determined by its investment decisions and not by how these are financed. The required rate of return is influenced by the risk of the investments and should not change if these are financed from retained earnings rather than from the proceeds of new equity issues. As noted by Easterbrook (1984), in spite of paying dividends the firm does not withdraw from risky investments, thus the risk is merely transferred to new investors. Reasons for Paying Dividends: 1. Clientele Effect: The investors in your company like dividends. 2. The Signaling Story: Dividends can be signals to the market that you believe that you have good cash flow prospects in the future. 3. The Wealth Appropriation Story: Dividends are one way of transferring wealth from lenders to equity investors (this is good for equity investors but bad for lenders) Types of Dividend Policies: 1. Constant-Payout-Ratio: Constant-Payout-Ratio is a dividend policy based on the payment of a certain percentage of earnings to owners in each dividend period. The problem with this policy is that if the firm’s earnings drop or if a loss occur, the dividend may low or nonexistent. 2. Regular Dividend Policy: Regular Dividend Policy is a dividend policy based on the payment of fixed amount of dividend in each period. It provides the owners with positive information, thereby minimizing their uncertainty. 3. Low Regular and Extra Dividend Policy: Low regular and Extra Dividend Policy refers to a dividend policy based on paying low regular dividend, supplemented by additional dividend when earnings are higher than normal in a given period. Nature of Dividend Decision The dividend decision of the firm is crucial for the finance manager because it determines: 1. The amount of profit to be distributed among the shareholders, and 2. The amount of profit to be retained in the firm. There is a reciprocal relationship between cash dividends and retained earnings. While taking the dividend decision the management take into account the effect of the decision on the maximization of shareholders’ wealth. Maximizing the market value of shares is the objective. Dividend pay out or retention is guided by this objective. Factors Affecting Dividend Policy: A. External Factors B. Internal Factors A. External Factors Affecting Dividend Policy 1. General State of Economy: In case of uncertain economic and business conditions, the management may like to retain whole or large part of earnings to build up reserves to absorb future shocks. In the period of depression the management may also retain a large part of its earnings to preserve the firm’s liquidity position. In periods of prosperity the management may not be liberal in dividend payments because of availability of larger profitable investment opportunities. In periods of inflation, the management may retain large portion of earnings to finance replacement of obsolete machines. 2. State of Capital Market: Favorable Market: liberal dividend policy. Unfavorable market: Conservative dividend policy. 3. Legal Restrictions: Companies Act has laid down various restrictions regarding the declaration of dividend: Dividends can only be paid out of: Current or past profits of the company. A company cannot declare dividends unless: It has provided for present as well as all arrears of depreciation. Certain percentage of net profits has been transferred to the reserve of the company. Past-accumulated profits can be used for declaration of dividends only as per the rules framed by the Central Government 4. Contractual Restrictions: Lenders sometimes may put restrictions on the dividend payments to protect their interests (especially when the firm is experiencing liquidity problems) B. Internal Factors affecting dividend decisions 1. Desire of the Shareholders: Though the directors decide the rate of dividend, it is always at the interest of the shareholders. Shareholders expect two types of returns: [i] Capital Gains: i. e. , an increase in the market value of shares. [ii] Dividends: regular return on their investment. Cautious investors look for dividends because, [i] It reduces uncertainty (capital gains are uncertain). [ii] Indication of financial strength of the company. [iii] Need for income: Some invest in shares so as to get regular income to meet their living expenses. . Financial Needs of the Company: If the company has profitable projects and it is costly to raise funds, it may decide to retain the earnings. 3. Nature of earnings: A company, which has stable earnings, can afford to have a higher divided payout ratio 4. Desire to retain the control of management: Additional public issue of share will dilute the control of management. 5. Liquidity position : Payment of dividend results in cash outflow. A company may have adequate earning but it may not have sufficient funds to pay dividends. Apprising Dividend Policy of PRAN: Year |NI |EPS |Dividend Per |Dividend Payout Ratio | | |(in Millions) | |Share | | |2000 |33. 76 |42. 20% |20. 00% |47. 39% | |2001 |41. 99 |52. 49% |20. 00% |38. 10% | |2002 |43. 41 |54. 26% |25. 00% |46. 07% | |2003 |44. 39 |55. 49% |24. 00% |43. 25% | |2004 |40. 31 |50. 39% |24. 00% |47. 3% | |2005 |40. 77 |50. 96% |26. 00% |51. 02% | |2006 |28. 95 |36. 19% |26. 00% |71. 84% | |2007 |29. 33 |36. 66% |26. 00% |70. 92% | |2008 |35. 95 |44. 94% |28. 00% |62. 31% | |2009 |39. 97 |49. 96% |29. 00% |58. 05% | Table: 1 From the table 1 we see that in 2000 and 2001 PRAN have paid a cash dividend of BDT 20 per share in 2000 and 2001; in 2002 the dividend payment was BDT 25 per share. In 2003 to 2004 and 2005 to 2007 they have paid a cash dividend of BDT 24 and BDT 26 per share respectively. In the year 2008 and 2009 the cash dividend per share was BDT 28 and 29 respectively. Here we see that the dividend has increased in last two year, although the Net Income of the company decreased. However the EPS has also increased during the last two years and the same pattern can be seen in the Market Price of the share. [pic] Figure: 1 From figure 1 we can say that the dividend payment of the PRAN is certain and stable, regardless with earnings. As we see that despite of a drop in the earning in the year 2006 and 2007 the company maintained a constant cash dividend payment which is BDT 26 per Share and when the earnings increased in the year 2008 and 2009 the Dividend payment also increased. [pic] Figure: 2 The Dividend payout ratio indicates the percentage of each unit earned that a firm distributes to the owners in form of cash |Dividend Payout Ratio |= |Dividend Per Share | | | |Earnings Per Share | If we look at the figure 2 we see that to maintain a steady dividend payment per share each year they had to make a huge payment out of the Net Income. In 2006 and 2007 the dividend payout ratio was above 70% and in 2008 and 2009 it was above 58%. According to the Regular Dividend Policy the payment of the dividend is a fixed amount in each period. The Regular Dividend Policy also tries to establish to pay out a certain percentage of earnings, however it tries to stabilize the dividend by pay out a certain amount of dividend and it adjusts the dividend towards the target payout as proven earnings increases. In short we can say that PRAN is following the Regular Dividend Policy Constrains of Regular Dividend Policy: If we have a look at the figure 1 we see that the earnings of PRAN fluctuates year to year for this Regular dividend policy may sometimes prove dangerous. Once a company adopts the regular dividend policy, any adverse change in the dividend payment may result in serious damage regarding the financial standing of the company in the mind of the investors. The same problem is been experienced by PRAN despite of a drop in the earnings that they had to maintain the same amount of dividend. Appropriate type of Dividend Policy: A Stock market tends to be very efficient in the allocation of capital to its highest-value users. That market also helps increase savings and investment, which are essential for economic development. An equity market, by allowing diversification across a variety of assets, helps reduce the risk the investors must bear, thus reducing the cost of capital, which in turn spurs investment and economic growth. However, volatility and market efficiency are two important features which will ultimately determine the effectiveness of the stock market in economic development. In contrast to that the stock market of Bangladesh which is informationally inefficient, investors face difficulty in choosing the optimal investment as information on corporate performance is slow or less available. The resulting uncertainty induce investors either to withdraw from the market until this uncertainty is resolved or discourage them to invest funds for long term. Moreover, most of the time it is seen that investors are not rewarded for taking on higher risk by investing in the stock market, or excess volatility weakens investor’s confidence as a result they people avoid investing their savings in the stock market. Due to the imperfect market and the uncertainty of return the investors always aim for short term investment as a result they prefer dividend rather maximizing the firm’s wealth. The regular dividend policy, which ensures a fixed amount of dividend to be paid to the investor regardless to the company’s income during the period, helps to reduce the uncertainly for the investors. For this the Regular Dividend Policy is the appropriate for PRAN. Year |Net Asset Value Per |EPS |Dividend Per Share |Bonus Share |Market Price Per | | |Share | | | |Share | |2000 |258. 39 |42. 20% |20. 00% |- |416. 50 | |2001 |284. 60 |52. 49% |20. 00% |- |370. 00 | |2002 |312. 82 |54. 26% |25. 00% |- |366. 00 | |2003 |343. 9 |55. 49% |24. 00% |- |412. 00 | |2004 |362. 27 |50. 39% |24. 00% |- |523. 50 | |2005 |386. 55 |50. 96% |26. 00% |- |519. 25 | |2006 |396. 11 |36. 19% |26. 00% |- |386. 00 | |2007 |383. 91 |36. 66% |26. 00% |- |382. 63 | |2008 |428. 9 |44. 94% |28. 00% |- |1142. 00 | |2009 | 449. 96 |49. 96% |29. 00% |- |1363. 00 | Net Asset Per Share Vs. Market Value Per Share: Table: 2 From the table 2 we can say that PRAN has never issued any Bonus shares from 2000 to 2009. However they have maintained a steady dividend payment that shows a positive slope. The market price is very fluctuating in 2005 the MV was 519. 25 but in 2006 it went down to 386. 00, in 2007 it was 382. 63 but in 2008 the MV was 1142. 00. [pic] Figure: 2 From the figure 2 we see that till 2007 the Share Market Price and the Net Asset Value Per share is very close however from 2008 the difference between the Market Price and Net Asset value per Share increased despite of a drop in the Net Income. In the year 2008 and 2009 the corporation has paid a cash dividend of BDT 28 and 29 per share respectively and the EPS in 2008 was 44. 94% and in 2009 was 49. 96. From the above mentioned information we can say that there is a high possibility that the reason behind the increase in the market price of the share imperfect market condition in the Capital Market in Bangladesh. The imperfect market situation might be the result of Syndication or by spreading rumor in the market, which caused the Share Price of PRAN to go up. Capital Structure: In finance, capital structure refers to the way a corporation finances its assets through some combination of equity, debt, or hybrid securities. In other words we can say that Capital Structure is the mix of a company’s long-term debt, specific short-term debt, common equity and preferred equity. The capital structure is how a firm finances its overall operations and growth by using different sources of funds. Debt comes in the form of bond issues or long-term notes payable, while equity is classified as common stock, preferred stock or retained earnings. Short-term debt such as working capital requirements is also considered to be part of the capital structure. For example, a firm that sells BDT 20 billion in equity and BDT 80 billion in debt is said to be 20% equity-financed and 80% debt-financed. The firm’s ratio of debt to total financing, 80% in this example is referred to as the firm’s leverage. In reality, capital structure may be highly complex and include dozens of sources. Gearing Ratio is the proportion of the capital employed of the firm which come from outside of the business finance, e. g. by taking a short term loan etc. A company’s proportion of short and long-term debt is considered when analyzing capital structure. When people refer to capital structure they are most likely referring to a firm’s debt-to-equity ratio, which provides insight into how risky a company is. Usually a company more heavily financed by debt poses greater risk, as this firm is relatively highly levered. The Modigliani-Miller theorem, proposed by Franco Modigliani and Merton Miller, forms the basis for modern thinking on capital structure, though it is generally viewed as a purely theoretical result since it assumes away many important factors in the capital structure decision. The theorem states that, in a perfect market, how a firm is financed is irrelevant to its value. This result provides the base with which to examine real world reasons why capital structure is relevant, that is, a company’s value is affected by the capital structure it employs. Some other reasons include bankruptcy costs, agency costs, taxes, and information asymmetry. This analysis can then be extended to look at whether there is in fact an optimal capital structure: the one which maximizes the value of the firm. Capital structure in the real world if capital structure is irrelevant in a perfect market, then imperfections which exist in the real world must be the cause of its relevance. The theories below try to address some of these imperfections, by relaxing assumptions made in the M model. Capital Structure Theory: Trade-off theory of capital structure Trade-off theory allows the bankruptcy cost to exist. It states that there is an advantage to financing with debt (namely, the tax benefit of debts) and that there is a cost of financing with debt (the bankruptcy costs of debt). The marginal benefit of further increases in debt declines as debt increases, while the marginal cost increases, so that a firm that is optimizing its overall value will focus on this trade-off when choosing how much debt and equity to use for financing. Empirically, this theory may explain differences in D/E ratios between industries, but it doesn’t explain differences within the same industry. Pecking order theory Pecking Order theory tries to capture the costs of asymmetric information. It states that companies prioritize their sources of financing (from internal financing to equity) according to the law of least effort, or of least resistance, preferring to raise equity as a financing means â€Å"of last resort†. Hence: internal debt is used first; when that is depleted, then debt is issued; and when it is no longer sensible to issue any more debt, equity is issued. This theory maintains that businesses adhere to a hierarchy of financing sources and prefer internal financing when available, and debt is preferred over equity if external financing is required (equity would mean issuing shares which meant ‘bringing external ownership’ into the company. Thus, the form of debt a firm chooses can act as a signal of its need for external finance. The pecking order theory is popularized by Myers (1984)[1] when he argues that equity is a less preferred means to raise capital because when managers (who are assumed to know better about true condition of the firm than investors) issue new equity, investors believe that managers think that the firm is overvalued and managers are taking advantage of this over-valuation. As a result, investors will place a lower value to the new equity issuance.. Agency Costs: There are three types of agency costs which can help explain the relevance of capital structure. Asset substitution effect: As D/E increases, management has an increased incentive to undertake risky (even negative NPV) projects. This is because if the project is successful, share holders get all the upside, whereas if it is unsuccessful, debt holders get all the downside. If the projects are undertaken, there is a chance of firm value decreasing and a wealth transfer from debt holders to share holders. Underinvestment problem: If debt is risky (e. g. , in a growth company), the gain from the project will accrue to debt holders rather than shareholders. Thus, management has an incentive to reject positive NPV projects, even though they have the potential to increase firm value. Free cash flow: unless free cash flow is given back to investors, management has an incentive to destroy firm value through empire building and perks etc. Increasing leverage imposes financial discipline on management. Other The neutral mutation hypothesis—firms fall into various habits of financing, which do not impact on value. Market timing hypothesis—capital structure is the outcome of the historical cumulative timing of the market by managers. Accelerated investment effect—even in absence of agency costs, levered firms use to invest faster because of the existence of default risk. Primary Factors influencing the Capital Structure: 1. Business Risk: It is the risk associated with the unique circumstances of a particular company, as they might affect the price of that company’s securities. If the business risk is higher than the optimal debt amount will be lower. 2. Tax Position: It is the second key factor. The major reason for using debt is that the interest is tax deductable which helps to lower the effective cost of debt. However, if much of a firm’s income is already sheltered from taxes by accelerated depreciation or tax loss carried forward from previous years, its rate will be low, as a result debt will not be advantageous as it would be to a firm with higher effective tax rate. 3. Financial Flexibility: It indicates a firm’s ability raise capital on reasonable terms under adverse conditions. 4. Managerial Attitude: It is the firm’s attitude to borrowing fund. Some of the firms are more aggressive than others; hence, some firms are more inclined to use debt in an effort to boost profit. This factor does not affect the optimal capital structure or value-maximizing, however it does influence the firm’s target capital structure. Evaluating the Capital Structure of PRAN: The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion of shareholders’ equity and debt used to finance a company’s assets. Closely related to leveraging, the ratio is also known as Risk, Gearing or Leverage. Year |Equity |Debt |Debt to Equity Ratio|NI |EPS | | | | | |(in Millions) | | |2005 |330. 04 |165. 94 |33. 46% |40. 77 |50. 96% | |2006 |337. 69 |152. 59 |31. 12% |28. 95 |36. 19% | |2007 |327. 93 |114. 00 |25. 80% |29. 33 |36. 66% | |2008 |342. 71 |92. 9 |21. 25% |35. 95 |44. 94% | |2009 |359. 97 |138. 99 |27. 86% |39. 97 |49. 96% | Table: 3 From the table: 3 we can say that that in 2005 when the D/E ratio was 50. 96% the company experienced the highest EPS. If we compare the D/E ratio and the EPS of 2008 and 2009 we see that in 2009 the debt ratio has increased by 6. 61% which had a positive effect on the EPS as a result the EPS increased by 5. 02%. It shows that when the D/E ration increases the EPS also increases. If we look at the graphical presentation it will be easier for us to understand which is given below. [pic] Figure: 4 If we take the average of the D/E ratio from 2005 to 2009 we see that on average PRAN is maintaining a D/E ratio of 27. 90%. In short we can say that 27. 90% of the total equity is financed by Debt. It means that the PRAN is moderately aggressive towards the debt financing. As a result they have a lower Financial Risk and higher Business risk. Conclusion: PRAN is one of the reputed companies in the Dhaka Stock Exchange and they fall under the Category â€Å"A†. From year 2000 to 2009 PRAN has always have paid cash dividend however they have never paid stock dividend. PRAN is maintaining a reserve capacity Dividends can be used to budge assets out of the company and consequently from the potential allege of creditors which can be injurious to creditor wealth, and creditors will beyond a shadow of a doubt take pricing or contractual actions to offset these latent uses of dividends. The contemplations of signaling, agency and the effects of market imperfections upon optimal dividends are imperative dimensions about which financial managers must be sentient. Recommendations: Cash and stock dividend, both should be paid without fail. Our stock market is not an efficient market. The available information most of the times do not lead to the desired reality. Many investors believe on the rumors and invest in the share market. Security Exchange Commission should take proper steps to minimize this condition. Disclosure of the overall market price in the annual report is desirable. The company can ideas from its investors to improve the situation and thereby engaging them in the part of the decision making process. Issuing of bonus shares can be a good option to attract the potential investors. How to cite Term Paper of Dbbl, Essays

Understand Cultural Similarities Countriesâ€Myassignmenthelp.Com

Question: Discuss About The Understand Cultural Similarities Countries? Answer: Introduction There are one ninety five countries in the world. The culture and sub-culture of one country varies widely from that of another country. The customs, social behaviors, norms of inhabitant of one country is very different from that of another country. The cultural norms of inhabitants of one country are hugely influenced from the traditions and values of their ancestors. In some countries only one language is spoken for example, French is spoken in France and people in this country are mostly French. Most European countries practice their native language. However in countries like the United States of America, different dialects are spoken like Chinese as the inhabitants of the country come from different nations like China and India. Some countries follow an individualistic culture like the United States of America while other countries like China and Japan practice a collectivistic culture where more emphasis is laid on the concept of family (Chanlat 2013). The way of doing business is also different in different countries. For example, in the United States, a rational approach to business is followed while in Japan business is based on trust and Japanese first try to know the people well and develop good relationship with them before doing business with them. The difference in culture can be attributed to the different macro environmental conditions in each country, for instance, the political, social, economical, technological and legal environment in each country is different. The countries that will be compared here are France and Australia (Chhokar et al 2013). Discussion The culture of France The culture of France has been influenced by Celtic and Gallo-Roman cultures and the Franks, a German tribe also influenced the culture of the country. The country is the international hub for fashion, architecture, art and literature and the popular French cuisine and wine. France came under the western region of Germany and it was known as Rhineland. Later during the Iron Age and Roman era the country was known as Gaul (Gaffney and Kolinsky 2014). Languages The country is the home for seventy million people and French is the language that is spoken officially in the country. There is evidence that three percentage of the French population speaks German and in the northeast region of the country there are some Flemish speakers. The third largest minority language that is spoken in the country is Arabic. The country shares its borders with Italy and people living in the border region of Italy often speak Italian. France also shares border with Spain and Basque is the language spoken in this border region. Other languages that are spoken in France are Catalan, Breton (the Celtic language), Occitan, Kabyle and Antillean Creole (Halls 2014). Religion The religion that is practiced in France is Catholicism. The French Institute of Public Opinion, that is, IFOP conducted a survey and according to the survey sixty four percentage of people in the country, that is, around forty one million of people claimed that they were Roman Catholic. Islam, Buddhism and Judaism are the other religions that are practiced in the country (Tackett 2014). Values The French people are extremely proud about their historical background, art and literature and their rich heritage and culture. They are highly patriotic and often they refuse to hear any negative comments from outsiders about their culture. The visitors from other countries often misconstrue this strong patriotism of French people as rude and obnoxious. The French people are highly sophisticated and equality, liberty and fraternity are of prime importance in the country which is often known as "Libert, Egalit, Fraternit in the country. The country follows a secular culture and children born to unmarried couples are common in the country. Also the country follows an open attitude towards sexual behaviors and extramarital affairs as revealed by Frances National Agency on AIDS (Scriven 2016). French Cuisine The French people often socialize while organizing lavish dinners and food and wine are an integral part of the society. The French cuisines often have complicated recipes and are associated with usage of butter, cheese and heavy sauces. Red wine is often used in French cuisines and beef, pork, rabbit and many other meats are consumed in the country. Clothing France and Paris is the international center of fashion and is the home of world renowned fashion brands of premium and luxury segments like Dior, Hermes, Louis Vuitton and Chanel. The French people dress up in a sophisticated meticulous way and popular clothing in France are dresses, suits and long coats. The term haute couture is a term used in France by Paris Chamber of Commerce to describe tailor made garments that are handmade (Okonkwo 2016). Art The Louvre museum in Paris is the home to famous works like Mona Lisa and is a famous museum. The French culture is rich andGothic, Romanesque Rococo and Neoclassic culture is reflected in the architecture of France in buildings and churches. The famous artists like Claude Monet, Edgar Degas, and Camille Pissarro were motivated by French culture and the beauty of Paris. Holidays, Festivals and Celebrations The French celebrate holidays during Christmas and Easter. May 1 is celebrated in the country as labour day. Bastille Day is a renowned public holiday in France. On this day revolutionaries stormed the Bastille fortresses to make the commencement of French revolution. The end of cruelty in Europe during World War II is celebrated as Europe Day on May 8. Comparison and contrasting of French and Australian Culture France has the Batille prison and criminals from England were sent to Australia. So both the countries have a criminal background. Wine Both Australia and France are famous for wines but the culture of winemaking is very different in both the countries. In Australia, people are encouraged to learn the science of winemaking and they have to go to universities to learn the science while in France wine is prepared in the same way in all the regions of the country. Inhabitants The inhabitants of France are recognized as French while most of the inhabitants of Australia are born of foreign nations. French people are original in their culture and are not influenced by any other country but the customs of Australia and law and order of the country are influenced by the British as the ancestors of the country were mostly British prisoners. The Australian population also has a huge percentage of Aboriginal people who are not properly educated and intimidated by the Western culture. Visual Art France is a country that gave birth to modern art during the twentieth century art revolution. The country is the homeland of world renowned artists like Paul Gauguin. Modernism has not reached Australia to a great extent with the exception of Dot Painting. Religion and Language The French are mostly Roman Catholic while the Australians practice Christianity and due to large number of immigrants, different religions like Hinduism and Islam are spoken in the country. It can be seen that French is the official language of France while in Australia there are different languages that are spoken including European languages (Lescarbot 2013) Tourism Tourism is France is a billion dollar industry. The famous attractions in Paris are the Disneyland, Eiffel Tower and the Louvre Museum. The Mediterranean beaches and the mountain ranges of the Alps attract a huge set of tourists in the country. Paris, Nice and Chamonix are famous cities in the country. The country attracts millions of tourists every year, however there has been several attacks by the Islamic State terrorist group in the country due to which the revenue earned from tourism has suffered in recent years. The Australian tourism is also a billion dollar industry. Sydney, Perth, Canberra, Melbourne and Brisbane are famous cities in Australia and these cities are known for their pristine coastal landscapes, beautiful beaches and serene wildlife. The famous Queensland, The Great Barrier Reef and the Gold coast attracts millions of tourism from different parts of the world in the country every year. Domestic tourists also contribute widely to the tourism industry and this industry is a huge contributor to the Gross Domestic products of the country. Sports The most popular sports in France are Rugby, cycling, basketball and football and tennis. Sports are highly encouraged in Australia. The most popular sports of the country are Cricket, Football, horse racing and rugby. The Melbourne Cup and the Ashes are the sports events that are conducted in the country. Unlike the huge promotional effort which is taken by the sports league in the European countries, the sports league in Australia do not incest much time and money in promotional events. Education Most of the Universities for higher education in France are often public universities and are funded by the government. Popular university in the country is cole Normale Suprieure (ENS). Australia is the home of famous universities like Australian National University, Queensland University, University of Sydney and University of Melbourne which attract many foreign students in the country (Wiewiora 2013). Culture Both Australia and France are the developed countries of the world and people living in both the countries have people with huge high disposable income .Quality of life and purchasing power of people are high in both the countries and people invest in fashion. France is the home of worlds renowned fashion brands like Dior and Channel while in Australia beach and nightlife influence the fashion sense of the inhabitants. Both the countries are technologically advanced with modern infrastructure like high speed trains. The countries generally follow a liberal and unorthodox culture. Open culture like homosexual relationships and extramarital affairs are common in both the countries. Divorces and domestic violence are social issues that are required to be addressed in both the countries and this is the reason Government in the countries have taken several steps in empowerment of women and stricter laws are practiced to protect the rights of women in both the countries(Kingsley et al 2013 ). The culture of Australia The Australian population comprises of the Caucasian 92%, Asian 7%, aboriginal and other 1%. The Aboriginal community in Australia stays in rural areas and they do not have access to proper health, education and employment. This community is often intimidated by the Western people staying in Australia (Thomas and Peterson 2017). Language The language that is officially spoken in the country is English. Other than English two fifty Aborginial languages were also spoken in Australia in 1788 out of which twenty of these languages are spoken today. Immigrants of Europe, Middle East and Asia speak their native language which influences organizational culture (Sultana et al 2013). Socio-cultural Values Australians are known for their modest, humble nature and good sense of humour. The country has a small population. People in the country value relationships and behave amiably with each other which creates a win-win situation in negotiating and business deals. Australia has a multi-cultural background with huge immigrants from all over the world including Britain, Europe and South-East Asia who were attracted by the liberal immigration laws of the country to boost the labor force (Tjosvold 2017). The Australian culture encourages exchange of gifts among family and friends like a bunch of flowers or a box of chocolates. The people of the country invite each other over dinners where they carry their own bottle of wine. Barbeque party is very popular in the country. The country follows democracy with British system of governance. There are many non-governmental institutions in the country working for social awareness. The Australian culture is influenced by the culture of Britain. Women in Australia have been traditionally involved in professions like teaching and nursing (French 2015). Hetero-sexual marriage is often practiced in the country. Education is given high importance in the country and primary and secondary education has been made compulsory by the government among children of age in between six to fourteen years (Fiske, Hodge and Turner 2016). There are many government schools in the country but parents prefer to send their children to non-governmental schools for the quality of education. The government of the country funds most universities and colleges and higher education in the country is highly encouraged by the government which provides several employment opportunities (Ang and Van Dyne 2015). Business etiquettes Australians get directly into business without building a strong inter-personal relationships and small talks are not encouraged. They prefer to exchange business cards and decision is taken by top hierarchy of the society (Bird and Mendenhall 2016). Religion There is prevalence of religion freedom in the country and most of the people of the country practice Christianity as their religion. Since there are a lot of immigrants in the country inhabitants from different religion co-exist peacefully like the Buddhists, Muslims, Jews and Hindus. The Aboriginal community considers places of worship holy in nature and there are several Aboriginal holy sites in the country. Art and culture The country encourages literary works and there has been ample of famous publications which depict the multi-cultural background in Australia (Walton et al 2014). It has been found out that huge section of the Australian society spends their money on books and there are many famous Australian authors of international repute. Theatre and performing arts are encouraged in Australia (Carter 2013). Conclusion The world is a global village today. It is of paramount importance for us to imbibe within us the ability to work and live in a multi-cultural background. Universities of a country often collaborate with foreign universities to allow students to participate in student exchange program so that they experience the cross-cultural aspects of education. In this essay, France and Australia are the two countries which are compared and contrasted (Bermingham and Brewer 2013).It can be found out that multi-cultural factors are higher in Australia than in France due to huge number of immigrants in the country. The language that is spoken in France is French while English and other European languages are spoken in Australia due to the large presence of immigrants from all over the world. The French are mostly Roman Catholic while people living in Australia practice multiple religions like Jews, Buddhism and Hinduism. It is of prime importance for each country to respect the culture of another c ountry to survive in todays competitive world. That is why cross-cultural phenomenon should be imbibed in the education system of a country from early childhood. This can be done by adopting modern teaching practices in the society like educational curriculum which depicts the multi-cultural stories and images. Cross- cultural values should be instilled in childhood because in most companies there are people from different cultural background who work together in a team and so it is important to develop tolerance for the caste, creed, race, religion of other co-workers. 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Tackett, T., 2014.Religion, revolution, and regional culture in eighteenth-century France: the ecclesiastical oath of 1791. Princeton University Press. Thomas, D.C. and Peterson, M.F., 2017.Cross-cultural management: Essential concepts. Sage Publications. Tjosvold, D., 2017.Cross-cultural management: foundations and future. Routledge. Walton, J., Priest, N., Kowal, E., White, F., Brickwood, K., Fox, B. and Paradies, Y., 2014. Talking culture? Egalitarianism, color-blindness and racism in Australian elementary schools.Teaching and Teacher Education,39, pp.112-122. Wiewiora, A., Trigunarsyah, B., Murphy, G. and Coffey, V., 2013. Organizational culture and willingness to share knowledge: A competing values perspective in Australian context.International Journal of Project Management,31(8), pp.1163-1174.