Grounded Theory Of The Theory - 1686 Words

grounded theory of 1967 and this development and testing of theory involved in grounded theory will make it difficult to be classified as ordinary inductive based on the fact that theory not necessarily meant to be tested in purely inductive research. Another point is the fact that classic grounded theory originally is expected to commence without theory make it fundamentally different from case study strategy. This is a point of argument between the two originators of the theory Glaser and Strauss after they split on the opinion on whether it is possible to commence grounded theory with conceptual framework. Strauss and his new partner Corbin in Corbin and Strauss (1990) agued to support opportunity for conceptual framework at the start of a research study while Glaser in Glaser (1992) countered the position of Strauss and Corbin by affirming that the essence of grounded theory is to developed theory from empirical data and that issue of testing or verification is not part of ground ed theory. Today, theorists are fundamentally split along these two directions. This research study is aligned with Strauss and Corbin direction but will not use classic grounded theory to avoid confusion but the basic principle of Strauss and Corbin in the use of both inductive and deductive approaches will be employed. Ethnography: Ethnography is a naturalistic, time consuming research that have its origin attached to the field of anthropology (Saunders et al., 2009). Researcher using thisShow MoreRelatedGrounded Theory And The Constructivist Theory3377 Words   |  14 PagesResearch Design This research will be conducted using grounded theory methods and is intended to be anchored in the constructivist epistemology. Grounded theory, an inductive qualitative research method, was chosen for this study because, while many ideas may exist concerning how poor, working class clients’ experiences of counseling may affect their perspectives of and style of participation in individual counseling, specific factors have not been identified from existing research. Hence it seemsRead MoreA Grounded Theory Research Study1222 Words   |  5 PagesAnother type of research is grounded theory research. A grounded theory research study will attempt to generate or discover a theory. This type of research is grounded in data from individuals who have experienced a process. Some of the defining features include: a focus on a process or an action, development of a theory, memoing, data collection, and data analysis. The process or action that a researcher may look into would have m ovement or an action the researcher may be trying to explain. A processRead MoreIs Grounded Theory A Theoretical Model?930 Words   |  4 PagesIn qualitative research, constant comparisons between the perspectives of researchers and their participants are sometimes used to develop grounded theories about the experiences, influential conditions, and outcomes of behavior related to a specific phenomenon. Grounded theory is a â€Å"qualitative method of research used to systematically collect and analyze data, with which to construct a theoretical model† (Morrow Smith, 1995, p. 24). The process primarily involves interviewing participantsRead MoreApplication Of Constructivist Grounded Theory969 Words   |  4 PagesFollowing the underpinning philosophical perspectives mentioned earlier, the researcher decided to choose qualitative research method, as theories are developed by people involving their routines daily (Flick, 2009). This is very much related to the view of soc ial constructionism view for the research. In order to ensure the research to become rigorous and to achieve the comprehensible objective, qualitative method will be a practical way of conducting research (Tracy, 2010). Studying entrepreneurshipRead MoreWhat Is Grounded Theory ( Glaser And Strauss )1661 Words   |  7 Pages1. Method We use a single case study methodology to focus on a failed IS project implementation. The study uses grounded theory (Glaser and Strauss 1967; c.f., Charmaz 2013; c.f., Corbin and Strauss 2015) in its focus on principles of emergence by which systematic generation and conceptualization of data provides meaning and relevance to concepts (Glaser and Strauss 1967). In accordance with the recommendations of engaged scholarship by Van de Ven (2007), the project began with the identificationRead MoreThe Logic Of Grounded Theory And Initial Coding Essay1372 Words   |  6 PagesThe book by Kathy Charmaz is successful in the sense of presenting concepts regarding the knowledge of the construction of grounded theory. For researchers in the field of education, this book plays a crucial role as one significant tool for reference. To understand the assertions of Charmaz and the rich knowledge presented in the book, it is significant for one to carry out chapter-by-chapter reading. Therefore, with this analysis, it is also significant for one to make a succinct summary of theseRead MoreThe Grounded Theory Proposition On Farming Career857 Words   |  4 PagesAs per the grounded theory proposition on factors contributing to persistence of farming career, it found that remaining in farming career of FHH or member is from different enabling factors. According to the recent study, it sees that these factors affect to the increase of farm workers in 6 provinces of the northeast Thailand such as Kalasin, Chaiyuphum, Mha Sarakam, Mukdahan, Loei and Si Sa Ket (Office of National Statistics, 2011). The state of individuality, it sees that there are having middleRead MoreGrounded Theory Guided The Identification Of Important Themes1090 Words   |  5 PagesGrounded theory guided the identification of important themes in the transcripts relating to young adult males’ norms, attitudes, and perceptions of sexual health. Concepts relevant to the study were developed and provisionally verified through systematic review of the data (O’Sullivan Meyer-Bahlburg, 2003). This methodology allowed for themes to be identified and explored bi-directionally, with early themes derived from analyzed data to be tested against subsequently analyzed data (Strauss andRead MoreA Grounded Theory Approach Into The Development Of Career Goals3643 Words   |  15 PagesA grounded theory approach into the development of career goals during childhood to adulthood ABSTRACT The study aimed to investigate whether career goals changed during childhood to adulthood, and what influences an individual to change their career goals. The study employed a grounded theory approach to analyse the three participants career goals. Two participants, age 20 and 21, attended the University of Westminster. The third participant was a 20-year-old, employed at ASOS. All three participantsRead MoreExamining the Social Interactions of the Inclusion Classroom: A Grounded Theory1424 Words   |  6 PagesExamining the Social Interactions of the Inclusion Classroom: A Grounded Theory HIED 595 Texas AM University-Commerce Examining the Social Interactions of the Elementary Inclusion Classroom: A Grounded Theory Inclusion has been one of the main focuses in the field of special education for the past two decades. Students with disabilities are being integrated in the general education classrooms at a steady pace. With the focus being on inclusion

Battle Royal By Ralph Ellison - 989 Words

It is undeniable that the short story by Ralph Ellison entitled â€Å"Battle Royal† is an intense one. It would be hard to walk away from reading his story without feeling some kind of emotion whether it be pain, sadness, fear, anger, or all of the above. This story portrays a black man, the invisible man, in the time when racism is still running rampant. He uses symbolism many times in order to portray meaning and delve deep into the mind and emotions of the main character, a black man. In the story, a white woman is dancing naked with an American flag tattooed on her body symbolizing the irony of the American way. This woman is being used to represent America which should mean liberty and freedom for all but instead, women and blacks are being treated like animals. â€Å"Battle Royal† begins with a flashback of when the invisible man was just a boy, and he overhears his dying grandfather’s last words. As he is on his deathbed he states, â€Å"I want you to ove rcome ‘em with yeses, undermine ‘em with grins, agree ‘em to death and destruction, let ‘em swoller you till they vomit or bust wide open.† (IN TEXT CITATION) His grandfather’s statements meant that he wanted his family to smile in the white man’s face and do what they say. In other words, kill them with kindness until they cannot take it anymore. These words stayed with the invisible man haunting him long into adulthood. Once in a while he would find himself doing exactly what his grandfather had asked and would feel anShow MoreRelatedBattle Royal, By Ralph Ellison963 Words   |  4 Pages Battle Royal Interpretive Essay Battle Royal is a short story that metaphorically address many such issues such as racial discrimination. The Author, Ralph Ellison, uses symbolism such as blindness and the concept of initiation to compare the world to a real life battlefield. Ellison intended to emphasize, both passive and aggressive elements of battle is necessary to achieve the American Dream. There is much symbolism used in the story. The protagonist’s grandfather is a symbol in himself.Read MoreBattle Royal By Ralph Ellison1308 Words   |  6 PagesThe short story Battle Royal by Ralph Ellison is a disturbing story about the conflicts between the black and white cultures and the main character and himself. In the story the conflicts between the two cultures had a definite impact on how the main character saw himself and caused the conflicts within himself. Battle Royal deals with racism and the suppression of the African American race and how it effected the actions of that culture. The main character of the story is an African AmericanRead MoreBattle Royal, By Ralph Ellison969 Words   |  4 PagesThe struggles of many black is should never be described lightly. Many african americans were treated like animals and never was given the respected deserved. In the story, Battle Royal, by Ralph Ellison, a young African American man is trying to fit into white soci ety that holds majority of blacks back. During the beginning, the narrator is bewildered by his grandfather s last words. His grandfather spoke out about being a traitor in front of his family. The family was confused and concernedRead MoreEssay Battle Royal, by Ralph Ellison1341 Words   |  6 PagesEllison’s Powerful Battle Royal      Ã‚   I felt a wave of irrational guilt and fear. My teeth chattered, my skin turned to goose flesh, my knees knocked. Yet I was strongly attracted and looked in spite of myself. Had the price of looking been blindness, I would have looked. (Ellison 939)    These insightful words written by Ralph Ellison in the powerful short story Battle Royal, which later became the first chapter in the critically acclaimed novel Invisible Man, convey the repressedRead MoreBattle Royal By Ralph Ellison Analysis1089 Words   |  5 Pagesfactor though. Nobility has always looked down upon those without royal blood, and rich people have always looked down upon poor people. These factors are all present in Battle Royal by Ralph Ellison. In order to highlight the virulent relationship between the white men and black men in Battle Royal, Ralph Ellison focuses on a separation of class by way of race, wealth, and social standing. Because of racism, the main character (Ellison) in the story, along with his fellow African Americans, are treatedRead MoreRalph Ellison s Battle Royal985 Words   |  4 PagesRalph Ellison’s â€Å"Battle Royal†, is nerving, historical, and suspenseful. Ralph Ellison describes the events about how the young narrator goes to a meeting of city men and thinks he would be giving the speech of a lifetime. Although he does get to give his speech at the end of the night, the narrator goes through hell to get what he would like to achieve. Ellison has the narrator go through what mirrors to be what the African-American community in the twentieth century is shaping to be. Through theRead MoreAnalysis Of The Battle Royal By Ralph Ellison1383 Words   |  6 Pages â€Å"The Battle Royal† by Ralph Ellison Life is full of obstacles, but no matter what it is we must struggle for survival. In the short story â€Å"The Battle Royal† by Ralph Ellison, the narrator talks about the clash between the African-American and white and the segregation issues. It features a young black man who has recently graduated from high school, and he is invited to give a speech to a group white gathering. While delivering the speechRead MoreAnalysis Of Battle Royal By Ralph Ellison1508 Words   |  7 PagesUnrelenting Perseverance Ralph Ellison’s excerpt â€Å"Battle Royal† from his novel â€Å"Invisible Man† reveals the African American’s struggle for social equality. It was written during the Cold War and Civil Rights movement and made an impact in the literature world and won an award. Ellison never provides a name for the narrator who refers to himself as the invisible man. The story begins with the narrator’s grandfather on his death bed instructing on how to deal with white people. The narrator felt thisRead MoreAnalysis Of `` Battle Royal `` By Ralph Ellison1405 Words   |  6 Pagesleads people to misunderstand what segregation truly did. Karen and Barbara Fields are two sisters who wrote Racecraft together to discuss serious racial issues of the past, present, and future. These issues are present in â€Å"Battle Royal†, a short story written by Ralph Ellison. A major theme in this story is the differentiation of class. White men seem to live the life and are able to obtain whatever they desire; the black teenagers in the story are set up to brawl each other to entertain the whiteRead MoreEssay on Battle Royal, by Ralph Ellison728 Words   |  3 Pages Triumphing Over Challenges The story â€Å"Battle Royal†, by Ralph Ellison is about a young black man who has to overcome racial inequalities. The story opens with his grandfather dying words and leaving the family with words that stick with the main character for life. The main character, whose name in not mentioned, is very intelligent and because of this the prominent white businessmen ask him to give a speech at a hotel. Upon his arrival, the white men put him through many humiliating acts for

Financial Management Free Essays

I believe that the code of ethics would be effective in an organization particularly when it comes to decentralization of the decision making authority. Employees are the most important assets of an organization and in order to maximize the utilization of these assets companies are focusing on building organizational cultures based on ownership, responsibility and accountability. The managements in companies are focusing on this objective because it enhances employee motivation. We will write a custom essay sample on Financial Management or any similar topic only for you Order Now As employees are empowered to make decisions, they begin to develop a sense of ownership over the operational processes and thus take the responsibility to improve effectiveness on their own. In this respect, organizational interests must be aligned to employee interests and this alignment is facilitated with the code of ethics. The code enables employees to take initiatives on their own in alignment with organizational interests. This alignment maximizes the strategic focus of the company and in that respect the code of ethics is an essential part of an effective organizational structure. Question 2 I was surprised by the contradiction between integrity and confidentiality. In the integrity section, employees are advised to apprise all parties of any potential conflicts. However I think that would violate the laws of confidentiality because certain information cannot be disclosed to all the parties in the company. Therefore I think the code should be modified to address this conflict between integrity and confidentiality. In the event that there is a breach in the code of conduct, then it should be treated strictly on a departmental basis in order to preserve confidentiality. However, according to the code, no such limitations are required.   In the event that the conflict cannot be resolved within the department, then it should be taken up to the next level. However, according to the points covered in the section of integrity, employees do not have to worry about who to pick in communicating the issues of the conflict. This would violate confidentiality which is the one of the critical success factors in any organization (cited in Brigham Ehrhardt, 2007). Therefore there is a gap here which should be addressed in the code. Comments I don’t think that it should be surprising that there should be a code of ethics in accounting discussion. This is particularly so in the current business environment in which the management is increasingly decentralizing the decision making process. As a result, a lot of the decisions have to be taken by the employees by themselves. In a lot of areas they do not have the luxury of supervision. It is in this respect that the code of ethics becomes a critical success factor. It guides the employees in making effective decisions if they should find themselves in situations which are difficult to resolve. Therefore this is a critical consideration for the management. If they are to effectively empower their employees, then they should provide the necessary framework in which employees can take decisions in alignment with the strategic focus of the organization. In this respect, the code of ethics can guide the employees. It must be remembered that in an organization there will be conflicts of interests between different departments. In such situations, it is absolutely essential that there should be a code of ethics to address the relevant issues without delay. Particularly when it comes to the dissemination of accounting information, the employees are frequently unsure of which information to communicate and which not to (cited in Higgins, 2007). In this respect, it is the duty of the management to develop a code of ethics which will enable the employers to make decisions without requiring supervision. In this respect, the management needs to communicate frequently with the employees in order to promote the use of the code of ethics in arriving at effective decisions. Employees may not bother to check with the guidelines before making their decisions. This is the issue that the management needs to address in creating a code of ethics for its organization. References Brigham, Eugene F., and Michael C. Ehrhardt. (2007). Financial Management: Theory Practice. South western college pub. Higgins, Robert C. (2007). Analysis of Financial Management. McGraw-Hill/Irwin. How to cite Financial Management, Essays Financial Management Free Essays Financial Management WORKBOOK The ICFAI University # 52, Nagarjuna Hills, Hyderabad – 500 082  © 2005 The Icfai University Press. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means – electronic, mechanical, photocopying or otherwise – without prior permission in writing from The Icfai University Press. We will write a custom essay sample on Financial Management or any similar topic only for you Order Now ISBN : 81-7881-969-4 Ref. No. FMWB 11200502 For any clarification regarding this book, the students may please write to us giving the above reference number of this book specifying chapter and page number. Financial Statements iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" src="https://phdessay.com/financial-statements-2/embed/#?secret=ZB0sgqMct4" data-secret="ZB0sgqMct4" width="500" height="282" title="#8220;Financial Statements#8221; #8212; Free Essays - PhDessay.com" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"/iframe While every possible care has been taken in type-setting and printing this book, we welcome suggestions from students for improvement in future editions. Preface The ICFAI University has been upgrading its study material to make it more beneficial to the students for self-study through the Distance Learning mode. We are delighted to publish a workbook for the benefit of the students preparing for the examinations. The workbook is divided into three parts. Effective from April, 2003, the examinations for all the subjects of DBF/CFA (Level-I) consist of only multiple choice questions. Brief Summaries of Chapters A brief summary for each of the chapters in the textbook is given for easy recollection of the topics studied. Part I: Questions on Basic Concepts and Answers (with Explanatory Notes) Students are advised to go through the relevant textbook carefully and understand the subject thoroughly before attempting Part I. In no circumstances should the students attempt Part I without fully grasping the subject material provided in the textbook. Frequently used Formulae Similarly the formulae used in the various topics have been given here for easy recollection while working out the problems. Part II: Problems and Solutions The students should attempt Part II only after carefully going through all the solved examples in the textbook. A few repetitive problems are provided for the students to have sufficient practice. Part III: Model Question Papers (with Suggested Answers) The Model Question Papers are included in Part III of this workbook. The students should attempt all model question papers under simulated examination environment. They should self score their answers by comparing them with the model answers. Each paper consists of Part A and Part B. Part A is intended to test the conceptual understanding of the students. It contains 40 questions carrying one point each. Part B contains problems with an aggregate weightage of 60 points. Please remember that the ICFAI University examinations follow high standards that demand rigorous preparation. Students have to prepare well to meet these standards. There are no shortcuts to success. We hope that the students will find this workbook useful in preparing for the ICFAI University examinations. Work Hard. Work Smart. Work Regularly. You have every chance to succeed. All the best. You can read also Portfolio Management Quizzes   Contents PAPER I Brief Summaries of Chapters Part I: Questions on Basic Concepts and Answers (with Explanatory Notes) 1 10 Frequently Used Formulae 101 Part II: Problems and Solutions 108 Part III: Model Question Papers (with Suggested Answers) 333 PAPER II Brief Summaries of Chapters 467 Part I: Questions on Basic Concepts and Answers (with Explanatory Notes) 480 Frequently Used Formulae 560 Part II: Problems and Solutions 570 Part III: Model Question Papers (with Suggested Answers) 749 Detailed Curriculum Paper I Introduction to Financial Management: Objectives, Functions and Scope, Evolution, Interface of Financial Management with Other Functional Areas, Environment of Corporate Finance. Indian Financial System: a. Financial Markets: Money Market, Forex Market, Government Securities Market, Capital Market, Derivatives Market, International Capital Markets. b. Participants: i. Financial Institutions: IDBI, IFCI, ICICI, IIBI, EXIM Bank, SFCs, SIDCs ii. Insurance Companies: LIC, GIC iii. Investment Institutions: UTI, Mutual Funds, Commercial Banks; Non-Banking Financial Companies; Housing Finance Companies; Foreign Institutional Investors. c. Regulatory Authorities: RBI, SEBI, IRA. Time Value of Money: Introduction; Future Value of a Single Cash Flow, Multiple Flows and Annuity, Present Value of a Single Cash Flow, Multiple Flows and Annuity. Risk and Return: Risk and Return Concepts, Risk in a Portfolio Context, Relationship between Risk and Return. Leverage: Concept of Leverage, Operating Leverage, Financial Leverage, Total Leverage. Valuation of Securities: Concept of Valuation, Bond Valuation, Equity Valuation: Dividend Capitalization Approach and Ratio Approach, Valuation of Warrants and Convertibles. Financial Statement Analysis: Ratio Analysis, Time Series Analysis, Common Size Analysis, Du Pont Analysis, Funds Flow Analysis, Difficulties associated with Financial Statement Analysis. Financial Forecasting: Sales Forecast, Preparation of Pro forma Income Statement and Balance Sheet, Growth and External Funds Requirement. Paper II Sources of Long-Term Finance: Equity Capital and Preference Capital, Debenture Capital, Term Loans and Deferred Credit, Government Subsidies, Sales Tax Deferments and Exceptions, Leasing and Hire Purchase. Cost of Capital and Capital Structure Theories: Cost of Debentures, Term Loans, Equity Capital and Retained Earnings, Weighted Average Cost of Capital, Systems of Weighting, Introduction to Capital Structure, Factors affecting Capital Structure, Features of an Optimal Capital Structure, Capital Structure Theories: Traditional Position, MM Position and its Critique Imperfections. Dividend Policy: Traditional Position, Walter Model, Gordon Model, Miller Modigliani Position, Rational Expectations Model. Estimation of Working Capital Needs: Objectives of Working Capital (Conservative vs. Aggressive Policies), Static vs. Dynamic View of Working Capital, Factors affecting the Composition of Working Capital, Interdependence among Components of Working Capital, Operating Cycle Approach to Working Capital. Financing Current Assets: Behavior of Current Assets and Pattern of Financing, Accruals, Trade Credit, Provisions, Short-Term Bank Finance, Public Deposits, Commercial Paper, Factoring, Regulation of Bank Credit. Management of Working Capital: a. Inventory Management: Nature of Inventory and its Role in Working Capital, Purpose of Inventories, Types and Costs of Inventory, Inventory Management Techniques, Pricing of Investments, Inventory Planning and Control; b. Receivables Management: Purpose of Receivables, Cost of Maintaining Receivables, Credit Policy Variables (Credit Standard, Credit Period, Cash Discount, Collection Program), Credit Evaluation, Monitoring Receivables; c. Treasury Management and Control; d. Cash Management: Meaning of Cash, Need for and Objectives of Cash Management, Cash Forecasting and Budgets, Cash Reports, Factors and Efficient Cash Management. Capital Expenditure Decisions: The Process of Capital Budgeting, Basic Principles in Estimating Costs and Benefits of Investments, Appraisal Criteria: Payback Period, Average Rate of Return, Net Present Value, Benefit-Cost Ratio, Internal Rate of Return, Annual Capital Charge, Infrastructure Decisions and Financing. Current Developments. Brief Summaries of Chapters Introduction to Financial Management †¢ The financial goal of any firm including public sector firms is to maximize the wealth of the shareholders by maximizing the value of the firm. †¢ The objective of financial manager is to increase or maximize the wealth of owners by increasing the value of the firm which is reflected in its earning per share and market value of the firm. †¢ Function of finance manager includes mobilization of funds, deployment of funds, control over the use of fund, and balancing the trade-off between risk and return. †¢ The advantages of sole proprietorship are (i) easy and inexpensive set up. (ii) few governmental regulations and (iii) no firm tax. Partnership firm is a business owned by two or more persons. They are partners in business and they bear the risks and reap the rewards of the business. A partnership firm is governed by the Indian Partnership Act, 1932. Hence it is relatively free from governmental regulations as compared to the joint stock companies. A group of persons working towards a common objective is a company. It represents different kinds of associations, be it business or non-business. †¢ Corporate investment and financing decisions are circumscribed by a government regulatory framework. The important elements of these framework re: (i) Industrials policy (ii) Industrial licensing provisions and procedure (iii) Regulation of Foreign Collaborations and Investment (iv) Foreign Exchange Management Act (v) Companies Act and (vi) SEBI. Indian Financial System †¢ The economic development of a country depends on the progress of its various economic units, namely the Corporate Sector, Government Sector and the Household Sector. †¢ The role of the financial se ctor can be broadly classified into the savings function, policy function and credit function. †¢ The main types of financial markets are: money market, capital market, forex market and credit market. †¢ The financial markets are further sub-divided into the Primary market and the Secondary market. †¢ A market is considered perfect if all the players are price takers, there are no significant regulations on the transfer of funds and transaction costs, if any, are very low. †¢ The accounting equation: Assets = Liabilities, can be altered as Financial Assets + Real Assets = Financial Liabilities + Savings. †¢ The main types of financial assets are deposits, stocks and debt. †¢ While designing a financial instrument, the issuer must keep the following in mind: cash flows required, taxation rules, leverage expected, dilution of control facts, transaction costs to be incurred, quantum of funds sought, maturity of plan required, prevalent market conditions, investor profile targeted, past performance of issues, cost of funds to be borne, regulatory aspects to abide by. †¢ While investing in a financial instrument, the investor must keep the following in mind: risk involved, liquidity of the instrument, returns expected, possible tax planning, cash flows required and simplicity of investment. †¢ Various financial intermediaries came into existence to facilitate a proper channel for investment. The main ones are: stock exchanges, investment bankers, underwriters, registrars, depositories, custodians, primary dealers, satellite dealers and forex dealers. Time Value of Money †¢ †¢ †¢ †¢ †¢ †¢ †¢ Additional compensation required for parting with say Rs. 1,000 now is called ‘interest’. There are two methods by which the time value of money can be taken care of compounding and discounting. Under the method of compounding, we find the Future Values (FV) of all the cash flows at the end of the time horizon at a particular rate of interest. Under the method of discounting, we reckon the time value of money now i. e. at time zero on the time line. So, we will be comparing the initial outflow with the sum of the Present Values (PV) of the future inflows at a given rate of interest. To determine the accumulation of multiple flows as at the end of a specified time horizon, we have to find out the accumulations of each of these flows using the appropriate FVIF and sum up these accumulations. Annuity is the term used to describe a series of periodic flows of equal amounts. To determine the present value, we have to first define the relevant rate of interest. Risk and Return †¢ The risk associated with a common stock is interpreted in terms of the variability of its return. The most common measures of riskiness of security are standard deviation and variance of returns. †¢ Unsystematic risk is the extent of the variability in the security’s return on account of the firm specific risk factors. This is also called diversifiable or avoidable risk factors. †¢ Systematic risk refers to factors which affect the entire market and hence the firm too. This is also called non-diversifiable risk. †¢ If a portfolio is well diversified, the unsystematic risk gets almost eliminated. The non-diversifiable risk arising from the wide movements of security prices in the market is very important to an investor. The modern portfolio theory defines the riskiness of a security as its vulnerability to market risk. This vulnerability is measured by the sensitivity of the return of the security vis-a-vis the market return and is called beta. †¢ The concept of security market line is developed by the modern portfolio theory. SML represents the average or normal trade-off between risk and return for a group of securities. Here the risk is measured typically in terms of the beta values. Application of Security Market Lines: The ex post SML is used to evaluate the performance of portfolio manager; tests of asset-pricing theories, such as the CAPM and to conduct tests of market efficiency. The ex ante SML is used to identify undervalued securities and determine the consensus, price of risk implicit in the current market prices. Depending upon the value of alpha, using SML it is possible to estimate whether the scrip is underpriced (it is then eligible to be purchased) or overpriced (it is then eligible to be sold). Valuation of Securities †¢ Value of any security can be defined as the present value of the future cash streams i. e. , the intrinsic value of an asset should be equated to the present value of the benefits associated with it. †¢ Book value is an accounting concept. Assets are recorded at historical costs and they are depreciated over years. Book value includes intangible assets at acquisition cost minus amortized value. The book value of debt is stated at the outstanding amount. The difference between the book value of assets and liabilities is equal to shareholder’s funds or net worth (which is equal to paid-up equity capital plus reserves and surplus). Replacement Value is the amount that a company would be required to spend if it were to replace its existing assets in the current condition. 2 †¢ Liquidation Value is the amount that a company could realize if it sells its assets after having terminated its business. It is generally a minimum value which a company might accept if it sells it s business. †¢ Going Concern Value is the amount that a company could realize if it sells its business as an operating one. Its value would always be higher than the liquidation value, the difference accounting for the usefulness of assets and value of intangibles. Market Value of an asset or security is the current price at which the asset or the security is being sold or bought in the market. †¢ Face Value: This is the value stated on the face of the bond and is also known as par value. It represents the amount of borrowing by the firm which it specifies to repay after a specific period of time i. e. , at the time of maturity. A bond is generally issued at face value or par value which is usually Rs. 100 and may sometimes be Rs. 1,000. †¢ Coupon Rate or Interest: A bond carries a specific rate of interest which is also called as the coupon rate. The interest payable is simply the par value of the bond ? Coupon Rate. Interest paid on a bond is tax deductible for the issuer. †¢ Maturity: A bond is issued for a specific period of time. It is repaid on maturity. Typically corporate bonds have a maturity period of 7-10 years whereas government bonds have a maturity period up to 20-25 years. †¢ Redemption Value: The value which a bondholder gets on maturity is called redemption value. A bond may be redeemed at par, at premium (more than par value) or at discount (less than par value). †¢ Market Value: A bond may be traded in a stock exchange. Market value is the price at which the bond is usually bought or sold in the market. Market value may be different from Par Value or redemption value. †¢ One Period Rate of Return: If a bond is purchased and then sold one year later, its rate of return over this single holding period can be defined as rate of return. †¢ Current Yield measures the rate of return earned on a bond if it is purchased at its current market price and if the coupon interest is received. †¢ Coupon rate and current yield are two different measures. Coupon rate and current yield will be equal if the bond’s market price equals its face value. †¢ Yield-to-Maturity (YTM): It is the rate of return earned by an investor who purchases a bond and holds it till maturity. The YTM is the discount rate which equals the present value of promised cash flows to the current market price/purchase price. †¢ Based on the bond valuation model, several bond value theorems have been derived which state the effect of the following factors on bond values: I. Relationship between the required rate of return and the coupon rate. II. Number of years to maturity. III. Yield-to-maturity. When the required rate of return (kd) is equal to the coupon rate, the value of the bond is equal to its Par Value. . e. , If kd = Coupon Rate; then value of a bond = Par Value. When the required rate of return (kd) is greater than the coupon rate, the value of the bond is less than its par value. If kd coupon rate; then value of a bond par value. When the required rate of return (kd) is less than the coupon rate, the value of the bond is greater than its par v alue. i. e. , if kd coupon rate; then value of a bond par value. †¢ †¢ †¢ 3 †¢ When the required rate of return (kd) is greater than the coupon rate, the discount on the bond declines as maturity approaches. †¢ When the required rate of return (kd) is less than the coupon rate, the premium on the bond declines as maturity approaches. †¢ A bond’s price is inversely proportional to its yield to maturity. †¢ For a given difference between YTM and coupon rate of the bonds, the longer the term to maturity, the greater will be the change in price with change in YTM. †¢ Given the maturity, the change in bond price will be greater with a decrease in the bond’s YTM than the change in bond price with an equal increase in the bond’s YTM. That is, for equal sized increases and decreases in the YTM, price movements are not symmetrical. For any given change in YTM, the percentage price change in case of bonds of high coupon rate will be smaller than in the case of bonds of low coupon rate, other things remaining the same. †¢ A change in the YTM affects the bonds with a higher YTM more than its does bonds with a lower YTM. A warrant is a call option to buy a stated number of shares. †¢ The exercise price of a warrant is what the holder must pay to purchase the stated number of shares. †¢ A convertible debenture, as the name indicates, is a debenture which is convertible partly or fully, into equity shares. If it is partially converted, it is referred to as ‘partly convertible debenture’ and if the debentures are converted into equity shares at the end of maturity fully, it is referred to as ‘fully convertible debentures’. The option of conversion is either at the discretion of the investor, i. e. , (optional) or compulsory (if it is specified). †¢ The conversion ratio gives the number of shares of stock received for each convertible security. If only the conversion ratio is given, the par conversion price can be obtained by dividing the conversion ratio multiplied by the face or par value of the convertible security. †¢ The conversion value represents the market value of the convertible if it were converted into stock; this is the minimum value of the convertible based on the current price of the issuer’s stock. †¢ Intrinsic value is the value of a stock which is justified by assets, earnings, dividends, definite prospects and the factor of the management of the issuing company. †¢ According to the dividend capitalization approach, which is a conceptually sound approach, the value of an equity share is the discounted present value of dividends received plus the present value of the resale price expected when the equity share is sold. The E(P/E) ratio is formed by dividing the present value of the share by the expected earnings per share denoted by E(EPS). Financial Statement Analysis †¢ A financial statement is a compilation of data, which is logically and consistently organized according to accounting principles. †¢ Financial Statement Analysis consists of the application of analytical tools and techniques to the data in financial statements in order to derive from them measurements and relationships that are significant and useful for decision making. †¢ The financial data needed in the financial analysis come from many sources. The important tools of analysis: 1. Ratio Analysis – Comparative Analysis – Du Pont Analysis 2. 4 Funds flow Analysis. †¢ The analysis of a ratio can disclose relationships as well as bases of comparison that reveal conditions and trends that cannot be detected by going through the individual components of the ratio. The usefulness of ratios is ultimately dependent on their intelligent and skillful interpretation. †¢ Financial ratios fall into three groups: 1. Liquidity Ratios 2. Profitability or Efficiency Ratios 3. Ownership Ratios – – – †¢ Earnings Ratios Dividend Ratios Leverage Ratios a. Capital Structure Ratios b. Coverage Ratios. Liquidity implies a firm’s ability to pay its debts in the short run. †¢ Current Ratio: The liquidity ratio is defined as: †¢ Current assets include cash, marketable securities, debtors, inventories, loans and advances, and pre-paid expenses. Current liabilities include loans and advances taken, trade creditors, accrued expenses and provisions. Quick Ratio Quick-test (also acid-test ratio) is defined as: = †¢ Current Assets Current Liabilities Quick Assets Quick Assets ? Inventories = Current Liabilities Current Liabilities Bank Finance to Working Capital Gap Ratio = Short ? term bank borrowings Working capital gap where Working capital gap is equal to current assets less current liabilities other than bank borrowings. †¢ Accounts receivable turnover ratio = †¢ Average collection period = = Net credit sales Average accounts receivable 360 Average accounts receivable turnover Average accounts receivable Average daily sales Cost of goods sold Average inventory †¢ Inventory turnover = †¢ The Gross Profit Margin Ratio (GPM) is defined as: Gross Pr ofit Net Sales Where net sales = Sales – Excise duty. †¢ The Net Profit Margin ratio (NPM) is defined as: †¢ Asset turnover ratio is defined as: Net Pr ofit Net Sales Sales Average assets 5 †¢ Earning power is a measure of operating profitability and it is defined as: Earning before interest and taxes Average total assets †¢ Return on Equity The Return on Equity (ROE) is an important profit indicator to shareholders of the firm. It is Net income calculated by the formula: Average equity †¢ Ownership ratios are divided into three main groups. They are: 1. 2. †¢ Earnings Ratios Leverage Ratios – Capital Structure Ratios – Coverage Ratios 3. Dividend Ratios. The earnings ratios are Earnings Per Share (EPS), price-earnings ratio (P/E ratio), and capitalization ratio. From earnings ratios we can get information on earnings of the firm and their effect on price of common stock. Net income (PAT) Number of outstanding shares †¢ Earning Per Share (EPS) = †¢ Price earnings multiple = †¢ Capitalization rate = †¢ Debt equity ratio = Debt Equity †¢ Debt-Asset ratio = Debt Assets †¢ Interest coverage ratio = †¢ Fixed charges coverage ratio Earning = †¢ Earnings per share Market price of the share EBIT Interest expense before depreciation, debt interest and lease rentals and taxes Debt interest + Lease rentals + Loan repayment installment + Preference dividends (1? tax rate) (1? tax rate) Debt Service Coverage Ratio = †¢ Market price of theshare Earnings per share PAT + Depreciation + Other non ? cash charges + Interest on term loan Interest on term loan + Repayment of the term loan Dividend Pay-out Ratio This is the ratio of Dividend Per Share (DPS) to Earnings Per Share (EPS) Dividend per share Market price of theshare †¢ Divident yield = †¢ Different types of comparative analysis are: 1. 2. 3. 6 Cross-sectional analysis Time-series analysis a. Year-to-year change b. Index analysis Common-size analysis. †¢ Cross-sectional analysis is used to assess whether the financial ratios are within the limits, they are compared with the industry averages or with a good player in normal business conditions if an organized industry is not there. †¢ A comparison of financial statements over two to three years can be undertaken by computing the year-to-year change in absolute amounts and in terms of percentage changes. †¢ When a comparison of financial statements covering more than three years is undertaken, the year-to-year method of comparison may become too cumbersome. In the analysis of financial statements, it is often instructive to find out the proportion that a single item represents of a total group or subgroup. In a balance sheet, the assets, the liabilities and the capital are each expressed as 100%, and each item in these categories is expressed as a percentage of the respective totals. Similarly, in the income statement, net sales ar e set at 100% and every other item in the statement is expressed as a percentage of net sales. †¢ Analyzing return ratios in terms of profit margin and turnover ratios, referred to as the Du Pont System. Funds Flow Analysis †¢ A funds flow statement is a statement which explains the various sources from which funds are raised and the uses to which these funds are put. †¢ The major difference, however, between a true funds flow statement and a balance sheet lies in the fact that the former captures the movements in funds, while the latter merely presents a static picture of the sources and uses of funds. †¢ A funds flow statement would enable one to see how the business financed its fixed assets, built up the inventory, discharged its liabilities, paid its dividends and taxes and so on. Similarly, it would enable one to see how the business managed to meet the above capital or revenue expenditure. †¢ The simplest funds flow statement for a period is the difference between the corresponding balance sheet items at the beginning and the end of the period, such that all increases in liabilities and decreases in assets are shown as sources of funds and all decreases in liabilities and increases in assets are shown as applications of funds. †¢ FFS can also be prepared with the help of the two balance sheets (opening and closing) and the profit and loss statement of the intervening period. Such a funds flow statement defines funds as â€Å"total resources† and the sources of funds will always be equal to the uses of funds. 7 †¢ A funds flow statement may be so prepared as to explain only the change in the working capital (current assets and current liabilities) from the beginning of a period to the end of the period. †¢ Sources of funds that increase cash are: – A net decrease in any asset other than cash or fixed assets. – A gross decrease in fixed assets. – A net increase in any liability. – †¢ Proceeds from the sale of equity or preference stock. – Funds from operations. Uses of funds which decrease cash include: – A net increase in any asset other than cash or fixed assets. – A gross increase in fixed assets. – A net decrease in any liability. – A retirement or purchase of stock. – Cash dividends. †¢ Gross changes in fixed assets is calculated by adding depreciation for the period to net fixed assets at the ending financial statement date. From this figure, the net fixed assets at the beginning of financial statement date is deducted. †¢ An increase in a current asset results in an increase in working capital. A decrease in a current asset results in a decrease in working capital. †¢ An increase in a current liability results in a decrease in working capital. †¢ A decrease in a current liability results in an increase in working capital. Leverage †¢ †¢ Leverage is the influence which an independent financial variable has over a dependent/ related financial variab le. Operating leverage examines the effect of the change in the quantity produced on the EBIT of the company and is measured by calculating the Degree of Operating Leverage (DOL). †¢ A large DOL indicates that small fluctuations in the level of output will produce large fluctuations in the level of operating income. †¢ DOL is a measure of the firm’s business risk. Business risk refers to the uncertainty or variability of the firm’s EBIT. So, every thing else being equal, a higher DOL means higher business risk and vice-versa. †¢ The financial leverage measures the effect of the change in EBIT on the EPS of the company. Financial leverage refers to the mix of debt and equity in the capital structure of the company. The measure of financial leverage is the Degree of Financial Leverage (DFL) †¢ If the management decides to finance a part of the total investment required of through debt financing, the following two factors are important: The proportion of total investment which the management decides to finance through debt (Debt Equity Ratio the firm aspires to) and the interest rate on borrowed funds. †¢ The greater the tax rate, the more is the tax shield available to a company which is financially leveraged. †¢ As the company becomes more financially leveraged, it becomes riskier, i. e. increased use of debt financing will lead to increased financial risk which leads to: Increased fluctuations in the return on equity and increase in the interest rate on debts. †¢ The greater the use of financial leverage, the greater the potential fluctuation in return on equity. 8 †¢ As the interest rate increases, the return on equity decreases. Even though the rate of return diminis hes, it might still exceed the rate of return obtained when no debt was used, in which case financial leverage would still be favorable. †¢ A combination of the operating and financial leverages is the total or combined leverage. Thus, the Degree of Total Leverage (DTL) is the measure of the output and EPS of the company. DTL is the product of DOL and DFL †¢ There is a unique DTL for every level of output. At the overall break-even point of output the DTL is undefined. If the level of output is less than the overall break-even point, then the DTL will be negative. If the level of output is greater than the overall break-even point, then the DTL will be positive. DTL decreases as the quantity of sales increases and reaches a limit of one. †¢ DTL measures the changes in EPS to a percentage change in quantity of sales. †¢ DTL measures the total risk of the company since it is a measure of both operating risk and total risk. Financial Forecasting †¢ Financial forecasting is a planning process with which the company’s management positions the firm’s future activities relative to the expected economic, technical, competitive and social environment. †¢ There are three main techniques of financial projections. They are proforma financial statements, cash budgets and operating budgets. †¢ Proforma statements are projected financial statements embodying a set of assumptions about a company’s future performance and funding requirements. Cash budgets are detailed projections of the specific incidence of cash moving in and out of the business. †¢ Operating budgets are detailed projections of departmental revenue and/or expense patterns, and they are subsidiary to both proforma statements and cash flow statements. †¢ Sales Budget can be prepared by making a sales for ecast, sales forecast can be made from subjective and objective methods. †¢ Subjective methods use the judgments or opinions of knowledgeable individuals within the company, ranging from sales representatives to executives. †¢ Objective methods are statistical methods which range in sophistication from relatively simple trend extrapolations to the use of complicated mathematical models. More and more companies are relying on computers to predict causal relationships. 9 Part I: Questions on Basic Concepts Introduction to Financial Management 1. 2. 3. 4. 5. 6. 7. The financial goal of a public sector firm fully owned by the government is to a Maximize the book value per share b. Maximize the profits earned by the firm c. Maximize the present value of stream of equity returns d. Maximize the return on equity e. Both (a) and (d) above. Which of the following is not an objective of financial management? a. Maximization of wealth of shareholders. b. Maximization of profits. c. Mobilization of funds at an acceptable cost. d. Efficient allocation of funds. e. Ensuring discipline in the organization. Which of the following is not a function of a finance manager? a. Mobilization of funds. b. Deployment of funds. c. Control over use of funds. d. Manipulate share price of the company. e. Maintain a balance between risk and return. The market value of the firm is the result of a. Dividend decisions b. Working capital decisions c. Capital budgeting decisions d. Trade-off between cost and risk e. Trade-off between risk and return. Which of the following is related to the control function of the financial manager? a. Interaction with the bankers for arranging a short-term loan. b. Comparing the costs and benefits of different sources of finance. c. Analysis of variance between the targeted costs and actual costs incurred. d. Assessing the costs and benefits of a project under consideration. e. Deciding the optimum quantity of raw materials to be ordered for procurement. The minimum number of persons required to form a private limited company and a public limited company respectively are a. and 5 b. 5 and 7 c. 2 and 7 d. 7 and 2 e. None of the above. Which of the following is an advantage of a sole proprietorship? a. Life of a firm is limited to the life of the owner. b. Fund raising from outside is easy. c. Limited personal liabilities. d. Easy and inexpensive to set-up. e. Expansion of Business is possible. Part I 8. Which of the following i s an advantage of partnership firms? a. The life of the firm is perpetual. b. Personal liabilities of the partners are limited. c. Its ability to raise funds is virtually unlimited. d. It is relatively free from Governmental regulations as compared to joint stock companies. . None of the above. 9. The objective of financial management is to a. Generate the maximum net profit b. Generate the maximum retained earnings c. Generate the maximum wealth for its shareholders d. Generate maximum funds for the firm at the least cost e. All of the above. 10. Which of the following statements represents the financing decision of a company? a. Procuring new machineries for the RD activities. b. Spending heavily for the advertisement of the product of the company. c. Adopting state of the art technology to reduce the cost of production. d. Purchasing a new building at Delhi to open a regional office. e. Designing an optimal capital structure by using suitable financial instruments. 11. The amount that can be realized by a company when it sells its business as an operating one is termed as a. Going concern value b. Market value c. Book value d. Replacement value e. Liquidation value. 12. Which of the following functions of the financial system facilitates conversion of investments in stocks, bonds, debentures etc. , into money? a. Savings function. b. Liquidity function. c. Payment function. d. Risk function. e. Policy function. 13. The objective of financial management to increase the wealth of the shareholders means to a. Increase the physical assets owned by the firm b. Increase the market value of the shares of the firm c. Increase the current assets of the firm d. Increase the cash balance of the company e. Increase the total number of outstanding shares of the company. 14. Which of the following is a function of the finance manager? a. Mobilizing funds. b. Risk return trade off. c. Deployment of funds. d. Control over the uses of funds. e. All of the above. 11 Financial Management Indian Financial System 15. A financial asset should necessarily have a. A claim to a payment in the form of an instrument b. An underlying asset, with a charge over it c. Parting of money today with an expectation that it will be returned in future with some addition to it d. Both (a) and (c) above e. All of (a), (b) and (c) above. 16. Which is/are the essential feature(s) of a Call Money Market? a. Maturity periods of 1-15 days. b. Market determined interest rates. c. Low liquidity. d. High agency costs. e. Both (a) and (b) above. 17. The apex financial institution in India that promotes housing finance is a. Housing Urban Development Corporation (HUDCO) b. Housing Development Finance Corporation Ltd. (HDFC) c. Cooperative Housing Finance Society d. National Housing Bank (NHB) e. LIC Housing Finance Limited. 18. â€Å"Single Window Lending† refers to a. An arrangement by which the lead bank in a consortium of banks releases the initial requirements of the borrower b. Loans given by commercial banks to the agricultural sector, which are subject to efinance from NABARD c. A specialized cell set up in scheduled banks exclusively for the purpose of industrial loans d. Priority sector lending by nationalized banks e. Loans given by NBFCs to some sectors to which nationalized banks are not allowed to give. 19. The difference(s) between Commercial Paper (CP) and Certificate of Deposit (CD) is/are a. CP is secured while CD is unsecured b. CPs can be issued by private sector companies while CDs can be issued by scheduled banks c. CP is sold at a discount and redeemed at face value whereas for CD the principal and interest are payable upon maturity d. Both (b) and (c) above e. All of (a), (b) and (c) above. 20. The money lent in money market for a period of 2 to 15 days is referred to as a. b. Demand loan c. Term loan d. Notice money e. 12 Call money None of the above. Part I 21. Which of the following are feature(s) of Gilt-edged securities? . Only repayment of principal is secured. b. They are issued by non-governmental service organizations. c. They are issued by government entities. d. The repayments of both principal and interest are secured. e. Both (c) and (d) above. 22. Which of the following provides liquidity to money market instruments by creating a secondary market where they can b e traded? a. Discount and Finance House of India. b. National Securities Depository Limited. c. State Bank of India. d. Reserve Bank of India. e. Over the Counter Exchange of India. 23. Which of the following is an example of non-fund based activity of an NBFC? . Bill discounting. b. Leasing. c. Issue management. d. Hire purchase. e. Inter-corporate loans. 24. The minimum maturity period for a Certificate of Deposit is a. Fifteen days b. One month c. Three months d. Six months e. No specific time limit is prescribed. 25. Statutory Liquidity Ratio (SLR) refers to the a. Percentage of secret reserves which acts as a cushion for nationalized banks b. Percentage of reserves banks are required to park with instruments approved by RBI c. Ratio between current account and fixed account deposits of banks d. Percentage of reserves banks are required to utilize only for forex ransactions e. Percentage of reserves meant for priority sector lending. 26. Public debt in the Indian economy is bein g managed by a. SBI on behalf of Government of India b. Ministry of Finance c. RBI d. All nationalized banks and term lending institutions e. Ministry of Commerce and Trade. 27. In which of the following instances bought-out deal is more appropriate? a. Companies do not wish to disclose information by way of public issue. b. Promoters do not want to dilute their stake by going public. c. Small projects require funds but costs of public issue are substantially high. d. Foreign Institutional Investors offload their shares when market is down. e. Board for Industrial and Financial Reconstruction (BIFR) offers a sick unit to existing blue chips in that industry. 13 Financial Management 28. Which of the following is/are not a feature(s) of National Stock Exchange? a. NSE was promoted by FIs at the bentest of GOI. b. The trading is on-line in national network. c. The volume of trading in it is less than that of BSE. d. It has a debt market segment. e. The weights to the stocks on NIFTY are based on total share holding. 29. Which of the following is/are not true in respect of PSU bonds? . There is no secondary market. b. Market lot for trading purposes is minimum of Rs. 10 crore. c. They come under â€Å"approved investments† by RBI. d. Both (a) and (b) above. e. All of (a), (b) and (c) above. 30. Unit banking refers to the system a. With a single bank having units at different places b. With the overall operations of a bank conducted from a singl e office c. Which deals with the units of UTI d. Which deals with the units in small-scale sector e. Either (a) or (b) above. 31. Which of the following is not a function performed by a financial system? a. Savings function. b. Liquidity function. . Risk function. d. Social function. e. Policy function. 32. The maturity period of a Certificate of Deposit (CD) issued by a bank is a. Not less than 1 month and not more than 6 months b. Not less than 2 months and not more than 9 months c. Not less than 15 days and not more than 12 months d. Not less than 4 months and not more than 12 months e. Not less than 1 month and not more than 12 months 33. If in an order to buy/sell shares from a stock exchange is limited by a fixed price it is called a. Limit order b. Limited discretionary order c. Stop loss order d. Best rate order e. None of the above. 4. ‘Gilt edged’ securities are the bonds issued by a. b. Multinational corporates c. Global corporations d. Central government e. 14 Big corporates Financial institutions. Part I 35. Medium dated government securities have maturities ranging from a. 1 to 3 years b. 1 to 5 years c. 3 to 5 years d. 3 to 10 years e. 5 to 10 years. 36. Which of the following maturity of T-Bills does not have a provision? a. 30-day. b. 91-day. c. 182-day. d. 364-day. e. None of the above. 37. In secondary spot capital market, the delivery and payment is completed a. On the same day of the date of contract b. How to cite Financial Management, Papers

If you had to spend a day with someone who will you choose past or present free essay sample

If you could spend a day with anyone in the world, past or present, who would you choose and why? RICHMOND UNI ENTRY ESSAY WRITTEN 14/11/12 ON APPICATION TO THE UNI I have chosen Robert Kennedy the brother of the American President J.F Kennedy for many reasons. Time magazine 5 May 1988 described him as â€Å"The Last hero† People spend money to listen to motivational speakers and if I had the chance I would spend the day with Robert Kennedy because I ‘am greatly inspired by his life. He once said in a speech â€Å"Hand in hand with freedom of speech goes the power to be heard, to share in the decisions of government which shape mens lives.† What good is to have freedom of speech and not use it? It is my firm belief that getting a degree will equip me in me in the world we live today, to have a say in what goes on in community and nation. We will write a custom essay sample on If you had to spend a day with someone who will you choose past or present or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page A wise man once said â€Å"Knowledge is power† but even though all of us living in the western countries have the freedom of speech few really use it. Politicians are put in power by the people to represent the people and I believe this was a man who became more than a politician. I would ask him why he really chose to stand up for the marginalised, is it because of his families Irish roots? His 1966 Day of Affirmation Speech in Cape Town South Africa has been regarded by many sources as the best speech in history. During this time of apartheid in South Africa, Civil Rights in America he had courage to stand up for those that did not have equal rights during that time. He talked about how each one of us can work to change a small portion of events, and in the total; of all those acts will be written the history of our generation. He went on to say â€Å"Even as my father grew up in Boston, Massachusetts, signs told him that No Irish Need Apply. Two generations later, President Kennedy became the first Irish Catholic, and the first Catholic, to head the nation; but how many men of ability had, before 1961, been denied the opportunity to contribute to the nations progress because they were Catholic, or because they were of Irish extraction? This is a man who believed every human being deserved a fair chance in life and was not afraid to say it. When Robert Kennedy was appointed U.S. Attorney General the first issue he dealt with was civil rights. Robert Kenned helped end racial segregation in bus terminals and played a large role in the so called â€Å"Freedom Riders Protest† and went as far as offering to bail some of the  Freedom Riders Protest members who had been jailed. This is a man who chose yet again take a very unpopular route, by disagreeing with the Vietnam War. He led many campaigns against the South Vietnamese war saying it was immoral because of the killing of innocent women and children. If I could spend a day with Robert Kennedy I would ask him if he wasn’t afraid that someone might assassinate him, just as they did to his brother.

Ethical Issues with Performance Enhancing Drugs in Professional Sports

Abstract Enhancement of human capacity has become possible following technological advancement in the field of health. Currently, scientists have the capacity to manipulate physical and physiological mechanism of the body to perform unusually. In sports, performance-enhancing drugs benefit sport professionals by improving the strength of the muscles, increasing degree of endurance, and efficiency in sporting. Despite these benefits, the uses of performance-enhancing drugs have serious ethical issues regarding health and sports.Advertising We will write a custom term paper sample on Ethical Issues with Performance Enhancing Drugs in Professional Sports specifically for you for only $16.05 $11/page Learn More The use of performance-enhancing drugs threatens physical and physiological health of sport professionals and distorts the sporting spirit. The spirit of sports emphasizes on the biological potential, fairness, and justice to the competitors; neverthe less, the use of performance enhancing-drugs undermines the same. The escalating cases of doping among sport professionals, casts great doubt on the preservation of health and ethical values in sports Introduction With the advancing technology in health, scientists are now able to manipulate physiological mechanism of the body through various ways of human enhancement. Scientists have found out that human enhancement is possible in areas such as physical enhancement, life extension, cognitive enhancement and, personality enhancement amidst other emerging enhancements. Physical enhancement is one of the ways of human enhancement that has found extensive application in professional sports. The use of performance enhancing drugs in professional sports has elicited a lot of debate and controversy concerning ethical, social, and legal implications in the society. The alarming increase in the use of performance-enhancing drugs pushed the former United States president, George Bush to voic e his concerns on the same. He said, â€Å"the use of performance enhancing drugs like steroids in baseball, football, and others sports is dangerous, and it sends the wrong message that there are shortcuts to accomplishment, and that performance is more important than character† (Schieffelin, 2007, p. 966). The escalating cases due to performance-enhancing drugs in professional sports have unforeseen negative effects to the society, hence ethical issues and concerns. Health Issues Although performance-enhancing drugs have health benefits of increasing muscle strength, endurance, and efficiency in sports, the use of performance enhancing drugs such as anabolic steroids has serious health repercussions. The Controlled Substance Act of the United States classifies anabolic steroids as illegal class of drugs that are very harmful to the health. Scientific evidence demonstrates that, â€Å"steroids threaten the physical and physiological health of anyone who uses them for non-me dical purposes †¦ and pose even greater danger to adolescent individuals causing reproductive disorders, fluid retention, depression, and long-term physiological damage† (Schieffelin, 2008, p. 968).Advertising Looking for term paper on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More In spite of the physical health benefits associated with performance enhancing drugs, the negative side effects of continued use of the drugs outweigh its benefits, thus generates ethical issues. Due to health concerns, it is not ethical to encourage the use of performance-enhancing drugs in or outside the sports. Proponents who encourage the use of performance enhancing drugs cry foul that their critics have exaggerated the health risks posed by the drugs. The proponents argue that the harmful effects of these drugs â€Å"†¦have been overstated, that health risks are an athlete’s decision to make, that using drugs is part of the evolution of sports †¦ and that efforts to keep athletes from using drugs are overzealous, unproductive, unfairly administered, and bound to fail† (Wyler, 2008, p. 3). From their argument, the proponents of performance-enhancing drugs imply that they are not concerned about the health of the sport professionals; all they need is to enhance performance in sports. To argue that it is an individual’s decision to decide whether to use performance-enhancing drugs or not, contravenes the very core ethical values of the society. It is ethical to protect and advocate for preservation of the health conditions of sport professionals rather than leaving them at the mercy of their winning desires. The exponential trend on the use of performance enhancing-drugs among youths is quite shocking. The statistical estimates released by The National Institute on Drug Abuse reveal that, â€Å"more than a half million eighth- and tenth-grade students are using steroids, and Uni versity of Michigan study showed that between 2000 and 2004, the Nation’s eighth-, tenth-, and twelfth-grade students experienced peak rates in annual anabolic steroid use† (Schieffelin, 2008, p. 970). This trend is setting a bad precedent to the young children who are aspiring to attain unrealistic achievements of their elders who are using performance-enhancing drugs. The most important thing in the current society is to preserve and maintain ethical issues that will stand the test of time for the sake of physical and social health. Hence, if the use of performance-enhancing drugs is encouraged or goes unchecked in the light of the current trends, the physical and social health of the sport professionals would be irreparably damaged due to the bad culture of enhancing human performance. The Spirit of Sports According to World Anti-Doping Agency, its mandate is to ensure that sport professionals adhere to the sporting ethics that provide a level ground for healthy and fair competition in order to protect the sporting spirit. Bostrom and Roache argue that, â€Å"athletes who use performance enhancing drugs are cheaters who gain an unfair advantage, violate the spirit of competition, send the wrong message to children, and unfairly diminish the historic achievements of clean athletes (2007, p. 8). It is unfair to rank sport professionals who use performance-enhancing drugs equally with those who do not use the same drugs.Advertising We will write a custom term paper sample on Ethical Issues with Performance Enhancing Drugs in Professional Sports specifically for you for only $16.05 $11/page Learn More Sport professionals who use performance-enhancing drugs have obvious advantage over the rest who do not use them thus negating the vital spirit of competition. For the spirit of competition to thrive well in sports, a level ground is prerequisite for just and fair competition, which is ethical; otherwise, unfair competit ion attributed to the use of performance-enhancing perverts sports. Although it is plausible to level the ground of competition by encouraging all sport professionals to use performance-enhancing drugs, the spirit of sports measures sporting potential based on biological potential and not enhanced potential. The spirit of sports is about preserving sporting ethics and values of ancient times, by testing biological strengths, and skills of the sport professionals. Bostrom and Roache assert that, â€Å"if biological potential is what the spirit of sport is about, then performance-enhancing drugs certainly go against it, since athletes can achieve things with the aid of drugs that they would be unable to achieve based on their natural potential alone† (2007, p. 9). Therefore, the test of biological potential provides a level ground for competition, unlike the use of performance-enhancing drugs, which complicates the parameters of competition, since varied dose concentration, wou ld give concomitant enhanced performance. Therefore, in performance enhancement, unequal dose of a given drug would result into unfair competition among competitors. Since professional sports ultimately aim at making economical achievements, then the means of attaining economic gains matters. Despite the efforts of World Anti-Doping Agency to protect the spirit of competition, many sport professionals still use performance-enhancing drugs in order to edge their competitors and unfairly claim the prize. It is unethical for sport professionals to use unfair means to deny their competitors a chance of winning prizes they really deserve. According to ethical theories of sports, â€Å"no person or group must be favored over another †¦ not just whether to commit a strategic foul in terms of good consequences for one team, but the opposition and the good of the game† (Culbertson, McNamee, Ryall, 2008, p. 6). Consequently, allowing or conspiring to win sport prizes by using per formance-enhancing drugs is fraud and unethical for it robs of other competitors excellent opportunities of winning fairly. Permitting the use of performance enhancing drugs in professional sports would distort the true spirit of sports. The main objective of the sport professionals is to win; no matter whether there is an improved performance or not.Advertising Looking for term paper on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More Bostrom and Roache argue that, if people desire to see sport professionals perform superbly, â€Å"we can make humans using whatever means become available, then, we should actively promote performance-enhancing drugs, and expect to see competitors striving to become the first to discover the latest enhancements in order to beat their rivals† (2007, p. 10). The use of performance-enhancing drugs would shift the focus of the sport professionals from winning the game into discovering the most effective performance-enhancing drug in the market. Eventually, sporting spirit of fairness and biological potential fades away and unfair spirit of competition in terms of money and effective drugs ensues. Conclusion The alarming trend in the use of performance-enhancing drugs in professional sports is raising great deal of ethical, social, and legal concerns. Research studies claim that performance-enhancing drugs impair physiological and physical health of the sport professionals who in dulge in their use. Adverse effects associated with performance-enhancing drugs pose critical issues of health. Moreover, doping is unethical in sports, and thus the World Anti-Doping Agency is putting up measures to ensure thorough screening of all sport professionals. The aim of the World Anti-Doping Agency is to provide a level ground to all competitors, which will enhance the spirit of competition. Predictably, the continued use of performance enhancement drugs will lead into distortion of the sports’ spirit, as competitors will shift their focus from winning the game, into discovering a new performance-enhancing drug in the market. Ultimately, the loss of ethical issues regarding sports leads to the distortion of sports obliterating the sporting spirit; a core element within sporting circles. References Bostrom, N., Roache, R. (2007). Ethical Issues in Human Enhancement. New Waves  In Applied Ethics Journal, 12, 1-27. Print. Culbertson, L., McNamee, M., Ryall, E. (20 08). Resource Guide to the Philosophy of Sport and Ethics of Sport. Hospitality, Leisure, Sport and Tourism Network,  1-43. Web. Schieffelin, N. (2007). Maintaining Educational and Athletic Integrity: How Will Schools Combat Performance Enhancing Drug Use? Suffolk University Law Review, 40(4): 959-979. Web. Wyler, L. (2008). International Convention against Doping in Sport: Issues for Congress. Congressional Research Service, 1-6. This term paper on Ethical Issues with Performance Enhancing Drugs in Professional Sports was written and submitted by user Sean Puckett to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Stem Cell Research (for) speech essays

Stem Cell Research (for) speech essays When Dr. James Thomson succeeded in isolating human embryonic stem cells in 1998, he probably did not suspect that his unusual discovery, would fan the flames of new discussions over the sacredness of human life. Named the Breakthrough of the Year for 1999 by the prestigious journal Science, human embryonic stem cell research has the potential to benefit many people, who suffer from serious debilitating conditions. His unique research laid the foundation for a new frontier, in the daily fight against disability and disease, he opened a window of hope, for sufferers of spinal cord injurys, diabetes, Alzheimers, Parkinsons, as well as many other ailments affecting a large segment of humanity. The reason for the intense interest in this type of research, is the fact that stem cells seem to be able to transform into any of the diverse types of cells in the human body. Researchers think that, with increased knowledge of the human genome, they might be able to coax these stem cells into creating the spare ingredients needed for the eventual treatment, and cure, of the above-named physical ailments. Imagine: muscle cells, skin cells, liver cells, heart cells, even brain cells created on demand. The idea of therapeutic cloning, arises largely in response to obstacles encountered, by scientists doing research on embryonic stem cells. The million dollar question is, how to transplant cells or tissues derived from an embryo, into a patient, without that patient rejecting the implanted material? Obtaining cells from an embryo, which has been cloned using the patients own DNA avoids any risk of tissue rejection, which would be likely to occur if stem cells were derived from non-cloned embryos. For example, a patient suffering from severe burns could have embryos cloned using genetic material derived from his or her own cells. If the stem cells obtained from these cloned embryos could be coaxed into becomin...

Should people ban testing on animals based upon people unethical Essay

Should people ban testing on animals based upon people unethical research of animal - Essay Example Since decades, animals are used for the purpose of testing in order to accomplish the objectives of experiments. Scientifically, animal testing is termed to be beneficial for many inventions, but it is also not without certain ethical issues related with animal rights. The practice of animal testing has its long story, which can be found rooted since when the ancient Greek people used animal for their experiments and in many rituals to gain beauty and good health. While then the human society had limited concern about the living rights of animals, modern day philosophers and activists have been into debates as to whether animal testing should be banned with due consideration to its positive contributions towards the development of the society (PRISM, â€Å"The Connection between Animal Testing, the Environment, and Human Health†). Emphasizing this context, the objective of the paper is to argue regarding the negatives and positives associated with animal testing in order to take a stand in opposition of banning animal testing. Hence, the thesis of the paper will aim to support animal testing for innovation and for the development of medical research emphasizing its positive effects and critically assessing the negatives associated with the same. Arguments in contradiction to animal testing have long been encouraged by activists and philosophists in the society. However, it cannot be ignored that there are some fields where the experiments upon animal are mandatory in nature for the overall enhancement of the society and also for new inventions. Illustratively, the biomedical field is such an example wherein animal testing is mandatory for the research to be a success. It is evident, that scientists in the present day, with the help of advance technology, are inventing new options in the area of medical research to support the human life system. For instance, researchers, through animal

King Creon and Antigone Essay Example | Topics and Well Written Essays - 750 words

King Creon and Antigone - Essay Example In the play, a fight between brothers over the control of Thebes resulted to their deaths. Unfortunately, their deaths are perceived differently by Antigone and King Creon. According to King Creon, Polynices who is one of their brothers that had died in the war does not deserve a proper burial because he fought against his people (Sophocles 2). On the other hand, Antigone argues that it is crucial for her brother to be given a proper burial because he is their blood. This variation in thought about the burial of Polynices is the one that led to the emergence of other issues. In the play, it is also evident that there was a clash of wills between Antigone and King Creon. This is evidenced by Antigone’s view about the essence of maintaining and observing the family’s sacredness in making any decision in life (Sophocles 3). According to her, it was the duty of family members to give one of their own a proper burial. On the other hand, King Creon believed that whoever goes against his country does not deserve any respect from anyone including his or her family members. Pride is also another element that contributed significantly to the creation of a big gap between King Creon and Antigone. According to the scenes in the play, it is pride that made King Creon decide not to offer his brother a proper burial. It is also his perception on the position of women in the society that made him ensure that the death of Polynices is not mourned by people. Additionally, it is Creon’s position as a king that made him not to accept Antigone’s opinion about the burial of their brother (Sophocles 2). In addition, Antigone’s pride also barred her from accepting the decision that was made by the king about Polynices’ burial. The decisions made by both the king and Antigone also shows that there was an issue of duties and values. This is evidenced by Antigone’s assertion that it was her duty to ensure her brother was

Cruise Inc., Big Money on The High Seas Essay Example | Topics and Well Written Essays - 1250 words

Cruise Inc., Big Money on The High Seas - Essay Example These portions mainly includes, casino, bar, shopping mall, art auction and the speciality restaurants. After the sales of bookings, these parts of the cruise help NCL to generate the desired amount of revenue. However, the initial revenue generator is the most important part to increase productivity for NCL because if the cruise has on-board passengers then it will acquire the opportunity to sell its services on better prices. NCL does stresses its focus upon the profitability and losses in terms of finance but the productivity of NCL cannot entirely be measured on the basis of its financial profits and losses. The biggest reason for this is risks which are involved in the cruising business in which a single normal challenge like rain or liquor shortage can cost significant losses to NCL. In these regards the productivity which is significantly important for NCL is not entirely measured in terms of total profits made. It incorporates the season, profits and losses, customer response s to service and most importantly the overall sales from each section of the journey. Question 2 The major target population for NCL is the middle economic class. The biggest reason for this is the severe economic crisis which every individual and state is going through. In fulfilling its aim to seek the attention of middle economic class, range of bookings and services packages varies from significantly reasonable and affordable prices to immensely elevated and high prices. Despite of prices, the service package which is provided by NCL to its customers is highly sufficient and captivating for consumers. The service package mainly includes resort, shopping mall, a total of eleven restaurants which varies in several distinct food styles, live entertainment shows of professional standards, along with a casino and a bar. These services are offered to customers while travelling in the cruise. However, the service package of NCL also includes its stop at a town where numerous entertainm ent activities delight all of consumers with specialty food. Lastly, NCL is the only cruise liner which owns a private island for the betterment of its service and for successfully thrives in the industry against its giant competitors. The service package provided by NCL to customers also includes a day at this privately owned island which is entirely designed to elevate the cruising experience of its customers in terms of quality. Question 3 In the steadily growing cruising industry, there are three major competitors which strive to thrive more efficiently into the business of cruising. Among the three well known corporations, fifty percent of the market in the cruising industry is captured under the giant cruising corporation called Carnival Corporation. It is followed by another cruising giant, Royal Caribbean Cruises which is dominating on the rest of thirty percent of cruising market. The remaining twenty percent of industry’s market is owned by NCL that signifies the im portance of competition for NCL to survive in the industry. For NCL, the competitive priorities are entirely based on the expansion of its cruising business by acquiring more customers to consume the services provided by this corporation. To attract consumers is the one of the most important segment because these consumers are the main source of profit for any cruising company. If more consumers will be acquired

Goal! The Dream Begins | Reflection

Goal! The Dream Begins | Reflection In this paper, I will describe how the movie entitled Goal! The Dream Begins has inspired me. This film has given me significant insights and realisation about life. In 2005, my son who was ten years old then asked me to bring him to see this movie. His love and passion for football was instilled during his one year education in England. As I am not a football fan, I went to see this movie with the idea that this is just an ordinary soccer film. Little did I know that this movie has warmly touched my heart and inspired me. The movie, Goal! The Dream Begins is a fictional story of a Mexican-American, Santiago Munez, living in Los Angeles. The plot revolves around the life of Santiago, from a footballer to a professional soccer player. As an underprivileged Mexican-American immigrant growing up in the poor sector of Los Angeles, Santiago seemed destined to follow his fathers footsteps, laboring at menial jobs to earn just enough money to support his family. His father wanted him to join the family business and helped their family financially. Though Santiago was incredibly talented in soccer, his father discouraged him from playing soccer, believing that it was only a worthless fantasy. He was skeptical and disapproved his dream. He refused to accept his childs potential. However, Santiagos grandmother (Colon) could see the potential that lied within her grandson and supported him in reaching his ambition. In the movie, one day, a former British professional, Glen Foy, spotted Santiago playing in a pickup game, and promised him a try out for Newcastle United. When Santiago was given the chance of a life time, he had to made a decision whether he should leave his family and his life in Los Angeles and traveled to England to fulfill his dream. Santiagos greatest obstacle was he had no money to buy an air ticket to England. His father has taken his savings to buy a truck for the family business. He was frustrated and he thought there was the end of his dream. But his grandmother sold her jewelry and he left without his fathers knowledge to England to achieve his dream. In life, parents tend to be over realistic and worry about the future prospects of their children. They have many times unintentionally dimmed their childrens dreams. Dreams are wonderful and essential as they give us hope and make us move on in life. According to Gallozi (2010), a dream is ones vision, aspiration or fervent hope for the future. Ozzie Smith, a famous baseball player in America once said all great journeys start with a dream. Of course, we should dream the right dreams and follow our dreams until we make them come true. This plot of the movie reminds me of two occasions in my life. Firstly, after form five, like many students, I wanted to further my study overseas. However, due to financial problem, I have to study locally. My father whose income was barely enough to meet the family expenses had to sacrifice much to sponsor my study in University of Malaya. It was my fathers support that I could gain a varsity education. Second occasion was when I was looking for a jo b. My passion was to teach. My father did not stop me from following that though he wanted me to be an accountant. And because of his approval, I was able to enter into the teaching profession and this passion still lives on after 26 years. This plot also challenged me as a parent. It is important for parents support our children in fulfilling their dreams. We are to help to nurture their dreams. We can provide a conducive environment at home for them to grow into their full potential. When my son was 11 years, I have discovered his talent in music. As a parent, I have tried to support him encouraging him to pursue his dream in playing drum, guitar and piano. Santiago went through trials and tribulations to earn his rightful place in the squad. He soon realised that becoming professional soccer player is not as easy as it looks and that his father may have been right. As things began to get tougher, Santiago realised that he must first believe in himself before anyone else will. His hard work paid off as he eventually was noticed by the coach and made to the reserve team. Like Santiago, he did not give up although he got screwed several times. However, just believing we can do something does not mean there will not be any problems. We need to look for solutions to our problems. Santiago tried to adapt to the rough-and-tumble of the English game such as he had never played in rain or mud before and he also tried to avoid the immoral lifestyles of his teammates. The year 2005 was a tough year for me as I was in the midst of my PhD study. I could personally relate this plot of the movie when I was watching it. As my study was based on a split programme, I had to return to Malaysia for a year. In 2005, I have returned from England to collect data for my PhD. I had to believe in myself and moved on when I faced difficulties in getting responses from questionnaire survey. Interviews with the financial analysts were also a challenge to me. The movie has prepared me mentally for 2006, the year which I had to go to England alone to continue with my PhD. Living alone in England was really a challenge. It took me a while to adjust to my lifestyle there. My main focus in that year was to analyse the data collected and complete my thesis. The PhD journey was not easy. There was this though of quitting but determination and believing in myself had kept me going and completing my PhD and went for my viva within three and a half years. In addition, this movie also has inspired to continue learning my piano which I had stopped pursuing my PhD. I am still taking piano lessons today to improve my skills. The belief in myself has helped me to reach this today. Despite of having asthma, Santiago never loses his grip of becoming a professional soccer play. At first, he was in denial of his case. He even lied during his physical examination. Yet, when his league manager, Mr. Dornhelm, learned about his condition, he immediately advised him to see a physician for a thorough check up. As a result of this courageous revelation, Santiagos morale lifted up. Denial is a negative parcel of life. It is a common mechanism we adopt to cope with our difficulties. According to Jacobson (2010), denial makes us feel safer and secure but it does not change the truth. We love to deny things until we get to realise there is no genuineness inside me. The truth is facing our weaknesses might be a liability but it is not an obstacle. We also see that when Santiagos father died of heart attack while he was in England, he had to make the choice between pursuing self-interest over duty to family that Santiago has to make. Finally, he has chosen to continue with the pursuit of his dream. In 2003, I had to make an important decision in my life. It was a decision which affected also my family and my mother-in-law. Being the only son, my husband is expected to look after his aged mother. The decision as to whether the whole family should go to UK with me or otherwise was tough. Of course, personally I would like to all to go based on selfish reason. However, duty to family is another issue. Whatever the decision there are consequences. In this film, there are two great Samaritans behind Santiagos success. First is his grandmother who gave Santiago the air ticket to his dream. Second is Mr. Glen Foy the retired professional football player who discovered Santiagos talent. Despite of failures and frustrations, he still helps Santiago in any means. In my life, there are also two Samaritans who have helped me in achieving my goals in my life. They are my father and my PhD supervisor. My father motivated me in reaching my goals in life. He had not stopped me from studying even though the Chinese believe that women should not study so much. My supervisors dedication and commitment in his work has helped me much in completing my PhD. Conclusion Even though this film is a fiction it brings out various truths in life. As we relate well to stories, Goal! The Dream Begins is a charming story which will appeal to all especially for those who have left their innermost dreams behind. We need to believe in ourselves and follow our dreams. This movie inspires us not to give up but nurture our dreams until they are fulfilled.

The Glass Menagerie :: essays research papers

The Glass Menagerie Plot Overview The Glass Menagerie is a memory play, and its action is drawn from the memories of the narrator, Tom Wingfield. Tom is also a character in the play, which is set in St. Louis in 1937. He is an aspiring poet who toils in a shoe warehouse to support his mother, Amanda, and sister, Laura. Mr. Wingfield, Tom and Laura's father, ran off years ago and, save for one postcard, has not been heard from since. Amanda, originally from a genteel Southern family, regales her children frequently with tales of her idyllic youth and the scores of suitors she once received. She is disappointed that Laura, who wears a brace on her leg and is painfully shy, does not attract any gentleman callers. She enrolls Laura in a business college, hoping that she will make her own and the family's fortune through a business career. Weeks later, however, Amanda discovers that Laura's crippling shyness has led her to drop out of the class secretly and spend her days wandering the city alone. Amanda then decides that Laura's last hope must lie in marriage and begins selling newspaper subscriptions to earn the extra money she believes will help to attract suitors for her daughter. Meanwhile, Tom loathes his warehouse job and finds escape in liquor, movies, and literature, much to his mother's chagrin. During one of the frequent arguments between mother and son, Tom accidentally breaks several of the glass animal figurines that are Laura's most prized possessions. Amanda and Tom discuss Laura's prospects, and Amanda asks Tom to keep an eye out for likely young men at the warehouse. Tom selects Jim O'Connor, a casual friend, and invites him to dinner. Amanda quizzes Tom about Jim and is delighted to learn that he is a driven young man with his mind set on career advancement. She proceeds to prepare an elaborate dinner and insists that Laura wear a new dress. At the last minute, Laura learns the name of her caller, and it turns out that she had a devastating crush on Jim in high school. When Jim arrives, she answers the door, on Amanda's orders, and then quickly disappears, leaving Tom and Jim alone. Tom confides to Jim that he has used the money for his family's electric bill to join the merchant marine and plans to leave his job and family in search of adventure.