Abortion Essays (522 words) - Abortion, Human Reproduction

Abortion ABORTION The coexistence of opposite and conflicting feelings about abortion is centuries old. Most arguments against granting women the right to abortion are based on religious and moral prohibitions, defending the sanctity of human life. Opponents of abortion rely on the premise that the fetus is a human being, a person from the moment of conception. Anti-abortionist proclaim that they are pro-life, however they spend so much time establishing that the fetus is a person and therefore has a right to live that they forget about mothers rights or simply ignore her existence. The word murder is often used by pro-lifers to describe abortion. Murder means deliberate and unjustified killing of another person containing intent. How can anybody see an evil intent in a womans decision to interrupt pregnancy if it is a result of rape or incest? A woman cannot bear the thought of having a child that would be a constant reminder of what had happened on such a day and such number of years ago. She does not want to kill a baby; she wants to interrupt the growth of an embryo so that it will not become a baby. She interrupts potential life, but potential life is just that, potential. It is interesting to note that these same people, who place so much emphasis on protecting the fetus, seem to care so little about what happens to children after they are born. My personal belief is that each woman should have a right to decide whether she wants to terminate an unwanted pregnancy. For reasons of womens right to self-determination, protection of their health, adequate care of children which are born and in order to prevent child abuse and mental disease, easy access to abortion is a must. I recently heard on TV that most abortions occur because contraception failed, because of a rape or because of a serious medical condition of the mother, which could lead to her death. In these situations abortion is often the only way that prevents the birth of an unwanted child or saves a mothers life. Another reason why I believe that availability of choice is vital for women is that if a woman decides to have an abortion, she will do anything to end her pregnancy. This is the reality. The reasons why women have abortions vary. It may be a case of rape, physical or psychological condition. A choice must needs to be available to prevent the birth of unwanted children, to avoid damage to the child as well as to safeguard the emotional and physical health of women. Preservation of life seems to be rather a slogan then a genuine goal of the anti-abortion forces; what they really want is control. Control over our behavior and power over women. Abortion is a tough choice and the decision should be a personal one, without interference of government or special interest groups. God gave us freedom of choice and if He, as a God, gives all of us this freedom, what right do we have to take it away from women! Human Sexuality

Responses of Children with Chronically Ill Siblings Essay Example

Responses of Children with Chronically Ill Siblings Essay Example Responses of Children with Chronically Ill Siblings Paper Responses of Children with Chronically Ill Siblings Paper Chronic illness to any of the member of the family actually affects the whole family. And when a child diagnosed is diagnosed with a chronic illness, it has its effect not only on the suffering child but the entire family as a whole which includes his/her siblings. Though the children in most of the cases have been found to adapt their siblings’ chronic illness but the complete picture indicates that they have to experience stress and psychological problems (Association for Children with Disability, 2003). They have to suffer changes in the form of various aspects of life beginning with relationship with their parents in form of both quantity and quality, especially the mother who is so much preoccupied with ill child that there occurs an unintentional negligence in the amount of support to be provided to the other children (Cloues, 2006). The family being a system tends to maintain a sense of stability while resisting forces or changes that could cause a disruption to this stability. Chronic illness to a member especially child is a major disruption of family with stability being the first victim with later effects on other children (Cloues, 2006). In the United States, number of children suffering from chronic illness ranges between 4 and 7 million and about one-half to one million of them are actually patients of severe chronic childhood disability (Newacheck Halfon, 1998; Patterson, 1988). The extremely high variation of data makes way for something between 5% and 40% of children suffer from a chronic illness (Newacheck Halfon, 1998; Perrin MacLean, 1988). The variation itself is a proof of underestimation and the actual number might be much higher if we go along with the definition by P. D. Williams (1997), according to which â€Å"chronic illness is an ailment with a duration of 6 months or longer showing little change or slow progression† (p. 132). With the presence of a child with some chronic illness, the circumstance under which the family grows is quite unfamiliar. In the solution phase while coping with the problem, a process of change begun within the family with varying emotional responses effecting considerable sibling adjustment to manage the influx of strong and conflicting emotions (Association for Children with Disability, 2003). Background A siblings response to growing up in a family that has a child with a disability needs to be understood in their context of their stage of development. Children respond to the events of day-to-day life based on their stage of physical, mental and emotional development. Children learn from their environment and through their relationship with their parents and siblings. The sibling relationship, which is life long, has an important influence on the development of a persons identity. In later life, it can be a source of mutual support, depending on the quality of the early relationship. C. Purpose D. Research Question II. Review of the Literature III. Methodology Quantitative Reviews of the Literature A recent methodological advance to resolve discrepant findings across studies is meta-analysis. This quantitative review strategy is employed to assess factors both substantive and methodological that produce inconsistencies across studies (Schmidt, 1992). Howe (1993) employed a vote-count meta analysis strategy to review 21 studies with control groups or normative reference groups that examined siblings of children with chronic illness. A vote count meta-analysis is a simple tabulation of studies by their outcomes. Howe concluded that siblings of children with a chronic illness were at higher risk than other children for psychological problems, that neurological conditions produced more negative effects than nonneurological conditions, and that negative effects were most often manifested as internalizing behaviors. Summers, White, and Summers (1994) conducted a vote-count meta-analysis of 13 studies of siblings of children with a chronic illness or an intellectual disability. These 13 studies were assessed for their methodological quality and research methodology, and study results were categorized as positive, negative, or nonsignificant. These researchers concluded that being the sibling of a child with a disability had both negative and positive consequences, that parent surveys and direct observation generated more negative findings than child self-reports, and that higher quality studies found fewer differences between siblings and comparison samples. Like Howe’s (1993) review of the literature, the Summers et al. meta-analysis was constrained by the limitations to the vote-count review strategy: no estimation of effect size magnitude, no consideration of sample size, and no mechanism for evaluating systematically the impact of moderator variables. A recent meta-analysis of 25 studies and 79 effect sizes from the literature on the siblings of individuals with intellectual disabilities (Rossiter Sharpe, 2001) revealed a small negative effect for having a sibling with an intellectual disability that could not be attributed to a publication bias or some other artifact. This negative effect was most pronounced for measures of psychological functioning, especially depression, and adult reports versus child self reports. This meta-analysis pertains to the siblings of children with a chronic illness. Based on the findings from traditional literature reviews and the vote count meta-analyses, a negative effect was anticipated for having a sibling with a chronic illness. A number of hypotheses based on methodological and substantive issues were then derived. Methodological Issues. The first methodological hypothesis was that studies published more recently would show fewer negative and more positive outcomes than earlier studies. Lamorey (1999) observed more recent studies to show fewer negative effects and more variation in outcomes. A second methodological hypothesis was that more negative effects would be found for parental reports than sibling self reports (Summers et al. , 1994). The third methodological hypothesis was that studies employing normative data for comparison to the sibling samples would produce negative effects of greater magnitude than found for studies that employed matched control groups (Lavigne Faier-Routman, 1992). Substantive Issues. A number of hypotheses were also made that related to substantive variables. First, a larger negative effect was expected for internalizing over externalizing behaviors. Howe (1993) found four of eleven studies of siblings of children with chronic illness showed a negative effect for internalizing behavior compared to only one of eight studies for externalizing behaviors. Second, sibling outcomes were anticipated to vary by the chronic disease and its features. One view is many chronic conditions of childhood produce similar psychological and behavioral effects (Vessey Mebane, 2000). Childhood chronic illnesses, however, vary on dimensions such as etiology, age of onset, impact on functioning, and prognosis (see Lobato, Faust, Spirito, 1988). More severe chronic illnesses place greater restrictions on the child’s activities (Newacheck Taylor, 1992), and perhaps greater demands on parents, siblings, the family system, and the community (Patterson, 1988). Third, the interaction of sibling gender and birth order was considered (Howe, 1993; Williams, 1997). Method Fifty published studies from 1976 to 2000, representing over twenty-five hundred siblings of children with chronic illness, were identified from computer searches of databases such as PsycLit and MEDLINE, using key words such as â€Å"siblings† and â€Å"illness,† from previous reviews of the literature and from the reference sections of located studies. Excluded from the meta-analysis were case studies, nonempirical or qualitative studies, or studies without an appropriate comparison group or normative data. Studies were also excluded that evaluated the reactions of healthy siblings to the illness or death of a brother or sister or pertained to the adult siblings of individuals with a chronic illness. Studies that employed no comparison group but that provided normative data were included in this meta-analysis. Unpublished studies were not sought for inclusion in this meta-analysis. First, it is almost impossible to collect all published studies in all languages, much less all unpublished studies. Second, the peer review process for published studies serves as an albeit imperfect form of quality control. Third, there is evidence that publication bias is less serious than once feared (Sharpe, 1997). Publication bias, the socalled â€Å"file-drawer† problem, is the belief that the failure to include unpublished studies in the metaanalysis might inflate the magnitude of effect sizes, given that published studies may overrepresent statistically significant findings. To ascertain the likelihood of such a publication bias, statistical and graphical analyses of effect sizes were conducted. Studies by the same author(s) that appeared to examine the same participants (e. g. , Breslau Prabucki, 1987; Breslau, Weitzman, Messenger, 1981) were treated as a single study for the purposes of this meta-analysis. Three of the primary studies (Faux, 1991; Stawski, Averbach, Barasch, Lerner, Zimin, 1997; Wood et al. , 1988) provided separate data for the siblings of children with distinctly different chronic illnesses. These sub samples were treated as separate studies. In total, 51 study-level effect size statistics were evaluated. Each study was coded for method of data collection (child self-report, parent report, or direct observation), chronic illness, age of siblings, gender of siblings, number of sibling and comparison participants, and dependent measure category: psychological functioning (e. g. , Internalizing subscales of the Child Behavior Checklist), self concept (e. g. , Piers-Harris Self-Concept scale), caretaking, sibling relationship, peer activities (e. g. , Social Competence subscale of the Child Behavior Checklist), cognitive functioning (e. g. , intelligence test scores), and cognitive development (e. g. , school performance). Parent and teacher reports were combined because only five studies asked teachers to complete a dependent measure. Four of the five comparisons based on teacher reports were not statistically significant. All codings were completed by the first author and checked independently by the second author. Disagreements were resolved by discussion. Effect Size Calculations. An effect size statistic d (Hedges Olkin, 1985) was calculated for each relevant outcome by subtracting the mean score for comparison participants from the mean score for siblings with a chronic illness and by dividing that sum by a pooled standard deviation. Normative data provided by the primary authors in the published studies were substituted for data from comparison participants when the latter were not provided. If means and standard deviations were not reported, effect sizes were calculated from summary statistics (e. g. , t statistics, p values) by employing the metaanalysis software package D-Stat (Johnson, 1989). Effect sizes were weighted by the reciprocal of their variance as recommended by Hedges and Olkin (1985). When no data were reported in a primary study but the difference between the sibling and comparison groups was said to be nonsignificant, an effect size of zero was recorded. For all analyses, negative effect sizes reflect less positive functioning for siblings of children with a chronic illness relative to comparison children or normative data. Effect sizes from the same study, chronic illness, dependent measure category, and method of data collection were combined and averaged. The resulting set of 103 outcome-level effect sizes was evaluated for their statistical significance (95% confidence interval around zero) and their homogeneity (Hedges Olkin, 1985). The effect sizes from the 51 studies were also examined where appropriate to do so. The overall test for homogeneity (QT) assesses whether a set of effect sizes is internally consistent. For most meta-analyses, homogeneity of the set of effect sizes is not achieved without some combination of outlier analysis and partitioning of effect sizes into smaller clusters on the basis of moderator variables. The identification and removal of outliers are appropriate if homogeneity can be achieved by deleting no more than 20% of the effect sizes (Hedges Olkin, 1985). Regardless of the outcome of the overall test of homogeneity, however, tests of moderator variables are justified when based on theoretical considerations (see Hall Rosenthal, 1991). After the overall test for homogeneity, effect size clusters were created on the basis of moderator variables (e. g. , method of data collection). The homogeneity of effect sizes within clusters (QW) and differences between mean effect sizes across clusters (QB) were calculated. A significant QB value implies differences in the mean effect sizes associated with the effect size clusters. Interpretation of such an outcome is less clear if there are significant differences in effect sizes within one or more clusters (the QW statistic for each cluster). When moderator variables were continuous (e. g. , sample size), correlations between effect sizes and the moderator variables were calculated. Results The results are divided into three sections. The first section reports on tests of effect sizes: tests of the magnitude of mean effect sizes, tests for publication bias, and tests of homogeneity of effect sizes. The second section examines the role of methodological moderator variables, specifically, year of publication, method of data collection, and comparison group versus normative data. The third section considers substantive moderator variables, specifically, categories of dependent measures, differences by chronic illness, and effects of gender, birth order, and age of sibling.

Forming an S Corporation in Mississippi Research Paper

Forming an S Corporation in Mississippi - Research Paper Example The S corporations are liable for tax on individual, integrated gains and passive returns (Goldstein & Davidson, 1992). Necessary documentation, filling fees, and filing For an entity to qualify for S corporation status, it must be a domestic corporation with shareholders, defined trust, and estates and should not constitute partnerships, corporations or nonresident foreign shareholders. Furthermore, it should not have more than 100 members, have one kind of stock, and not be an ineligible business entity (McQuown, 2004). In order to become an S corporation, the corporation must submit Form 2553 Election by a Small Business Corporation (PDF format) signed by the owners. The Mississippi S Corporations are for those who focus on the limited liability and the bureaucratic composition of corporations but containing a pass-through taxation of the business earnings (McQuown, 2004). The Mississippi S Corporation is simply a set business that becomes an S Corporation when its shareholders el ect the outstanding tax status with the Internal Revenue Service (IRS) by filing an Internal Revenue Service’s Form 2553filed with the Internal Revenue Service (McQuown, 2004). This form is for electing tax categories. This is a mandatory requirement outlined in the state laws of Mississippi and the federal laws. The regulation as a sole entity that is different from its owners recognizes a Mississippi S Corporation. The S corporation owners enjoy partial liability for the arrears, obligations and liabilities accrued by the entity as well as a liability from possible lawful action. Protection of stakeholder individual assets is a key principle that Mississippi business owners want to incorporate. Usually, owners cannot lose more than the level they brought in the corporation. However, if the corporation is liquidated, the owners will not be liable for debts incurred. In case someone sues the concern and is, liable the courts can use the corporation’s asset to fulfill t he judgment. However, if those assets do not satisfy the judgment, the courts will not be able to take owners’ possessions (McQuown, 2004). There are exceptions to owners’ limited liability to keep in mind. Usually, an exception to an owner’s limited liability occurs when the corporation has irresponsibly laid people or been used to extend fraud (Goldstein & Davidson, 1992). A Mississippi S Corporation does not pay income taxes. Although, an S Corporation that has more than one alien stakeholder files duty returns, the owners must embrace their share of the corporation’s profits or losses on their personal tax returns, as is done in single proprietorship, partnership and by a Limited Liability Company (Goldstein & Davidson, 1992). The tax law gives employees of the corporation the opportunity to enjoy exceptional fringe benefits on a tax-free basis. They can get provided group term life insurance up to $50,000, health insurance coverage, dependent care as sistance up to $5,000, education up to $5,250, adoption aid and more (Goldstein, S. & Davidson, 1992). They can are also covered with medical reimbursement plans. In order to register a business as an S corporation the state of Mississippi requires an Articles of Incorporation or Certificate of Incorporation (Goldstein, S. & Davidson, 1992). Before forming an S corporation in Mississippi, the individuals must file legal documents with Mississippi state authorities so as be allowed to create a Mississippi

SS402B Essay Example | Topics and Well Written Essays - 4000 words

SS402B - Essay Example tion procedures to be followed, procedures of assessment reporting, requirement documenting, confidentiality, procedures of recording, policies and procedures for continuous improvement, assessment cost, links with industrial system relations, link with quality management system, procedures of assessment appeal, policies in support of grievances of candidates, and arrangement s of partnership. In order to test and tag the electrical equipment to be used for assessment, there are a number of steps that shall be followed to ensure that this is done appropriately. First, the assessor will identify the equipment that needs to be tested then have them recorded in the register of electrical testing. The technical assistant needs to have calibrated the equipment within at least twelve months. Secondly the assessor would take a risk assessment of the equipment to find out the relevant testing frequency. The time frames for the equipment would also be set. A person who is competent would be engaged in the equipment testing. Thirdly, the tags and grant for electrical testing should be provided to the sites so as to help in the portable electrical equipment testing. The number of host sites would be identified, and resourced by testing tags and testing appliances. The training would then be organized for the electrical testers that are nominated. Fourthly, the individual sites would engage the trained staff members to take part in the testing. This trained staff member contacts the host sites so as to make an arrangement of access to the tags and testing equipments. From the hazard assessment and evaluation of risks in the work place of the assessment candidates, there were different types of breaches in the health and safety of the site. The common breaches found were that key precautions of the site were missing. The edge protection for the prevention of falls from a given height was missing managers of the site were poorly trained, the workers on the site had no

Effects Of Organic Waste Pollution On The Natural Environment Essay

Effects Of Organic Waste Pollution On The Natural Environment - Essay Example Water cycle that consist of material flow on earth’s surface to water masses are some of the causes of water pollution as the flows collect materials into water bodies and are vulnerable to intentional pollution through domestic and industrial waste disposal. This paper discusses environmental effects of organic waste pollution and reviews an article that uses toxicology to investigate the impacts of water pollution on the natural environment. Effects of organic waste pollution on the natural environment Organic discharge into water bodies has varying effects on the environment. One of the effects of organic pollution is the disintegration of organic matter to changed odour and taste of water. Effects of continuous degradation are accumulation of compounds such as hydrogen sulphide and mercaptans and this leads to gradual increase in changed odour and taste of water that may not be suitable for sensitive flora and fauna. Organic pollutants also destabilize oxygen concentration in water masses. Many factors lead to this shift from equilibrium of water concentration. Processes of organic components of water such as photosynthesis and respiration uses oxygen and may change oxygen concentration in water. Photosynthesis may increase concentration beyond its equilibrium while respiration may reduce the level of concentration. Anaerobic respiration and oxidation of organic pollutants are other factors that can reduce oxygen concentration in water. ... Insufficient oxygen in water may also cause death of aquatic animals. Such deaths further leads to accumulation of organic compounds in water and worsen the problem with oxygen concentration. Death of plants and animals in the water bodies also generate aesthetic effect besides increasing water turbidity (Goel 2006, p 116- 120). Organic pollution also affects levels of production of aquatic plants and animals. As the pollutants begin to invade water bodies, aquatic plants and animals benefits from nutrients that the organic pollutants may contain and this leads to high rates of photosynthesis and respiration among other processes. Increased concentration of organic pollutants however have adverse effects on aquatic lives as respiration rates increase and this leads to aesthetic effect and instability in oxygen concentration. Accumulation of organic pollutants also increases concentration of chemical compounds such as hydrogen sulphide and ammonia, chemicals that have adverse effects on some plant and animal species such as phytoplankton. High levels of organic pollution are also a threat to biodiversity. At normal water conditions, without organic pollutants, all aquatic plants, and animals are able to survive and their populations are constant. High levels of pollution however threaten the lives and less tolerant plants and animals die. Some plants and animals may however be tolerant and survive the harsh conditions due to the pollution. Consequently, aquatic life will consist of the tolerant species that may only be few. Loss of biodiversity from the pollution can also be permanent, unless artificial measures such as reintroduction of the extinct species upon resumption of normal condition in the polluted aquatic environment. Organic

The Dividend Policy at Linear Technology

The Dividend Policy at Linear Technology Linear Technoloy(LT) is a company founded in 1981 by Robert Swanson. Its area of actvity is development, production and marketing for semiconductors used in various electronic applications used by the communication industry to the automotive industry. It mainly focuses on the analog segment within the integrated circuits industry and, by market capitalization, it is the seventh-largest company listed on the Philadelphia Stock Exchange Semiconductor Index (SOX). Regarding its customer portfolio, the communication industry accounted for 33% of Linears sales, computers 27%, automotive 6% and the rest of 34% was divided by the rest of the industries. Linear Technologys Payout Policy Linears payout policy is comprised out of two elements: dividend payout and stock repurchase. In general companies decide to payout dividends after transitioning from a high growth stage to mature and stable stage. (Grullon Michaely, 2004). Linear started paying dividends in 1992. This decision was based on good expectations regarding the analog circuits market and the fact that Linear had a top position in the industry. Also the CFO of the company points out that, since the IPO, the company had positive cash flows. Thus paying out dividends would signal a strong position in a risky market and the transition to a more mature state of the company. As observed by some investors the technological companies had been just reaching that stage when paying out dividends was possible. The initial price for a share was set at US$0.05. This amounted for 15% of the total earnings of the company in the fiscal year of 1994. The relative low level was based on two principles. The first principle w as that dividend payout demands a certain respect from investors so in order to send the right signal into the market and attract new investors, the company had to pay dividends. This in turn would mean a thoughtful payout ratio that the company could sustain over time thus leading to the second principle. This states that a low level for dividends would better suit the company in the event of less than expected earnings. In this case the company would not have to cut down or even stop paying dividends. Thus a bad signal to the investors is avoided. Since 1992, the payout ratio has been growing steadily, getting close to 25% in 2003. Considering that 2002 meant a decline in sales and earnings, the company board and its management is debating on whether to increase the ratio or to keep it into accordance with company earnings. The CFO of Linear is confident that the business prospects and the cost structure can support an increase and he expects that this increase will send a good si gnal to investors. From the repurchase point of view, as stated by Paul Coghlan, CFO of Linear, one primary reason that we buy back the stock is to offset the exercise of employee stock options. Another reason was also the market conditions. The low interest rates offered by Linears high-grade security investments encouraged the company to use the cash-at-hand to buy back shares thus making a better use of the cash balance. A third reason was that, despite a large cash balance the company did not have any acquisition plans. The company repurchased shares sporadically between 1993 and 2001, and quarterly since then but again without any obvious pattern. Considering both elements, the companys mixed payout policy attends to all shareholder requirements by increasing the level of dividends quarterly and by managing in a conservative way a large cash balance. What are Linears financing needs? LTs income statement and revenue growth seems to be relatively stable over the past 11 years (1992-2002) with the exception of the boom during the peak(2000-2001) of the IT bubble and the bust after the burst of this bubble(2002). However even in economic downfall LT still managed to obtain a positive net income and net cash flow. This is due to LTs limited costs set up and relatively low financing needs. It is stated that in the semiconductor industry, research development investments, capital investment in new fabrication facilities, and retaining top engineers are of crucial importance. LT focuses on analog semiconductors and as such has stable and modest research and development costs. The analog fabrication facilities investments are more durable and account to a relative investment of approximately 20million per year. Finally LT uses a bonus structure for its executive compensation, keeping salary expenses lower when sales revenues decline. Additionally LT expresses little des ire in excessive investments, cash is handled very conservative with investment strategy in predominantly short-term debt securities, however LT is looking at potential business opportunities in the Asian markets, , if LT was to proceed with this plan this would increase its financing needs substantially. All in all resulting in a relatively low financing need for LT with regards to internal factors. With regards to external factors LT could endure financing needs resulting from market risks and the unclear effect of the Iraq war on the American economy, this results in the need for LT to hold a higher cash reserve. We will address this issue more in depth in the subsequent part. Should Linear return cash to its shareholders? Some shareholders have recently expressed the desire for LT to return its cash, however this desire is not necessarily shared by all shareholders. Theoretically returning Cash to the shareholders can reduce agency conflicts because it reduces cash in hands of the firm which can be invested in bad projects. It also reduces the costs of underinvestment if LT decides not to invest this cash it holds. The agency conflict seems relatively small considering LTs investment behavior and thus would be of relatively little importance when considering if LT should return cash to its shareholders. However asymmetric information exists and shareholders are unaware whether or not LT will remand its current investment policy. Additionally returning cash to the shareholders can give positive signals to the market about the future prospects of the firm. This could be of great potential importance considering the industry in which LT operates and the recent economic downturn this industry experienced. Conversely, if LT was to hold on to the cash this would preserve their liquidity levels which would both allow the firm to invest in positive NPV projects without entering the capital market, and additionally create a cushion against potential economic or financial distress. Regarding the financial cushion aspect of holding cash, if LT returns cash to its shareholders it should not return the full 1,5billion, but considering the current economic situation should preserve at least $200mto cover unexpected expenses. In the past LT has not shown great interest in investing other than in short-term securities, however, LT has been looking for business opportunities in the Asian market, holding cash in the firm increases the firms potential to respond to such an opportunity when it comes along. Bearing in mind LTs sales earnings, cash flows, and investment practices, it becomes evident that current dividend payments are not at the level they could potentially be. As observed by Janus Ca pital, the largest single holder of LT stock, current dividend payments are merely a token relative to the level of cash LT holds, therefore it would be possible for LT to increase its current dividend level. The problem with dividend payments its inflexibility, once LT decides to increase its dividend payments it will be hard for them to return this to its current level at a later stage. Currently LTs dividend payments is at a competitive level with respect to its peers on the Philadelphia Stock Exchange Semiconductor Index (SOX) and other technology companies. As stated in the case even a penny increase in dividend level will move the payout ratio to a level above most other technology levels. This brings us to the question why a company would decide to payout dividends. Commonly corporations at a mature stage without many growth opportunities and a stable positive cash flow. As discussed earlier LT can be identified as a relatively stable and mature company with stable costs and relatively stable growth. However as a technology company, LT is sensitive to the market, which has become evident in its 2000-2003 results. During the IT bubble LT performed exceptionally well, but after the burst sales dropped with 47% relative to the year prior. However, looking at the figures of 2003 we can see that LTs sales recover quite quickly, ending 2003 with approximately $602m in sales, which is in line with 5 year sale average ($636m). It could therefore both be argued that growth is not stable for LT and thus dividend payments are relatively risky for LT with regards to market reaction when dividend payments are reduced. However, growth has always (with the exception of 2002) been positive and LT could thus be deemed relatively safe. (Graham et al, 2005) Usually repurchases are used when the firm holds an excess in cash e.g. to reduce agency conflicts and underinvestment. Dividend increases relate more to an excess in free cash flow. In the case of LT, the firm holds a n excess in cash but due to economic situation over the past two years does not have a relative high free cash flow. In this respect LT is looking to reduce excess cash, thus cash returns via repurchase would be more in line with firm performance. When considering how to return cash to the shareholder tax matters but in a second-order manner (Brav et al (2005)). This is due to the fact that value return to shareholders is financed after tax payments and thus the manner of returning value to shareholders with respect to taxes affects predominantly shareholders. Shareholders, under current tax system, pay relatively more tax on dividend than on repurchases. However, the tax argument is only applicable for those shareholders who are indifferent towards holding or selling their share, long term shareholders would prefer dividend payments regardless of tax difference. If new tax proposal would pass there would be no tax difference with capital gain for shareholders thus with regard to ta xes they would most likely prefer dividend payments. However repurchases reduce the number of outstanding shares and thus increase EPS and share prices. Even though share prices will increase with dividend increases also, when dividend payments are increased and the firm at a later stage, cannot pay these dividends or reduces them this results in a decrease of share price, where a non-continuum of repurchasing practices has no effect on later share prices. Additionally if the firm does not want to reduce or cancel dividend payments for this reason they might decide to split the stock, increasing the number of outstanding shares and thus decreasing the EPS. Therefore both shareholders and firms should only prefer an increase in dividend payments over repurchases when cash flows and growth rates are stable for the firm with little or no expected future change, even when tax rates are set to be equal. With regard to the option compensation for executives, the repurchases would induce m ore value than would dividend increase, which should be considered in an industry where there is talent competition. Concluding, LT should return some of its cash to its shareholder, however, not all cash should be returned, and preferably not through an increase of common dividend payouts. This will be further discussed in section 5 of this report. What are the tax consequences of keeping cash inside the firm? In the event that LT would decide to keep the cash within the company instead of paying out to its shareholders LT will endure certain costs with respect to taxes. The benefit of keeping the cash in the company means that LT will have the liquidity needed to enter in NPV projects when opportunities arise without needing to access the capital market for costly funding. However, with respect to taxes, not entering the capital market for funding can be deemed inefficient due to the tax deductibility of debt and interest payments on levering. At a 30% corporate tax rate the marginal value of a dollar is thus lower for a firm not using debt financing (Martà ­nez-Sola et al (2009)). This can be identified as an opportunity costs of keeping cash within the company instead of returning this to its shareholders. Being identified as a cost of returning cash to the shareholder and a benefit of keeping the cash in the company, liquidity allows LT to invest and thus potentially earn interest on the cash. LT maintains a conservative investment strategy and predominantly invests in short-term debt securities. This, as identified in the case, in recent years resulted in a low interest return to LT, encouraging LT to return more cash to its shareholders. However, considering that only capital gains are taxed, this at any positive interest rate assumed the gain achieved by interest payment will be higher than the reduction in tax rates. Taxes can only be effectively reduced by increasing the payments to employees or research development with the use of sales revenue (thus reducing free cash flow), not existing cash, or by the use of debt financing. If Linear were to pay out its entire cash balance as a special dividend, what would be the effect on value? One significant target of the dividend distribution is to show investors that Linear has a good position on the market, and to buy shares from Linear Technology is not comparable with the risk which is usually associated with the purchase of shares from technology companies. With a dividend Linear Technology wants to reach investors that have income goals besides of growth goals. In case of a dividend distribution demand for shares will rise. If investors know that a dividend from a certain amount will be paid, the share price increases by the dividend that will be paid. In case of a share price of $30,87 and a dividend of $5,01 the new share price will rise to $35,88. As the dividend will be paid at a certain point of time investors are ready to pay the amount of the dividend additionally to the share price of $30,87, as the dividend will be paid out. Depending on the time until the dividend is paid not the whole amount of dividend is added to the share price. If there is still a certain period of time until the dividend will be paid, only the net present value of the dividend, which is announced will be added to the share price. It also can be said that the closer the payment of the dividend gets, the more the amount of the total dividend payment is added to the normal share price. That also means that consequently the market value of equity also will rise. At the day ex-dividend the share price will drop below the level of the pre-announcement day, as the dividend as driver of the rising demand had been paid. The additional value of $5,01 that were relied to the dividend is not part of the share value any more. The dividend, as part of the equity, is paid to the shareholder. The EBT will go down now as interest income decreases. Because of the decreasing interest income also taxes are declining. As the reduction on interest income is higher this does not play such a decisive role. Special Dividend Repurchase Nr of outstanding shares 312,4 312,4 Share value 30,87 30,87 Market Value 9643,788 9643,788 Special Dividend Paid 5,01 New Shareprice 1 35,88 Nr of Shares repurchased 50,70 New outstanding shares 261,70 Loss of interest income 46,96 EBT 273,44 Earnings 189,49 Earnings Per share $ 0,72 Figure Effects of repurchase or special dividend What if Linear repurchases shares instead?. The repurchase of shares is another option besides of a dividend distribution. Advantages of repurchasing shares is the reduction of systematic risk and cost of capital. Information and rumours about repurchase of shares will increase the demand before the repurchase date and therefore makes the repurchase more expensive. Usually a premium of one until ten per cent has to be calculated. To calculate the number of new shares that can be purchased the cash balance has to be divided by the new share price. To calculate the new market value the new share price with the total number of shares has to be multiplied. Therefore also the earnings per share would increase. On the other hand it should be taken in mind that normally the increase in share price is not from a long-term perspective. Primarily firms in low concentrated industries can benefit from an increase of the share price from a long-term perspective and can outperform the market. In more concentrated industries there will be no statistically significant change. In general the repurchase of shares has a negative effect on the share prices of competitors. Therefore often competitors mimic the behaviour and also do a repurchase of shares. (Massa, Rehman, Vermaelen, 2007) In the study of Grullon and Michaely it is shown that within a 6-year period the repurchasing firm benefits from an essential reduction in systematic risk in comparison to non-repurchasing firms. A negative effect of repurchasing are decreasing investment opportunities. This does not play a decisive role in this case, as in both options there would be a reduction of cash flow. Also in case of stock options for employees the repurchase of shares is an efficient possibility to control the market. To repurchase shares at the point of time when employees sell their rights of stock options makes it neutral from a trading perspective. As Mr. Coghlan stated that Linear Technology wants to offset the exercise of employees stock options with the repurchase of stocks. From the company and management side flexibility is the main advantage for repurchasing in comparison to dividend distribution (Brav, Graham, Harvey, Michaely, 2005). The flexibility can be used to increase repurchases when stock prices are low. Also the higher tax burden in case of dividends can be taken as an argument for repurchasing instead of paying dividends, although in the study it is shown that taxes do not play a primary role and that repurchasing does not change the investors clientele. This point which is also taken as an argument for paying out a dividend by Linear Technology can therefore be de-emphasised. Why do firms pay dividends? When a firm generates free cash flows it has to decide what to do with them. It can reinvest in positive NPV projects, if they are present, and increase the value of the firm. This practice is very common for young firms that pursue rapid growth and sometimes invest 100 per cent of their cash in this way. More mature firms, that operate in more mature market, however, do not always have these opportunities and hold more cash than there are potential positive NPV-projects to exploit. Such a firm with excess cash can either retain it in reserves or pay it out to shareholders. Two payout choices are: repurchases and dividends. When firms pay-out they have several reasons for it. Although not entirely proven, dividends are a possible tool to signal good news to the market and to prevent managers from exploiting free cash flows for their own benefits. The most important reason why dividends are paid, however, is the firms dividend history. Furthermore some firms issue dividends to get acc ess to a new set of investors. Each of these reasons will be discussed next. With asymmetric information in the market, meaning that mangers hold better information regarding future prospects of the firm than investors, payout decisions may signal information. The common practice for dividend paying firms is to smooth dividends and only cut them under extreme cases, which are addressed later, will cause the market to also believe the company is not able to rebound its earnings in the near term. It also implies that once the company increases dividends it signals that the company is able to afford the higher dividend with increased earnings (Berk DeMarzo, 2007). Although most managers no longer see payout policy as a tool to separate its company from competitors, it could be a reason for some to initiate dividends (Brav, Graham, Campbell, Harvey, and Michely, 2005). Especially when dividends are already part of historical business practice in these firms, and as management is very reluctant to cut dividends they will keep them in place. Another reason for man agers to pay out dividends is its ability to prevent agency conflicts as the otherwise free cash flow is no longer in the hands of management. Most managers, however, do not view payout policy as a means to self-imposed discipline. Access to new set of investors is also a reason why management will issue dividends (CASE). As different clienteles hold different preferences in income and in taxes to be paid, some have a stronger preference for dividends than others (Berk DeMarzo, 2007). To attract for instance mutual funds and European investors companies have more success when they issue dividends. Dividends are also more likely to attract retail investors as they prefer dividends over repurchases (Brav, Graham, Campbell, Harvey, and Michely, 2005). Why has the rate of dividend initiations changed over time? There has been a general trend away from dividends from the late 1970s through the rest of the twentieth century. In 1978, over 66 percent of the AMEX, NYSE, and NASDAQ firms paid a regular dividend. By 1999, only 21 percent were dividend payers. Below several reasons are listed for this trend, including: changing firm characteristics, more stock option compensation, US tax law, and dividends inflexibility. Besides, in the late 1950s the starting point for most payout decisions was the payout ratio (Lintner, 1956), while recently this is no longer a common practice for most firms. Firms that were going public in the 1980s and 1990s were early in their lifecycle, with considerable more growth opportunities than current profits (CASE). There tend to be fewer firms in this lifecycle that issue dividends (Graham et al, 2004). In a large part, technology firms, as Linear Technology, were driving this trend. Many of these firms were just about to reach the stage at which they were able to pay dividends, the stage where they began to earn regular and more predictable cash flows (CASE). But even large technology firms, that held stable cash flows, tended to restrain from dividends. One reason for this was the heavy use of stock option compensation. With the majority of their pay in options, managers are not likely to pay dividends as it does not benefit them that much. Furthermore when dividends are issued instead of repurchases, the outstanding amount of stock is increased once options are exercised, resulting in a decrease in the earnings per share (CASE). Although US tax law changed in 2003, making it more attractive to issue dividends, they still are at a tax disadvantage compared to capital gains that can be deferred. Until 2003 issuing dividends was thus even at an even bigger disadvantage to other forms of pay-out (Brav, Graham, Campbell, Harvey, and Michely, 2005). This, however, does not explain the downward trend in dividends, but it does explain why dividend s have never risen in popularity amongst managers. Unlike repurchases, managers are very reluctant to cut dividends and tend to smooth dividends. Among others, they are in most cases even more willing to forgo positive NPV projects, raise external funds, sell assets, or lay off sincere amounts of employees before cutting dividends. The asymmetry between dividend increases and decreases probably leads firms to restrain from issuing before having to resolve to the previously described in general unfavorable practices. Today managers are not so strict on payout ratios anymore. Furthermore, the speed of adjustment, by correcting dividends to their target, is not as high as it once was. This could be a result of the declined benefits of being close to the target or the higher cost of adjustment (Brav, Graham, Campbell, Harvey, and Michely, 2005). What should Paul Coghlan recommend to the board? All in all, if LT pursues to maximize shareholder value, it would not be advisable to increase dividends. Considering the current economic turmoil and the inflexible nature of dividend payments, dividend payments become undesirable. Additionally investing in new business opportunities would be beneficial for both the firm and the current shareholders. Although LT has not identified any positive NPV projects yet, there are opportunities in Asia, and therefore it would be wise for LT to return only part of its cash to the shareholders. They can best do this via a more flexible way such as special dividend or repurchases. Holding cash in the firm allows for a better credit rating when entering the capital market, when LT encounters a positive NPV project it wishes to invest in it can finance it partly by cash held and partly by debt financing. There is no ideal set up for cash returns but deriving from the advice of Rollins given in the case, it could be beneficial for LT to hold 1/4 of its cash as a cushion for economic turmoil, invest 1/4 of its cash in short-term securities to generate interest, hold 1/4 to be used in case of encountering good business opportunities, and return 1/4 to its shareholders via repurchases or a special dividend. This would still result in a $375m return for its shareholders.

photo plan Essays -- essays research papers

1.0: Executive Summary 2.0: Company Overview Market Opportunity Explanation Legal Form of the Business Company Location History Growth and Financial Objectives Manager Information 3.0: Market Analysis   Ã‚  Ã‚  Ã‚  Ã‚   Summary   Ã‚  Ã‚  Ã‚  Ã‚   Analysis of the Industry   Ã‚  Ã‚  Ã‚  Ã‚   Target Market/Customer Profile   Ã‚  Ã‚  Ã‚  Ã‚   Competition 4.0: Service Offering   Ã‚  Ã‚  Ã‚  Ã‚   Summary   Ã‚  Ã‚  Ã‚  Ã‚   Uniqueness   Ã‚  Ã‚  Ã‚  Ã‚   Description   Ã‚  Ã‚  Ã‚  Ã‚   Competitive Comparison 5.0: Marketing Plan   Ã‚  Ã‚  Ã‚  Ã‚   Customer creation and retention   Ã‚  Ã‚  Ã‚  Ã‚   Pricing Positioning   Ã‚  Ã‚  Ã‚  Ã‚   Delivery   Ã‚  Ã‚  Ã‚  Ã‚   Promotion 6.0: Financial Plan and Analysis 7.0: Cost Assumptions  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   1.0 Executive Summary Lifetime Memories Photography is a small business that provides photography services (with a focus on weddings) to clients looking for high quality, fair price, and great service. Lifetime Memories is organized as a sole proprietorship, with Mike ______ as the owner and sole employee. He does all the photography for the events as well as taking reservations, purchasing equipment, and doing the business? books. Mike ______ will be contributing his own capital to the business for start-up costs, and has secured financing from several other sources, but will still need $10,000 in start-up costs. This business will be run from Leicester MA.. To start, Lifetime Memories marketing plan will focus on advertising in local areas like Worcester, Auburn, Shrewsbury and other surrounding towns. The advertising will emphasize the company?s lower price, its quality, and its high value to people who need event photography done, such as wedding planners and birthday party organizers. There are several competitors in the local area that will be targeted, but these competitors, being better established and having retail locations, will charge more than Lifetime Memories plans on charging. There is an opportunity to enter the market and succeed where these other competitors are lacking, this mainly being low price and a guaranteed high quality, professional service. Lifetime Memories vision is to provide the best photography se... ...02 2003 2004 Beginning Cash Balance $4,500.00 $10,758.00 19,086.00 Cash from Operations 11,240.00 13,455.00 15,670.00 Total Available Cash 15,740.00 24,213.00 34,756.00 Less: Capital Expenditures 0 0 0 Operating Expenses 4,780.00 5,015.00 5,170.00 Interest 112.00 112.00 112.00 Dividends 0 0 0 Debt Retirement 0 0 0 Other 0 0 0 Total Disbursements 4,982.00 5,127.00 5,170.00 Cash Surplus 10,758.00 19,086.00 29,586.00 Add: Short Term Loans 0 0 0 Long Term Loans 0 0 0 Capital Stock Issues 0 0 0 Total Additions 0 0 0 Ending Cash Balance 10,758.00 19,086.00 29,586.00 Cost List: Location Utility costs (electricity, gas, phone, etc.): $250/month Transportation Maintenance: $30/month Insurance: $75.00/month Supplies/Delivery/Development Film: $10.00 per 96 exposures Photo Albums: $20.00 Website maintenance: $200.00/year Development solutions/chemicals: $50.00/wedding (increases with II and III type weddings) Photo paper: $50.00/wedding (increases with II and III type weddings) Miscellaneous costs (food on way to wedding, lodging if overnight accommodations necessary): $60.00/wedding Advertising Brochures: $200.00 Business Cards: $45.00 Newspapers: $100.00/year

Choose college

Why did you choose to enroll In college and pursue your particular program of study? I decided to return to college to pursue my career as a dental assistant and have an improvement in my education. It seemed to be a step closer to achieving my professional and personal goals. Another reason was that I wanted to have a better education than Just a high school diploma. My ultimate goal is to be a provider and role model for my daughter Isabella.My next goal is to be dependent and to help my family financially. I know that when I finish my career I will have many more Job opportunities that I have now. My main reason for wanting to go to college is that I wanted to have a better life. I wasted a lot of time without studying anything, it was time for a major change. Not only made the decision to return to college for myself but also for my daughter Isabella, she deserves a better life. I'm tired of living paycheck to paycheck, Just making the minimum.Not everyone can go to college to de ter themselves, I am fortunate to have this opportunity to be a better person. Another reason why I decided to study in college is because my recent experience of finding a good Job, they only take seriously people, who have a college degree. I do not want to be working in restaurants as a waitress or other similar work, and barely having enough money to help my family financially. Getting my degree in Dental Assistant would greatly help to get a Job that I really like and have the desire to go every day.This decision to return to college was the best decision I have made in all time. I know it's a hard worktop achieve my goal, but with dedication I'll make it. So far, I like college. At the end of everything really will be worth it and I will become the person who I want to be. Choose college By Julia Why did you choose to enroll in college and pursue your particular program of study? But also for my daughter Isabella, she deserves a better life. I'm tired of living time. I know it 's a hard work to achieve my goal, but with dedication I'll make it. So

Cindy Sherman Essays - Art Genres, Cindy Sherman, Self-portrait

Cindy Sherman Essays - Art Genres, Cindy Sherman, Self-portrait Cindy Sherman Terror and mockery come together in the portraits of Cindy Sherman on display at the Crocker Art Museum. Walking into the large, dimly lit ballroom, one may begin to feel a slight sense of trepidation as the viewer looks around to find nine sets of beady eyes watching one's every move. Sherman produced her History Portraits during the late eighties and early nineties, nine of which are displayed at the museum. In her portraits she uses lush fabrics, lavish jewelry, and false body parts to decorate herself in these self-portraits. Her portraits have been know to cause discomfort in the viewers who find the general stereotypes, depicted in her portraits, amusing, yet confusing and terrorizing. Sherman's Untitled #225 (Blond Woman) triggers those exact emotions. The portrait is a large colored photograph created in 1990. An eighteenth century blond, Madonna-like, young lady sits poised with one hand on her exposed artificial breast as if she is nursing a baby. She is well dressed in a blue satin dress, small white beads laced through her braided hair, and a tiara atop her head. Her icy, blue eyes stare off to the left with a harsh, cold expression. With her breast aimed high, spewing fluids, in the same direction as she stares, it is difficult to imagine what is going through her head, however it is clear that it is something of an almost vindictive and unforgiving nature. Possibly, she points her breast toward a man who betrayed her or harassed her. The overall painting, much like the others in the exhibit, is generally flat, yet she uses contouring lines and overlapping to give the paintings depth and perception. Like Untitled #225 (Blond Woman), Sherman's Untitled portrait #198 (Feather Mask) also stirs a sense of uneasiness. The portrait is a color photograph created in 1989. A woman with an open salmon colored shirt exposes both artificial breasts as she sits with a large, blue feather mask covering her face, as if to cover her identity for fear of being mocked for being a woman. Dark, black eyes peer from beneath the mask, and appear to follow the viewer while one examines the portrait. There's seems to be no reason for her shirt to be open and her breasts on display, unlike Sherman's Untitled #225 (Blond Woman) portrait, who seemed to have a definite reason. The fake, jewelry-like nipples on the breast are a deep ruby red color that match with a red pedant hung around her neck. A white tulle skirt covers the lower half of her body as she sits in front of a green printed fabric with red tassels that is hung loosely behind her. Sherman's Untitled #211 (Oval Profile of Woman) is also a color photograph created in 1989. The portrait shows the profile of a middle-aged woman facing the right with a stacked, beaded necklace draped around her neck. She is a well dressed aristocratic in a black sequence blouse with white chiffon sleeves. Her brown hair is held up with colorful scarfs. She holds her nose high in the air as to look sophisticated or arrogant. The uneven texture of the skin appears as if the nose was made out of clay and placed on top of her real nose. The technique Sherman uses to paint her cheek and chin makes it look as if the woman is wearing make-up that is caked and unevenly applied. The woman looks tired and pale with red in the corners of her eyes, and dark circles under her eyes. The woman symbolizes the arrogance in women and the need for lavish, material possessions. Cindy Sherman's work has been adorned throughout the United States and Rome, where her History Portraits made their debut. She has a way of depicting general stereotypes of women and distorting them to encourage the viewer to read further into the painting to create their own theories of what the painting represents. Her unique use of inanimate objects combined with her intrinsic attention to detail allows the portrait to come to life, yet remain simulated. She is truly a gifted artist who combines wit and shock to create portraits of hidden meaning value that is only to be revealed through the artistic mind

MrAntonio42@yahoo.com essays

MrAntonio42@yahoo.com essays Significant Social Issues Teens Face When a person thinks of a drug abuser one usually pictures a person that looks like they had just jumped out of a garbage bin. What most people do not realize is that most drug users are the people who have steady jobs and are professionals such as doctors, lawyers, and nurses. Drug abuse doesnt necessarily mean the person abusing is abusing illegal drugs. Prescription drugs and or over-the-counter drugs are also abused. Facing everyday problems in these recent years many people turn to drugs as an escape from the existence they hold. Drug use has rapidly increased in the last twenty years and has become a national crisis. More people are experimenting with drugs at a younger age. Due to the rapid increase in drug abuse, our government has looked to rehabilitation as a form of prevention and education to an alternative to jail. Using drugs in these days are becoming more and more common among younger people everyday. The most common drugs experimented with are tobacco, alcohol, and marijuana. These are gateway drugs. It is almost as if you can ask anyone between the ages eight and fifteen if they smoke weed or drink Hennessey and the answer is a frightening yes. Young people start using and abusing drugs with older friends who offer it to them and make it look like the in thing to do. These inexperienced teenagers feel the need to fit in with the crowd so badly that they do not think about the effects or the consequences the drugs will have on them in the long run. Teenagers not only learn and experiment with their peers, but sometimes they learn at a very early age because of their parents habits. I have seen many cases where the teenagers are allowed to sit down with their parents and smoke or drink. I could never sit down and drink with my mother. That goes to show you how using drugs is more casual. In the 1950s mor...

Boss Personal Statement Example | Topics and Well Written Essays - 500 words

Boss - Personal Statement Example Although management and leadership are not utterly different, the two concepts may not be the same either. There are many ways in which management differs from leadership, especially when looking at the differences from leadership skills and management skills. Leadership emphasizes more on vision of the project than implementation. On the contrary, management entirely focuses on implementation and vision is second guessed. Further, leadership takes a keen interest in situation dynamics; these dynamics provides the leadership with hints on the right action to take. Leadership makes attempts that alter the culture in order to attain the best results that benefit the majority. On the contrary, management focuses on techniques and it does not advocate for changes. Rather, management strives to maintain the status quo and order in an organization, as well adapt to the traditions. Furthermore, leadership focuses on risk taking and positive possibilities while management worries so much of the negative consequences, which might result from an action. Finally, leadership aims to rebuild and reshape an organization to ensure that the organization moves towards the vision and objectives. It does this through the employment of persuasion skills, as well as possibility ideas. These actions do not take any consideration of the position of the organization. On the other hand, management focuses on achieving the prescribed organization and it adopts attitudes and behavior according to position or level. Management does not disclose information and knowledge to workers; they fear that their own position might be compromised by information leakage. There are many characteristics of good leaders, which can take time and space to discuss. However, the scope of this paper does not allow me to discuss the entire characteristics that good leaders should have. Therefore, I will discuss a few key qualities, which describes a good leader. Good leaders are

The American history ( 1900 ) The Cold War Research Paper

The American history ( 1900 ) The Cold War - Research Paper Example A reading which I found to be informative and concise about Cold War is done by H.W. Poon in 1979.and adapted by T.K. Chung .Poon has done substantial research in history since World War I and could be considered a good source. All my critics in this researchare based on this author’s account of history. He drew vivid image of history of events and personalities that have to deal with the events of the war and history. He wrote a timeline of events from the beginning of the cold war, its causes, The Berlin Crisis, the Cold War in East Asia,the formation of allied forces, until the tension eased in 1954. The article is written for a general viewership since it is a hosted website of the writer. Its website has been on the internet since 1998 and has been telling storiesin history, I have often heard of the Cold War but I do not know its underlying reasons. I had very few ideas about the cold war, and on this ,Poon has added to a deeper understanding of the reasons for conflict. As told, one of the reasons for conflict is in having different ideologies of both. US has free elections, freedom of the press, and has the freedom of assembly. Poon described the Soviet atmosphere so different from the US since they have communist government.. This fact is already known, but Poon argued in his writing that due of this difference of government system, a compromise between the two nations had very little hope. Another reason he gave is due to economics. Here again, there is conflict, as United States wanted free trade throughout the world but the Soviets resisted this since it wanted to â€Å"shield off her own sphere from international commerce† because they are afraid that trading with the West would expose Russia to the risk of being opened to influences of the West that would erode the totalitarian system† Again this opposed view brought hard feelings between the two countries. Next reason, which is debatable, is the power of rivalry, because after World War and the decline of Europe, power is shared by the Soviet Union and the United States. Poon sees this as a power struggle as each one wants to dominate the other. The power of domination has been suspected by the United States thru the speech delivered by Winston Churchill in March 1947 that the Soviets planned an aggressive control of Europe The speech is certified as a primary source document (See Annex A – copy of the speech of Winston Churchill) Poon’s report of Truman’s declaration is confirmed by a document found from the archives of the Congress, Document 171 of the 80th Congress. 1st session. This is supposed to be a primary source of document that will testify to the reference of the report. The core of Trumann’s Doctrine was that "it must be the policy of the United States to support free peoples who are resisting attempted subjugation by armed minorities or by outside pressure." This statement clearly manifests an anti-communist princ iple and could only suggest an open war on Communist Russia. To confirm this policy, the United States went into a massive military and economic aid I Greece and Turkey Poon gave his impression on t he characters of the two presidents, President Roosevelt and Truman that made me visualize their personalities and how they actually ruled the country during the war,I have not known before that Pres. Roosevelt was optimistic while Pres. Truman was opposite. Pres.