Dialogue of Good, Evil, and the Existence of God by John...

Dialogue of Good, Evil, and the Existence of God by John Perry In John Perrys book Dialogue on Good, Evil and the Existence of God, he used three characters in the dialogue in order to clarify the positions of the three characters (Weirob, Miller, and Cohen), the arguments they provide in support their positions and the end state of their discussion. This allows us to examine our understanding of the good, evil and the existence of God. Perry shows a clear position of Weirob, Miller, and Cohen. Weirob is a philosopher who is not a Christian. She does not believe God exist. She only believe evil exist without God. She thinks if God really exists in this world, then God is a monster (evil) because God lets her†¦show more content†¦Or perhaps there is, but he is ignorant, or weak, or mean (p.4) She thinks God must not care her because God lets her suffered. She provides a main argument to support her position which is the existence of suffering is inconsistent with the existence of the all-perfect God. (p.17) She thinks there is evi l but without God. Miller wants to convince Weirob to believe the possibility of God exists. His argument is that this world is the creation of an all-perfect Being, even if we admit that there is suffering in it. He claims that the existence of suffering is consistent with the existence of the all-perfect God. Their arguments are opposed to each other. So Miller has to convince Weirob that Christian God he believe in--- all perfect, omnipotent, omniscient, and benevolent -- could possibly exist, even given as unimportant a bit of suffering as her flu. Miller first raises some examples to proof his argument is possible but doesnt have to explain to Weirob what plan God has in mind. The example is about a painting can have ugly parts but been more beautiful or deep because of them or a dull chapter in an interesting novel. But Weirob does not think her suffering with her flu compares with those examples at all. She claims that she is not a picture of a sniveling, dripping, suf fering human but a sniveling dripping, suffering human. This convinces us to think that Weirob wants Miller to give her a more detail of example which is related to her.Show MoreRelatedEssay on The Problem with Evil in Religion1259 Words   |  6 PagesThe problem of evil is widely considered as the most detrimental problem to the monotheist. It is also the primary objection to the overall existence of God. The problem is very easy to comprehend: If God is an all-perfect, all-knowing, all-powerful deity then why do we live in a world with any imperfection or negativity at all? Why do bad things happen at all? 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Reason #2: It is consistent with proven principles of effective teaching and learning. A seasoned university professor advised a young colleagueRead MoreProject Mgmt296381 Words   |  1186 Pagescase, and example in the text is drawn from a real-world project. Special thanks to managers who graciously shared their current project as ideas for exercises, subjects for cases, and examples for the text. Shlomo Cohen, John A. Drexler, Jim Moran, John Sloan, Pat Taylor, and John Wold, whose work is printed, are gratefully acknowledged. Special gratitude is due Robert Breitbarth of Interact Management, who shared invaluable insights on prioritizing projects. University students and managers deserve

Legal and Ethical Aspects of Electronic Monitoring and...

mANAGEMENT 350: hUMAN RESOURCE mANAGEMENT | â€Å"Legal and Ethical Aspects of Electronic Monitoring and Surveillance of Employees† | | By: Chakana Moore, Patricia Davis, Eric Luken, Michelle Dailey, Jeffrey Webb | | 11/21/2011 Electronic Monitoring and Surveillance Human Resource Management Research Project November 21, 2011 Legal and Ethical Aspects of Electronic Monitoring and Surveillance of Employees Introduction Workplace monitoring has been a point of discussion within businesses as Human Resource Management feels that there is a need to watch their employees and how they conduct themselves at all times during the work day. Unless a government employee, employees are subject to any monitoring the employer†¦show more content†¦Last exception is the â€Å"consent†. â€Å"Consent† exception applies to even when the sender of the intercepted communication has been assured that all email communications would remain confidential and privileged. In Smyth v The Pillsbury Company, Smyth sent emails to his supervisor that contained unprofessional comments from his home computer. Because his supervisor gave consent to the company to intercept the emails and the emails were later retrieved by the courts, Smyth was terminated and was not able to be protected under the consent exception. A second commonplace monitoring method used by employers is internet tracking . Internet tracking can be used to visit non-work websites like Facebook and Yahoo accounts. Statistics show over 90% of employees admits to visiting other websites doing work hours. About 76% of firms monitor internet use. This can help companies prevent employees from going to inappropriate sites which could possibly create legal issues. For instance, a New Jersey case contained a log that showed one employee accessing porn websites. This activity caused an employee to be arrested due to repeatedly logging on that site when told by his supervisor to stop. Also, this type of activity draws attention to companies and causes law enforcement to get involved and companies can be charged with aiding and abetting legal behavior if found with evidence. A third form of employeeShow MoreRelatedA Brief Note On Privacy And Electronic Monitoring2350 Words   |  10 Pages Moral Rights in the Work Place Research Question: Privacy and Electronic Monitoring in the Work Place? Introduction: Work is one of the most important and highly valued human activities in large part because it is necessary for so many other central human goods. Moral Rights and Work are connected because by the actions of others opportunities to work can be jeopardized. The expansion and proliferation of technology has dawned a new era. Employers can easily monitor various side ofRead MoreShould Privacy Be Careful Of Who Is Watching Privacy? 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However, e-mail systems in corporate, institutional, and commercial environments are all potential targets of monitoring, surveillance and ultimately, censorship.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Electronic mail is a phenomenon that has begun to pervade all aspects of our lives today. We use e-mail in our personal lives, at our schools, at our jobs, and everywhere in between. However, very few of us considerRead MoreEmployee Monitoring at Work3158 Words   |  13 PagesEmployee monitoring at work Outline: Evolution of employee monitoring Why do employers monitor their employees? Workplace Privacy and Employee Monitoring Types of employee monitoring ââ€" ª New way of monitoring Successful implementation of the monitoring system The Law Monitoring shouldn’t go too far My perspective conclusion Evolution of employee monitoring For many years, organizations have engaged in many practices in order to monitor their employees for the intention of controlRead MoreThe Value of Digital Privacy in the Information Technology Age1283 Words   |  5 Pagesbeen such a strong emphasis on capturing, analyzing, categorizing and using personal data that had been highly protected in the past for purposes of securing nations (Ottensmeyer, Heroux, 1991). Correspondingly, there has never been a time when every aspect of life in an organization is monitored, from personal computer and telephone use to the use of personal Wi-Fi and networking devices (Riedy, Wen, 2010). 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Dividend Policy and Share Prices Free Essays

string(112) " first week and hence the acceptance of the null hypotheses will be consistent with the semi strong efficiency\." Introduction In this paper the impact of dividend policy of the companies on the firm’s share prices is analysed and different views in the context of the semi-strong form of the efficient market hypothesis are contrasted. The overview of the traditional and most recent empirical investigations of the stock market reaction to the dividend announcements is provided and different findings are discussed and compared. Three companies have been selected from the FTSE All share price index. We will write a custom essay sample on Dividend Policy and Share Prices or any similar topic only for you Order Now These companies are Tesco, Burberry and Vodafone. These firms belong to different sectors of the economy. Tesco is the largest retailer in the UK, Burberry is a fashion firm and Vodafone is the telecommunication services company. The dividends and accounts have been retrieved from annual reports of the companies (Tesco, 2011; Burberry, 2011; Vodafone, 2011). The share prices were sourced from Yahoo Finance (2012). The copies of the company accounts are provided in the appendices. Dividend Policies of Companies These three companies were chosen for the following reasons. Firstly, it was intended to choose large companies that have an established dividend policy and revenue of more than ? billion a year. Secondly, the companies from different industries had to be analysed. Thirdly, both services sector and goods sector were intended to be analysed. Finally, it was interesting to compare both pro-cyclical firms (e. g. Burberry) and counter-cyclical firms (e. g. Vodafone). The former are very sensitive to the effects of the economic recession whereas the latter are less sensitive because con sumers would still have to use mobile phones and services regardless of their financial position. The dividend payout ratio has been calculated for these companies for the period from 2007 to 2011. The following formula was used: Dividend payout ratio = dividends per share / earnings per share The results are summarised in the following figure. Figure 1 Dividend Payout Ratios Source: Annual Reports of Tesco (2011), Burberry (2011) and Vodafone (2011) The payout ratios indicate different dividend policies adopted by the three companies. Tesco’s policy is aimed at maintaining a constant dividend payout ratio, which is very common for mature industries such as retailing. In these industries the majority of the large companies are â€Å"cash cows† for the investors and therefore the dividend policy tends to show constant payout ratios, which inspires trust in the company and expectation of future stability. In contrast, the dividend policies of Vodafone and Burberry are not aimed at a constant payout ratio. In fact, as the following figure demonstrates, the policies of Vodafone and Burberry are aimed at dividend growth. Figure 2 Final Dividends Source: Annual Reports of Tesco (2011), Burberry (2011) and Vodafone (2011) However, whereas Vodafone demonstrates a â€Å"steady dividend growth strategy†, Burberry demonstrates the a strategy that does not show a specific pattern but can be interpreted as a signal to the market because in 2009 the company announced the dividends that were equal to the dividends announced in the previous year in spite of the accounting losses suffered by the firm which were reflected in negative earnings per share (Appendix C). This move can be interpreted as a sign that the management attempted to signal the market that the losses are temporary and the company was expected to recover quickly. It is interesting to note that the latter policy is inconsistent with the position that dividends should be paid out of earnings rather than accumulated capital or reserves. Furthermore, the companies could undertake an alternative dividend policy which would imply linking the dividend payout to the investment opportunities that could be managed by firms (Brealey and Myers, 2003). If the company has many projects that offer positive net present value, then it would be recommended that dividends could be retained and reinvested in the firm. Only residual earnings, which are left after investments in all positive NPV projects could be distributed as dividends (Bodie et al, 2009). Dividend Announcements and Share Prices Dividend announcements and their impact on share prices can be explained by the semi strong form of the efficient market hypothesis (EMH). Efficient market hypothesis implies that the only thing that may impact the stock prices is new information, since all other possibly influencing parameters are already included in the firm’s stock price (Palan, 2004). The efficient market hypothesis may be divided into three forms: the weak form, the semi-strong form, and the strong form. The weak form implies that share prices bear or reflect the past prices and trade volume information, the semi-strong form adds publicly available information to the weak form, and the strong form adds even insider information to the efficiency approach (Harder, 2008). Empirical evidences show that successive changes in stock prices are independent and this independence is in line with the efficient market hypothesis, as markets promptly react to the new information (Fama et al. , 1969). In this context it may be assumed that dividend announcements convey particular positive information about the company and provide signals about future performance of the firm. The decision about paying dividends is made by the firm’s managers and often supported by shareholders’ voting. Since dividend announcements bear useful information, from the efficient market hypothesis view point this information is reflected in the share price changes immediately after the public announcement (Bodie et al, 2009). The three companies that were chosen have been used to test the semi strong form of the EMH and whether the dividends announcements made by Tesco, Vodafone and Burberry had a significant impact on shareholder returns and share prices. So, the null hypotheses of the analysis are the following: H0: Dividends have a positive and significant effect on the share prices H0: Dividends have a positive and significant effect on the weekly stock returns. The alternative hypotheses are the following: Halt: Dividends do not have a significant effect on the share prices Halt: Dividends do not have a significant effect on the weekly stock returns. According to EMH in its semi strong form, the information on dividends should be quickly absorbed into the stock prices during the first week and hence the acceptance of the null hypotheses will be consistent with the semi strong efficiency. You read "Dividend Policy and Share Prices" in category "Essay examples" However, if abnormal returns persist in the longer run, e. g. three months, the EMH in the semi strong form can be rejected. Empirical evidences also provide support for the semi-strong efficient market hypothesis, implying that stock market efficiently and quickly adjusts to new information about dividends (Aharony and Swary, 1980). However, the research of Amihud and Li (2006) finds that the reaction of stock market to dividend announcement is not constant. It is concluded that cumulative abnormal returns promoted by dividend announcements decline to zero in due course. The findings suggest that dividend announcement are less informative over time, and this may be related to the reluctance of managers to pay extra expenses related to dividends (Amihud and Li, 2006). Moreover, the recent decrease in propensity of companies to pay dividends is sometimes related to the lower informational contend of dividend announcements. Since institutional investors are normally better informed and tend to play key roles in public firms, the costly dividends have become a less popular way to provide information (Baker, 2009). The study of Asquth and Mullins (1983) also suggests that stock prices and shareholders’ wealth are impacted by initiation and increase of dividends. Moreover, the effect of dividend increase is stronger than the influence of dividend initiation. The results are in line with assumption that dividend announcements bear valuable information for investors. Dividend policy may be used as a simple way to signal managers’ view of the company’s recent and future performance (Asquth and Mullins, 1983). However, it must be stated that dividend policies are not directly influencing share prices and lead to their changes. Instead, dividend policies are changed by managers when some fundamental developments in company’s performance are expected, and these developments cause the change of the share prices. Thus, dividend announcement is only the way for investors to obtain information about these fundamental developments. Similarly, there are no evidences that a company value may be increased through increase of dividends, since dividends only convey signals about fundamental changes in the company and are viewed as only by-products of the changes (Moles et al. 2011). Nevertheless, the study of Shiller (1981) challenges the efficient market hypothesis suggesting that the volatility of stock prices are too high to be explained by the future dividends. A more recent investigation of Mehnidiratta and Gupta (2010) supports the semi-strong form of efficient market hypothesis concluding that stock prices promptly and accurately react to the publicly available information, particularly to dividend annou ncements. The two-stage study tests the share prices response to dividend announcement. The first stage included the evaluation of beta based on post facto returns on stock and market index and predicted returns on every of the stocks. The second stage these values were used to calculate abnormal returns around the day of announcement. The results provide information that though investors do not obtain significant value prior to the dividend announcement day or on the event day, they do gain value after the announcement. Investors move their security positions on the announcement day which implies that after the event day there is informational value in dividend announcement. The evidences prove that the increases in dividends imply more positive abnormal stock returns, and this supports the efficient market hypothesis (Mehnidiratta and Gupta, 2010). But there are also empirical evidences of little stock market reaction to dividend announcements at some periods (Hasan et al. , 2012). The event study methodology was used to evaluate the effect of cash dividend announcements on the share prices. The data about abnormal returns around the event day was analysed and the events before, on, or after the announcement day were pooled. The tested assumption states that payment of cash dividends is the most significant factor that impacts all prices around the event days (Hasan et al. , 2012). In the following figures the results of the regression analysis and statistical tests applied to the regressions are presented. Table 1 Effects of Dividends on Investor Weekly Return Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta 1 (Constant) .012 .009 1. 375 .175 Dividend -. 002 .002 -. 143 -1. 030 .308 Model R R Square Adjusted R Square Std. Error of the Estimate imension0 1 .143a .020 .001 .03489 a. Predictors: (Constant), Dividend According to the first regression, dividends do not have a significant impact on the weekly stock returns and hence the null hypothesis related to stock returns is rejected. However, the output from the regression of share prices on dividends demonstrates that the former have a statistically significant positive influence on the share price perf ormance. This was evidenced with the t-test. Table 2 Effects of Dividends on Share Prices Coefficientsa Model Unstandardized Coefficients Standardized Coefficients Sig. B Std. Error Beta 1 (Constant) 151. 362 47. 949 3. 157 .003 Dividend 45. 955 9. 186 .574 5. 003 .000 Model R R Square Adjusted R Square Std. Error of the Estimate dimension0 1 .574a .329 .316 191. 66266 a. Predictors: (Constant), Dividend Thus, the null hypothesis related to the effects of dividends on the share prices is accepted. R-squared test has revealed that the second regression had a better fit. Conclusion As the semi-strong efficient market hypothesis suggests, new information including dividend announcement is quickly reflected in the company’s stock prices. Some empirical evidences support the hypothesis (Fama et al. , 1969; Aharony and Swary, 1980). Other findings suggest that the impact of the announcements may decline in the course of time (Amihud and Li, 2006). The recent empirical studies that were reviewed support the semi-strong efficient market hypothesis and find that dividend announcements produce abnormal returns and are positively related to the share prices (Mehnidiratta and Gupta, 2010). But another event study displays different reaction of stock prices to dividend announcement in different years (Hasan et al. , 2012). The analysis in the paper was conducted in the context of three UK based companies from different sectors. The dividend policies of these companies have been analysed. Furthermore, the relationships between the share prices and the dividends were tested. It was found that the dividends produced a positive and statistically significant effect on the share prices but no significant effect on weekly returns. References Aharyny, J. and Swary, I. (1980) â€Å"Quarterly Dividend and Earnings Announcements and Stockholders’ Returns: An Empirical Analysis†, The Journal of Finance, 31 (1), pp. 1-12. Amihud, Y. nd Li, K. (2006) â€Å"The Declining Information Content of Dividend Announcements and the Effects of Institutional Holdings†, Journal of Financial and Quantitative Analysis, 41, pp. 637-660. Asquith, P. and Mullins, D. W. Jr. (1983) â€Å"The Impact of Initiating Dividend Payments on Shareholders’ Wealth†, The Journal of Business, 56 (1), pp. 77-96. B aker, H. K. (2009) Dividends and dividend policy. New Jersey: John Wiley Sons, Inc. Bodie, Z. , Kane, A. and Marcus, A. (2009) Investments, Hoboken: McGraw Hill Professional. Brealey, R. and Myers, S. (2003) Principles of Corporate Finance, New York: McGraw Hill. Burberry (2011) Annual Reports and Accounts, [online] Available at: www. burberryplc. com/bbry/results-centre/respre/rep2011/ [Accessed 6 February 2012]. Fama, E. F. , Fisher, L. , Jensen, M. C. and Roll, R. (1969) â€Å"The Adjustment of Stock Prices to New Information†, International Economic Review, 10 (1), pp. 1-21. Field A. (2005) Discovering Statistics Using SPSS, London: Sage Publications. Gujarati, D. (1995) Basic Econometrics. 3rd ed. , New York: McGraw-Hill. Harder, S. (2008) â€Å"The Efficient Market Hypothesis and Its Application to Stock Markets†, Scholarly Research Paper, Germany: GRIN Verlag. Hasan, S. B. , Akhter, S. and Huda, H. A. E. (2012) â€Å"Cash Dividend Announcement Effect: Evidence from Dhaka Stock Exchange†, Research Journal of Finance and Accounting, 3 (2), pp. 12-24. Maddala, G. S. (2001) Introduction to Econometrics. 3rd ed. , Hoboken: John Wiley Sons. Mehnidiratta, N. and Gupta, S. (2010) â€Å"Impact of Dividend Announcement on Stock Prices†, International Journal of Information Technology and Knowledge Management, 2 (2), pp. 405-410. Moles, P. , Parrino, R. and Kidwell, D. (2011) Fundamentals of Corporate Finance – European Edition. UK: John Wiley Sons, Ltd. Palan, S. 2004) â€Å"The Efficient Market Hypothesis and Its Validity in Today’s Markets†, M. A. Thesis. Germany: GRIN Verlag. Shiller, R. J. (1981) â€Å"Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends? †, NBER Working Paper No. 456. Tesco (2011) Annual Report and Accounts [online] Available at: ar2011. tescoplc. com/ [Acc essed 6 February 2012]. Vodafone (2011) Annual Report and Accounts [online] Available at: http://www. vodafone. com/content/index/investors/reports/annual_report. html [Accessed 6 February 2012]. Yahoo Finance (2012) Weekly Share Prices [online] Available at: finance. yahoo. co. uk [Accessed 6 February 2012]. How to cite Dividend Policy and Share Prices, Essay examples

Internship Report on Nestle free essay sample

It became Kit Kat in 1937, two years before the Second World War. Within two years of launch Kit Kat was established as Rowntrees leading product, a position that it has maintained ever since. During the Second World War Rowntree Kit Kat was seen as a valuable wartime food and advertising described the brand as What active people need. For most of its life Rowntree Kit Kat has appeared in the well-known red and white wrapper. It did, however, change to a blue wrapper in 1945, when it was produced with a plain chocolate covering due to a shortage of milk following the war. This blue packaging was withdrawn in 1947 when the standard milk chocolate Kit Kat was reintroduced. Polo and Fox candies are also well known and favorite products for refreshment. In Pakistan, Polo is now being imported from china after one year gap. Nestle Pakistan is producing Polo in china with lighter weight than before. We will write a custom essay sample on Internship Report on Nestle or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Fox candies are available in six different flavors, from which Nestle fruit Fox is the most saleable and demanding candy. Nestle means ‘little nest’ in Swiss German. Nestle first customer was a premature infant who could tolerate neither his mother’s milk nor any other conventional substitute. Thus, Henri’s ultimate goal was to help fight the problem of infant mortality due to malnutrition for which he developed a product combining various cow’s milk, wheat flour and sugar and name it Farine Lactee Nestle, which was the first product of Nestle being marketed in Europe. In 1974, Jules Monnerat purchased Nestle and collectively they launched a condensed milk product of its own. In 1905, Nestle got merged with Anglo-Swiss condensed milk. After some time, when Nestle got fully established and all its operation were properly functioning in Europe and was gaining fame around Europe, then Nestle decided to set up production plants around the globe to ensure the growth of the organization and to become multinational. The decision to set up industrial operation in new market needs a lot of research, as there are various factors that effect the growth of the organization and turns out to be a loss for the company. Such factors are as follows ? The availability of raw material ? Cost factor ? Economic climate ? Consumer purchasing power ? Consumer tastes The decision to become multinational turned fruitful for Nestle and today Nestle has its own operations and products in America, England, India, Brazil, Australia, Pakistan, Hungary, France, Belgium, Italy, Spain and various other countries around the globe. The history of Nestle includes the development of many different products as well as acquisitions, mergers and the purchasing of shares in companies, mainly abroad. Over the course of the years, this enabled it to broaden its range of products and diversify its operations, while at the same time strengthening the economic foundations of the company. Amongst the most important acquisitions were Carnation in Los Angeles (milk, culinary products and pet foods) and more recently Rowntree Mackintosh in York (chocolate and confectionery), Buitoni in Perugia (pasta) as well as Perrier in France(mineral water).