Foodmaster case Study Example | Topics and Well Written Essays - 3000 words

Foodmaster - Case Study Example The case study tries to analyze the issues faced by the company at the first instance. The company had experienced high growth in bossiness until 2007, when its sales has fallen from 60$ million to 48 million. Due to fall in sales, the profit of the company was also found to fall from 25$ million (2006) to 18 $ million (2007). The context of the case study will analyze the issues faced by the company after implicitly detailing about its internal and external business environment. In the latter half, the case study will enumerate some strategies and fallacies of marketing with the help of which the company would be able to overcome the challenges of its business and prosper amidst all competition in the long run. The Foodmaster Company was founded by a group of young businessmen in 1995. The company engages in providing dairy products and is based from Kazakhstan. Its founders critically analyzed that until 1995, diary product availability was limited in the country and products like yogurt was just not domestically produced in its market. In a country where dairy farming was traditionally and widely practiced, such scarcity of diary product production only signified that the segment was not exploited for commercial purpose. Hence, the inception of the company with dairy business was primarily undertaken to tap the unexploited dairy market in its domestic economy for the first instance. The company’s diary factor shop in the town of Issyk was the first yogurt producing factory of the country. Overtime, the company has significantly expanded its scale and scope of business operations. At present it owns 2 dairy farms, 4 factories and 16 retailing branches. It has now owned the prestig e of being the biggest dairy product producing company in Kazakhstan. The company produces a wide range of diversified dairy products to meet the requirements local demands of its domestic markets. Since 2004, the company has started to

Portfolio risk management Assignment Example | Topics and Well Written Essays - 2250 words

Portfolio risk management - Assignment Example In this relation the overall comparison of the risk and return from the different investment alternatives that comprise of real estate investment and portfolio without real estate investment and correlating the same with the current weighing of investment certain result has been derived. In this relation, making the portfolio of investment through 10% investment in real estate along with 41% in SCS and 49% in LTGB is regarded to be highly efficient investment alternative or portfolio, as the relative return of such portfolio is 2.61 and risk is 4.50. Moreover, the overall analysis reveals the fact that different portfolio provides different risk and return scenario but investing the RE with relative weighting of 0.10 in RE, 0.41 in SCS and 0.49 in LTGB will provide relative lower amount of risk and higher return over the similar risk category. This is why the particular portfolio has been mentioned. Portfolio is an important concept of financial management, which refers to the combination of various investment tools including stocks, bonds, shares, mutual funds, and cash that varies based on the income, budget and period of the investor (Reilly & Brown, 2011). Additionally, the art of selection of appropriate investment approach in terms of minimal amount of risk along with maximum return is regarded as the approach of portfolio management. Moreover, the key importance of portfolio management is to derive superior investment plan for the investors. Furthermore, managing the entire budget of investor based on the different alternative will enable them to minimize the risk in comparison to investing the fund in single investment proposal and increase the likelihood of profitability. In relation to the portfolio theory, it has been assumed that investor is risk adverse and they like to select the investment proposal from the given set of investments with equal rate of return havin g minimal amount of risk. The ability to combine and form the investment based on

Agri-Tourism Operations Management

Agri-Tourism Operations Management Introduction Agri-tourism is increasing in popularity, and is sought by many farmers as an alternative source of on-farm income. It is a popular concept among the European farmers for nearly a century [Busby Rendle 2000]. Defined as a tourist or recreation enterprise on a fully working farm, agri-tourism can include plenty of attractions, activities, accommodation, amenities etc. Two primary reasons are cited for the recent increase in agri-tourism development. The first reason is linked to a growing interest amongst tourists for on-farm experiences. The second primary reason for increasing agri-tourism development is the state of farming in modern society. Changes in farming practices make it increasingly difficult for farmers to support themselves solely through farming. It is for the latter reasons that Blackberry Hill Farm was developed as a tourist centre. However, the farm has been unable to cope with its overwhelming popularity, which has created a few complexities in the management of ev eryday operations. The overall objective of this report is to recommend changes to improve the day-to-day operations of Blackberry Hill Farm. Capacity Constraints Jim and Mandy Walker define very specific personal, family and business goals for Blackberry Hill Farm. Their goals are tied to a set of values concerning family, environment and community that have grown through time. Their challenge is to develop a whole farm strategy that, over a course of five, ten years or more, would live up to their values and goals, by taking advantage of their current business strengths and perceived market opportunities. While there are numerous potential advantages for Jim and Mandy in becoming involved in agri-tourism, the business is not without its potential risks and associated costs. From the case study, some of the frequently mentioned challenges relate to: Incurring unforeseen or prohibitive developmental and marketing costs Placing unforeseen and excessive demand on farm and community services and activities Providing only seasonal employment opportunities Creating unforeseen environmental and social impacts Given these concerns, it is imperative that Jim and Mandy take a proactive role in planning and managing the development of the farm. Short Term Operations Issues The pick-your-own operation initiated at the Blackberry Hill Farm has been a reasonable success primarily due to many operations related reasons. First, Jim and Mandy are relieved of the burden of finding and paying temporary seasonal labour at harvest time. Second, it overcomes the farmers distaste for direct sales and provides them with opportunities to think like customers. However, the popularity of such an operation will necessitate Jim and Mandy to rethink about plenty of operational issues such as creating adequate parking space, having restrooms and a safe entertainment area for children. Children are best kept away from the picking area as they contribute disproportionately to damaged crops. Attention to these basics will help build repeat sales for the Blackberry Hill Farm. Furthermore, pick-your-own operations are primarily meant to target families who do not have the space to grow their own seasonal vegetables. The mix of vegetables and fruits will depend on customersâ₠¬â„¢ tastes, which can be identified by the customers’ frequent visits to the farm. This also gives ample scope for the Walkers to introduce home delivery of their favoured hand picked fruit and vegetable for a nominal fee. Medium Term Planning and Control Another critical component of operations strategy involves the plan for filling resource gaps. Making changes in the existing resource may mean making better use of under utilized resources. For example, Tractor rides are extremely popular with the visitors, though the overall capacity in comparison with the number of visitors during peak times is extremely low. Since, the Walkers are reluctant to invest in expanding capacity of the tractor rides, it is recommended that they introduce guided and themed walks within the farm during peak times as this will slightly reduce queuing for the tractor rides. Furthermore, average length of stay in the preserving kitchen should be reduced to off-peak time. To counter this, the Walkers could introduce short films on the preserving kitchen in a dedicated screening area away from the kitchen. The same principle could be employed to the bakery to reduce the bottle necks. Furthermore, the case study illustrates there are parking problems during peak periods with complains from the local Police. To counter this, Blackberry Hill Farm should attempt to capitalize on the advantage of creating productive partnerships with local transport services to provide transport facilities to and from the farm to the nearest train and bus station during peak periods. This will not only encourage the visitors to use public transport, but will also ensure that there are reduced parking problems in the farm. Long Term Strategic Issues Porter (1996) argues that strategy is a set of activities in which an organization will excel to create a sustainable competitive advantage in the marketplace. This competitive advantage can be to deliver greater value to customers than competitors or to provide comparable value at lower prices. Nevertheless, organizational strategies have to be continuously monitored to reflect the changes in the business environment and to weave these changes within the organizational competencies. As Porter (1996) rightly concedes, operational effectiveness and organizational strategy are equally essential for superior performance. A company can outperform the rivals if it can establish a difference that it can preserve and these differences are derived from various activities initiated by the organization in the process of manufacturing, marketing and selling. Furthermore, operational effectiveness is performing the same activities better than the rivals. The idea of developing a maize maze is a profitable option for long term planning and control and will help the farm with necessary revenue to further consolidate the farm’s activities. It will also help in developing Mandy’s idea of building up their business through organized school visits. To avoid occasional queues and to divert attention from other crowded attractions such as tractor rides and fixed exhibits within the farm, it is recommended that the maze is built a short distance away from the popular attractions such as fixed exhibits, petting zoo, pick-your-area, bakery, preserving kitchen etc. The maze in itself should keep the customers entertained for about two hours for a fee. Good crowd control, separate restroom facilities, refreshments and farm products to sell, will divert the queues away from crowding. Outdoor activities during summer months will make the customers thirsty. Ready-to-eat food and a selection of beverages that fits the farm’s theme will form an interesting part of the farm’s experience. Although, the case study illustrates that the farm has a bakery, cafà © and a preserving kitchen selling food products, small handcarts selling homemade ice-creams, people dressed in traditional farmers clothes selling fruits and sandwiches from farmers baskets, barbeque etc at vantage points within the farm will spread the visitors evenly, thereby reducing queues. Furthermore, improvements in inventory and storage management will help benefit the farm as a way to mitigate seasonal price and product declines. Since the farm shop at Blackberry Hill Farm is very profitable, investment in low-cost storage systems will help in preserving the produce and prolonging the marketing season. This will also help in retaining more permanent staff, rather than employing seasonal employees. Conclusion The development of agri-tourism in the recent years has increasingly created recreational and educational alternatives for citizens to have fun, to improve their quality of life and to satisfy the need of social interactions. In turn, the focus of traditional farm management is on operational effectiveness. Innovative strategies for agri-tourism business management need to be considered to maintain and create successful businesses. Understanding visitor needs and offering unique services and products to meet those needs are critical to the success of all businesses. In addition, careful study of who the visitors are and where they are coming from, as well as existing competitors, are essential. References Busby, G., Rendle, S. (2000). The Transition from tourism on farms to farm tourism. Tourism Management. 21. 635 – 642. Porter, M.E (1996). What is strategy? Harvard Business Review. Nov/Dec. 74 (6). pp.61 – 78.

Kudler Fine Foods Case Study :: Kudler Fine Foods Case Study Analysis

Kudler Fine Foods is an organization that wants to evolve and mature as a company and implement practices that illustrate their growth as a company. One particular practice that Kudler Foods wants to implement is reaching out and contracting to local farmers to gain access to organic foods for sell within all three branches of Kudler Foods (UOP,2008). By implementing such a new system changes will have to be made primarily within the company’s operations management. This paper will discuss the needed changes and alterations that need to occur in order to maintain their efficiency as a company. In addition to the operations management changes, supply chain, quality control tools and performance standards will also be accessed in regards to how they are impacted by the introduction of the sale of organic foods. Operations management is the process an organization uses to obtain the materials or ideas for the product that it provides, the process of transforming them into a prod uct, and the process of providing the final product to a user (Gomez-Meija & Balkin, 2002). Under operations management there are 3 stages that consists of the process that a company typically accesses or follows through with. They include: acquiring inputs, controlling the conversion process, and delivering the output (Gomez-Meija & Balkin, 2002). In the eyes of Kudler Foods, acquiring inputs would be receiving organic foods from local farmers and growers. Acquiring product for Kudler Foods is typically done by purchasing from distribution centers and warehouses. Each of the managers will individually place an order with suppliers using a standard purchase order form based on their department’s needs or wants (UOP, 2008). In terms of price, there is not a standard price for items. Department Managers are just instructed to find the best possible price leaving disparities in costs between each store. With the implementation of organic foods, Kudler Foods should consider setti ng universal accepted prices amongst the stores and local farmers. The managers should still order their products based on their stores supply and demand. A universal or joint ordering system can result in waste or unused products. Organic foods is a special circumstance item because typically especially products such as produce, they have a short shelf-life. Which becomes especially important when purchasing organic foods, which is widely known to be more expensive than non-organic foods (2002) So, it would be best to keep the separate ordering system in place.

How Helpful Is Microsoft Word, Excel and Powerpoint?

Avery Parsons Man 1030-Week 3 Professor Nathan Riggs Nov. 4,2012 Please define each of these four forms of business ownership and then respond to the following questions: (1) Sole Proprietorship- A business that is owned and usually managed by one person; it is the most common form. (2) Partnership- A legal form of business with two or more owners. (3) Corporation- Is a legal entity with authority to have liability separate from its owners. 4) Franchisors-Owns the overall rights and trademarks of the company and allows its franchises to use these rights and trademarks to do business. The entity or person owning the rights or license of the business. Do you think that Sonic would have grown as large as it did today if had remained a Sole Proprietorship? Why or Why not ? In my opinion , I would say no due to the fact that it would have caused the disadvantage of limit growth, limited reasons and unlimited liability.In terms of partnership it would bring about conflicts with a partner, division of profits, difficulty termination and unlimited liability. As a corporation , they would have encountered limited liability, the ability to raise more money investments, ease of ownership change and the ease of separating of owner from management. What were the advantages and disadvantages to Sonic each form of business Ownership?The advantages are they have the ability to have as many Sonic Restaurants all over the world, personal ownership, lower failure rate and management marking assistance compared to someone who begin a business from scratch. The disadvantages are that they have large start-up costs, shared profits, management regulations and coattail effect. Another advantage would be having a unified voice to protect their investments. Sonic has survived and continues to be successful, not only by maintaining a strong fast food presence throughout the years as drive –in.While other chains have gone under one by one. There have been lots of drive –in a nd fast food restaurants over time. In your opinion what makes Sonic and other major successful than others? The quality food they serve. The nostalgia of this old time tradition or the novelty of it, depending upon the age of the customers it provides an irresistible attraction to a wide variety of clientele, making sonic potentially a very profitable franchise option. In closing ,Sonic restaurants still are no. through various changes and innovations made rather recently, Sonic Drive in has been able to expand its number of store locations within the past decade. Today there are nearly 3,000 Store locations all across the nation ,and the company boasts market capitalization that exceeds 1. 5 billion. References: Learning activities 1 and 2 Learning video Sonic is Booming Understanding Business McGraw & Hill Chapter 1 pgs. 8-11 Chapter 5 How to form a business-pgs. 114-145

Neonatal Nursing

Nursery/Neonatal Nurse Chamberlain College of Nursing Nursery Nursing A Nursery Nurse is a nurse who provides medical care for newborns and infants. Although they usually work in hospital nurseries, some work in outpatient care centers or private residences, providing in-home care for sick infants. Nursery nurses can also be categorized as neonatal (newborn) or pediatric nurses, depending on the age group they serve.Nursery Nurses may have a different title but perform many of the same duties as RNs and LPNs, including: administering treatments, medications, tests, and procedures, assisting physicians, creating or updating patient care plans, maintaining patient records and other duties but this all depends on the nursery level in which they work. I would like to be a nursery/neonatal nurse because I love working with newborns, I want to be challenged in my career, and I want to have a rewarding/successful profession. I would love to become a Nursery/neonatal nurse.I love newborns, t hey are little bundles of joy and I can be trusted to care for them. It’s not an easy job as some people would think. Not all babies come out â€Å"healthy† some are born with defects and need special care and that’s where we come in. Before this class I just knew I wanted to be a nurse but I was lost with finding which nursing role was for me. I went through six different nurse titles and I believe this one suits me the best. Now that I know what kind of nurse I want to be I can make sure I’m taking all the right classes and working harder to become a nursery nurse.Becoming a Nursery Nurse takes training, experience and education. You would need working knowledge of health and safety, good communication skills, ability to work with a team, NNEB, CACHE level 3, NVQ level 2/3 or equivalent, previous experience working within a similar environment and a little bit more. You have to ask yourself am I physical, emotional and spiritual prepared to care for chi ldren, can I distract them during unpleasant procedures. I have asked myself these questions and I am ready to care for others children.As I have said before this role is not easy and it will challenge me to become a great Nursery Nurse to take great care of newborns. More advanced roles will usually require additional training and/or experience. There is an organization called NHS employing organizations that may provide support to nursery assistants and nursery nurses, working towards relevant qualifications. Becoming a Nursery Nurse is rewarding because considering that newborns don’t talk, their non-verbal signs need to be decoded by nursing professionals. To me this is an important skill because if we don’t know what the babies need we can’t take care of them.They can identify and interpret signs babies display, because of alterations in their health, and proper care can be delivered and shared with family members. Understanding of the child's pain or other behaviors can be transmitted to the family members. I can imagine how these nurses feel knowing that they’re making the babies healthy and happy. Nursery nursing care is an interactional process of three channels: it involves interactions between the professional/newborn and professional/newborn and family (Pinheiro EM, Siiva MJP, Angelo A, Ribeiro CA). Although the work is non-stop according to payscale. om (2010) â€Å"the average salary with an advanced degree is $80,000†. It couldn’t get any better when you love going to work every day and getting paid a good amount of money while doing it. Nursing is a great career to invest in if you love helping people. I love helping people but I would prefer to work with babies because they are helpless and need people like me who are dedicated to only them. I will stay in school and get the best education I can to advance in my career. I feel this profession will fulfill my dreams and I will have a rewarding career.Re ferences Caleeda (2007). Nursery nurse. From http://www. caleeda. co. uk/page24/page32/page32. html Crown copyright. NURSERY NURSE AND NURSERY ASISTANT. (2006) http://www. nhscareers. nhs. uk/explore-by-career/wider-healthcare-team/careers-in-the-wider-healthcare-team/corporate-services/nursery-nursenursery-assistant/ Pinheiro, E. , Silva, M. , Angelo, M. , ; Ribeiro, C. (2008). The meaning of interaction between nursing professionals and newborns/families in a hospital setting. Revista Latino-Americana De Enfermagem (RLAE), 16(6), 1012-1018. .

How to Be an Anti-Racist Ally

How to Be an Anti-Racist Ally Do you feel overwhelmed by the destructive power of racism, but unsure of what to do about it? The good news is, while the  scope of racism in the U.S. might be vast, progress is possible. Step-by-step and piece-by-piece, we can work to end racism, but to begin this work, we must truly understand what racism is. First, review how sociologists define racism, then consider ways that each of us can work to end it. What Is Racism? Sociologists see racism in the U.S. as systemic it is embedded in every aspect of our social system. This systemic racism is characterized by unjust enrichment of white people, unjust impoverishment of people of color, and an overall unjust distribution of resources across racial lines (money, safe spaces, education, political power, and food, for example). Systemic racism is made up of racist ideologies and attitudes, including subconscious and implicit ones that might even seem well-meaning. It is a system that grants privileges and benefits to whites at the expense of others. This system of social relations is perpetuated by racist worldviews from positions of power (in the police or news media, for example), and alienates people of color who are subordinated, oppressed, and marginalized by such forces. It is the unjust costs of racism born by people of color, like denial of education and employment, incarceration, mental and physical illness, and death. It is racist ideology that rationalizes and justifies racist oppression, like the media narratives that criminalize victims of police and vigilante violence, like Michael Brown, Trayvon Martin, and Freddie Gray, as well as many others.​ To end racism, we must combat it everywhere it lives and thrives. We must confront it in ourselves, in our communities, and in our nation.  No one person can do it all or do it alone, but we can all do things to help, and in doing so, work collectively to end racism. This brief guide will help get you started. At the Individual Level These actions are mostly for white people, but not exclusively. Listen to, validate, and ally with people who report personal and systemic racism. Most people of color report that whites do not take claims of racism seriously. It’s time to stop defending the idea of a post-racial society, and recognize instead that we live in a racist one. Listen to and trust those who report racism, because anti-racism begins with basic respect for all people.Have hard conversations with yourself about the racism that lives within you. When you find yourself making an assumption about people, places, or things,  challenge yourself by asking whether you know the assumption to be true, or if it is something you have simply been taught to believe by a racist society. Consider facts and evidence, especially those found in academic books and articles about race and racism, rather than hearsay and â€Å"common sense.†Be mindful of the commonalities that humans share, and practice empathy. Do not fixate on difference, though it is important to be aware of it and the implications of it, particularly as regards power and privilege. Remember that if any kind of injustice is allowed to thrive in our society, all forms can. We owe it to each other to fight for an equal and just society for all. At the Community Level If you see something, say something. Step in when you see racism occurring, and disrupt it in a safe way. Have hard conversations with others when you hear or see racism, whether explicit or implicit. Challenge racist assumptions by asking about supporting  facts and evidence  (in general, they do not exist). Have conversations about what led you and/or others to have racist beliefs.Cross the racial divide (and others) by offering friendly greetings to people, regardless of race, gender, age, sexuality, ability, class, or housing status. Think about who you make eye contact with, nod to, or say â€Å"Hello† to while you are out in the world. If you notice a pattern of preference and exclusion, shake it up. Respectful, friendly, everyday communication is the essence of community.Learn about the racism that occurs where you live, and do something about it by participating in and supporting anti-racist community events, protests, rallies, and programs. For example, you could: Support voter registration and polling in neighborhoods where people of color live because they have historically been marginalized from the political process.Donate time and/or money to community organizations that serve youth of color.Mentor white kids on being anti-racist citizens who fight for justiceSupport post-prison programs, because the inflated incarceration rates of black and Latino people lead to their long-term economic and political  disenfranchisement.Support community organizations that serve those bearing the mental, physical, and economic costs of racism.Communicate with  your local and state government officials and institutions about how they can help end racism in the communities they represent. At the National Level Advocate for Affirmative Action practices in education and employment.  Countless studies have found that qualifications being equal, people of color are rejected for employment and admission to educational institutions far greater rates than white people. Affirmative Action initiatives help mediate this problem of racist exclusion.Vote for candidates who make ending racism  a priority; vote for candidates of color.  In todays federal government, people of color remain disturbingly underrepresented. For a racially just democracy to exist, we must achieve accurate representation, and the governing of  representatives must actually represent the experiences and concerns of our diverse  populace.Combat racism through national-level political channels.  For example, you could: Write senators and members of Congress to  demand an end to racist practices in law enforcement, the judiciary, education, and the media.Advocate for national legislation that would criminalize racist police practices and institute ways to monitor police behavior, like body cams or independent investigations.Join the movement for reparations  for  the descendants of African slaves and other historically oppressed populations within the U.S., because theft of land, labor, and denial of resources is the foundation of American racism, and it is on this foundation that contemporary inequalities thrive. Keep in mind that you dont have to do all of these things in your fight against  racism. Whats important is that we all do at least something.

Optimum Dividend Policy The WritePass Journal

Optimum Dividend Policy INTRODUCTION Optimum Dividend Policy INTRODUCTIONTESCO PLCAPPLE INCORPORATIONDIVIDEND AND DIVIDEND POLICYTHEORIES OF DIVIDEND POLICYDIVIDEND IRRELEVANCE THEORYDIVIDEND RELEVANCE THEORYRESIDUAL THEORYZERO DIVIDEND POLICYCONCLUSIONREFERENCERelated INTRODUCTION It is becoming increasingly difficult to ignore the significance of dividend policy, considering the fact that payment of dividend reduces earnings available for investment and increase external financing for investment purpose. Most households, investors and pensioners rely heavily on the dividends from their investments to make ends meet. A lot of theories have emerged regarding the dividend decisions made by companies. While some are of the opinion that the choice of dividend is irrelevant to the value of shareholder wealth, provided all retained earnings are invested in projects that give a positive net present value, others held the view that the capital structure decision is relevant as the cost of loan capital is cheaper than that of equity and as such advocates external source of financing as oppose to the use of dividends. This report will therefore examine some of the theories on dividend policies using five year dividend policy of Tesco Plc and Apple Incorporation. TESCO PLC Tesco is a retail store whose head office is in United Kingdom.   It has an unrivalled FTSE 100 record of increasing dividend for the 26th consecutive year. Its major shareholders as at July 2010 are Blackrock Inc which owns 5.24%, Legal general Investment Management Limited which owns 3.71% of the issued share capital of the company, Berkshire Hathaway Inc, 3.02% (Annual report, 2010, pp. 1-3 45). Tesco Plc final dividend payout extracted from the annual reports between 2006 to 2010 is: YEAR:  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  2006  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2007  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2008  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2009  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2010 DIVIDEND (pence):  Ã‚  Ã‚  Ã‚   6.10  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   6.83  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   7.70  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   8.39  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   9.16 APPLE INCORPORATION Apple is an American multinational corporation incorporated in 1977 which manufactures computers, computer accessories and mobile phones. In 1980, the company went public, selling 4.6 million shares at a price of $22 per share and closing at $29. (CNET news, 1997). The company does not pay dividends despite its continuous increase in shares arising from the success in new products lunch. Below gives an overview of Apple dividend history. Year  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2009  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2008  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2007   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2006  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚      2005 Dividends  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  $0  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   $0  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   $0     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   $0  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   $0 Price  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   $170.31   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   $110.99   $198.08  Ã‚  Ã‚  Ã‚   $84.84  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚   $0 Estimated EPS (year)   $5.84, Estimated EPS (quarter)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   $1.38 Estimated EPS Growth 18.58%, Payout Ratio  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   0.00%. DIVIDEND AND DIVIDEND POLICY Dividend is a cash payment made to shareholders on a quarterly or twice in a year basis based on the amount of shares held and dependent upon the dividend policy adopted by the company.   It is normally paid to every shareholder at the record date and can be either in cash or reinvested into the business to generate capital gains (Atrill and McLaney, 2008, pp. 138-139). They are paid out of profit after deducting interest and tax liabilities and the Company Act 1985 makes it mandatory for companies to pay dividend out of accumulated net realised profit, taking into consideration any accumulated loss according to Consultative Committee of Accountancy Bodies (Watson and Head, 2007, p.84). Dividend can be also in the form of bonus shares whereby instead of shareholders receiving cash as dividend, they receive additional share known as script dividend (Atrill, 2009, p. 365). Some companies like Google and Apple have a zero-dividend stock while others like Tesco Inc pays dividend. THEORIES OF DIVIDEND POLICY There is increasing pressure for companies to cut dividend in order to finance projects that gives a positive net present value using retained earnings which is a major source of finance for companies in the United Kingdom (Watson and Head, 2007, p. 285). Retained earnings are being used because there are no issue costs involve and are quick to raise (ACCA F9, 2010, p. 556). However, the decision of a company to use retained earnings to finance its investments will be dependent on the attitude of shareholders and capital market to a reduction in dividend, availability and cost of external sources of finance and amount of fund require relative to the available distributable profits (ACCA F9, 2010, p. 285). The following are some of the dividend policy theories that will be discussed in this report. DIVIDEND IRRELEVANCE THEORY This theory was pioneered by Modigliani and Miller in 1961. It argued that in a perfect capital market where there is the absence of transaction costs, taxation and market imperfections, shareholders are concerned with increase in wealth and will be indifference to whether the increase is a result of capital gain or dividend (ACCA F9, 2010, p. 556). To an investor, whether a firm pays dividend or not should make no difference to the value of the firm and it does not counts whether it is paid out as dividend or reinvested to yield a capital gain as dividend policy does not have any effect on share price (Chiang et al, 2006, pp.6413). This supports Human Resource Director of Aspire Plc   of one dividend policy being as good as another as it has no effect on share price. Thus a company can choose to pay any amount of dividend and use retained earnings to finance projects that have positive net present value and maintain that shareholders who invest in a financial geared business will want a return that is the same with the return they will get from investing in a similar business that is ungeared and that returns the shareholders require from borrowing will remain unchanged with increase in levels of borrowing (Atrill, 2009, p. 344). Their argument is founded on the assumption that having a good security for the loans will prevent lenders from seeking additional returns. Modigliani and Miller fail to realised that human nature being naturally selfish and the business environment being chaotic, complex and unpredictable will make lenders seek higher returns so as to safe guard against such risk as global recession. Investors suffered dividend cuts with investments worth billions reduced to nothing in the wake of the financial crisis which were not matched by a reciprocal austerity on the part of investment bankers (Jones, 2011). Shareholders will require higher return due to the risk, inflation and interest.   Moreover, their argument is founded on three assump tions of an ‘ideal business world’ devoid of share issue costs, market imperfections, transaction costs and taxation whereas in reality, these exist. A perfect market assumption of market prices not being influenced by a single seller or buyer (Hussainey et al, 2011, p.59) is unlikely to hold. The financial markets operate in a chaotic and unpredicted world and in reality, costs like agency, bankruptcy, and transaction costs are incurred when investors buy or sell their shares and tax will be charged as well as inflation (Abor and Bokpin, 2010, p. 180). Moreover, monopoly exists where a single seller can influence price. The ongoing war in Libya for instance has led to a large increase in fuel price all around the world (Barbajosa, 2011). However, the third assumption of no taxation will hold to a great extent giving that the United Kingdom no taxation rule on capital gains below  £9200 applies, whereas all dividends are tax charged (Atrill, 2009, p. 372). The tax pos ition of an investor to a great extent will determine whether they prefer a capital gain to dividend and vice versa and shareholders will invest in companies whose dividend policies are in line with their investment needs DIVIDEND RELEVANCE THEORY This theory propounded by Lintner (1956) and Gordon (1959) is founded on the assumption that a shareholder will prefer to receive a dividend payment which is certain as oppose to investing the same amount in an investment whose value is not certain corroborating the point made by Aspire Plc Director of Operations that a known dividend now is preferred by shareholders to an uncertain capital gain in the future. This is similar to the bird in the hand dividend theory which says that a bird (dividend) in hand is worth more than two (capital gains) in the bush. Giving that future cash flows are uncertain, an investor will prefer dividends to retained earnings (Hussainey, 2011, p. 59). It therefore maintained that dividends are preferred to capital gains as a result of shareholders being risk averse. Some of their arguments is founded on the assumptions that dividends are a signal to shareholders and investors about the prospects of a company. This arises as a result of the asymmetry of i nformation between shareholders and managers (Alnold, 2007, p. 429). Thus shareholders see dividend as a means of passing across information to them as to the well being of their investments. A rise in dividend to the shareholder is a sign that the company has good prospects and share price tends to rise while a cut in dividend signals a poor performance (Tse, 2005, p. 14). Share prices thus go up when there is increase in dividend and go down when there is a cut in dividend and market makes use of announcement of changes in dividend payments in assessing the value of a security (Tse, 2005, p.14 in Pettit (1972). A pitfall of this notion is that an increase in dividend may implies that the company is short of positive net present value projects to invest in or has weak investments opportunities and as a result dispense cash out as dividend to shareholders (Baker and Wurgler, 2004, p. 1128). Apple does not pay dividend partly because of a similar reason that dividend payments give a negative perception that the company has run out of investments opportunities and as such will not grow much more (Elmer-Dewitt, 2010). Alternatively, companies with zero dividend shares like Berkshire Hathaway face a dilemma as to how to convey information about current performance and future prospects of the company if dividends are a means of passing on such information to the shareholders. Although investors invest in companies for various reasons, while some rely on dividend as a source of regular income like the pensioner and institutional investors who rely on dividend payments to meet various obligations and needs to meet, others prefer capital gains. However, like the argument put forward by the Sales Director of Aspire Plc that dividend policy should be structured to suit the type of shareholders a company has and dividend paid according to their needs,   company dividend policy should be drafted base on the company’s clientele (shareholders) base and their needs or income requirements. Aspire Plc shareholders are majorly individuals, pension funds and insurance companies having total shares holdings of 66.7%, giving the obvious that the company’s majority clientele base is mainly shareholders who have liabilities to meet and would therefore prefer that dividend be paid as against having them invested for capital gains which a unit and investment fund company will have a preference for. Regardless of the fact that shareholders want dividends paid to meet obligations and income needs, they are also interested in the growth of the company. In dispensing cash as dividends to shareholders or reinvesting to yield a capital gain, a company should also consider shareholders tax preference. While some shareholders want dividends, they do not want the tax liability that comes with it. The United Kingdom tax law exempt capital gains below  £9200 whereas dividends are taxable. As a result, shareholders will want to delay dividend being paid to them to take advantage of this exemption. Similarly, if there is share appreciation, the tax benefits of deferring capital gains into the future may outweigh the cost of paying a higher tax rate on a relatively small dividend (Whitworth and Zhang, 2010, p.681). In an attempt to send a positive signal about future prospects of a company, company pays dividend despites its tax disadvantages. The cost of this signalling is that cash dividends are taxed higher than capital gains. While some investors would rather have capital gains to cut down on tax impact, others may prefer dividends beca use they prefer immediate cash in hand (Hussainey, 2011, p.60). RESIDUAL THEORY The theory which share a similar view with Modigliani and Miller’s except that it recognises issue costs but there is no taxation and market imperfections and argued that though dividend are important, the pattern is not. It further reiterates that a firm should pay dividend from cash remaining after investing in net positive value projects. The problem is how an investor knows that a company is investing in projects that will enhance the value of a company due to the asymmetry of information between management and investors or shareholders?. Payments of dividend is a means by which managers signal the true value of the firm and communicate insider information about the company to the shareholders (Tse, 2005, p.13). It brings about the issue of agency as an investor cannot tell that his or her dividend accrued to him or her has been reinvested in positive or negative net present value projects or used by the directors to pursue their own interest of empire building to the detr iment of investors. A typical example is Enron Corporation that has its managers claimed to have been reinvesting shareholders money and creating value through acquisition of over forty one companies, investments worth billions of dollars   and increase in share price from $57.10 to $90.56 within 1998 by cooking fraudulent accounting information which the shareholders relied on. Its pre-initial public offering shares went from $10 million to $372 million within a day. It was soon discovered that the managers indulged in creative accounting to hide losses worth about $35 billion and had overstated income by $586 million. The share price went from $90.56 to $8.40 and subsequently to 61 cents (Gini et al, 2009, pp.110-114). Shareholders of firms can thus avoid incurring agency costs by reducing the cash available to the shareholders through the demand for dividend to reduce excess free cash flow. (ACCA F9, 2010, pp. 375-376) and (Hussainey, 2011, p. 60). ZERO DIVIDEND POLICY Some companies adopted a zero dividend policy whereby they do not pay dividends to their shareholders rather plough the cash back into the business to generate future capital gains. Companies such as Berkshire Hathaway, Google, Apple, and Microsoft until recently do not pay dividends.   Apple do not pay dividend despite its holdings in cash and marketable securities which have grown from $24.5 billion to $46 billion. Its Chief executive Officer had said that the company has no plans of paying dividend in the near future. The company believes that cash hoard is a fast and easy means of financing investments projects such as acquisition, Research and Development in new products and put the company in less fewer risks by using retained earnings as opposed to external sources of finance to avoid exposing the entire company to risk (Ghosh, 2011). This may be due to the fact that the company’s major shareholders are co-founder Steve Jobs, who owns more than 5.5 million shares, App le engineer and vice president Sina Tamaddon with 290,000 shares, and retail chief Ron Johnson with 232,000 shares. Other shareholders are institutional and Mutual Fund Holders. However, as of April 2009, more than 71 percent of Apples stock was owned by institutions and mutual funds with the largest institutional stock holder being FMR LLC, with 39.2 million shares, followed by Barclays Global Investors with 37 million. The top mutual fund holder is The Growth Fund of America with 24.1 million shares. In July 2009, the companys stock was trading at $142.40 per share (Desjardins, 2011). This goes to show that 71% of its shareholders are mutual fund trusts who do not have immediate pressing needs to meet and would therefore prefer a capital gain to dividend, hence the use of retained earnings by Apple to finance its business. Also, giving the nature of Apple’s business, the company needs to invest in research and development which most times takes years for a breakthrough to m anifest. Apple would have also chosen not to pay dividend due to failure of who had almost $60-billion of cash on the balance sheet, from which they used about $32-billion to make a special one-time dividend in 2004. Microsoft’s share chart showns that its share price has gone nowhere in ten years. Not even a number of stock buybacks have helped push up the stock price. Also, Cisco Systems announcement to start paying a dividend had its shares plunged from almost $70 in 2000 to just above $20 no, while Apple shares have skyrocketed from $7 per share in 2003 to more than $333 currently (Ghosh, 2011). CONCLUSION REFERENCE ABOR, J AND BOKPIN, G,A. 2010. Investment opportunities, corporate finance, and dividend payout policy: Evidence from emerging markets. Studies in economics and Finance, 27 (3), pp.180-195). ATRILL, P AND MCLANEY, E. 2008. Accounting   and Finance for Non-Specialists. 6th edn. England: Pearson Education. ATRILL, P. 2009. Financial Management for Decision Makers. 5th edn. England:   Pearson Education. Apple, Inc. (AAPN) Dividend Summary [WWW] (dividendinformation.com/AAPL_dividends (May 2011). ALNOLD, G. 2007. Corporate Financial Management. England: Pearson Education Limited. ACCA, F9. 2010. Financial Management: Complete text-December 2010. Berkshire: Kaplan Publishing UK. Barbajosa, A. 2011. Analysis: U.S. leverage to crimp Iranian oil exports fades. [WWW] reuters.com/article/2011/05/04/businesspro-us-iran-oil-leveage- (May 2 2011). BAKER, M   AND WURGLER, J. 2004. A catering theory of dividend. The Journal of Finance, LIX (3), pp. 1125-1166. CHIANG,K, FRANKFURTER,G.M, KOSEDAG, A, AND WOOD JR,B,G. 2006. The perception of dividends by professional investors. Manageria Finance [Online Journal], 32 (1), pp. 60-81. Available from Emerald at emeraldinsight.com/search.htm?st1=The+perception+of+dividends+by++professional+investorsct=allec=1bf=1go=Go (April 22 2011). COLLINS, D. 2006. Enron: the good, the bad and the really ugly. In: GINI, A and MARCOUK, A.M. Case studies in business ethics. 6th.Edn. London: Pearson prentice Hall, pp. 104-115. (CNET news, 1997). http://news.cnet.com/2009-1001-201295.html DESJARDINS, D. 2011. Who Owns the Apple Computer Company? [WWW] ehow.com/about_5143792_owns-apple-computer-company.html (April 25 2011). ELMER-DEWITT, P. 2010. Why Steve Jobs doesnt Pay Dividends. [WWW] http://tech.fortune.cnn.com/2010/08/13/why-steve-jobs-doesnt-pay-dividends/ (April 12 2011). GHOSH, P. 2011. Why doesn’t Apple pay a dividend? [WWW] ibtimes.com/articles/98718/20110107/why-doesn-t-apple-pay-a-dividend.htm (April 12 2011). HUSSAINEY, K, MGBAME,C. O AND MGBAME, A.M. 2011. Dividend policy and share price volatility: UK evidence. The Journal of Risk Finance [Online Journal], 12 (1), pp. 57-68. Available from Emerald at emeraldinsight.com/search.htm?st1=Dividend+policy+and+share+price+volatility%3A+UK+evidencect=allec=1bf=1go=Go (April 15 2011). JONES, A. 2011.   Barclays must   Ã‚  Ã‚  Ã‚  Ã‚   Clear Mists for Investors [WWW] ft.com/cms/s/0/8bdc54f6-70f4-11e0-962a-00144feabdc0.html#axzz1Lnlyn0w7 (May 8 2011) TSE, C. 2005. Use dividends to signal or not: an examination of the UK payout patterns. Managerial Finance. 31 (4), pp. 12-33. Tesco Major shareholders tescoplc.com/plc/ir/financials/shareholders/ 9/5/11 TESCO. 2010. Annual Report. WATSON, D AND HEAD, A.   2007. Corporate Finance. 4th edn. England: Pearson Education Limited. WHITWORTH, J AND ZHANG,Y.2010. Accrued capital gains and ex-dividend day pricing. Managerial Finance Vol. 36 No. 8, 2010 pp. 680-702

The Development of Banking in the Industrial Revolution

The Development of Banking in the Industrial Revolution As well as industry, banking also developed during the Industrial Revolution as the demands of entrepreneurs in industries like steam  led to a vast expansion of the financial system. Banking Before 1750 Before 1750, the traditional ‘start date’ for the Industrial revolution, paper money and commercial bills were used in England, but gold and silver were preferred for major transactions and copper for daily trading. There were three tiers of banks already in existence, but only in limited numbers. The first was the central Bank of England. This has been created in 1694 by William of Orange to fund wars and had become a foreign exchange storing foreign country’s gold. In 1708 it was given the monopoly on Joint Stock Banking (where there’s more than 1 shareholder) to try and make it more powerful, and other banks were limited in size and resources. Joint stock was declared illegal by the Bubble Act of 1720, a reaction to the great losses of the collapse of the South Sea Bubble. A second tier was provided by less than thirty Private Banks, which were few in number but growing, and their main customer was merchants and industrialists. Finally, you had the county banks which operated in a local area, e.g., just Bedford, but there were only twelve in 1760. By 1750 private banks were increasing in status and business, and some specialization was occurring geographically in London. The Role of Entrepreneurs in the Industrial Revolution Malthus called entrepreneurs the ‘shock troops’ of the industrial revolution. This group of individuals whose investment helped spread the revolution were based mainly in the Midlands, a center  for industrial growth. Most were middle class and well educated, and there were a substantial number of entrepreneurs from non-conformist religions like the Quakers. They have been characterized as feeling they had to be challenged, had to organize and succeed, although they ranged in size from major captains of industry to small-scale players. Many were after money, self-improvement, and success, and many were able to buy into the landowning elite with their profits. The entrepreneurs were capitalists, financiers, works managers, merchants, and salesmen, although their role changed as the business developed and the nature of enterprise evolved. The first half of the industrial revolution saw just one individual running the companies, but as time went on shareholders and joint stock companies emerged, and management had to change to cope with specialized positions. Sources of Finance As the revolution grew and more opportunities presented themselves, there was a demand for more capital. While technology costs were coming down, the infrastructure demands of large factories or canals and railways were high, and most industrial businesses needed funds to start up and get started. Entrepreneurs had several sources of finance. The domestic system, when it was still in operation, allowed for capital to be raised as it had no infrastructure costs and you could reduce or expand your workforce rapidly. Merchants provided some circulated capital, as did aristocrats, who had money from land and estates and were keen to make more money by assisting others. They could provide land, capital, and infrastructure. Banks could provide short-term loans, but have been accused of holding the industry back by the legislation on liability and joint-stock. Families could provide money, and were always a trusted source, as here the Quakers, who funded key entrepreneurs like the Darbys (who pushed forward Iron production.) The Development of the Banking System By 1800 private banks had increased in number to seventy, while county banks increased rapidly, doubling from 1775 to 1800. These were set up mainly by businessmen who wanted to add banking to their portfolios and satisfied a demand. During the Napoleonic Wars, the banks came under pressure from panicking customers making cash withdrawals, and the government stepped in to restrict withdrawals to just paper notes, no gold. By 1825 the depression which followed the wars had caused many banks to fail, leading to a financial panic. The government now repealed the Bubble Act and allowed joint-stock, but with unlimited liability. The Banking Act of 1826 restricted the issuing of notes- many banks had issued their own- and encouraged the formation of joint stock companies. In 1837 new laws gave joint-stock companies the ability to acquire limited liability, and in 1855 and 58 these laws were expanded, with banks and insurance now given limited liability which was a financial incentive for investment. By the end of the nineteenth century, many local banks had amalgamated to try and take advantage of the new legal situation. Why the Banking System Developed Long before 1750 Britain had a well-developed money economy with gold, copper, and notes. But several factors changed. The growth in wealth and business opportunities increased the need for both somewhere for money to be deposited, and a source of loans for buildings, equipment and- most crucially- circulating capital for everyday running. Specialist banks with knowledge of certain industries and areas thus grew up to take full advantage of this situation. Banks could also make a profit by keeping a cash reserve and lending out sums to gain interest, and there were many people interested in profits. Did Banks Fail Industry? In the US and Germany, industry used their banks heavily for long-term loans. Britons didn’t do this, and the system has been accused of failing industry as a result. However, America and Germany started at a higher level, and needed much more money than Britain where banks weren’t required for long-term loans, but instead for short-term ones to cover small shortfalls. British entrepreneurs were skeptical of banks and often preferred older methods of finance for start-up costs. Banks evolved along with British industry and were only a part of the funding, whereas America and Germany were diving into industrialization at a much more evolved level.

Enron accounting scandal Essay Example | Topics and Well Written Essays - 1250 words

Enron accounting scandal - Essay Example It made revolutionary changes in the trading markets of energy which has opened the door for new power traders and suppliers. It also tailored a nationwide energy-trading network by engaging in electricity and natural gas contracts that reflects the cost of delivery to a specific destination. By year 1999, the company adapted an internet-based system as Enron Online was launched. In 2001, it reported its executed trades on-line averaging to $2.5 billion a day. Having posted a 57 per cent increase in sales between 1996 and 2000, the company was considered as one of the most successful companies in the world. It controlled, 25 per cent of the â€Å"over the counter† energy-trading market or the trades conducted party-to-party and not over an exchange like the New York Mercantile Exchange. In addition, in the last week of 2000, its shares hit a 52-week high of $84.87 per share (www.mbaknol.com, 2011). No doubt that among the major player that had a major impact in the gigantic co llapse that turned out to be Enron is the accounting firm that handled its auditing. This is Arthur Andersen which garnered ire and revulsion following the events of the scandal. There was the unending debacle over the alleged shredding of important documents moments before they were subjected to an investigation. This was to cover-up the paper trail on the corruption that went on within the company. In 2002, the Houston Court found the company guilty of obstructing justice that led to the lost of over $60 billion by investors. The jury found it guilty on account of an alteration of a company memorandum that was connected with the revelation of the income of Enron. The judgment emphasized the need of accounting firms to monitor corporations and not just to stick with balancing accounts (Thomas, 2002). Though the entire firm had been indicted and found guilty, the most prominent figure that contributed to the catastrophe is their Chicago lawyer Nancy Temple who ordered David Duncan t o erase her name from a memo when they already knew the Securities and Exchange Commission was after them. The subject of the memo was on a $1 billion loss of Enron that Temple disagrees with. The whole debacle has placed the entire firm into jeopardy as they lost one-third of their 2,300 clients whereas only 5,000 out of a former 26,000 of their United States employees opted to remain with the company. The editor of Bowman’s Accounting Report has been quoted describing â€Å"Arthur Andersen is dead. Once the indictment was handed down, clients started jumping faster than they did off the Titanic† (Thomas, 2002). All these turn of events had led to the realization that there has been transcendence among accounting firms to be more cautious and transparent of their dealings with client companies. This judgment over Arthur Andersen only leads as basis to the public conclusion that there was something awfully wrong with the way Enron conducted its business. The non-disclo sure of facts that the company is in ruins which led investors to believe they are putting their money on a viable company when in fact they are not. This case served only as fuel to the public clamor to delve into the culpability of Enron executives and to hold them liable and to make them responsible to the aftermath of the company’s mess. There have been a number of opinions that pertain to the whole situation, some even uncalled for and downright degrading such as the reference to Andersen employees as Androids (Thomas, 2002). T

G Research Paper Example | Topics and Well Written Essays - 3000 words

G - Research Paper Example Its first product was the Toyota AA and ever since, it has grown and incorporated other brands in its production. Such brands include Scion, Ranz, Lexus, as well as Hino. The company has also invested heavily in other automobile industry such as Isuzu, Daihatsu, Tesla, Sichuan FAW Toyota, and Fuji Corporation. Toyota Corporation was first incepted in the year 1933. During this year, the corporation was a subsidiary of the Toyoda Automatic Corporation. The Toyoda Corporation was run by Toyoda Kiichiro. The company’s first automobiles were the A1 and G1 that were manufactured in 1935. It was after the first production of the Automobiles that Toyota Corporation moved to establish an independent company that would allow total control of the production activities of its automobiles. This establishment took place in the year 1937 under the leadership of Toyoda Kiichiro. During this time, the immediate competitors of the company were Ford and GM motors. However, in order to provide an incentive to the customers and boost sales, the company decided to sell its automobiles at a cheaper price than its immediate competitors. The sale price of the model AA was only 3,350 yens. Ford sold their first car at a more expensive price that involved paying 400 yens more. Since then, Toyota Corporation has established more than one hundred subsidiaries. The company recognizes five principles. They include teamwork, kaizen, challenge, respect, and ‘go and see’. The company has general guidelines called the ‘Toyota Way 2001’ that lay out various policies and guidelines in which every employee in the organization ought to follow. Liker (21) suggests that Toyota Corporation focuses its efforts more on addressing the importance as well as the positive experiences of owning private quality vehicles. Its mission is to provide high quality and affordable automobiles on a global scale. In its corporate strategy to mitigate risks, Toyota has always been upfront

CompTac Essay Example | Topics and Well Written Essays - 750 words

CompTac - Essay Example Green should have been honest to begin with and never laundered the money from his employer into his personal checking. When the accounts are audited, these transactions will reflect on the company’s statements. The company can file criminal charges against Green, as well as terminate Green’s employment with the company......4.) Yes, Green committed a crime. Green committed hacking crimes, as well as a white collar crime known as employee theft. Even though Green returned the money the next week and no one noticed the discrepancy in the accounting books. These transactions to and from his personal checking account would still reflect in the CompTac records. These transactions can still be linked to Green. Green is guilty of laundering ten thousand dollars from his employer’s business checking into his personal checking. Then Green laundered the money back to the accounts at CompTac in an attempt to be honest. However, Green should have been honest to begin with a nd never laundered the money from his employer into his personal checking. When the accounts are audited, these transactions will reflect on the company’s statements. The company can file criminal charges against Green, as well as terminate Green’s employment with the company. 5.) I would implement a rating system of some sorts. I would continue to market the game to older teens, and adults. These kinds of games are suitable for older teens. The parents of younger teens, and children might agree with me that if their children were a little older then the game would be suitable for their child to play. However, because the game is not marketed to just older teens, and adults some younger teens, and children are beginning to discover the game, and are beginning to reflect the actions taken by the characters in the game. This is what has so many educators, parents, and other public committees outraged, that because of the violence the younger teens, and children are begin ning to become more aggressive. This is not something that happens to older teens, and adults when they play games like this.  

Effect of Hebal product on perception or Memory ( main focus will be Research Proposal

Effect of Hebal product on perception or Memory ( main focus will be on canabis) EFFECT OF Cannabis on memory or perception - Research Proposal Example The findings of the research will be shared with the public. The society has been keen to exploit the range of herbal products offered by Mother Nature for purposes that cut across recreation, medicine, and traditional practices. Researchers have proved through studies and experiments that herbal products like ginko Biloba can improve the power of concentration of an individual while giseng, a different herbal product, works well to sharpen memory (BBC, 2000). The range of herbal products would be used to better performance among learners as some are used to treat neurological disorders. Cannabis, botanically referred to as Cannabis sativa (National-Institute-on-drug-abuse, 2015), is also an herbal product that has found a whole range of uses. It has been used for entertainment and in medicine (Smith, 2014). This research study will focus on the implications of cannabis on an individual in the short and the long run. The study will serve to establish the chronic effects of cannabis on memory in humans (CSAM, 2014). Societies across the globe are known to abuse the product while ignoring long-term effects of the product in the event of addiction (unit, 2015), (Filbey, 2014)). The research will offer evidence-based results on the chronic effects of the product in the human brain in terms of memory. The drive of this study is to establish the chronic effects of cannabis use on memory in human. The study will work to establish the particular part of the brain that is affected and how exactly that alters the memory of the individual. The study will identify the particular constituent of cannabis in the form of cannabinoids that has ability to impair and alter individual’s cognitive functioning that includes memory. The research shall be based on data and models established through previous research and studies, as well as gathered quantitative and qualitative data that shall be realized in this

A Bright New Boise Movie Review Example | Topics and Well Written Essays - 500 words

A Bright New Boise - Movie Review Example The play was filmed was perceived to win the hearts of many faithful believers in the performance, and was aimed to create awareness for the people to be prepared of the coming back of Jesus Christ. Therefore, it advocates for the people to repent and be prepared to the end of the earth, or the start of the spiritual judgments. The play was timely, as it coincided during the current times of rise of religious crusading in America. This includes the crisis in religious arena such as the rivalry between the Christians and Muslims, or the competing churches, where the play advocates for deliverance from the church crisis. The major themes of the play were to create the notions among the faithful and families to make human connections. However, this paper is objected at reviewing the play on the way it achieved it thematic goals, especially the approaches used to create impact among the audience. The setting of the play starts in the break room of the Hobby Lobby craft stores in the Idah o, where Will applied for a job after a tragic scandal in his home village town, which involved his evangelical church. In the Hobby Lobby, Will meets his teenage boy, whom he left when he was a baby, particularly the Day of Reckoning.

Genesis 12-15, 18 summary Essay Example | Topics and Well Written Essays - 250 words

Genesis 12-15, 18 summary - Essay Example Abram builds an altar in the mountain to honour him: making it a tradition in every places he pitches tent. He made covenant with God in this alter that on His (God) promises to him. There was a time famine struck the land he was dwelling in causing him to enter Egypt by lying that Sarai was his sister. The government officials see her beauty and forward her to Pharaoh who promises Abraham a lot of wealth and slaves in exchange for her. Later the lord strikes the house of Pharaoh with plaques after which pharaoh learns of the deceit thereby confronting Abram. In the end Abram leaves Egypt chastened and wealthy. Among the many promised to him, the lord likens his Abram’s descendants to the stars in the sky. Abraham goes through so much around that period and by chapter 15, the lord changes his name from Abram to Abraham and his wife from Sarai to Sarah. In chapter 18, the Abraham is visited by three people as he was sitting at the entrance of his tent. He greats them in recognition as his Lords and welcomes them in; offering food and a place to sleep. They ask of Sarah and promised Abraham that a time like that the next year, she will be carrying a baby. Of course due to her old age Sarah laughs it off. When walking out the servants noticed Sodom and Gomorrah and how wicked the place was. Abraham pleads with them not to destroy Sodom and Gomorrah. The servants decide to leave that place without destroying it since Abraham had pleaded that there might about ten people who are still righteous in the eyes of the

A Bright New Boise Movie Review Example | Topics and Well Written Essays - 500 words

A Bright New Boise - Movie Review Example The play was filmed was perceived to win the hearts of many faithful believers in the performance, and was aimed to create awareness for the people to be prepared of the coming back of Jesus Christ. Therefore, it advocates for the people to repent and be prepared to the end of the earth, or the start of the spiritual judgments. The play was timely, as it coincided during the current times of rise of religious crusading in America. This includes the crisis in religious arena such as the rivalry between the Christians and Muslims, or the competing churches, where the play advocates for deliverance from the church crisis. The major themes of the play were to create the notions among the faithful and families to make human connections. However, this paper is objected at reviewing the play on the way it achieved it thematic goals, especially the approaches used to create impact among the audience. The setting of the play starts in the break room of the Hobby Lobby craft stores in the Idah o, where Will applied for a job after a tragic scandal in his home village town, which involved his evangelical church. In the Hobby Lobby, Will meets his teenage boy, whom he left when he was a baby, particularly the Day of Reckoning.

Dont Actually Use This Crap Essay Example for Free

Dont Actually Use This Crap Essay I have decided to research and discuss how we can use heritage to build a nation in order to promote our understanding of a common humanity. In order to discuss and debate the abovementioned question we need to understand some key phrases in the question. In my opinion, that would include the following key concepts, namely; * heritage, * nation and * a common humanity. South Africa has come from a turbulent past where terms such as heritage, nation building and a common humanity meant different things to various population groups and realistically these concepts were worlds apart for the majority of South Africans. In order to achieve a common humanity, we need to respect all the cultures and religions within our country. People learn and are influenced by the place and the people around them. In a country like South Africa many people have learned from stories told to them. These stories carry information and ideas about life and living and shared customs, traditions and memories from parents to children. A persons heritage is made up of the practices, and traditions that are passed on from parents to children. Heritage is also about what has been passed on from the family, community and place where people have been raised. For example a person may have grown up in a family of medical professionals or in a proudly Zulu family where the old customs are still followed. This is part of their heritage. People also have a national heritage. A person who was born in South Africa has a South African heritage. This also means they have an African heritage because they were born on this continent. There are many South Africans who do not know what our Coat of Arms represents or the meaning of our flag and anthem. In order to be a truly successful nation we need to become more aware of these national symbols. If we achieve this it will contribute to a more powerful form of nation-building. In countries with a huge variety of cultural, ethnic, racial, religious and other social identities, nation-building is a big challenge. This challenge has led governments to take numerous steps to create a peaceful and workable country. In Africa the situation is made more difficult by the fact that there are many identities and cultures. Mandaza describes such states as nation-states-in-the-making, which are characterised by a lack of essence, weakness and dependency. I think that the role of the curriculum in schools plays an essential role in promoting an understanding of a common humanity in all young people. Researchers often make reference to the neglected role of the history curriculum in the debate on nation-building and the process of forging general citizenship in Africa. In this context, the concept curriculum is understood from many people to be the point of view of the political party in power. The curriculum emerges directly from society and is an ideological tool as well as a vehicle of social change driven by the dominant social group. As such, it plays a central role in the development and reproduction of society over time and geographical area. Seen from this perspective, it is no wonder that the curriculum is driven by political regimes in an endeavour to promote common values and form a particular type of citizen. We most certainly can, but it takes a lot of hard work. Each of our many cultures must get a little space in the sun. What we must also realise though is that some cultures are very different from others and that some people might find the things we may want to defend offensive. The question we should ask is whether our practices are more likely to cause division and friction, or whether it is going to bring people of different cultures together. What we should perhaps work on is getting our country to a point where there is loyalty to the flag no matter what. We must be able to really be proud of our achievements as a nation, and not vote people into office that will embarrass us. If we can all stand behind the flag, I think it will be one thing that can unite us. Look what the Rugby World Cups and the recent 2010 Soccer World Cup did for our nation. The whole nation standing for a common cause and goal. There was a real sense of nation-building. Culture is not something you are born with. It is learned from family, school, religious teachings, television and media and the government of a country. Advertisements, magazines and movies are also powerful guides. For example American music videos promote a certain style of dress, values, expression and attitude for young people. Many young people like the cool speak of American pop music rather than talking in their home language. Schools and religious organisations also play a big role. Religion has many rituals that symbolise belonging to a particular culture. South Africa has been called the rainbow nation because it has so many cultural practices. Cultural practices are how we talk and behave, the ways in which we pray, the special things we do when we have festivals, births and deaths. We have groups with different languages, religions, race, customs and traditions e. . Zulu, Ndebele, Khoisan, Hindu, Muslim and Afrikaner people. All of these people are united by being South African and all of their ways of life form part of our country’s identity and culture. It is important to promote and be proud of our South African culture and identity. This helps South Africans to understand and respect each other and to learn from each other’s cultural practices. This is part of the healing that demo cracy has brought after culture was used to divide South Africans in the past. For this reason the government has a project called â€Å"Proudly South African† that encourages South Africans to value each other and the country. The past is all around us. We live our lives against a rich backdrop of historic buildings, landscapes and other physical survivals of our past. But the historic environment is more than just a matter of material remains. It is central to how we see ourselves and to our identity as individuals, communities and as a nation. It is a physical record of what our country is and how it came to be. Building materials and styles can define region’s localities and communities. Historic landscapes or iconic buildings can become a focus of community identity and pride. At a more local level a historic church or park can help define a neighbourhood and create a sense of identity and belonging. The importance that we attach to our ‘heritage’ is growing each year, and that is why events such as Heritage Day are important in enabling people to value and appreciate their local, regional and national heritage. I encourage people of all ages to take this opportunity to visit, tour and experience the buildings and streets on your doorstep and learn a little about the rich heritage of the region in which you live. Port Elizabeth and the Eastern Cape is full of heritage. Nation building enables history to be rewritten, and the apartheid legacy of devaluing and erasing the heritage of black South Africans from the consciousness of the nation to be reversed, facilitating healing and further weakening the feelings of â€Å"better† citizenship of one population group over the other. Attempts to reverse this and give back pride to the African, Indian and Coloured South Africans receive support from many people. This includes government efforts to teach children about African heroes and Africa’s contributions to world history and culture. Nation building is necessary to build trust, which is directly linked with stronger economic performance. If all South Africans were passionate and believed in each other and were not divided on many issues as we are, our country would perform better financially and this would improve international investments and job opportunities. We (South Africans) need to develop the same patriotism and passion that the Americans show to their flag and anthem. We can continue to rebuild our nation with our heritage by raising awareness. There are a lot of South Africans who do not know anything about the Heritage of our country, therefore, by having exhibitions, distributing leaflets, organising work groups (community and schools), quarterly newsletters distributed within the community, media exposure or maybe even raising awareness by means of radio shows , talks and shows, we can continue to build our nation. Only when all Africans own and cherish their cultural heritage, when they identify and embrace the majesty of Mapungubwe, when they speak and learn through their languages and can therefore dream, sing and dance in their own languages, shall we see rapid social economic development of the people of Africa. A nation needs a history. History buys you time to get rid of emotional responses and see things rationally. The English civil war, for example, has taught people of Royalist descent that a ruler who leeches the country for his/her personal benefits shouldnt be tolerated. On the other hand, descendants of Parliamentarians can see that its not enough just to chop off a bad kings head. You need something good to replace him with. England had eleven years of misery after beheading Charles 1, and couldnt wait to get another king. Nobody could understand that at the time because they were emotionally involved with one side or the other. It took time for both sides to overcome the hurts and prejudices, and to understand what happened, but eventually, they grew as a nation from the lessons learned. Heroes fall into two categories. They can either be people of great achievement (like Newton or Darwin) or they can reflect some aspect of national character (like Robin Hood or Scotlands William Wallace). Heroes are people that kids can look up to, people who inspire kids to achieve something, and that all helps to form a single national identity. A common identity the need to preserve it, promote it and keep it alive is a struggle of both individuals and many nations. Your identity is not only a current thing. It is originates from and is dependent upon the sum-total of your cultural heritage. All the things that your ancestors have done on the cultural front, i. e. their language, dances, rituals, dress, food and all that, contribute towards your present identity. As a young South African I feel that the youth of today need to learn and understand the events of the past so we can understand how to move forward in the best interests of all South Africans. I consider it essential for our future that we all stand behind a common identity namely our flag and anthem. Nation building is important and imperative to create a feeling of belonging and with it accountability and responsible behaviour. Efforts must be made to ensure that all cultures are respected and equal citizenship for all guaranteed. This is important because for centuries the dominant people in power aimed to diminish all culture and history of certain cultures and religions. This â€Å"past† obviously did not use heritage to build a nation in order to promote our understanding of a common humanity.

Affective Personality and Primary Emotion Systems

Affective Personality and Primary Emotion Systems Affect is the subjective experiential-feeling component that accompanies bodily stimulation found in physiological aspects such as: the homeostatic drive of hunger and thirst, the external stimulation of taste and touch and the emotional stimulation of environmental events. All are compound central functions of the brain, which are triggered by perceptions, becoming experientially refined. Such affective experiences are typically conceptualized in terms of: valence, such as positive and negative feelings. Arousal; which refers to the intensity of the feeling and also power, concerning the effect of the feeling on the mental state (Panksepp, 2005). There exists a large number of affective states each representing different neuro-dynamics within the brain. Such brain systems operate as an evolutionary adaption situated in subcortical networks and lower brain regions which produce these basic affects, with learning and higher brain functions considered secondary and tertiary processes ( Davis Panksepp, 2011). Such systems are located in ancient brain regions and are predominantly homologous in all mammals. These brain systems generate instinctual behavioural responses that are closely linked to the primitive affects that accompany such activity. (Panksepp, 1998a). Panksepps theory of affective personality (Panksepp, 1998a) suggests that such affective states modulated by these systems when induced by emotional stimuli act as the basis for personality. By employing techniques such as deep (subcortical) electrical stimulation (DBS) and pharmacological manipulation, the construction of six distinct primary emotion systems (SEEK, CARE, PLAY, FEAR, ANGER and SADNESS), anchored in phylogenetically old brain areas, have been developed (Panksepp, 1998a) (Primary emotional systems are printed in capital letters, as a formal designation for primal systems in all mammalian brains and to distinguish them from the vernacular emotional terms traditionally used in emotional and personality research). The affective personality model suggests that Individual differences in these emotional systems promote varying affective states, acting as the basis for individual differences in personality. Each system influences different affective activity which can correspond to a different fundamental personality trait. The six emotional systems are divided into two categories in correspondence to their associated valence. The positive system encompasses SEEK, CARE and PLAY while FEAR, ANGER and SADNESS fall into the negative system. The first of the three positive systems can be classed as SEEK. This precipitates behaviours such as enthusiasm, curiosity and learning. It produces motivation to search for things the organism needs, craves and desires. The system is proposed to correspond with the medial forebrain bundle or the brain reward system. It has been found to be largely driven by dopamine activity following a neural circuit surrounding the ventral-tegmental area of the midbrain and medial frontal cortex (Panksepp, 2010). For instance, it is noted in Trowill, Panksepp, Gandelman (1989) how the manipulation of dopamine activity in medial frontal cortex resulted in the exhibition of coherent emotional responses representing foraging or seeking. Further studies regarding self-stimulation reward have noted a complex neuronal system for appetitive desire which mediates an articulate organismic urge to explore the environment and seek resources in response to bodily needs and external incentives (Ikemoto Panks epp, 1999). The CARE system concerns behaviours such as empathy and nurture and is argued to be more active in females then males because of an evolutionary adaptation to ensure offspring survival. It is proposed to be heavily related to hormone Oxytocin, which is more present in females then males, and has been found to be involved in trust, pair bonding, and generosity (Panksepp, 2010). It is believed to operate around a neural system in the forebrain coursing the hypothalamus, posterior lobe and the nucleus accumbens and may increase affiliative behaviour by dampening amygdala activity (Theodoridou, Rowe, Penton-Voak Rogers, 2009). For example, a study by Kirsch et al (2005) found that the manipulation of oxytocin activity around the posterior lobe increased perceptions of trustworthiness in participants. Furthermore, a fMRI study by Petrovic, Kalso, Petersson Ingvar (2008) found reduced amygdala activity to be related to increased perception of generosity. Finally, the PLAY System refers to feelings of excitement, exploration and the instinctual nature of rough and tumble play demonstrated in human childhood and most young mammals. It is believed to influence learning of social structures, and several social processes such as defeat and social-appetitive motor skills (Panksepp, 1998a). Much like the seek systems it has been found to be linked to stimulation of the ventral tegmental area via dopamine (Panksepp, 2010). Evidence of this can be seen in studies which show the behaviour to survive radical decortication with animals possessing no neocortex still exhibiting play behaviour (Panksepp, Normansell, Cox Siviy, 1994). Furthermore, placing psychostimulants such as amphetamine into the ventral striatum (nucleus accumbens) can promote stimulation of laughter and feelings of joy (Burgdorf, Knutson, Panksepp, Ikemoto, 2001) and engaging in playful activities also provokes a robust arousal of the same brain area in humans (Mobbs, Greici us, Abdel-Azim, Menon, Reiss, 2003). The first system in the negative grouping is named ANGER which relates to feeling of annoyance, displeasure and hostility and is often aroused when the seeking system is inhibited. The system is related to the activity of the neuropeptide glutamate within a neural network extending from the amygdala and hypothalamus to the periaqueductal gray (PAG) (Located in the tegmentum) (Panksepp, 2010), a region shown to influence defensive behaviour and aggression (Tovote et al, 2016). In a neuroimaging review by Bruehl, Burns, Chung Chont (2009) it was found that opioid dysfunction in the rostral anterior cingulate cortex, orbitofrontal cortex, anterior insula, amygdala, and PAG was related to direct verbal or physical expression of anger. The FEAR system influences behaviours such as alarm and panic when an organism is put in a threatening situation. The system is heavily related to the concept of flight or fight, as activation can lead organisms to flee or elicit a freezing response. It is related to neuropeptide Y and corticotropic activity stimulated by the hypothalamus (Panksepp, 2010). This system was established on the basis of experiments showing that localized DBS within an anterior hypothalamic trajectory could generate coherent fear responses and anxiety (Pankepp, 2005). Furthermore, stimulation of this system at various points along the neuroaxis resulted in animals consistently attempting to escape DBS applied to such brain sites (Panksepp, 1998a). Finally, the SADNESS system includes feelings of grief, unhappiness and regret. Relevant sub-cortical areas of control include the anterior cingulate, the bed-nucleus of the stria terminalis, the ventral septal and dorsal preoptic areas, the dorsomedial thalamus, and the PAG. Such areas have been found to linked to the detection and appraising of social processes as well the expression of negative emotion (Etkin, Egner Kalisch (2012). Some of these areas, most notably the ventral septal and dorsomedial thalamus, are known to control feelings of physical pain with shallow levels of brain stimulation within the PAG still being able to evoke emotional distress (Eisenberger, Lieberman, Williams, 2003). Similarly, it has been reported that social exclusion and depression activates anterior cingulate regions that are known to regulate pain within the human brain (Mayberg, 2004). Moreover, localized electrical stimulation of the stria terminalis can provoke crying (Herman Panksepp, 1981) with neuroimaging imaging studies highlighting similar trajectories of brain activation when experiencing intense sadness (Damasio, Grabowski, Bechara, Damasio, Ponto, Parvizi, 2000). The ANPS On the basis of such evidence for brain affective systems, it can be inferred that a great deal of variation in personality may be related to the strengths and weaknesses found the activity of these systems. This implies that evaluation of personality can be based on empirically relevant indicators along the lines of these brain systems. This precipitated the construction of the affective neuroscience personality scale (ANPS; Davis, Panksepp Normansell, 2003). Modelled after the Spielbergers State-Trait Personality Inventory (STPI; Spielberger, 1975) and based on such neurological studies, the ANPS was designed to approximate self-reported feedback concerning the individual differences of these six neural based networks. The ANPS contrast to traditional measures of personality such as questionnaires based on the five-factor model (FFM; Goldberg, 1990) which primarily focus on linguistic representations of personality. As the FFM is based on a lexical (adjective-based) approach it do es not assist in hypothesizing about neural emotional systems underlying the human personality. For example, it has been found that emotional distress is related to stimulation of the PAG (Eisenberger et al, 2003). Therefore, such neural activity can be attributed to participants indicating high levels of distress on the ANPS, whereas reporting emotional distress via a lexical-based personality tool would indicated the presence of linguistic representation rather than hinting at the neural correlates. This can be seen in a study by Montag Reuter (2013) which highlights the use of the ANPS in helping identify the monoamines and neuropeptides involved in the molecular genetic basis of personality. However, the FFM can be argued to be the most influential tool in the measurement of personality, with thousands of studies within the realms of social and cognitive psychology, genetics and psychopathology employing its use Costa McCrae (1995). Therefore, the ANPS should be able to relate to the FFM in terms of the connection between the affective systems and the traditional adjectival descriptive personality dimensions (Extroversion, Introversion, Openness, Agreeableness and Conscientiousness). Research shows a theoretical relationship between the ANPS and the FFM with each of the six ANPS sub-scales reporting a significant correlation with at least one FFM sub-scale. The most robust associations have been reported between Extraversion and PLAY, Openness and SEEK with Agreeableness positively related to CARE and negatively with ANGER Conscientiousness seems to be more weakly related with the three negative emotions. (Davis et al, 2003). Such findings make theoretical sense as many of the behavioural facets defined in each sub-scale relate to corresponding sub-scales in the other model. For example, both the SEEK system and Openness sub-scale include facets relating to curiosity. It is suggested in Davis Panksepp (2011) that the six affective systems form the foundation for substantial parts of the adult five-factor personality structure. For example, that the root of Extraversion, as defined in the FFM, may be the PLAY system. This first emerges as infant smiling, laughter, and sensitivity to tickling, then in later development as childhood games and social interaction and is elaborated in adult personalities as they as joke telling and social engagement. Personality Attachment One area in which the FFM has been greatly utilized, is adult attachment. Adult attachment is a theory designed to explain thoughts, feelings and behaviours in the context of adult relationships. The theory was first developed in Mikulincer Shaver (2003) where it was suggested that close adult relationships mirror the relationship between mother and child, where, for example, a securely attached individual is comforted when their attachments are present and anxious when they are absent. Shaver and Brenner (1992) is one of the earliest examples for the examination of the relationship between attachment and personality. Most studies in the area have focused on the associations between attachment measures and the big five personality traits. Results have generally followed theoretically predictable patterns. Since the publication of Shaver and Brennans (1992) study, several other researchers have reported correlations between a variety of different attachment measures and different mea sures of the Big Five. In general, these studies show attachment security to be moderately-negatively correlated with neuroticism and moderately-positively correlated with extraversion, agreeableness and conscientiousness. With attachment security rarely showing a correlation with openness (Noftle Shaver, 2006). Such relationships tend to situate around a r = .30 correlation, implying the sub-scales are not simply redundant with each other (Noftle Shaver, 2006). These findings are further developed in studies examining the underlying cognitive and behavioural constructs behind such a relationship. For example, it has been noted how introversion is a form of insecurity in a similar way to insecurity in attachment. An Insecure attachment occurs when a caregiver is unreliable, leading to feelings of vulnerability in the child which relates heavily to the vulnerability and anxiety sub-scales of introversion in the FFM (Thompson, 1999). More recent research has attempted to study this relationship as a possible construct in clinical realms. For example, it has been reported how early traumatization affects brain areas in emotional states which verbal treatment cannot reach, resulting in hindered personality development and attachment malfunction (Ammon, 2010). Personality and attachment profiles have also been found to be important indicators for treatment of drug addiction in patients with children as well as for relapse prevention programmes for sex-offenders (Francescade, 2014, Lu Lung, 2010). Brain imaging studies have also contributed to literature concerning attachment and personality, to a lesser degree. Studies examining the neural correlates of attachment have found several overlapping areas such as the amygdala and the midbrain nuclei to be involved in the activation of the attachment-system (Lenzi et al, 2015) as well as regulation of the SEEK system (Trowill, 1989). This connection is better illustrated in Narvaezs (2017) theory of human biosocial plasticity. It is suggested that the primary caregiver acts as an external psychobiological regulator whose behaviour helps shape the construction of the childs affective neural systems. During prenatal and perinatal life, the maturation of the neocortex is rapidly developing. Under typical developmental conditions, before four months postnatally, the connections between the amygdala and regions mediating motor activity and environmental provocations have not become fully mature (Weber, Watts, Richardson, 2003). From fi ve six months however, reactions to environmental stimuli are patterned clearly. During this development, the relationship between the caregiver and child act as a template for interactions between the self and the social environment. The infant and the caregivers attachment system provides an instrument by which the elementary nervous system of the infant can be co-constructed by the caregiver to help develop psycho-behavioural potentials patterned into the affective emotional systems (Schore, 2001, in Narvaez, 2017). This is further illustrated in a study by Farinelli et al (2015) which found a relationship between affective personality and attachment style in adults. A group of stroke patients with lesions to certain areas of the brain were compared to a group of control patients, in terms of affective personality and attachment style. It was found that those with lesions to midline regions involved in the regulation of the positive emotional system displayed significantly lower levels of SEEK, and higher levels of SADNESS and insecure attachment. Similar results were found in those with lesions to the motor cortex, with the addition of increased levels of ANGER. Dopamine activity surrounding the motor cortex and midbrain regions has been found to play a role in the modulation the ANGER system (Hosp, Pekanovic, Mengia, Rioult-Pedotti Luft, 2011). Neuroimaging studies have also focused on more specific relations between personality and attachment. Most notably, a substantial amount of research has underlined the relationship between the CARE system and the anxiety sub-type of attachment. There exists two sub-types of attachment, attachment anxiety and attachment avoidance, which refer to different measures of the construct. There are many different dimensions of attachment such as the traditional: secure, insecure avoidant and insecure anxious constructs (Ainsworth Bowlby, 1991). However, attachment anxiety and attachment avoidance refer to measures of these different dimensions Mikulincer Shaver (2003). Attachment anxiety also referred to as the model of self refers to concepts such as self-awareness and self-consciousness in the context of relationships. This is opposed to attachment avoidance or model of others which refers to ones feelings and cognitions concerning others in the relationship dynamic. Many brain imaging s tudies have focused on the activity of the neuropeptide oxytocin in terms of the CARE system and attachment anxiety. For example, there is neural evidence indicating the importance of oxytocin in helping develop the model of self during the earliest stages of attachment. Insel (2003) highlights the importance of oxytocin for facilitating mother-infant bonding, maternal urges, and solidification of social memories. It has also been found to reduce separation distress and facilitate social bonding from the infants perspective (Nelson Panksepp, 1998). This activity can be seen to relate to similar neural behaviour involved in aspects of the PLAY system, such as empathy and maternal behaviour. For example, the posterior lateral hypothalamus is involved in introspection and self-awareness (Fabbro, Aglioti, Bergamasco, Clarici Panksepp, 2015) as well as maternal behaviour, of which both are modulated by oxytocin administration (Sripada, Phan, Labuschagne, Welsh, Nathan Wood, 2013). Oxy tocin also mediates the activation of the posterior temporal sulcus, which is involved in the mentalizing and processing of self-other distinction (Decety Lamm, 2007) as well as empathy (Paulus, MÃ ¼ller, Jansen, Gazzola, Krach SÃ ¶ren, 2015).