Family Business Research Paper Example | Topics and Well Written Essays - 1000 words - 1

Family Business - Research Paper Example This can foster a feeling of resentment among family members who are not qualified enough to do the necessary work, but share the name of the company’s founder. In such cases, the heads of family-run organizations have to deal with the uneasiness of other family members at the thought of hiring outsiders to be privy to the long-held family secrets. According to a survey conducted by PricewaterhouseCoopers to determine how family-run businesses achieve success, a number of the heads of such corporations choose not to involve extended family members in the making o important decisions even if the said members are considered as part-owners. In this survey, 15% of the surveyed family business leaders said that relatives such as in-laws do not have to be involved in decision-making (Miller and Le Breton-Miller 38). In a different survey conducted by the Egon Zehnder International organization among 720 family business executives and owners from Asia-Pacific, the Americas and Europe , over 60% of business managers felt that the lack of professional procedures and administrative structures is the biggest shortcoming of family-run businesses (Brun de Pontet and Aronoff 45). In addition, 55% of executives surveyed indicated that divergences among family members, due to a lack of accountability are another big problem. 60% of the respondents in this survey confirmed that family quarrels often get in the way of making good business decisions such as hiring external experts to deal with recurring problems (Brun de Pontet and Aronoff 46). From these two surveys, it appears that family conflict can result in the wrong decision being made due to the absence of an objective perspective. According to the KPMG and Family Business Australia’s biennial survey, which was conducted with 658 family-run businesses based in Australia, 57% of participants indicated that as family business leaders, they were concerned about the intentions of their potential successors, wheth er their children, or other relatives. In addition, 63% of the polled family business leaders indicated that they were not impressed by the abilities of their potential successors (KPMG and Family Business Australia Survey of Family Businesses 3). This corresponds with the findings of the Egon Zehnder International organization survey which also established that 60 % of the family business leaders had doubts about the proficiency of family members. According to these leaders, this was a common cause of conflicts among the family members (Brun de Pontet and Aronoff 46). It would seem that the biggest problem that family business leaders have to grapple with is the refusal of family members to accept the fact that they may not have the necessary skills to function in specialized operations. This can be a particularly difficult problem to solve because any skilled outsiders who are hired are likely to be met with hostility and subversive acts from disgruntled family members. Another pr oblem often faced by family business leaders has to do with making decision on strategic planning. Today, the family that is successful in progressing at a steady rise from generation to

4 Ways to Sustain Tourism Industry Essay Example for Free

4 Ways to Sustain Tourism Industry Essay Sustainable destinations have achieved balance. They have balanced the long-term economic needs of residents with the short and medium term needs of businesses. They have done this by creating a diverse and value-laden tourism product that attracts a mix of domestic and international guests, many of whom are repeat visitors and have made a personal financial commitment to the destination. Sustainable destinations are managed by well-trained and committed staff. They have an up-to-date tourism plan which focuses on sustainable tourism. They have the personnel, resources, and political commitment to implement and monitor the plan. Achievements are tracked and made public. Tourists are consulted and their opinions are considered in plans. Safety is taken seriously and plans and policies exist for crisis, security, fire, health and safety. See more: Defining research problem and setting objectives Essay Sustainable destinations reinvest the profits from their tourism activities in environmental conservation and historic restoration and preservation. They demonstrate a thriving culture, strong social networks and increasing biodiversity. They show effective planning, substantial land and marine protection, increased energy and water conservation, and a reduction in solid waste per guest over time. They have an effective recycling and wastewater sanitation program that is carefully managed. They have taken steps to reduce the carbon footprint of their activities. Sustainable destinations are internationally recognized, valued by tourists for their environmental quality, and receive increasing value from tourist stays. Assessment We start by working together to establish a long-term view of the destination landscape, identifying sustainability risks and strategic growth opportunities. We facilitate discussions with stakeholders, while utilizing our innovative tools and expertise to develop a clear plan of action. Planning As we design and implement initiatives, we’ll prioritize critical impacts, build local capacity and set achievable benchmarks. Over time, we’ll help you implement these programs, track their progress, and monitor your results. Standards and Monitoring Sustainable tourism standards are the genesis of quality tourism planning. Our place-based solutions focus on the needs of the destination, while assuring that local tourism businesses meet third-party verified levels of quality and sustainability.

Drug Screening in Government Assistance Programs

Drug Screening in Government Assistance Programs The United States Federal Government Should Initiate Drug Screening For Citizens Who Seek Government Assistance. Negative Strategy # 1 As Pollack, Danziger, Jayakody Seefeldt (2002) affirm, initiating involuntary dug screening for all citizens seeking government assistance is definitely costly. The purchase of modern drug screening equipment in numbers that will be able to screen all people who apply for welfare programs, especially with the large population of America, would certainly be an expensive exercise. In addition, like any other machine, the drug screen equipment will require regular servicing and maintenance, which require more resources at close intervals. It is equally undoubted that in order for the screening programs to be successful, medical professionals and technological professionals will need to take part. This implies that a competent staff that comprises of specialists in all relevant sectors of operation and in appropriate numbers will mandatorily be employed to make the program a success. Apparently, the cost of purchasing the drug screening equipment, maintaining them, and pay for all the i nvolved expenses including the human resources is most likely to exceed the amount of money that the federal government would save on implementing drug screening policy to persons seeking government’s assistance (Pollack et al., 2002). Similar to Pollack et al. (2002), Carey (1998) emphasizes that the implementation of compulsory drug testing policies to citizens who seek for government’s assistance is unnecessary, unjustifiable, and the highest level of misappropriation of taxpayers’ money.The implementation of laws that support mandatory drug screening for people applying for government assistance is unnecessary and misappropriation of taxpayers’ money Therefore, it unnecessary and unjustifiable that the federal government engages in a more expensive program with intentions to save taxpayers’ money, as the implementation of the drug screening program will cost a lot more of the taxpayers’ money than the welfare programs as they currently are (before the implementation of the policy). Fielding, Long, Imam, Tye Ogawa (2002) further states that initiating drug screen for all citizens seeking government’s assistance is likely to have very little (negligible) or even no effect on the prevalence of drug abuse in the country. According to Fielding et al. (2002), a majority of people who are financially vulnerable in the United States are not drug addicts. The cost of drugs in the country is relatively expensive for many people belonging to poor population, especially with the high tax rates that the government has implemented on drugs over subsequent years. They also notes that it is much more reasonable for the Federal government to determine the prevalence drug use in the country by assessing people based in their ages rather than income, as a majority of drug users fall within the productive ages of between 16 and 40 years (Fielding et al., 2002). Hence, the implementation of drug screening policy, which only demands for mandatory drug testing among the econo mically vulnerable, is likely play an insignificant role in controlling drug use in the country. Referring to Guthrie (1990), the implementation of the mandatory drug screening initiative for persons participating in welfare programs is unconstitutional and a violation of people rights to privacy and freedom to make personal choices. With the drug screening policy requiring that all people needing government assistance must be tested for all sorts of drugs including alcohol and tobacco before they can be eligible for the assistance, it is clear that the implementation of the policy will breach the law, especially with the fact that alcohol and tobacco are legal drugs in the United States. Provided one has attained the required age, he or she has the right use drugs that are legal for whichever reasons. Thus, it is unconstitutional and discriminative for the Federal government to deny law-abiding citizens the right to use legal drugs just because they are financially vulnerable and requires assistance from government-sponsored welfare programs. Negative strategy # 1 Rather than implementing mandatory drug screening policy to all citizens who apply for welfare programs, the government should support awareness creation programs that will discourage all members of the society to desist from drug abuse (DiNardo, 1994). The government should support school-based programs that aim at educating students in all levels of education ranging from elementary, secondary, middle-level colleges, to universities on the dangers of drug use. The government should equally use the mainstream media to run campaigns that discourage drug use while at the same time limit the campaigns on the same media that promote drug use. The federal government should equally compel all drug manufacturers to include cautionary or warning messages on the packages of their products to educate consumers on the negative effects of the drugs they are using. Through the creation of consciousness on the need to shun drug use, it is clear that many people will develop an internal motivation to stop drug abuse rather than being compelled to stop using drugs because one is financially vulnerable. As Pavetti, Olson, Nightingale, Duke Isaacs (1997) points out, drug addiction is like a chronic disease and one hardly, whether willingly or unwillingly, stop the practice overnight. Stopping drug use is a gradual process, and drug addicts need to be taken through comprehensive behavior change programs that may take up to one or two years. Based on that, the Federal government should construct more rehabilitation facilities and equip them with the necessary human resources and machinery with which to support drug addicts to stop unproductive drug use; instead of implementing the dictatorial and illegal drug testing policy on applicants of government’s assistance. The access to the rehabilitation programs should equally be enhanced, particularly by making them affordable to all people including the economically vulnerable. Using the behavior change programs where professionals take drug addicts through gradual steps in on how to stop the addiction, it is evident that the gover nment is bound to get better results on drug control than implementing the drug policy, which will require people to forcefully, stop drug abuse in order to be eligible for welfare programs (Pavetti et al., 1997). An alternative strategy to implementing the drug screen policy on citizens needing government’s assistance is the formulation and then implementation of strict legislations that govern drug use in the country. As Hora, Schma Rosenthal (1998) support, the use of the legal infrastructure where all people who violate drug laws are punished promptly by the court of law is likely to give better results in the fight against drug use. The legislations should provide a platform on which people who take illicit drugs, those who sell drugs to minors, and those who use drugs inappropriately are surely prosecuted and punished by huge fines and even imprisonment sentences. The federal government should improve surveillance on drug abusers and work with the judicial systems to ensure that all violators of drug laws are held accountable for their actions. Through that, people will shun from the illegal use of drugs, and that will help in controlling the prevalence of drug abuse in the socie ty. References Pollack, H. A., Danziger, S., Jayakody, R., Seefeldt, K. S. (2002). Drug testing welfare recipients—false positives, false negatives, unanticipated opportunities.Womens Health Issues,12(1), 23-31. Fielding, J. E., Long, A. M., Imam, I. J., Tye, G., Ogawa, P. L. (2002). The drug court programs of Los Angeles County: the initial results.A Journal of the Substance Abuse Treatment,23(3), 217-224. Guthrie, P. M. (1990). The Drug Test and Welfare: Taking of the Drug War into Unconstitutional Limits.Ind. LJ,66, 579. Carey, C. A. (1998). Crafting of a challenge to the practice of the drug testing welfare participants: the federal welfare reform, and state response as one of the most recent chapters in the war against drugs.Buff. L. Rev.,46, 281. DiNardo, J. (1994). The critical review of estimates of the specific costs of alcohol and drug usage. InDrug testing in the workplace(pp. 57-76). Springer US. Pavetti, L., Olson, Nightingale, D., Duke, A. E., Isaacs, J. (1997). Welfare-to-Work Options for Families Facing Personal and Family Challenges: Rationale and Program Strategies. Hora, P. F., Schma, W. G., Rosenthal, J. T. (1998). The therapeutic jurisprudence, as well as the drug treatment and court movement: A Revolutionizing of the response system of the criminal justice to drug abuse, and crime in the U.S..Notre Dame L. Rev.,74, 439.

business plan Essay -- essays research papers

Fast ‘n Fresh Premium Ice Cream Parlor Fast ‘n Fresh Ice Cream â€Å"Fast ‘n Fresh- - good for you!† Statement of Purpose   Ã‚  Ã‚  Ã‚  Ã‚  The purpose of this business plan is to support a request for a 75,000 five-year bank loan to purchase equipment and inventory as part of the financing for a start-up sole proprietorship, Fast ‘n Fresh Premiun Ice Cream Parlor. The business will be owned by Daniel W. Beese and will be located in leased space at 858 Success Ave in the new Riverside Faire shopping center, Jacksonville, FL 32211. The owner will provide a minimum of 75,00 in initial equity.   Ã‚  Ã‚  Ã‚  Ã‚  The business will serve healthy and premium ice cream, yogurt, sandwiches, and nonalcholic beverages to the generally upscale target market of Riverside Faire. Based on the financial and competive analysis presented in this plan, Fast ‘n Fresh Premium Ice Cream Parlor will be sucessful.   Ã‚  Ã‚  Ã‚  Ã‚  It is anticipated that Fast ‘n Fresh Premium Ice Cream Parlor will become established in Jacksonville, FL within two years and will become known throughout the North Florida area within five years with the potential of multiple locations. The Fast ‘n Fresh Premium Ice Cream Parlor’s distinct logo, it’s reputation for fast service and only the freshest ingredients, plus it’s slogan, â€Å"Fast ‘n Fresh- good for you!† will provide a distinctive competive edge.   Ã‚  Ã‚  Ã‚  Ã‚  The owner, Daniel W. Beese, has founded three highly successful food service businesses in the North Florida area. The owner holds an undergraduate degree and a MBA from the University of Florida. The Business Description   Ã‚  Ã‚  Ã‚  Ã‚  Fast ‘n Fresh Premium Ice Cream Parlor will be a start-up ice cream parlor located in leased space at 858 Success Ave in the new Riverside Faire shopping Center, Jacksonville, FL 32211. A ninety-day option has been taken on this location. The estimated opening day is April 2002.   Ã‚  Ã‚  Ã‚  Ã‚  Daniel W. Beese will own the business as a sole proprietorship. Each of the business owned by Daniel W. Beese has broken even after only six months and was sold for a minimum of three times the owners investment. Fast ‘n Frsh Ice Cream Parlor will be an upscale restaurant selling premium ice cream, yogurt, sandwiches, and hot... ...ations in Jacksonville, FL. The closest Superior Flavors is four miles away . Superior Flavors is well known for their creative yogurt and ice cream flavors. Their products are priced moderately and they do not serve sandwiches. Superior Flavors has a competive advantage with it’s name recognition. Fast ‘n Fresh has a advantage beacuse it offers sandwiches. Personnel   Ã‚  Ã‚  Ã‚  Ã‚  The business will operate using local University, Community College, and high school students as it’s principle employees. This will reflect a youthful, invigorating image consistent with its â€Å"Fast ‘n Fresh -- good for you!† slogan. The manager will be an experienced person from one of the owner’s other businesses. A special employee benefit will be Fast ‘n Fresh Premium Ice Cream Parlor scholarships covering tuition and books. This offer will only be good after employees complete the ninety day probation period. The majority of the employees will be part time with a full time manager. Student employees will earn 6.50/hr with oppurtunities for pay increases. The manager will be paid 10% above prevailing salary levels. A policy of promotion form within will be adopted.

Men Are Better Leaders Essay

Women in high-level leadership positions, such as corporate CEOs, when studied, seem to exhibit the same sorts of leadership behaviors as their male counterparts. That is probably because the demands of the leadership role require certain actions and behaviors to succeed. In addition, because of the hurdles that women must leap to get to the top (leadership and gender expert, Alice Eagly, refers to this as the â€Å"labyrinth† that women, but not men, need to go through), it could be the case that only women who exhibit the same sorts of leadership styles and behaviors as male leaders make it through. So, studying leaders at the top, gives the impression that there are no big differences in how men and women lead. You get a somewhat different picture if you ask followers and leaders about male and female leaders. They notice differences that are in line with stereotypes about men and women, reporting that female leaders are more nurturing, empathic, and responsive than male leaders, but they will also report the negative side (e. g. , moody). Male leaders, on the other hand, are perceived to be more action-oriented and more focused on tasks. As a Catalyst study concludes that according to leaders and followers in the workplace, â€Å"women leaders take care, men leaders take charge. † Realize, however, that this involves people’s perceptions of leaders, colored by stereotypes and expectations. Finally, there is a growing body of research that has studied the leadership styles and leadership â€Å"potential† of men and women, typically men and women managers (but also women in non-managerial positions). For example, using the theory of transformational leadership as an indicator of successful leadership (transformational leaders are inspirational, positive role models, concerned about followers, empowering, and push followers to be creative and take chances), research shows that women, as a group, have more transformational qualities than men. In other words, and based on this research, women have more leadership potential and tend to lead more effectively than men (I discussed this in an earlier post). So, what are the implications? Well, as attitudes about women leaders change (they are changing, albeit ever so slowly) and the â€Å"labyrinth† becomes less difficult to navigate, we expect more to women attain high-level leadership positions. Noted leadership scholar, Bernard Bass, predicted that by the year 2034 the majority of high-level leaders will be women, based on their more transformational qualities. Of course, men in leadership positions are also realizing that the old way of leading – taking charge (command and control) – may not be as effective in today’s world and in the future, so they learn to adapt and change how they lead.

Personality Theorists Bandura and Maslow

Personality is a fascinating subject to study, because every person has a personality that is unique and complex. Personality theorists spend their time studying the reasons why people act the way they do. Are their innate processes that ensure a person will react to a situation differently if he is hungry? How will two different people behave if they both witness the same automobile crash?How behavior is affected and determined has been studied for years, and there are many different theories. Two theorists who have contributed significantly to this field of study are Bandura and Maslow.Bandura, like all behaviorists, was primarily interested in the stimulus-response branch of psychology. Having studied Skinner’s approach to Behaviorism, Bandura did agree that external forces contributed to behaviors. He believed environmental situations and reinforcers lead to certain behaviors. But Bandura also set out to answer some problems he found with Skinner’s theory. As Wagner (2009) states, even in his earliest work, Bandura argued that believing behavior could only be caused by a stimulus-response cycle was too simplistic.His studies led him to believe that behavior was not only a reaction to environmental stimuli as Skinner had proposed, but could also be learned from watching a model perform the behavior that could be copied. He also believed that learning could be cognitive. One of the most significant observations Bandura made during his studies was that while the environment did cause behaviors, behaviors could also create an environment. This phenomenon he called reciprocal determinism: The world and a person’s behavior cause each other.Bandura also believed that self-efficacy contributed to behavior. A person’s internal need to attain goals could cause them to behave in a way that ensured them success. Due to his research, Bandura argued that external and internal factors affected behavior. People can choose to act a certain way, o r the environment can cause them to act a certain way. Another theorist who made significant contributions to personality and behavior theory was Maslow. His most significant theory was his idea of a hierarchy of human needs.At the most basic level, humans have intrinsic needs, such as food and shelter, and the feeling of safety. Internal factors such as being hungry and the ability to breathe properly contribute to outward behaviors. Lemer (2000) summarized Maslow’s ideas into a practical application, by stating that, with children, adults should address the higher level needs for safety, security and knowledge only after the most primitive biological needs are met. Clearly, internal needs factor into behavior.As a people move up the hierarchy however, external factors begin to play a much larger role in behavior choice. Concepts such as morality, respect, and self-esteem are influenced by external factors such as societal demands and personal interactions. Maslow, like Band ura, believed that both internal and external factors contributed to behaviors. People behave certain ways at certain times due to a myriad of factors. Both of these theorists make powerful cases for the idea that behavior is both intrinsically and externally motivated. The case for internal motivation is solid.There are times when people choose to behave in a certain manner due to a need for respect, to fulfill a perceived role, or to attain a goal. Their behavior during those times is due to an internal desire for something. However, there are other times when environmental factors also cause behavior. A person may be trying to act a certain way, but a situation may arise that causes them to change the course of their behavior. It is also true that people can learn through simple observation, and this has to be caused by both internal and external factors.The environment and the situation the person is watching is shaping their behavior. But it also the internal need to duplicate the behavior of the other person that causes them to watch and learn. Both Bandura and Maslow believed that behavior was both internally and externally motivated. References Wagner, K. V. (2009). Albert Bandura biography. Retrieved May 10, 2009 from http://psychology. about. com/od/profilesofmajorthinkers/p/bio_bandura. htmfrom Lemer, P. S. (2000). Treat needs, not behavior: Maslow for the millennium. New Developments, 6(2), 23-26.

Free Essays on Almost Everyone Does It.

Almost Everyone Does It When it comes to children’s books, there are so many choices. It’s hard to find one that will have a good effect on your children. You want to find books that can entertain as well as inform your kids about life and what is good and or bad and how to distinguish which is which. Taro Gomi, a Japanese author of children’s books, has some of the best ideas on how to get their attention and keep them entertained for a long period of time. In Taro’s book, Everyone Poops, he gives us reasons to celebrate this natural act of every living, breathing, and eating organism. From mammals to reptiles, fish to birds, Taro takes us on an adventure through the different process of â€Å"evacuation† for every species. Everyone Poops is a book that taught millions of children including my self that making a number two is part of life, and it’s okay to do that even if it does smell funny. When I was young and learning how to use the toilet, I never felt comfortable using it for the act of â€Å"number two,† but when my mother noticed this she got the book I consider my childhood bible, Everyone Poops, from a friend who had visited Japan. This book gave me the knowledge of the magic â€Å"number two† and that it was ok to do it. The humorous illustrations and the wording keeps you laughing through the whole thing. The script is both simple and humorous. The book starts off, â€Å"An elephant makes a big poop. A mouse makes a tiny poop. A one-humped camel makes a one humped poop, and a two-humped camel makes a two humped poop.† (Gomi) That’s just the type of humor that kids can understand and laugh about while they learn. It gave me the courage to do it, and I’m sure it did the same for many others. To this day, I owe my bathroom skills to Everyone Poops. I was first introduced to Taro’s work as a young child when it was in its original Japanese text; but the illustrations were enough to get the whole idea, and t... Free Essays on Almost Everyone Does It. Free Essays on Almost Everyone Does It. Almost Everyone Does It When it comes to children’s books, there are so many choices. It’s hard to find one that will have a good effect on your children. You want to find books that can entertain as well as inform your kids about life and what is good and or bad and how to distinguish which is which. Taro Gomi, a Japanese author of children’s books, has some of the best ideas on how to get their attention and keep them entertained for a long period of time. In Taro’s book, Everyone Poops, he gives us reasons to celebrate this natural act of every living, breathing, and eating organism. From mammals to reptiles, fish to birds, Taro takes us on an adventure through the different process of â€Å"evacuation† for every species. Everyone Poops is a book that taught millions of children including my self that making a number two is part of life, and it’s okay to do that even if it does smell funny. When I was young and learning how to use the toilet, I never felt comfortable using it for the act of â€Å"number two,† but when my mother noticed this she got the book I consider my childhood bible, Everyone Poops, from a friend who had visited Japan. This book gave me the knowledge of the magic â€Å"number two† and that it was ok to do it. The humorous illustrations and the wording keeps you laughing through the whole thing. The script is both simple and humorous. The book starts off, â€Å"An elephant makes a big poop. A mouse makes a tiny poop. A one-humped camel makes a one humped poop, and a two-humped camel makes a two humped poop.† (Gomi) That’s just the type of humor that kids can understand and laugh about while they learn. It gave me the courage to do it, and I’m sure it did the same for many others. To this day, I owe my bathroom skills to Everyone Poops. I was first introduced to Taro’s work as a young child when it was in its original Japanese text; but the illustrations were enough to get the whole idea, and t...

How Does Shakespeare Influence Audience Opinion Of Shylock in The Merchant Of Venice Essays

How Does Shakespeare Influence Audience Opinion Of Shylock in The Merchant Of Venice Essays How Does Shakespeare Influence Audience Opinion Of Shylock in The Merchant Of Venice Paper How Does Shakespeare Influence Audience Opinion Of Shylock in The Merchant Of Venice Paper Essay Topic: Merchant Of Venice Opinion Play Shakespeare influences audience opinion in many different ways in The Merchant Of Venice. However, some of the devices he uses may have differing effects on Elizabethan and modern audiences. Elizabethans had many prejudiced stereotypes that Shakespeare includes in his play. There was less diversity of cultures when Shakespeare wrote the play, and therefore there was a lot more bad feeling towards different races and religions. Elizabethans were also more religious than people are nowadays, so there feelings towards religion and religious beliefs were much stronger than they would be today. The Elizabethans did not like the Jews, mainly because of the stereotypes that were portrayed of them. Jews were seen to be money grabbing and the Elizabethans disagreed with their ideas and values about life. The play was set in Venice, Italy where there was a law of equality which allowed trade to run smoothly as much of the Venetian way of life was based on trading. This would have an effect on the Elizabethan audience because Elizabethans believed that generosity was a great virtue to have, and they believed that Jews were not at all generous, something which is definite of Shylocks character. They also disliked usurers and merchants because they went against the Christian values. The play is a comedy and a lot of the humour was based on the Elizabethan reaction to Shylocks character and onstage appearance. However, in modern times society is a lot less prejudiced, thus creating more sympathy for Shylock. The Elizabethan audience would also be much more religious than a modern audience, and Shylock was a character that went against everything they believed in as Christians. Most of the Christian values are opposed to the stereotypical portrayal of Jews, especially as they are portrayed in Merchant Of Venice. Therefore, especially with an Elizabethan audience, the main feeling towards Shylock would not be sympathy, but hostility and loathing. The Elizabethan audience would immediately recognise Shylock as Jewish because he would we be dressed in stereotypical Jewish clothes and he would be wearing a red wig which was another stereotypical image of Jews. Everything about him would be stereotypical of a Jewish person, most of it in a degrading way as Shakespeare himself would have been a Christian. A lot of Shylocks speech reflects his character, for instance, he is a miser with words, similar to the way he is a miser with his money. He does not live in the world of aristocrats, but instead the world of merchants, which is why his money is so important to him. In Act One, Scene Three Shylock speaks first and his words are Three thousand ducats; well. This gives us an immediate first impression that his main concern in life is his money and wealth. He also repeats a lot of his words and phrases which shows he has a materialistic mind and a lack of imagination. He is very narrow and literal minded as we see in the way that he speaks. Ho, no, no, no, no and there be land-rats and water-rats, land-thieves and water-thieves It is significant that he used the term rats, because the Elizabethans had strong views on the sense of order of being. They thought that the order of society reflected the universe. Animals were at the bottom of this chain and therefore the least important. Elizabethan philosophers thought that man would lapse into beastliness if he allowed himself to become selfish. Therefore, the fact that Shylock uses animals as metaphors shows that he is preoccupied with the animal world. This tells us that Shylock is at about the same level as animals in the order of being, giving the audience little respect for him. However, a modern audience may not see this link as they do not have the same ideas as the Elizabethans on the order of being. Other characters in the play also refer to Shylock as a bird of prey which shows us that they perceive him as being the least important person around, and that he is selfish. The audience may react to this differently because it might, for some people, increase their sympathies towards Shylock as he is being mistreated and mocked by the other characters, but other people may see it as a reinforcement to the idea that Shylock is a selfish, unlikeable character. However, I dont think it would influence a modern audiences opinion towards Shylock because they would not associate the animal references with the chain of being. Therefore, it would only affect the Elizabethan audiences who would understand the references. He also repeats short, blunt phrases, showing his stubborn personality and his repetition of the adjectives rats and thieves show, again, that he lacks imagination and it is a great contrast to the metaphorical way of speaking of Antonio and the other Christians. [Antonio]The devil can cite Scripture for his purpose. An evil soul, producing holy witness, is like a villain with a smiling cheek, A goodly rotten apple at the heart. This is an example of the poetic speech of Antonio and his fellow Christians. This gives the audience a negative opinion about Shylock compared to Antonio already, as Shakespeare wanted his audience to think that Christians were much more sensitive and open hearted then the Jews. It also means that the a udience will subconsciously prefer Antonio to Shylock as his words are much more poetical and less blunt. It also gives us a bad impression of Shylock because we see that Antonio is speaking harsh words about him and we know that there must be a reason for this because Antonio is Christian and is therefore good and speaks the truth. The contrasts between Shylock and Antonio influence audience opinion greatly. The main reason for disliking Shylock is the fact that he is a Jew and most of the Elizabethan audience, as well as the majority of the characters in the play, are Christians. Therefore, a lot of the influences on the audience for disliking Shylock, come from the constant comparisons to Antonio who is seen to be automatically a good character, simply because he is a Christian. This is hypocritical because, although Antonio is not an obvious merchant like Shylock, he still makes money in the same way that Shylock does, but through his ships. However, there are some similarities between the two characters. Although it is more obvious with Shylock, both of the characters are outsiders. Shylock, because he is a Jew and Antonio because he is unmarried. Also, neither of them accept the others religion and they both hate each other because of it. Both of them are lonely, isolated figures amongst the happy youth of Venice. They also both equate their property with their life and they both have a power over the others life at some time in the play. This means that although the audience may dislike Shylock and like Antonio, there are still similarities between them, which might make their opinions change or differ throughout the play. There is a irony in the way that one of the reasons the Christians (and Antonio) despise Shylock is because of what he does with his money (lend it out for profit) but Antonio does the same thing with his trading, but in a different way. This irony is highlighted in Act Four, Scene One, by Portia [Portia]Which is the merchant here? And which is the Jew? This would show the audience that some of the reasons for disliking Shylock are unfair, as they apply to themselves and the other Christian characters in the play. There are, however, a lot of differences and contrasts between Antonio and Shylock apart from the obvious different religions. Shylock lends his money to his enemies for a profit, whereas Antonio lends his money to his friends for free. Antonio risks his life for Bassanio because he is his friend, but Shylock tries to take the life of Antonio because he is his enemy. They also have very different characters. Antonio is mainly optimistic and merciful, whereas Shylock is pessimistic and vengeful. This influences the audience opinion because they think of Antonio as a good character because he shows better characteristics. The audience will also have a negative opinion of Shylock because he is surrounded by enemies while Antonio is surrounded by friends. This is part of the way the scene is structured which affects the audience opinion of Shylock. The way the scenes are structured has a lot to do with our opinion of Shylock. For example, in most of the scenes we either see Shylock in the middle of a conversation, or entering in the middle of a scene with other characters. This means that we never see whether Shylock stops talking about money when he is not talking about the deal, because we never see him start a conversation. This means that we have a negative view of him, because we always see the same business side of him. We also never see Shylock on his own, he always enters the stage to join a social grouping, which automatically makes him seem like an outsider. This also means that we rarely see Shylock as he sees himself, just as other people see him. Because most of the other characters in the play are Christians, and therefore dislike Shylock, we see their image of him, which is obviously going to be negative. However, through the use of asides, Shylock reveals some of his inner thoughts to the audience, which is the only time we get to see what Shylock is really feeling. [Shylock talking about Antonio]How like a fawning publican he is: I hate him for he is Christian This shows us that Shylock is capable of human emotion and he does have feelings, which is a contrast to the narrow minded image we have of him, due to his cold, monosyllabic talk. However, these emotions are negative so they do not necessarily create a good image of his personality, but they still show that he has emotions. This creates a better image for Shylock and we feel more sympathy towards him because as we realise that he does have feelings, we realise that he does get hurt by the way he is treated and we see that it is unfair. However, Shylock is being hypocritical because he is being prejudiced against Antonio which is one of the reasons that he (Shylock) is treated unfairly himself. In a modern audience, however, where religion is less important they may see that Shylocks prejudices are justified because of the way that he is treated. In Act three, Scene one the language that Shylock uses influences our opinion a lot. Shylock learns of the disappearance of his daughter, Jessica and he does not seem to be very concerned. She is damned for it This suggests that Shylock does not care about what has happened to her and he blames her, saying she is damned. A lot of the reactions he has towards his daughter would influence audience opinion greatly. A lot of Act Three, Scene One is about the disappearance of Shylocks daughter Jessica. Shylock fears that she has run away with a Christian, his greatest enemies. At first we think that he is genuinely interested in his daughters well-being. [Shylock]Hast thou found my daughter? The first thing he thinks about is his daughter, which shows us that he does have some good sides to him and he wants to know what has happened to his daughter. This will make the audience see him in a good light as he has shown us that he cares about someone. However, Shylock then proves that he is a slave to his money [Shylock]a diamond gone! Cost me two thousand ducats in Frankfurt I would my daughter were dead at my foot, and the jewels in her ear Shylock has openly admitted that he would rather have his jewels and his daughter dead, than the other way around. This is a shocking thing to admit and it will influence the audience greatly into having a negative opinion about him, because the fact that he cares more about his money than his daughter gives the impression that he is extremely cold hearted and money is his life. Although Shylock repeatedly talks about his loyalty to the Jewish faith, it is shown to be less important to him than his wealth [Shylock]a diamond gone, cost me two thousand ducats in Frankfurt! The curse never fell upon our nation until now; I never felt it till now This shows that his priorities lie not with his faith which he talks about so much, but with his money because he admits that the supposed curse on his race has not affected him until now, when his money has been taken away. By saying this the audience gets an impression of him that until things affect him personally they do not bother him, which emphasises his selfish personality. It also shows that he is feeling bitter about being a Jew. He then calls his daughter a thief, which shows that he doesnt seem to have any compassion towards her because she has taken the most important thing in his life from him: money. This reinforces our opinions and ideas about his character, and the audience will continue to see him in a bad light. We then see more of Shylocks bad side when he learns about Antonios ships. [Shylock]What, what, what? ill luck? ill luck? From this we see that he is keen for someone else to suffer bad luck as well as him. It also shows us that he is happy again now he knows that he will get his money. Again we see that money is extremely important to him because he has become happier when he realises that he Antonio will not be able to pay him back and therefore broken the bond. This shows us again the bitterness and selfishness of his character. However, he does show us that he has some feelings because he mentions his ex-wife Leah. I had it of Leah when I was a bachelor: I would not have given it for a wilderness of monkeys. This shows us that he does in fact care for some people, and he does have feelings and emotions as he would not have given the ring away because of its sentimental value. This shows the audience that he cared for his wife and it creates audience sympathy towards him because he obviously cares/cared for her, proving he does have emotions and he is not completely bitter. Another of the main devices in the play which influence our opinion of Shylock occurs with the main twist in the plot: the ending where the tables are turned on Shylock. In the court he is insisting on carrying out the bond he had with Antonio, even though both the judge and Portia are against him and have offered him three times the money Antonio owed him instead of the pound of flesh. However, Portia points out that Shylock cannot have his pound of flesh because the bond would not allow him to spill any of Antonios blood, and Shylock would not be able to take a pound of flesh from Antonio without taking any of his blood. [Portia]Take then thy bond, take thou thy pound of flesh; But, in cutting it, if thou dost shed One drop of Christian blood, thy lands and goods Are, by the laws of Venice, confiscate Unto the state of Venice This comes as a shock to both the audience and Shylock because neither of them would foresee this. It is also an example of irony because Portia is being as p edantic about the law as Shylock was earlier in the scene. There is even more dramatic irony when Shylock is forced to be a Christian. [Antonio] He presently become a Christian This is ironic because Christians are supposed to believe in mercy and forgiveness, so this is going against their religious beliefs. It also makes the audience feel sympathy towards Shylock because he is facing having to lose everything or to change his beliefs. It is also ironic that Antonio and the other Christians despise Shylock because he lends money for profit, because they do exactly the same thing, just in a different way. Antonio sends his ships out to buy goods cheaply from other places, and then he will sell them on for more money, which is effectively the same as what Shylock is doing. Christians also believe that everyone is equal but they do not show these qualities in their inhuman treatment of their slaves. This hypocrisy increases audience sympathy for Shylock because we see, again, that he is being mistreated, even more clearly than before. Because Shylocks religion was one of the main reasons that he was mistreated, the audience will see it as unfair that it is now being taken away from him, when it has been the reason for years of suffering on his part. The trial scene in the play is very important because it is where the two main plots come together. The scene starts without Shylock (which is the case for much of the play) and when he enters he knows that everyone in the court is Christian so he does not expect much sympathy from them. At the beginning Shylock tells the Court that he wants Antonios flesh because it is his whim although he does not give reasons for this, except that he is only insisting on the bond because he bears a grudge. He points out that other men would do the same thing, only in different situations. This influences the audience opinion as they think he is just being stubborn and difficult, an unlikeable trait. Shylock also refuses to listen to the Dukes pleas of humanity, but the Dukes views are from a Christian point of view so Shylock may not agree with them. We can also see the extremity of Shylocks hatred towards Antonio when Bassanio asks a reasonable question [Bassanio]Do all men kill the things they do not love? Shylock response has extreme implications [Shylock]Hates any man the thing he would not kill? Shylock is saying that Antonio symbolises everything he hates, and that is why he is so insistent on the bond being carried out. The characters in this scene are all human, but they also stand for concepts. Shylock is inflexible and inhuman and he stands for law, an end in itself. Portia represents law in the service of man and we can see this when Bassanio tries to convince Portia to stop Shylock taking his pound of flesh by telling her that to do a great right, do a little wrong. However, she refuses, saying that it must not be. By refusing to stop Shylock she is proving that she represents law in the service of man because she is carrying out the law completely. She is also, by contrast to Shylock, flexible and merciful. However, this emphasises the hypocrisy that Portia shows when she does not show any mercy to Shylock in the end. Portia continuously offers Shylock three times the money that Antonio owed him to let the bond drop, but Shylock refuses. In doing this we see his stubborn nature and his strict adherence to the law. It also shows us that he is hard-hearted and sadistic, certainly not merciful. We see more of a reason to dislike Shylock when he refuses to let a doctor stand by while he takes his pound of flesh because it is not in the bond. This reinforces our opinion that Shylock is dark, sinister and dislikable. Portias pleas for Shylock to accept the money are impassioned and lyrical, but Shylock is unmoved. His lack of emotion makes the audience automatically opposed to him, in that they do not want him to be successful in his fight to take his pound of flesh. Then Antonio makes a speech which greatly influences the audience opinion for both himself and Shylock. He talks about his loyalty to Bassanio and says that he is prepared to die for him, making us see him as a brave, loyal friend. He does not appear to be scared of death and says he will be at least remembered as old and strong rather than old and feeble. He is also keen for Bassanio to tell Portia how he (Antonio) cared for him (Bassanio). This is because he feels an outcast because of the lack of love in his life (another similarity between him and Shylock) and he wants to prove that he does have the capability of loving someone so much he would die for them. This is also ironic because Portia is there and she hears what he says without him realising. When he makes this speech the contrast between him and Shylock is huge because they both have such different values and views on life. The audience will think that Antonio is brave and loyal, and that will lower their opinion of Shylock because Shylock still wants to take his pound of flesh. We see how un-noble Shylock is when he is compared to Antonios loyal outlook. One of the main differences in the two characters opinions of what should happen is caused by their religion. Shylock thinks that he has done nothing wrong and that he is only following the law, therefore he seeks only justice. On the other hand, the Christian outlook is that all men are sinful and depend on Gods mercy. Shylock justifies his opinion by quoting from the bible (3:1). In doing this he is pointing out that the law of the Jews is that of an eye for an eye and the law of Christ is mercy and forgiveness. He is showing how different the two religions views are, and therefore allowing him to contravene the spirit of the law. However the trial scene highlights the fact that Shylocks mind is so twisted that he cannot even admit the bitterness and evil in his own soul. However, in the end, Portia points out that Shylock is unable to get his pound of flesh without letting any blood be shed, which is not allowed in the bond. This is ironic because Portia is being as pedantic about the law as Shylock was being earlier. Then Shylock decides that he would like to just take the money but Portia says that he has already turned them down so he should have nothing but a penalty. Compared to his behaviour and attitude at the beginning of the scene Shylock now becomes more apologetic and begging. Then we see how the way the other characters treat and refer to Shylock will affect the audience opinion. Shylock is treated very badly in this scene. He is not referred to by his name, but by Jew which is made to sound like an insult and it takes away his equality and individuality. They also suggest that Shylock is an outsider of Venice and therefore does not have equal rights. It is enacted in the laws of Venice If it be provd against an alien This is not fair to Shylock as he is as much as a part of Venice as Antonio, Portia and all the other Christians. Here we see a lot of hypocrisy as one of the reasons that they condone Shylock is that he makes money for nothing. However they either dont realise or choose to ignore the fact that they all do the same thing to make a living: buy things and sell them off at a higher price. The audience may be slightly more sympathetic towards Shylock because of the lack of respect and hypocrisy shown to him. It also shows that all the people in the court view Shylock as an outside, although he is as much of a citizen of Venice as they are. The only reason that they dont accept him is that he is a Jew whilst they are Christians. To a modern audience this would seem like a minor difference because there is a much larger diversity amongst the people in Britain then there would have been in Elizabethan times. Therefore, modern audience would not totally understand the seemingly irrational hatred of Shylock, simply for the fact that he is a Jew. Then the Duke decides that Shylock must become Christian and he must leave his money to Jessica and Lorenzo when he dies. This is another example of hypocrisy because Christians should so mercy and forgiveness and they are not showing that at all in the way that they are treating Shylock because they presume that they have the right to change his faith when it is nothing to do with them and it just highlights their prejudices. Shylock is often judged externally which means that the audience do not get to see him as he sees himself. It also means that we only get to see other peoples views on Shylock so the audience only ever gets a secondary view of Shylocks character, which will obviously affect their own opinion of him. For example, a lot of the adjectives used to describe Shylock in Act Four, Scene One vary greatly from those used to describe Antonio. Shylock is described by adjectives such as an inhuman wretch, unfeeling man, harsh, inexecrable dog and the offender. None of these are very complimentary and they would influence the audience opinion. However, Antonio is described as a poor merchant, touchd with human gentleness and love and royal merchant. These words are very complimentary and they would affect the audience view of Shylock because they would compare the adjectives used to describe both characters. Another example of external judging of Shylock comes after his reaction to the abduction of his daughter. Salerio mocks Shylock because of the reaction that he was more concerned about the loss of his money than the loss of his daughter. This, again, will influence audience opinion. Also, the audience would judge Shylock as a Jew through the references of others and through the costume he wears. All of this external judging will influence audience opinion because much of it is negative and if the other characters are constantly mocking or saying negative things about Shylock then the audience will be affected by these views, especially if they do not get to see how Shylock views himself. There would also be differing opinions between modern and Elizabethan audiences because nowadays different cultures, races and religions are much more common around Britain and so any prejudices against someone because of their religion would be seen as racist, and an undesirable characteristic. Elizabethan audiences, however, would see Shylock as inferior to Antonio simply because he is a Jew and Jews were disliked in their times. Therefore, a modern audience may feel sympathy towards Shylock in a lot of the situations, whereas an Elizabethan audience would feel that Shylock deserved what he got.

An Analysis of South Park, The American Adult Animated Sitcom and The Issues It Tackles In Society

An Analysis of South Park, The American Adult Animated Sitcom and The Issues It Tackles In Society South Park is an American adult animated sitcom, a production of South Park Digital Studios, LLC that started airing on August 13, 1997, till now. with 20 seasons and over 270 episodes in total, South Park has received numerous awards and even ranked as the tenth Greatest TV Cartoon of All Time by TVGuid. Being famous for its dark, surreal humor that covers a wide range of topics including social problems, politics, and internet sensations. South Park became a popular entertainment among adults all over the world, mainly in the United States. Although South Park had been famous for its well-scripted comedy that applies to different situations, groups and even individuals, according to Roland Barthes’s concepts discussed in Mythologies, there are still tricks played on us that causes us to invest in the ones in greater power willingly or even wholeheartedly. Through the book Mythologies, Roland Barthes shows how truths are hidden behind the banalest and natural aspects of everyday life. According to Barthes, things often present themselves as being natural, therefore, are transparent to the public. His analysis of different â€Å"natural† mythologies today reveals the ideological nature of the products. Barthes considers Myths as speech, that it is a system of communication which bears meaning in itself. He expresses his view on how every symbol conveys a meaning, unlimited by the nature of the symbol, be it a text, an image or even human actions. As Barthes explained in Mythologies â€Å"Every object in the world can pass from a closed, silent existence to an oral state, open to appropriation by society, for there is no law, whether natural or not, which forbids talking about things. A tree is a tree. Yes, of course.† (Mythologies 1972 p.1) He considers every cultural product as a symbol itself, conveying at least a meanin g conditioned by a myth. Any cultural product can be analyzed and reviewed in Barthes’s consideration since there is always a realm of second-class signification which distinguishes its symbolic meaning from its denotation through analysis. Barthes’s explanation of his analysis in the article ‘The Romans in films’, â€Å"Signs ought to present themselves only in two extreme forms: either openly intellectual and so remote that they are reduced to an algebra, as in the Chinese theatre, where a flag on its own signifies a regiment; or deeply rooted, invented, so to speak, on each occasion, revealing an internal, a hidden facet, and indicative of a moment in time, no longer of a concept†¦Ã¢â‚¬ (Mythologies 2009 p.28) Applying Barthes’s concept presented in Mythologies on South Park, as an American animated sitcom, it often expresses people’s view and thoughts through comedy and satire, presenting themselves to be true and universal. Ironically, similar to its own c haracteristic of presenting ideas through imaginary characters and stories, South Park is actually a fiction that tricks us into benefiting the more powerful members of the society. Its use of comedic approach to expressing ideas and thoughts increase social acceptability on transgressions. It also decreases the viewers tendency on voicing out, through fulfilling their will of express and reflecting on social issues or problems when they are enjoying the show. The mixing of highly-realistic setting and contents with surreal situations cuts back imagination and expectations of the public on different aspects. South Park slowly dull viewers’ individual and critical thinking and tricks them into being an easier public to mass media or governance by slipping ideas and myths into the show. South Park is famous for its use of humor relating to social issues or taboos, the use of comedy encourages the acceptance of transgressions such as racism and sexism. South Park often over-exaggerate public’s reactions and social problems to create comic yet relatable stories or situations. Although it is considered done ironically to encourage social participation or awareness, it also encourages social acceptance on transgression. Suggested by Brain L. Ott, ‘South Park does not simply depict the violation of social taboos; it enlists viewers participation in them. By watching the show repeatedly transgress the boundaries of social acceptability, public complete the communication circuit vital to the shows violations.’ (Taking South Park Seriously 2008 p.41-42) The constant violation of social taboos in the show made viewers dull towards transgression, which increases their acceptance of the violation of social taboos. In South Park season 20, the theme focuses on internet trolls, the 2016 United States presidential election, and nostalgia. Multiple social taboos are comically discussed and over-exaggerated, in the episodes of the 20th season, numerous racist, sexist jokes and ideas are presented. In the episodes, the Member Berries speaks of memories of older days some quotes that over-exaggerates nostalgia like â€Å"Member when there werent so many Mexicans?†, â€Å"Member when a white man kissing a black woman on national television was considered daring?†, â€Å"Member when interracial marriage wasnt legal?†[1] are racist comments relatable to Americans. Similarly, sexist jokes about women being not funny and irrational are constantly made throughout the season, such as â€Å"Whats the one thing women dont have? Semen and a sense of humor.† Not only in one or two seasons but throughout all airings of South Park, offensive jokes or remarks and extended use of slurs and foul languages often appear in the show . Since it is considered as an â€Å"Adult-only† sitcom, viewer automatically considers them to be only for comical effects. The overuse of offensive jokes with the excuse of â€Å"only for comedic effects† slowly dulls viewer’s negative feelings on the violations of social taboos, by creating the myth of not needing to take violations of social taboos seriously if it’s comical. With long-term exposure of such remarks and language, viewers are unconsciously brainwashed into the acceptance of transgression, believing that it’s not a serious problem. South Park fulfills the viewers’ needs of expressing and reflecting on social issues or problems through the fictional characters’ highly-relatable expressions on up-to-date topics, which my decrease the viewers’ need of expressing themselves in real life. According to Fiske, â€Å"Cartoons and comedies frequently invert normal relationships and show the adults as incompetent, unable to understand, and the children as superior in insight and ability.†(Television Culture 1992 p.197) South Park uses the same tactic, revolving around four 4th grade boys, Stan Marsh, Kyle Broflovski, Eric Cartman, and Kenny McCormick, and their bizarre adventures. In season 19, the adult’s greed leads to the growing intelligence of online advertisements, while the children are the ones understanding and noticing the problems, being the main force of defeating the â€Å"evil ads† that the adults had created. The reverse in relations are even more vivid in Season 2 0, some adults trolls and bullies people online leading to a potential world war, adults fail to resist the temptation of nostalgia that causes poor decision making, and professionals failed to complete the right formula for the discovery of a new energy; while all the problems are solved with the children’s intelligence and insights. In all episodes of South Park, it’s the children often speaking the truth or intelligence with surreal abilities and ways, while adults are often the ones who cause trouble. As Brain L. Ott had pointed out, â€Å"They are invited to engage the show and the world not as responsible individual adults, but as children at play. Such liberation is an intense but fleeting pleasure because when one turns off South Park, he or she must re-enter the world of social rules and conventions.†(Taking South Park Seriously 2008 p.44) The highly-relatable expressions in the show pleasure the viewer’s need of expressing or reflecting on the s ocial issues and problems they encounter, leading them to believe that their thoughts are similar to concepts and ideas presented by only children with their surreal abilities. And since they are invited to engage the show as children at play, the viewers’ will to express or reflect on those topics are automatically diminished when they turn off South Park. Not realizing that the show had invert the relationships, showing the children to be superior in insight and ability, viewers are tricked into believing in the myth of being a responsible individual adult, is to not fully expressing and voicing out their own thoughts. South Park uses highly-realistic, up-to-date setting and contents but adds in some surreal and imaginary situations. Although the surreal situations on realistic events actually reflect the viewers’ imagination and expectations, the situations often turn out to be delusional or disappointing, which cuts back the viewers’ imagination and expectations on different aspects. The setting and characters are highly relatable and realistic. The show mainly locates in the fictional small town that is within the real-life South Park basin in the Rocky Mountains of central Colorado. There are prominent settings, including bus stops, the local elementary school, even various neighborhoods and the snowy landscape. Actual Colorado landmarks and the shops and businesses along the towns main street, are also prominent and are based on the appearance of similar locations in a real town in Colorado— Fairplay. The choice Colorado is simply because of the creators, Trey Parker and M att Stones origin[2], but the realistic setting made the show easily relatable. The shows do not only create relatable characters but also uses real names and persons, depicting an extremely realistic social setting. Although the show is highly relatable and realistic itself, each episode of South Park opens with a simple disclaimer— †All characters and events in this show—even those based on real people—are entirely fictional. All celebrity voices are impersonated..poorly. The following program contains coarse language and due to its content it should not be viewed by anyone. The comical disclaimers remind viewers of its fictional content while the truth is that most of the content is based off real-time, up-to-date events of since each episode is written and produced during the week preceding its broadcast. Since they are based off real-time events, expectations and imagination of the public on related topics are also depicted, such as the common expecta tion of Americans on NASA having great discoveries on projects of Mars, or the wish of having a peaceful cyber-community. Just like all the other common depiction of dreams or expectations, the expectation on great discoveries of Mars as well as the dream a peaceful cyber-community turns out to be dilution and disappointing in South Park Season 20, since the project on bringing mankind to Mars is destructed by an explosion and first mail of the newly built cyber-community is still about trolling. Both situations is a common imagination or expectation of the public, but through the mixing up of realistic characteristics with scripted delusional outcome, viewers might unconsciously expect the same delusional outcome in real life. They might cut back their own imagination and expectations on different aspects, believing in the myth that imaginations and expectations will always end up as a disappointment. â€Å"One learns how to watch South Park as surely as one learns how to take in Shakespeare (we learn for instance that Kyle is almost always right and Cartman is almost always wrong; that if Kenny dies, he most likely will be back again in the next episode; that Chef’s advice invariably has more to do with libido than with the actual problem at hand, and so forth)† (Taking South Park Seriously 2008 p.19) Ironically similar to the hidden rules among the characters in South Park as well as the show itself being an American animated sitcom, South Park is actually a scripted fiction that tricks us into benefiting the more powerful members of the society. The show slowly shapes the viewers into an easier public for mass media and governance through the myths hidden in the show itself, causing viewers to be more accepting on transgression, being less criticising on social issues, and being less sensitive to the cutting back of imagination or expectations. And by simply putti ng on a disclaimer and listing itself as a satirical American animated sitcom for adult viewers only, South Park can protect itself from all the possible critics with the expectation of the viewers themselves.

Global Marketing Communication Essay Example | Topics and Well Written Essays - 2000 words

Global Marketing Communication - Essay Example The project was built with a support from the Australian filmmaker, Darius Devas. The inclusion of Devas was important as he had already travelled to Goa, India. He was allowed to document the reunion of his old friends who were there as part of Goa hippy Mecca in the 1970s. The documentary was built by collecting response from the significant personalities which were key in the entire story. At the first stage, the Dubs has come up with 13 video vignettes on the platform of Facebook. This was done on a regular basis throughout the months of March and April, 2010. The platform was chosen in the wake of customers’ growing attraction towards the online content. The project was an effort by the leading broadcast medium SBS, Freehand Television, Screen Australia and Screen NSW. The strategy was implemented in two stages. At the first stage, the Facebook Group was considered to attract the audiences. At the later stage, the Facebook fan page was included to communicate with the tar get audiences. The project started off with the introduction of ‘Goa Hippy Tribe’, an online community to connect the relevant people and communities. The community page put its effort to be linked and associated with the audience group who is passionate about the group and emotionally tied up with the Goa hippy community. The videos were related to certain themes like drug subculture, young age spirituality and trance music which can be associated with the Goa. Furthermore, the Dubs also used other media platforms like YouTube and Flickr to push its product to additional audiences. The project was a success as there was audience engagement in the making of this documentary TV series. As the people felt that they were actually involved in the making of the process. The loyalty was enormous with the feel of joint ownership. The audience base also increased through word of mouth communication. At the end stage, after the documentary was done, a fan page was created to rea ch out to a larger audience group. Through the group and fan page, the project was able to reach out to 9000 fans without spending a dollar on traditional marketing or advertising on air. Traditionally in a documentary film, there is enough research involved with a considerable number of interview processes. These are never released to the audiences (Tay, 2010). However, as those were released and were used to shape up the documentary films, people felt connected to the making process of the same leading to an emotional feeling and passion for the documentary series. Facebook also allowed the audience sot take part in the group discussion for this project leading to fetching a considerable attraction from its fans. This feeling of involvement was possible through Facebook and led to the success of the documentary series. Link between the Case and Relevant Theories Communication is one unique activity which establishes the relationship. The communication has been central to the integ rative marketing process. Dunca and Moriaty have come up with a communication based marketing model to manage the relationships. They developed a model displaying the significance of communication in the foundation of the marketing efforts. The communication seems to be one of the most significant elements of the marketing leading to the establishment of the brand relationships with

Financing A Healthcare Organization Essay Example | Topics and Well Written Essays - 1250 words

Financing A Healthcare Organization - Essay Example If a firm has sufficient net working capital it is assumed to have enough liquidity (ICFAI Center for Management Research ICMR, 2004). In the operating cycle of the firm current assets are converted into cash to provide funds for the payment of current liabilities. Hence, if the current ratio is higher it means that the short-term liquidity of the firm is also higher. Long-term Solvency Ratio - This is one of the leverage ratios. When the analysis of a firm is extended to the long-term solvency, we come into the category of leverage ratios. The leverage ratios are structural ratios and coverage ratios. Structural ratios are based on the proportions are derived from the relationships between debt servicing commitments and sources of funds for meeting these obligations. This ratio measures the extent to which borrowed funds support the firm’s assets. The denominator in the ratio is total of all assets as indicated in the balance sheet. The type of assets an organization employs in its operations should determine to some extent the sources of funds used to finance them. Management/Expense Ratio - An expense ratio is determined through an annual  calculation,  where  a funds operating expenses  are divided by the average dollar value of its assets under management. Operating expenses are taken out of a funds assets and lower the return to a funds investors (Investopedia). Line-item Budget: Line item budgets are used in private industry for the comparison and budgeting of selected object groups and their previous and future estimated expenditure levels within an organization. The line-item budget should include all income and expense associated with the proposed project. The major advantages of the line-item budget are that is easy to prepare, understand and justify. The big disadvantage is that there is no relationship between the budget request and objectives and priorities, and it is different to transfer

How Secure is Your Data, Information and Information Systems Assignment

How Secure is Your Data, Information and Information Systems Technology - Assignment Example As the discussion this will ensure that in cases where virus wipe out important information, there can still be a source of reference. In the author's own organization, he believes upgrading our antivirus system as exists in your organization will do us a lot of good. The issue of insider threat is something that we both touched on as part of the trends in security issues. The reporter however did not mention the case of employee negligence. He believes that from the elaboration that you give about employee negligence and how it applies to your organization, having much emphasis on employee training will be a solution to the problem that you currently face. This is because through training, most of the cases of negligence can be dealt with as employees will gain the needed experience to handle all forms of security system cases. In the reporter's own organization, he is going to take a lot of inspiration from your organization on the use of specific employee based rules to ensure tha t all forms of insider breaches are dealt away with.

Kachin Insurgency in Myanmar Essay Example | Topics and Well Written Essays - 1000 words

Kachin Insurgency in Myanmar - Essay Example Thus, in this regard, the department of defense defines the current insurgency as an organized opposition movement that employs subversion, incapacitation and armed conflict to realize its objectives (Bortnyk). Therefore, insurgencies usually seek to overthrow the recurrent social order by altering power within a nation. A number of factors contribute to an insurgency in various occurrences but often political power is the primary issue in both insurgencies and counterinsurgencies with each faction aiming at gaining a people’s patronage. Major contributors are economic deprivation, poor governance and lack of government legitimacy. For instance, economic deprivation leads to poverty that leaves young men with fewer options in life or less to lose; thus, leaving them with no choice but to join insurgent groups (Bortnyk). In addition, poverty leads to increased crimes, a premonition of a population’s desensitization to lawlessness and aggression, which creates an illegal market in support of insurgencies (Army). That notwithstanding, most repressive systems of governances deny second or alternative voices from surfacing to question or criticize government operations and activities; thus leaving oppositions and alternative resort to insurgency to force the government to deliver on its mandate or to relinquish power. Thus, with the above understanding, this paper features the insurgency efforts of the Kachin Independence Army and its affiliates such as Myanmar military. The study focuses on the history of movements with no choice but to resort to insurgency. Lastly, besides governance, governments are expected to provide their citizens with security, justice, economic needs and allow space for ideology sharing (Aylwin-Foster and Army). Therefore, failure to provide such services to citizens, they often the Myanmar insurgency, the underlying causes, the army’s tactics and

Generic Strategies Model by Charles O. Godornes Essay

Generic Strategies Model by Charles O. Godornes - Essay Example In order for these businesses to be successful they have to follow and practice a certain Generic Strategic model which would be Cost – Leadership, Differentiation or Focus. Cost – Leadership is where a business has a low level of differentiation or low level of costs in order to have a competitive market price edge to the market. Businesses that wish to venture and be successful in this type of strategy must focus on lowering their costs and offer value to their customers by producing effective products. Companies should be alert in controlling and monitoring their production costs, overhead costs, and their costs on research and development and in their service costs, so that they could offer a competitive price to the market. Companies should also invest in state-of the-art manufacturing technology in order to lower their costs which would lead to its primary goal which is having competitive market price. In differentiation strategy, businesses create value to their market by offering products which are unique in features and in characteristics; these are products that meets the customers’ preference and satisfaction by charging customers with a premium price. Companies that practice differentiation strategy must charge its customers with a premium price in order to attain its unique products which satisfies and meets the customer’s preference by producing high – end quality products which would also charge companies higher costs. In order for companies to have differentiated products they have to have superior quality, advanced technological features and etc. And in focus strategy, companies focus and pay very close attention to its core competencies or in its smaller segments to offer its products to a particular group of customers in the market, this strategy is commonly used by smaller companies.

How Secure is Your Data, Information and Information Systems Assignment

How Secure is Your Data, Information and Information Systems Technology - Assignment Example As the discussion this will ensure that in cases where virus wipe out important information, there can still be a source of reference. In the author's own organization, he believes upgrading our antivirus system as exists in your organization will do us a lot of good. The issue of insider threat is something that we both touched on as part of the trends in security issues. The reporter however did not mention the case of employee negligence. He believes that from the elaboration that you give about employee negligence and how it applies to your organization, having much emphasis on employee training will be a solution to the problem that you currently face. This is because through training, most of the cases of negligence can be dealt with as employees will gain the needed experience to handle all forms of security system cases. In the reporter's own organization, he is going to take a lot of inspiration from your organization on the use of specific employee based rules to ensure tha t all forms of insider breaches are dealt away with.

Generic Strategies Model by Charles O. Godornes Essay

Generic Strategies Model by Charles O. Godornes - Essay Example In order for these businesses to be successful they have to follow and practice a certain Generic Strategic model which would be Cost – Leadership, Differentiation or Focus. Cost – Leadership is where a business has a low level of differentiation or low level of costs in order to have a competitive market price edge to the market. Businesses that wish to venture and be successful in this type of strategy must focus on lowering their costs and offer value to their customers by producing effective products. Companies should be alert in controlling and monitoring their production costs, overhead costs, and their costs on research and development and in their service costs, so that they could offer a competitive price to the market. Companies should also invest in state-of the-art manufacturing technology in order to lower their costs which would lead to its primary goal which is having competitive market price. In differentiation strategy, businesses create value to their market by offering products which are unique in features and in characteristics; these are products that meets the customers’ preference and satisfaction by charging customers with a premium price. Companies that practice differentiation strategy must charge its customers with a premium price in order to attain its unique products which satisfies and meets the customer’s preference by producing high – end quality products which would also charge companies higher costs. In order for companies to have differentiated products they have to have superior quality, advanced technological features and etc. And in focus strategy, companies focus and pay very close attention to its core competencies or in its smaller segments to offer its products to a particular group of customers in the market, this strategy is commonly used by smaller companies.

A Man Defined by War Essay Example for Free

A Man Defined by War Essay Similar to many authors during the early part of the 20th century, Ernest Hemingway uses his first hand experience to write meticulous novels conveying his struggles. Hemingways efforts are recorded using new techniques not yet seen before. Hemingway, the author of the celebrated A Farwell To Arms, incorporates meaningful diction, imagery, and syntax in Book 1 to convey his detached tone towards the Great War. Book 1 of A Farewell To Arms sets the groundwork for one of the most influential novels of all time. Lieutenant Frederick Henry, an American ambulance driver for the Italian army, seems stoic about his situation. Henry meets a British nurse, Catherine Barkley. After an evening with Catherine, he says to himself, I had treated seeing Catherine very lightly, I had gotten somewhat drunk and had nearly forgotten to come but when I could not see her there I was feeling lonely and hollow. (41). This is the first time Henry fully recognizes that he loves Catherine. His body drained of guilt, Henry utter, when I could not see her.I was feeling hollow. A lover without a clue, Henry lays his problems, the war, his love life, and his friends on the table. While away from Catherine, he feels he goes through the motions needed to live but can not actually be attached to the world. Catherine completes him. Just after the priest discusses God, Henry walks through Abruzzi. He thinks to himself, lovely was the fall to go hunting through the chestnut woods. The birds were all good because they fed on grapes and you never took a lunch because the peasants were always honored if you would eat with them at their houses.(73). Henrys thoughts are obviously disconnected from his main problems. Pondering the birds, Henry detaches himself from the rest of the war. Hemingways personal issues regarding the war are exemplified in Henrys speech. Vibrant, vivid imagery became one of Hemingways favorite structural devices. In the early stages of the tale, Henry, still getting accustomed to his surroundings, finds time to observe the less important items of his experience. While viewing the scenery around him, Henry observes, snow slanted across the wind, the bare ground was covered, the stumps of trees projected, there was snow on the guns and there was paths in the snow going back to the latrines behind trenches. (6). His world completely changed, Henry resorts to crafting detached images for himself from his surroundings. Snow generates a sense of permanence, just as the war itself has produced. With the same disinterest as he has in the war, Henry continues to show a lack of concern on his job and sometimes with his friends. Hemingway wants the reader to reconsider their opinion of the Great War and contemplate the lesser things in the world such as nature. While driving an ambulance to Pavla, Henrys car is demolished by a trench mortar. A general without his authority, Henry struggled through this tragedy using his unbelievable willpower and audacity. Just before the attack, Henry, ate the end of my piece of cheese and took a swallow of winethen there was a flash, as when a blast-furnace door is swung open, and a roar that started white and went red and on and on in a rushing wind. (54). The mortar blast that attacks Henrys ambulance furthers his dismal attitude towards the war. Hemingway knows that innocent men such as Henry have been injured and killed throughout this war and he knows this is not fair. Above all, he further detaches Henry from the world and the war for the readers own thoughts to form about the evilness of guiltless casualties. Syntactical devices are one of literatures most important and practical modes to get a point across in an exciting and interesting manner. Authors utilize such tools to get deeper meanings across to the reader. A variety of syntax Hemingway utilizes is known as subject. Additionally, while he is illustrating one of those most impressing scenes of Book 1, Henry must deal with other feelings and sights. Henry observes, The dead were off to one side. The doctors were working with their sleeves up to their shoulders and were red as butchers. There were not enough stretchers. Some of the wounded were noisy but most were quiet (56-57). To cope with his negative opinions towards the war, Henry draws up his inner strength to battle them. With the same resolve that drove him to the war, Henry eliminates feelings of sorrow and shows a lack of interest on the front. Another syntactical device utilizes repetition. To prepare the reader for the upcoming idea, Hemingway creates a brilliant structural masterpiece. During a mess hall scene in Book 1, Henry narrates, Yes, father. That is true, father. Perhaps, father. No, father. Well, maybe yes, father. You know more about it than I do father. (38). By repeating the same father over and over again, Hemmingway initiates a serious, monotonous tone to this excerpt. The repetition alone is a cautious statement bending the limits of literature itself. Dr. Robert Lamb believes repetition is key to creating great literature, but the author must know how to apply it. He states, the most remarkable aspect of the passage is Hemingwaysemployment of repetition. The repetition of key words like want and perfectlyare used [to] keep the dialogues relevant. (Hemingway and the Creation17). Hemingway effectively displays repetition demonstrating Henrys disinterest and detachment from the war and all of its horrors. The everlasting war establishes Henrys dismal tone as he struggles to survive the war. Out of Henrys struggles emerged his strengths. In conclusion, Ernest Hemingways innovative techniques in the fields of diction, imagery, and syntax generate the protagonists detachment from World War I in Book 1. Deriving from his disinterest comes his affection for a young British nurse. Hemingways own conflicts in World War I blend with his views from that war and congregate in this masterpiece.

Evaluation of Individual Stock and Sector Level

Evaluation of Individual Stock and Sector Level Is there any method of asset allocation within a stock portfolio that can repeatedly and over time outperform a passive index (buy and hold strategy)? The objective of this study is to compare strategies that have been used over the last decades by academics and professionals alike, and to expand on that study to create a real-time portfolio at the end of year t, to observe the portfolios behaviour during the next year (t + 1). This portfolio, unlike those created in previous studies, is not limited to the study of individual stocks, but instead gives importance to sector allocation. In addition, this study also focuses on implementing a long-short strategy in those assets: with the same overall exposure to the market, will a long-short strategy that depends on financial metrics exhibit a better risk-adjusted return than a 100% long strategy? In other words, are financial metrics capable of not only detecting undervalued stocks, but also of detecting those overpriced? Sector allocation is an especially important factor, with previous studies failing to consider sector allocations before moving to find the best classified assets within each sector; rather, they have jumped directly to stock selection. One of the most common strategies for stock picking in the asset management industry today relies on initially choosing sectors that, from a macro perspective, are expected to outperform the market. From this stance, analysts proceed to evaluate specific stocks to choose potential winners. Despite this being the industry standard, only a scarce number of studies exist that use common ratios between sectors to analyse and devise allocation strategies that are first sector-based and then based on individual stock. The objective of this project, therefore, is to focus on a set of financial metrics, both at individual stock level and at sector level, to examine if there is a positive relationship between these ratios and alpha creation. In order to achieve this, a portfolio will be constructed and rebalanced yearly, according to previous end-of-year data. Several traditionally-appraised financial measures, such as P/E ratio, free cash flow to enterprise value ratio and book-to-market value ratio will be employed, as will certain profitability ratios that include data from the income statement, such as gross profit, operating profit and EBITDA. The reasoning behind using measures higher up within the income statement is due to solely to accounting choices in comparison to net income these are less affected by an individual companys accounting process. In fact, revenue and other described measures of profit, are more consistent year to year than net income. Subsequently, this provides the rationa le that these measures are better able to predict future cash flows and, consequently, next years performance. Forward-looking measures such as analysts consensus recommendations and forward EPS will also be utilised and tested. Departing from the hypothesis that these individuals conduct an exhaustive analysis of the financial data at year end t to predict the performance during year t+1, the accuracy of the forecasts will be tested against those same financial measures and valuation metrics existing at year end t. Data will be extracted from a set of databases comprised of Compustat, CRSP and I/B/E/S. Fundamental data will be extracted from end-of-fiscal-year filing, to allow a time lag for the data release of a quarter period (3 months), before a portfolio is rebalanced. Hence, with a fiscal year ending in December of year t, a lag in the release of data will always exist and portfolios will be rebalanced at the end of the first quarter of year t+1. Monthly returns for every stock will be compounded throughout that year over 12 months. Each years universe of stocks will then be ranked by the different valuation metrics to construct a portfolio at year end t in order to assess the portfolios performance during t + 1. Three different sets of portfolios will be constructed for each financial metric each year and, within each set, two strategies will be implemented. For a stocks-only portfolio, only those stocks ranking in the upper quintile (top 20%) will be used each year. For the sector-only portfolio, a market capitalisation average of each sector will be calculated, and the portfolio will be formed by the top 20% sectors ranked in any given year. For the sector and stocks portfolio, an implementation of both criteria will be evaluated. That being said, the portfolio is formed from the top quintile stocks within the top quintile sectors each year. As a whole, this assumes a long strategy, buying in on those stocks on a value-weighted basis each year to constitute a portfolio. In the long-short strategy, the bottom quintile of each respective category will be shorted, and the proceeds used to buy an extra 30% of the top quintile of stocks. Using a long-short strategy will help the researcher examine the feasibility of using these ratios in recognising overvalued stocks as well as undervalued companies, and use this information to construct a more profitable portfolio. A 130/30 long short strategy is used, where a 150/50 long short strategy or other proportions could have also been tested. However, the 130/30 strategy is chosen following the creation and later popularisation of 130/30 mutual funds and investment vehicles. This choice stems from an initial study suggesting that 130/30 was the optimal proportion of long-short positions in a portfolio, even though no empirical data has been found that a 130/30 strategy later maximises alpha. Despite this, given its popularisation and position as an industry standard, our analysis proceeds with this strategy. Ultimately, performance attribution and portfolio statistics will be calculated, such as average return, total payoff, standard deviation, Sharpe ratio and alpha according to the Fama French 3 factor model, correcting for small minus big and high minus low book market value (Fama and French, 1992). This will help in our analysis of the results, to provide a clear and concise indication of which ratios perform best under each strategy and under each level (sector and stock). Literature Review Re-emphasising the importance of sector level asset allocation strategies, particularly at a time in the financial industry when performance attribution analysis stresses return on the relative weighting of sectors in portfolios, it is surprising that existing studies underscore the importance of certain ratios or fundamental data for stocks while lacking the ability to employ a method to identify undervalued sectors. Previous studies from Shiller and Bunn (2014) construct a 140-year regression series based on the relationship between the earnings of different sectors and their yields, creating a CAPE (Cyclically Adjusted Price Earnings) index that identifies sectors with upside potential. Their research indicates that market sectors show price mismatches that can be exploited. According to them, the CAPE index is capable of outperforming the market by an average of 4%. Therefore, the objective of this project is to expand on their results by examining a number of other ratios and fi nancial fundamentals, particularly those related to profitability measures, and to investigate whether these, both at individual and sector level, are capable of forming a portfolio that outperforms the broader index and a buy and hold investment strategy. Gray and Vogel (2012) try to depict not only the ratio that is able to predict higher performing stocks, but also those in the lower ranges; this implies being able to detect not only what are known in the financial investment world as value stocks, but also overvalued growth stocks. According to their research, some measures are more efficient than others in providing insight into which stocks are overpriced. Gray and Vogel (2012) therefore conclude that EBITDA/EV and GP/EV are the metrics that are best able to identify the overvalued stocks. The results in this dissertation agree that the GP/EV ratio is useful to identify overvalued stocks and is hence a good metric to build long/short strategies, but the results also consider free cash flow/EV as a favourite on a risk-adjusted basis for implementing a long-short strategy at stock level. The results of the following study show that stocks exhibiting a low FCF/EV experience low returns, demonstrating an ability to identify overvalue d stocks. Such a contradiction might be explained by the difference in the universe of stocks used or, more specifically, by the use of lag for data release, which corrects the assumption that results are available to the public at the end of fiscal year t. This lag is introduced by Hughen and Strauss (2015) in their comparable study of profitability ratios in portfolio allocation. The analysis in this project goes beyond what the Gray and Vogel (2012) study implies and develops a portfolio strategy to buy stocks that exhibit higher ratios, but also a complementing 130/30 strategy, which short sells stocks exhibiting poor ratios, and proportionally buys in excess those that exhibit a healthy ratio. As Miller (2001) shows in his work, overvaluation of stocks is far more common and of greater absolute value than undervaluation. This supports a rationale for this work. However, care should be taken when dealing with long-short strategies. As suggested by Michaud (1993), costs stemming from short sales in a portfolio could prove quite significant. However, Jacobs and Levy (1995) argue that these costs are not much higher than a long-only portfolio, and are well under those charged by active management. Professionals and practitioners alike have historically depended on several fundamental and financial measures to assist them in the portfolio selection process. Perhaps the most famous is the price-to-earnings ratio (P/E) along with the ratio between earnings before interest, taxes, depreciation, and amortization (EBITDA) and total enterprise value. Fama and French (1992) argue that book to market ratio perhaps most accurately explains the cross section return of stock, which they later include in their three-factor model. In our approach, we include these traditional metrics, while also relying on profitability measures, such as gross profit/EV, introduced by Novy-Marx (2010), and operating profit divided by market value, as presented in Fama and Frenchs (2015) 5-factor model. Ball et al. (2015) proves that the suggestions shown in Novy-Marxs (2010) paper, in which he proposes the existence of a very strong cross relation between gross profit and future returns, regardless of the financial leverage or structure of the firm, are true by constructing portfolios based on highly profitable firms as represented by gross profit/enterprise value. Novy-Marx (2010) concluded that because gross profit is the measure of profit less affected by accounting choices in the income statement, it results in a clear and normalised comparison between different companies. However, Ball et al. (2015) argue that gross profit is not significantly superior to net income (earnings) when analysing an extended time period. After analysing other measures of financial data, they conclude that operating profit, as a percentage of market value, does offer a significantly higher alpha. Therefore, this project continues with the aforementioned financial metrics, and focuses on sector and stock selection to create an annually-rebalanced real-time portfolio. Hughen and Strauss (2015) attempt to use different financial measures to construct portfolios at sector, stock and combined stock and sector levels. The following study complements and verifies the conclusions of Hughen and Strauss (2015) regarding the superior indicators of profitability measures versus traditional measures of valuation such as P/E and book to market in all three levels, and extends their research by looking at forward looking measures and a value weighted approach to the sector allocation, rather than the equal weight approach used in their research. The limitations of assuming sectors to be equally weighted across the portfolio, and not a function of the market value of the components of those sectors, contradict the notion of constructing a value-weighted portfolio. Their construction of portfolios at stock level is value-weighted, whilst at sector levels they equally weight each sector within their top quintile. This is a counterintuitive approach and this paper tackles that limitation by weighting the sectors accordingly respective to their components market capitalization, making periodical rebalances within the year unnecessary and increasing operational efficiencies in a real-life practical situation. It should be mentioned that the universe of stocks used in this study pertains to the SP500, which by definition is a market-weighted index. The project finds some discrepancies with respect to Hughen and Strauss paper, in particular surrounding the performance of the free cash flow ratio. A possible explanation for this is that this study states free cash flow as a percentage of total enterprise value, whilst Hughen and Strauss (2015) compute it as a percentage of market value. The approach taken within the subsequent study results in a much higher risk-adjusted return for the ratio, as measured by the Sharpe ratio, both for long strategies and to identify overvalued stocks. In their research of different financial ratios, Loughran and Wellman (2011) found that EBITDA over enterprise value offers superior performance to a predefined buy and hold benchmark. Their analysis, which comprehends data starting from 1963 to 2009, holds that EBITDA/EV possess a very significant regressive coefficient with future performance. Gray and Vogel (2012) confirm this hypothesis, analysing a time period of 30 years starting in 1980, in their research of different financial metrics. This paper confirms that, at a stocks-only level, EBITDA along with gross profit, both measured as a percentage of enterprise value, offer the highest risk-adjusted returns. For the analysis at both sector and stock level, EBITDA fails to show the same accuracy as the stock-only analysis. Therefore, the following study builds on the findings of previous studies by providing a more thorough examination at sector level. Gray and Vogel (2012) extended their research further by considering periods of economic crisis, in order to identify which financial ratio is most appropriate during high volatility economic downturns. However, they were unable to conclude which ratio is able to identify winners or losers during periods of financial distress, because none behaves in the same systematic manner during selected periods of extreme economic contraction. In their study of different economic coefficients and measures, Welch and Goyal (2007) conclude that the relationship between sector level performance and macroeconomic industrial data is unstable and at most, follows a random relationship. With that in mind, the focus of this paper is instead on building sector data as a market weighted average of the individual microeconomic company ratios and forecasts. Each individual constituent fundamental metric at year end will be used to position the allocation of each asset for the next year based on a ranked system. This construes that this analysis will be based on each stocks financial information at year end t to later construct sector level ratios and metrics, and is not based on macroeconomic or sector level data that, according to Welch and Goyal (2007), do not provide any significant cross-relation with future performance. Theory Development Although the focus of previous literature is in the attribution of portfolio performance to the different ratios and metrics used, the objective of this paper is to examine whether these same metrics, mainly traditional measures, forward looking estimates and profitability ratios, are able to exploit sector and stock level mispricing and generate real-time winner portfolios. Given the availability of forward estimates in the I/B/E/S database, a period from 1990 to 2016 will be examined in this paper. The choice of time period is not a random one; rather, to have consistency in data across the analysis and throughout all the variables used, this period is chosen from the start. To see the limitations of an extended data period, Gray and Vogels (2012) work show an exemplary illustration of such restrictions. They use a period of 30 years, starting in 1980, evaluating which financial metric can predict future performance. They complement their analysis on fundamental metrics by looking at analysts estimates and consensus forecasts, succeeding to recognise the lack of certain information in the beginning years of their timeframe, therefore failing to Nos interesa saber, al igual que el trabajo de Graham y Dodd (1934), cà ³mo el uso de normalizacià ³n de los diferentes ratios y fundamentos es capaz de cambiar nuestros resultados. Segà ºn sus estudios, la normalizacià ³n o media sobre cierto tiempo de estas mà ©tricas financieras, es capaz de mejorar la prediccià ³n de los resultados comparado con una estimacià ³n anual. Segà ºn su anà ¡lisis, la normalizacià ³n deberà ­a ser entre 7 y 10 aà ±os. Anderson y Brooks (2006) recientemente confirmaron esto, llevando a cabo un estudio de la mà ©trica P/E, la cual tambià ©n utilizamos en nuestro anà ¡lisis, pero a la inversa (Earnings/ Market Value). Segà ºn su estudio, basado sobre el mercado en U.K., usando el promedio de este ratio de 8 aà ±os en lugar de usar las mà ©tricas del aà ±o anterior, resulta en un crecimiento de las ganancias de un 6%, ya que es capaz de filtrar el ruido de earnings. Siguiendo estos anà ¡lisis, nuestro estudio abarcarà ¡ tambià ©n ratio s normalizados durante una serie de aà ±os, concentrà ¡ndonos en el universo de acciones del SP500, para confirmar que esta hipà ³tesis es apta en nuestro anà ¡lisis. Sin embargo, Data V.I Evaluation Metrics This paper will focus on three different categories of data inputs. There is an abundant choice of methods and variables in the accounting and financial research world, there is a large set of variables and measures to assess a firms valuation. In order to establish the model, an initial differentiation between these variables should be made. Traditional Metrics To start with, we look at the long standing traditional metrics that long have been appraised by the professionals in the financial industry. This involves the inverse of the P/E ratio, given as Earnings over Market Value of the firm, Book to Market value and Free Cash Flow to Enterprise Value. These ratios, introduced decades back in the origins of value investing by Graham and Dodd (1934), show mixed results according to existing literature. Including this long favourite measures in this research will prove useful when comparing to the other measures. Earnings/Market Value Earnings will be computed following Fama and Frenchs (2001) approach: Earnings = Earnings Before Extraordinary Items Preferred Dividends + Income Statement Deferred Taxes Book value/Market Value Book Value will again be calculated as Fama and French (2001) propose. Following on its definition, Book Value = Stockholders Equity Preferred Stock Free Cash Flow/Enterprise Value Analogous to Novy-Marxs (2010) work, we compute free cash flow as FCF = Net Income + Depreciation Amortisation Working Capital Change Capital Expenditures Enterprise Value will also need to be calculated. Following Loughran and Wellman (2011), we compute it as EV = Market Value + Short-term Debt + Long-term Debt + Preferred Stock Value Cash and Short-term Investments The enterprise value variable will be used again in multiple valuation measures. Profitability Metrics Profitability measures as reported in the income statement will also be used as valuation methods. The focus will be Gross Profit, EBITDA and Operating Profit. EBITDA and Gross Profit will be computed as a percentage of Total Enterprise value, as suggested by the work of Gray and Vogel (2012), whilst Operating Profit will be looked at as a percentage of Market Value. From here on, well expand on this and compute an average of this three profitability measures, in order to analyse if a composite metric is able to detect the cross relation between fundamentals and future returns. The reasoning behind using an average of these three different measures stems from the work of Hughen and Strauss (2015), as they find that the composite measure are less sensitive to changes in the firms structure across different sectors and within sectors, as well as providing more information than just a single variable. This implies that the average measure is less affected by differences in financial leverage across sectors, which results in a more standardised comparison between firms in different sectors. Gross Profit/Enterprise Value Once again following Novy-Marx (2010), we compute every years gross profit as Gross Profit = Revenue Cost of Goods Sold Operating Profit/Market Value Operating Profit, as define in the income statement will be used for this metric. EBITDA/Enterprise Value EBITDA, defined as Earnings Before Interest, Tax and Depreciation Amortisation is calculated by the simple sum of operating and non-operating income; EBITDA = Operating Income before Depreciation + Non-Operating Income Profitability Average Equally weighted average of the three profitability ratios. The reason for selecting profitability measures higher up the income statement, and not focusing solely on the inverse P/E ratio, Earnings/MV or expectations of forward earnings, is because the higher up the income statement we go, the more consistent data proves to be year on year: that is, figures are more normalized and suffer fewer variations, which could explain why they result in being better predictive models, filtering out excessive noise. According to Dichev et al. (2013), profitability metrics are more persistent than earnings and forecast future performance more accurately than net income. Earnings data is affected by accounting choices, whereas gross profit and operating income suffer fewer distortions from this. Forward Estimates Analysing a set of fundamental past data wont be the only proxy used to rebalance our portfolio: analysts stock recommendations will also be evaluated. Two different sets of forward data will be used. In the first place, an average of the consensus forecast of next fiscal years EPS divided by the current market value of each firm will be used. This forecast will be an average of the estimates of each analyst throughout the fourth quarter of year t for year t+1. The consensus mean recommendations from analysts from the fourth quarter of the year t for year t+1 will also be employed. These recommendations are a ranking from 1 to 5, with 1 signalling a strong buy and 5 a strong sell. This is the mean of the different analysts recommendation existing at that time for each individual stock. V.II Data Criteria and Universe To ensure a minimum amount of liquidity in our analysis, we pick the historical constituents of the SP500 Index as our universe of stocks. This results in our analysis not being driven by the performance of smaller capitalisation firms, for which data might not be readily available. As our analysis involves implementing a long/short strategy, the ability to do so with large capitalisation stocks in practice results much easier. Therefore, every year, the appropriate constituents in our portfolio are updated, reflecting the changes in the overall index. This implies that our universe of stocks closely replicate the SP 500 Index on a yearly basis. The constituents as of 1990 will first be extracted, and updated every year thereafter. The analysis is then limited to those companies with a positive market capitalization as of December of year t, as well as to those companies with at least 2 years of data, in order to perform all the analysis in a consistent universe of stocks. In order to conduct the analysis across sectors in a more uniform manner, certain companies were removed from the universe of stocks. This includes REITs, utility and financial firms, as denominated by CRSP. From this, a benchmark is constructed with our new universe of stocks; that is, all those fulfilling the above criteria. This benchmark is a value weighted portfolio of all the stocks for a given year, rebalanced yearly at the end of each previous year (December 31st). Therefore, being a market value weighted portfolio comprising most SP500 stocks, it should closely resemble the SP500 Index. Comparing the quarterly performance of both our benchmark and the index for the period to analyse between 1990 and 2015, and running a corresponding regression, it is found that they correlate with a coefficient of 99.17%. As seen by this observation, our universe of stocks bears similarities with the index, although the payoff at the end of the period differs. The benchmark provides a payoff of $11.13 for a $1 investment (or a 1113%) at the start of the period, in 1990. The SP500 index returns a payoff of $8.86 (886%) at the end of the period. This figures assume complete reinvestment of capital and a compounded growth rate. V.V Model We represent year t+1 to be the year for which the portfolios performance will be monitored, and year t to be the year in which the fundamental data which will estimate performance will be extracted. As most US companies have a fiscal year corresponding to the calendar year, our model will retrieve end of year fundamental data for these companies, corresponding to December year t, allow for a data release lag, and compute the portfolio. The lag in data release is introduced as companies dont disclose their annual financial statements until the quarter after their fiscal year end. This usually happens within two months, as observed from historical data. Taking this factor into account, the model will allow for a lag of one quarter, therefore allowing for information to be readily available to the public at each point in time. Denoting t.(x) as the xth quarter of year t, and t+1.(x) as the xth quarter of year t+1, the above implies extracting fundamental data as of t.(4), allowing for a lag in data release during t+1.(1) in order to construct the portfolio at t+1.(2). The performance will then be measured during one year from then. This model so far deals only with the companies which disclose their end of year information by the end of the calendar year, so a provision must be made for the proportionally low, but still significant, number of companies whose annual results are released at a different date. Hughen and Strauss (2015) tackled this issue by rebalancing quarterly their portfolio, but they recognized the limitations of using quarterly results rather than normalizing their ratios and profitability measures by using annual ones. Gray and Vogels (2012) work consists of an annually rebalanced portfolio as of June 30 every year. Their approach is to use, for firms with fiscal year ending within the last quarter of the previous year, or the first quarter of the year, those fundamentals. For companies with fiscal years ending after March 30, previous years fundamentals will be used. This implies that, no matter when the end of fiscal year is, the latest annual filling will always be employed to construct th eir portfolio, even when this filling is from the second quarter of the previous year. In the following model, the approach will be somewhat different, Therefore, first, a differentiation between the two strategies implemented should be made. Value weighted These buy-and-hold portfolios are attractive not only because they minimize trading costs, but because they are simple to implement from an operational perspective. Mention sector allocation using SICS merge Compustat and CRSP databases. Delisting returns. References Ball, R., Gerakos, J., Linnainmaa, J. and Nikolaev, V. (2015). Deflating profitability. 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