Arguments against abortion Essay Example | Topics and Well Written Essays - 750 words

Contentions against premature birth - Essay Example The debate lies on when and whether premature birth ought to be done and the degree to which it ought to be denied or energized. It is this discussion that has made different nations legitimize premature birth, for example, the US, while others, for example, Brazil, despite everything consider the method illicit (Naden, 2008). This paper contends against fetus removal, in light of its contention with strict and moral guidelines, and subsequently bolsters its illegalization. To start with, premature birth includes removing human life, consequently commensurate to kill. With this contention, it is basic to comprehend when life starts. Advocates of fetus removal contend that an incipient organism is certainly not an individual. They contend that it is just until such an undeveloped organism gets human attributes that it will be perceived as a human (Thomson, 2010). Be that as it may, these advocates don't draw an unmistakable line from which an undeveloped organism gets human. In this w ay, it would be progressively sensible to think about an incipient organism as a full human or an individual (Beckwith 1992). As per England (1996), the incipient organism begins growing quickly an oocyte is treated by a sperm, a procedure that outcomes in the arrangement of a zygote. A zygote is a huge diploid cell and is the start of human life. It implies that life starts at origination and along these lines the humanness of an incipient organism following treatment. This master life contention has been in presence throughout the entire existence of the world for quite a while. For example, Naden (2008) sees that the Bible alludes to the unborn as a youngster. It subsequently perceives the way that an undeveloped organism as of now qualifies as a person. In this manner, life starts at origination. This implies at whatever phase of pregnancy, from the principal day to the most recent day of the ninth month, whatever is borne in the belly is a person. All things considered, prematu rely ending pregnancy at any stage adds up to murder, and therefore shameless. Furthermore, having seen that premature birth is commensurate to kill, it is contrary to strict standards to settle on the demise of an individual, for this situation the incipient organism, as just God holds the sole capacity to choose when one should pass on. In essential terms, premature birth is executing. Nobody holds the option to choose the demise or even existence of a blameless individual. Be that as it may, Thomson (2010) sees that in circumstances where the life of the lady is in danger of death, state because of a cardiovascular condition that could forestall conveying the pregnancy to term, at that point she has the option to prematurely end. Both the mother and the hatchling reserve the privilege to life. Completing a premature birth adds up to slaughtering the hatchling while at the same time never helping to not mean killing the mother, but instead allowing her to kick the bucket. Besides, murdering the embryo would be executing a blameless life that doesn't target slaughtering the mother. Picking between allowing one to kick the bucket and executing an honest individual, the previous holds moral desires. In any case, if the mother selects a fetus removal, it would not be considered as unethical, but instead a demonstration to spare her life. The mother’s right of choosing what happens to and in her body exceeds the privilege of the embryo to life. At last, there are a bunch of physiological and mental dangers related with fetus removal making it impermissible. Premature birth stays a subtle region of study for a larger part of specialists. Considerably after the strategy was authorized in the US, a Columbia University Medical Center teacher of obstetrics and gynecology, Dr. Carolyn Westhoff, sees that the circumstance has not changed altogether with enormous showing clinics and clinical schools not regarding premature birth as a significant preparing region ( Naden, 2008). This implies the territory needs satisfactory qualified faculty to deal with the technique. This leaves the assignment to doctors at detached centers, uncovering the ladies

buy custom Outbreak of E.coli and Food Safety essay

purchase custom Outbreak of E.coli and Food Safety exposition CNN Wire Staff wrote about September 25, 2011 that USDA has reviewed meat transfer that was set out toward Georgia school snacks (CNN Wire Staff, 2011). The report referenced that 40,000 pounds of meat items (CNN Wire Staff, 2011) were reviewed because of associated disease with E.coli. This progression was taken by the U.S. Division of Agriculture as they presumed that the whole transfer was tainted. The report additionally expressed that the Beef items were being sent to Georgia where they were regarded to be put away in two distribution centers. CNN Wire Staff (2011) referenced that the Beef items were expected for six educational systems in Georgia. This is an amazingly significant issue as E.coli pollution is liable for ridiculous looseness of the bowels, parchedness and, in extreme cases, kidney disappointment (CNN Wire Staff, 2011). It is likewise answerable for obliterating insusceptible framework among children and older populace. Fortunately, the pollution of the transfer w as suspected and recognized ahead of schedule by the USDA and was banned from dispersion in the schools. The earnestness of this issue is reflected in a different occurrence in Germany as announced by WHO. The World Health Organization gave a worldwide caution on 27 May 2011 that An episode of extreme ailment is causing worry in Germany, where 3 ladies have passed on and 276 instances of haemolytic uraemic disorder (HUS) have been accounted for since the second seven day stretch of May (WHO, 2011). It ought to be noticed that haemolytic uraemic disorder is brought about by Escherichia coli microscopic organisms. Be that as it may, not at all like the Georgia case, the German aftermath was just identified after the genuine episodes of revealed cases and it has gotten incredibly genuine as the flare-up is extremely quick and the casualties are for the most part over the age of 18. Another significant distinction lies in the way that the German E.coli defilement is in a general sense vegetable borne not at all like its Georgian partner. Besides, in Georgia, the contamination was effortless ly constrained by the position though, in Germany, it is now a pestilence and here the specialists are constrained issue cautioning and prudent steps that incorporate Regular hand washing, especially before went from individual to individual, just as through food, water and direct contact with creatures (WHO, 2011). It ought to be noticed that the logical name of the referenced microorganism is Escherichia coli and it is gram negative microscopic organisms that can be named as a recombinant DNA. As indicated by Lan, R. (2002) it is commonly alluded to as facultative anaerobic and non-sporulating and it can influence human, warm blooded animal or winged animal. The episode of Escherichia coli is an intense issue as it influences people, general wellbeing, society since it is incredibly irresistible and can spread quickly causing pestilence inside an extremely little period. Accordingly, on an individual level, the updates on Georgia is incredibly terrifying as it demonstrates a potential sign of a disease that could cause genuine work on individual and society. It ought to be noticed that the article on Georgia was precise enough as it was accounted for by CNN and it is a truly solid source. Nonetheless, the reference sources are progressively solid since WHO is considered as the benchmark of foo d and wellbeing security association and the other reference, the article by Lan (2002), if likewise entirely dependable as it was distributed in Microbes Infect, an exceptionally regarded peer explored diary. Purchase custom Outbreak of E.coli and Food Safety paper

Living in the Past

Living in the Past Pretty much every day, I remind my friends that if you come up to Boston, Ill find you a place to stay and show you around and well all have a great time. However, still, its one of those things that I never really expect to happen. So, I was sitting at work on Friday afternoon, happily turning turkeys into oil and running HPLC, when who should call but my old high school friend Alaina. Turns out she and three of my other friends from high school marching band decided to come up to the Boston area for the weekend. Well, if Id known they were coming, I would have baked them a cake. Unfortunately, I had turkey carcasses to attend to at that moment, but in two hours I was able to finish up my research and head down to the North End, where I met them at Mikes Pastry. Probably the most famous bakery in Boston, if not the entire world, Mikes Pastry specializes in cannoli, which theyll supposedly ship fresh to anywhere in the world. If youre hosting an event on campus, you can get hundreds of people to come just by buying a bunch of these cannoli and advertising them along with the event. Yesterday, however, we decided to sit down, relax, and enjoy a wider sampling of pastries. From left to right: Brianna (baritone), Kyle (drumline), Alaina (piccolo and/or saxophone), and Chris (mellophone, MIT 09), all recently graduated from my high school. It turns out that they werent actually in Boston to see me; they actually came up to the area to spectate at the Drum Corps International Championships that weekend in Foxboro. Well, I guess theyre a little more dedicated to the concept of competitive marching band than I ever was. No, seriously, theres a definite subculturethink Bring It On, except with band. After Mikes Pastry they all wanted to know what the coolest thing to do in Boston was. Well, obviously, the answer to that is visit MIT, so we took the T down to campus and I gave them the basic tour, complete with the three or four random facts I know about MIT. Due to a zoning ordinance, the Green Building is the tallest building that will ever be built in cambridge. The Landau building is in the shape of a 30-60-90 right triangle. The Stata Center was built to look as if its perpetually falling down. Here, Alaina gets a picture of me getting a picture of these really cool acoustic benches that a lot of people miss. If youre ever visiting MIT, you definitely want to check these outtheyre located just between buildings 56 and 18 and in the shape of two semicircles. Theres a point on the ground where three lines intersect. You want to stand at this point and talk into the benches. You can also try getting a friend, putting your heads against the insides of the benches and whispering to each other. Its a physical and architectural marvel, but if Im being honest, not the most comfortable place to sit on campus. Then they told me that our friend Alex (trumpet), who plays in the Bluecoats drum and bugle corps, was going to stay with them at their hotel that night and, for some reason, they needed some condoms to play a joke on him or something. They were going to buy some at a drug store, but I hear those are quite expensive, and MIT Medical hands them out for free. So, the five of us all went up to the information desk at MIT Medical and asked where we could find the free condoms. Twenty minutes of searching later, we found this fishbowl full of them: My friends took exactly ten back to Alex, because apparently you have to put in a special bulk condom order if you want more. They were, however, disappointed that the condoms didnt have the MIT logo anywhere on them. Actually, guys, that would just be really creepy. And then I took a picture in front of Transparent Horizon, unanimously voted the least attractive sculpture on the MIT campus, so I could always remember the day that my friends came to visit MIT. I was going to photoshop out the truck on the left, but honestly, it doesnt detract from the picture too much. Thanks for visiting, guys! Alright, well, Im headed to Six Flags today and then I have to pack up my entire room and move it across the fire escape to Conner 2 and then I also have some HPLC vials to run tonight sometime so I can get some data that I need to analyze for my UROP at home and I also need to buy a train ticket for 6:15 AM and then catch this train so I can be at home in sunny Harrisburg, PA by 3. Wish me luck!

The Joy By Zadie Smith Rhetorical Analysis - 1052 Words

Joy by Zadie Smith Rhetorical Analysis Many people can confuse joy and pleasure because they are similar or the same thing but author Zadie Smith mentions the differences between joy and pleasure. She explains that sometimes joy can’t be pleasurable at all. She talks about joy as a different type of emotion. Zadie Smith explains to you that pleasure can be more of a temporary feeling that can only satisfy readers at that moment or for a little bit of time. Reading this short story by Smith makes the readers realize that there is a difference between two words that can also be so similar but so different at the same time. And that joy can sometimes be similar to pleasure but it’s more than a feeling. You enjoy â€Å"joy† and you live during†¦show more content†¦Zadie talks about how children can come as something joyful in your life but with a child comes responsibility and that’s where the frightening feeling tends to kick in. â€Å"Let’s call it six. Three of those times I was in love, but only once was the love viable, or likely to bring me any pleasure in the long run. Twice I was on drugs of quite different kinds. Once I was in water, once I was on a train, once sitting on a high wall, once on a high hill, once in a night club, and once in a hospital bed† (147). She mentions the only few times where she’s actually experienced â€Å"joy† in her life rather than pleasure. Smith essentially explains the different times and where she’s experienced joy. Zadie Smith uses more anecdotes that appeal to feelings. â€Å"The top of my head flew away. We danced and danced. We gave ourselves up to joy† (148). She describes that while she was at the night club she had a moment of joy. And that she freely gave herself to be free and enjoy herself. â€Å"I ‘have’ pleasure, it is a feeling I want to experience and own. A beach holiday is a pleasure. A new dress is a pleasure. But o n that dance floor I was joy, or some small piece of

Investing In Liquid Or Non Liquid Assets - Free Essay Example

Sample details Pages: 18 Words: 5465 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? CHAPTER 1: Liquidity was found to be one of the most important unresolved problems in the field of corporate finance (Brealy and Myers, 1996). In addition, the same studies found that the liquidity management was the pinpoint of determining both future investment opportunities and future capacity of external borrowing. Firms, in general, invested in the most liquid assets. Don’t waste time! Our writers will create an original "Investing In Liquid Or Non Liquid Assets" essay for you Create order Liquid assets made up a considerable segment of total capital or assets and had the more important implications for the risk and profitability of firms (John, 1993). For instance, according to Kim, Mauer, and Sherman (1998), the average ratio of cash plus marketable securities to total assets (Liquidity) was 8.1% during the period of 1975 to 1994 of a sample of 915 industrial firms of the United States of America. Kim et al. (1998) analyzed both the costs and benefits of holding the liquid assets and concluded that the investment in liquid assets (e.g., Treasury Securities) was more costly because by investing in liquid assets, the firms accepted opportunity cost of investing in less liquid and more rewarding assets; furthermore, the firms also bear transaction costs of trading financial securities. But firms managed significant and predictable amounts of excess liquid asset holdings because of the capital market imperfections provided a strong logic to maintain some excess liquidity to tackle some emergencies. Huberman (1984), Ang (1991), and Myers and Rajan (1995) had noted that liquid assets might prompt more severe agency problems than less liquid assets. Specifically, if and only if the external financing was costly, the investment in liquid assets was the most advantageous reply to having to seek costly external financing to fund future production needs or investment opportunities and the costs of external financing included the direct expense to issue securities, the costs arising from potential agency conflicts, and costs arising from the adverse selection problems attributable to asymmetric information (Smith, 1986). Thus, investment in surplus liquidity can be viewed as a cost-effectively rational way to reduce the firms reliance on costly external financing. Obviously, any such remuneration must be balanced against the holding costs that liquid assets force on the firm. Liquid assets earned a low rate of return as compared to the less liquid asset s. However, the firms despite decided to hold a positive amount of liquid assets provided undecided future in-house funds and costly external financing. Hence, it was concluded that there was a tradeoff between the holding cost of liquid assets (a low rate of return) and the benefit of minimizing the need to seek costly external financing if internally generated funds were insufficient to finance future investment opportunities. According to Horne and Bowers (1968), liquidity can be expressed as the ability to realize value in an accepted means of exchange. Being the acceptable means of exchange, money was the most liquid asset and was also a benchmark against which the value of other type of monetary assets was compared as to its degree of replacement. In addition, liquidity had two dimensions: the one was the time required to convert the asset into money, and the other was the certainty of the price realized, i.e., the stability of the exchange ratio between the money and the a sset. In the business world, there was the high corporate demand for liquidity and firms in the real, financial and industrial sectors managed its liquidity needs in the numerous ways in order to carry out further production and investment plans efficiently without being stopped by impermanent liquidity deficiencies. The firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ decisions regarding the future ability to avail financial funds was affected by several key factors such as the capital structure set deadlines for settling the amounts to investors, corporations did not invest all of its resources in the most profitable, long term projects and in fact they also invested funds in less profitable liquid assets, the corporations engaged in the risk management and derivatives were used to evade the particular risks (such as rate risk, exchange rate risk, etc.), and lastly, international risk burden was also measured by the companies. (Holmstrom and Tirole, 2000) 1.2 Problem Statement In the corporate finance, the liquidity was considered to be one of the most important issues. The main objective behind the study of the corporate liquidity was that this was the most important issue for the present firms to either invest in the more liquid assets or to invest in the less liquid assets. Furthermore, investment in liquid assets was prompted by several other factors such as the future investment opportunities and future uncertain cash flows and the external costly financing. Contrastingly, the investment in less liquid assets attracted the corporations because of the high rate of return of such investments. The purpose of the study was to notice whether the financial factors explained in detail by Kim and David and Ann (1998), and John (1993), present the detail regarding the choice of the firm to invest in liquid or non liquid assets in Pakistan. The scope of study was to analyze the distinctive financial factors which affected the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ decisi ons to place their funds in more liquid assets and on the basis of firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ financial factors, the research study determined the choice of investing in liquid assets or the choice of having internal liquidity. 1.3 Hypotheses A central query in front of firms which needed new finance to invest in operational activities was whether to use internal funds generated through the most liquid assets or to raise the costly external financing. Various factors impacted the decision regarding the decision to invest in liquid assets (liquidity). The firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s characteristics had the great importance in selection of the investment decisions; these characteristics were firm size, operating income to sales ratio, operating income to total assets ratio, market to book ratio, inventory plus gross fixed assets to total assets ratio, log natural of annual sales, total debt ratio, and long term debt ratio. Many authors as Kim and David and Ann (1998), John (1993) discussed these characteristics in research. The hypothesized relationship of these listed factors with liquidity is provided below: H1: There is negative impact of Firm Size on Liquidity. H2: There is negative impact of Total Debt Ratio on Liq uidity. H3: There is negative impact of Long-Term Debt Ratio on Liquidity. H4: There is positive impact of the ratio of the Market to Book Value of Equity on Liquidity. H5: There is positive impact of the ratio of Operating Income to Sales on Liquidity. H6: There is negative impact of the Operating Income to Total Assets ratio on Liquidity. H7: There is negative impact of the ratio of Inventory plus Gross fixed assets to Total Assets on Liquidity. H8: There is positive impact of sales of firms on liquidity. 1.4 Outline of the Study The research structured as follows. Chapter one was based on the introduction of the thesis, which consists of the some introduction of the liquidity by different authors, the statement of problem, scope and objectives, hypothesis etc. Chapter two consisted of literature review given by different authors, theories on liquidity and factors affecting the choice of decision to invest in more liquid assets or not. Chapter three described methodology which is composed of justification of the selection of the variables utilized in analysis sample, the data, technique and hypothesis, also estimate model utilized in analysis. In chapter four, analyses of the results were there which were taken after the data processing. Chapter five contained the final results, conclusions and recommendations. References were included in chapter number six. CHAPTER 2: LITERATURE REVIEW When a firm wanted to invest in a project or production facilities, there was a question before the firm that it should use its own funds or retained earnings or raise an external financing. The firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s answer to this question did not affect the wealth of security holders in the world of Miller and Modigliani (1961) where the capital markets were perfect. However, among other things, the capital market perfection means the absence of liquidity problems. Resultantly, all assets can be exchanged for cash and vice versa and that exchange was made at the market value and it does not entail a loss. (Huberman, 1984) The real markets were not quite perfect and one can see a variety of reasons about it. Consider the example of firms wishing to finance new projects by issuing claims on the projects. If the firms knew more about the projects than the outside world knew and the claims were considered risky, a market collapse may take place (Ackerlof, 1970). If the firms bel ieved their projects were good, will perceive that their claims were undervalued by the market and will not issue such claims and only the projects of pessimistic firms will be financed (Huberman, 1984). Finally, it was the best option that a firm used its own liquid assets to invest quickly without going to the capital market under certain circumstances. Hence, it was the most desirable that a firm possesses the excess liquid assets in the real world of capital markets imperfection (Huberman, 1984). There was a vast literature available on the liquidity and one of the most prominent theories of liquidity is the Liquidity Preference Hypothesis (LPH). 2.1 Liquidity Preference Hypothesis (LPH): The Liquidity Preference Hypothesis (LPH) gave details that the return on government securities was a monotonically rising function of the time to maturity. That was, restricted on all on hand information, the probable monthly return on a T-bill with one year to maturity should surpass the probable monthly return on a six month T-bill, which should be better than the sure yield on a one month T-bill, and so on. Regardless of the shape of the term structure or any other economic variables contained in the agentà ¢Ã¢â€š ¬Ã¢â€ž ¢s information set, the LPH meant this condition. The underlying intuition behind the LPH was that the longer term bonds are riskier; that was, they were more susceptible to the fluctuations or volatility in interest rate than the shorter term bonds and the individuals needed to be compensated for the risk of holding these bonds, hence, the higher predicted yield. (Boudoukh, and Richardson, and Smith, and Whitelaw, 1999) The LPH did not worry about the choi ces investors made between the whole variety of financial assets, on the one hand, and other broad classes of assets, on the other. LPH took as given the choices determining how much wealth was to be invested in financial assets and concerned itself with the distribution of these amounts among cash and substitute financial assets. An issue can be identified here; that is, why should any balances be held in cash, in preference to other financial assets? The author distinguished two possible sources of liquidity preference, while recognizing that they were not mutually exclusive. The first was inelasticity of expectations of future interest rates. The second was insecurity about be future of interest rates. (Tobin, 1958) Tobin (1958) argued liquidity preference as the theory of most advantageous portfolio masterpiece in a two-asset (money, bonds) world in which one asset (money) was riskless in his original paper. The basic conclusion of Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s theory of liquidity preference and portfolio choice rested on the properties entitled to these  µ-à ¡Ã‚ »? curves. According to Lachmann (1937), in current literature there appeared to be present a reasonable amount of conformity among writers that uncertainty had to be looked upon as the foremost determinant of movements in the size of cash balances, i.e., as the main cause of liquidity preference. At more rapidly scrutiny, though, this noticeable agreement came out as to some extent full of twists and turns, because diverse writers gave this word a different meaning. In the following, it was only restricted to the assessment of two examples of monetary theories in both of which the most important role was allocated to uncertainty, and it was found based on the research that in each case the word had a different meaning. After that, the results of the critical assessment of these theories will be used in the best way with the intention to find that meaning of à ¢Ã¢â€š ¬Ã…“uncertainty wh ich will enable the research study to regard it as the cause of liquidity preference. Uncertainty was but one of a lot of grounds of liquidity preference. Possibly the failure of the author to set up a causal association between uncertainty and liquidity preference was due to the authorà ¢Ã¢â€š ¬Ã¢â€ž ¢s having used the word uncertainty in too broad and too indefinite a meaning. The endeavor to ascertain a causal association between uncertainty and liquidity preference had up to now driven out to be an absolute failure. Wells (1983) had publicized that want for liquidity was an indispensable economic reaction to the not able to be understood and considerably variegated future which always lied to the front. Liquidity was valued in an indecisive world because it afforded economic units the preference of not entirely host aging their own economic future to the uncertain future of the economy. Its ownership provided businesses and households the elasticity to reorganize their econo mic plans, to redistribute their wealth as the future slowly opens out and becomes the past, as acquaintance was gained with the simple passage of time. In short, this was Keyness (1937) theory of liquidity preference. And from just this explanation it can be simply understood why his hypothesis, as it was remade by subsequent generation of writers, turned out to be detached from Keyness (1937) unambiguous acknowledgment of the central significance of time and uncertainty, of liquidity and liquidity preference. The disconnection came about largely because the fact that our information of the future was unpredictable, indistinguishable, and doubtful demonstrated to be a perception far too short lived to support contemporary quantitative model building research. Keyness concepts were real, but they were necessarily so unclear and imprecise that model builders could not well integrate these phenomena into their analytics. Kaldor (1981, 1982) for instance observed that the stress on liquidity preference as a theory of the demand for money had made an immense contribution to the accomplishment of monetarism. As long as the demand for money could be shown statistically to be less than perfectly elastic and the supply of money to be determined independently enough from the demand, the supply of money was the major determinant of economic activity. This investigation presented here puts emphasis that liquidity preference was a theory of the desire to hold short- versus long-term assets and that the state of liquidity preference was presided over primarily by the productivity of business. (Mott, 1985-1986) According to the Keynesà ¢Ã¢â€š ¬Ã¢â€ž ¢s liquidity preference theory, the authorities achieved their objectives, which the author understood to be set with respect to the level of the interest rate, against the background of liquidity preference. The interest rate was changed not only by varying the rate at which the central bank was all set to discount (Bank rate), but also by open market operations: sale or purchase of securities between the central bank and the other market members. According to Reilly and Brown (2005), the theory of Liquidity Preference hold that the higher returns must be given on the long term investments than the shorter ones because some of the yields and returns to invest in the short term investments were given up by the investors in order to avoid the greater price fluctuations of the securities having longer life. Another way to interpret the liquidity preference hypothesis was to say that lenders preferred short term loans, and, to induce them to lend long term, it was necessary to offer higher yields. The liquidity preference theory was also called the Term Premium Theory and it asserted that uncertainty and volatility caused investors to favor short term issues over bonds with longer maturities because short term securities were less volatile and can easily be converted into predictable amounts of cash should unforeseen events occur. This theory argued that the yield curve generally sloped upward and that any other shape should be viewed as a temporary deviation. To see how the liquidity preference theory predicted the future yields and how it compensated with the pure expectations hypothesis, to predict future long term rates from a single set of one year rates: 6 percent, 7.5 percent, and 8.5 percent. The liquidity preference theory suggested that investors added increasing liquidity premiums to the successive rates to derive actual market rates. As an example, investors might arrive at rates of 6.3 percent, 7.9 percent, and 9.0 percent. As a matter of the historical fact, the yield curve showed an upward bias, which implied that some combination of the liquidity preference theory and expectations theory will more accurately explain the shape of the yield curve than either of them alone. Specifically, actual long term rates consistently tended to be above what was envisioned fr om the price expectations hypothesis. This tendency implied the existence of a liquidity premium. The liquidity premium was provided to compensate the long term investor. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Data was collected from Karachi Stock Exchange KSE 100 Index as given by State Bank of Pakistan in publication Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2003-2008). The period of study covered six years, 2003-08. The opted sample size of 70 non financial firms was taken from KSE 100 Index and all of the non financial firms listed on KSE 100 Index were selected for the samples which were either manufacturing firms or service providing firms excluding the financial firms. The objective behind the exclusion of the financial firms from the sample was that liquidity impact of the financial firms and non financial firms was entirely different. 3.2 Sample Size A sample of 70 non financial firms from KSE 100 Index was taken. Only firms were used in the samples which were only the non financial firms which included the industrial firms and service providing firms listed on the KSE 100 Index form 2003-2008. The impact of the different financial factors on the liquidity was analyzed on all of the non financial firms selected as the sample. 3.3 Research Model Developed There were various financial factors of the non financial firms which affected the liquidity of the firms. This research study analyzed the impact of different factors on the liquidity. The factors, their relation with the liquidity, their measurement formula and the hypothesized relationship with liquidity were discussed below following the discussion after à ¢Ã¢â€š ¬Ã‹Å"Liquidityà ¢Ã¢â€š ¬Ã¢â€ž ¢. 3.3.1 Liquidity According to Horne and Bowers (1968), Liquidity can be expressed as the ability to realize value in an accepted means of exchange. Being the acceptable means of exchange, money was the most liquid asset and is also a benchmark against which the value of other type of monetary assets was compared as to its degree of replacement. In addition, liquidity has two dimensions: the one was the time required to convert the asset into money, and the other was the certainty of the price realized, i.e., the stability of the exchange ratio between the money and the asset. Kim and David and Ann (1998), and John (1993) both measured the liquidity as the ratio of cash and marketable securities to total assets. 3.3.2 Firm Size and Liquidity Recent research showed that small firms were more likely to face borrowing constraints than large firms Gertler and Hubbard (1988), Whited (1992), and Fazzari and Petersen (1993). In addition, Barclay and Smith (1996) argued that the cost of external financing was smaller for larger firms because of scale economies resulting from a substantial fixed cost component of security issuance costs. H1: There is negative impact of firm size on liquidity. 3.3.3 Total Debt Ratio and Liquidity The firms debt ratio was expected to be negatively related to liquid assets. There were at least two reasonable reasons. Baskin (1987) argued that as the firms debt ratio increased, the cost of funds used to invest in liquidity increased thereby reducing funded liquidity. Additionally, John (1993) argued that firms with access to debt markets-as proxied by the debt ratio-can use borrowing as a substitute for maintaining a stock of liquid assets. Firms with ready access to debt markets and other sources of borrowing can also use debt as a substitute for liquidity maintenance. H2: There is negative impact of total debt ratio on liquidity. 3.3.4 Long Term Debt Ratio and Liquidity Baskin (1987) argued that as the firms long term debt ratio increased, the cost of funds used to invest in liquidity increased thereby reducing funded liquidity. Additionally, John (1993) argued that firms with access to debt markets-as proxied by the long term debt ratio-can use borrowing as a substitute for maintaining a stock of liquid assets. Firms with ready access to debt markets and other sources of borrowing can also use debt as a substitute for liquidity maintenance. H3: There is negative impact of long term debt ratio on liquidity. 3.3.5 Operating Income to Total Assets and Sales Ratio and Liquidity According to John (1993), similarly, operating incomes or cash flows provided a ready source of liquidity. Firms with ready access to debt markets and other sources of borrowing can also use debt as a substitute for liquidity maintenance. Therefore, firms with good operating incomes (OI/S or OI/TA) or ready sources of financing (proxied by measures of debt) can afford to keep lower levels of liquidity. Hence, liquidity ratios (LIQR) would be lower for firms with higher operating incomes. H4: There is negative impact of operating income to total assets ratio on liquidity. H5: There is negative impact of operating income to sales ratio on liquidity. 3.3.6 Inventory and Gross Plant and Equipment to Total Assets Ratio and Liquidity Another measure of the liquidity costs of asset restructuring was the collateral value of the assets Shleifer and Vishny (1992). Titman and Wessels (1988) suggested proxies for the collateral value. The ratio of inventory plus gross plant and equipment to total assets (IGP/TA) was positively related to collateral value. The liquidity costs of asset restructuring were negatively related to collateral value. A firm with assets of high collateral value needed only to maintain low levels of liquidity. In other words, the liquidity measures will be decreasing in IGP/TA. H6: There is negative impact of inventory and gross plant and equipment to total assets ratio on liquidity. 3.3.7 Market to Book Ratio and Liquidity Myers (1977) argued that risky debt financing may engender sub- optimal investment incentives when a firms investment opportunity set included growth options. Managers acting on behalf of equity holders may fail to exercise profitable investment options because debt captured a portion of equity holders return in the form of a reduction in the probability of default. The firm can reduce the risk of financial distress and thereby mitigate the incentive to under invest in growth options by maintaining excess liquidity. This view also predicted a positive relation between corporate liquidity and the market-to-book ratio. H7: There is positive impact of market to book ratio on liquidity. 3.3.8 Sales and Liquidity According to John (1993), the variable sale was one of the control variables to account for the level of liquidity justified by transaction and precautionary motives. The variable sales proxy for the transaction needs of the firm. H8: There is positive impact of sales on liquidity. The model developed was a linear model and its specifications are provided below: LIQR = a0 + a1FIRM + a2DEBT + a3LTD + a4LSALES + a5OI/S + a6OI/TA+ a7 IGP/TA+ a8Market to Book Ratio + ц LIQR = the sum of cash and marketable securities divided by total assets FIRM = natural log of the book value of total assets DEBT = the ratio of shorter period plus longer period debt to total assets LTD = the ratio of longer period debt to total assets LSALES = natural log of the annual sales OI/S = the ratio of operating income to sales OI/TA = the ratio of operating income to total sales IGP/TA = the inventory plus gross fixed assets to total assets ratio à Ã¢â‚¬Å¾ = the error term The proposed relationship of the independent variables on liquidity is summarized in the below table: TABLE 3.1 : Relationship between Independent Variables and Liquidity  Firm Size Debt LTD OI/TA OI/S IGP/TA Market to Book Sales Liquidity negative negative negative negative positive negative positive positive 3.4 Statistical Technique Multiple Linear Regression Analysis (MLR) technique was used for this research study to examine the impact of the distinctive financial characteristics of the non financial firms on their liquidity of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. Multiple Regression Analysis technique was used for the purpose of prediction of the decision of the non financial firms to invest in the liquid assets or not. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., liquidity. The multiple regression analysis was selected for this study because the multivariate analysis was more suitable than univariate investigation. In such a way; to openly taking into consideration, the interaction between multiple regressing variables, the study included the derivation of the linear regression function. It showed the intensity of the impact on liquidity during year 2003-2008 on the basis of several independent variables. CHAPTER 4: RESULTS The sample of 70 non financial firms from the Karachi Stock Exchange KSE 100 Index was taken; Multiple Regression Analysis (MLR) technique was used for this research study. Researcher examined the distinctive financial characteristics of non financial firms which invest in the more liquid assets. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., Liquidity. 4.1 Findings and Interpretation of the results Initially, the regression technique was applied on the data collected using SPSS. It was obvious from the results that there was the existence of strong multicollinearity among the predictors of the liquidity and this implies that there was strong interrelationship present among the independent variables. Hence, the results generated through SPSS were purely biased. In addition, there was the absence of the normality among the variables. Due to non normality, the results were not providing the true picture of the impact of the different predictors on the study variable. While resolving the problem, it was noticed that the main cause of the multicollinearity among the predictors was due to the two independent variables including firm size and annual sales. So, annual sales variable was removed from the analysis of the impact of different factors on liquidity. Hence, the multicollinearity issue was resolved. In resolving the issue of normality, various transformations were appl ied on the variable in order to normalize the variable so that the results could be more reliable; and accurate outlook of the true picture of liquidity can be made. Ultimately, all the issues were successfully resolved which were creating hindrances in the way of accuracy of results. Now, proceeding with the analysis of the results because the data was normal and there was also no multicollinearity issue in the data. The interpretation and analysis is presented in the next sections of this research study. TABLE 4.1 : Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 .724a .524 .439 .06894 Table 4.1 showed the summary regarding the regression model. The R square of 52.4% in the above table showed that the all the predictors of liquidity combined together explained 52.4% variation in the dependent variable and the remaining variation was unexplained or latent predictors were not included in the model. TABLE 4.2 : ANOVA Model Sum of Squares Df Mean Square F Sig. 1 Regression .204 7 .029 6.141 .000a Residual .185 39 .005   Total .390 46    The table 4.2 checked the significance of the linear regression model in such a way that the reliability of the data file regarding the applicability of the regression technique can be understood from the above table; however, ANOVA table was reliable test of checking the linear regression modelà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to explain any variation in the dependent variable of liquidity. This was perfectly obvious from the sig value of .000 which meant that the linear regression model was highly significant for the data collected for the research study conducted. TABLE 4.3 : Coefficients Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF 1 (Constant) .379 .146  2.597 .013   Debt Ratio .053 .450 .018 .119 .906 .515 1.942 Long-Term Debt Ratio .718 .842 .138 .854 .398 .466 2.148 Operating Income to Total Assets Ratio .718 .967 .144 .742 .462 .325 3.072 Square Root of Operating Income to Total Sales Ratio .449 .389 .202 1.154 .255 .397 2.519 Square Root of Inventory plus gross plant and equipment to total assets -.823 .168 -.648 -4.891 .000 .696 1.438 Natural Logarithm of Market to Book ratio .001 .017 .010 .066 .948 .534 1.871 Firm Size .000 .009 .000 -.001 .999 .858 1.166 In the table 4.3, the final model of regression included only one independent variable which was square root of inventory plus gross fixed assets to total assets ratio. This was included in the model because this was the only variable which was highly significant in playing a vital role in explaining the variation in the dependent variable of liquidity ratio. In short, these results were not consistent with the results of Kim and David and Ann (1998), and John (1993). The other independent variables were not significant in explaining the variation in the dependent variable of liquidity ratio because firstly, the economic and the financial environment was different; secondly, the behavior of the non financial firms was not same as that of the foreign firms in regard of liquidity; and lastly, the decisions of the firms regarding the portion of their investments in liquidity were affected by the political situation and the security threats of Pakistan. 4.2 Hypotheses Assessment Summary The hypothesis of the study was distinctive financial factors had significant impact on the non financial firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ decision to invest in more liquid assets. These financial characteristics were market to book ratio, inventory plus gross fixed assets to total assets ratio, operating income to sales ratio, firm size, operating income to total assets ratio, total debt ratio, long term debt ratio, and natural log of sales. In this study each of the financial characteristic of non financial firms was tested and concluded the results. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽÂ ² t SIG. RESULT H1 There is negative impact of Total Debt Ratio on Liquidity. 0.053 0.119 0.906 Rejected H2 There is negative impact of Long-Term Debt Ratio on Liquidity. 0.718 0.742 0.398 Rejected H3 There is positive impact of the market to book ratio on Liquidity. 0.001 0.66 0.948 Rejected H4 There is positive impact of the ratio of Operating Income to Sales on Liquidity. 0.449 1.154 0.255 Rejected H5 There is negative impact of the Operating Income to Total Assets ratio on Liquidity. 0.718 0.742 0.462 Rejected H6 There is negative impact of the ratio of Inventory plus Gross fixed assets to Total Assets on Liquidity. -0.823 -4.891 0.000 Accepted H7 There is positive impact of firm size on liquidity. 0 -0.001 0.999 Rejected H8 There is positive impact of sales on liquidity. Rejected CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion It was concluded based on the results of this research study that inventory plus gross plant and equipment ratio was only the independent variable which was showing significance in Pakistani market. And the remaining independent variables could not explain the variation in liquidity. These results were not matching with the study conducted by Kim and David and Ann (1998), and John (1993). These results were varying because in various countries, the macroeconomic conditions and the financial environment were entirely different from each other and in addition, the security problems and political situation also affected the liquidity and firms made decision accordingly. 5.2 Discussions Firm size could not play a significant role in defining the liquidity in this research thesis and this was also the case with the research study conducted by Kim and David and Ann (1998) because in their study the firm size was not playing a significant role. The variation in the liquidity was not explained by the market to book ratio while it was significant in the study done by Kim and David and Ann (1998). The operating income to sales ratio, operating income to total assets ratio, debt ratio, long term debt ratio, and sales were not significantly explaining the variation in the liquidity and study analyzed by John (1993) provided different results from that of the results concluded by this research thesis. 5.3 Implications and Recommendations This research was limited to the various firms listed on Karachi Stock Exchange of Pakistan only. The data taken from 70 non financial firms which were took through various sectors of the KSE 100 Index for the year 2003-08. It suggested that such type of study should be carried out in other countries of Asia as well, as to have comprehensive idea about the choices of the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ decision to invest in liquid assets. Moreover, it also suggested that other factors except ones examined in this study should be researched as to have perfect idea about the selection of liquidity decisions. Besides that, this study can also be replicated in other developing countries. 5.4 Future Research This study helped various investors, management and other research conductors in analyzing and observing the behavior of firms regarding their decisions to invest in liquid assets. Research students who want to work further on liquidity can be benefited by this research study. Further more, the non financial firms will become advantageous from this study because the study clarified the distinctive characteristics of different firms which significantly explained the variations in the liquidity.

Wars of Roses A Thematic Account Free Essays

string(47) " defeated with their Royals narrowly escaping\." Introduction Wars of the Roses was a dreadfully brutal, prolonged, civil conflict in England among the descendants of two houses namely the Yorks and the Lancasters; with each claiming to be the rightful heir to the throne. The overall result of the brutal war was to slay off all the prospective claimants to the English throne on belonging to either houses, inflict mayhem and devastation, turn hatred into blood-feuds, and force the entire English Royal family that ruled the country for more than 300 years to a disgraceful end. Moreover, the Wars of the Roses has few equivalents in history when it comes to tortuous schemes, turnarounds, treachery and treason, changes allegiance, armed setbacks, and astonishing endings. We will write a custom essay sample on Wars of Roses: A Thematic Account or any similar topic only for you Order Now Wars or Roses is not an easy war to comprehend historically or in terms of military progress. The war is named after the two Roses that represent the houses of Lancaster (red rose) and York (white rose) respectively, among the English nobility. The roots of the war lies in the disputed progression of kingship that existed over the two previous generations when King Henry IV (Bolingbroke), who was a Lancaster, became king succeeding Richard II, who had been deposed off. Many observers and commentators are of the belief that Richard’s cousin Clarence, who was a York, had had a better claim to the throne; however Richard II was in a better position to make a claim as his father, John of Gaunt, was highly influential. Succeeding Richard II, Henry V became a popular king earning great respect for victories in France; hence no one argued against his succession to the throne. Likewise, no one challenged his son’s claim to succession during the life of Henry V. Unfortunately, Henry V died young and his son Henry VI did not prove to be as popular or a strong leader as hi s predecessor. His kingship was marred by the surrounding of unpopular advisors. Given this situation, the House of York, impelled on by the Earl of Warwick (aka the King Maker), made efforts to claim their righteousness for the throne.[1] The political maneuverings to by the House of York to reclaim their right for the throne began much earlier than the actual battles. It was when King Henry VI, after several years of his marriage to Margaret of Anjou, failed to produce a male off spring who would succeed him. It was widely opined that after the death of King Henry VI, the throne would smoothly pass on to the Yorks given that Henry had no heir. This opinion turned into a reality when a formal accord of succession was signed between the Lancasters and the Yorks and it seemed as eventually the Yorks would succeed without any bloodshed. However, as the events unfolded, King Henry’s VI wife Margaret of Anjou unexpectedly gave birth to a male child after a long wait of seven years. Margaret of Anjou was a strong lady, with all the strength of characters and leadership qualities lacked by her husband, and thus decided to abolish the previously signed accord of Yorkish succession and insisted upon the right of her son to succeed Kind Henry VI. [2] Similarly the tensions between the Lancaster and Yorks renewed following the removal of Richard of York from government positions and the Royal council by Henry VI. Henry VI was prone to bouts of insanity and hence he appointed Richard of York as his Regent during one of his bouts in 1454. Upon his recovery, he saw that Richard had become too powerful and thus removed him from all his positions. This ignited the Yorks to attack Henry VI under Richard’s command.[3] During the early years of the War of Roses, Margaret of Anjou was the one who led the cause of Lancaster rather than her husband King Henry VI. Margaret of Anjou shied away from nothing, from leading her husband’s armies personally, to decapitating her adversaries in order to support the succession of her son. On the other hand, the driving force behind the cause of Yorks was the powerful Earl of Warwick, and the Duke of York. Both Warwick and the Queen were cousins by marriage. At that time, Warwick was considered to be the wealthiest and the most influential English noble. Ironically, he had no male heirs and resultantly he was determined to marry his daughters with the Royal family. [4] The entire War of Roses can be divided into three phases. The initial phase was the longest and deadliest, and led to the victory of the Yorks. It was followed by a phase of rebellion within the House of York, which subsequently led to Lancaster’s claim to the throne. Their success was very short lived and soon the Yorks regained the throne. The third phase was marked by the death of King Edward IV of York. During this phase, Richard III fought with a usurper Henry Tudor, who was a distant cousin of the Royals from the Lancaster side. First Phase: This phase is marked by the deadliest and the most violent battles between the two Houses which were fought between 1459 and 1461, and ended in the victory of Yorks— the Lancaster Royals were exiled in France, with Henry VI being imprisoned by the Yorks in England. There were however, several reversals where the Yorks seemed to have lost their way, along with temporary truces between the two sides.[5] After the opening battles between the two sides, the Yorks were victorious in the early battles. However, the Yorks face massive disaster during the battle of Wakefield, in December of 1460, the Yorks met with disaster. Both the Duke of York and his eldest son were killed. The Yorkish supporters were enraged with this defeat and thus they further attacked the Lanceters with more armies, inflicting heavy losses upon them parallel to the battle of Wakefield. Ultimately in the battle of Towton, the Lanceters were defeated with their Royals narrowly escaping. You read "Wars of Roses: A Thematic Account" in category "Essay examples" Edward IV claimed the throne in 1461. It was followed by a cessation of armed battles for almost ten years. Second Phase: The second phase initiated with a prevailing feeling of discontent among the Yorkish camp. The Earl of Warwick who had orchestrated the Yorkist reclamation to the throne along with Kind Edward’s father, became disheartened with Edward when he decided to marry someone from the rival family contrary to Warwick’s wishes, and ignored his advice on some major issues. Consequently, Warwick along with a brother of Edward named Clarence, deposed Edward and replaced him with Clarence However, this victory was short lived. Soon Warwick, along with help of Queen Margaret, again overthrew Edward. However, with a startling turn of events, both Warwick and Prince Henry (son of Henry VI were killed in the following battles and Edward IV again reclaimed the throne to rule the rest of his life.[6] Third Phase: Edward IV died while his apparent heir Edward V was too young to rule and therefore, his faithful uncle Richard was appointed as his Regent. However, Richard soon captured young Edward and his brother in the Tower on London, and upon their mysterious disappearance, claimed the throne for himself. Richard was both liked very much by those who despised Edwards IV wife and hated by those who alleged him for killing Edward’s IV two princes. It was in this situation that Henry Tudor of Lancaster asserted his claim to the throne. Henry counted on Richard’s enemies for assistance against him and was duly right. Henry Tudor reconciled with the Yorks by marrying Elizabeth of York, the eldest daughter of Edward IV.[7] According to Hicks[8] there are four factors that led to the War of Roses. These are: the crown’s (Henry VI) weak financial condition; the people’s engagement in politics; the interference of foreign countries; and the consciousness of the nobility that it is legitimate to try to terminate the king. There existed other problems behind the war too. One of those which very prominent was the variety of economic troubles that emerged in around 1440 and lasted till 1470s, to which Hicks refers as the ‘Great Slump’[9]. Problems such as credit crisis, a significant fall in the foreign trade, a drastic fall down in agro-based (agricultural) revenues, rents, wages and other prices are considered to be main features contributing to the first two factors: the revenues which were being obtained through customs were cut down. Furthermore, since the impoverishment influenced all the tax payers – thus a harder task was confronted in drawing out grants of direct ta xation from the parliament. Similarly, it is under debate that economic problems gave rise to much of the turbulent situation of this period, contributing in the revolt of 1450 and the reservoir of famous alienation on which nobles like Richard of York and Warwick the Kingmaker eagerly drew. Adding to this, one other problem which caused the nobility to move their boundaries of obedience was the division of dynasty, a core factor prior to 1460, but after that a persistent and easy way of disputing with the authority of the King. These four are the major causes of the War of Roses, and whenever these factors departed, such as throughout 1485-1525, the conflicts ended. In K.B McFarlane’s[10] view, the inability of Henry VI to manage a basically sound and stable system regarding the relationship between the king (himself) and nobility (his Regent Richard II) caused the war. The war persisted because the series of usurps didn’t guarantee landowners the safety that they required. This explanation efficiently points out the individual’s role in a structural setting; and it is considered to be a valid explanation of the wars generally. Tony Pollard[11] explains that the War or Roses was the result of underlying weaknesses in the political system. On one hand it was basically due to the gap between the expectations and the administration of the subjects, while on the other hand it is the capability of the monarchs to carry out what they demanded. Although this gap could and did get extended for several reasons, which are more local to the later 15th century (defeat in France, fiscal and economic problems, a split in the dynasty, an incapable and clumsy ruler in the 1450s and significantly shrewd ones after 1485), it was the cause behind the Wars, as it was also the cause of the problems and issues of 1370-1410 and perhaps 1547-53. Another modern explanation of War of Roses is contributed by Christine Carpenter[12]. She has contended that, while the political system was totally stable, it is a particular manner of accounting both public and private authorities, predominantly that of aristocracy, describing why the incompetency of Henry VI had such striking and long lasting effects led to the war. According to Carpenter, the king ought to balance and merge the different components in the constitution; if he did not make decisions authoritatively and did not offer an adequate leadership in the field of justice and defense, division and disorder were the fate. And like Edward IV (until 1417), Edward V and Richard III, could similarly not offer that kind of leadership. According to Carpenter, the inappropriate actions of Warwick and the role played by Henry VII in prolonging the conflict, was not needed. These various themes indicate that there are many reasons which can be attributed as the causal factors for these historic events; with each different theme or factor grounded in sound social, political and economical theories. Some of these justifications may sound more viable than others, while some might be deemed as less influential. A common theme among all of these aforementioned theories is that whenever the subjects of an authority are denied their rightful privileges and justice along with their basic needs, it paves way for the ultimate demise of the authority itself. This can be an important lesson for those who assert their authorities in the current times in any ways; whether they are the heads of governments, powerful business organizations, religious leaders, or even a head of family. After all, it is always better to learn from the example of others rather than become another example ourselves. Bibliography Carpenter, C. (1997).The Wars of the Roses: Politics and the Constitution in England, c.1437–1509. Cambridge. Haaren, J. and Poland A. (1904) Famous Men of the Middle Ages. American Book Company Haigh, P. A. (1995). The Military Campaigns of the Wars of the Roses. Hatcher, J (1996) ‘The great slump of the mid-15th century’, in Progress and Problems in Medieval England, ed. R. Britnell and J. Hatcher (Cambridge, 1996), 237–72. Heritage History (2012). War of the Roses. 1453-1485. Lancatrians Vs Yorkists. {online} Available from http://www.heritage-history.com/www/heritage.php?Dir=warsFileName=wars_roses.php (cited on 17th December, 2012) Hicks, M. (2010). The Wars of Roses. New Haven, CT, Yale University Press, McFarlane, K.B. (1981) ‘The Wars of the Roses’, in idem, England in the 15th Century. London., 231–61 Pollard, J. (2001)The Wars of the Roses, 2nd ed., Basingstoke. Wheeler, K. (2012) The Wars of the Roses. {online} Available from http://web.cn.edu/kwheeler/War_of_Roses.html (cited on 17th December, 2012) How to cite Wars of Roses: A Thematic Account, Essay examples

Free Inventions of Thomas Edison free essay sample

Thomas Alva Edison holds 1093 patents on his inventions, which include such inventions as the incandescent light bulb, the phonograph, and direct current (DC). The latter being one of the most important and influential inventions since it was the first current to be invented. However, like any invention, it got its competition, this time, in the form of Nikola Tesla’s alternating current (AC). The war of currents between Thomas Edison’s direct DC and Nikola Tesla’s AC forever changed electricity and the way mankind lives.In order to be able to develop a successful incandescent lightbulb, Edison, had to first develop an entire electrical system, which he modeled after the gas lighting systems used in large cities. Gas systems had central stations, underground conductors, meters, and lamp fixtures. In addition to all of this, Edison also had to make an electrical generator and the network it powered. And so, Edison developed DC, which continuously runs in one direction. We will write a custom essay sample on Free Inventions of Thomas Edison or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page DC can be achieved electrochemically by fuel cells and batteries or electromechanically by some specific types of generators. It is also possible to produce it using photovoltaic devices. Edison created a DC system that was most efficient in heavily populated cities and for isolated plants generating power for a single building. This system was more efficient and economical within a square mile of its central station. Edison’s DC was, at the start of the electricity industry, the standard in the United States for providing electricity since DC not only work very well with incandescent lamps, but was also able to be used directly with storage batteries, providing valuable load-levelling and backup power during interruptions of generator operation. In addition to that DC generators could be easily paralleled, allowing economic operation by using smaller machines during periods of light load and improving reliability. Edison also made a meter so that customers were billed based on how much energy they consumed. The DC system however, had one very simple flaw, which was that it couldn’t be easily converted to higher or lower voltages.