The effect of the phenomenon of separation of ownership and control Essay

The effect of the phenomenon of separation of ownership and control for modern corporations - Essay Example Corporate Governance Share-holder activism in 1990s stimulated interest on corporate governance. In fact, it became a household name in the United States when a California based company â€Å"California Public Employees Retirement System† (CalPERS) questioned the listed companies in which it had invested the funds of its members, for their practice of buying back their shares at higher prices. This literally resulted in reduction the value of shares held by CalPERS. Contemporary companies all over the world including the U.K. followed suit to safeguard the interests of their widely dispersed shareholders. What started as a means of funds mobilization by an entrepreneur for engaging in large scale activities and to achieving large scale economies, soon became handy for the entrepreneur to exploit the small and widely dispersed investors.1 In the 19th century, even the privately owned large companies who had accumulated wealth overtime had to resort to procurement of funds from the capital market as they had outgrown themselves. Agency theory that explains separation of ownership from control was first discussed by Adolf A Beale and Gardiner C Means2. One can still go backwards to the times Adam Smith who in his â€Å"The Wealth of Nations† 3 has said that company directors would not care for shareholders’ money as their own and this is the problem with agency theory as observed by Letza, Sun and Kirkbride.4 Fame and Jensen 5 argue that separation of decision making (control) and risk-bearing (ownership) become viable because of the need for specialization of management and risk bearing besides the need for controlling agency problems. They cite the nature of an organization as a nexus of contracts both written and oral among the owners of factors of production and customers which are the internal â€Å"rules of the game†. The rights of owners of each factor of production and customers are specified and their performances evaluated. Th ese factors of production are rather stake-holders in the organization. The authors assert survival of a form of an organization depends on its ability to sell their output required by their customers at the lowest price while at the same time fully recovering costs. There are two types of organizations wherein risk-bearing (ownership) and decision (control) functions are separated and wherein the two functions are combined in the same agents. In the contractual nature of organizational forms, the residual claimants are the residual risk bearers having claim over the net cash flows after meeting the contracted payments to the factors of production from out of stochastic inflows of resources. Thus, residual risk is known by the â€Å"difference between stochastic inflows of resources and promised payments to agents.†6 These residual claimants are the ones who bear the most uncertainty and it is considered worthwhile as it reduces costs of monitoring contracts with the rest of the agents. This contributes to the survival value of the organizations as distinct entities. It is mandatory to produce outputs at lesser costs so as to ensure increased net cash flows to safeguard the residual claimants’ interests. Restriction on residual claims differs from each form of organization. For example, large corporations where common stocks are in use have the least restricted residual claims. That is, the shareholders have no role to play in the organizations. Because of this, risk sharing is unrestricted for the

Prove the The Great Flood in the Holy Bible is the truth using science Research Paper

Prove the The Great Flood in the Holy Bible is the truth using science - Research Paper Example According to the Bible, Noah and his three sons survived the flood in a wooden ark, along with hundreds of animals representing every species on earth. All other living beings perished, and the ones surviving today are all descendants of the survivors of the Great flood. Described in great detail in the Book of Genesis (6-9), this event has witnessed ample speculation from all quarters of the world, and scientists and explorers have set out to unveil its mysteries. Through this paper, I intend to prove in light of sound scientific evidence, that the Great flood cited in the Bible is a real event that occurred thousands of years ago, and that Noah and his ark really existed. Keywords: Great flood, Noah's Ark, fossil graveyards, coal beds, Polystrate Fossils, Coconino Sandstones , Genetic pool, Mt Ararat The "Great Flood"- In Light of Scientific Evidence The Holy Bible states that God wished to wipe out all sin from the surface of the earth and that all humans were subjected to Godâ₠¬â„¢s wrath except a few who were righteous. A great flood destroyed every living being on earth, while Noah and his family survived in a huge wooden ark, which he built with God's guidance. A pair of every animal, male and female, was taken to safety in the Ark, while rain lashed on earth for a period of forty days and forty nights. â€Å"In the six hundredth year of Noah's life, in the second month, the seventeenth day of the month, the same day were all the fountains of the great deep broken up, and the windows of heaven were opened. And the rain was upon the earth forty days and forty nights† (Gen. 7:11-12, New International Version). Noah's three sons Shem, Ham and Japheth, along with a few others, survived the flood, and mankind was repopulated from them. The Bible further cites that Noah's ark rested on Mount Ararat after the flood waters subsided. In view of this revelation, innumerable scientific expeditions have explored the Ararat mountain range in Asia Minor, in s earch of Noah's Ark. An object resembling a ship's bow has already been found, jutting out of mud and lava atop the mountains. The Turkish Air Force was the first to notice this object. Porcher Taylor, a professor at the University of Richmond confirmed its presence, after a long period of study through satellite imagery. Surprisingly, the dimensions of this object perfectly correlate to the dimensions of Noah's Ark described in the Bible. Following this discovery, many other expeditions have investigated the area, unearthing wood, anchors made from stone, and other remains of what might have been an ark. No matter how spell bounding such a discovery may seem, it is imperative to decipher the events of the great deluge in light of scientific evidence and data from recent expeditions. In order to prove that the great flood was an actual reality and not just a mythological event inscribed in ancient literature, I wish to put forth the following conditions, which if true, refute all po ssible arguments against the possibility of the great flood: 1. Fossil evidence suggesting fossilization under rapid conditions 2. Geological evidence of a global flood 3. Evidence of abundant water, enough to cover the surface of the Earth 4. Genetic dead-end due to lack of genetic

Writing MEMO Assignment Example | Topics and Well Written Essays - 250 words

Writing MEMO - Assignment Example I had also kept site and server licensing up to date, as well as firmed up user access and security. As a result of my efforts, the unit I served experienced no major system failures during the year, and minor complaints or requests for assistance had been resolved within the same working day as they had been filed. My present strengths include technical proficiency and an in-depth knowledge of IT systems, which have served to improve my unit’s response times to 97% from a previous 84%. Aside from this, I have developed an excellent working relationship with my team and co-workers because of a genuine liking for people and an ease of getting along with others even in critical situations. Furthermore, I welcome challenges at work, which provide me an opportunity to grow and improve in those areas I my find myself lacking. While my technical competence and people skills have served me well in the past, I believe that there is room for growth in areas closely associated with my systems development function, such as matters concerning business applications – that is, logistics and materials inventory, financial management and control, strategic goals setting, human resources development, and so forth. In developing a comprehensive IT system, I feel that a deeper understanding of these fields will enhance the responsiveness of the systems I could develop and network for an improved information delivery system for the company. My immediate plan is to complete the advanced technical IT course I am currently undertaking, which shall be accomplished in the next two months, and thereafter to enroll in a Masters in Business Administration program to complement my present bachelor’s degree in MIS. In the course of discharging my duties as systems analyst, I have seen the need for a multifaceted approach to IT systems

The Internet Gaming Phenomenon Essay Example for Free

The Internet Gaming Phenomenon Essay The internet gaming phenomenon that has taken the world by storm was originally based on Role Playing Games that were simply played on board games.   As computers began to develop and the internet began to emerge, more and more games were created that allowed players from all over the world to congregate online and play against or with each other in what has now been called the Massively Multiplayer Online Role Playing Game.   When the national Science Foundation Network eased the restrictions on internet gaming, a host of new games entered the market and became available for the players.    Soon enough games flooded the market and the MMORPG had now become the most popular type of computer games.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The world of MMORPG gaming has become so popular in fact that it has even created its own economy that is based on the virtual items that are available online but the payment is made through real money in the real world.   The MMORPG has blurred the distinction between the virtual economy and the real world economy and in the present these two economies are even directly linked such as the case of Entropia Universe, which allows for real money to be converted to game money.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   While certain gaming universes have outlawed the trading of virtual items for real money, the popularity and competitive nature of the MMORPG has ensured that there will always be a market for these item, whether illegal or not.   It has become so popular that even online auction sites such as ebay have featured virtual items among their listings while other websites have opened that cater specifically to virtual item sales.   As these games become more popular, it remains to be seen whether or not this virtual economy will continue.   One thing is sure, however, the MMORPG realm has hooked millions of people of all ages around the world and will only continue to grow and may soon surpass gambling as the most addictive hobby in the world. References: Adams, David (January 7, 2004). Final Fantasy XI Hits Subscriber Milestone. IGN.com. Retrieved on 2007-01-30. Castronova, Edward. Synthetic Worlds: The Business and Culture of Online Games. ISBN 0-226-09626-2, University Of Chicago Press Nardi, Harris (2006), Strangers and Friends: Collaborative Play in World of Warcraft, Proceedings of the 2006 20th anniversary conference on Computer supported cooperative work

The Biochip and Advancements in Medical Treatment Essay -- Exploratory

The Biochip and Advancements in Medical Treatment Advances in microchips occur daily, but a recent advance in the area can only be called revolutionary. No, these are not a more advanced breed of thin silicon wafers, better known as computer chips. They are called biochips. A blending of silicon technology with biology has produced a groundbreaking new technology. It can be used to tell how actively a gene works, whether it carries any mutations, and even aid in the human genome project, a long term project to map the entire human genome. The biochip is a square of glass about the area of a dime. It is carpeted with DNA probes. The probes are oligonucleotides, strands of DNA six to nine bases long. A long strand of DNA of an unknown sequence is to be tested to determine its sequence. First, it is fragmented and then washed over the chip. The fragments only attach to their complementary oligonucleotides on the chip. This is because bases only pair with complementary bases. Adenine bonds with thymine, and cytosine bonds with guanine. The next step is to analyze the reactions between the bases and determine the sequence of base pairs. This will give a clear picture of the formerly unknown DNA. The biochip uses fluorescent tags to determin e where unknown fragments attach to their complementary strands on the chip. A microscope attached to a computer "reads" the patterns of fluorescence and gives the sequences of the unknown strand. Deoxyribonucleic acid, or DNA, consists of various sequences of four organic compounds called bases, and some proteins. Abbreviated, the initials of the bases are A, C, G, and T. The building blocks of all life, they encode thousands of genes. The... ...d over this chip, and the places where there are weak hybridizations, or base pair bonding, a less bright tag would indicate a genetic mutation. One would be able to determine the exact place on that person's gene where the person has a genetic abnormality. An obvious use of the new technology will be as the earliest possible screening method for cancer. All genetic disorders could be tested for within a matter of minutes. With more advanced technology, such as what is happening with computer chips today, all genetic disorders could be checked for using but a single chip. Other chips could be used to determine how tall a person is to grow, whether they will bald earlier, or any number of applications. Obviously the technology will also be used in animal studies. The only limitation to the advancement of this innovative new chip is the imagination.

Richard Wright :: essays research papers

“The Man Who Was Almost a Man';   Ã‚  Ã‚  Ã‚  Ã‚  In “The Man Who Was Almost a Man'; by Richard Wright, the main character Dave expresses his needs to be acknowledged as an adult. Yet he also exhibits his immaturity and the fact that he is not yet an adult and can not handle adult problems. His actions lead him into trouble that proves the fact that he is still an adolescent who can not handle problems of the adult world. The characters around Dave make him feel like he is still a child. His wants to purchase a gun to feel more powerful. In the beginning of this story, Dave talks about how a gun would change the way people acted towards him. He feels that if he owns this power, the men in the fields who work with him will have more respect for him, and his mother will start treating him as an adult. Dave feels as if he is surrounded by people who treat him as a child and he does not like this at all. “You ain’t nothing but a boy. You don’t need a gun.'; This statement said by Joe, is the main reason why Dave truly wants a gun, to feel independent. Even though Dave wants to be acknowledged as an adult, his actions are very immature and childlike. The act of cornering his mother for a gun is one good example of immaturity. Dave feels as though he can not ask his dad for the gun for fear of rejection, a perfect example of immaturity. Daves defiance to his mother’s rules is another example of immaturity. Dave’s mother agrees to allow Dave to buy the gun as long as he promises to bring it straight to her. He agrees to this, yet he does not go along with her wish. The next morning, Dave set out to the fields early to shoot his gun. He ends up accidentally killing Mr. Hawkins mule, Jenny. The way Dave goes about dealing with this problem is childish. He panics and decides to lie about what really did happen. He makes up a story which he knows nobody will believe, yet he feels that if everyone does in fact believe him he can avoid his problems more easily.

Characters in Othello: Colors and Shapes

The color and shape I chose for Othello are silver and the indifferent shape. I thought about it for a while and this indifferent shape fits othello perfectly for many reasons. Like Othello this is the outsider of the group since it has no real shape. The shape’s physical appearance is different from the rest, just like Othello is since he’s a moor and has a different skin tone. Towards the end of the third act Othello starts to lose his stern confidence front and his real insecurities come out. He shows that he feels not confined and proper enough for the whites. Also his age is another big insecurity that he feels when Desdemona’s faithfulness is in question. This relates to the indifferent shape of the group trying to front like its a shape when really it’s not. Silver best describes Othello with the following characteristics honorable, chivalrous,and romantic. These are displayed when Othello woo’s desdemona with his story and by his high ranking in the venetian army. I chose lavender, pink, and a circle to represent Desdemona’s character. Desdemona represents perfection in the story with her looks and appearance. This is why the circle with no rough edges and a perfectly drawn out figure fits Desdemona perfectly. Desdemona is completely the opposite of Othello she comes from a prominent and perfect family. While Othello has grown up with no silver spoon, (even thou ironically thats his color), he was raised into slavery and the army. These trials and tragedies Othello overcame shaped him into the shape he is. Also like the inside of the circle Desdemona’s character lacks depth and seems somewhat empty. Some character traits Desdemona does display are affection for Othello when his life story moves her to the point of tears. She shows compassion by saying she will do whatever her lover asks of her and simply cannot say no to him. She also comes off as a romantic when she disobeys her father to be with her lover and runs off. The shapes and colors that best go with Cassio are yellow and a triangle. Cassio is a triangle in my opinion because he has a high stature which means everything to him. Like the stature of an equilateral triangle in math and if the triangle loses one angle it messes up the whole triangle. This is sort of like how Cassio messed up once in Othello’s eyes and lost everything. Yellow best fits Cassios’s character which is happy go lucky flirt. He was optimistic throughout the whole story and was very people orientated, maybe even too much. this was his biggest character flaw and his downfall thanks to Iago’s evil scheming. Iago is the most evil character in the play hands down, but he might also be the smartest. I chose dark blue, black, and a square to represent him. Black is the color that represents evil which Iago is for turing everyone against each other and making evil conniving plans behind there back. Just because he’s evil doesn’t mean he’s not smart. Iago is very intelligent he single handedly played everyone. Like a square Iago seems things from every angle (front back and side to side) and has full vision. So dark blue which means intelligent, responsible, and self reliant seemingly fits him. If I had to pick colors and a shape to represent me I would choose the same shape as Othello, beige and mint green. Although I didn’t choose the same shape as Othello for the same reasons. My reasoning behind my choice for that shape are I don’t really ever plan much out, I bend and just go with the flow. Also this shape is different from the rest and thats how I see myself, different from the rest. My colors represent me an the way I am which is more quiet and laid back than most people. These colors also fit my personality. Which I consider kind hearted and quiet even though I cant always make everyone happy I always try.