Americas Transcendental Voice :: Essays Papers

Americas Transcendental Voice Ralph Waldo Emerson was one of the true fathers of transcendentalism in America. He was said to be the founding member of the smallest church. The congregation included only himself, and his church waited on the world to see his views as the truth. Emerson's beliefs were greatly influenced by friends he met in Europe and the romantic movement of the time. Transcendentalists of the time did not believe in miracles, they thought everything had a common sense answer. They believed that the mind was not just a blank slate to be filled only with what we can perceive through our senses, but something which was capable of intuition and imagination. Emerson believed that God along with great peace and serenity could be found in nature. This essay will trace how Emerson’s transcendental beliefs are reflected in Nature. This essay will also follow Emersion’s appreciation of nature, his transcendental quest to find truths that were beyond the reach of man’s limited senses. In his first chapter entitled Nature Emerson writes â€Å"To go into solitude, a man needs to retire as much from his chamber as from society.†(615) This reflects his feelings towards society and how it must be left behind to truly find God. Later in this chapter he marvels over how God Had made the atmosphere in such a way that we can see the rest of the universe, God’s almighty handiwork. Emerson ponders just what the future generations of people will still appreciate the city of stars God has provided. In Nature Emerson also expresses his love and admiration for the poet when he writes how a woodcutter sees a tree as a stick of timber where the poet sees it for what it is, a tree. Also in this first chapter Emerson expresses his transcendental belief that children are closer to God when he writes, â€Å"The sun illuminates only the eye of a man, but shines into the eye and the heart of a child.†(616). From this first chapter we can tell that Emerson ha d an almost insatiable love of nature, he believed that god was all around us, in our fields, our forests, and our rivers. The second chapter of Nature is entitled Commodity. In Commodity Emerson is ranking all the advantages which our senses owe to nature.

Dividend policy decision Essay

Dividend policy decision is one of the important decisions of corporate finance. A dividend policy should be such that it maximizes the shareholders wealth and provides adequate financing to the firm. A firm with fluctuation dividend policy is considered risky by the investors. (Shim & Siegel, 1998) Usually a stable dividend payout policy is maintained by companies. Leverage which is given by total debt/total assets, is negatively related to the dividend payments, that is higher the leverage in the firms capital lower is the dividend paid. Companies with less debt and sizeable tangible assets usually pay more dividends as it is usually stable. (Aivazian & Cleary, 2003) However, this has been contradicted by the signaling theory which says that the company’s which have high dividend payout ratio tend to be financed by debt and company’s which have low dividend payout ratio are more inclined to be financed by equity. (Chang & Rhee, 1990) The agency theory and tax preference theory suggests that there is a positive relationship between the institutional ownership and the dividend payouts. (Jenson, Solberg & Zorn 1992) However, both numbers of shares owned by institutional investors as well as proportion of institutional ownership does not significantly affect the dividend payout ratio. This is because the companies will not have to enter the capital markets for additional funds if they are owned by institutional investors which mean less compliance procedures and monitoring by the external authorities. On the other hand signaling theory advocates a negative relationship between the proportion of institutional ownership and dividend payments. There is a strong positive relationship between the profitability that is the Return on equity and dividend payments. The return on equity is given by net income/ shareholders equity. The higher the income would mean firms would have more money to distribute as dividends, and this would also convey better performance. (Ho, 2003). A firm with high business risk is inclined to pay lower dividends and the firm with stable earnings and low risk would pay high dividends. This is because the firm would be more likely to go bankrupt than a firm with low business risk as the earnings and liquidity position is not predictable. The agency theory of dividend policy says that there is a negative relationship between fixed asset ratio given by fixed asset by total assets and dividend payout ratio. The more money is blocked in the tangible fixed assets, the less is available to fund short term assets, which can be used as collateral security to finance the short term borrowings. The firms would not be able to have access to short term loan and would therefore depend on the retained earnings to meet the short term requirements. Firms which have high liquid assets would pay more dividends than firms with less liquid assets. Liquidity position of a company is measured by current assets / current liabilities. High cash availability would enable firms pay more dividends. Moreover if the liquidity position is high the probability of bankruptcy also reduces. Large firms would pay more dividends as they would have easy access to capital markets than small firms. As large firms are more diversified and less susceptible to financial distress, they pay more dividends to the shareholders than the smaller firms (Gul & Kealey 1999). The higher the growth opportunities the higher is the possibility of firms distributing low dividends. The profits would be retained by the firms in order to finance the expansion plans. Market to book value ratio is used as a proxy for growth opportunities. Hence, there is a negative ratio between market to book vale and dividend payments. Thus we find that all the factors play a role in formulation dividend policy. Some have significant impact while others factors may not have a considerable effect. Reference: Aivazian, V. , Booth I. , Cleary S. , (2003) Do emerging markets firms follow different dividend policies from the US firms? Journal of financial research, 26(3) pp. 371-387 Chang, R. P. , Rhee, S. G. , (1990) The impact of personal taxes on corporate dividend policy and structural decision, Financial management, 19(2) pp. 21-31 Gul, F. A. , Kealey, B. T. , (1999) Investment opportunity set and corporate debt and dividend policies of Korean companies, Review of quantitative finance and accounting, 13(4) pp. 401-414 Ho, H. , (2003) Dividend Policies in Australia and Japan, International Advances in economic research Jensen, G. , Solberg, D. , Zorn, T. , (1992) Simultaneous determination of insider ownership, debt and dividend policies, Journal of financial quantitative analysis, pp 247-263 Shim, Jae K. , Siegel, Joel G. , (1998) Schaum’s outline of theory and problems of financial management, McGraw-Hill Professional, USA

Freedom Of Speech And Free Speech - 1737 Words

Freedom of Speech can only go so far before it starts to impede the right of the others, and free speech does not come before other people’s given rights.. According to Steven J. Heyman in the article â€Å"Free Speech Has Limits,† freedom of speech comes tied together with respecting the freedom of other and the rights of other people (par. 4). The author goes on to say that cutting off other peoples rights in the name of free speech can be seen as wrongful and can be faced with consequences (par. 5). Heyman continues to explain that some hate speech can be a violation of a person’s basic right of being seen as a human being (par. 12). The hate speech that does this can cause injury to the dignity of being a human being, a right that everyone has and is granted from birth (par. 2). No other right should take that away. He goes further into this topic to say that if a form of speech violates another human’s right to live with freedom from violence, it sho uld be limited and met with consequences (par. 11). Heyman suggests that to protect the rights of others free speech should be limited from infringing a right of another person, or when it is attacking another person or their rights (par. 18). Free speech also should take away the right of human’s to be seen as equals. A point in the argument about seeing other people as equals is stated very well in the article â€Å"Laws Against Hate Speech Are Justified.† â€Å"The fact that people can say such hurtful and demeaning things aboutShow MoreRelatedFree Speech : Freedom Of Speech1403 Words   |  6 PagesFREE SPEECH Freedom of speech is perhaps the most precious tenets of liberal democracies accorded to the citizens of the free world. The United States, and the rest of the Western society is known to be the cradle of democratic principles, and this can be evidenced by the level of freedom accorded to the citizens of the United States and the West in terms of speech. The freedom of speech gives an individual an opportunity to speak his or her mind and also give his or her opinion, sometimes on veryRead MoreSpeech Free Speech On The Freedom Of Speech1380 Words   |  6 Pagesmake no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech or of the press; or the right of the people to peaceably assemble and to petition the government for a redress of grievances. This freedom of speech clause as included in the First Amendment guarantees the citizens of America to express information and ideas freely. But is all form of speech free? 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Protesters from both sides of the the political spectrum are outraged. leftists claiming that free speech is â€Å"being used as a cover for spreading hate in America†, that people like the infamous Yiannopoulos (a conservative political commentator known for making offensive statements and supporting â€Å"white supremacy, transphobia, and misogyny†) are doing harm with their first amendme nt right, while conservatives are claiming free speech is being threatened by the