High school Essay Example for Free

High school Essay In the last semester of junior high school, I left home for my study experience in Sydney. Though I initially had a hard time because of language barrier, I later made friends with my interesting enthusiasm and friendliness. Thereafter, I also studied abroad in Canada, an experience that helped expand my general perspectives in life. Here I also faced some unpleasant and embarrassing racial prejudice but my approach with positive view of life won over many as friends. High schools experiences helped me pull through the long and arduous time when I served in the military. The two years and nine months of military service transformed me into an individual with strength, patience, and will power. During grueling training I bit down and became even more involved. The training was usually exhausting, but the feeling of pride do instilled in us a sense of confidence and will power. As our unit was placed along side American troops near the military perimeter, many American officers and soldiers came to visit our unit. One day I was summoned by the battalion commander as an interpreter, and ever since then my area of specialty changed from a counterattack gun to the role of an aide to the battalion commander. Life there was not one for soldiers but for executive ranks in the battalion and was full of hardships for a mere soldier like myself. Again, I developed good relationship with many in the executive ranks with my characteristically enthusiastic personality. I fully utilized my influence to act as a negotiator between the two groups when conflicts arose. I was able to overcome jealousy of fellow soldiersand we laterrelied on each other for mutual relationship. I still fondly look back to the fulfilling memories of how my small help brought back liveliness to our days in the battalion. The cherishment of these memories and the continuation of personal development are made possible by the help of my family, who have always been by my side and have always been my greatest supporters. I strongly believe that my wonderful personality comes from my family. I have been born into the happiest family in the world, and grew under the world’s most outstanding parents. My conservative father taught me the importance of leadership, responsibility, and diligence through daily activities I do in life, and my mother personally showed me endless love. My brother equally gave me an unwavering support, revealing to me those things that are important in my life for consolidation. The memories I have from my past experiences make up my life, and they are the motivation that cheer me to continually forge ahead in life. My family, friends, and even the people that I say hello to whose names I don’t even know are all part of my network and my life. I have thus learned from unforgettable experiences and strongly convinced that a positive viewpoint lends happiness in life. With confidence and pride I look forward to writing

My Best Friend is Dead Essay -- Friendship Essay Personal Narrative

My Best Friend is Dead I first met Chipper Gleason when I was 5 or 6, when my mother was working with Chipper's mother Sue teaching music lessons in town. The He- Man connection must have been what initially tipped our parents off that we would be good friends. I remember my mom asking me if I wanted to play with this kid who had Castle Greyskull, a large green molded castle that He- Man lived inside of with the other Masters of the Universe. The answer was, of course, "Yes!" and we met one afternoon while both my mom and Sue taught lessons at the Church. We played that first afternoon on the sloping hill in front of the church, on the opposite side of Main Street from the library. Chipper was a small, wirey boy with bright blue eyes and light brown hair cut in a kind of bowl. Later we figured out that even though we were the same height, Chipper's skinny legs were longer than mine, and that my birthday was before his (so I was older). There was not much to play with in the common in front of the church. There were a few swings and things, but mostly we played along the rail fences that bordered the common, climbing up on them and using them as platforms for our action figures. We both had a great time that day, and before long we met every time that our moms were teaching. One day my dad asked me if I wanted to invite Chipper over to play. A book I made in school in the fall of first grade laid it all out: "I like to read at school. I don't like butterscotch. I like Chipper, my best friend." Looking back on our relationship, my parents often wondered what exactly it was that we spent so much time talking about. Chipper was pretty shy around most adults except his mother, so they only really caught glimpses of us ... ... toys as I wanted, which I kept carefully organized and out of the hands of my five year old brother, the terror. She even gave me the games for the Commodore 64 (which technically now belonged to Dara), to play on my own computer that I got for my tenth birthday that November. That spring, as I sat playing Kung Fu on the computer in my parent's room, I had a revelation. I raced outside to our big, wandering back yard and started talking. I had to tell Chipper somethingÉ he had to know! I was sure that he could hear me. "Chipper," I said, half under my breath because I was afraid the neighbors would see me talking to myself and think that I was crazy, "I figured it out! I figured out how to beat the forth- floor boss in Kung Fu! All you have to do is squat and punch... it's so easy! It's so easy." Somehow, of all the things to say, that was the most important.

Examine the Way Shakespeare Presents the Relationship Between Romeo and Rosaline and Romeo and Juliet in the Early Parts of the Play Essay

Examine the way Shakespeare presents the relationship between Romeo and Rosaline and Romeo and Juliet in the early parts of the play. Introduction * One of the most the most tragic love stories. * Romeo portrayed as the quintessential hero * Romeo characterised as young man transformed by love (upon closer analysis) * This can be seen in Romeo’s initial interest in Rosaline, which is superficial and passive in comparison to the more complex and active relationship he develops with Juliet. * Shakespeare employs a diverse use of detailed language and literary techniques to illustrate this Paragraph 1 * Rosaline: Romeo’s obsession. Belief of genuine love but unrequited (quote) * Hyperbolic language(quote) * Use of oxymoron’s – state of mind, turmoil (quote) * Confusion stems from rejection * Love is intoxicating, not enjoying his experience – metaphor (quote) Paragraph 2 * Convinced love is madness (quote) * Love has made him lose himself (quote) * Discovers love is futile – Rosaline determined to stay chaste.(quote) * Aesthete side is revealed when describing her, focus on Rosaline’s physical beauty and attractiveness. Paragraph 3: * Military language – love is a battlefield (quote) * Language relating to death – focusing on aesthetics/ main theme of play * As if Juliet already knows fate (quote) Paragraph 4: * Light imagery – predominant feature (quote) * Despite Romeo’s great declarations of love for Rosaline, his feelings are actually fleeting, as shown by his behaviour when he spies young Juliet. (quote) He is smitten at first sight, * Contrast of light and dark (quote) Paragraph 5: * Romeo’s use of religious imagery – comparing meeting Juliet to religious experience (quote) * Convinced that one kiss will clear him of his sins (quote) * Religious imagery – sees Juliet as a deity or a descendant from heaven (quote) – more light imagery * Reference to time – (quote) implies that Juliet feels the time is longer than it is before she next sees Romeo Conclusion: * Different language used by Romeo for Rosaline and Juliet * Rosaline’s darkness opposed to Juliet’s light (quote) * Loses identity just like with Rosaline (quote) * Large amount of biblical allusions used * Explanation of fate (quote) * Romeo relationship with Juliet more important than Rosaline – instantly forgotten (quote) * Not actually in love but with the concept of love. Paragraph 1| Paragraph 2| Paragraph 3| Paragraph 4| Paragraph 5| conclusion| Out of her favour, where I am in love| It is madness, most discreet| She will not be hit with cupid arrowAssailing, siege| It is the east and Juliet is the sunTwo of the fairest stars in heaven| Saints, pilgrim, holy, prayer, shrine| Arise fair sun and kill the envious moon| O brawling love O loving hate| Tut, I have lost myself, I am not here. This is not Romeo, he’s some other where.| She is rich in beauty, only poor. That, when she dies, with beauty dies her store| Beauty too rich for use, for earth too dear!| Thus from my lips by thine sin is purged| I know not how to tell thee who I am| Feather of leadBright smokeCold fireSick health| she hath Dians wit, and, in strong proof of chastity well armed| My grave is like to be my wedding bed| As a rich jewel in an Ethiops ear. So shows a snowy dove trooping with crows.| Bright angel Winged messenger of heaven| Star crossed lovers take their life| Love is a smoke made with the fume of sighs| | | | I will not fail; tis’ twenty years till then| Did my heart love till now?| Although, however, to begin with, despite, in addition to this, where as, contradictorily, in conclusion, paradoxically, nevertheless, to sum up. This suggests, this demonstrates/portrays, moreover, possibly, doubtless,  arguably, indisputably, unquestionably, undeniably, alternatively, conclusively, this signifies, this could represent. On the other hand, likewise, similarly, in the same way, equally, it could be argued. Consequently, as a result, therefore, thus, evidently, subsequently, ironically, hence, naturally.

Enhancing firm value under concentrated ownership - Free Essay Example

Sample details Pages: 5 Words: 1394 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Corporate boards of the company are primary drivers for growth and value maximization. Boards of directors as fiduciaries of the shareholders are delegated with the task of monitoring the management to protect the rights shareholders and enhance the value of their capital (Jensen and Meckling, 1976). The structure of board therefore plays an important role in determining the performance of board and maximizing shareholder wealth (Ghosh, 2006). The board is a vital internal corporate governance mechanism and effective in controlling the management and reducing the agency problem (in dispersed shareholding conditions) (Fama and Jensen, 1983). The introduction of non-executive directors on the board was aimed at solving the agency problem and enhancing board performance. The existing literature suggests that outside directors (particularly independent directors) are able to protect the shareholder interests and can perform value enhancement in case of agency problem (Fama and Jensen, 1983; Fraser and Zhang, 1995; Linck et al. 2008). However, under concentrated ownership conditions, generally, the owner is also manager and the issue of agency problem is minimal. Don’t waste time! Our writers will create an original "Enhancing firm value under concentrated ownership" essay for you Create order The board composition with majority of outside directors under concentrated ownership therefore becomes a critical question. The issue arises whether the outside directors: independent and grey (non-executive non-independent); can play critical role and perform value enhancement through their knowledge and expertise. The majority owners under concentrated ownership as regard to their voting rights have control on selection process of directors and therefore directly influence appointments to the board. This matter assumes importance in determining the quality of independent and grey directors and their ability to protect, particularly the minority, shareholder interests. Predominant literature on corporate governance related to effect of board size on firm performance predicts a negative relationship (Yermack, 1996; Gosh, 2006; Guest, 2009). The negative influence of larger group dynamics in bigger board prevail over the anticipated potential advantages of greater number of people on such board (Jensen, 1993). The current study aims to extend research done by Ghosh (2006) on board structure on firm performance in Indian context. In particular, study aims at investigating the effect of board size and composition of board, that is, percentage of inside, independent and grey directors on the board performance. The research is new the perspective, as it aims to understand how presence of these directors on the board affects firm value in period of financial distress under concentrated ownership. II. Research Design The sample used in this study consists of 164 non- financial firms of Bombay Stock Exchange (BSE) 200 index of India for the financial year 2008-2009. The data on board size and composition was taken from corporate governance report of the companies. The other financial and market data was obtained from Prowess database of Centre for Monitoring Indian Economy (CMIE). Tobin Q = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²0 + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 LBsize + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 Fage + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3 Fsize + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²4 Lev + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²5 Roa + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²6 Ownblock3 + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²7 Indusdum + e ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦eq1 Tobin Q = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²0 + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 LBsize + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 (Direc: EXE or GR or IND) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3 Fage + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²4 Fsize + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²5 Lev + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²6 Roa + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²7 Ownblock3 + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²8 Indusdum + e ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦eq2 The effect of board size on firm performance is estimated through equation 1, while equation 2 is used for analyzing effect of different categories of directors on the firm performance. The market based performance measure Tobins Q has been used a dependent variable to analyse the effects. Several control variables have been included in model to remove the problem of endogenity and to account for the potential advantages of economies of scale, growth, scope of market power and risk characteristics of firms (Hermalin and Weisbach, 1991; Vafeas and Theodorou, 1998; Shanmugam and Bhaduri, 2002) Table 1 Description of the Variables Type Variable Description and measure Dependent TobinQ Tobins Q , market value of equity plus book value of short-term and long-term debt divided by total assets Independent LBsize Board Size, natural logarithm of the number of director on the board PerEX Executive Directors, percentage of executive directors on the board PerGR Grey Directors, percentage of grey directors on the board PerIND Independent Directors, percentage of Independent directors on the board Control Fage Firm Age, the logarithm of the number of years since the establishment of a firm Fsize Firm Size, natural logarithm of total assets Lev Firm leverage, ratio of long term debt to the total assets Roa Return on assets, measured net profit to the total asset Ownblock3 Ownership block holding, measured percentage ownership of top three block holders of the company indusdum Industry dummy, Industries shown in table III given dummy values from 1 to 15 Table 2 Descriptive Statistics of Variables Variables TobinQ LBsize PerEXE PerGR PerIND Fage Fsize Lev Roa Ownblock3 N 164 164 164 164 164 164 164 164 164 164 Mean 1.504 2.345 29.269 20.291 50.440 7.587 8.815 23.567 0.774 79.056 Median 1.095 2.303 30.000 18.182 50.000 7.591 8.611 23.975 0.550 80.277 Std. Dev 1.359 0.292 12.948 14.421 10.574 0.012 1.131 19.164 0.663 11.865 Minm 0.000 1.609 0.000 0.000 20.000 7.539 6.672 0.000 0.010 46.732 Maxm 8.650 2.996 55.556 62.500 85.710 7.604 12.413 67.960 3.530 100.000 III. Results and Discussion The Indian corporate governance code i.e. Clause 49 of the Listing Agreement which necessitates half of board to be comprised of independent director in case executive or non executive promoter or relative being the Chairman. The results point that on an average, the boards of companies have 70 percent non-executive directors (outside directors) and 50 percent of independent directors. Further analysis ( table III) suggest that companies having larger board size ( more than 11) find it difficult to have 50 percent independent directors on the board. Ghosh (2006) has analyzed the effect of the board composition on firm performance and, finds weak positive association of outside directors with firm performance. Extending his work and also controlling for board size , we have analyzed the effect of three categories of directors namely; inside, independent and grey directors on the firm performance. The regressions results (table IV) reveal that under concentrated ownership regime in per iod of financial distress (08-09), greater proportion of inside directors on the board significantly affects firm performance, whereas greater percentage of grey directors significantly deteriorates the firm performance. Higher percentage of independent directors on board has no significant affect on the firm performance. Consistent with study of Ghosh (2006) and other international studies and, we find that board size is negatively associated with Tobins Q, though not at any significant level. We see that average board size of sample companies is approx 11 (table III). The result suggests that larger boards are ineffective in monitoring the management due to higher agency cost associated with it, and ideal board size for Indian companies should smaller and below 11. Table 3 Board Composition Industry Companies Board Size Exe Direc Grey Direc Ind. Direc NE Direc ( Grey+ Ind)    ( Number) (Avg Size ) ( Avg Percen) ( Avg Percen) ( Avg Percen) (Avg Percen) Agriculture 7 10.71 34.27 16.67 49.06 65.73 Capital Goods 14 11 30.25 18.95 50.79 69.75 Chemical 3 13 33.9 14.58 51.52 66.1 FMCG 9 10.11 26.6 23.05 50.35 73.4 Healthcare 15 9.73 34.62 12.02 53.35 65.37 Housing Related 18 11.38 29.97 19.74 50.29 70.03 Information Technology 12 9.83 25.23 18.64 56.13 74.77 Metals and Mining 18 11.11 30.44 21.58 47.97 69.56 Oil Gas 16 11.56 33.78 22.73 43.48 66.22 Power 13 12.15 26.31 22.88 50.8 73.69 Telecom 6 9.33 13.89 33.89 52.22 86.11 Automobiles 12 11.58 29.13 22.14 48.72 70.87 Transport Services 6 10.83 32.38 16.94 50.67 67.61 Textile 4 9.75 22.32 24.46 53.21 77.68 Others 11 10.27 24.68 21.45 53.86 75.31 Total 164 10.89 29.26 20.29 50.44 70.73 Table 4 TobinQ- Model Board performance Dep Variable Model 1 Model 2 Model 3 Model 4 Ind variables coeff t coeff t coeff t coeff t (Constant) 0.217 3.331** 0.182 2.674** 0.247 3.757* 0.183 2.449*** LBsize -0.171 -1.542 -0.186 -1.686+ -0.147 -1.333 -0.146 -1.284 PerEX       0.077 1.682+             PerGR             -0.101 -2.195***       PerIND                   0.08 0.917 Control Variables                         Fage -9.276 -1.396 -8.546 -1.291 -9.3 -1.417 -0.9781 -1.467 Fsize -0.408 -3.259** -0.429 -3.428** 0.451 -3.6* -0.419 -3.329** Lev -0.089 -2.309*** -0.098 -2.536*** -0.104 -2.685** -0.092 -2.365*** Roa 0.297 5.276* 0.287 5.102* 0.287 5.155* 0.298 5.293* Ownblock3 0.331 3.558* 0.315 3.387** 0.338 3.67* 0.346 3.66* indusdum -0.002 -0.576 -0.001 -0.214 0 -0.142 -0.002 -0.566 No. of Firms 164 164 164 164 indusdum Included Included Included Included R 0.578 0.588 0.595 0.581 R square 0.334 0.346 0.354 0.338 Adj R square 0.304 0.312 0.321 0.303 F change 11.173* 10.245* 10.618* 9.872* * denotes significance at 0.01 % level ,** denotes significance at 1 % level, *** denotes significance at 5% level , + denotes significance at 10 % level IV. Conclusion The current study investigates which directors are able to enhance performance of corporate boards of companies in Indian context. The results suggest it is particularly the inside directors who are committed to shareholders for their wealth maximization. The inside directors know the company well, have full time commitment and own significant proportion in the company. There interests are much aligned with company, to they can perform value maximization role. Outside directors play a limited role under concentrated ownership regime as evident by regression results. Their quality and ability to protect minority shareholders has also become questionable after Satyam fiasco (Singh and Kumar; 2010). Outside directors and particularly Grey directors are not able to play their role of value maximization in absence of agency problem. Thee study has few implication and lends support for Indian policy makers who aiming to propose the new corporate governance framework for companies through the Companies Bill, 2009. The new legislation proposes to limit to number of independent directors on the board to one third. Our study lends support to this proposed rule and suggests for improving the quality of outside directors. It also necessary to rationalize board size as larger board is ineffective enhancing the firm performance. Our study also lends support to requirement of this legislation that limits board size from three to 12. Based on our findings, we propose further reduce this to 10 or 11 (average board of sample companies) that certainly help in enhancing board performance.