Diseases During the Civil War Essay -- Health Military Papers

We are all aware of the tragedy that took place in our nation from 1861 to 1865. The Civil War resulted in needless, devastating deaths of thousands of soldiers. What we might not be aware of, however, is the number one killer throughout those years. More soldiers died from this single calamity than battle wounds or blood loss. The catastrophe that tragically affected more soldiers than any other element of the war was disease. Diseases did not only affect the soldiers in a tremendous way. As I will discuss in greater detail further in this paper, diseases gave an advantage to the Northern side of the war, and this played a role in their victory. Additionally, the treatments and discoveries that were made as diseases were treated led to spillover effects that have changed certain aspects of our lives today, providing advances in the realm of medicine. The purpose of this paper is to demonstrate how diseases played a larger role in the Civil War than is generally known. Diseases did not affect the soldiers fighting for the Northern side and the Southern side in an equal fashion. In contrast, the Confederate soldiers were hindered much more deeply than the Union soldiers. This gave an advantage to the Union side. Diseases played a role in the strength of the Union Army and the weakening of the Confederate Army, although it is impossible to say diseases alone were the cause of their victory. After realizing that diseases benefited the Union Army, one begins to wonder why. Why did the Union soldiers survive diseases more frequently that Confederates soldiers? Although that question is pressing and relevant, it is beyond the realm of this paper to thoroughly explain the answer. There were most certainly several factors that pla... ...ed. We cannot find soldiers left on the battlefield and correctly treat their wounds with knowledge that is readily available. We cannot cure diseased men with vaccinations that are now commonly used. In short, the past has been done. What we can do, however, is search for a way to make some good out of this horrendous situation that altered our history. What better way can we honor soldiers who have had their lives taken by diseases than to use discoveries made to save the lives of others? We cannot allow the men whose lives were overcome by sicknesses to die in vain. Soldiers who lost their lives to diseases during the Civil War did not only die for their country, (what else did they die for?). Their tragic deaths have allowed the lives of humanity today to be improved. Diseases during the Civil War did indeed play a bigger role than is commonly recognized today.

Amiri Baraka and the Black Arts Movement

The Postwar 1920s was decade of the â€Å"New Negro† and the Jazz Age â€Å"Harlem Renaissance,† or first Black Renaissance of literary, visual and performing arts. In the 1960s and 70s Vietnam War and Civil Right era, a new breed of black artists and intellectuals led what they called the Black Arts Movement. The Black Arts Movement came into being even as the rift between the black and white society in America widened in the 1960's, in the wake of Civil Rights movement, shaking the country's political and social stability. In fact, the history of African American poetry in the twentieth century can be divided not into two but three generations: the Harlem Renaissance of the 1920s and early 1930s, the post-Renaissance poetry of the 1940s and 1950s, and the Black Arts movement of the 1960s and 1970s. The Harlem Renaissance was the first major flowering of creative activity by African American writers, artists, and musicians in the twentieth century. In the 1940s and 1950s, there was   a revival of African American verse, led by Melvin Tolson, Gwendolyn Brooks, and Robert Heyden. Finally, a third wave of African American poetry emerged in the late 1960s with the Black Arts movement or Black Aesthetic. It was motivated by the newly emerging racial and political consciousness (Neal 236). Poets such as Amiri Baraka, June Jordan, Nikki Giovanni, Sonia Sanchez, Audre Lorde, Ishmael Reed , and Michael S. Harper produced poetry that was rawer in its language form and also often carried sharp, militant messages. While the Harlem Renaissance was the literary avant-garde movement, the Black Arts Movement was the poetic avant-garde of the 1960's. The Black Arts movement — also known as the New Black Consciousness, and the New Black Renaissance — began in the mid-1960s and lasted until the mid-1970s, though it lingered on for a while thereafter, even spreading into the 80s. The poetry, prose fiction, drama, and criticism written by African Americans during this period expressed a boldly militant attitude toward white American culture and its racist practices and ideologies. Slogans such as â€Å"Black Power,† â€Å"Black Pride† and â€Å"Black is Beautiful† represented a sense of political, social, and cultural freedom for African Americans, who had gained not only a heightened sense of their own oppression but also a greater feeling of solidarity with other parts of the black world: African and the Caribbean. The young artists of the Black Artists Movement were fighting for a cultural revolution (Woodard â€Å"Amiri Baraka† 60). The new spirit of militancy and cultural separatism that characterized the racial politics of the late 1960s had profound effects on the way African American poetry was written. There was pressure on African American poets, more than ever before, to produce work that was explicitly political in nature and that addressed issues of race and racial oppression. The Black Arts movement was strongly associated with the Black Power movement and its brand of radical and revolutionary politics. The emergence of Black Power as a mass slogan signaled a fundamental turning point in the modern Afro-American liberation struggle, carrying it to the threshold of a new phase. – Harry Haywood, Black Bolshevik (Quoted in Woodard â€Å"A Nation Within† 69) The Black Arts and the Black Power movement was further galvanized into action by the 1968 assassination of Martin Luther King , Jr. and by the angry riots and the burning of inner cities that ensued. (Wynter 109). The writers and artists of the Black Arts Movement had gone much further than Harlem Renaissance in asserting the larger political and spiritual identity of the Black people. Above all, Blacks tended to refuse to be judged by the dominant white standards of beauty, value and intelligence anymore (Leon 28). In the poems and critical statements of Amiri Baraka, Larry Neal and others, there was a new level of racial consciousness, and clearer process of self-definition. Their voice did not limit itself to   negative protest, but positively sought to provide a new vision of freedom. The young black poets of the Movement turned away from the formal or modernist styles of earlier black poets and promoted a poetic form that reflected the rawness of the streets. Most prominent among these poets were Amiri Baraka, Audre Lorde, Nikki Giovaani, Don L. Lee (Haki Madhubuti), Etheridge Knight, David Henderson, June Jordan, Ishmael Reed, Michael S. Harper, Clarence Major, Sonia Sanchez, Kayne Cortex, and Lucille Clifton. The dominant theme in African American poetry, has always been that of liberation, whether from slavery, from segregation, or even from a wish for integration into the mainstream white middle-class society. Another important theme in African American poetry has been the concern with a spiritual or mystical dimension, whether in religion, African mythology, or musical forms like hymns, blues, and jazz. Because the ‘mystical' presented a greater sense of freedom, in contrast to the oppression of the ‘political' and the ‘social'. The black avant-garde of the 60’s was rooted in the contemporary popular African American spiritual practices. James Stewart, in his essay â€Å"The Development of the Black Revolutionary Artist† in the anthology of Afro-American writing Black Fire, stresses on the nature and significance of the spirit: That spirit is black That spirit is non-white. That spirit is patois. That spirit is Samba. Voodoo. The black Baptist church in the South. (quoted in Smethurst 65) Moving from spirit, when it comes to the word the twentieth century black poetry involved references to both colloquial black speech, in terms of style and structure,. The young black poets of the 1960s focused much more heavily on the colloquial aspects of speech than their predecessors. They stressed   on the contemporary idiom of urban blacks, on references to specifically black culture and cultural practices, and on a realistic depiction of life in inner cities. These poems embodied a form of language and a depth of experience that was unfamiliar to most white readers. It is also clear that often the intent of the poem involved, at least in part, shocking the readers. During the epoch of slavery, white Americans regarded speech differences as an indication of black inferiority. Black people were stereotypically presented as speaking gibberish, and when they did make attempts at standard English, the results was scoffed at. Many nineteenth-century African American writers concentrated on demonstrating their command of standard English as a political defense against equating black speech with intellectual inferiority.   But others such as Paul Laurence Dunbar and Charles Chesnutt used dialect to express the authenticity of expressive black vernacular. During the 1920s Harlem Renaissance, and subsequently in a more intensified manner in the 1960s Black Arts Movement, African American writers became more intent on celebrating and capturing the nuances of black speech. Arguably, the most influential of the new black poets was Amiri Baraka. Born Leroi Jones in Newark, New Jersey, in 1934, Baraka published under that name until 1968. After graduating from Howard University, Baraka served in the Air Force until the age of twenty-four, when he moved to Greenwich Village in New York City and became part of the avant-garde literary scene, making friends with poets such as Allen Ginsberg, Charles Olson, and Frank O'Hara. During this period, Baraka was more drawn to the poetry and ideas of the Beats and other white avant-garde movements than to the politics of black separatism; he married a white woman; he wrote poems, essay, plays, and a novel within the context of the Beat counterculture; and he edited two magazines. However, Baraka's interest in racial issues was clear even in the early 1960s, as evidenced in his historical study Blues People: Negro Music in White America (1963) and in plays such Dutchman (1964) and The Slave (1964). In the mid-1960's, Baraka was deeply affected by the death of Malcom X, and subsequently changed the focus of his life. He divorced and moved to Harlem, he converted to the Muslim faith and took a new name (Charters 469). He then founded the Black Arts Repertory Theater/School in New York City and Spirit House in Newark. He became the leading spokesman for the Black Arts movement. He was nearly beaten to death in the Newark race riots of 1967. In 1968, Baraka co-edited Black Fire: An Anthology of Afro-American Writing, which included social essays, drama, and fiction as well as poetry. In 1969, he published his poetry collection Black Magic Poetry: 1961 – 1967. Baraka's poetry changed radically during the 1960s, as he turned from a vague sense of social alienation to a revolutionary vision which reflected deep affinity to black culture. Baraka's most famous poem is â€Å"Black Art† (1966) and has been called the signature poem of the Black Arts Movement, though critics tend to be strongly divided on it. Fuck poems and they are useful, wd they shoot come at you, love what you are, breathe like wrestlers, or shudder strangely after pissing. We want live words of the hip world live flesh & coursing blood. Hearts Brains Souls splintering fire. We want poems like fists beating niggers out of Jocks or dagger poems in the slimy bellies of the owner-jews. Black poems to smear on girdlemamma mulatto bitches whose brains are red jelly stuck between ‘lizabeth taylor's toes. Stinking Whores! We want â€Å"poems that kill.† Assassin poems, Poems that shoot guns. Poems that wrestle cops into alleys and take their weapons leaving them dead with tongues pulled out and sent to Ireland. Knockoff poems for dope selling wops or slick halfwhite politicians Airplane poems, rrrrrrrrrrrrrrr rrrrrrrrrrrrrrr †¦ tuhtuhtuhtuhtuhtuhtuhtuhtuh †¦ rrrrrrrrrrrrrrrr †¦ Setting fire and death to whities ass. Look at the Liberal Spokesman for the jews clutch his throat & puke himself into eternity †¦ rrrrrrrr – â€Å"The Black Art† (in part) (Quoted in Brennan 2) Normal boundaries of poetic language no longer are able to convey Baraka's rage, and therefore he resorts to the use of obscenities and raw sounds – rrrr†¦. tuhtuhtuh† — thereby turning language into the verbal guns of â€Å"poems that kill.† For Baraka, poetry is a weapon; it is not simply meant to create an aesthetic effect, it is meant to push some social and political cause. Poetry is not just meant to touch hearts and move people emotionally, but stir their souls and move them into action. Poetry is meant to raise consciousness of the masses and bring change into the world. Poetry is not a means of entertainment, it is a way to enlightenment, and beyond that, a path to empowerment. Baraka’s poems are raw, and often they mean war. Along with Baraka, perhaps the most significant poet to emerge from the Black Arts Movement was Audre Lorde. In addition to several volumes of poetry, beginning with The First Cities (1968), Lorde wrote essay (collected in her book Sister Outsider), an autobiographical account of her battle with cancer (The Cancer Journals), and a fictionalized â€Å"biomythography† (Zami: A New Spelling of My Name) (Wilson 95). Lorde's poems deal with her personal experience as an African American woman (she called herself, â€Å"a black feminist lesbian mother poet†), as well as with the contemporary experience of blacks both in the United States and throughout the world. Lorde is known for her evocative and very powerful use of imagery. In the poem â€Å"Coal† (1968), she says, â€Å"I am Black because I came from the earth's inside/ now take my word for jewel in the open light.† Lorde's poems are her â€Å"jewels† that allow her to reflect words outward into the world. Baraka's poem â€Å"SOS† (1966), begins with the words â€Å"Calling black people/ calling all black people, man woman child/ wherever you are† (Quoted in Collins, Crawford 29). The Black Arts Movement was above all a call to the black people to arouse themselves to action. It was an ideological platform.   It concentrated on the black experience, the oppression and injustice suffered by African Americans. In a critical essay on Baraka's â€Å"Black Art,† Brennan (4) says that art operates, that is to say, can operate, as a revolution. It has the power to destroy the status quo so that   a new reality is created. It was to this end — to create a new reality — that the poets of the Black Art movement struggled, albeit with very limited success. The movement did not last for long, but had a considerable impact on changing the perceptions of Americans toward the function and meaning of literature. Works Cited: Brennan, Sherry. â€Å"On the sound of water: Amiri Baraka's â€Å"Black Art† – Critical Essay† African American Review,   Summer-Fall, 2003. May 22, 2007, from Charters, Ann. The Portable Sixties Reader. New York  : Penguin Books, 2003 Collins, Lisa Gail and Margo Natalie Crawford. New Thoughts on the Black Arts Movement. New York : Rutgers State University, 2005 Leon, David De. Leaders from the 1960s: A Biographical Sourcebook of American Activism. Westport, CT : Greenwood Press, 1994 Neal, Larry. â€Å"The Black Arts Movement.† A Turbulent Voyage: Readings in African-American Studies. Ed. Floyd Windom Hayes. Lanham, Maryland : Rowman & Littlefield Publishers, 2000. 236-267. Smethurst, James Edward. The Black Arts Movement: Literary Nationalism in the 1960s and 1970s (The John Hope Franklin Series in African American History and Culture). University of North Carolina Press, 2005. Woodard, Komozi. A Nation Within a Nation: Amiri Baraka (LeRoi Jones) and Black Power Politics. The University of North Carolina Press, 1999 ——–.   â€Å"Amiri Baraka, the Congress of African People.† Black Power Movement: Rethinking the Civil Rights-Black Power Era. Ed. Peniel E.Joseph. Routledge, New York, 2006. 55-78. Wilson, Anna. Persuasive Fictions: Feminist Narrative and Critical Myth.   Cranbury, NJ : Associated University Presses, 2001 Wynter Sylvia. â€Å"On How We Mistook The Map for the Territory.† A Companion to African-American Studies. Ed. Jane Anna. Oxford : Blackwell Publishing, 2006. 107 – 118

Marxism And Feminism In Sweat By Zora Neal Hurston

Analysis of Marxism and Feminism in a literary work The literary element of Marxist feminism focuses on the idea in which women are oppressed through capitalism and private property. Starting from the Harlem Renaissance the Hurston’s work focuses on issues presenting on the turmoil of African-Americans from American literature in the nineteenth century on. Zora Neal Hurston’s work entitled â€Å"Sweat† is a prime example of how culture is affected by its cultures standards of economic â€Å"base†. The story was published in 1926 during a time of trial and error considering the obstacles that faced many female authors at the time. Hurston’s story â€Å"Sweat† overlaps with her novel â€Å"Their Eyes are Watching God† which also supports the idea that culture†¦show more content†¦Hurston deliberately labels Sykes as the patriarchal male head of the household. In a typical household a man is labeled as â€Å"strong†, â€Å"protective, and â€Å"decisive† one in the family while a woman is typically â€Å"Emotional†, â€Å"motherly†, and â€Å"submissive† (Hurston 85). Sykes physical and emotional abuse can be seen as an outlet to remain a part of the patriarchal rule in which a man subsides and as an outlet to enforce gender rules within the household. An example of his verbal abuse is â€Å"Well you better quit gettin’ me riled up, else they’ll be tottin you out sooner than you expect. Ah’m so tired of you Ah don’t know whut to do! Gawd! How ah hates skinny women!† (Hurston 2). Sykes seems to have no sense of empathy for Delia and continues to physically and emotionally abuse her through violence. He frightens her terribly, condemns her, and doesn’t give one penny to the family. His only concern is keeping her emotionally and physically hurt as he knows that as a woman she is vulnerable. Also in her work â€Å"Their Eyes Were Watching God the author portrays several examples of feminism and gender roles that are similar to â€Å"Sweat†. Woman are additionally considered the â€Å"weaker sex†. Woman can only gain

What Is the Cannon-Bard Theory of Emotion Definition and Overview

The Cannon-Bard theory of emotion was developed in the 1920s by Walter Cannon and Philip Bard as a response to the James-Lange theory of emotion. According to Cannon, a brain region known as the thalamus is responsible for responding to potentially emotional events. Key Takeaways: Cannon-Bard Theory The Cannon-Bard theory is a theory of emotions that challenged the influential James-Lange theory.According to Cannon, the brain’s thalamus is crucial for our emotions.Cannon’s research has been influential, although more recent research has led to a more precise understanding of which brain regions are involved in emotions. Historical Background In the early 1900s, an influential—yet controversial—theory of emotions was the James-Lange theory, put forward by William James  and Carl Lange. According to this theory, our emotions consist of physical changes in the body. (For an example, think of the feelings you might get when you’re nervous, such as your heart beating faster and feeling â€Å"butterflies† in your stomach—according to James, our emotional experiences consist of physiological sensations such as these.) Although this theory was incredibly influential, many researchers doubted some of the claims made by James and Lange. Among those who questioned the James-Lange theory was Walter Cannon, a professor at Harvard. Key Research In 1927, Cannon published a landmark paper critiquing the James-Lange theory and suggesting an alternate approach to understanding emotions. According to Cannon, scientific evidence suggested that there were several problems with the James-Lange theory: The James-Lange theory would predict that each emotion involves a slightly different set of physiological responses. However, Cannon noted that different emotions (e.g. fear and anger) can produce very similar physiological states, yet it’s relatively easy for us to tell the difference between these emotions.Cannon noted that many factors affect our physiological states but don’t produce an emotional response. For example, fever, low blood sugar, or being outside in cold weather can produce some of the same bodily changes as emotions (such as having a faster heart rate). However, these types of scenarios don’t typically produce strong emotions. If our physiological systems can be activated without feeling an emotion, Cannon suggested, then something else besides just physiological activation should occur when we feel an emotion.Our emotional responses can occur relatively rapidly (even within a second of perceiving something emotional). However, bodily changes ty pically occur much more slowly than this. Because bodily changes seem to occur more slowly than our emotions do, Cannon suggested that bodily changes couldn’t be the source of our emotional experience. Cannon’s Approach to Emotions According to Cannon, emotional responses and physiological changes in the body occur in response to emotional stimuli—but the two are separate processes. In his research, Cannon sought to identify which part of the brain was responsible for emotional responses, and he concluded that one region in the brain was especially involved in our emotional responses: the thalamus. The thalamus is a region of the brain that has connections to both the peripheral nervous system (the parts of the nervous system outside of the brain and spinal cord) and cerebral cortex (which is involved in the processing of information). Cannon reviewed studies (including both research with laboratory animals, as well as human patients who had suffered brain damage) suggesting that the thalamus was crucial for experiencing emotions. In Cannon’s view, the thalamus was the part of the brain responsible for emotions, while the cortex was the part of the brain that sometimes suppressed or inhibited emotional responses. According to Cannon, patterns of activity in the thalamus â€Å"contribute glow and color to otherwise simply cognitive states.† Example Imagine you’re watching a scary movie, and you see a monster jump towards the camera. According to Cannon, this information (seeing and hearing the monster) would be transmitted to the thalamus. The thalamus would then produce both an emotional response (feeling afraid) and a physiological response (racing heartbeat and sweating, for example). Now imagine you’re trying not to let on that you’ve been scared. You might, for example, try to suppress your emotional reaction by telling yourself that it’s just a movie and the monster is merely a product of special effects. In this case, Cannon would say that your cerebral cortex was responsible for trying to suppress the emotional reaction of the thalamus. Cannon-Bard Theory vs. Other Theories of Emotion Another major theory of emotions is the Schachter-Singer theory, which was developed in the 1960s. The Schachter-Singer theory also sought to explain how different emotions can have the same set of physiological responses. However, the Schachter-Singer theory primarily focused on how people interpret the environment around them, rather than focusing on the role of the thalamus. Newer research on the neurobiology of emotion also allows us to evaluate Cannon’s claim about the role of the thalamus in emotions. While the limbic system (of which the thalamus is one part) is generally considered a key brain region for emotions, more recent research studies have found that emotions involve much more complicated patterns of brain activity than Cannon initially suggested. Sources and Additional Reading Brown, Theodore M., and Elizabeth Fee. â€Å"Walter Bradford Cannon: Pioneer Physiologist of Human Emotions.†Ã‚  American Journal of Public Health, vol. 92, no. 10, 2002, pp. 1594-1595. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1447286/Cannon, Walter B. The James-Lange Theory of Emotions: A Critical Examination and an Alternative Theory.  The American Journal of Psychology, vol. 39, no. 1/4, 1927, pp. 106-124. https://www.jstor.org/stable/1415404Cherry, Kendra. â€Å"Understanding the Cannon-Bard Theory of Emotion.†Ã‚  Verywell Mind  (2018, Nov. 1).  Keltner, Dacher, Keith Oatley, and Jennifer M. Jenkins.  Understanding Emotions. 3rd  ed., Wiley, 2013.  https://books.google.com/books/about/Understanding_Emotions_3rd_Edition.html?idoS8cAAAAQBAJVandergriendt, Carly. â€Å"What Is the Cannon-Bard Theory of Emotion?†Ã‚  Healthline  (2017, Dec. 12).  https://www.healthline.com/health/cannon-bard

Analysis Of The Book The Hobbit - 1136 Words

In the great modern classic, The Hobbit, Bilbo Baggins, Wizard Gandalf, and a company of rambunctious dwarves go on an extraordinary adventure. On this unexpected journey, they have launched a plot to raid the treasure hoard guarded by Smaug. The novel’s central conflict has to deal with Bilbo struggle with his adventurous, brave inner-self. 2. The leading character in the novel is Bilbo Baggins; the protagonist risks his status in his community. The Baggins are considered by the people of Bag end â€Å"very respectable, not only because most of them were rich, but also because they never had any adventures or did anything unsuspected†¦ (pg.3).† But, Bilbo wants to go on an adventure and be brave and especially do right by the dwarves.†¦show more content†¦The reader watches as Bilbo becomes the hero. Later on in chapter 12, Mr. Baggins is forced to enter the mountain, and with the help of his invisibility ring he is able to slip into the cave and steal a cup. I believe that particular event is important because this is the first thing Bilbo has really stolen. This chapter is where he succeeds and reaches his goal. He vowed to help Thorin and company retrieve their stolen treasure and he did. 5. The action begins to rise on page 28 when Bilbo decides to join the men on their conquest. The climax of the novel occurs in chapter 8, flies and spiders when Bilbo becomes his own hero by killing a spider. The protagonist’s inner conflict is resolved when he returns home and no longer cares about his stature in his community. When he is comfortable being Bilbo, the adventurer. 6. In the novel, The Hobbit, the author J.R.R. Tolkien tells the story in third person. 7. Mr. Tolkien stuck close to the character of Bilbo. by using this style of writing the narrator achieves a anonymous, mysterious atmosphere. 8. The narrator is telling this story in order to inform someone, and does not have anything to lose by sharing the story. 11. The main character or protagonist of the story’s name is Bilbo Baggins. He lives in a hole

Dividend Policy and Share Prices Free Essays

string(112) " first week and hence the acceptance of the null hypotheses will be consistent with the semi strong efficiency\." Introduction In this paper the impact of dividend policy of the companies on the firm’s share prices is analysed and different views in the context of the semi-strong form of the efficient market hypothesis are contrasted. The overview of the traditional and most recent empirical investigations of the stock market reaction to the dividend announcements is provided and different findings are discussed and compared. Three companies have been selected from the FTSE All share price index. We will write a custom essay sample on Dividend Policy and Share Prices or any similar topic only for you Order Now These companies are Tesco, Burberry and Vodafone. These firms belong to different sectors of the economy. Tesco is the largest retailer in the UK, Burberry is a fashion firm and Vodafone is the telecommunication services company. The dividends and accounts have been retrieved from annual reports of the companies (Tesco, 2011; Burberry, 2011; Vodafone, 2011). The share prices were sourced from Yahoo Finance (2012). The copies of the company accounts are provided in the appendices. Dividend Policies of Companies These three companies were chosen for the following reasons. Firstly, it was intended to choose large companies that have an established dividend policy and revenue of more than ? billion a year. Secondly, the companies from different industries had to be analysed. Thirdly, both services sector and goods sector were intended to be analysed. Finally, it was interesting to compare both pro-cyclical firms (e. g. Burberry) and counter-cyclical firms (e. g. Vodafone). The former are very sensitive to the effects of the economic recession whereas the latter are less sensitive because con sumers would still have to use mobile phones and services regardless of their financial position. The dividend payout ratio has been calculated for these companies for the period from 2007 to 2011. The following formula was used: Dividend payout ratio = dividends per share / earnings per share The results are summarised in the following figure. Figure 1 Dividend Payout Ratios Source: Annual Reports of Tesco (2011), Burberry (2011) and Vodafone (2011) The payout ratios indicate different dividend policies adopted by the three companies. Tesco’s policy is aimed at maintaining a constant dividend payout ratio, which is very common for mature industries such as retailing. In these industries the majority of the large companies are â€Å"cash cows† for the investors and therefore the dividend policy tends to show constant payout ratios, which inspires trust in the company and expectation of future stability. In contrast, the dividend policies of Vodafone and Burberry are not aimed at a constant payout ratio. In fact, as the following figure demonstrates, the policies of Vodafone and Burberry are aimed at dividend growth. Figure 2 Final Dividends Source: Annual Reports of Tesco (2011), Burberry (2011) and Vodafone (2011) However, whereas Vodafone demonstrates a â€Å"steady dividend growth strategy†, Burberry demonstrates the a strategy that does not show a specific pattern but can be interpreted as a signal to the market because in 2009 the company announced the dividends that were equal to the dividends announced in the previous year in spite of the accounting losses suffered by the firm which were reflected in negative earnings per share (Appendix C). This move can be interpreted as a sign that the management attempted to signal the market that the losses are temporary and the company was expected to recover quickly. It is interesting to note that the latter policy is inconsistent with the position that dividends should be paid out of earnings rather than accumulated capital or reserves. Furthermore, the companies could undertake an alternative dividend policy which would imply linking the dividend payout to the investment opportunities that could be managed by firms (Brealey and Myers, 2003). If the company has many projects that offer positive net present value, then it would be recommended that dividends could be retained and reinvested in the firm. Only residual earnings, which are left after investments in all positive NPV projects could be distributed as dividends (Bodie et al, 2009). Dividend Announcements and Share Prices Dividend announcements and their impact on share prices can be explained by the semi strong form of the efficient market hypothesis (EMH). Efficient market hypothesis implies that the only thing that may impact the stock prices is new information, since all other possibly influencing parameters are already included in the firm’s stock price (Palan, 2004). The efficient market hypothesis may be divided into three forms: the weak form, the semi-strong form, and the strong form. The weak form implies that share prices bear or reflect the past prices and trade volume information, the semi-strong form adds publicly available information to the weak form, and the strong form adds even insider information to the efficiency approach (Harder, 2008). Empirical evidences show that successive changes in stock prices are independent and this independence is in line with the efficient market hypothesis, as markets promptly react to the new information (Fama et al. , 1969). In this context it may be assumed that dividend announcements convey particular positive information about the company and provide signals about future performance of the firm. The decision about paying dividends is made by the firm’s managers and often supported by shareholders’ voting. Since dividend announcements bear useful information, from the efficient market hypothesis view point this information is reflected in the share price changes immediately after the public announcement (Bodie et al, 2009). The three companies that were chosen have been used to test the semi strong form of the EMH and whether the dividends announcements made by Tesco, Vodafone and Burberry had a significant impact on shareholder returns and share prices. So, the null hypotheses of the analysis are the following: H0: Dividends have a positive and significant effect on the share prices H0: Dividends have a positive and significant effect on the weekly stock returns. The alternative hypotheses are the following: Halt: Dividends do not have a significant effect on the share prices Halt: Dividends do not have a significant effect on the weekly stock returns. According to EMH in its semi strong form, the information on dividends should be quickly absorbed into the stock prices during the first week and hence the acceptance of the null hypotheses will be consistent with the semi strong efficiency. You read "Dividend Policy and Share Prices" in category "Essay examples" However, if abnormal returns persist in the longer run, e. g. three months, the EMH in the semi strong form can be rejected. Empirical evidences also provide support for the semi-strong efficient market hypothesis, implying that stock market efficiently and quickly adjusts to new information about dividends (Aharony and Swary, 1980). However, the research of Amihud and Li (2006) finds that the reaction of stock market to dividend announcement is not constant. It is concluded that cumulative abnormal returns promoted by dividend announcements decline to zero in due course. The findings suggest that dividend announcement are less informative over time, and this may be related to the reluctance of managers to pay extra expenses related to dividends (Amihud and Li, 2006). Moreover, the recent decrease in propensity of companies to pay dividends is sometimes related to the lower informational contend of dividend announcements. Since institutional investors are normally better informed and tend to play key roles in public firms, the costly dividends have become a less popular way to provide information (Baker, 2009). The study of Asquth and Mullins (1983) also suggests that stock prices and shareholders’ wealth are impacted by initiation and increase of dividends. Moreover, the effect of dividend increase is stronger than the influence of dividend initiation. The results are in line with assumption that dividend announcements bear valuable information for investors. Dividend policy may be used as a simple way to signal managers’ view of the company’s recent and future performance (Asquth and Mullins, 1983). However, it must be stated that dividend policies are not directly influencing share prices and lead to their changes. Instead, dividend policies are changed by managers when some fundamental developments in company’s performance are expected, and these developments cause the change of the share prices. Thus, dividend announcement is only the way for investors to obtain information about these fundamental developments. Similarly, there are no evidences that a company value may be increased through increase of dividends, since dividends only convey signals about fundamental changes in the company and are viewed as only by-products of the changes (Moles et al. 2011). Nevertheless, the study of Shiller (1981) challenges the efficient market hypothesis suggesting that the volatility of stock prices are too high to be explained by the future dividends. A more recent investigation of Mehnidiratta and Gupta (2010) supports the semi-strong form of efficient market hypothesis concluding that stock prices promptly and accurately react to the publicly available information, particularly to dividend annou ncements. The two-stage study tests the share prices response to dividend announcement. The first stage included the evaluation of beta based on post facto returns on stock and market index and predicted returns on every of the stocks. The second stage these values were used to calculate abnormal returns around the day of announcement. The results provide information that though investors do not obtain significant value prior to the dividend announcement day or on the event day, they do gain value after the announcement. Investors move their security positions on the announcement day which implies that after the event day there is informational value in dividend announcement. The evidences prove that the increases in dividends imply more positive abnormal stock returns, and this supports the efficient market hypothesis (Mehnidiratta and Gupta, 2010). But there are also empirical evidences of little stock market reaction to dividend announcements at some periods (Hasan et al. , 2012). The event study methodology was used to evaluate the effect of cash dividend announcements on the share prices. The data about abnormal returns around the event day was analysed and the events before, on, or after the announcement day were pooled. The tested assumption states that payment of cash dividends is the most significant factor that impacts all prices around the event days (Hasan et al. , 2012). In the following figures the results of the regression analysis and statistical tests applied to the regressions are presented. Table 1 Effects of Dividends on Investor Weekly Return Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta 1 (Constant) .012 .009 1. 375 .175 Dividend -. 002 .002 -. 143 -1. 030 .308 Model R R Square Adjusted R Square Std. Error of the Estimate imension0 1 .143a .020 .001 .03489 a. Predictors: (Constant), Dividend According to the first regression, dividends do not have a significant impact on the weekly stock returns and hence the null hypothesis related to stock returns is rejected. However, the output from the regression of share prices on dividends demonstrates that the former have a statistically significant positive influence on the share price perf ormance. This was evidenced with the t-test. Table 2 Effects of Dividends on Share Prices Coefficientsa Model Unstandardized Coefficients Standardized Coefficients Sig. B Std. Error Beta 1 (Constant) 151. 362 47. 949 3. 157 .003 Dividend 45. 955 9. 186 .574 5. 003 .000 Model R R Square Adjusted R Square Std. Error of the Estimate dimension0 1 .574a .329 .316 191. 66266 a. Predictors: (Constant), Dividend Thus, the null hypothesis related to the effects of dividends on the share prices is accepted. R-squared test has revealed that the second regression had a better fit. Conclusion As the semi-strong efficient market hypothesis suggests, new information including dividend announcement is quickly reflected in the company’s stock prices. Some empirical evidences support the hypothesis (Fama et al. , 1969; Aharony and Swary, 1980). Other findings suggest that the impact of the announcements may decline in the course of time (Amihud and Li, 2006). The recent empirical studies that were reviewed support the semi-strong efficient market hypothesis and find that dividend announcements produce abnormal returns and are positively related to the share prices (Mehnidiratta and Gupta, 2010). But another event study displays different reaction of stock prices to dividend announcement in different years (Hasan et al. , 2012). The analysis in the paper was conducted in the context of three UK based companies from different sectors. The dividend policies of these companies have been analysed. Furthermore, the relationships between the share prices and the dividends were tested. It was found that the dividends produced a positive and statistically significant effect on the share prices but no significant effect on weekly returns. References Aharyny, J. and Swary, I. (1980) â€Å"Quarterly Dividend and Earnings Announcements and Stockholders’ Returns: An Empirical Analysis†, The Journal of Finance, 31 (1), pp. 1-12. Amihud, Y. nd Li, K. (2006) â€Å"The Declining Information Content of Dividend Announcements and the Effects of Institutional Holdings†, Journal of Financial and Quantitative Analysis, 41, pp. 637-660. Asquith, P. and Mullins, D. W. Jr. (1983) â€Å"The Impact of Initiating Dividend Payments on Shareholders’ Wealth†, The Journal of Business, 56 (1), pp. 77-96. B aker, H. K. (2009) Dividends and dividend policy. New Jersey: John Wiley Sons, Inc. Bodie, Z. , Kane, A. and Marcus, A. (2009) Investments, Hoboken: McGraw Hill Professional. Brealey, R. and Myers, S. (2003) Principles of Corporate Finance, New York: McGraw Hill. Burberry (2011) Annual Reports and Accounts, [online] Available at: www. burberryplc. com/bbry/results-centre/respre/rep2011/ [Accessed 6 February 2012]. Fama, E. F. , Fisher, L. , Jensen, M. C. and Roll, R. (1969) â€Å"The Adjustment of Stock Prices to New Information†, International Economic Review, 10 (1), pp. 1-21. Field A. (2005) Discovering Statistics Using SPSS, London: Sage Publications. Gujarati, D. (1995) Basic Econometrics. 3rd ed. , New York: McGraw-Hill. Harder, S. (2008) â€Å"The Efficient Market Hypothesis and Its Application to Stock Markets†, Scholarly Research Paper, Germany: GRIN Verlag. Hasan, S. B. , Akhter, S. and Huda, H. A. E. (2012) â€Å"Cash Dividend Announcement Effect: Evidence from Dhaka Stock Exchange†, Research Journal of Finance and Accounting, 3 (2), pp. 12-24. Maddala, G. S. (2001) Introduction to Econometrics. 3rd ed. , Hoboken: John Wiley Sons. Mehnidiratta, N. and Gupta, S. (2010) â€Å"Impact of Dividend Announcement on Stock Prices†, International Journal of Information Technology and Knowledge Management, 2 (2), pp. 405-410. Moles, P. , Parrino, R. and Kidwell, D. (2011) Fundamentals of Corporate Finance – European Edition. UK: John Wiley Sons, Ltd. Palan, S. 2004) â€Å"The Efficient Market Hypothesis and Its Validity in Today’s Markets†, M. A. Thesis. Germany: GRIN Verlag. Shiller, R. J. (1981) â€Å"Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends? †, NBER Working Paper No. 456. Tesco (2011) Annual Report and Accounts [online] Available at: ar2011. tescoplc. com/ [Acc essed 6 February 2012]. Vodafone (2011) Annual Report and Accounts [online] Available at: http://www. vodafone. com/content/index/investors/reports/annual_report. html [Accessed 6 February 2012]. Yahoo Finance (2012) Weekly Share Prices [online] Available at: finance. yahoo. co. uk [Accessed 6 February 2012]. How to cite Dividend Policy and Share Prices, Essay examples

New Testament and Biblical Worldview Influence free essay sample

TorahI. What is a worldview? Define what the term â€Å"worldview† means. Use descriptive phrases to support your definition. (25–50 words) A worldview is a philosophy or the way an individual views the world and everything in it, and is present in every single human being on this planet. A worldview is an individual’s set of beliefs, and directly affects their decision making, values, relationships, and behaviors by that individual. II. Articulate the biblical/Christian Worldview (what is believed) for each of the following 5 questions. However, there is one detail that sets humans apart from every other living thing in the world. That is the fact that we were created in Gods’ image. (Genesis 1:27 and Ephesians 4:24) The fact that we were created in the image of our creator is an extremely significant, but often overlooked fact regarding creation. Another significant detail, is the fact that humans have everlasting souls. The Question of Meaning/Purpose? We have several purposes on this planet, the Bible instructs us to be fruitful and multiply, to fill the earth, and to rule over it. We will write a custom essay sample on New Testament and Biblical Worldview Influence or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page We are also instructed in the book of John (17:3) to have a personal relationship with and get to know Jesus as our lord. Furthermore, we are instructed on many occasions (Psalm47:6) that we are to praise and glorify God through worship and song. The Question of Morality? What is defined as right or wrong behaviors in today’s society varies greatly, depending on who you ask. Fortunately, the Bible gave us Ten Commandments to live by in Exodus Chapter 20. Everyone enters this world with a sinful nature, and falls to the temptation of sin. The Bible also teaches us in Ephesians (4:24) that through the power of God, we can become more like him in righteousness and holiness. The Question of Destiny? The Bible clearly teaches that there are only two very specific possibilities for eternity; Heaven, and Hell. There is only way to make it to Heaven, and that is to accept the gift that Jesus gave us by dying on the cross for our sins. (1 Peter 3:18) The Bible lists the two possibilities for eternity as being either eternal life, or eternal punishment. (Matthew 25:46) III. How might/should a biblical worldview influence the way you [Refer specifically to how biblical worldview beliefs influence your answer] 1. How might/should a biblical worldview influence the way you think about, treat, and speak to others on a daily basis? A Christian worldview should influence the way we interact with others because we live and work around people every day who have their eternity hanging in the balance. The way we live our lives can be a great influence on these people, and can ultimately affect their willingness to investigate Christianity based upon the way that we treat them on a daily basis. How might/should a biblical worldview influence the way you vote in local or national election? Voting in this country is not only a privilege, but it is a very important responsibility for every American. Voting is our way of making our voice heard to the Government about what values and beliefs are important to us. There are many important modern day issues that we as Christians, need to take a stand against based upon our Christian Worldview. The Bible also references the importance of having â€Å"Godly† leaders, on many occasions.