Mendacity vs Truth in Cat on a Hot Tin Roof

Tennessee Williams nurse Cat on a Hot Tin Roof takes blot entirely in the grove home of the Pollitt family in the Mississippi Delta. The plantation once belonged to a pair of bachelors, and larger soda pop Pollitt had worked for them as an overseer, scarce he is like a shot the sustainer of the plantation, which he has built into a dynastic empire. stupendous pas family has met at the house to celebrate his birthday. Maggie, a beautiful and witty girl, has escaped a childhood of poverty to draw into the wealthy Pollitt family, but finds herself in an unfulfilling marriage.She is married to Big Daddys son, Brick. He is an aging footb severally(prenominal) hero, and constantly neglects his wife. Brick further infuriates her by ignoring his brothers attacks to assemble control of the family fortune once Big Daddy passes away. Bricks coldness towards Maggie and his drunkenness lot be attributed to the death of his best fri determination, Skipper. Big Daddy has been aspec t a bit under the weather, and what he be reposeves is a spastic colon ends up cosmos a form of cancer.Big Daddy is unconscious mind(predicate) that of his illness and that he doesnt have much succession odd to live, so his doctors and his family have conspired to keep this information from him. The web of lies that is spun throughout this platter is huge, spanning nearly e real member of the family. Big Daddy comments on it towards the end of the book after he is told the truth by Brick, as he questions Whats that smell in the room? Didnt you nonice the tendinous and obnoxious odor of mendacity? According to Big Daddy, Mendacity is whizz of them five-dollar words that punk politicians throw back and forth at distributively other. The dictionary rendering tells us that mendacity is a falsehood, a lie, or a tendency to be untruthful. Mendacity is seen throughout the play and is a negative effect on the characters. altogether the characters are affected, but some are impa cted more than others. Those greatly affected are Brick, Maggie, Big Daddy, and Gooper. The whole lie vs. truths plays a critical role in developing the storyline and plot structure of the novel. As I previously mentioned, Brick was always very cold towards Maggie, elling at her and charge attempting to hit her with his crutch.The very fact that Brick uses a crutch to walk is symbolic, in that the alcohol was his crutch to deal with Skippers death. Skipper and Brick have a great friendship, and it can intimately be viewed as homosexual. The fact that Skipper killed himself the night after he vie in a football game without Brick and had many fumbles and played very poorly overall. Maggie states that it was exclusively Skipper that harbored even so any unconscious desire for any intimacy not perfectly pure between you too (Williams, 833)Brick believes Maggie is the cogitate that Skipper killed himself, because she was ruining their friendship. Brick mourns his love for Skipper , which was the only true and good enough thing in his life. Maggie never dares speak of the forbidden love, and therefore Big Daddy is forced to step in as the judge. When Big Daddy confronts Brick some the homosexual attraction between himself and Skipper, Brick be fill outs extremely defensive and explains how their friendship was vigor more than a pure and true friendship.Big Daddy presses the issue, and Brick can no longer lie alone about the cause of Skippers death. It is then revealed at the climax of the book that before Skipper took his own life, he called Brick long distance and drunkenly confessed his love to him, finally removing the lading of the lie that was Skippers life, pretending that him and Brick were heterosexual friends. Brick however, didnt give tongue to a word, and just hung up. This ended up being the last time Brick ever heard Skippers voice, and because of this, Brick drinks heavily to deal with the upset of taking his best friends life.This mom ent in the book is very impactful for it is one of the only times that mendacity isnt in the air, as Brick and Big Daddy are being real with separately other, with no veil of lies to underwrite behind, perfectly shed as Big Daddy says, then there is at least 2 people that never lied to each other. The big deception throughout the play is that of Big Daddys health. The entire family and the Doctor are all in on this, and each person becomes split into 2 or 3 individuals because of all the deceit. Big Daddys other son Gooper and his wife Mae are some(prenominal) guilty of mendacity.To Big Daddy and Big Mommas faces, they put on the guise as loving people, when in fact it is all an attempt to get Big Daddy to sign over the ground and money to them in his leave behind. They constantly bring up that they have children sequence Maggie and Brick dont, and that Brick is an alcoholic. Basically pointing out all the flaws of their competition to try and conk out themselves in Big Da ddys eyes. Big Mama lies to herself by thinking that a child from Maggie and Brick would turn Brick into a non-drinking, family man drug-addicted to take over the family place.Big Mama had to have been distraught by the fact that her husband has less than a year left to live, and is being lied to by his entire family, talking on how he go out live forever and people toasting to his health. Big Daddy is even wrapped up in the mendacity, as he admits to Brick during their heart-to-heart that unremarkable of his life is consumed with lies, as he pretends to like Gooper and Mae, but when in reality, he cannot stand them. Big Daddy never loved Gooper, but only desired for him to be successful and have a family.Gooper, in attempt to gain Big Daddys love, he always did what he thought Big Daddy would have wanted for him, like having children and becoming a lawyer. The two never talk about their lack of blood, as Gooper only tries to gather Big Daddys love, but Big Daddy never listens to him. Therefore because of this mendacity Gooper does not care about Big Daddys affection, as I previously mentioned, his main intention is to inherit his land. Their relationship is filled with lies because they never talk about their lack of a relationship, which makes the relationship worse.One of the most important relationships in the book is that of Brick and Maggie. Throughout the entire novel, their conversations are mostly them fighting with each other, and it seems they are a married couple, in name only. Their relationship is ground on lies and filled with mendacity, which tears them apart. Maggie lies to Brick and tells him that she and Skipper had an affair, because she was afraid that he was liberation to steal her husband away. The aforementioned homosexual love affair between Brick and Skipper caused a great deal of turmoil throughout the house.The biggest lie in the entire book comes at the very end of the novel, in which Maggie proclaims to Big Daddy that she is pregnant with Bricks child. Big Daddy is joy by this news, and decides to put Brick down as the sole beneficiary to the land. The final scene involves Maggie and Brick in the bedroom, with Maggie locking the door and telling Brick that tonight they were passing to make the lie true. The false reality that Maggie created by lying will soon to come to fruition and all will be good in the Pollitt household.Brick ends the play by responding to Maggies profession of love with Wouldnt it be funny if that were true? Although Brick sounds confused at her words, but he may simply be assuming that because he had been indifferent towards her, she mustiness also be that way towards him. The lies and mendacity of the entire Pollitt family nearly tear the very structure of their being apart, but in the end, the lies end up creating a better reality, one in that Brick and Big Daddy have come to terms with each other, and Maggie the Cat is finally going to be a mother (assuming her and Bric k went through with the sexual conception.Mendacity has caused the Maggie to become much more than just a cat on a hot tin roof, she is now the sole light in Big Daddys life, for hes long awaited for grandchild is finally on the way, and the rekindling of her and Bricks relationship ends the book on a feel good note. Its just about ironic that after all the pain and suffering caused by the lies, that the beaming ending is a product of the biggest lie of them all.

Ethics, Privacy in the Workplace Essay

IntroductionThe aim of this essay is to put up a substantiating argument for the notion that an individual(a)s silence is more crucial than any other considerations in the meshplace. clipplace scenarios will be step uplined including furrow applications, storage of in-person information, Internet and e-mail, information technology do on covert, study policies and procedures and medical examination privacy. Differing honorable theories will be utilise to both sides of the argument.The Individuals Privacy in the workplace suck upting the mull.The story is often heard in Australia how easy it was for people to piss employment in the economically booming 1960s and early 1970s of how people would walk into a workplace in the morning and get a job straight international or within a couple of days jobseeking. Resumes, application letters and application forms were unheard of unless you were applying for a professional level position. As competition for jobs increased in the mid(prenominal) 1970s and early 1980s more and more selection tools were call for when hiring new cater. Resumes detailing training, past employment and referees aided in the selection or rejection of new staff. Appli rotterts are not take to list information in their Resume such as matrimonial status, gender, political leanings, religion, date of birth and number of children as part of tolerable employment opportunity legislation. In government based agencies in particular, chastity based recruitment is stressed.Whilst in small privately owned rail linees, employers n one and only(a)ffervescent prefer to recruit new staff who are known to them or who are recommended friends of existing staff members. With current federal legislative requirements regarding partial dismissal rules, employers must use care when employing new staff. A job searcher beetle expects their private information to be handled with trust and discretion. The employer expects information to be r ele wagon traint so they can make an accurate assessment of the job seeker. When it comes to ethics, both parties are acting in their own best interests. The seeker wants a job which is rewarding and lucrative in return for their effort.The employer wants the around skilled person for the least financial outlay feasible so that business goals and healthy profits can be achieved. By applying the ethical consequential theory of self-conceit regarding privacy, both parties are acting out of self-interest which best serves their own desire term goals. According to mental egoism, humans are by nature selfish. The jobseeker will divulge scarcely enough own(prenominal)ised information which will enable them to get and reenforcement the job. The employer seeks to find out as much information as possible about the jobseeker so that their business is not damaged in the long run by selecting an inappropriate candidate. Shaw (2009) Page 59Stored Informationtraditionally an employees basic face-to-face information such as their resume, emergency brake contact details, and bank details would usually be kept on hard file in a locked personnel filing cabinet. individualised information shared amongst work colleagues was up to the discretion of the employee and staff encourage to leave personal problems or beliefs at home. With the advent of information technology systems becoming more commonplace, communications though shared databases, email, intranet, internet and in time loving media shed by and large replaced paper files in storing beau monde and personal information. Besides conducting simple one to one personal communication in the workplace, our personal and private information is shared in cyberspace with and without our pull up permission and may be accessed off site by informal staff or external IT support contractors with administrative access. Websites visited and programs/files accessed on work computers in work time can be logged and monitor ed.This database of information needfully to be protected from improper use and access by wildcat people. The employee expects that the privacy of their information is protected. Monitoring IT usage at work by the employer may be seen as an action in the interests of the business only it can also be seen as an erosion of trust in the employer/worker contract dealingship. The Fair arrive at Australia Ombudsman recommends that employers implement best perform when maintaining privacy in the workplace. Employers, employees and their representatives need to know what information may be collected and retained and if it can be passed on to others.This best institutionalize creates certainty and security for both employers and employees. Fair excogitate Australia(2010) Page 1 If the non-consequentialist ethical theory of Kantism is applied to this scenario, employers are expected to do the amend liaison as an act out of duty and by these object lesson principles the employee inf ormation is protected. Under Kantism if an employer was to mishandle this private information by for voice selling it to third parties, this action would be morally wrong. Employers may guarantee their actions in enter internet and computer activity as a means to reduce goldbricking or cyber-slacking which is defined as employees development company internet accounts for personal / inappropriate use whilst freehand the outward appearance of world busy with their work. Employees may see this as an invasion of privacy if they begin not been informed or consented in their employment contract of this monitoring occurring.With Kants theory an employees actions of cyber-slacking would be considered morally wrong as they are not doing the right thing by their employer. By the same token the action of monitoring a workers use of the internet or email without their consent would also be considered immoral under Kants theory of ethics. Shaw (2009) Page 452 Fair Work Australia also says that Password and login codes may give employees the impression that their email and clear browsing activities during work hours are private and not aware that their activities can be scrutinised by their employer. Fair Work Australia (2010) Page 3 Employers should provide clear workplace policies and procedures to master all parties understand the rights and responsibilities that apply to email and internet usage.Prescriptive guidance would detail the amount of appropriate personal email and internet usage within and outside the workplace that is permissible prohibited activities and repercussions legislation how usage is logged and audited and who has access to this information. Similar rules would apply to workplace landline and mobile phone usage. Fair Work Australia (2010) Page 4-5 By applying the consequentialist ethical theory of Utilitarianism to IT usage monitoring, the morally right action provides for the greatest happiness for all those affected, e.g., workload is sha red evenly amongst staff secret, discordant conversations are less likely to occur online and it is also a say-so way to avoid capableness conflicts in the workplace. Employers would use Utilitarianism to justify their actions in monitoring staff IT practices. An employee applying Egoism in this instance could argue that logging staffs IT usage is an invasion of privacy and not in their interest, therefore morally wrong. Shaw (2009) Page 92Privacy beyond the workplaceMost people believe that what they do and the opinions they have in the privacy of their own home is private, however fond media sites such as Facebook and chitter can sometimes be viewed by third parties depending on privacy settings. It is believed that employers have viewed the favorable media sites of potential new workers to assess their suitability to the job. In an article in the Daily Mail intelligence activitypaper (UK) the story claims that one in five bosses have rejected job applicants after exhibit t heir social media sites.According to a survey by public relations company Eurocom Worldwide, The 21st-century human is learning that every action leaves an indelible digital trail, said Mads Christensen, Network Director at Eurocom Reynolds (2012) In Australia, Telstra conducted a business survey which resulted in similar figures of more than 12.5% of bosses checking job applicants Facebook pages and turning away potential employees based on things they have seen on Facebook. Top social media behaviours cited by bosses as leading to a candidate being command out are greenback negative comments about their workplace with 44% saying this could rule out an applicant Posts/comments which are discriminatory (37%) contrasted pictures posted on their profile (32%) Posts/comments which contain confidential information (32%) and 10% of employers use Facebook and other social networking sites to keep an eye on employees productivity. Symons (2011) Page 1 Employers say the biggest mistakes their current employees make on social networking sites are 1. Posting negative comments about their workplace, with 26% saying this is the biggest mistake. 2. Posting confidential information (16%)3. They post or are tagged in inappropriate pictures on their profile (14%) 4. Posting discriminatory comments (11%)5. Posting comments/photos/ connect during work hours (10%) Symons (2011) Page 2Part of the key argument regarding personal privacy isDo employers have the right to make judgements about potential or current employees based on information in social media sites? Surely this is not an accurate indication of their work skills and loyalty to a business as these social media sites are (usually) created when staff are not at work. It is tantamount to spying on a person in their private hours where their opinions are not necessarily those of their employer. The bosses may also have dubious moral and ethical behaviours outside of work hours, however the employers position of author ity and power gives an unfair advantage over the worker. David W. Ewing devised an employees invoice of rights where No employee shall be penalized for engaging in outside activities of his or her prime(a) after working hoursnor for swaying views contrary to top management.Shaw (2009) Page 488 The employer would argue that regard the content on an employees social media site is indicative of that individuals moral standards which may in turn be noxious to the companys temper, e.g. a primary school teacher with sexually provocative images of themselves may be deemed inappropriate behaviour and unhealthful to the reputation and public perception of the school. Employers could justify their actions of looking into the private full of lifes of their employees with Egoism and Kantism. It is in the employers interest to monitor the integrity of their staff on and off the job. And inappropriate behaviour even if it is outside the workplace is detrimental to the reputation of the o rganisation they work for. The employee could take the moral stance using Virtue Ethics of which they consider themselves to be a moral and perfect(a) person by their routine behaviour whilst working and that they shouldnt be judge by the actions they take outside of work. Shaw (2009) Page 88Employee medical exam PrivacyMost recently there has been a report that Employers have been going along with employees to medical appointments and in some cases a genuflectg for medical certificates to be altered so that their employees can return to work earlier. The ACTU (Australian Council of shift Unions) assistant secretary Michael Borowick has revealed that the privacy of ill workers has been eroded, Employers, insurers and employer representatives are increasingly attendance actual medical appointments with injured workers and, in some cases, forcing workers to attend company doctors. Weve also had reports of doctors being pressured to change medical certificates and return-to-work pl ans.In May 2012, social structure materials supplier Boral was warned by Fair Work Australia against allowing supervisors to accompany injured staff into doctors consulting rooms, with the workplace umpire saying it had the potential to operate unfairly. The Fair Work Ombudsman said that the Fair Work Act does not contain express provisions regarding whether an employer can accompany an employee to a medical appointment or have a private conversation with a doctor regarding the employees medical condition. Wilkins (2012) It is incredible to imagine that such an intrusion of intimate personal privacy is occurring in the workplace let alone that there is skimp legislation to prevent it.An employer could argue that it is in the interest of the company to ensure that employees are acting honestly in relation to the true nature of their illness as sick days cost the company property in delays and decreased productivity. Marketplace competitiveness is affected and workers compensation be may also increase. By applying Utilitarianism theory, an employer may justify this action as it promotes the general welfare of the company and is result orientated.Whereas the employee may argue that utilitarianism is think on the results of the action not whether the action is morally right or wrong for the privacy of the individual worker. In conclusion on poise the argument of the notion that an individuals privacy is more grievous than any other consideration in the workplace is affirmed. We now live in a society where we think we are in tame of our personal and private details when in reality our opinions, movements, interests and affiliations are being monitored constantly without our knowledge. An individuals right to privacy is dependent largely on the amount of information they share face to face, in typography or on the internet. It seems unfair that personal privacy should be sacrificed for embodied gain.BibliographyBooksShaw, W., Barry, V., & Sansbury, G. (200 9) Moral Issues in Business (1st Asia-Pacific ed.), Cengage Learning. Melbourne, AustraliaJournalsAndrejevic, M. Commercial surveillance in the digital era, Living Ethics issue 87 (autumn 2012) Heersmink, R., van den Hoven, J., Jan van Eck, N.,van den Berg, J. Bibliometric mapping of computer and information ethics (2011) Springerlink.com economyPrivacy Act (1988) Commonwealth of AustraliaPrivacy and Personal Information shelter Act (1998) NSWWeb ArticlesA quarter of bosses head to Facebook to vet CVs http//www.news.com.au/technology/a-quarter-of-bosses-head-to-facebook-to-vet-cvs/story-e6frfro0-1226208260693 THE VECCI BLOG, Bosses heading online to screen job candidates, The Victorian Employers Chamber of Commerce and Industry (VECCI) 2011 http//blog.vecci.org.au/2011/11/30/bosses-heading-online-to-screen-job-candidates/Fair Work Australia, 2010 www.fairwork.gov.au/BestPracticeGuides/08-Workplace-privacy.doc Symons, P., Telstra Corporation Australia 2011 http//www.telstra.com.au/ abouttelstra/download/document/telstra-cyber-cv-fact-sheet.pdf Newspaper ArticlesReynolds, E., The Daily Mirror (UK) 2012 http//www.dailymail.co.uk/news/article-2115927/How-Facebook-cost-job-One-applicants-rejected-bosses-check-profiles-social-media-sites.html Wilkins, G., Bosses intruding on workers doctor visits Sydney Morning Herald, September 26, 2012 http//www.smh.com.au/opinion/political-news/bosses-intruding-on-workers-doctor-visits-20120925-26jh6.html?skin=text-only

Architectural education today: Cross-cultural perspectives Essay

Architecture is the play by which expressions and other physical structures atomic number 18 planned, constructed and envisi integrityd by dint of computeateness of environmental, ethnical and affable factors. Architecture also encompasses the issues of cost assessment, social organisation solicitude and scheduling which an architect obligate to consider in line of battle for it to be successful. The edge of computer architecture involves a series of steps whereby the architect symbolise a documentation of plans and technical specifications, typical drawings, which represents or defines the structure of the building to be constructed (Cowlishaw, 1999). This professional discipline represents all original fields regarding the figure of speech of our physical environment whether ethnic, industrial and residential. However the relationship between approximate mis bargainlings of the surroundings and building structures has resulted to the servants of responses to all factors in the environment including culture, climate, and location. This is referred as the create environment and currently, gentle macrocosms gentlem whatever(prenominal) researchers get been looking at what environmental burdens has an personal effect on sympathetic physical characters and application to the physical and cultural environment (Dovey and Kim, 2010).Consequently, every environmental factor has contri simplyed signifi roll in the haytly in the evolution of mans architecture and until recently cultural factors in the mans physical evolution (architecture) has acknowledged basically no consideration (Alamo et al, 2002). Environmentally, sensitive excogitation of any structure should be essential in the creative process from the commencement, considering at the current structure that there is probability of zip fastener consumption which is one of the environmental factors leading to a maintainable formulation and structure, which can be applied in the redesigning stage of the development. Consideration of the environmental factors in the architecture process ensures that there is easily adaptation of the structures knowing to any environmental condition. Cultural factors are also main essentials o consider when designing and planning any structure since they are connected to the gracious behavior (David, 1993). Culture can be defined as the development that not only regulate the pressures of internal assortment of any design or plan but also give ear in the changes of pressures. Evident on this aspect is when we witness the growth and improvement of human tools, social selection and migration. Through consideration of cultural factors, human temper is transformed in one way or the other and this set out contributed development of intellects which increase the response of biological mechanisms.Precisely, in this essay I crap tried to discuss in details on how environmental and cultural factors turn the process of architec ture as well as the build environment. Built environment can be referred as those surroundings created by humans, for humans and can be applied in human activity. Such built environment includes cities, buildings, and roads and also supports infrastructure, such as supply of water or net gives of zip fastener. However, built environment relates so very much with architecture since it involves spaces and places modified or generated by people in the ships company comprising transportation bodys, constructions and parks. But recently research from the public health have described built environment as cellular inclusion body of healthy nourishment admittance in the process of ensuring maintainable environment with an aim of yearn growth. The built environment offers the situation and background by which we function our lives and effects on our emotions, whizzs, contribution in physical action and the life and sense of biotic community and universal welfare (David, 1993).Cult ural factors Cultural factors that influence architecture as well as the built environment, explains more on the vogue of the architecture which will really fit the surrounding, they determine whether the architecture is handed-down or modern and also determines whether the architecture have integrated topical anaesthetic design components. The consequence of culture on the architectural design appears to be the crucial factor in shaping any structure. The widespread mix of shapes, techniques of constructing rings and roofs of houses has resulted to the current aspirations of advancement towards modernity. In legion(predicate) parts this inspiration of architectural heritage of cereal and color of the building components have been attained man suggesting new architectural design that can boost cultural endurance. In addition, the considerations on culture are mostly stressed in any architecture process because that architectural section that do not consider the cultural elements of its surroundings stand the risk of existence forbidden by the real people (Dovey and Kim, 2010). The features of culture that mostly affect architecture as well as built environment include religious, stinting and social activities.One of the main cultural factors influencing architecture and the built environment as well is sensory assessment of threads. Decorations chooses a building or any structure to have attractive and clear visual appearance to the observers confirming the occupants. Therefore before up to now designing and planning an architectural design, decoration of that structure mustiness be passing considered. This decoration must highly relates with the flexibility of the culture so that it cannot interfere with the existing culture and so the visual simplicity can go hand on hand with the noticeable differences. The influence of building components comes out as an effective and eventful factor in determining the complication of architectural de sign. Mostly, the repetition, orientation, similarity, common inclusion and balance of the building components play a measure in transfer building structures such as houses. Furthermore, the characteristics magnitudes of the divagateows, their relationship with the compact realms and their locations in the wall inclines a sense of consistency in architecture. Therefore, the effective architectural shape, material, entitle and decoration explains the most important components for constructing structures without much consideration on the texture and color (Noschis, 2002).Considerably, we have stated above that social activities are one of the cultural factors and they influence highly on any architectural design and its development. As we all know, the traditional styles of generating and creating architectural designs digressed to shrink due to tweak of western civilization thus resulting to modification from numerous unit system of extended families houses to current single un it system of apartments and flats. The current architects must consider a complete deviance from enclosure system even if the inhabitants of that house are more than one family. This is because there have been a stead evolution of architecture from traditional background. Approving the above order (Denyer, 1978) affirms that though the colonial lateralitylers did not directly mediate in issues concerning innate culture, however, there were two major conditions in which obligation did happen. They were the isolation of estate of the realm to accommodate emigrant settlers, and the hint of trying to persuade people to live in settlements suitable for local development policies. There was serious discourse in the habitation schedules and many administration have not changed the existing development. When designing any architectural design currently, one must have idea that involvement of grouped people who in early measure lived into larger-than-life villages has left their famil y farmstead of scattered and small villages. Modern community services have also attracted most of people to the site where good architectural designed with modern facilities. The main reason why this evolution have occurred is because any traditional buildings were designed with the bases of width and not its visor like what is done recently.Population is another social element which is below the cultural factors influencing the architectural designs and plans. Before setting up any architectural design, the architect must have the details of the number of people near that structure and determine whether this will affect the built environment in that location (Ferrigni, 2005). All social groups beginning from the aboriginal tribes to countries or nations have certain gentle of art form. It is a certain character that man at all successions attempts to show his feelings of his environment utmost the things which brings a great impact to his lifetime. Considering the number of p eople around that architectural design is very important because human being is a social being and at sometimes those people who are using it, or say it to be built or people designing and building it can influence all inner spaces.Environmental factors Environment and architecture relates so much such that without an architect considering the environmental factors, architectural designs and plans end up failing. It is not possible to design any good structures (buildings) without considering their relationship to the subject coordination. just, it is not possible to interpret the normal environment without having knowledge on how human involvement in the environment affects it either negatively or positively. The study of environment takes the entire meaning when nature and man start to identify their interdependence. However, the relationship of architecture and environment inspires students to sightsee from variety of perceptions (Dillion and Salvage,1998). In my opinion, e nvironmentally friendly architecture should be a habitual place to any firm in consideration of a good architectural design. The main environmental factors that influence the designing of architecture is climate with inclusion of its variables and elements. In addition we must consider another factor on consideration of energy emissions that will that will be required and created during the process of architecture. This will ensure that the budget of the client whose the well-designed building concern to, that the descend of energy to control it daily does not require the usual amounts of energy plus the cost-effective resources. When the architectural design is friendly to the environment, then it means it can be effectively implemented right on time (Fantin, 2003).Climate in particular as an environmental factor influences architectural designs. For example, the hot humid fields or zones requires structures with wide openings for ventilation and lighting. Climate unitedly wit h other physical components prescribe kind of geographical features and therefore influence the kind of construction and designs that can be established in a specific geographical region (Dillion and Salvage,2003). Consideration of these elements further assist the fashion designer in developing the dimension linkages and form which is arranged in a discrete manner to satisfy the desired needs. The conditions of a place has to do with topography, microclimate, water basin, undergrowth and wind breaks in the form of bush and trees. other situations are convenience, how near is that architectural design to the public infrastructure, entrance and the aim of disturbances. Since traditional house building system did not think through and through most of the factors noted above, the only considerations a house constructor or any planning house proprietor were vegetation with think of to economic crops, the appearance of the terrain, description of plot with respect to religious happen ings, immediacy to extend of instantaneous family and farm occupants (Ferrigni, 2005).Another importance of climate as an environmental factor is that it assist the architectural designers and planners to a large magnitude, what kind of ingrained resources can be afforded to local builders and architects. To those areas that do not have many trees or a lot of rainfall, but with a extensive area of grass where grazing of livestock can take place, cow strokes are a great deal permitted to dry and then composed together, so that they can be applied as building elements for the walls of buildings and other residences (Konya,1980). These strokes serve a construction component and heat-proofing. However, heavily forested areas allow the builders to apply timber as a durable and strong building component. In areas where there is large leaves, such as palm leaves, they can be applied to make roofs that are effective in avoiding rainfall and other elements of climate from touch on the bu ilt structure. This will contribute a lot to the one who is implementing the work of the designer because even the application of environment elements is easy to repair and it is a poor conductor of heat thus it facilitates to bearable inside(prenominal) temperature (Dillion and Salvage,1998).The alliance of locating the building on the location is done with special consideration being focused on the climatic components such as cheerfulness radiation, wind, topography, vegetation and precipitation. The level of disturbance and its view are also unremarkably taken care of an effective architecture process. During times of excessive heat, solar radiation is mainly considered because there is need to know the difference in temperature of a construction between the best and worst alignment (Ferrigni, 2005). honorable alignment assists to eliminate much of solar radiation from the internal region of the construction. However, alignment of houses is determined by bearing in mind por tal to the buildings and the point that the apartment of head of the family must be located nigh at the end. If all these considerations are done, then the nature and kind of the houses assist in reducing the consequence of sun radiation to the occupants in that building. Moreover consideration of mud houses can apply very well in these zones with extensive heats since, they are poor conductor of heat therefore, making the interior of that building quite cool (Konya,1980). Another architectural consideration in these parts is constructing buildings that do not have ceiling in order to enable circulation of air thus improving the ventilation.Finally, the appearance of local beautify and the way it is influenced by climate can have an important control on the choices made by the architectural designers. For example considering the land which is polish to water bodies then the domestic residences can be built lining in the course that enables cooling breezes created by the water to create natural circulation of air (Fantin, 2003). Consequently, those places with an abundance of trees, residences can be constructed under the shade of their leaves to follow through a similar function and deliver protection from either wind and or rain. In addition, the modern conservation of energy can be a main challenge in buildings which are being built. This often leads to connecting energy from native weather patterns in ways which are ripe and will allow the concentrated amount of air to stream through and cool the buildings (Alamo et al, 2002).Conclusion Any architecture can give in a very detailed and speedy manner, the cultural background and historical economic of any group of people or settlements. In saucer-eyed terms, the architectural constructions in any setup, informs visitors the kind of structures in existence whether cultural or environmental. There must be a resolute grapple to revive the failing architectural trend and advance fresh but tolerable ar chitectural plans and design that identify the culture of the people with respect to present development in their environment. Every culture can relieve oneself a kind of architecture that can encourage a kind of architecture that can vary from developments to everyday house. Environment and family appear to be the most common influences generally. Each culture is not the same to the other and the more we become enlightened on them, the more we raise the take account of our environment and comprehend why certain issues appeal to us. There is no doubt that if any architectural design can consider the cultural and environmental factors, then there will be a built environment which is acceptable and friendly and at the same time interconnected with the existing infrastructures in the environment.ReferencesDenyer S 1978. African Traditional Architecture. New York African Company, pp. 14-22Dovey, Kim.2010. Becoming Places Urbanism/Architecture/Identity/Power. London, New York Routledg e Taylor and Francis Group,David M.2013. A Place to echo Home Identication with Dwelling, Community, and Region. The Sociological Quarterly, Nr. 1, 111131Ferrigni, F., & European University Centre for the Cultural Heritage. (2005). Ancient buildings and earthquakes reducing the vulnerability of historical built- up environment by recovering the local seismic culture principles, methods, potentialities. Bari Edipuglia.Alamo, A. M. A., OReilly, W., & Noschis, K. (2002). Architectural education today cross-cultural perspectives. Lausanne Comportments.Konya Allan 1980. Design Primer for Hot Climates. London Architectural Press Limited, P. 33, 37, 38.Dillion,J. & Salvage, M. 1998. Tangentyere council in Architectural Review, Octomber, pp.96-97.Dillion,J. & Salvage, M. 2003, House Design in Alice Springs Town Camps in manage Housing Design and indigenous Australia, eds P. Memmott & C. Chambers, The Royal Australian lend Of Architects, Red.Cowlishaw, G.(1999). Rednecks, Eggheads and Bl ackfellas A Study of Racial Power and Intimacy in Australia. Allen and Unwin.Fantin, S. (2003a). patriarchal identities in architecture. Architecture Australia, 92(5)8487.Source document

Human Trafficking in Nepal

There be umpteen purposes for benignant trafficking compel labor, sla real, removal of organs and conjure slavery. Sexual exploitation, or conjure trafficking, which Is the focalization of this paper Is the mall type of trafficking in the rude of Nepal. m both an(prenominal) of these women who befit conf designd in the sex world argon compelled by stinting circumstances and social inequality. While some enter sex toy voluntarily, separates pose involved in sex work by pluck or deception, such as by dint of sex trafficking. Human trafficking violates these very justifiedlys that argon supposed to be granted.Nepal Is conside florid a inelegant of origin, meaning It Is the country where women and children ar mainly abducted and taken to other countries where they be c wait genius as sex slaves. Nepal is a country with unmatchable of the lowest benignant tuition indicators, which increases the photograph of the four-year-old female childs to trafficking and familiar abuse. Women and children, the primary victims of sex slavery, continue to be hale into a variety of versed activities including prostitution, pornography, striping, mall-order brides, and sex tourism, all of which open fire occur In public or private locations.The majority of the Naples women and children that argon sell as sex slaves are sold by a family member or close friend. They are approximatelyly smuggled into Indians and Shanghais red light district, and to house of prostitutions in other urban cities. In the Middle East, they are exploited to work at parlor and dance bars. In legion(predicate) cases, older women are known to recruit young girls, promising them a break out future where they keister break free from the need In which they live In (Bales 142). Tuskers is what young Naples girls from the age of 14-16 are called when they are sold to the house of ill reputes. Ill many girls are oblige or deceived Into prostitution, many go forthingly go into the sex industry due to their addiction to drugs, while others are in search of a better future, non alto peeher for themselves n perpetuallytheless withal for their families that live with impecuniousness conditions. Also, those that do not volunteer to become trafficked are physically forced into labor, most likely sold by parents for the purpose of working off family debts to the disposal or organized nuisance groups, which exalts no exercise of choice.A huge portion of the population lives below the poverty line 2% of the country lives with less than US$2 per day. frugal circumstance and social inequality are the strongest promoters that compel women to become involved in the industry. Another factor that contributes to this industry is the balance supply of victims from displace countries and the demand from receiving countries these countries are the one creating such unethical demands.The United Nations defines human trafficking as means of threat or use of for ce or other forms of coercion, of abduction, of fraud, of deception, of the abuse of power or of a position of vulnerability or of giving or achieving of payments or benefits to achieve the consent of a person having control over another person for the purposes of exploitation. Exploitation shall include, at a minimum, the exploitation or the prostitution of others or other forms of internal exploitation, forced labor or services, slavery or practices similar to slavery, servitude or the removal of organs. United Nations 2). Forcing or using someone to profit from sexual exploitation for ones own personal benefits is not condoned by the United Nations this split of behavior is considered morally wrong ND offensive to many lot in the affected countries . Traffickers generally use the same work when bit or abducting their victims. Many of the batch that are kidnapped are narcotised and have a very violent removal, that way trafficker has fundamental control of them. After the a bduction, the victim is taken out of their native country and taken into a brothel in a faraway country.The flat coat for this is for the person to not know their surroundings, the language or rights of the country. In the process of being taken to another country the victims identity document are confiscated. When young girls are being transported from one country to another, they are presumption a complete new identity by which they must go by. Most victims are threa cristaled in order to comply with the steering the traffickers have given them. If under any circumstance they contravene the conditions they are physically ab utilise.In the process of obtaining control of the trafficked person, they are drugged and their minds become falsify which does not allow them to think in a proper manner. Many are brainwashed into believing that there is no other better future and that they are of no worth. Human trafficking has a tremendous psychological impact on its victims as a resul t of the manipulation, abuse, and cultural hurt experienced when forced to work a less than desirable business organisation in a foreign country. Once the trafficker is under control, the victims imprisonment and exploitation incurs.Regardless of the violence, working and reinforcement conditions, hatful that are in servitude witness their own mechanisms to survive. In addition to being forced to have sexual colloquy with unknown men, they are also forced to drink strong beverages and do drugs when asked to. These women and young girls are not allowed to ask their customers to use protection. As a result of this, a Nepal has had at least eight to ten abortions by the age of 30. Many have said that the owners of the brothels have forced back to work two hours after having the abortion.In some cases if the girl was as considerably young and had sexual intercourse after an abortion, she would pass away do to the intense pain and lack of nutrients. Because they are not able to use protection there are a at least 18 HOW AIDS cases reported in a hour, which means that more(prenominal) than 61% of the Naples women are infected with this disease in the process of having sexual intercourse with a customer (Humans Right Watch). If they refuse to do what is asked from them the customer has the right to torture them as they please.Many men are now requesting to have sexual intercourse with young girls because there is less of chance of numberting a sexually transmitted disease. In addition to this, Nepal and Indian men also believe that if they have sex with a virginany SST that they whitethorn have, may be removed and she told her story about when she was taken to a brothel. Gina was being forced to have sex with customer, and if she refused she was beat and raped by a group of men. When I refused they beat me and raped me. I was provided s dismantle years old (The Day My God Died). Many young girls are physically abused, some get burned with cigars, others burned with acid, and most of them are deprived of food and water for days until they stop refusing the requests of the customers. They used to catch me by the hair, bang my head against the wall and throw me on the ground. They would try anything to make me have sex They beat me with a bite and some time hit me with aluminum rods (The Day My God Died). During the enslavement distributor point, the victim is physically, emotionally, and mentally abused, and if they happened to be let free, most of them attempt suicide.After their enslavement consequence many feel that there is no point in living with such memoirs. Many do not seek for help or go back to their hometowns because they are ashamed of what they have been through. Not only are they illegal, but isolated as wellspring and with no other way of making a living, nearly all return to sex work, a human trafficking survivor said The people of my village persuade me in contempt. They treat me badly. People dont understand t hat I was tricked and that I suffered a lot (International Justice Mission). There are only very some ways to fudge sex trafficking being accused, released or escaping.Though there is a very low success rate for victims that try to escape, 11% of females successfully escape sex trafficking. It is very strenuous for a person to escape they must be physically and mentally prepared to do it, because not only are there guards that keep watch of the brothels 2417, but if they were to get caught in the process of escaping, they must be prepared to receive any punishment that will be given to them. A young girl named Kyoto Pray said she tried escaping at least three times and when she got caught, she got her hair pulled he was beaten and even broke an arm.About 7% of females get released by their owners, for one of two reasons either they are no lasting attractive or are too old to bring comfortable clients or they have been infected with HIVE . Most end their period of servitude at 18 to 22 years old when they have repaid their debt. During that time, the brothel owner has made a profit four to 20 times the price paid for the trafficked girl. This leaves 80% of girls in those brothels with lost dreams and hope of ever leaving that horrible place, and starting a new life. L would not wish that life on an enemy. It was pure hell. It would be better to hang yourself and die(The Day My God Died). One of the main reasons why many people contribute to human trafficking is due to lack of money. As mentioned originally most of the inhabitants in Nepal live with less than $2 per day. Most of the people that are involved in this business are in it in hopes off better future for their families. Due to lack of education and healthcare the slavery business seems the easiest solution to many.About 80% of Napalms population live in rural areas and depend on subsistence farming for their livelihoods. Nepal has a limited age in favor of their anti-trafficking laws. In 2007, trafficking in Persons and Transportation (Control) Act (TAP), Nepal law prohibits all forms of trafficking and prescribes penalties ranging from 10 to 20 years imprisonment, which are sufficiently rigorous and fitted with those Organization (MONGO) made platforms to fund trafficking shelters in Katmandu, Assassination, and Chapman. These cities are major ports for sex trafficking.The young girls who are rescued from the brothels are taken to foster origin where they are treated for any psychological problems that they encounter. Many of the people that are rescued from their owners file a report against them, but many of the people that are involved in Napalms government are also associated with owners of the brothels. For example, the officials and government often support and encourage trafficking by accepting bribes by brothel owners for turning a blind eye to illegal activity, or by visiting brothels for sexual services.Corrupt government and law enforcement officials are on e factor that contribute to the growth of human trafficking, therefore most of the sex trafficking victims do not confide in their overspent system, which also makes it harder for sex trafficking to end in Nepal. Brothel owner make a huge profit yearly it is currently estimate to $10 billion of revenue per year. The trafficking industry is one with large benefit, due to the low costs of forced human labor.Because the victims of trafficking are expendable, reusable, and re-sellable cheap commodities, particularly because they are withheld adequate food, wages, shelter, and health care, amounting to large profits for traffickers (Neck 374). Trafficking is the worst human rights violation that one can go through it is abduction, physical and mental abuse. The pain of being ripped away from ones family and loved one, can be such a deep psychological scar, in which even though a person has been without a family for years they will never forget about the family they once had.This type o f pain is something that one cannot entrap if one has not experienced it. The inequality between women and men in Nepal is reinforced by cultural ideas that the dominance and strength off male, and conformance of the female. The discrimination that the women in Nepal are suffering is not only accident in this country is it also affecting many other countries near the world. The expectation of women around the world are very similar women are to be passive, obedient , oppressed and forced into relationships with people that are forced to be with.It is very important for the men to be dominant in the relationship, as it go ons their social and economical dominance in order to maintain control of their women they feel forced to use violence. Napalms government is working on developing a plan do promote womens human rights. Implementing these rights will take time and cooperation of the whole country in order to for the plan to work. Anural Gorilla, is the founder of Mattie Nepal.T he foundation has rescued 12,000 Nepal girls and young women from sex trafficking, many who were sold across the border to brothels in India, they are also working on reconciling abducted girls with their families. Therefore, women and children are taught sewing, basket weaving, and cooking to help them build the skills indispensable to find a Job, and are also given individual advise by psychologists in order to deal with emotional problems they are experiencing from last(prenominal) trafficking-related trauma.Many non government organisations like these are staring to take matters into their won hand since the overspent had not yet been successful in stopping this sex trade. The offbeat and the hopes of the peoples of the world can never be served until peace as well Due to the force, exploitation, and manipulation involved, this trend fundamentally violates the rights to life, liberty, and security of a person, the suppression of slavery and slave trade in all forms, as w ell as that no one shall be treated in an brutal or degrading manner (United Nations, Universal Declaration of Human Rights).Can one person make a difference in the lives of the two zillion people that are trafficked annually? Maybe not but if more people Joined organizations that will help the cause there would be a higher success rate of victims that are rescued from human trafficking. More people are becoming aware of human trafficking and are taking a stand to help end this there are organization like The Project To End Human Trafficking is a non-profit organization that was founded in 2004 as part of the anti-slavery movement. The initial goal of the founders was not to begin an organization, but simply to offer educational lectures about human trafficking.

Carrie Chapter Twenty

Q. You deny you had prior knowledge of Carrie Whites whereabouts?A. Of course I do. Its an absurd idea.Q. Oh? And why is it absurd?A. Well, if youre suggesting some harming of conspiracy, its absurd because Carrie was dying when I imbed her. It could not have been an liberal way to die.Q. If you had no prior knowledge of her whereabouts, how could you go directly to her repair?A. Oh, you stupid man Have you listened to anything thats been said here? Everybody knew it was Carrie Anyone could have found her if they had put their minds to it.Q. solely not just anyone found her. You did. Can you communicate us why people did not show up from totally all over, like iron filings drawn to a magnet?A. She was ricketyening rapidly. I cogitate that perhaps the the zone of her influence was shrinking.Q. I think you go away agree that that is a relatively uninformed supposition.A. Of course it is. On the subject area of Carrie White, were all relatively uninformed.Q. Have it your w ay, drop off Snell. Now if we could turn to At first, when she climbed up the enbankment between Henry Drains meadow and the parking lot of The Cavalier, she panorama Carrie was dead. Her figure was halfway across the parking lot, and she looked oddly shrunken and crumpled. process was reminded of dead animals she had implementn on 495 woodchucks, priming coathogs, skunks that had been crushed by speeding trucks and station wagons.But the presence was still in her mind, vibrating stubbornly, repeating the call letters of Carrie Whites record over and over. An essence of Carrie, a gestalt. Muted now, not strident, not announcing itself with a clarion, but waxing and waning in steady oscillations.Unconscious. fulfil climbed over the guard rail that bordered the parking lot, feeling the heat of the stimulate against her face.The Cavalier was a wooden frame building, and it was burning briskly. The charred remains of a car were limned in set on fire to the right of the back do or. Carrie had done that. She did not go to look and see if anyone had been in it. It didnt matter, not now.She walked over to where Carrie target on her side, ineffective to hear her own footsteps under the hungry crunch of the fire. She looked shovel in at the curled-up figure with a bemused and bitter pity. The injure hilt protruded cruelly from her shoulder, and she was lying in a small pool of telephone circuit some of it was play a trick onling from her mouth. She looked as if she had been trying to turn herself over when unconsciousness had interpreted her. Able to start fires, pull down electric cables, able to decimate almost by thought alone lying here unable to turn herself over. carry through knelt, took her by one arm and the unhurt shoulder, and mildly turned her on to her back.Carrie moaned thickly, and her eyes waffleed. The perception of her in Sues mind sharpened, as if a mental picture was coming into focus.(whos there)And Sue, without thought, spoke in the similar fashion(me sue snell)Only there was no need to think of her name. The thought of herself as herself was neither words nor pictures. The realization suddenly brought everything up close, made it real, and compassion for Carrie broke through the dullness of her shock.And Carrie with faraway, dumb reproach(you tricked me you all tricked me)(carrie i dont even know what happened is tommy)(you tricked me that happened trick trick trick o unclean trick)The mixture of image and emotion was staggering, indescribable. Blood. Sadness. Fear. The latest dirty trick in a long series of dirty tricks they flashed by in a dizzying shuffle that made Sues mind reel helplessly, hopelessly. They shared the awful totality of perfect knowledge.(carrie dont dont dont hurts me)Now girls throwing sanitary napkins, chanting, laughing, Sues face reflect in her own mind ugly, caricatured all mouth, cruelly beautiful. (see the dirty tricks see my whole life one long dirty trick)(look carrie loo k interior me)And Carrie looked.The sensation was terrifying. Her mind and nervous system had become a library. soulfulness in desperate need ran through her, fingers trailing lightly over shelves of books, lifting some out, scanning them, putting them back, letting some fall, leaving the pages to flutter wildly(glimpses thats me as a kid hate him daddy o mommy wide lips o teeth bobby pushed me o my knee car want to ride in the car were going to see aunty cecily mommy come quick i made pee)in the range of memory and still on and on, finally reaching a ledge marked TOMMY, subheaded PROM. Books thrown open, flashes of experience, marginal notations in all the hiergglyphs of emotion, more tortuous than the Rosetta Stone.Looking. Finding more than Sue herself had suspected-love for Tommy, jealousy, selfishness, a need to subjugate him to her allow on the matter of taking Carrie, disgust for Carrie herself,(she could take better cautiousness of herself she does look just like a GO DDAM TOAD)hate for Miss Desjardin, hate for herself.But no ill will for Carrie personally, no program to get her in summit of everyone and undo her.The feverish feeling of organism raped in her most secret corridors began to fade. She felt Carrie puffing back, weak and exhausted.(why didnt you just leave me alone)(carrie i)(momma would be alive i killed my momma i want her o it hurts my chest my shoulder o o o i want my momma)(carrie i)And there was no way to finish that thought, zero there to complete it with. Sue was suddenly overwhelmed with terror, the worse because she could put no name to it The bleeding freak on this oil-stained asphalt suddenly seemed meaningless and awful in its pain and dying.(o momma im scared momma MOMMA)Sue tried to pull away, to disengage her mind, to allow Carrie at least the concealment of her dying, and was unable to. She felt that she was dying herself and did not want to see this dawdler of her own eventual end.(carrie let me GO)(Momma Momma Momma oooooooooooo 0000000)The mental roar reached a flaring, unbelievable crescendo and then suddenly faded. For a indorsement Sue felt as if she were watching a candle flame disappear down a long, black tunnel at a tremendous speed.(shes dying o my god im feeling her die)And then the play off was gone, and the endure conscious thought had been(momma im sorry where)and it broke up and Sue was tuned in only on the blank, idiot frequency of the physical tinder endings that would take hours to die.She stumbled away from it, holding her arms out in front of her like a blind woman, toward the edge of the parking lot. She tripped over the knee-hi guard rail and tumbled down the embankment. She got to her feet and stumbled into the field, which was filling with mystic white pockets of ground mist. Crickets chirruped mindlessly and a whippoorwill(whippoorwill somebodys dying)called in the undischarged stillness of morning.She began to run, living deep in her chest, running from To mmy, from the fires and explosions, from Carrie, but mostly from the final horror-that last lighted thought carried swiftly down into the black tunnel of eternity, followed by the blank, idiot hum of prosaic electricity.The after-image began to fade reluctantly, leaving a blessed, modify darkness in her mind that knew nothing. She slowed, halted, and became aware that something had begun to happen. She stood in the middle of the great and misty field. waiting for realization.Her rapid breathing slowed, slowed, caught suddenly as if on a thornAnd suddenly vented itself in one howling, cheated scream.As she felt the slow course of dark menstrual blood down her thighs.

My Life Goals

Pete Blankenship Mr. Letz English 101 25 September 2012 My spiritedness Goals Im eighteen twelvemonths old and my birthday is on February 23, 1994. My name is Thomas Earl Blankenship IV, entirely I go by Pete. I am from Mobile, Alabama and I live on Dog River. I revivifyed soccer, basketball, and ran cross country in high inform. Soccer is my favorite sport and the team I was on in high tame won the state championship twice, and I got named MVP the past cardinal seasons. I incur two little brothers Murray(17) and Jack(14). I similarly have an older sister Katherine(24). Being the oldest boy in the family is challenging some quantify but its a responsibility that I love to have.I att finished a military high school called UMS-Wright, and their code of conduct was very strict. My aliveness love is medication and my ultimate dream is to perplex a medication producer in Nashville, Tennessee. My goals on a short term racing shell for this semester are primarily academic, emo tional, apparitional, and personal/professional. By the end of this semester I testament have accumulated a g. p. a. of a 3. 5 or higher. To do this I go away have to give up nights with friends and partying, but I believe it pass on all be worth it. I extremity to have a fantastic resume academically. My personality and conk away value orientation are what I think will gain me the career excerpt that i desire.Another goal I will have achieved by the end of the semester is to picture a group of people that I can play music with and practice my recording abilities with. I want to do this because music is the love of my life and without it I think I would be depressed. Its too soon to tell if life without music effects me emotionally or spiritually because it has only been a few weeks in college, but it has been something that will ceaselessly cheer me up in bad times and relieves stress when I am feeling overwhelmed. I want to find people to play with to achieve my persona l goal of becoming a music producer in Nashville.A goal on a spiritual level is to grow stronger in my faith with Christ. I have always been a relatively religious person, but I have detect that when I am not being made by my parents to theorize my prayers and go to church it is more than harder to do so. After coming to the realisation that a relationship with Christ is something that I believe I deprivation to be truly happy, I have a set a goal to go to my fraternities bible study every week and to contract going to Campus Crusade. By the end of the year my goals are to finish the year with a minimum 3. 5 G. P. A. to have a house dumb and have selected roommates that I believe will better me as a person, to have achieved at least 80 hours of community service, and to be performing with a band for money. I need to finish with a with child(p) G. P. A. because grades are historic to me and are a small symbol of your work ethic, so that my resume looks well enough to get the interviews and opportunities that I desire. I want to have 80 service hours to have an outstanding and benevolent resume. I also want to be a lot more frugal with my money and begin playing gigs for money to earn an income and become more responsible.I also want to have accepted and be on the way to an internship in Nashville, Tennessee that I was offered last summer. These final goals I anticipate to be completed by the time I am 45 years old. I will have a small family in Mobile, Alabama. I will own a recording studio out of Nashville, Tennessee that I can valet de chambreage from Mobile. I will be adequate to(p) to do this because most music production can be finished with(p) online and sent through the internet through email. I will also be a millionaire by this point through smart wrinkle investments. I will be known as a man of character and integrity, through honest business transactions and kind actions.I will be a spiritual leader in my family and my community. I wi ll achieve this reputation through a strong group of Christian people to keep me accountable for my actions. My life goals are very important to me now that I am in college. I feel much more obligated to continue trying my top hat and staying responsible. Now that in that location is added pressure to be my best and school is not just school now, its training for a career. I will do my best to accomplish my short term goals and continue to gain ground on my ultimate goal of owning a recording studio and achieving happiness through my walk with Christ and providing for my family.

Brand History Ysl

shit History Founded by Yves fear Laurent and his cooperator Pierre Berge Chief Designer 1. Yves beau ideal Laurent 1962-2002 The Day of Birth distinguished 1, 1936 The Day of death June 1, 2008 Reputation He is considered by many of the worlds best- dressed commonwealth to be the inventor of modern fashion. Besides that, he is seen as the last of a generation of clothes instaurationers that made the Rive inelegant (French for Left Bank of the Seine River in Paris) home to the to a greater extent or less intellectual fashion designers in the world.These designers include Christian Dior, Coco Chanel, and Hubert de Givenchy all people who helped make Paris the international capital of fashion. CAREER 1. Saint Laurent got his wide-ranging break when he was only 17 years old. The shy adolescent designer began to work for fashion legend, Christian Dior. 2. By the time he was 21 years old, Saint Laurent was in charge of Diors empire. He presently st deviceed to develop a uni que style that combined Diors elegance and impost with a more turn inable, realistic style. . Saint Laurent struck out on his own in 1961, opening his own fashion household where he created haute couture for socialites and celebrities. MAIN ACHIEVEMENTS 1. Saint Laurents trendsetting clothes not only changed the realize of high fashion but too the life of the average woman. 2. forth from his haute couture clothing, he offered another clothing line for wowork force available in discussion section stores. The designs from this line often turned heads and changed the lives of the women who wore them. 3.In the sixties and 1970s, when women were joining the men in millions for the first time, Saint Laurent designed more gender-neutral looks based on pants and tips. No longer did women feel like they needed to wear only skirts and blouses. The change met with resistance, but women those who wearing Yves Saint Laurents pantsuits would evidently take off their pants to dictate w hat they were allowed to wear on more than one occasion. 4. Another clothing item of his that became popular was a jacket called le smoking, which is a square-shouldered tuxedo for women.When the jacket first appeared in his 1966 fall-winter solicitation, it immediately became a groundbreaking landmark in fashion archives because it blurred the lines between traditional male and female style. 5. Saint Laurent in addition changed fashion by using other types of pop culture in his clothes. For example, he created the Mondrian dress in 1965. These colorful dresses were patterned with the Dutch creative person Piet Mondrians abstract and geometric designs. 6. Saint Laurent likewise aided the womens liberation front by challenging other socially accepted norms. . In 1971, Saint Laurent posed nude for his own perfume ads. This was shocking to many people. He did it to raise this question Why is it more socially acceptable when a woman poses nude for an advertisement than when a man does? 8. He is assign with having introduced the tuxedo suit for women. 9. He became the first designer to use pagan models in his runway shows, and referenced other non-European cultures in his work. 2. Alber Elbaz 1998-1999 3. Tom intersection 1999-2004 4. Stefano Pilati 2004- Logo Designed by A. M. Cassandre Brand Main HistoryDuring the 1960s and 1970s, the firm popularized fashion trends such as the beatnik look, safari jackets for men and women, tight pants and tall, thigh-high boots, including the creation of arguably the most famous absolute tuxedo suit for women in 1966, Le Smoking suit. Some of his most memorable collections include the Pop Art, Ballet Russes, Picasso and Chinese ones. He also started mainstreaming the idea of wearing silhouettes from the 1920s, 30s and 40s. He was the first, in 1966, to popularize ready-to-wear in an attempt to democratize fashion, with Rive Gauche a name.He was also the first designer to use black models in his catwalk shows. Among St . Laurents muses were Loulou de La Falaise, the young woman of a French marquis and an Anglo-Irish fashion model, Betty Catroux, the half-Brazilian daughter of an American diplomat and wife of a French decorator, Talitha Pol-Getty, who died of drug overdose in 1971, and Catherine Deneuve, the iconic French actress. Ambassador to the couturier during the late 1970s and early 80s was capital of the United Kingdom socialite millionairess Diane Boulting-Casserley Vandelli, making the brand ever more popular amongst the -European jet-set and upper classes.In 1993, the Saint-Laurent fashion house was sold to the pharmaceuticals company Sanofi for approximately $600,000,000. In the 1998-1999 flavors, Alber Elbaz, before long of Lanvin, designed 3 ready-to-wear collections. Pierre Berge appointed Hedi Slimane as Collections and art Director in 1997, and they relaunched YSL Rive Gauche Homme. Hedi Slimane decided to leave the house 2 years later. In 1999, Gucci bought the YSL brand and as ked Tom Ford to design the ready-to-wear collection while Saint-Laurent would design the haute couture collection.In 2002, dogged by years of poor health, drug abuse, depression, alcoholism, criticisms of YSL designs, Saint-Laurent closed the illustrious couture house of YSL. tour the house no longer exists, the brand still survives through its name company Gucci Group. The pret-a-porter line is still be produced under the direction of Stefano Pilati subsequently Tom Ford left in 2004. His style is decidedly more French than the overtly sexy number that Tom Ford perpetuated. Brand Communication For advertising his companions, the Yves Saint Laurent uses familiar faces from the general public.In the beginning, inscription Elela great names in fashion as Katoucha Niane, Betty Catroux, Loulou de la Falaise, Talitha Pol-actress Getty or Catherine Deneuve. Then, Kate Moss, Claudia Schiffer. The former supermodel Naomi Campbell is used for the campaign of the Autumn-Winter 09 collec tion. For the mens fragrance Night of the art object is Vincent Cassel who embodies the new face of the brand. The house YSL applies to make his shows an event for which the jetset people work to sit in the front ranks. The venues are just as prestigious as the models occupying the podium.The womens collection Autumn-Winter 07-08 and was held at the Centre Pompidou in Paris on 1 March 2007, while the mens collection for the same season was held in the workshops Berthier. Campaign Spring-Summer 2008 women has, in turn, held on the premises of the Foundation Yves Saint Laurent-Pierre Berge. The Creative Director Stefano Pilati is then, picgraphers Ines Van Lamsweerde and Vinoodh Matadin and the model is none other than Kate Moss. The Fall-Winter 2009-2010 collection create the event it is first opened on the website of the brand, before being presented on the catwalk.Since 2007, Stefano Pilati created the event each year to the streets with his Manifesto a photo catalog of luxury brand Distibution to passersby on the street. In 2008 he was with the image of supermodel Naomi Campbell, photographed by the duo Inez van Lamsweerde and Vinoodh Matadin-distributed simultaneously in Paris, New York, London, Milan, capital of Japan and Hong Kong. A cotton bag flanked YSL logo was also provided for the occasion. In 2009 he was with the image of Claudia Schiffer and accompanied by a bag with the initials of the brand, designed by Stefano Pilati himself, and a small USB key.

Critical Review for the Article Essay

The electronic journal entitled The Long-Term Performance of Horizontal acquirement, by Laurence Capron of the Institut Europeen dAdministration des Affaires (INSEAD), published in 1999 by the Wiley and Sons publishing, has studied the creation of plane mergers and eruditeness. In Caprons paper, he dated his studies from mid-1980s to early 1990s financing strategies of firms in divesting and liquidating its pluss which he referred as the horizontal mergers and encyclopedism.Capron has cited ab pop 253 firms in Europe and the States that patterns the financing strategies. According to Capron (1999), examination reveals divestment of assets and neat infusion (re-financing of liquidated assets) makes effective to achievement carrying into action, but could have potentially detrimental impact. As what Capron emphasized on the performance of learnedness based on divestment and redisposition (re- encyclopaedism) of resources, his contain examines the defects and compliments on ef fective means in horizontal mergers and acquisition.Key points and rationale As reviewed from the journal, the horizontal acquisitions may be exemplified as a means and strategy in establishing the resource-divestment turning away, in which by doing so, it optimizes or exploits the values of cost-based and revenue-based synergies (Capron 1999 p. 988). As explained, it may be perceived that the synergy patterns the continue acquirement of work values, as a result of divestment wherein confluence of the impertinently diversified firm or worry values acquires more assets and not bad(p) budget.According to Capron (1999), the cost efficiency theory emphasizes on the significance of cost-based synergies that turn over when assets have been divested resulting the integration of cost-saving measures. Thus, the firm performs effectively in enhancing its revenues that synergizes with the redistribution of the big(p) towards an intensify capability. It may be analyzed from the findin gs of Capron that the 1980s and 1990s rapid maturation of industries brought about by globalization have emerged more investments in the bestow chain. iodine of which is the positioning of developed and high-end industries within raw material sources. Like, for example, diversification bring has been developed in Asian countries wherein more investment in cheap raw materials and labor atomic number 18 uncommitted and can be acquired easily. The horizontal acquisition could be drawn from establishing partnership, subsidiary in operation, conjugation imagines and inter-dependency in export and import schemes. Hence, for example Company A has divested in establishing Company B to engage in tire manufacturing that source out the cheapest raw materials.In which case, a diversified industrial firm could venture out into versatile business organisation values that optimize capital investments for a larger revenue generation translated into cost effectiveness that means self-colou red profitability. In Caprons finding, the so-called economy of scale of measurement became the bases of diversification process that paved the way to a large-scale industrialization. The 20th century arrange of the economy of scale has favored more industries to capture the investment areas, specifically in poor countries.The dispensation of merging through open-ended stockholding in small-medium-large enterprises units has put significant relevancy in acquiring industrial partnership, wherein capital investment has a critical role in merging companies. As cited from Caprons findings, the logical economic explanation is capturing revenue-based synergies which are commonly place as allocating and equilibriseing resources by providing nerve centre competencies or mobilizing invisible assets (Penrose 1959 in Capron 1999 p. 989).As cited, Capron also pointed out in his theoretical pretending of post-acquisition and target redeployment (Capron 1999 pp. 990-995). According to Capro n, the theory describes the diversification process as focusing on (1) asset divestiture, (2) cost-saving, (3) resource redeployment, and (4) revenue-enhancing capabilities as an effective means of acquisition performance (Capron 1999 p. 992). The theoretical model refers to and explains the basic economic behavior as draw in the acquisition performance.Capron further theorized that capabilities in a divested firm are being distributed as an organizational undertaking. Meaning, it can be explained that the system of corporal governance and human resources are distributed or being shared that composes the acquisition performance. However, key organic elements were emphasized to have been integrated in the divestment process, in which the re-deployment (or deployment) of the organizational system or setting are acquired. ConclusionCaprons examination on the horizontal acquisition and projection of model in strategic post-acquisition and redeployment could be understood as a fundame ntal frequency undertaking in diversification process. It may be true that more or less of merging firms in their acquired assets or business are mainly distributing their in-placed organizational or corporate system. However, the merging firms could likewise optimize or streamline the existing organizational set-up, which is the common occurrence in or so firms that undertaken a buy-out.It may be perceived that the revenue-generation could be largely acquired into options by streamlining the existing organizational set-up or re-organizing both human and capital resources. Caprons findings have emphasized more on the performance capability on the theory of horizontal acquisition referring only to capital budget, as implied on the capital resources or amend assets of the firms. The human resource aspect as a critical unit of the post-acquisition process may have not been well emphasized.What has been more often than not discussed in the study is the transformative business value in divestment schemes referring to capital investments and fixed asset liquidation. It could be reflected that the capital investment and fixed asset liquidation are the critical factors in the divestment schemes as the primary resource of merging stakeholder. It could be suggested that the potentially detrimental impact as also pointed out by Capron could be referred to the human resources or labor force in a diversified industry.The merging stakeholder in Caprons findings were much given relevance on how they could effectively perform in targeting their post-acquisition and redeployment, in which the study itself envisions to complement the performance capabilities of the stakeholders. At this point, we may re-examine Caprons theoretical model as giving more weight to the envisioning of transnational and multi-national enterprises in furtherance of globalization, in which the continuing divestment scheme competes in the large scale economy of labor market and capital build-up.We may then intermit that Caprons findings could be re-examined with further studies relating to human resources re-deployment or deployment on its horizontal development complementing the diversification of industries, in which the parallelism envisions both human and capital divestment. Section B Morrisons bid to Safeway The electronic magazine of the financial Times on its December 8th 2003 slue at the www. ft. com blade site has published the news article of Richard Milne entitled Countdown Starts for Morrisons entreat for Safeway.According to the news article, the Morrison Supermarket bided 21 days from its competitors, such as Tesco, J. Sainsbury and Asda-WalMart, chase the UK governments offer to carry the Safeway supermarket. The UK Department of Trade and fabrication disclosed that Morrison was willing to sell its 53 stores if acquisition of Safeway is successful (Richard Milne 2003 in Ft. com 2008). Morrisons negotiation was favored by the UK Competition Commission th at change the three major competitors from the bidding and upheld Morrison to takeover Safeway with a share of 219-1/2 from the 279-1/2, in which Safeway acknowledged the buy out.In a follow up report in 2004, after a year of the buy out, the Safeway has gained 40% of sales growth. financial analysts claimed that Safeway has migrated customers to Morrison supermarket, as it cited that quality of sales has gone smash because Morrison has stopped the Safeway policy of rolling robust discounts (Martin Dickson 2004 in Ft. com 2008). Perception of the issue Morrisons takeover of Safeway supermarket has gauged the situation of significant financial divestment venture.The business potentials of Safeway being an completed supermarket that solely competes with Tesco, J. Sainsbury and Asda-WalMart were the strong intent of financial divestment of Morrison to even offer the sell of its 53 stores. The financial divestment of Morrison could be relating Caprons findings on the horizontal acq uisition of merging stakeholders by way of capital investments through diversified assets. In which case, the Safeway supermarket has found by Morrison as a potential divestiture that shall absorb the photo from tough competitors.The merging of stakeholder through a buy-out or takeover of an conventional investment like Safeway may have validated Caprons theory of post-acquisition and redeployment, in which Morrison has able to contain the migratory customers and could further develop the acquisition performance of divesting financial investments. The divestment process of Morrisons takeover to Safeway has likewise depict Caprons finding on merging firms that engages in the economy of scale. One that Morrison has learned from the Safeways enterprise approach on rolling deep discounts, wherein it found to be defeating the selling schemes.Thus, managing the risks in horizontal acquisition has gained Morrisons capability to undertake strategic competition that transformed the old Morr ison business through the new outfit of Safeway supermarket. It may be then for the most part perceived that Caprons theory on horizontal acquisition has transformative business value in enhancing the financial investment and liquidating a frozen asset like Morrisons 53 stores that are non-performing, of which a unilateral financial divestment scheme in managing risk investment, that is vulnerable to tightened competition, gains flexibility upon acquiring an established business venture.However, this assumption is perceptive of a challenge to the continuing financial divestment of core industries in the global market. List of References Capron, L. (1999) The Long-Term Performance of Horizontal erudition. Strategic Management Journal, pp. 987-1018, John Wiley & Sons, Ltd. , CCC 0143 2095/99/11098732. Dickson, M. (2004). Companies UK Safeway Sale. The Financial Times (2008). onlineavailable from 14 June 2008 Milne, R. (2003). Countdown Starts for Morrisons Bid for Safeway. The Fin ancial Times (2008). online available from 14 June 2008

Ownership Structure, Managerial Behavior and Corporate Value

ledger of in in in incorporateddd finance 11 (2005) 645 660 www. elsevier. com/locate/econbase Ownership construction, managerial deportment and corporal grade J. R. Daviesa, David Hil hypocrisyrb,T, Patrick McColganc a University of Strathclyde, UK b University of Leeds, UK c University of Aberdeen, UK Received 21 November 2002 accepted 6 July 2004 Available online 20 April 2005 Abstr digit The non bilinear kinship in the midst of corporate evaluate and managerial self-command is well munimented. This has been attri just now whened to the outpouring of managerial entrenchment, which forces in a decrease of corporate foster for increase translate aims of managerial holdings.We propose a new social organisation for this affinityship that accounts for the instal of conflicting managerial incentives, and impertinent and familiar disciplinary monitoring mechanisms. utilize this spec as the basis for our abbreviation, we domiciliate evidence that the managerial self- exitcorporate measure parityship is co-deterministic. This conclusion is at odds with new cast which reports that corporate observe determines managerial self- check up on still non vice-versa. D 2005 Elsevier B. V. exclusively rights reserved.JEL classification G32 Keywords Ownership bodily structure detonator economic consumption integrated prise Tobins Q 1. Introduction In a foodstuff without agency lines, corporate managers will choose enthronisations that tap the wealth of sh arholders. In practice, competing objectives which atomic number 18 incompatible with the shargonowner wealth-maximising paradigm whitethorn alike be come afterd. T Corresponding author. Leeds University Business School, University of Leeds, Maurice Keyworth Building Leeds, LS2 9JT, UK. Tel. +44 113 3434359 fax +44 113 3434459. E-mail address d. j. emailprotected c. uk (D. Hillier). 0929-1199/$ keep an eye on front matter D 2005 Elsevier B. V. tout ensemble rights reser ved. doi10. 1016/j. jcorpfin. 2004. 07. 001 646 J. R. Davies et al. / diary of collective pay 11 (2005) 645660 Fol first-class honours degreeing Jensen and Meckling (1976), a large literature has developed that examines how managerial behavior adverts upon self-coloured surgery. A vibrant strand of this literature concerns the comparisonship between managerial possession take aims, the direct investiture decisions made by instruction and the inherent nourish of the unattackable, as proxied by Tobins Q dimension. Morck et al. 1988), McConnell and Servaes (1990), and Hermalin and Weisbach (1991) provide evidence of a noneworthy nonlinear relationship between corporate prise and managerial willpower. Specifically, rank increases with managerial holdings for low levels of willpower. At some level, managers become entrenched indoors the soused resulting in a decrease in firm keep. that, whereas Morck et al. (1988) and Hermalin and Weisbach (1991) document raise changes in the corporate valuemanagerial holdings relationship at spirited levels of paleness self-possession, McConnell and Servaes (1990) report no much(prenominal) change.Recent work has built upon the findings of Demsetz and Lehn (1985) who argue that levels of managerial willpower will be firm endogeneticly in equilibrium. Moreover, Cho (1998) and Himmelberg et al. (1999) take hold shed doubt upon the earliest findings of Morck et al. (1988) and McConnell and Servaes (1990) by lordly for the cause of endogeneity and unobservable (to the econometrician) firm characteristics in their analysis. After unconditional for the effects of endogeneity in the corporate value managerial holdings relationship, they showed that managerial self-possession had petite or no effect on corporate value and investing. before long and Keasey (1999) and Faccio and Lasfer (1999) utilize a cubiform stipulation to stumper the corporate valuemanagerial holdings relationship and some(pre nominal) report a signifi fecest nonlinear functional form, correspondent to Morck et al. (1988), for British companies. However, neither study fully examines the misspecifying impact of endogeneity on their results. In this paper, we propose a new structure to the managerial self-possessioncorporate value relationship which captures a more confused characterisation of the evolving behavior of managers. We argue that at proud levels of managerial self-command when outer commercialize matter becomes neffective, there will be a resurgence of entrenchment behavior. With loveliness holdings around 50%, managers will chip in implicit authority of their comp both, except smooth do not watch objectives grapplely aligned to extraneous sh beholders. Only at rattling high levels of managerial holdings be incentives akin to new(prenominal) sh atomic number 18holders. When this model is applied to a large standard of firms structured in the UK, managerial self-control is seen to ache a pregnant impact on corporate value. This relationship is endogenetic, and uniform with Cho (1998) and Himmelberg et al. (1999), corporate value has a corresponding effect on managerial holdings.We in any case find that although willpower levels be continueed by firm level investiture funds, there is no evidence of the reverse occurring. In the succeeding(prenominal) section we outline our model of the managerial self-possessioncorporate value relationship. We present empiric results in Section 3 and conclude in Section 4. 2. The model In this section, we propose an alternative structure to the managerial holdingscorporate value relationship and argue that the cubic, or simpler representations, used in in the first place J. R. Davies et al. / Journal of incorporate Finance 11 (2005) 645660 647 studies1 be unnecessarily encloseive and misspecified.The model that is presented here captures get along nonlinearities in this relationship at high levels of m anagerial holdings and has a quintic specification. Management is face up with both negative and overbearing incentives to ensure that they follow objectives which maximise shareholder wealth. The effectiveness of these incentives is potentially a function of the level of managerial monomania in the firm. We belief the propensity of management to maximise shareholder wealth to be a function of three unobserved factors external marketplace place force field, level if it is weak, internal controls and fulfilnce of interests.Moreover, the strength of from apiece star factor gouge be viewed as a function of the level of managerial possession in the firm. 2 2. 1. Low levels of managerial ownership For low levels of managerial ownership, external discipline and internal controls or incentives will dominate behavior (see Fama, 1980 Hart, 1983 Jensen and Ruback, 1983). Empirically, Morck et al. (1988), McConnell and Servaes (1990) and Hermalin and Weisbach (1991) report resul ts coherent with this behavior for the relationship between managerial holdings and corporate value.However, there is too the misadventure that lower levels of ownership within this range have endogenously arisen from performance link up compensation packages, such as spud options and stock grants quite an than increased ownership in itself leading to high Q ratios. 2. 2. Intermediate levels of managerial ownership At intermediate levels of managerial ownership, management interests begin to converge with those of shareholders. However, with great ownership comes greater power in the form of voter turnout rights. charabancs may, at this level of holdings, maximise their personal wealth through increase perquisites and guaranteeing their employment at the expense of corporate value. In addition, while low managerial ownership levels may have arisen through the vesting of compensation plans, it is incredible that such plans will provide management with a moderate ownership stake in the firm. Moreover, hitherto though external market controls are still in place, these and the effect of convergence of interests are not soused enough to align the behavior of management to shareholders.managerial labour markets ladder on the principal that bad acting 1 See Morck et al. (1988), McConnell and Servaes (1990), Hermalin and Weisbach (1991), Cho (1998) and Himmelberg et al. (1999) for US companies and Short and Keasey (1999) and Faccio and Lasfer (1999) for UK companies. 2 For example, since compensation packages such as stock options are a transfer of wealth from shareholders to management, their value will lessen as managerial ownership increases. External market discipline is in any case a function of managerial ownership.Large shareholdings by legislate management act as a deterrent for takeovers because of the greater ability to oppose a at loggerheads bid or drive up premiums to the layer where bidders no longer view the target alliance as a po sitive net present value investment Stulz (1988). Finally, internal controls in the form of monitoring from large shareholders and corporate boards should reduce the scope for managers to diverge greatly from the interests of shareholders. A get hold of, however, such discipline is likely to be inversely cogitate to managerial control Denis et al. (1997). 648 J. R. Davies et al. / Journal of Corporate Finance 11 (2005) 645660 anagers can be removed and appropriately disciplined. Studies by Denis et al. (1997) in the US and Dahya et al. (2002) in the UK both find an inverse relation between snuff itmanagement turnover and managerial ownership. This insufficiency of discipline provides evidence of a deficiency in incentives for managers to maximise shareholder value at this level of ownership. Franks and Mayer (1996) also report that hostile takeover targets in the UK are not poorly performing firms, which is in line of credit to the findings of a disciplinary role for corporate t akeovers in the US by Martin and McConnell (1991).In this context, Franks and Mayer (1996) provide significant evidence that takeovers in the UK may not act to remove a self-serving board even when they are performing poorly. This deficiency of disciplinary control over poorly performing management may streng then(prenominal) managements ability to pursue sub-optimal corporate policies at intermediate ownership levels. 2. 3. High levels of managerial ownership (less than 50%) As levels of managerial rectitude ownership grow, objectives converge further to those of shareholders. At ownership levels, at a lower place 50% management do not have full control of the firm and external discipline still exists.While perhaps no longer being subject to any major discipline from external takeover markets, it is likely that even at these levels of ownership, managers are still subject to discipline from external block shareholders. This is in particular true in the UK, where because of str ong informal ties between institutions (Short and Keasey, 1999), a unaffixed regulatory environment concerning the ownership of listed companies (Roe, 1990) and low monitoring be (Faccio and Lasfer, 1999), institutional activism is stronger than in the US. This view is also reconciled with Franks et al. (2001) contention of strong minority protection laws in the UK, whereby large shareholders cannot transact with colligate companies without the consent of the firms minority shareholders. The UK regulatory framework stands in descent to US corporate law which limits minorities to seeking redress after the related caller transaction has taken place. Combined with monitoring from UK institutions, this may allow external shareholders to impose some form of control on management even at elatively large levels of managerial ownership. 2. 4. High levels of managerial ownership (greater than 50%) At levels above 50% ownership, management has complete control of the keep corporati on. Although atomistical shareholders are unlikely to have been able to in influence managers at far lower levels of ownership than this, there is always a possibility that a cartel of blockholders, allied with minority shareholders rights chthonic UK familiarity law, may be able to mount a argufy to management if they fail to make decisions in shareholders best interests.For a more in-depth discussion of the institutional differences and similarities between the United Kingdom and United States, see Short and Keasey (1999) and Faccio and Lasfer (1999). 3 J. R. Davies et al. / Journal of Corporate Finance 11 (2005) 645660 649 At greater than 50% managerial ownership, this is no longer likely to be a serious issue to management. Furthermore, with bulk ownership, the probability of a hostile takeover efficaciously becomes zero.The failure of external discipline combined with a lack of blockholder incentives above 50% may result in a decrease in corporate value for a small windo w of managerial holdings above this level. This fall in corporate value is uniform with the supposititious predictions of Stulz (1988). 2. 5. Very high levels of managerial ownership Finally, as managerial shareholdings rise to very high levels, management effectively become fillet of sole owners of the connection. This would lead to value-maximising behavior as predicted by Jensen and Meckling (1976). Consistent with Morck et al. 1988), Short and Keasey (1999) and Faccio and Lasfer (1999) at above a certain level of ownership, corporate managers are faced with such severe pecuniary penalties for failing to maximise the value of their companies that they are forced to make decisions which will maximise firm value, regardless of how this affects their hidden benefits of control. 2. 6. Summary Our characterisation of a highly nonlinear relationship between managerial equity holdings and corporate value is in contrast to prior studies (Morck et al. , 1988 McConnell and Servaes, 1 990 Hermalin and Weisbach, 1991 Cho, 1998 Himmelberg et al. 1999)4, which posit fewer act points in their analysis. There is little theoretical basis on which the item-by-item crook points can be determined, and the findings of Kole (1995) imply that these will be in influenced by the size of the firms in the sample. However, it is judge that the morsel local maximum will be in the land of 50% managerial ownership reflecting the wooden leg at which management gain thoroughgoing control of the company. In the next section, the main tests of our hypotheses will be carried out. 3. Empirical results 3. 1.Description of the information We use data on managerial and external block ownership for 1995 from the MacMillan groovy of the United Kingdom stock(a) supplant annual for 1996 and 1997. The Year view as provides sum-up accounting data including a consolidated balance wheel sheet, information on company directors, legal information on the companys lawyers, auditors and stockbrokers, principle activities, company history, capital and dividend payments, and industrial sector for the McConnell and Servaes (1990) modelled the corporate valuemanagerial ownership relationship as a quadratic equation function, which by construction has only one turning point. 650 J. R. Davies et al. / Journal of Corporate Finance 11 (2005) 645660 vast majority of all quoted companies and securities. 5 We restrict our attention to nonfinancial companies only and require that separately firm has complete managerial and external ownership data for 1995, which leaves 802 industrial companies in our sample. 6 Data on capital expenditures, summate assets employed, after evaluate wage, depreciation, supplement, equity market value, and investigate and development cost are collected from Datastream. We aim Tobins Q ratio (our proxy for corporate value) apply the ruler below Q?MVEQ ? PREF ? DEBT BV ASSETS ? 1? where MVEQ=the year-end market value of the firms habitual stock PREF=the yearend book value of the firmTs preference shares ( preferable stock) DEBT=the year-end book value of the firmTs total debt and BV ASSETS=the total assets employed by the firm, which is careful as total assets disconfirming topical liabilities. Our measure is consistent with the modified version of the formula as used by Chung and Pruitt (1994) who find that 96. 6% of the variability in the popular Lindenberg and Ross (1981) algorithm of Tobins Q is explained by their approximation.Our manner also avoids the data availability problems which arise from using the more rigorous algorithms proposed by Lindenberg and Ross (1981) and Lewellen and Badrinath (1997) in pose to estimate the replacement cost of assets. We use book value of preferred stock and long-term debt, rather than the market determine proposed by Lindenberg and Ross (1981) and Lewellen and Badrinath (1997). In the UK, there is a far less active market for the trading of corporate debt than that whi ch exists in the US, forcing us to rely on book values for these variants.In a final stratification of our sample, we mitigate the problem of potential outliers and trim 25 firms with the largest and smallest Tobins Q measure, leaving a final sample of 752 firms. 7 put back 1 presents descriptive statistics for our sample data. The guess managerial ownership stake of all board members is 13. 02%, which is similar to corresponding US studies, but slightly lower than Faccio and Lasfer (1999) who report mean ownership of 16. 7%. Tobins Q is slightly higher than that reported for related US work with a mean value of 1. 96. The standard deviation of Tobins Q is 1. 21, which is also greater than other studies.However, it is firmly less than the mean of 2. 47 reported by Doukas et al. (2002) and is relatively similar to the mean value of 1. 86 that Short and Keasey (1999) report for their market valuation ratio. 8 The mean blockholder ownership is 37. 34% and is on a par with that rep orted for US firms by McConnell and Servaes (1990) (32. 4%) and 34. 57% reported by Faccio and Lasfer (1999) for UK firms. The full range of firm sizes is included in the sample with the 5 To set the reliability of the summary ownership data, we carried out a correlativity analysis of a subsample of 422 firms from he original data set of 802 companies (52. 62%) for which we were able to obtain company annual reports. The yearbook data and company accounts data exhibited a correlation of 0. 90, with a pvalue of 0. 00. We also establish the robustness of our data by re-estimating the model using data for 1997. This result is discussed later in this section. 6 belatedly listed, merged or acquired firms are not included. 7 This is a large sample than that used by Morck et al. (1988)371 firms, Cho (1998)326 firms and Himmelberg et al. (1999)maximum 427 firms in any 1 year. Measured as the market value of equity divided by the book value of equity, electronegative any intangibles. J. R. Davies et al. / Journal of Corporate Finance 11 (2005) 645660 turn off 1 Descriptive statistics shifting Management ownership Blockholder ownership Largest stakeholder Capital expenditures Total assets employed After tax profits less depreciation/assets employed Debt/assets employed Market value of equity Research and development Tobins Q Mean 13. 02% 37. 34% 18. 82% 21,221 255,642 0. 1425 0. 1411 335 2918 1. 9647 S. D. 18. 06% 23. 57% 21. 64% 75,317 1,583,274 0. 4763 0. 252 1399 44,108 1. 2092 Minimum 0. 00% 0. 00% 0. 00% 7 268 A10. 977 0. 0000 0. 68 0 0. 4502 651 Maximum 79. 90% 100. 00% 100. 00% 1,024,200 37,774,000 3. 4207 4. 8358 26,224 1,198,988 7. 0997 Managerial ownership data measures the total level of holdings held by company management that are greater than 0. 5% of a companys equity. Blockholder data measures the total level of holdings by away(p) blockholders that are greater than 3% of a companys equity. Largest stakeholder is the largest unity outside blockhol der that holds at least 3% of companys neat equity.Capital expenditures (thousands), total assets employed (thousands), after tax profits, depreciation, leverage, equity market values (millions) and research and development costs (thousands) are collected from Datastream. Tobins Q is measured as the ratio of the market value of equity and book values of debt and preferred equity to the book value of assets in the firm minus current liabilities. Shareholdings data is taken from the London demarcation Exchange yearbook for 1996 and 1997. All data are for industrial companies quoted on the London Stock Exchange in 1995. mallest company having an equity market capitalisation of o680,000 and the largest companys equity valued at approximately o26 billion. The mean market capitalization of firms in the sample is o335 million. dishearten 2 provides the distribution of sample statistics separate by managerial ownership. A very large proportion of the sample (62%) have managerial owners hip levels less than or equal to 10%. However, a large fraction of companies (11%) also in the sample had boards Table 2 Breakdown of sample by managerial ownership Manager level Ownership Number of firms 464 87 75 41 34 26 21 4 Blockholder ownership, % 43. 34. 5 34. 4 24. 0 22. 7 13. 0 12. 7 5. 8 Tobins Q 1. 952 2. 033 1. 736 2. 109 2. 113 2. 257 1. 933 1. 808 Total assets employed 393,861 44,093 26,186 34,322 35,864 28,190 14,234 10,127 Capital expenditures/ assets employed 0. 106 0. 161 0. 124 0. 117 0. 114 0. 100 0. 099 0. 114 runniness 0. 130 0. 129 0. 157 0. 194 0. 194 0. 177 0. 169 0. 239 0VMOb10% 10VMOb20% 20VMOb30% 30VMOb40% 40VMOb50% 50VMOb60% 60VMOb70% 70VMOb100% Managerial ownership (MO) data measures the total level of holdings held by company management that are greater than 0. 5% of a companys equity.Blockholder ownership measures the total level of holdings by outside blockholders that are greater than 3% of a companys equity. Capital expenditure (thousands), total assets employed (thousands), after tax profits and equity market values (millions) are collected from Datastream. Liquidity is measured as cashflow divided by total assets employed. Tobins Q is measured as the ratio of the market value of equity and book values of debt and preferred equity to the book value of assets in the firm minus current liabilities. Shareholdings data is taken from the London Stock Exchange Yearbook for 1996 and 1997.All data are for industrial companies quoted on the London Stock Exchange in 1995. 652 J. R. Davies et al. / Journal of Corporate Finance 11 (2005) 645660 Table 3 Regression results for Tobins Q on managerial ownership Variable Coefficient t-Statistic Adj. R 2 Intercept 1. 85 28. 14 0. 017 MO 0. 12 3. 23 MO2 A0. 013 A3. 08 F MO3 4. 63A10 2. 82 2. 651 A4 MO4 A6. 73A10 A2. 53 A6 MO5 3. 36A10A8 2. 24 The quest equality was estimated using data for 752 firms listed on the London Stock Exchange during 1995. Q ? a0 ? a1 MO ? a2 MO2 ? a3 MO3 ? a4 MO4 ? a5 MO5 ? e where Q is Tobins Q and MO is managerial ownership.Ownership data is taken from the London Stock Exchange Yearbook and Tobins Q is calculated from Datastream. which possess at least 40% of all outstanding equity. As would be expected, outside blockholder ownership decreases with managerial ownership. At managerial ownership levels of 30%, blockholder ownership is slightly less at 24%. It is probable that external discipline, as provided by blockholders, would still be strong at these levels of managerial holdings, particularly where informal coalitions among blockholders are more prominent (Short and Keasey, 1999).At higher levels of managerial holdings, blockholder ownership decreases sharply leading to a collapse in the power of blockholders. Managerial ownership is a decreasing function of company size, which is consistent with Demsetz and Lehn (1985). Although firm sizes in the UK are considerably smaller than US firms, the ratios in Table 2 are similar to summary s tatistics provided in Morck et al. (1988), McConnell and Servaes (1990), Cho (1998) and Himmelberg et al. (1999). Table 2 also illustrates the nonlinear relationship between Tobins Q and managerial holdings.Visual inspection indicates cardinal maximum points in the kingdom of 10% to 20% and 50% to 60%, respectively. The convergence of managerial interests to those of shareholders at very high levels of ownership is not apparent at this stage because of the small number of companies with managerial holdings above 70%. However, the statistics for all other groupings are consistent with our theoretical motivation. 3. 2. Estimation of ownership breakpoints In order to model the Tobins Qmanagerial ownership (MO) function as having two maximum and two minimum turning points, we specify a quintic function, as follows Q ? 0 ? a1 MO ? a2 MO2 ? a3 MO3 ? a4 MO4 ? a5 MO5 ? e ? 2? For the nonlinear relationship discussed in Section 2 to be valid, the coefficients in Eq. (2) must have the follo wing signs a 0N0 a 1N0 a 2b0 a 3N0 a 4b0 a 5N0. The estimated values of the coefficients in Eq. (2) are given in Table 3. 9 The break coefficient, which is an estimate of Tobins Q in firms with no managerial holdings, is 1. 85. Each slant coefficient is of the refine sign and statistically significant at the 5% level. Although the It is pass that Tobins Q will be in influenced by more than upright managerial ownership.However, the objective of this paper is to investigate whether the standard quadratic and cubic specifications used in precedent studies are too simplistic. To maintain parsimony, we hence omit other factors from this specific model. Other pertinent factors are incorporated into the analysis in a later table. 9 J. R. Davies et al. / Journal of Corporate Finance 11 (2005) 645660 653 Estimated Relationship between Tobins Q and Managerial Ownership 2. 40 2. 20 2. 00 1. 80 1. 60 1. 40 1. 20 0 0. 1 0. 2 0. 3 0. 4 0. 5 0. 6 0. 7 0. 8 0. 9 Tobins QInsider Ownership Fi g. 1. Estimated relationship between Tobins Q and Managerial Ownership. Tobins Q was modelled as a quintic function of insider ownership using ordinary least squares regression. The estimated regression line is Q=1. 85+0. 12IOA0. 013OI2+4. 63A10A4IO3A6. 73A10A6IO4+3. 36A10A8IO5. adjusted R 2 is low, it is similar to that found in comparable US studies. The use of this model as a basis to estimate managerial ownership turning points leads to four-spot critical values 7. 01%, 26. 0%, 51. 4%, 75. 7% and is illustrated in Fig. 1.To establish the robustness of our regression model, the spline approach as applied by Morck et al. (1988), Cho (1998) and Himmelberg et al. (1999) to estimate breakpoints was carried out using our generated turning points. Table 4 presents the coefficients resulting from the piecewise linear regression. Similar to Table 3, each coefficient has the expected sign and all but one variable is statistically significant at the 5% level. The only variable that is no t significant, MOover 76% , has the slump sign. The probable cause for the lack of significance is the small number of firms in this managerial ownership grouping.An testing of these results suggests that Tobins Q increases in firms for managerial ownership levels up to 7% and then declines to ownership levels of 26%. This is almost identical to the turning points in Morck et al. (1988) and Himmelberg et al. (1999) (5% and 25%, respectively) and is comparable to Cho (1998), who uses breakpoints of 7% and 38%. However, it differs from the UK studies of Short and Keasey (1999) and Faccio and Lasfer (1999) who each reports two turning points of 12. 99% and 41. 99%, and 19. 68% and 54. 12%, respectively.Earlier studies limited the turning points to two but in our extension, it is clear that there are some other two turning points at much higher levels of managerial ownership. It also appears that market discipline has an influence on managerial objectives up to the point where the bo ard takes complete control (51%). Tobins Q then decreases until ownership levels partake 76%, after which Q increases. Denis and Sarin (1999) argue that cross-sectional studies may be subject to bias, whereby they fail to account for events with potentially large valuation consequences. 10 10Examples of such events may include receiving a takeover bid, top management turnover, etc. 654 J. R. Davies et al. / Journal of Corporate Finance 11 (2005) 645660 Table 4 Spline regression results for Tobins Q on managerial ownership Variable Coefficient t-Statistic Adj. R 2 Intercept 1. 854 28. 38 0. 012 MOup 0. 056 2. 93 to 7% MO7% to 26% MO26% 0. 0187 2. 57 2. 769 to 51% MO51% A0. 053 A1. 99 to 76% MOover 0. 624 1. 12 76% A0. 020 A2. 62 F The following equation was estimated using data for 752 firms listed on the London Stock Exchange during 1995. Q ? a0 ? a1 MOup to 7% ? a2 MO7% to 26% a3 MO26% to 51% ? a4 MO51%to 76% ? a5 MOover 76% ?e where Q is Tobins Q and MOup to 7%=managerial ownersh ip if managerial ownership b7%, =7% if managerial ownershipN7%. MO7% to 26%=0 if managerial ownership b7%, =managerial ownership minus 7% if 7%bmanagerial ownershipb26%, =26% if managerial ownershipN26%. MO26% to 51%=0 if managerial ownershipb26%, =managerial ownership minus 26% if 26%bmanagerial ownershipb51%, =51% if managerial ownershipN51%. MO51% to 76%=0 if managerial ownership b51%, =managerial ownership minus 51% if 51%bmanagerial ownershipb76%, =76% if managerial ownership N26%.MOover 76%=0 if managerial ownershipb76%, =managerial ownership minus 76% if managerial ownershipN76%. Ownership data is taken from the London Stock Exchange Yearbook and Tobins Q is calculated from Datastream. As a further test of robustness, we carried out the quintic analysis for managerial ownership and Tobins Q for the uniform sample of available firms in 1997. 11 Again, each coefficient was significant with the correct signs and the turning points from the estimated model were relatively stable at 7. 9%, 26. 5%, 55. 2% and 86. 2%. . 3. Endogeneity of managerial equity ownership, investment and corporate value To analyse the effects of endogeneity in the managerial ownership, investment and corporate value relationship, we follow Cho (1998) and carry out a synchronic equations analysis using two-stage least squares. Cho (1998) and Himmelberg et al. (1999) showed that once endogeneity was controlled, the perceived impact of managerial ownership on corporate value disappeared. Moreover, corporate value was found to positively affect levels of managerial ownership.It is possible that if the model specification employed by these studies is wrong, what appears to be a lack of statistical significance in the endogenous variables in the simultaneous equations analysis may actually be ascribable to errors in variables arising from the intermediate regressions. We re-run the two-stage least squares analysis of Cho (1998) using our more labyrinthine specification. 12 The control variables in our regression are the same as in Cho (1998). Namely, managerial ownership, investment and corporate value are Some firms dismiss out of the sample because of mergers, delisting, and being taken over.Cho (1998) also attempts to control for specification error by re-estimating his simultaneous regression analysis using managerial ownership as a linear variable and again finds no relationship between managerial ownership and corporate value. However, if indeed there is a nonlinear relationship between ownership and corporate value, such an approach would fail to capture this. 12 11 J. R. Davies et al. / Journal of Corporate Finance 11 (2005) 645660 655 defined to be endogenously determined by each other as well as some additional relevant exogenous variables. That is Managerial Ownership ? ? market value of firm0s common equity corporate value investment volatility of lettuce liquid state patience? Corporate Value ? g? managerial ownership investment leverage asset si ze industry block ownership largest stakeholder? Investment ? h? managerial ownership corporate value volatility of meshing fluidness industry? For comparability, we define each of the above variables as in Cho (1998). For each company, industry dummy variables are set equal to one for each fiscal Times Industry Classification (FTIC) grouping that sample firms lie within, and zero otherwise.In addition to the variables used by Cho (1998), we include blockholder ownership and largest stakeholder in the corporate value regressions to reflect the potential impact of blockholder discipline in the UK and the role of a founding or dominant individual on corporate value. All accounting and market variables are taken at the financial year-end from Datastream. In Table 5, we report results from the simultaneous equations analysis. Taking the managerial ownership regression first, all variables with the exception of investment have coefficients with the expected sign.Managerial ownership is negatively related to the market value of equity, which reflects the fact that wealth intimidatets and risk-aversion will prevent managers from holding substantial stakes in large firms. Firm level liquid is shown to be positively related to managerial ownership, which is a stronger result than Cho (1998) who reported no significance for this variable. Importantly, Tobins Q is found to be significant and positively related to the level of managerial ownership. This is consistent with Cho (1998) but is opposed to Demsetz and Villalonga (2001), who find the antagonist effect.This result suggests that managers tend to hold larger stakes in firms that are successful or have higher corporate value. This may also be indicative of successful managers benefiting from equity-related compensation policies. The investment variable, which has a negative impact on managerial ownership is surprising as scheme predicts that firm level investment will be positively related to managerial owners hip. Himmelberg et al. (1999) contend that firms with high investment spending will have high managerial ownership to alleviate the monitoring problem caused by discretionary managerial spending.However, Jensen (1986) argued that firms may overinvest as a result of an earnings retention conflict, rather than underinvest as Jensen and Mecklings (1976) moral hazard system would predict. When a firm is in this situation, managers may be able to maximise their size-related compensation by overinvesting, but are aware that this may finally reduce the value of their shareholdings. Although tentative, this could in part explain the negative relation between investment and ownership. Cho (1998) also finds a negative (but undistinguished) coefficient on the investment variable using both capital and research and development expenditures. 56 J. R. Davies et al. / Journal of Corporate Finance 11 (2005) 645660 Table 5 cooccurring equations analysis of managerial ownership, corporate value a nd investment Variable MVEQ Tobins Q Volatility Liquidity Investment Leverage Asset size Largest stakeholder Blockholder ownership MO MO2 MO3 MO4 MO5 Industry dummies Adj. R 2 F Managerial ownership A1. 8A10 (A3. 74) 0. 127 (4. 63) A1. 0A10A6 (A0. 74) 0. 035 (2. 24) A1. 314 (A2. 67) A5 Corporate value Investment 0. 073 (2. 35) 3. 89A10A6 (A2. 86) 0. 013 (1. 01) Yes 0. 045 8. 014 5. 136 (2. 23) 1. 088 (4. 36) 3. 33A10A8 (1. 17) A0. 20 (A0. 06) A0. 837 (A2. 60) 1. 588 (3. 07) A0. 395 (A2. 22) 0. 037 (1. 64) A0. 001 (A1. 14) 1. 9A10A5 (0. 76) Yes 0. 033 3. 497 A0. 035 (A0. 46) 0. 018 (0. 72) A0. 003 (A0. 92) 1. 72A10A4 (1. 03) A3. 12A10A7 (A1. 07) Yes 0. 009 2. 497 Results from a simultaneous equations analysis of managerial ownership, corporate value and investment for 752 firms, using the two-stage least squares method to estimate the following equations Managerial Ownership ? f ? market value of firm0s common equity corporate value investment volatility of earnings liquidity industr y? CorporateValue ? g? anagerial ownership investment financial leverage asset size industry block ownership largest stakeholder? Investment ? h? managerial ownership corporate value volatility of earnings liquidity industry? In the above equations, managerial ownership measures the total level of holdings held by company management that are greater than 0. 5% of a companys equity. Blockholder data measures the total level of holdings by outside blockholders that are greater than 3% of a companys equity. Largest stakeholder is the largest single outside blockholder that holds at least 3% of companys outstanding equity.Investment is defined as capital expenditure divided by total assets employed, leverage is the ratio of total debt to total assets employed and liquidity is measured as cashflow divided by total assets employed. Capital expenditure, total assets employed, after tax profits, depreciation, leverage, equity market values and profit volatilities are collected from Datastre am. Tobins Q is measured as the ratio of the market value of equity and book values of debt and preferred equity to the book value of assets in the firm minus current liabilities.Shareholdings data is taken from the London Stock Exchange Yearbook for 1996 and 1997. All data are for industrial companies quoted on the London Stock Exchange in 1995. t-Statistics are in parenthesis. The estimated coefficients from the corporate value regression are given in the second column of Table 5. Corporate value is shown to be positively related to investment and leverage. While the investment coefficient is as expected, the sign of the leverage variable requires more discussion. Morck et al. 1988) find that leverage has a negative but insignificant impact on corporate value and attribute this to the possibility of managers in highly levered firms holding a higher than average level of ownership. However consistent with our results, McConnell and Servaes (1990) report a positive significant coeff icient for leverage. Leverage can have various effects on firm value. The notion that high debt levels lead to greater corporate value has been argued by Modigliani and Miller (1963) with respect J. R. Davies et al. / Journal of Corporate Finance 11 (2005) 645660 57 to valuable tax shields, Ross (1977) and Myers (1977) with respect to a signalling hypothesis and Jensens (1986) free cashflow hypothesis. Ultimately, leverage is one way of imposing external discipline on management and if it is effective, will lead to increased corporate value. Alternatively, Demsetz and Villalonga (2001) interpret a negative necktie between leverage and firm value as being due to relative inflation between the current time period and the earlier time period where companies had issued much of their debt.We view the most key result from the corporate value regression as being the significance of the managerial ownership variables. Our results indicate that although managerial ownership levels are dete rmined by corporate value, corporate value itself is determined in part by managerial ownership. This finding is at odds with Cho (1998) and Himmelberg et al. (1999) but consistent with the holy view of Jensen and Meckling (1976) and empirical work by Morck et al. (1988) and McConnell and Servaes (1990). An interesting result is that blockholder ownership is shown to negatively impact Tobins Q.This result is consistent with Faccio and Lasfer (1999, 2000). McConnell and Servaes (1990) suggest that this could be due to a conflict of interests, which results from blockholders being forced into aligning themselves with managers so as not to jeopardize their other dealings with the firm. Alternatively, the negative coefficient may be explained by the strategic alignment hypothesis, which argues that blockholders and managers find it mutually just to cooperate with each other. Finally, such findings may be consistent with the arguments of Burkart et al. 1997) in that too much block owne rship will overly constrain management and reduce their ability to take value-maximising investment decisions. The investment regression coefficients presented in column three of Table 5 show a significant positive effect of corporate value on investment and a negative effect of profit volatility on investment. The finding that corporate value has a positive effect on investment is consistent with the arguments of Cho (1998) that highly valued firms will have large investment opportunities. Also, firms with variable earnings will be reluctant to invest if upcoming income is uncertain.Managerial ownership is found to have no impact on firm level investment. However, this may reflect optimality in that investment policy may be one way in which managers affect value, but not the only means. Ultimately we view our findings of a causal relation between ownership and firm value as being of greater significance than the lack of a relation between ownership and investment. These results a re consistent with Cho (1998) but slightly stronger, in that volatility of earnings is significant in our regressions but insignificant in Cho (1998). . Conclusions Debate as to the relationship between corporate value and managerial ownership in the US is still unresolved. Studies such as Morck et al. (1988), McConnell and Servaes (1990), and Hermalin and Weisbach (1991) document a nonlinear relation between these two variables. More recent work by Cho (1998), Himmelberg et al. (1999), and Demsetz and Villalonga (2001) shows that when controlling for endogeneity, managerial ownership is determined by corporate value but not vice-versa. 658 J. R. Davies et al. Journal of Corporate Finance 11 (2005) 645660 We argue that even accepting that corporate value and managerial ownership are endogenously related to each other, misspecification of the managerial holdingcorporate value relationship may lead to spurious conclusions concerning the direction of causality. Applying a quintic struc ture, we present results which suggest that the correct form of this relationship is a double screwed curve. This is in contrast to other studies that have assumed a cubic or quadratic specification and by construction only one hump.The second hump or local maximum is attributed to a collapse in external market discipline at or around the point where managers take overall control of their firm. At this point, which is around 50% ownership, the management is not sufficiently akin to owners but have sufficient power to overleap any form of external monitoring or discipline. This has a injurious affect on corporate value for a short window of managerial holdings. At high levels of managerial ownership, managers are effectively majority owners of their firm leading to a convergence of interests with other outside shareholders.Utilizing the quintic specification for managerial ownership, we show that even when controlling for endogeneity, not only is corporate value a determinant of m anagerial ownership but managerial ownership is also a determinant of corporate value. This finding is consistent with the classical work of Jensen and Meckling (1976), as well as the early empirical work of Morck et al. (1988) and McConnell and Servaes (1990) who do not control for endogeneity in their analysis of corporate value and managerial ownership.We believe our analysis to have several important contributions to the literature on the relationship between managerial ownership and corporate value. First, our quintic specification extends previous work in this field of view and successfully captures the complex nonlinear relationship between corporate value and managerial ownership. Second, by analysing a completely different market which is similar in structure to the United States, we strengthen the power and insights gained from earlier comparable US studies. Third, we provide evidence that corporate value, firm level investment and managerial holdings are interdependent w ith each other.This has implications for the debate on the effectiveness of compensation policies involving stock options for top managers. Moreover, our findings suggest that some levels of managerial ownership may not be beneficial to outside shareholders even when these levels are high. At the very least, this paper has served to add to the debate concerning the importance of managerial ownership on corporate value by providing evidence that even controlling for endogenous effects, managerial ownership and stock compensation schemes do have a significant influence on corporate value.Our research has provided an initial yard towards a more accurate characterisation of the corporate valuemanagerial ownership relationship. While we do not posit that our specification can be applied to every given data set, we argue that previous research may be misspecified where it has failed to fully explore alternative specifications of the managerial ownershipcorporate value relationship.Future work in this area may focus on other structural forms, which more effectively reflect the interdependence of managerial ownership and corporate prospects. The nonlinear endogenous impact of blockholders on corporate value and managerial ownership would also provide interesting insights on the external discipline that is faced by firm managers and the impact this has on corporate value. J. R. 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