Stock Price Increases in 1990s Case Study Example | Topics and Well Written Essays - 2000 words

Stock Price Increases in 1990s - Case Study Example However the sharp price increases in the stocks might have been the result of factors like irrational over-enthusiasm on the part of the investors, lower interest rates and higher level of savings by the middle-class and the consequent increase in their investment in stocks. Apart from these reasons, the relationship between the earnings increase and the stock price increase was negligible. Hence the expectations of the large investors in their setting higher target levels on the return on capital employed from those firms in which they held the investments on the assumption that the share price increases would automatically increase the earnings would hold no ground. While the factors responsible for the share price increase are totally different from the performance of these companies it would be illogical to expect the managements of the large companies to service their shareholders with larger returns on the capital employed based on the share price performances. With this backgr ound this paper examines the rationale behind the statement that during the 1990s, nearly all FTSE 100 and S&P 500 companies failed to reach pre and post-tax return on capital employed targets set by large investors and the managements of the giant firms during 1990s should be considered responsible for the mediocre return of capital employed as well as the moderate growth of sales of their firm in spite of the higher stock prices. 2.0 Reasons for Stock Price Increases: As outlined earlier the stock price increases during the 1990s were caused by factors like "Irrational Exuberance' on the part of the investors, declining interest rates and higher level of stock market investments out of savings by the middle classes. The signs of greater economic stability prevalent during the period convinced both the business managers and the investors to take extra risks which later resulted in both positive and negative consequences. Let us analyse the reasons for the increase in the share prices. 1. Irrational Exuberance on the part of the investors: Coined and used by the Federal Reserve Board Chairman Alan Greenspan as a word of caution against the repercussions of the stock market boom, denotes a warning that the market might have been overvalued and a natural consequence, slumps in the prices of the stock was inevitable. "The term "irrational exuberance" is often used to describe a heightened state of speculative fervor." (Robert J Shiller 2000) Irrational exuberance is defined by Shiller (2000) as the psychological basis of a speculative bubble. The speculative bubble on the other hand is the situation where the potential investors are lured by stories justifying the share price increases, who irrespective of their doubts about the real value of the assets continue to invest in the stocks. This luring is also partly due to the excitement created by such investments which resemble gambling and partly owing to the envy of the investors on the others' successes. This might be the main reason for the stock market boom that the world witnessed during the 1990s. 2. Declining Interest Rates: One of the other reasons, though not major, that was attributed to the share

German and UK Approaches to Immigration

German and UK Approaches to Immigration Over the last number of decades, migration into the EU has become a key phenomenon. According to figures from the OECD, towards the end of the 20th century an estimated figure in the region of 20 million migrants where living in the EU. That accounted for 5.3% of the total population. That figure has grown to 7.3% in 2003. These migrant movements come from various backgrounds. Many factors including political instability, media, and transport services, demographic and economic development have led to greater migration into the EU. The large influx of immigrants to the UK from India and Pakistan in the 1960s resulted in educational and cultural diversity policies to develop. In the 20th century EU countries have not intentionally â€Å"set out to build a multicultural society†. What we mean by a multicultural society is a â€Å"society consisting of many cultural or ethnic groups sharing the same space†. There are many economic and political reasons which lead to both a long term and a short term migration into the EU. Countries that saw a huge influx of migrants from neighbouring countries faced â€Å"similar challenges with regard to integration†. There was no one system by which these countries set out a list of policies to accommodate these migrants, but each â€Å"developed a different approach†. In this paper I will discuss the difference between two major countries when it comes to dealing with immigrants. These two countries/states are Germany and the United Kingdom. Each country will have its point of view when it comes to: education systems for both, children and adult migrants, employment systems, how they accommodated their religious beliefs. I have decided to not to generalise the EU as a whole, but chose countries that I feel have had different approach to immigrants. All countries adhere to basic democratic values and human rights; they are also submitted to the same European Courts of Justice. By their very logic these values and rights cannot be restricted to citizens, but must generally be granted to non-citizens. The migrants have the same rights as the autochthonous, except political rights in the narrow sense. They are entitled to the same civil, economic and social rights. This was seen in the 1955 Treaty between Germany and Italy which gave the Italian workers the same conditions of pay, health insurance, unemployment and pension benefits.†Ã¢â‚¬  Germany never defined itself as a country of immigration. This ambiguous stance has been reflected in its approach towards the integration of immigrants.† The main migrant groups in Germany are â€Å"Guestworkers† who entered Germany between 1950 and 9175. Their immigration was considered temporary and there was â€Å"no need for integration†. The second group were â₠¬Å"Ethnic Germans from eastern Europe†. These immigrants are of German origin. Immigrants who had â€Å"German ancestors. Education A study carried out by the Economic Cooperation and Development in Germany on the 15th of May 2006 show that German schools have failed when it comes to â€Å"educating immigrant children†. The study compared the native German students to those what we consider â€Å"first-generation immigrants† between 18 countries, one of which is Germany. The results were quite unsettling as the OECD showed that, students born outside of Germany â€Å"perform well below the average first-generation immigrants† in the list of countries surveyed. This was not the first time that Germany’s education system was criticised. In 2000, Program for International student Assessment (PISA) carried out a survey in which Germany was placed in the â€Å"bottom third of industrialised nations surveyed†. The next day the results were made public. Annette Schavan, the minister of Education requested â€Å"for money to be spent on schools†. Annette quoted saying â€Å"we a lso need a new funding concept†. Policies were taken to ensure the development of better education system for first and second generation children in Germany. In July 12th 2007, Chancellor Angela Merkel revealed the National Integration Plan. â€Å"This plan will provide local and state officials with a federal framework for conducting immigrant integration programs†. The NIP highlighted better â€Å"educational opportunities† for first and second generation youth. It ensured that more immigrants â€Å"enter the upper educational tracks†. In contrast, the UK has shown surprisingly very different results. Surveys also carried out by the OECD showed that first and second generation immigrant students have â€Å"on average higher levels of education† when compared to native students. However, these â€Å"educational advantages† have not resulted in successful employment for these immigrants. In fact, the gap in terms of employment for both groups is â€Å"quite dramatic† despite the fact that the same system of education is provided for both immigrants and â€Å"white natives†. When it comes to education in the UK, they have noticed that minority â€Å"children do in fact acquire a good knowledge of the English language from their peers outside school as well as from listening to their teachers†. Despite that the education system was altered slightly, whether it’s taking a decision to hold a child a year back in order to improve his English, so as to be prepared for 2nd level edu cation or the addition of extra English classes. In Ireland, a similar method was used. Employment As mentioned in the introduction, the majority of immigrants in the UK in the 1960s were from India and Pakistan. Study carried out by the LFS which compares â€Å"British born ethnic minorities and white natives† showed that the majority of immigrants were able to attain jobs. This was great news but there was one problem which the UK faced and that was: the difference between male and female minorities being employed is quite big. Figures show that more female women are being employed then to that of males. The UK had to take action in order to resolve the issue. The LFS found out that the main reason for this was that most immigrants have â€Å"remarkably strong educational backgrounds†. Figures also show that employment â€Å"probabilities of Pakistanis† male was as low as 23%. The labour market in the UK was described as a â€Å"bleak picture†. The chances of male workers attaining jobs are very low. To resolve the issue, new English language schools was set up by the government to balance these figures. In 2001, the LFS showed that such action was very successful as the ratio of male to female was balanced. In recent years the labour market in Germany for the integration of immigrants was quite similar to that of the natives. But Germany faced the opposite problem to that of the UK. Female immigrants had very low employment rates. The Turkish female immigrants, â€Å"stand out as having particularly low rates of well below 40%. Germany faced â€Å"economic stagnation† in the early 1990s. There was large decrease in immigrant employment when compared to nationals. Figures show that in 1990 there was a 10% decline in immigrant employment as opposed to 3% decline in natives being unemployed. Unlike the UK, the increase in unemployment for immigrants was not because of education but because of economic crisis. In order to rebalance the figures, a very different approach was taken. Germany had to take economic and political decisions. There was no action to limit the number of immigrants aloud into Germany but instead policies were more focused on international trade and attracting m ultinational companies. Between 1998 and 2000, the survey carried out by the LFS showed that there was a 12% increase in foreigners being employed. Religion Many people consider Germany as a â€Å"diverse country†. Many also anticipate that it will become increasingly so over time. In 2006, there was what was considered a â€Å"social cohesion† as such that German politicians â€Å"began to perceive hostility toward Muslims†. The PFRPL (Pew Forum on Religion and Public Life) ran a survey which showed that there are approximately 4.5 million Muslims living in Germany. This accounted for 5.1% of the population in 2013. The German society is a â€Å"homogenous† one. Racism is still pervasive in Germany. The image of Muslims after the September 11 has deteriorated as such Muslim religious believers has â€Å"trickled into the German national public dialogue† or in German Diskurs-Raum. There was a study carried by the University of Munster in 2010 found that Germans have a â€Å"worse perception of adherents of non-Christian religions† then any European country. Aggressive of violent attack on Muslims were expressed on Mosques and Muslim people. In oder to deal with this, Angela Merkel â€Å"initiated an integration summit† which opens the door for Germans to understand and learn about other religions and diversity. Many studies and research provided the natives with fact about Muslims in order to avoid any potential threats. There are over 1.1 million Muslims in the UK in 2001. This figure has tripled over the last decade to an astonishing 3.5 million within a decade. The Muslims have been very well accepted in the UK to a stage that there are now over â€Å"85 Islamic Sharia courts†. The British law accepted the Sharia Principles. There are over 110 mosques in the UK. The Muslim population has multiplied â€Å"10 times faster than the rest of the society over the last decade†. Conclusion In my opinion both societies have succeeded in converging with migrants. The education systems were altered slightly in both countries to accommodate migrant children as well as adults. Although I think the suggested approach to allow the cultures to â€Å"coexist† would truly show that the societies in the UK have accepted the migrant culture. Regarding the religious beliefs, the UK seem to have a slight advantage it terms of give the Muslims a sense of power. Many mosques in UK are involved in political debates as well as the fact that, some we’ll know politicians are Muslims. In Germany, there were no barriers when it comes to having permission to build mosques. A very high figure of 2,200 religious organisations shows that Germany has accommodated the religious beliefs of migrants. When it comes to employment, again both countries have provided the migrants with suitable jobs even though they might have had problems due to the lack of the native language. Overall most European societies have converged with the migrants. Reference Migration and Social Integration of Migrants 2003, Luxembourg, accessed 11 February 2014, http://www.oi.acime.gov.pt Steven vertovec / SuSanne WeSSendorf. 2004. Assessing the backlash against multiculturalism in Europe. [ONLINE] Available at:http://www.mmg.mpg.de/fileadmin/user_upload/documents/wp/WP_09-04_Vertovec-Wessendorf_backlash.pdf May, Stephen, 2001. Multiculturalism and education in Britain: an internally contested debate. International Journal of Educational research, [Online]. 35, 305-317. Available at: http://www.tariqmodood.com/uploads/1/2/3/9/12392325/multiculturalism_education_britain.pdf . Spiegel. 2006. Integration and Education: Immigrants in Germany Falling Behind. [ONLINE] Available at:http://www.spiegel.de/international/integration-and-education-immigrants-in-germany-falling-behind-a-416429.html. Eric Leise. 2007. Germany Strives to Integrate Immigrants with New Policies. [ONLINE] Available at:http://www.migrationinformation.org/Feature/display.cfm?id=610. Dustmann,C. and Theodoropoulos, N. 2010. ETHNIC MINORITY IMMIGRANTS AND THEIR CHILDREN IN BRITAIN .Oxford Economic Paper, [Online]. 62, 1-24. Available at:http://www.ucl.ac.uk/~uctpb21/Cpapers/SubmissionOEP_June.pdf Bmfsfj. 2001. Family policy challenges in the organisation of migration and integration. [ONLINE] Available at:http://www.bmfsfj.de/RedaktionBMFSFJ/Broschuerenstelle/Pdf-Anlagen/PRM-23893-Broschure-Integration-von-Fami,property=pdf,bereich=bmfsfj,sprache=de,rwb=true. Thomas Liebig. 2007. The Labour Market Integration of Immigrants in Germany. [ONLINE] Available at:http://www.oecd.org/els/38163889. Naika Foroutan. 2013. Identity and (Muslims) Integration in Germany. [ONLINE] Available at:http://www.migrationpolicy.org/pubs/TCM-Germanycasestudy.pdfSoeren Kern. 2011. Britain vs. Muslim Immigration. [ONLINE] Available at: http://www.gatestoneinstitute.org/2056/britain-vs-muslim-immigration

Lets Put an End to Animal Research, Testing, and Experimentation Essay

We Must Put an End to Animal Research, Testing, and Experimentation Without animal research, cures for such diseases as typhoid, diphtheria, and polio might never have existed. Without animal research, the development of antibiotics and insulin would have been delayed. Without animal research, many human beings would now be dead. However, because of animal testing, 200,000 dogs, 50,000 cats, 60,000 primates, 1.5 million hamsters, and uncounted millions of rats and mice are experimented upon and die each year, as living fodder for the great human scientific machine. Some would say that animal research is an integral part of progress; unfortunately, this is often true. On the whole, animal testing is a necessary evil that should be reduced and eliminated whenever possible. Since the time of Aristotle, animals have been used to further human progress. When Galen pioneered the study of anatomy or when Harvey discovered the circulation of blood, they used animals as a vital portion of their work. Why? Because at the time there was no alternative short of testing on human beings, an option very few would morally accept then or even now. Throughout all of human history, the pattern has remained the same—human technological and scientific progress has always involved testing on animals. Without that testing, modern medicine would be a shadow of what it is today. Many modern procedures stem directly from testing with animals. In addition, doctors and surgeons receive much of their training with the living tissues of animals. Computer simulations and other methods simply cannot compete with experience on a living being. For example, the United States Army formerly shot goats to train physician responses to gunshot wounds (Cole ... ... Rights and Wrongs.† Taking Sides: Psychological Issues. Gilford: Dushkin Publishing Group, 2011. Lane, Stuart. â€Å"Banning Animal Testing May Be Hazardous to Your Health.† Priorities Spring 2013: 23. Loeb, Jerod M. â€Å"Human vs. Animal Rights: In Defense of Animal Research.† Taking Sides: Science, Technology, and Society. Gilford: Dushkin Publishing Group, 2011 Oà ­ Connor, Karen. Sharing the Kingdom. Toronto: McClelland and Stewart Lmt, 1984. Regan, Tom. â€Å"Ill-Gotten Gains.† Taking Sides: Bioethical Issues. Gilford: Dushkin Publishing Group, 2009. Rohr, Janelle. Animal Rights: Opposing Viewpoints. NP: Greenhaven Press, 2011. Weaner, Dave. Personal Interview. 22 March, 2014 Whistler, Ann. Personal Interview. 24 March, 2014 Zak, Steven. â€Å"Ethics and Animals.† Taking Sides: Science, Technology, and Society. Gilford: Dushkin Publishing Group, 2007

Polygamy Its Negative Implications and Consequences Essay

Polygamy: Its Negative Implications and Consequences Introduction                     The affinity for human beings to live in pairs is entirely natural. A blissful marriage is characterized by love, respect, and trust. Warmth becomes the motivational drive towards the perfection of life in the present world and thereafter (McMahon, 2010). On the contrary, an unhappy marriage leads to despair and disillusionment and negatively affects the people involved. Defined as the practice or condition of marrying more than one wife at the same time, polygamy has persisted in many cultures world over. In most societies such as Islam, the practice is very much prevalent (Ward, 2010). The sacred books and scriptures contain abundant evidence of the fact that polygamy was indeed practiced by patriarchal prophets Hindus and Jews. In Arabia and the countries adjoining, polygamy, temporary marriages, unrestricted concubinage, and marriages of convenience were highly rife (Jencks and Milton, 2010).  Their effects were reported to be disastrous on the entire social and moral structure. Polygamy remains a common, well-buried secret that is often problematic and still exists throughout many countries to date. It is a more common practice than most people actually realize (Jacobson and Burton, 2011). Thesis Statement: Polygamy has been tried many times in free democratic countries, and it never succeeds. It is not compatible with freedom, equality, and human rights. It always results in child brides and brainwashing. Types of polygamy                     Polygamy as earlier defined is a form of marriage where a person has more than one wife. It generally occurs in two types. The most common is polygyny, where a man marries more than one wife. The less common type, polyandry, is a system of marriage where a woman marries more than one man (Darger, 2011).  In the Islamic culture, the practice of polygyny is highly condoned while polyandry is highly condemned. In ancient times, polygamy existed in the Judaism culture. In the Old Testament of the Bible, Abraham had three wives and Solomon had more than three hundred wives. This practice continued until Rabbi Gershom ben Yehudah issued a decree against it. The Jewish Sephardic communities living in Muslim countries continued the practice until late 1950’s when a ban was extended against marrying more than one wife (Bennion, 2012). In any of these forms, polygamy should be against the law in any religion culture or country. A third type of polygamy exists as polyamory and is often referred to as postmodern polygamy. Polyamory is a relationship of multiple men and women. These relationships may take the form of one man with several female partners, two men with several female partners or several women with no men. Unlike polygamy, polyamory offers more equal opportunities for divorce (Crooks and Baur, 2014). Virtually all polygamous marriages are polygynous in fact. There is no evidence that points to polyamorous relationships being likely to lead to polygyny. As such, polyamory remains problematic for much the same reasons that the current practice of polygamy (Gallichan, 2012). Due to these views, polyamory is not a clearly preferable alternative to polygamy. Practice of polygamyIn his paper, polygamy and non-heterosexual marriages, David Chambers emphasizes that in the country’s history, the most widespread and significant practice of polygamy by far transpired among the Mormons during mid nineteenth century. To them, Mormons believed that polygamous marriages were biblical and approved by God. Polygamy is neither exclusively western nor non-western. Over the ages, Muslims, Hindus and other religious groups have practiced it. However, the number of polygamous marriages is relatively miniature despite cross- cultural presence of polygamy. (Beaman and Calder, 2013).  The standard debate over the permissibility of polygamy has been characteristically pitiable. Proponents argue that in part, married men form relationships with mistresses. These unions involve emotional commitments that are not easily terminated unlike polygamy. In essence, a married man and his mistress are involved in a polygamous relationship. Funny enough, this does not appear to generate much hostility from critics. The New Testament in the Bible never deemed it immoral or inferior to be in a monogamous union. Shockingly, more Americans are practicing polygamy than one might think. Even more horrendous is the fact that more than half of the non- industrialized societies still permit it (Bennion, 2012). It is regarded as deeply sinful to engage in sexual relationships outside the institution of marriage. In Christianity, it is believed a man should not have more than one registered wife with the state. Such an action would violate tax codes and many other legal umbrellas (Ward, 2010). The legal laws in the United States document registered plural marriages and polygamy as illegal and therefore not be practiced (McMahon, 2010). In my opinion, polygamy is disgusting and should not be practiced neither in countries nor in cultures alike. One could easily argue what exactly does polygamy try to prove. That a man can have multiple wives, become unfaithful and get away with it? Imagine the silent anguish that a young naà ¯ve girl of twelve years endures when coerced into marrying a feebly, wobbly looking old man whom she has never seen before. Imagine the grotesque images that come into mind when this girl is forced to bear children until her body become sore due to excruciating labour pains. Imagine the girl being brainwashed and battered for contradicting beliefs held by another man and forced to live with him for her entire lifetime. Now stop imagining. This is the scary would of polygamy that exists in a form not known to many. Such are the cases that continue to r ecur in most countries, especially Africa and Asia. In itself, polygamy is considered a right to a selected few and a bane to majority (McMahon, 2010). Reasons why polygamy is practiced                     Before we look at the negative implications of polygamy, it would be important to understand why the system was and is still practiced to date. To many, this custom serves as a dynamic principle of family survival, growth, security, prestige and continuity (Jacobson and Burton, 2011).  One of the main reasons polygamy was practiced is that several wives were seen as a symbol of wealth, power and influence in traditional African societies for many centuries. Secondly, it was important for a man in traditional society to continue his family name into future lineages (McMahon, 2010). Marrying many wives ensured that the husband would have many male children to carry on his name. It also meant that one would be remembered and honored long after their death through his children and grandchildren (Jacobson and Burton, 2011). In the agricultural perspective, many wives meant that one would have necessary laborers for farming, taking care of livestock and performing all household chores. This was coupled with provision of help when necessity arose. A larger family was symbolic of strength and unity. It was also seen as a way to maintain happiness and add meaning to life. Having many wives was also a route of keeping the man from being amorous. The reason was that most wives denied their husbands conjugal rights after childbirth for up to two years. Hence, having an additional wife meant the husband would not be unfaithful (Jencks and Milton, 2010). For the husband, having many wives meant he would get many daughters from them. This contributed to a significant increase of his wealth through bride price at the time of his daughters’ marriage. In most traditional African societies, it was considered a vice for a woman to lack children especially in marriage (Jencks and Milton, 2010). It was for this reason that most African women preferred to have a co-wife than remain single in ridicule. As such, polygamy solved the problem of single parenthood. It also offered women the security and dignity required for self-realization. Finally yet importantly, polygamy resulted through the ancient tradition of wife inheritance. The death of a husband whose wife had not passed childbearing age qualified for wife inheritance. The brother of the deceased was obliged to marry his brother’s widow (Beaman and Calder, 2013). All the above reasons applied in traditional African societies. However, in the contemporary world today, most of these practices have been overtaken by time and can no longer be practicable. Negative implications of polygamy                     Effects on women in polygamous marriages.In my view, polygamy is a way of life that should not be allowed in society due to its negative implications. Primarily, it creates male dominated marriages where the woman is left voiceless in the whole setup. Secondly, it forces women into subordinate roles and results in unworkable families full of strife, abuse and incest (Ward, 2010).  Polygamous families usually live in isolated communities that are totally unaffected by the outside world. The seclusion of these towns raises eyebrows concerning security, safety and health of the town dwellers, state law enforcers, federal laws and the country at large (Beaman and Calder, 2013).   It can therefore be argued women face greater risks in polygamous marriages. The standard argument remains that polygamy subordinates women and fails to treat the latter as equals with men. Some scholars argue that the state should not take interest in voluntary family arran gements (McMahon, 2010). The reason behind it being that it would illegitimately endorse one comprehensive doctrine over others. To them, an unjust family arrangement is one that undermines the equality of women and fails to recognize that wives are equal citizens with their husbands. As such, polygamy is a structural inegalitarian practice that subjects women to higher risks of harmful effects compared to men (McMahon, 2010). It is for this reason that polygamy should be forbidden since it denies women the liberty, rights and opportunities available to men. In essence, polygamy represents an unjustified asymmetry of power between men and women and in my opinion should therefore be banned. Overpopulation in affected countriesIn sub-Saharan Africa, the culture of polygamy has contributed to explosive population growth since the early 1950’s (McMahon, 2010). By exposing almost all women to early and prolonged dangers of pregnancy, polygamy results in high fertility rates of between seven and nine children in these countries. The introduction of low-priced and effective healthcare and sanitary technology from developed countries is also a contributing factor (McMahon, 2010). The control of sexually transmitted infections becomes overly difficult in the practice of polygamy (Beaman and Calder, 2013).   Take for instance a man who has five wives under his wing. He will engage in sexual relations with all of them and since he is married to all, using protection becomes inconsequential. If either the man or one of the wives is suffering from a sexually transmitted disease, every other participant in the fold is at risk of contracting it. In a study conducted in Nigeria, West Africa, it was found that those men in the survey had more than three or more wives (Beaman and Calder, 2013).  This meant that they were more likely to engage in extra-marital sex and were at higher risk of contacting sexually transmitted diseases and infecting their wives. This proves women were at higher risk from men with three or more wives both as their wives and as extramarital sex partners. As a form of behavior, Christian missionaries and Eurasian societies consider polygamy morally wrong. Well-read Christian-African elites in sub Saharan Africa believe polygamy is backward, bush and barbaric behavior (Jencks and Milton, 2010).   To outsiders, polygamy is a highly undetestable social system whose origin is traced back to pre-colonial times. In addition, polygamy often coincides with crimes that target women and children such as incest, sexual assault, statutory rape and failure to pay child support (Jencks and Milton, 2010). Marital dissatisfaction                     Another argument against polygamy is that more often than not, it is likely to present harmful effects especially towards the women and children. Women in polygamous marriages are at higher risk of having low esteem issues, depression and constant worry compared to women in monogamous relationships. Studies have also revealed these women enjoy less marital satisfaction and more problematic mother-child relationships (Bennion, 2012). Additionally, women in polygamous marriages are prone to depression when they become pregnant since their husbands divert their sexual attention to the other wives. These women are typically subservient to their husbands who only value them for the childbearing role. Consequently, polygamous women are left devoid of any powers to exercise any control of the marriage. This buds into feelings of powerlessness and emotional turmoil (Bennion, 2012). Several studies also show that only a small fraction of women in polygamous marriages work outside the home (Ward, 2010).  Most of them lack the mandate or ability to seek employment. Research on polygamy amongst the Arabs revealed that first wives are inferior to junior and subsequent wives. They experienced more economic hardships and less satisfactory relationships with their husbands. Some scholars also noted that polygamous marriages caused harmful psychological effects on a number of first wives (Ward, 2010). This caused most of them to seek mental health treatment and psychiatric outpatient services. Several of these psychological disorders seen widely among first wives included anxiety, depression and somaticized symptoms (Ward, 2010). It has also been shown that first wives and teachers described relationships with husbands and fathers as neglectful. This showed a lack of interest and minimal interaction with them and their children. This caused them to suffer adverse effe cts from the polygamous union. On the contrary, junior wives were highly favored by their husbands. They were allowed to obtain more economic resources and support. Effects on children from polygamous familiesResearch indicates that children from polygamous families are at heightened risks of developing harmful effects. There is considerable evidence that points to these children experiencing higher incidence of marital conflicts, family violence and disruptions than do children of monogamous families (Jacobson and Burton, 2011). Moreover, children from polygamous backgrounds are more likely to develop behavioral and socializing problems. The same problems are also reflected in their performance in school. Most teachers unanimously agreed that problems faced by polygamous children are somewhat similar (Jacobson and Burton, 2011).These include disobedience, hyperactivity, repeated lying to a teacher or person in authority, sibling fights, enuresis and stuttering. Their levels of academic achievement were also below average. Polygamous children displayed inability to concentrate in class, had low attendance, incompletion of homework, maladjustment to classroom procedures, peer and teacher relational problems (Jacobson and Burton, 2011). On the other hand, situational problems are likely to arise such as higher number of siblings, higher number of parental figures, absence of the father figure, competition and jealousy of family members over resources and emotional relationships with the father (Bennion, 2012). In addition, living areas were often crowded and economic resources taxed to the limit due to the high number of dependants. These children do not grow up to experience the parental love that is overflowing in monogamous systems (Bennion, 2012). Such children will be tempted to resort to other avenues to compensate the missing love. It is then that they find themselves trapped in the world of crime, adultery and other social vices. Children from polygamous marriages are more susceptible to drug abu se (Bennion, 2012). Adolescent males in these unions were found to fair much worse than those from monogamous marriages. This was attributed to exposure to a chaotic life where the child is responsible for protecting his mother and sisters from dysfunctional stressors of living in a polygamous household (Ward, 2010). Children often become defensive of their own families and display resentment and anger towards the other sub-family. In times of discord, most of the senor wife’s children side with their mother over the biological father. The reason for this is obvious; loyalty to their mothers, half-sibling rivalry and jealousy in equal measure. However, the father and his tribe have expectations that they would side with. This has caused man of the children significant confusions with their boundaries and loyalties alike (Ward, 2010). Effects on polygamous men                     Men in polygamous marriages have been linked to several negative effects. To start with, men are more likely to suffer from alcoholism, which can arise due to psychological problems (Jencks and Milton, 2010).   Secondly, men in polygamous marriages in most times fall short in terms of education achievements compared to their monogamous counterparts. This suitcase of evidence is substantial enough to believe there is a prima facie case of polygamy being linked to adverse effects. Though this effects impact upon all members of a polygamous family, women are at higher risk (Jencks and Milton, 2010). One proposed argument defines polygamy as a structurally unequal practice. This inequality lies in the fact that polygamy as practiced today normally permits men to marry many wives while the vice versa is highly critiqued. The most convincing argument against polygamy is that men are permitted plural marriages while women are not (Jencks and Milton, 2010).   This asymmetry of power is blatantly unacceptable. Structural inequality raises concerns with other issues that affect women. The argument continues to state that asymmetry of power plays a crucial role in the theme of sexual harassment. Polygamy represents asymmetry of power between man and women, which is simultaneously linked, to male domination of women (Jencks and Milton, 2010). These reservations against polygamy are conditional upon the justification of unequal status of women. If women shared equal opportunities to marry more than one husband, then the asymmetry of power might be broken. Essentially, if there were a sex-equal polygamy that respected the consent of men and women equally, such polygamy would be justified (Beaman and Calder, 2013).While there may be structural asymmetries in the system of polygamy, the unequal status of women would be in existence together with other contributory facts. Polygamous marriages need not entail unequal status quo for women. It remains objectionable therefore for polygamy to be reserved only for men, consent notwithstanding (Beaman and Calder, 2013). In the contemporary liberal society, civil marriages that fail to assign equal importance to consent of all spouses are not tolerated. They are also rejected if they do not offer the exit option of divorce to either spouse (Beaman and Calder, 2013).Polygamy is thus un justified because spouses lack equal options to divorce. In critical view of all these parameters, polygamy is not justified regardless of whatever ground. This asymmetry of power exists whether the polygamous marriage is polygynous or polyandrous (Beaman and Calder, 2013). Polygamy also discriminates against non-heterosexuals. All forms of it presuppose that polygamous marriages are heterosexual marriages. If we were to defend polygamy, then we would have to make available opportunities that would include heterosexuals and exclude non-heterosexuals. Human beings must be able to exercise several capabilities including the capability of affiliation (Jencks and Milton, 2010). However, this capability forbids discrimination on basis of sexual orientation. Hence, polygamy violates the capability of affiliation as it discriminates based on sexual orientation in excluding non-heterosexuals. This paper has highlighted many issues about polygamy, its origin, pros, and cons. The main purpose of the essay was to examine the negative effects of polygamous marriages in society. Limited defences of polygamy have been highlighted throughout this report. Most of the defences do not hold water in the current day and age. In the first place, polygamy is a structurally inegalitarian practice in fact. This article has provided prima facie evidence those polygamous marriages subject women to a greater risk of harmful effects. Furthermore, I have argued that polygamous marriages are most often polygynous marriages. Therefore, women lack the equal opportunity of men to form polygamous marriages with multiple partners of the opposite sex in practice. The second ground is that polygamy is a structurally inegalitarian practice in theory. I have argued that polygamy not only threatens the equality of men and women in fact,  but also the equality of polygamous marriage partners as the  latter have asymmetrical opportunities to divorce. Additionally, the findings nonetheless associate polygamous family structures with somatic complaints among senior wives, family dysfunction between the sub-families and within the senior wife headed sub-family. Economic deprivation within the senior wife headed sub-family is also rife coupled with behavioral and scholastic problems among senior wives’ children. Moreover, the children’s behavioral problems are noted and correlate polygamy with behavioral problems, sibling rivalries and drug abuse. However, every right needs to be guaranteed by law. It is therefore necessary that the right to polygamy be reviewed and revised accordingly. Harsh and more stringent laws should be enforced on those found practicing polygamy since it is considered illegal in most states. Justice is only possible when people have access to the judicial system, thus it is necessary that family courts be established at the provincial and district level to address issues such as polygamy. Religious scholars and clerics, consider the huge responsibility that they have towards increasing the Islamic knowledge of public and informing them on their Islamic obligations. They should consider it their duty to explain the philosophy and rational of polygamy to the community and should prevent men from polygamy. Women are the principle victims of polygamy. They must learn more about their religious and human rights mainly when it comes to family rights and issues related to polygamy. It is only at such a time that this knowledge and awareness and practicing their rights will close the way for unjustifiable marriages of their husbands. Building the capacities and economical empowering of women is considered the main method of fighting this vice. Economical empowerment will help women to resist against the new marriages of their husbands. Thus, it is required to search areas for capacity building and economical empowerment of women through their own efforts and with the collaboration of government and other responsible organs and to implement specific programs in this regard. Children are amongst the most vulnerable in polygamous systems. The psychological effects of discrimination and injustice between children of wives cause problems in the process of their normal growth. Specific research has been done on the psychological effects of polygamy on children and illustrated the dimensions of the forthcoming effects. Awareness might be raised via the local media, religious leaders, and the formal and informal education systems. Such awareness may lead to public discussions about the benefits and the economic and psychological burdens of polygamy. Thereby, this will enhance the ability and the freedom of individuals in the community to choose their own ways of family life. Programs should be developed to assist women and children in polygamous families to cope with the difficulties in their lives. For those already in polygamous marriages, a support group for wives could be offered in the community. In such groups, women can share their feelings and find ways to overcome pain and conflicts. Children in polygamous families can be supported through the school system and via after-school programs. In addition, social practitioners and family therapists should develop methods of intervention with polygamous families, possibly adapting concepts and techniques taken from both family therapy and group work. All members in the family could learn how to negotiate for attention and resources, how to compromise, and how to build a successful small. Beyond counseling, for the well-being of the family as a whole, it is crucial that concrete assistance be provided where it is needed in the form of financial benefits, school materials for the children, food aid, and health care. Both men and women in polygamous families should be helped to acquire marketable skills and to enter the job market, which would give them both a modicum of financial independence and some sense of empowerment. Conclusion                     In conclusion, the effects of polygamy in family, society to the country have been shown to be diverse. It is clear for many particularly men that there are positive aspects of leading a polygamous life. For the remaining many, polygamy remains a stubborn lesion that results in sadness, depression, confusion, resentment, loss of identity and love. It is therefore not surprising to realize that women and children oppose this type of family life and wish to form monogamous families in the future. Moreover, members of the family do not succeed in overcoming their anger, jealousy, and antipathy. It has also been highlighted how intergenerational suffering in the form of disengagement, fighting, emotional turmoil, and interrelational conflicts are prevalent. It is important that community awareness of these potential negative effects of polygamy be elevated and addressed urgently. References Bennion, J. (2012).  Polygamy in primetime: Media, gender, and politics in Mormon fundamentalism. Waltham, Massachusetts: Brandeis University Press. Crooks, R., & Baur, K. (2014).  Favourite Wife. Escape from polygamy. Darger, J. (2011).  Love times three: Our true story of a polygamous marriage. New York: Harper One. Gallichan, W. M. (2012).  Women under polygamy. London: Holden & Hardingham. In Beaman, L. G., & In Calder, G. (2013).  Polygamy’s rights and wrongs: Perspectives on harm, family, and law. Jacobson, C. K., & Burton, L. (2011).  Modern polygamy in the United States: Historical, cultural, and legal issues. Oxford: Oxford University Press. Jencks, E. N., & Milton, D. (2010).  The history and philosophy of marriage, or, Polygamy and monogamy compared. S.l. : Born Again Pub. McMahon, K. (2010).  Polygamy and sublime passion: Sexuality in China on the verge of modernity. Honolulu: University of HawaiÊ »i Press. Ward, P. (2010).  Family law in Ireland. Alphen aan den Rijn, The Netherlands: Kluwer Law International. Source document

Pelabur’s Pizza Mini Case †Capital Structure Decision

a) Repurchase of stock=RM15x100000shares=RM1500000 Equity after repurchase of stock=repurchase of stock-amount borrowed Scenario |Amount borrowed(RM) |Equity after repurchase of stock(RM) | |1 |0 |1500000-0=1500000 | |2 |187500 |1500000-187500=1312500 | |3 |375000 |1125000 | |4 |562500 |937500 | |5 |750000 |750000 | |6 |937500 |562500 | |7 |1125000 |375000 | b) Weight of equity=(equity after repurchase of stock/repurchase of stock) x100% Weight of debt + weight of equity=100% |Scenario |Weight of debt(%) |Weight of equity(%) | |1 |100-100=0 |1500000/1500000 x100%=100. | |2 |100-87. 5=12. 5 |1312500/1500000 x100%=87. 5 | |3 |25. 0 |75. 0 | |4 |37. 5 |62. 5 | |5 |50. 0 |50. 0 | |6 |62. 5 |37. 5 | |7 |75. 0 |25. | c) After-tax cost of debt=pre-tax cost of debt x (1-T) =(prime rate + risk premium)x(1-T) |Scenario |Prime rate(%) |Risk premium(%) |Tax(%) |After-tax cost of debt(%) | |1 |5 |2. 0 |40 |(5%+2%)x(1-0. 4)=4. 2 | |2 |5 |2. 0 |40 |(5%+2%)x(1-0. 4)=4. 2 | |3 |5 |2. 5 |40 |4. | |4 |5 |3. 5 |40 |5. 1 | |5 |5 |5. 0 |40 |6. 0 | |6 |5 |7. 0 |40 |7. 2 | |7 |5 |10. 0 |40 |9. 0 | d) CAPM=Krf+(RPm)? , Krf=4% , RPm=8% |Scenario |Subjective beta, ? CAPM(%) | |1 |2. 0 |4%+8%(2. 0)=20. 0 | |2 |2. 1 |4%+8%(2. 1)=20. 8 | |3 |2. 3 |22. 4 | |4 |2. 5 |24. 0 | |5 |2. 9 |27. 2 | |6 |3. 3 |30. 4 | |7 |3. 7 |33. | e) WACC=WdKd+WsKs |Scenario |Wd(%) |Ws(%) |Kd(%) |Ks(%) |WACC(%) | |1 |0 |100. 0 |4. 2 |20. 0 |0(0. 042)+1(0. 2)=20. 00 | |2 |12. 5 |87. 5 |4. 2 |20. 8 |0. 125(0. 042)+0. 875(0. 208)=18. 73 | |3 |25. 0 |75. 0 |4. 5 |22. 4 |17. 93 | |4 |37. 5 |62. 5 |5. 1 |24. |16. 91 | |5 |50. 0 |50. 0 |6. 0 |27. 2 |16. 60 | |6 |62. 5 |37. 5 |7. 2 |30. 4 |15. 90 | |7 |75. 0 |25. 0 |9. 0 |33. 6 |15. 15 | f) Shares repurchased=amount borrowed/repurchased stock price per share Remaining shares outstanding=shares outstanding (old)-shares repurchased Scenario |Shares outstanding |Shares repurchased |Remaining shares outstanding | |1 |100000 |RM0/RM15=0 |100000-0=100000 | |2 |100000 |RM187500/RM15=12500 |100000-12500=87500 | |3 |100000 |25000 |75000 | |4 |100000 |37500 |62500 | |5 |100000 |50000 |50000 | |6 |100000 |62500 |37500 | |7 |100000 |75000 |25000 | g) Total asset=Earning(net income)/WACC otal equity=total assets-total liabilities Interest expense=amount borrowed x interest rate(prime rate + risk premium) |Scenario |1 | |1 |300000/100000=3. 00 | |2 |292125/87500=3. 34 | |3 |3. 78 | |4 |4. 34 | |5 |5. 0 | |6 |6. 20 | |7 |7. 95 | h) There are two main types of financing for a business which are debt or equity financing. Debt financing is describe as the type of financing we receive from a traditional bank loan and equity financing is describes as the financing we receive from venture capital into our business from outside investors.Therefore, the benefit of debt financing is refer to it’s limited in amount and we will pay down the debt over time to a zero sum balance without any further obligation to the lender and the down stroke to debt fin ancing is to define that traditional lenders will take a hard look at our business including how long it has been in existence, income from operation, expenses and it will require hard assets for collateral for the loan. Moreover, those lenders will most certainly want us to personally guarantee for the repayments of the loan. Another disadvantage of debt financing is that our organization will be burdened with some other type of regular payment which is usually a monthly payment which depending on the terms and conditions of the financing and this can absorbs critical cash flow, especially those individual or partners with small business.Besides that, the benefit of equity financing or venture capital is that we will be also receiving money in exchange for equity in our business in the form of stock or some other form of equity like percentage of income or gross net sales. A fundamental benefit of this type of the equity financing is to define there is no monthly payment requiremen t to investors. Instead, we are giving up ownership interest, most often, permanently. Furthermore, the traditional lenders, banks for example, will look at our business much slightly different than venture capitalist. Bankers want a zero-risk or near-zero risk position when they provide financing and will rely almost completely on the operating economics of the business with little regard for potential future growth.Thus, they want to see strong cash flow backed up by hard assets before they do a deal with the ingredients that most small business lack or they wouldn’t be seeking for financing. Eventually, the venture capitalist is on the other hand which they tend to consider the management team and the potential future growth of the business more heavily than actual operating numbers, especially for those with small business with large potential but few sales and little or no operating history. Although these two types of lender is vary in their approaching to analyzing a b usiness for funding, we can also be sure that careful examination of our business will be conducted.