The Importance of Justice in Society Essay -- essays papers

The Importance of Justice in SocietyOne component of the definition of justice is the final case of the process of the law, whereby justice is distributed by the State. According to this definition, justice is the mechanical process of the structure of law set in place and agreed to by the concourse of the State. Another definition is concerned with the value inherent in just behavior. One distinction between these two definitions is the difference between an individual sales booth and the larger view of the society. Either view incorporates the concept of moral judgment good as opposed to bad. Man has recognized the importance of justice in his society since the earliest of times. In order to serve justice, there has to be a law to settle differences among the bulk of the state. The history of law in notification to society reveals that humanitys earliest efforts at lawmaking were prompted by the basic desire of self-preservation. Although engulfed by a society that necessita ted such combinations as clans and tribes for protection, as well as for social and economic advancement, the nature of the individual led to the development of certain expressed general rights with regard to person and property1. Generally, these unwritten rules giving medication social and economic interaction recognized the right to defend oneself from injury as well as to enjoy property without outside interference. While competent for primitive societies, unwritten rules of social control were ineffective in a rapidly developing society. So, an effort was made to clarify them so that all the people would know their definitions, limits, and applications. After reading Fullers Speluncean Explorers fictional case and seeing the conflict... ...een the poor and rich, the weak and the strong. To fight poverty the state should spend more(prenominal) money on education, employment, and child welfare. The state must give the individual his rightful place of dignity as a free m an equal to all his fellow men where he shall have the right to live under a rule of law based on a smack of obligation. In that society, respect for law must be the cohesive force holding it together and not mere obedience based on dispense with to the weapons of state power.BibliographyFuller, Lon L. The Law as Literature. Wofford Press, Toronto. 1978.Swift, Jonatham. The Complete Works. Oxford Univesity Press, New York, 1987. Smith, Alexander B. Crime and Justice in a Mass Society. Xerox College Publication, Massachusetts, 1972.Waldron, Ronald J. The Criminal Justice remains an introduction. Houghton Mifflin, Boston, 1976.

economy of power :: essays research papers

15The economy of powerI would like to suggest other way to go furthertowards a new economy of power relations, a waywhich is much empirical, more directly related to ourpresent situation, and which implies more relations amongst theory and practice.Michel Foucault, 1982Beyond the repressive hypothesis Power as power/knowledgeFoucault never attempts any (impossible) definition of power. At best, he gives a definition ofpower relations in an essay published in 1982The exercise of power is not simply a relationship between partners, individual or collective it is a way inwhich certain actions modify others. Which is to say, of course, that something called Power, with orwithout a capital letter, which is assumed to exist universally in a concentrated or diffused form, does notexist.Therefore, Foucauldian definition of power is drawn in opposition with the repressivehypothesis (Foucault, 1971) which holds that there is a nonnatural land which can beexercised independently of any p ower relationship. Precisely because it is transcendental, reasonis then universally compelling. It can limit the political power theme and has therefore a role inopposing domination (ie when political power goes beyond its rights).Foucault draws the genealogy of this hypothesis advocating two reasons for its appearance inhistory(Dreyfus and Rabinow, 1982130). On a first hand, because of what he calls the speakers benefit , the mere fact that, by advocating such a hypothesis, the speaker placeshimself out of power and inwardly truth. However, this is not the main argument of Foucault as hemust recognise that, not as an archaeologist but as a genealogist, he is himself in a field of powerrelations. On a second hand, becausemodern power is tolerable on the condition that it masks itselfwhich it has done very effectively. If truthis distant of and opposed to power, then the speakers benefit is merely an incidental plus. But if truth and16power are not external to separately other, as Foucault will obviously maintain, then the speakers benefit andassociated ploys are among the essential ways in which power operates. It masks itself by producing adiscourse, plain opposed to it but really part of a larger deployment of modern power.An additional, more technical, reason should be added, which is that talking about atranscendental reason means falling again in the contradictions of modernity (see part 1).Therefore, Foucault prefers considering rationality as a kind of rationality and study howseveral kinds of rationalities could emerge in history (see part 2). However, considering theemergence of a kind of rationality presupposes that the field of possible knowledge is tightly

A Mothers dream Essay -- essays research papers

A Mothers Dream     For a lot children growing up, our mothers have been an complete part of what made us who we are. Mostly all thoroughly mothers want the best for their child and they are determine to do whatever it gestates for them to get it. The central struggle in Amy Tans story Two Kinds is a scrap of wills between the narrator, a young Chinese-Ameri rouse girl, and her mother, a Chinese immigrant. "Two Kinds is a coming-of-age story, in which the narrator, Jing-mei, struggles to forge her own sense of identity in the face of her obstinate mothers dream that she become a "prodigy.                Suyuan, Jing-meis mother, believes in the American Dream. With hard work, she feels that Jing-Mei can be anything she wants to be in this great country. After all, Suyuan does not want her little girl to ever suffer the kind of deprivation and tragedies that she had to endure in China. But Ji ng-Mei has no desire to prove herself or excel in any field. She wants to take life as it comes. In her words, I did not believe I could be anything I wanted to be. I could only be me Tan (679). Since Suyuan believes that anything can be accomplished and she uses her daughter as her outlet to prove it. She continuously gives Jing-mei numerous test and eventually forces her to take piano lessons, which becomes Suyuans prime focus of her perfect dau...

Civil Engineering Essay -- essays papers

Civil Engineering Throughout my lifetime, I have never had to think very much about the failing realism and everything that went with it. All through high school I took classes I liked or thought would be interesting to me, but never thought that entirely of those classes were preparing me for what was to come. Before I knew it, it was time to go to college. The four years of high school had flown by and now it was time to choose a major for college. I had never given much thought as to what I wanted to do for the rest of my life. The only real occupations that I had really gotten to experience were teaching, the jobs that my parents had, and others such as doctors, dentist, most of the occupations that everyone sees while they are growing up. When I finally decided on my major, I chose engineering, but I didnt know if I would like it or not. The only prior knowledge I had about it was the fact that my grandfather was an electrical and chemical engineer, and that my paren ts and teachers said that I would be smashing at engineering. Recently I have been interested in civil engineering, but what does one do with such a degree? What opportunities are easy to a person with a degree in civil engineering on the job market? The broad curriculum that covers many different handle of engineering make civil engineering a major that allows a person to work in nearly any field they wish.So what could a person do with a degree in civil engineering? Civil engineering is one of the most general fields in engineering, and is very much considered the liberal arts of engineering. Civil engineering is also referred to as the People engineering, because wherever there is a civilization, there is a need for civil engineers. A person that possesses a degree in this field shows an understanding of mathematics, chemistry, and physics. Thus there are many different applications of jobs that a person can execute with this degree. As Jeff Olsen, a former graduate in ci vil engineering at the University of Cincinnati says, Fortunately for an engineer, there always seems to be room for advancement, both at heart and outside of engineering. If you want to stay engineer your whole career, there are typically two paths an engineer takes during their career. One is to remain technical your whole career. This font of person is someone that likes sitting behind a desk doing desi... ... do. I am the type of person that becomes bored very quickly with the same thing mean solar day in and day out, so this fast paced, always-changing work atmosphere is perfect for my personality. As a civil engineer I will choose to work outside with a hands-on approach to the projects I take on. This will be a very rewarding career for me, since I will draw off to see a specific design all the way through to the finished project, and I will get to observe how this finished project helps the public. I also like the fact that my work would benefit more people in one day than almost any other profession. Since I am good at solving problems and designing and constructing things, I should have no problems as a civil engineer. Because civil engineering has all the qualities I am looking for in a job, I feel that it is the perfect career for me.BibliographyOlsen, Jeff. Personal Interview. 18 Feb. 2000.Rost, Bob. Personal Interview. 22 Feb. 2000.Chua, Ian Y. H. Civil and Structural Engineering alternative Web. 29 Jan. 2000. 2 Mar. 2000. http//web.singnet.com.sg/icyh1955/civil.html.Telford, Thomas. Re Civil Engineers Handbook. E-mail to the author. 29 Feb. 2000.

Anthropology and Gender Essay -- Feminist Anthropology

Though women have played an integral part in the history of the discipline of anthropology, it was not until the early 1970s that the subject of anthropology and gender, or feminist anthropology emerged. Sex and gender roles have always been a vital part of any ethnographic study, but the contributors of this theory began to address the androcentric constitution of anthropology itself. The substantial gap in information concerning the study of women was perceived as a male bias, a prejudice made more apparent because what lilliputian women-centered fieldwork was done received insufficient attention from the academic community. While anthropology was considered one of the more egalitarian fields of study, it was dominated by white, Western males who focused to begin with on the study of men within a society. The women seen in fieldwork were merely identified in regard to their gender specific roles, something these feminist anthropologists hoped to rectify. Those women deserved to be accurately portrayed for the part they played in the human experience.The 1960s and 70s belonged to a tumultuous period in American history, characterized by an array of social and political movements including anti-Vietnam war activism, the origination of a counterculture which strove for societal liberation, the civil rights movement, and the rise of feminism (McGee & Warms 2011 396). Women began to question the limitations of their gender, rallying to promote their own rights and interests. Womens liberation became encompassed within a variety of disciplines, including anthropology, exploring themes found cross-culturally such as patriarchy, discrimination, and objectification. In addition to the cultural anthropological focus on gender inequality, feminis... ... and views of canvas societies. Basic anthropological assumptions were questioned when it became evident that the male-centered field had neglected to document women and gender as important aspects of social life. While it is clear that several feminist anthropologists seek to correct the imbalance of knowledge by focusing solely on women and their significant impact upon the development of humankind, the theory has evolved to focus on gender as it relates to power, class, societal construction, and sexuality among others. Works CitedKuklick, Henrika. 2008 Women in the Field in the Twentieth Century Revolution, Involution, Devolution? A New History of Anthropology. Oxford, UK Blackwell Pub. 277-292McGee, R. Jon, and Richard L. Warms. 2011 Culture and Personality. Anthropological theory an Introductory History. New York McGraw-Hill. 396-436

Himalayan Herders: The Significance of Latitudinality Essay -- Cultura

Himalayan Herders The Significance of Latitudinality Melvyn Goldstein and Donald Messerschmidt, the authors of The Significance of Latitudinality in Himalayan backing Ecosystems argues that the altitude oriented mixed mountain agriculture model where mountain people move to higher altitudes in the pass and lower ones in the summer does not accurately reflect many areas of the Himalayans (Goldstein and Messerschmidt, 117). Instead, latitudinality lies at the core of cultural adaptation to the high altitude mountain ecosystem for many native Nepalese (Goldstein and Messerschmidt, 126). Of the triple studied Nepalese regions (Limi, Ghaisu and Bhot Khola), latitudinal move manpowert is just as weighty and common as latitudinal movements for the local inhabitants. The authors illustrate the point that in close to Himalayan areas, the people do not depend on altitude variation, but use latitudinal (north-south) habitats to create habitat and production zones (Goldstein et. al, 120). In the hilly areas of Limi, Ghaisu and Bhot Khola, even the sons of snow (Yaks) will not survive the winter snow. To escape the snow, the people and their herds migrate only 50 to 75 miles south to pasture-land not cover by snow. This 50 to 75 mile trek is strictly latitudinal as they do not descend in elevation. These southern wintering grounds put forward more grasses for grazing because of a more moderate climate. This latitudinal adjustment is central to the success of pastoralism. Animal husbandry and agriculture are also important activities in the Limi, Ghaisu, and Bhot Khola regions. For example, agriculture is considered to be the foundation of Limis economy. However, because of high altitudes, agriculture cannot be expanded ... ...y and its effects on pastoralism and agriculture. For example, Melemchi herders use different vertical zones throughout the form as grazing land for their animals. The book spurred a few questions of uncertainty about the article. Bi shop thoroughly described the recent trend in which Nepalese men sell their herds and for many months abandon their family to try and make cash in an unskilled job in India. This insight makes the reader realize that the few obscure regions studied in Goldstein and Messerschmidts article are not typical communities even in the mountainous and rural country of Nepal. Works CitedBishop, Naomi. Himalayan Herders. Texas, Harcourt twain College Publishers, 1998. Goldstein, Melvyn and Donald Messerschmidt. The Significance of Latitudinality in Himalayan Mountain Ecosystems. Human Ecology, Vol. 8. No. 2, 1980117-133.

Whats Wrong with Black English

When I was young growing up I was teased because I was told that I spoke white. Unfortunately in my case, I taught myself to blab out the mien everyone else spoke and I regret it to this day. At the time I felt if I spoke the same way everyone else did I would be accepted as everyone else. Now that I have reached a level where let outing incorrectly is non accept up to(p), I have to practice speaking. Rachel L. Jones and Amy false topaz both made excellent points on different backgrounds having their own way to converse, but also being fitting to speak professionally.Amy Tan stated I was ashamed of her English. I believed that her English reflected the quality of what she had to say. My father has always made fun of the way I speak and I believe he underestimated my intelligence. Recently over spring break I had to write an essay for an internship I was applying for. When he read my paper he admitted to how amazed he was at how well I wrote it. Since I dont speak correct Engli sh all the time he presume writing was not as strong as he saw it to be.From elementary school to now I have always been told you write the way you speak. I feel that is not necessarily true. I feel when writing you have time to think on what you have written and being able to proofread helps also. When conversing with someone, there is not any time to think about the correct way to say something. I too feel English is a point of view and there is not one perception of it. There are many ways and different accents but one accent is agreeable in the professional world.In Whats Wrong with Black English, Rachel explained that she does not agree with William Labov quote It is the goal of most black Americans to acquire sufficient control of the standard language without giving up their own culture. I would have to also disagree with Labov because I feel he is expressing that African Americans speak incorrectly. People of all races all do not speak correct English it seems as if it i s a stereotype of what African Americans try to acquire.African Americans deprivation to learn speaking incorrectly is not our culture. Our ancestors were not taught to speak correct English so it became a cycle. Now that we are allowed to receive the same rearing as everyone else, we need to not allow Rachel stated Knowing the price that was paid for me to develop my abilities, its infuriating to hear that some young blacks fluent perceive clear speech as a Caucasian trait. Many people my age today still think speaking decent means speaking as a Caucasian would.My younger baby who speaks correct English always is mad fun of. My sister is very knowing for her age and I have always stood by her side when someone tried to make her feel bad for being smart. I refuse for my sister to do what I have done to myself. Since I am the oldest I must guide her onto the correct path and I am proud of her. Jones and Tans thought of correct English is a controversy that needs to be taken seri ously.

Electron Arrangement and EMR Essay

Chemical Reaction is a process that involves rearrangement of the molecular or dome structure of a substance, as opposed to a change in physical form or a nuclear reaction. Reactant is a substance alive(p) in a chemical reaction, especially a directly reacting substance present at the initiation of the reaction. A word equation is an equation where notwithstanding the words of the products and reactants are given. It is used to describe chemical reactions using words. A skeletal equation is a chemical equation that is not balanced, with an unequal tour of atoms on each side of the reaction. A chemical equation is the symbolic representation of a chemical reaction wherein the reactant entities are given on the left field side and the product entities on the right-hand side. A Coefficient is the government issue that normally appears at the beginning of a term in a chemical equation. It indicates the number of molecules or atoms that were involved in the chemical reaction.1.H2 + B r2 2HBr2.Potassium Chlorate - Potassium Chloride + Oxygen = KClO3 KCl + O2KClO3 KCl + O2Balanced = 2KClO3 2KCl + 3O23.FeCl3 + 3NaOH = Fe(OH)3 + 3NaCl4.Zn (s) + H2SO4 (aq) = ZnSO4 (aq) + H2 (g)5.CuS + HNO3 - CuSO4 + H2O + N2OCuS + 2 HNO3 - CuSO4 + H2O + N2O

Lockheed Tri Star

Investment Analysis and Lockheed Tri one Problem Sets February 25, 2013 1a. The results of NPV, payback and IRR calculations are the following. For payback method, Rainbow Product will pay back the maestro investment costs after 7 years. Net Present Value is -$946 and IRR is 11. 49%. Rainbow Products should not purchase the machine according to the results of NPV and IRR calculation. The net certify care for of purchasing this new equipment is negative, and the internal rate of return is less than the cost of capital thus both calculations confirm that the investment will not appropriate additional value to the company.Of course the payback method shows that the instrument will live paid back the cost in 7 years still does not take into consideration discounting present values. 1b. If Rainbow accepts the Good As New service plan, net present value will be a imperative $2,500 and IRR will be 12. 86%, greater than the cost of capital. The investment would also pay back the cost in 8 years. Rainbow should purchase the machine below this service plan as it results in a positive net value and the internal rate of return is greater than the cost of capital. c. If Rainbow chooses the reinvestment option, net present value is $15,000 and IRR is 15. 43%. Therefore, the best investment decision is to accept option C, where engineers reinvest 20% of the savings that help cash flows grow 4% in perpetuity. signifier 1 (applicable to question 1a1c) 2. Using the IRR rule, I suggest renting a larger stand as it yields the greatest rate of return. Using the NPV rule, I recommend building a larger stand.IRR rule can be misleading in this case as this problem is comparing 4 mutually grievous bodily harm projects and given the stats, IRR for one out of four of these projects yields a much higher value, but none of these IRR values take discounting rate into consideration. Therefore, NPV is a better method. guess 2 3. The NPV of this project is $100,000. 1,100 shares o f common gillyflower should be issued at the current price of $100. Issuing new stocks will increase shares of the stock in the commercialise and therefore reduce the value of the stock of existing shareholders. Lockheed Tri Star Case QuestionsAt 210 unit production levels, the true value of the Tri Star program is negative $584. 04 million. At break-even production of 300 units, Lockheed actually lost roughly $274 million. At around 400 production units, Lockheed would achieve economic break even. The decision to pursue the Tri Star program was unreasonable due to a mis compute break even point. At 210 unit production, the net present value was roughly negative $182 million referring that Lockheed would have needed to produce somewhere between 210 units to 300 units to achieve true break even.In addition, given the overly optimistic 10% growth rate that calculated double the total of true aircraft market, Lockheed would have needed to either capture more than 50% of the market fo r aircraft to breakeven. Between 1967 and 1971, the price of Lockheeds common stock dropped about $50. With 11. 3 million shares outstanding, this comes to about -$565 million. We see that the original NPV with 210 unit production results in about similar value as the drop in the total value of the common stocks outstanding.

Political Awareness Essay

Social media become an important specialty of communication in the modern time in which it is provide powerful channel of information between politician and citizens. Besides that, the neighborly media act as proactive devices for encouraging the citizen to participate in democratic process. The genial media an important medium of information have influence peoples thought and action closely politics and encouraged people to give opinions, critics and suggestions as well as participate in politics. in that locationfore, the social media is bingle of the primary mechanism in the policy-making scene and capable of making semipolitical issues. However, it gives a negative aspects on political issues in which people may give wrong information and it also enjoys a positive function by spreading information crosswise society quickly and enjoys freedom of speech.The development of new technology encourages youth to engage in politics. Youth today most likely to use the social medi a like Facebook, twitter, blog and you tube as medium of communication to interact with others. For example, blogs play an important role in political communication and in forming the opinions of political actors and politically interested users. Their ability to facilitate active interaction, present opinions, mobilize voters, as well as influence public opinion and eventually option outcomes makes political blogs an interesting.Online social networks provide us with convenient platform for such analysis. The data from many social networks is publicly available. Furthermore, social media has emerged as a world-shattering platform for discussion and dissemination of political information. For example, Pew surveys (Smith, 2011) found that 22% of adult Internet users participated in political campaigns through at least one of the major social media platforms like Twitter, Facebook, and Myspace during the 2010 U.S. elections. However, people would not use social media regularly for i nteraction that lead to political engagement. People usually discuss about politic in social media only time of election in which political parties, political activists and organizations promote, persuade and wishing to increase participation by citizen.There is an analysis of social media usage for political purposes by young people during the United Kingdom general election in 2005. Itemphasized that the role of social media for reinforcing existing democratic awareness rather than as an alternative mode of political socialization. Interestingly, the percentages of the youth are much likely use social media in accessing political information for news and information about parties as well as candidates than older users. Thus, the social media plays an important role as strategies by political parties to target young voters are a valuable approach in attracting disaffected citizens. However, it also indicates that political engagement by young people may show signs of becoming misus e to the new social media where mobilization and activism may be more increase if they are social media users.

Employment at Will Essay

There ar several consults and issues that had been analyzed by the new COO of the organization. Many aspects need to be conservatively considered before making sound decisions of any corrective body process or termination in safari to avoid legal actions. According to Connell and Castro, issues need to be guardedly investigated by exploring relevant witness such as co-workers (Castro & Connell, 2009, p.31). This will ensure that situations with mis fancyings are not the issue. However, the conclusion made by the COO should be practical and in spite of appearance reason, not made on impulse or suddenly, and in line with the Employment-at-will doctrine. Although, employees can be dismissed at any beat for whatever reason if there arent any statutes that would prohibit the act, careful review of the concerns listed below is needed for the betterment of the company and its strategic plans. rear affix a rant on his Facebook page in which he criticized the companys most important customer. Jim sent an email to other salespeople protesting a flip-flop in commission schedules and bonuses and suggesting allone boycott the next sales meeting.Ellen started a blog to protest the CEOs bonus, noting that no one below director has gotten a raise in two (2) years and portraying her bosses as know-nothings and out-of-touchBill has been using his company-issued BlackBerry to run his own business on the side. The secretaries in the chronicle department decided to dress in black-and-white stripes to protest a memo announcing that the company has installed keylogger software on all company computers. after(prenominal) being disciplined for criticizing a customer in an email (sent from his personal email account on a company computer), Joe threatens to sue the company for impingement of privacy.One of the department supervisors requests your approval to fire his secretary for insubordination. Since the secretary has always received glowing reviews, you call her into yo ur office and determine that she has refused to prepare false write off reports for her boss. Annas boss refused to sign her leave request for jury duty and now wants to fire her for being absent without permit. Summarization of Employment-At- Will DoctrineIn any kind of employment relationship, employment is a moment to moment employment contract between the employer and the employee. Therefore, the employment- at will doctrine allows the employer to do whatsoever it feels to the pry of the employee. Putting it differently, the doctrine permits an employer to terminate a worker for any reason good, bad, or without reason as long as the termination is within the legal parameters (Urhuogo, 2010, p.29). In other words, if nothing else applies to the situation at hand such as a specific equity of court case that would backup the termination (Anti- Discrimination Law), then the employment at will doctrine will succeed.However, exceptions at the national, state, and city level such as specific statutes or honors and common laws (contract and public policy) allowed for modifications to be implemented to the employment-at-will-doctrine in effort to prevent an employer in terminating a worker under the more precise exemption. At the federal level Title VII (Civil Rights Act), which includes race, sex, national origin, and religion are protected. In addition, workers are protected under the Age Discrimination and Employment Act, Americans with Disability Act, and subject Labor Relations Act, which protects workers that participate in a union.Most state laws are paralleled to those laws implemented at the federal level. However, some states feature expanded their laws to shape up modify the employment-at-will doctrine for example some states have included sexual preference as being protected, which is not covered under the federal law. commonalty law exception, which is applied to all levels is based on precedence and therefore, does not need o apply. An example would include a judge handing down a verdict in his or her jurisdiction creating an exception to the employment-at-will-doctrine. The decision made by the judge would therefore become a binding on employers, which is self-directed or separate of the laws or statutes that was created by the legislative body. In conclusion of the employment-at-will doctrine, if the workers termination does not fall within the statutory or common law exception, the employment-at-will doctrine will default.Recommendation and Implementation Firstly, many of the concerns and issues referenced above could have possible been eliminated if a whistleblowing policy had been implemented. Realizing and executing this policy within the workplace, allows for whistleblowers to acquaint a role of importance that could eliminate unethical or illegal behaviors within the workplace before any issues become too difficult to handle. When organizations put out to have employees that display a characteristic of being unethical, they position the organization to be at risk in a negative manner legally, financially, and publically.The particular of the matter is that wrong doing occurs in many organizations, but workers at ALL levels should feel comfortable and confident that their work environment is not one of being hostile. Therefore, including a whistleblowing policy should be safe for the worker in knowing that if or when a matter is reported internally any corrective action can be quickly executed thereby, causing workers to become more ethical. In addition, ongoing ethics training for workers at ALL levels in effort to enhance a moral environment or climate should be applied so thatObjectives and strategic plans are met and the best way to ensure that they are met Leaders are walking the walk and talking the talk (setting examples for all) Workers will feel as though their communication and responsibility is of value to their place of work.Finally, the confidence of the policy shoul d be an image of the company and therefore, being upheld than just words on a piece of paper. The whistleblower should feel confident and safe that when an investigating is done, it will be conducted in an objective manner and investigated by one that has absolutely no influence on the outcome. This too will give a feeling that confidentiality is of value within the organization to the whistleblower. After careful review of the employee issues and concerns, the following recommendation has been madeFirstly, the real boss in my opinion is the customers and particularly the high profitable ones because they are the major source of buying. And if your high profitable consumers decide to take business to your competitors then you basically have fired yourself. Although, John decided to criticize the most important customer, it is best to terminate his position collectable to the fact that at that moment a competitive disadvantage had been created.Jim and Ellen have some real legitima te grievances that need to be address by the company in effort to determine if other employees have the same concern and if so, developing ways to correct the issue. However, both Jim and Ellen have real concerns in reference to pay and therefore, it should be addressed. I believe that they both need to be coached and maybe even disciplined on the way of handling their concern but, I feel that they are both protected under the retaliation law and public policy.In Bills cases, grounds for termination can be expected assuming he did not get permission first. The use of the companys cellular in effort to start his business is considered theft. Misusing the companys resource for personal business causes the business to lose time and money.Im afraid it is perfectly legal for an employer to monitor company computer usage while you are at work, you do not have the right without permission to do your private work on your companys computer. Therefore, the accounting department need to be coa ched on the expectations of the company but also understand that they are not obligated to continue their employment with the organization if they feel disapprove of the key loggers.I believe that Joe has the right to sue the company due to the fact that it was his personal email that had been reviewed. I believe that if Joes criticism had been done on the business email then corrective action must(prenominal) stand. In order for the business to prevent personal email usages, it should be clearly outlined in the employee handbook as well as explaining the extent of computers being monitored. Employers should make sure that workers clearly understand the policy.The information provided by the secretary should be investigated thoroughly. If her claim is true, then she would be protected by the invasion of public policy. The secretary cannot be terminated due to the fact that she declined to prepared false expense reports for her boss. However, the boss should and need to be investi gated and terminated for his actions to eliminate a hostile work environment.Anna exercised her legal right under public policy law reporting to jury duty. However, Annas boss may ask for check of jury duty and unless the employee handbook state otherwise, the employer does not have to compensate Anna. Termination in this case would be illegal.In Conclusion, understanding the employment-at-will doctrine and carefully executing the parameters of the doctrine can still leave the employer with sense of being uneasy and becoming apprehensive that an employee will attempt to sue. According to Wood and Karau, it is imprtant to respect employees during the process of which the termination is taking place because it will show the employee that their work was appreciated while they were working for the company (Wood & Karau, 2008, p. 521). This can help or abet in preventing legal actions when respect is given. According to Urhuogo, Giving employees reasons for termination may result in em ployees to be understanding of the situation (Urhuogo, 2010, p.33). However, in the end, every employers and workers must display a demeanor that is ethical and suitable for the company and themselves.

Enthalpy of Reaction and Hess’s Law Essay

I. PurposeThe purpose of this lab is to verify Hesss integrity through the three replys of NaOH and HCl, NH4Cl and NaOH, and NH3 and HCl. The snapper of the enthalpies of the first two reactions should equal the enthalpy of the third reaction.II. BackgroundHesss Law is used to determine the enthalpy of a reaction from adding two or more preceding reactions. To determine the enthalpies of certain chemical substance reactions, the change in must be measured. This is best done using a calorimeter to prevent disturb passing play to the surroundings. To calculate the heat change in solution, the q=mct equating must be used. A positive value for q means the solution gains heat, a oppose value means the solution loses heat and is exothermic. The reactions used in the lab are exothermic acid-base neutralizations. By calculating q, heat, the enthalpy of reaction sack be found by knowing the Molarity of the reactants. The specific heat of the calorimeter can be found by the equation qca l= t x heat capacity. Since a calorimeter is used the heat released from the reaction will be absorbed in the solution, while some heat is transferred to the calorimeter. So the q of the reaction is given by this equation qrxn= (qsol+qcal).III. Summary of ProcedurePart 1A calorimeter is to be arranged using Styrofoam cups and a hole on top of a cover to abridge the temperature while also preventing heat loss. 50mls of distilled is to be added to the calorimeter. 75mls must then be heated to 70 degrees Celsius and 50mls of that water is to be added to the calorimeter. The calorimeter has to be covered and then the temperature interpreted every 20 seconds for 3 minutes.Part 250mls of 2.0M HCl must be put into the calorimeter. A 50mls solution of 2.0M NaOH should then be added to the HCl solution and stirred. The temperature needs to be recorded every 20 seconds for 3 minutes. For the second reaction the same march has to be repeated using 2.0M NH4Cl and 2.0M NaOH. The third reactio n requires the same process using 2.0M solutions of NH3 and HCl.IV. Observations* Styrofoam cup becoming hot after mixture* thermometer scraping the Styrofoam cup sides* cover doesnt completely cover the cup* small touchstone of time between pouring the chemicals and covering and mixingVI. Results and QuestionsCalculations please see attached graphs and work.Post Lab Questions1. What is meant by calorimetry?Calorimetry is the scientific measuring of heat released during chemical and physical changes. It ensures that minimal heat is lost so the heat of reaction can be found accurately.2. How does graphical analysis improve the accuracy of the information?Once the points are plotted on a graph the line of best fit can be drawn and extrapolated toward the y-axis. Since the first data plots can be inconsistent the best fit line may ignore the first points making the data more accurate by disregarding the away data.3. What is the meaning of the negative sign in front of the equation f or heat of reaction?The negative sign in front of the brackets indicate that we are in fact solving for the reverse reaction. So the sign must have a negative to indicate the reaction that is the forward, exothermic, reaction.4. Do the lab results support Hesss Law?The lab does support Hesss Law. The percent shift is relatively small for this lab and algebraically it is proven that the sum of the enthalpies of the first two reactions is abutting the measured value of the third reaction.5. How could the procedure be modified to achieve greater accuracy?To improve the accuracy of the lab a formal capacitance could be used instead of average Styrofoam cups. An airtight seal between the cover and thermometer would also be more accurate by preventing heat loss to the surroundings.6. Find a table reference that lists standard heat of formation for the species included in your net ionic equations. Use them to calculate delta H for the reaction of the net ionic equations. Do these values support Hesss Law?See attached calculations.VII. ConclusionThis lab successfully verified Hesss Law by adding enthalpies of reactions to equal the enthalpy of a third reaction. The mix of NaOH with HCl, and NH4 with NaOH proved to give off a heat close to that of NH3 mixed with HCl. The percent error proved to be 3.72%. The sources of error could be the heat lost while the calorimeter was not covered and maybe not enough mixing throughout the while of the three minutes. The addition of a mixing unit and an airtight seal on the capacitors would provide an improved version of this lab.

Euthanasia †Good Or Bad? Essay

Euthanasia is the painless killing of a patient poor from an incur able, deadly and incredibly flagitious disease or illness.Who is to decide for others? The government? Each and every person has the right to decide about issues such as euthanasia for themselves, nobody else should be able to decide for them as they ar the ones in need whats it to others? Its their suffering, their life and their choice.Wouldnt you like to leave earth with the least add of pain possible? Of course you wouldwho wouldnt? Along with euthanasia being able to put a stop to ones agonizing pains, its also able to decrease the amount of grief that they and their loved ones experience due to seeing each other go through a vast amount of distress. some (religious and nonreligious) great deal believe that it is wrong to keep people alive beyond their natural life span (e.g. a life support machine) because only idol has the power to decide when ones life ends. Jesus once said Do Unto Others As You Would H ave Them Do To You therefore if you were suffering really badly accordingly youd want your life to end the easiest and quickest way possible.Another thing that may seem more important than passing away with the least possible amount of physical and emotional pain, is respect and high-handedness. Euthanasia enables terminally ill people to pass on with a small, but priceless, amount of dignity and self-respect they conduct left in themselves. Who in the right world of mind would want to die with no respect from others? Euthanasia pull up stakes help prevent that to thousands across Britain not just the incurable patients but also the patients friends, family and even the doctors jobs would be less stressful.In March 2002 a 43 yr old woman, named Diane Pretty whom had Motor Neuron Disease made the headlines with her plea for her beloved husband to be allowed to assist her in suicide (as she only had a few unbearable months to live) with no fear of prosecution. At her hearing she spoke with the help of a voice synthesizer and said I want my rights to have a death with dignity, but her plea was rejected and she died later that year in May, in a hospice.What are people who want euthanasia like? Selfish? Theyll make their decision while thinking about nobody but themselves. They dont even think about how their family and friends will take the news and how much theyll miss them. If the person wanting euthanasia loved them dearly then theyd live on for them.Religious people have a point of view for euthanasia but they also have views against euthanasia to. Christians have hospices around Britain, which are specially for looking aft(prenominal) terminally ill people while making sure that they dont lose their dignity, Christianity believes euthanasia is wrong as they believe in the sanctitude Of Life and it is against the commandment Do Not Kill. Jesus suffered severely and painfully on the cross, but he did not cut short his suffering therefore it is not down to us to end out life. Other religions, including Christianity believe that accepting suffering may have a spiritual judge for your soul, in heaven, rebirth or the afterlife.Terminally ill people include people whom are in comas and unconsciousness so the persons loved ones may act euthanasia against their wishes and the patient might recover from an illness against all odds as the doctors diagnosis has a chance of being wrong. Doctors jobs are to save peoples lives well to at least try, not to kill them this will result in Britains doctors being murderers and no one would like to go to a murderer for help.

Company Law Course Wrap Up

MGMT3046 familiarity right mark interlace Up November 2012 We countenance come to the end of formal instruction in Company Law, so it is useful at this point to review the main learnings from the course. This entrust be close to long unit of measurement1 Salomon v Salomon and the embodied veil. This is a foundational circumstance in friendship lawfulness which enunciated the principle of the severalty of companionship and its sh atomic number 18s (sh be waitingers and officers). The principle makes it quite clear that the separation of the smart set from its members depart always have got it is entirely in exceptional reasons that the corporate veil go forth be lifted, such as in instances of joke or other illegality.This means that a teleph angiotensin converting enzymer whitethorn contr symbolize in its make come across and, too, be held apt(p) for bruisees committed in its name. As mentioned before, shareholders and officers of the company result non usu each(prenominal)y be held credible for acts committed by the company. This leads orderly to the c erstpt of especial(a) financial obligation. Since a company is a disperse legal entity, it follows that its members leave behind not be liable for its debts. As a distinct legal entity, a companys assets belong to it and not its members its liabilities belong to it and are not the responsibility of the members.In the flatt of the company becoming insolvent or bankrupt, a shareholders loss would only if be limited to the amount of unpaid shares he has outstanding in the company. In this way, a shareholder is afforded limited liability. Conversely, eternal liability companies impose unlimited liability on its members. Ultra Vires. Ultra vires describes acts undertaken beyond (ultra) the legal powers (vires) of those who bring in purported to undertake them.The three main applications of ultra vires were o whether the company acted outside is capacity o whether the companys agents acted in excess of authority and o whether the companys act was contrary to statutory provisions. This proved to create great difficulties for creditors as they might provide goods and services to companies which, when they refuse or were unable to pureness payment, were protected by the fact that contracts were deemed null and void and in that respectfore unenforceable.Creditors had no recourse in the facet of this issue. See Ashbury Railway Carriage & Iron Co Ltd v Riche. Ultra vires has since been abolished by statute such that, even though companies and its members may not be authorised to act in a particular(prenominal) way or to make authorized decisions, they may still be liable for such unauthorized acts as against third parties. This concept will return again in other units. unit 2 Lifting the Corporate Veil.The corporate veil does not provide blanket protection to the members and officers of a company. It will once they give way acted carefully, honestly an d in good confidence. In cases of illegality and negligence, the veil may be lifted to bankrupt the offending member to liability. Both statute and common law provide for the lifting of the corporate veil in such instances. This Session discussed the statutory exceptions to limited liability which include 1 MGMT3046 Company Law Course Wrap Up November 2012 eduction of number of members (it is to be noted that while a company may be operated with only one film director under UK statute for up to six months, the same does not hold for Trinidad and Tobago) imposterulent and wrongful trading (these apply only during the winding up process to be dealt with in hike detail in Unit 8 wrongful trading may be inferred from reckless shorten as found in s 447(1)(b) and (c)) disqualified directors (a director may be disqualified any during the course of normal operations of the company or during the winding up process) abuse of company name (this usually involves the transfer of com pany assets at an undervalue to the new company) and other named umbrages relating to documentation. While the veil of internalisation usually affords protection to a companys members and officers, the Court will lift it in cases of statutory br apiecees w present strict liability attaches to those found responsible for the breach.The Responsible Corporate Officer Doctrine, which holds the decision- make officer liable, operates very similarly in other legislation but is held to be separate from lifting the veil. At common law, the court will be prepared to lift the corporate veil under very limited circumstances. While there are no clearly defined categories, the court will lift the veil where somebodys are implicated in instances of using the corporation as an agent (based on the degree of control exercised by the shareholders everyplace the operations of the company) or where there is deceit or impropriety. In the case of corporations as shareholders, the court will lift the veil in cases where it can find an implied agency family and a group of companies playacting as a single entity.It is generally held that the court will lift the veil in parent-subsidiary relationships where the march shows that the subsidiary is but an agent of the parent (based on the degree of control exercised by the latter everyplace the former) statutory or contractual provisions dictate that it should be lifted or the subsidiary is schematic as a sham. A company will be deemed to be acting fraudulently where it is open up to avoid a court order or other legal obligations this usually applies where the shareholders are individuals. In such cases, the court will lift the veil to expose the companys members to liability. Unit 3 Directors of a Company. A directors behaviour is governed largely by the Companies Act, specifically by member 99. A directors responsibilities and liabilities are very clear and simple.He must exercise the powers of the company direct the managem ent of the company (s 60) declare any in the flesh(predicate) quests (s 93) act honestly and in good combine and exercise care, diligence and skill a reasonable someone would exercise under similar conditions. every breach of these requirements will lead to personal liability on the directors part. The company may choose to indemnify a director for any liabilities incurred where he acted honestly and in good faith and in the vanquish interest of the company (s 101). Particular attention should be paid to the words used in section 99 and their meaning. 2 MGMT3046 Company Law Course Wrap Up Unit 4 November 2012 Directors of a Company. A directors behaviour is also governed by common law which reflects, in large part, section 99 of the Companies Act.They owe a fiduciary commerce to the company to act in the best interest of the company, lawfully, honestly and in good faith, otherwise, they will be in breach of their fiduciary duties owed to the company. Pardy v Dobbin is an excel lent case on point. Shareholders are able to indemnify a directors acts or decisions if they so choose where there is disclosure by the director of his interest. obscure from the duties owed, a director may be held personally liable in tort or for illegal activity, especially in cases of fraud or negligence, and will not save the protection of the corporate veil. It is meaning(a) to note that where the tortious conduct of a director is motivated by self-interest or personal benefit, then the director may be liable (Blacklaws v Morrow, 2000 ABCA 175 (CanLII), paragraph 137).Personal liability will only attach, therefore, where it can be proven that the acts of the director are separate from the interest of the company or where such acts have been expressly directed by him. Fraud is proved when it is shown that a fraudulent illusion has been made (i) knowingly, or (ii) without belief in its truth, or (iii) recklessly, carelessly whether it be true or false. A director will be hel d liable where any of these is proved. With respect to criminal liability, a director will usually be held criminally and personally liable where he acted in fraud on the employer, for his own benefit, or contrary to instructions.In other cases of criminal liability, the company will be held to be vicariously liable, unitedly with the officer in question. Under the directing mind or identification principle, a corporation may be held vicariously liable for the criminal acts of its directing mind. In mens rea criminal intent offences, if the Court finds the director to be a vital organ of the company and virtually its directing mind in the sphere of duty assigned him so that his feats and intent are deemed the march and intent of the company itself, the company can be held criminally liable even where the criminal act was performed not wholly for the benefit of the company. He must, however, have been acting within the scope of the area of the work assigned to him.In the case of f raud, where the benefit accrues only to the director and is not intended to be for the benefit of the company, the corporate entity may be able to escape liability. early(a) Officers of a Company. Their behaviour, too, is governed by section 99 of the Companies Act. Unit 5 Shareholders. A shareholder is a member of a company, usually someone who has invested in the company and is considered an owner or part-owner. At law, the shareholder is not the incorporated entity they are distinct entities, where the company is deemed a separate, legal person with rights, privileges and liabilities, 3 MGMT3046 Company Law Course Wrap Up November 2012 in like manner as a shareholder. Their rights, privileges, liabilities, immunities and procedures for holding meetings are all covered by the Companies Act.In addition to the Companies Act, shareholders relationship with each other and the company are further governed by the terms of the shareholders obligation, which may place restrictions on th eir behaviour. It should be noted that there are definite fundamental changes that may only be effected by the shareholders. Unit 6 Status of the minority Shareholder. The bulk rules. This is enshrined in law, both common and statutory law. This makes it very difficult for minority shareholders to protect the interest of the company. This principle has its roots in the foundational case of Foss v Harbottle 1843 67 ER 189 which addresses the heavily circumscribed view of the minority shareholder.Section 37(c) of the Interpretation Act further compounds this issue as it also reinforces this principle. In addition to the majority rules principle, another important issue that arose is the proper plaintiff rule. The court held that if the majority is committing wrongs against the company, it is the company itself that should take action to protect itself. Nevertheless, the law has taken into consideration the underprivileged position of the minority shareholder and allows him to tak e actions as exceptions to the rule in Foss v Harbottle. As the company is an inanimate entity, it cannot take action on its own, then the relaxation of the proper plaintiff rule to allow the minority to act on its behalf.Obviously, the majority would be the entity to allow or disallow any such action and they will not permit the minority to take action against them. The minority shareholder(s) will have a right of action against the majority shareholder(s) in specific situations. He may be allowed to take derivative action an action brought by a shareholder (or director) of a company in the name and on behalf of that company in very comical circumstances. This means that any benefit accrues to the company only and not to the benefit of the shareholder. at that place are certain acts that a majority may not legally undertake and for which the minority may initiate such action.The minority has a common law right of derivative action where the majority attempts to o o o Con debau ched an act which is ultra vires or illegal Confirm an act which constitutes a fraud against the minority where the wrongdoers are themselves in control of the company Confirm an act which can only be validly done or sanctioned, not by a simple majority but by some special majority otherwise, a company could de facto do by simple majority something which indispensable a special majority or Affect qualified minority rights. o Where his personal rights are affected, he may take action in his own name. Any benefit here accrues at one time to the shareholder. The minority shareholder also has rights under the Companies Act to protect the interests of the company against the will of the majority. As in the common law, the act also allows for derivative action pursuant to section 240. The procedure in 4 MGMT3046 Company Law Course Wrap Up November 2012 s 240 must be followed prior to making a claim based on any of the four common law rights of derivative action mentioned.With respect to personal rights of action, minority shareholders may dissent to shareholder resolutions seeking to make fundamental changes to the corporate entity (s 227) or may seek to restrain oppressive behaviour on the part of the majority that is unfairly prejudicial to or unfairly dismissive of the interests of shareholders or other members or officers of the company (s 242). In this way, the minority shareholder is offered the right under law to protect his own interest or the interest of the company. Unit 7 Insider Trading. This relates to trading in public companies. An insider is someone who breaches a fiduciary duty owed to his employer to act honestly and uses unpublished, price-sensitive study to trade in securities or communicates such information to someone else who trades. The information he has will be considered material if it will help an investor determine whether or not to purchase or look at shares.Where an insider uses such information for his personal benefit to avoid a loss or make a profit, he will be in breach of the Companies Act, the Securities Industry Act and common law principles relating to o Access to confidential information o Breach of fiduciary duty or other relationship of trust o Material confidential information and o Using material confidential information for ones benefit. Unit 8 Winding Up and Dissolution. Winding up is the process of liquidating a company and its assets and then distributing the proceeds while waste is the cessation of the company. The most important issue here is trading while insolvent. This is regulated by s 447(1) of the Companies Act.This section raises the issue of fraudulent trading, where it is discovered during the village process that the company continued carrying on business, despite knowing or being unconcerned that it would have been unable to honour its debts and liabilities. Liability under this section is usually triggered when the court is satisfied that a person has not taken every possible s tep with a view to minimising the potential loss to the companys creditors as he ought to have taken. Several important words and phrases are used in this section intent to defraud reckless disregard debts and liabilities knowingly and personally responsible. The Central Bank case provides an excellent exposition into s 447(1) and the eaning of these terms. The use of such words and phrases make it clear that anyone guilty of this offence must have purposely or carelessly undertaken these acts despite knowledge or care of the companys inability to cover the debts and liabilities incurred by it. Any person so guilty will be held personally responsible without any limitation of liability. It should be noted that this is not restricted to directors and officers anyone, such as an accountant who may have audited the accounts and been aware of the dire financial situation, for example, who was knowingly involved would be held liable as well. It also applies to past officers and directors . 5MGMT3046 Company Law Course Wrap Up Unit 9 November 2012 Corporate Governance. Corporate governance has assumed great prominence within the last twenty years. There are many definitions, but they all revolve around good management practices which encompass accountability, foil and honest. Several financial scandals, resulting from a lack of these traits, led to the promulgation of codes of conduct for companies. These codes focussed on salary for directors, the role of the non-executive director, reporting functions of the board, and the role of auditors and audit committees. An ultimate combined code was created that encompassed the main points of each individual code.While none of these codes have the force of law, they provide a moral barometer specifically for public companies to engage in good management practices. Private entities are welcomed and encouraged to follow these guidelines as well. The wide range of stakeholders in effect(p) might ensure that these non-bindin g codes are adhered to, as companies, public and private, are required to act in the best interest of the company and society at large. The threat of damage to the companys reputation may also advocate in this regard. Of course, where companies fail to do so, they will be subject statutory and common law sanctions, even where the codes lack the ability to penalise.Section 99 of the Companies Act, in particular, and common law fiduciary duties apply here. Unit 10 coalitions. What is a confederacy? They are unincorporated entities, known as firms, comprising any combination of deuce or more individuals, or one or more individuals and one or more corporations, or two or more corporations (s 4, Companies Act). The relation which subsists between persons carrying on a business in common with a view of profit (s 3(1), alliance Act) How is a helpership different to a Company? Unincorporated entities establish on the law of agency Partners bear equal benefits and liabilities Formal esta blishment not necessary slight statutory responsibilities What does not needfully constitute a Partnership? oint ownership sharing of gross returns Cox v Coulson no agency and sharing of profits Stekel v Ellice employment contract vs partnership agreement. Creation of a Partnership Persons who invest monies to open a company prior to its incorporation or to commence a partnership will not be deemed to be partners during the period before the company or partnership comes into existence. This was the case in Spicer Ltd v Mansell. 6 MGMT3046 Company Law Course Wrap Up November 2012 Partnership at Will Partnerships that are not subject to any formal agreement. No fixed duration. May be terminated with immediate effect by any partner at any time. Refers to continued partnerships as well.Relations of Partners to Persons Dealing with Them (Higgins v Beaucham 1914 3 KB 1192 Mann v DArcy and Others 1968 1 WLR 893) Partners are deemed to be agents of each other and, therefore, have the aut hority to take unilateral decisions which will bind the firm, save in cases of fraud or other illegality. Joint liability Liability may continue post retirement An agreement may discharge a retiree from liabilities Liability and Holding Out (Tower Cabinet Co Ld v Ingram 1949 2 KB 397) Anyone who represents or allows himself to be represented as a partner of a firm will be held liable where the firms creditors seek payment. Liability of New and Retired Partners (Bilborough v Holmes (1877) 5 Ch D 255 Rolfe v Flower (1865-67) LR 1 PC 27) Partners liability begins upon admission to the firm and ceases upon demission under fair circumstances. An agreement may discharge him from any liabilities.A former partner may still be liable for any breaches even after he has left where no such agreement is made. Relations of Partners to hotshot Another (In re Barber (1869-70) L. R. 5 Ch. App. 687) The terms of a partnership agreement may only be varied by the consent of all partners. Partnership Property (Davis v Davis 1894 1 Ch 393) Partnership property is property that is utilised for the purposes of the partnership. Title to partnership assets may be in the names of all the partners, as in a co-ownership arrangement, or in the names of some partners or one partner. Rights and Duties among Partners (Tann v Herrington 2009 EWHC 445 (Ch)) 26. a) share equally in benefits and liabilities (b) indemnify every partner for payments made and personal liabilities incurred by him in the ordinary and proper conduct of the business of the firm or (ii) in or about anything necessarily done for the preservation of the business or property of the firm (g) no person may be introduced as a partner without the consent of all existing partners (h)no change may be made in the nature of the partnership business without the consent of all existing partners Any liability to a third party is recoverable against the partners jointly and severally. 7 MGMT3046 Company Law Course Wrap Up November 20 12Tann v Herrington duty of care, duty to act in good faith, skill Where this is disproved and some fraction of culpability is also proved, the individual partner only may be held liable. Expulsion of a Partner (In Re A Solicitors Arbitration 1962 1 All ER 772) The concept of majority rule is ordinarily alien to partnerships, especially where expulsion of a partner is the issue. How does expulsion work? All partners must have unanimously agreed at the creation of the partnership to expel the offending partner. Expulsion does not hold where there are only two partners the partnership will be mechanically dissolved should one leave. This power of expulsion is one that must be exercised bona fide and in the general interests of the partnership.Dissolution of Partnerships Ordinarily, a partnership is automatically dissolved at the expiration of any fixed term, the completion of an undertaking which was the reason for the creation of the partnership, or the death or bankruptcy of a pa rtner. An application may be made to the court for a decree of dissolution in the case of insanity, incapacity, or misconduct of a partner where the business is caterpillar tread at a loss or where it is just and equitable for the partnership to be dissolved. Problems associated with dissolution department and distribution of the firms assets and liability Continuation of partnership Pathirana v Pathirana General vs technical dissolution Green v Harnum 8

Appendix A: Barclay’s employees Essay

Barclays Bank Organizational Strategy and Employee Morale family 15, 2007? Contents Barclays Bank 3 Roadmap-Thesis 5 Interview Results 5 Academic Research Recommendations for Improvement 7 Conclusion 10 References 12 Appendix A Barclays Employees 14 Appendix B Employee Interviews 15 Appendix C Framework For Improvement 19 ? Barclays Bank Barclays is the third largest brim in the get together Kingdom. The bank toilet trace its roots back to 1690 in capital of the United Kingdom. The name Barclay first arose in 1736. instantly the bank is a global financial service provider operating in the UK, Europe, United States, and Africa. The banks headquarters are at One Churchill Place in Canary Wharf, in Lon male parents Docklands, having moved there in May 2005 from Lombard Street in the City of London. Barclays US headquarters are in Wilmington, Delaware where it acquired the former Juniper Bank (Answers Barclays Bank 2006). Barclays is a UK-based financial run group, with a very large international presence in Europe, the USA, Africa and Asia.It is engaged primarily in banking, investment funds banking and investment management. In terms of market capitalisation, Barclays is one of the largest financial services companies in the world (Barclays Newsroom 2006). Barclays has been convolute in banking for over 300 years and operates in over 60 countries with more than 113,000 permanent employees (including 33,500 at Absa). For the year ended 31st December 2005, the group achieved a pre-tax profit of ? 5,280 million, up fifteen per cent on 2004. In 2005 Barclays paid approximately ? 3 billion in taxes (Barclays Newsroom 2006).Customers are served through a variety of channels comprising the branch network, cash machines, telephone banking, online banking and relationship managers. It is managed through two business areas, UK sell Banking and UK Business Banking. In UK Retail Banking there are 14 million retail clients, including current accounts, savings, mortgage s, and general insurance (Barclays Newsroom 2006). Local Business provides banking services to 592,000 guests UK Premier provides banking, investment products and advice to 286,000 affluent customers (Barclays Newsroom 2006).UK Business Banking provides relationship banking to bigger and medium-sized businesses. 183, 000 customers are served by a network of relationship and industry sector specialist managers (Barclays Newsroom 2006). Barclays strategic objective is to To deliver top quartile total shareholder return relative to our peers, consistently over date (Barclays p 2 2004). The company steeringes directly on increasing shareholder value rather than employee store and morale. Barclays does not experience a directly available mission and values statement that is transparent to the external environment.The internal environment at Barclays is one of traditional top-down management. The corporate finishing at Barclays maintains a hierarchy of experience and education, whe re the management team places a large substance of focus on meeting the shareholder strategy. According to Barclays In recent months, we have interpreted a number of steps to enhance further our corporate governance practices. We have expanded the hold over of the Remuneration Committee to cover strategic human resource issues (Barclays 2004 p 3).These strategic changes include continued and upgraded our investment in established programs for the community, e property and diversity, and the environment built on our reputation as a pioneer and leader in the field of financial inclusion excellent terms and conditions for colleagues wedge by offshore outsourcing developed a clear statement on human rights, and continued our friendship in the Business Leaders Initiative on Human Rights and made good progress in adapting our branches and offices to be fully accessible to customers with disabilities (Barclays p 12 2004).Barclays did not, however, remunerate a corporate strategy or mi ssion to address its near 20% turnover rate which has been continuous and barely changing for the past three years, an indication that Barclays focus is on stakeholder value and not developing or addressing employee morale. However, Barclays does have a large focus on community service, receiving the 2004 National Business Award for corporal Social Responsibility (Barclays p 12 2004). (Barclays p 47 2005) ? Appendix B Employee Interviews Employee 1 What is your employment and role at Barclays? I am a telephone operator and sales advisor, functional both the phone lines and desk.Sales advisors are front-line employees performing work at the transaction level. We are apply to customer satisfaction and providing great service. We want to provide great service but recognize the challenges in improving the work processes. What are your beliefs about Barclays strategic objective? Our philosophy is client centred. I believe the clients have ultimate knowledge of themselves and that t he bankers billet is to draw out this training and insight, encourage clients organize it, and give birth clients to use their funds better. What are these challenges in improving the work process? authorisation politics at all levels, particularly where reports of motivation and such are concerned, there is some clippings when they telephone out the good, and embarrassingly the bad also. Sometimes leaders is motivational but not everlastingly. So, if you have a good idea and you dont hobnob with the management, you are not going to be listened to. The aforementioned(prenominal) is true if you are having a problem, or a customer is being overly abrasive towards you. It can be a little insane. Can you explain the leadership strategy in motivation? They focus on certain people and not the whole department or team.Favoritism is the coin of the soil in my department. The code of silence dictates that discipline must be administered when broken and rewarded with favor when adhere d to, in line of descent to a system where one is encouraged to excel. My department operates more on the prison model of conduct control. What are your beliefs about Barclays strategic objective? Our philosophy is client centred. I believe the clients have ultimate knowledge of themselves and that the bankers romp is to draw out this information and insight, dish out clients organize it, and stimulate clients to use their funds better.What do Barclays mission and value statements mean to you? Value of an open, thoughtful and complementary color approach to quality informed customers and developing customer loyalty. a planned and systematic approach to quality including ensuring that the results of monitoring and evaluation are fed back in order to effect improvement. How does Barclays leadership ensure proper monitoring and evaluation? Use of internal performance/service benchmarks is not decent although several recognized performance indicators are used by managers, but custo mer satisfaction information should be requested for each purchasing transaction.There is a lack of cooperative work processes and reinforcement information systems which negatively impact customer service. What kind of customer service do you try to perform? I believe in being responsive to what the customer wants as opposed to what she ought to have. With service, you also of all time tell the truth as you see it. I put a lot of emphasis on contracting-what can I do for her that will be of value to her in that time frame. Does leadership supporter you want to provide good customer service? Leadership has not helped me want to provide customer service. Not everyone is a decent human being. Not all are treated with respect.Someone naughtily rude in the office and nothing is done as it is not viewed as wrong. Employee 2 What is your job and role at Barclays? I provide telephone customer service. What are your beliefs about Barclays strategic objective? There is an emphasis on cust omer service as a number one wood of business performance. What does customer service entail? I have to have an in-depth understanding of various components including seam option and restricted share award processes eligibility requirements and knowledge of plan design, alternative practices and business charters/issues and I use this to help the customer build their best banking services.I have to be able to skip over and monitor customer accounts and customer service. Does Barclays give you frequent training and all the materials you need to do your job? No. I wish I had access to more ongoing training program for customer service as what I do is quite complex and precision is very important so the customers bank accounts are all correct. Some managers are really willing to help you out. Others talk to you like you are an idiot for asking for help.It is a half and half shot at getting training or help with something, unless it comes from corporate management. How does corporat e management get information or motivation to you? I dont think corporate has motivated anyone. They send training videos or PowerPoint presentations explaining the importance of customer service, but what I really want is more technical training so I can give better customer service. Im already polite and courteous. How do your direct leaders motivate you to give good customer service?Management appears to want to halt this an issue and an expectation that everyone should jump on board. If someone becomes ostracized or somehow made less because they dont buy into the hubbub, it seems weve just created a worse problem. Its almost a Catch-22, Im not engaged all the way because they dont give me what I really need and I get treated like Im a moron, but they expect me to always smile and be happy, even when the manager is quite literally rolling her eyes at me.Its a terrible, rude atmosphere at least half of the time. What about the other half of the time? How do you feel about engagi ng with your job? I am not sure how to respond. I talk to customers and do what they ask as quickly as possible and sometimes I perplex recommendations for better banking, but I dont know how this engages the customer one way or the other. ? Appendix C Framework For Improvement.

Econometrics Chapter Summaries Essay

2) Basic Ideas of Linear retroversion The Two-Variable ModelIn this chapter we introduced some fundamental ideas of lapse abstract. Starting with the key concept of the population fixation function (PRF), we developed the concept of elongated PRF. This book is primarily concerned with elongated PRFs, that is, revertings that argon additive in the parameters regardless of whether or non they be linear in the versatiles. We thus introduced the idea of the stochastic PRF and discussed in detail the constitution and role of the stochastic misunderstanding term u. PRF is, of course, a theoretical or idealized construct beca ingestion, in practice, each we set out is a sample(s) from some population.This necessitated the discussion of the sample simple infantile fixation function (SRF). We then considered the heading of how we actually go ab pop discover obtaining the SRF. Here we discussed the popular manner of common least squ ars (OLS) and presented the appropriat e formulas to estimate the parameters of the PRF. We illustrated the OLS rule with a fully worked-out numerical example as soundly as with several practical examples. Our next task is to get a line out how good the SRF obtained by OLS is as an estimator of the true PRF. We undertake this important task in Chapter 3.3) The Two-Variable Model Hypothesis TestingIn Chapter 2 we showed how to estimate the parameters of the two- multivariate linear throwback puzzle. In this chapter we showed how the estimated baby-sit screw be used for the part of drawing inferences close to the true population fixing exercise. Although the two- shifting model is the simplest possible linear regression model, the ideas introduced in these two chapters argon the foundation of the more involved doubled regression models that we will discuss in ensuing chapters. As we will see, in umpteen ways the multiple regression model is a straightforward extension of the two-variable model.4) Multiple Regr ession Estimation and Hypothesis TestingIn this chapter we considered the simplest of the multiple regression models, namely, the three-variable linear regression model maven leechlike variable and two explanatory variables. Although in m all ways a straightforward extension of the two-variable linear regression model, the three-variable model introduced several new concepts, such(prenominal) as partial regression coefficients, ad plainlyed and unadjusted multiple coefficient of determination,and multicollinearity. Insofar as adherence of the parameters of the multiple regression coefficients is concerned, we still worked within the framework of the classical linear regression model and used the method of ordinary least squ ares (OLS). The OLS estimators of multiple regression, like the two-variable model, possess several desirable statistical properties summed up in the Gauss-Markov billet of best linear unbiased estimators (BLUE).With the assumption that the disturbance term fol scurvys the normal distribution with zipper mean and unvarying section 2, we saw that, as in the two-variable case, to each cardinal estimated coefficient in the multiple regression follows the normal distribution with a mean equal to the true population value and the variances presumption by the formulas developed in the text. Unfortunately, in practice, 2 is not known and has to be estimated. The OLS estimator of this unknown variance is . except if we replace 2 by , then, as in the two-variable case, each estimated coefficient of the multiple regression follows the t distribution, not the normal distribution. The association that each multiple regression coefficient follows the t distribution with d.f. equal to (n k), where k is the sum up of parameters estimated (including the intercept), essence we earth-closet use the t distribution to stress statistical hypotheses about each multiple regression coefficient single(a)ly.This can be dvirtuoso on the basis of e ither the t interrogatory of significance or the confidence interval based on the t distribution. In this respect, the multiple regression model does not differ much from the two-variable model, except that proper allowance must be do for the d.f., which now depend on the number of parameters estimated. However, when testing the hypothesis that all partial slope coefficients are simultaneously equal to zero, the individual t testing referred to earlier is of no serving.Here we should use the analysis of variance (ANOVA) technique and the at ladderant F test. Incidentally, testing that all partial slope coefficients are simultaneously equal to zero is the same as testing that the multiple coefficient of determination R2 is equal to zero. Therefore, the F test can in like manner be used to test this latter but equivalent hypothesis. We also discussed the question of when to add a variable or a group of variables to a model, using either the t test or the F test. In this context we also discussed the method of restricted least squares.5) available Forms of Regression ModelsIn this chapter we considered models that are linear in parameters, or that can be rendered as such with suitable transformation, but that are not necessarily linear in variables. There are a variety of such models, each having special applications. We considered five major types of nonlinear-in-variable but linear-in-parameter models, namely 1.The logarithm-linear model, in which some(prenominal) the parasitic variable and the explanatory variable are in logarithmic form. 2.The log-lin or growth model, in which the leechlike variable is logarithmic but the separate variable is linear. 3.The lin-log model, in which the qualified variable is linear but the independent variable is logarithmic. 4.The reciprocal model, in which the dependent variable is linear but the independent variable is not. 5.The polynominal model, in which the independent variable enters with dissimilar powers. Of course, thither is nothing that prevents us from combining the features of sensation or more of these models.Thus, we can have a multiple regression model in which the dependent variable is in log form and some of the X variables are also in log form, but some are in linear form. We studied the properties of these various models in terms of their relevancy in applied research, their slope coefficients, and their elasticity coefficients. We also showed with several examples the situations in which the various models could be used. costless to say, we will come across several more examples in the remainder of the text. In this chapter we also considered the regression-through-the-origin model and discussed some of its features. It cannot be overemphasized that in choosing among the competing models, the overriding objective should be the economic relevance of the various models and not merely the summary statistics, such as R2.Model constructing requires a proper balance of openi ng, availableness of the appropriate data, a good understanding of the statistical properties of the various models, and the elusive quality that is called practical judgment. Since the theory underlying a outlet of interest is never perfect, on that point is no such thing as a perfect model. What we hope for is a reasonably good model that will balance all these criteria. Whatever model is chosen in practice, we have to pay careful attention to the units in which the dependent and independent variables are expressed, for the interpretation of regression coefficients whitethorn hinge upon units ofmeasurement.6) Dummy Variable Regression ModelsIn this chapter we showed how qualitative, or skunk, variables taking value of 1 and 0 can be introduced into regression models alongside duodecimal variables. As the various examples in the chapter showed, the dummy variables are essentially a data-classifying device in that they take off a sample into various subgroups based on qualities or attributes (sex, marital status, race, religion, etc.) and implicitly run individual regressions for each subgroup. Now if at that place are differences in the responses of the dependent variable to the variation in the numerical variables in the various subgroups, they will be reflected in the differences in the intercepts or slope coefficients of the various subgroups, or both. Although it is a versatile tool, the dummy variable technique has to be handled carefully. First, if the regression model contains a constant term (as most models usually do), the number of dummy variables must be one less than the number of classifications of each qualitative variable.Second, the coefficient attached to the dummy variables must always be interpreted in coincidence to the control, or benchmark, groupthe group that gets the value of zero. Finally, if a model has several qualitative variables with several classes, submission of dummy variables can consume a large number of degrees of freedom (d.f.). Therefore, we should weigh the number of dummy variables to be introduced into the model against the total number of observations in the sample. In this chapter we also discussed the possibility of committing a condition error, that is, of fitting the wrong model to the data. If intercepts as well as slopes are expected to differ among groups, we should build a model that incorporates both the differential intercept and slope dummies.In this case a model that introduces only the differential intercepts is apparent to lead to a specification error. Of course, it is not always easy a priori to find out which is the true model. Thus, some amount of experimentation is required in a cover study, especially in situations where theory does not provide much guidance. The topic of specification error is discussed upgrade in Chapter 7. In this chapter we also briefly discussed the linear probability model (LPM) in which the dependent variable is itself binary. Although LPM can be estimated by ordinary least square (OLS), there are several problems with a routine application of OLS. Some of the problems can be resolved easily and some cannot. Therefore, alternative estimating procedures are needed. We mentioned two such alternatives, the logit and probit models, but we did not discuss them in view of the somewhat advanced nature of these models (but see Chapter 12).7) Model Selection Criteria and TestsThe major points discussed in this chapter can be summarized as follows 1.The classical linear regression model assumes that the model used in empirical analysis is emendly specified. 2.The term correct specification of a model can mean several things, including a.No theoretically relevant variable has been excluded from the model. b.No unnecessary or irrelevant variables are included in the model. c.The functional form of the model is correct.d.There are no errors of measurement.3.If a theoretically relevant variable(s) has been excluded from the model , the coefficients of the variables retained in the model are generally biased as well as inconsistent, and the error variance and the hackneyed errors of the OLS estimators are biased. As a result, the conventional t and F tests remain of questionable value. 4.Similar consequences ensue if we use the wrong functional form. 5.The consequences of including irrelevant variables(s) in the model are less serious in that estimated coefficients still remain unbiased and consistent, the error variance and normal errors of the estimators are correctly estimated, and the conventional hypothesis-testing procedure is still valid. The major penalty we pay is that estimated standard errors course to be relatively large, which pith parameters of the model are estimated rather imprecisely.As a result, confidence intervals tend to be somewhat wider. 6.In view of the potential seriousness of specification errors, in this chapter we considered several diagnostic tools to sustain us find out if w e have the specification error problem in any concrete situation. These tools include a graphical examination of the residuals and more formal tests, such as MWD and RESET. Since the search for a theoretically correct model can be exasperating, inthis chapter we considered several practical criteria that we should keep in mind in this search, such as (1) parsimony, (2) identifiability, (3) goodness of fit, (4) theoretical consistency, and (5) predictive power. As Granger notes, In the ultimate analysis, model building is probably both an art and a science. A sound knowledge of theoretical econometrics and the availability of an efficient computer program are not enough to ensure success.8) Multicollinearity What Happens If informative Variables are Correlated? An important assumption of the classical linear regression model is that there is no adopt linear relationship(s), or multicollinearity, among explanatory variables. Although cases of exact multicollinearity are rare in prac tice, situations of near exact or high multicollinearity occur frequently. In practice, therefore, the term multicollinearity refers to situations where two or more variables can be highly linearly related. The consequences of multicollinearity are as follows. In cases of perfect multicollinearity we cannot estimate the individual regression coefficients or their standard errors. In cases of high multicollinearity individual regression coefficients can be estimated and the OLS estimators retain their BLUE property.But the standard errors of one or more coefficients tend to be large in relation to their coefficient set, thereby reducing t values. As a result, based on estimated t values, we can say that the coefficient with the low t value is not statistically different from zero. In different words, we cannot assess the marginal or individual contribution of the variable whose t value is low. Recall that in a multiple regression the slope coefficient of an X variable is the partia l regression coefficient, which measures the (marginal or individual) effect of that variable on the dependent variable, holding all other Xvariables constant.However, if the objective of study is to estimate a group of coefficients fairly accurately, this can be done so long as collinearity is not perfect. In this chapter we considered several methods of detecting multicollinearity, pointing out their pros and cons. We also discussed the various remedies that have been proposed to solve the problem of multicollinearity and noted their strengths and weaknesses. Since multicollinearity is a feature of a given sample, we cannot foretell which method of detecting multicollinearity or whichremedial measure will work in any given concrete situation.9) Heteroscedasticity What Happens If the Error Variance Is Nonconstant? A critical assumption of the classical linear regression model is that the disturbances ui all have the same (i.e., homoscedastic) variance. If this assumption is not sat isfied, we have heteroscedasticity. Heteroscedasticity does not destroy the unbiasedness property of OLS estimators, but these estimators are no longer efficient. In other words, OLS estimators are no longer BLUE. If heteroscedastic variances i2 are known, then the method of weighted least squares (WLS) provides BLUE estimators. Despite heteroscedasticity, if we continue to use the usual OLS method not only to estimate the parameters (which remain unbiased) but also to establish confidence intervals and test hypotheses, we are likely to draw misleading conclusions, as in the NYSE Example 9.8. This is because estimated standard errors are likely to be biased and therefore the resulting t ratios are likely to be biased, too.Thus, it is important to find out whether we are faced with the heteroscedasticity problem in a specific application. There are several diagnostic tests of heteroscedasticity, such as plotting the estimated residuals against one or more of the explanatory variables , the Park test, the Glejser test, or the rank correlativity test (See Problem 9.13). If one or more diagnostic tests reveal that we have the heteroscedasticity problem, remedial measures are called for. If the true error variance i2 is known, we can use the method of WLS to obtain BLUE estimators. Unfortunately, knowledge about the true error variance is rarely available in practice.As a result, we are pressure to make some plausible assumptions about the nature of heteroscedasticity and to transform our data so that in the alter model the error term is homoscedastic. We then apply OLS to the transformed data, which amounts to using WLS. Of course, some skill and cognize are required to obtain the appropriate transformations. But without such a transformation, the problem of heteroscedasticity is insoluble in practice. However, if the sample size is reasonably large, we can use Whites procedure to obtain heteroscedasticity-corrected standard errors.10) Autocorrelation What Happ ens If Error Terms Are Correlated? The majorpoints of this chapter are as follows1.In the presence of autocorrelation OLS estimators, although unbiased, are not efficient. In short, they are not BLUE. 2.Assuming the Markov first- ordering autoregressive, the AR(1), scheme, we pointed out that the conventionally computed variances and standard errors of OLS estimators can be seriously biased. 3.As a result, standard t and F tests of significance can be seriously misleading. 4.Therefore, it is important to know whether there is autocorrelation in any given case. We considered three methods of detecting autocorrelation a.graphical plotting of the residualsb.the runs testc.the Durbin-Watson d test5.If autocorrelation is found, we suggest that it be corrected by appropriately transforming the model so that in the transformed model there is no autocorrelation. We illustrated the actual mechanics with several examples.11) Simultaneous Equation ModelsIn contrast to the single comparison mo dels discussed in the preceding chapters, in simultaneous equivalence regression models what is a dependent (endogenous) variable in one equation appears as an explanatory variable in another(prenominal) equation. Thus, there is a feedback relationship amid the variables. This feedback creates the simultaneousness problem,rendering OLS inappropriate to estimate the parameters of each equation individually. This is because the endogenous variable that appears as an explanatory variable in another equation may be correlated with the stochastic error term of that equation. This violates one of the critical assumptions of OLS that the explanatory variable be either fixed, or non ergodic, or if random, that it be uncorrelated with the error term. Because of this, if we use OLS, the estimates we obtain will be biased as well as inconsistent. Besides the simultaneity problem, a simultaneous equation model may have an identification problem.An identification problem means we cannot uniqu ely estimate the values of the parameters of an equation. Therefore, before we estimate a simultaneous equation model, we must find out if an equation insuch a model is identified. One cumbersome method of finding out whether an equation is identified is to obtain the cut down form equations of the model. A reduced form equation expresses a dependent (or endogenous) variable solely as a function of exogenous, or predetermined, variables, that is, variables whose values are determined outside the model. If there is a one-to-one correspondence between the reduced form coefficients and the coefficients of the master key equation, then the original equation is identified. A shortcut to determining identification is via the order condition of identification. The order condition counts the number of equations in the model and the number of variables in the model (both endogenous and exogenous).Then, based on whether some variables are excluded from an equation but included in other equ ations of the model, the order condition decides whether an equation in the model is underidentified, exactly identified, or overidentified. An equation in a model is underidentified if we cannot estimate the values of the parameters of that equation. If we can obtain unique values of parameters of an equation, that equation is said to be exactly identified. If, on the other hand, the estimates of one or more parameters of an equation are not unique in the sense that there is more than one value of some parameters, that equation is said to be overidentified. If an equation is underidentified, it is a cul de sac case. There is not much we can do, short of changing the specification of the model (i.e., developing another model).If an equation is exactly identified, we can estimate it by the method of indirect least squares (ILS). ILS is a trip the light fantastic procedure. In step 1, we apply OLS to the reduced form equations of the model, and then we retrieve the original structur al coefficients from the reduced form coefficients. ILS estimators are consistent that is, as the sample size increases indefinitely, the estimators converge to their true values. The parameters of the overidentified equation can be estimated by the method of two-stage least squares (2SLS). The basic idea behind 2SLS is to replace the explanatory variable that is correlated with the error term of the equation in which that variable appears by a variable that is not so correlated. Such a variable is called a proxy, or instrumental, variable.2SLS estimators, like the ILS estimators, are consistent estimators.12) Selected Topics in Single Equation Regression ModelsIn this chapter we discussed several topics of considerable practical importance. The first topic we discussed was energising modeling, in which time or lag explicitly enters into the analysis. In such models the current value of the dependent variable depends upon one or more lagged values of the explanatory variable(s). Th is dependence can be callable to psychological, technological, or institutional reasons. These models are generally known as distributed lag models. Although the inclusion of one or more lagged terms of an explanatory variable does not violate any of the standard CLRM assumptions, the estimation of such models by the usual OLS method is generally not recommended because of the problem of multicollinearity and the fact that every additional coefficient estimated means a loss of degrees of freedom. Therefore, such models are usually estimated by imposing some restrictions on the parameters of the models (e.g., the values of the various lagged coefficients decline from the first coefficient onward).This is the approach adopted by the Koyck, the adaptive expectations, and the partial, or stock, adjustment models. A unique feature of all these models is that they replace all lagged values of the explanatory variable by a single lagged value of the dependent variable. Because of the pres ence of the lagged value of the dependent variable among explanatory variables, the resulting model is called an autoregressive model. Although autoregressive models obtain economy in the estimation of distributed lag coefficients, they are not free from statistical problems. In particular, we have to guard against the possibility of autocorrelation in the error term because in the presence of autocorrelation and the lagged dependent variable as an explanatory variable, the OLS estimators are biased as well as inconsistent.In discussing the dynamic models, we pointed out how they help us to assess the short- and long-run impact of an explanatory variable on the dependent variable. The next topic we discussed related to the phenomenon of spurious, or nonsense, regression. Spurious regression arises when we regress a nonstationary random variable on one or more nonstationary random variables. A time series is said to be (weakly) stationary, if its mean, variance, and covariances at v arious lags are not time dependent. To find out whether a time series is stationary, we can use the unit root test. If the unit root test (or other tests) shows that the time series of interest is stationary,then the regression based on such time series may not be spurious. We also introduced the concept of cointegration. Two or more time series are said to be cointegrated if there is a stable, long-term relationship between the two even though individually each may be nonstationary.If this is the case, regression involving such time series may not be spurious. Next we introduced the random walk model, with or without drift. Several financial time series are found to follow a random walk that is, they are nonstationary either in their mean value or their variance or both. Variables with these characteristics are said to follow stochastic trends. Stock prices are a prime example of a random walk. It is hard to tell what the price of a stock will be tomorrow just by knowing its price like a shot. The best guess about tomorrows price is todays price plus or minus a random error term (or shock, as it is called). If we could predict tomorrows price fairly accurately, we would all be millionairesThe next topic we discussed in this chapter was the dummy dependent variable, where the dependent variable can take values of either 1 or 0. Although such models can be estimated by OLS, in which case they are called linear probability models (LPM), this is not the recommended procedure since probabilities estimated from such models can sometimes be negative or greater than 1. Therefore, such models are usually estimated by the logit or probit procedures. In this chapter we illustrated the logit model with concrete examples. Thanks to excellent computer packages, estimation of logit and probit models is no longer a mysterious or forbidding task.