Cornell University Welcomes 1,533 Students to the Class of 2022

Universities share record-breaking statistics every year when it comes to college applications and this year was no different at Cornell University. Cornell University continued to break two different records three years in a row. Earlier this year, Cornell received an all-time high 6,319 early decision applications, a 30% increase from last year early applicant pool. Naturally, the acceptance rate also drops to 24.3%, down from Class of 2021’s early acceptance rate of 25.8%, the Cornell Sun reported. The early admitted 1,533 students will fill approximately 46% of Cornell’s Class of 2022. Cornell’s Early Decision Program is binding, which means students must enroll if accepted. Last year, Jason Locke, associate vice provost of enrollment, said Cornell recruits student athletes and prioritizes them during the early decision round. For any given graduating class, 80% of student athletes are accepted through early decision. This year student athletes make up 11.5% of the early admitted students from the Class of 2022, down from last year’s 13.4%. Other interesting observations include a slight drop in the percentage makeup of legacy students, who have a family member who graduated from Cornell. 23.3% of early admitted Class of 2021 students were legacy students, compared to 22.1% of this year’s early admits. Additionally, despite the current political climate, the number of international applicants increased 19%, similar to last years 20% increase over the previous year. Congratulations to all students accepted to Cornell’s Class of 2022! Create a profile and upload your successful college application materials to inspire and help future applicants. Plus, earn some extra money while you’re at it. Got deferred or rejected? Reset and focus on your regular decision applications. Ourpremium plansoffer different levels of profile access and data insights that can help you get into your dream school. Unlock any of ourpackagesor search ourundergraduate profile databaseto find specific profiles that can help you make an informed choice about where to apply! We have 60,000+ successful college application files uploaded by college students. See how they got in, and how you can too!

Derewianka and Tompkins Teachings of Grammar

Derewianka and Tompkins Teachings of Grammar English is an international language and significantly contributes to modern communication. In essence, proficiency in English greatly relies on how learners manage to understand its essential elements well. Grammar is one of the integral elements of English language as it contains major components, which determine individual’s speech.Advertising We will write a custom essay sample on Derewianka and Tompkins Teachings of Grammar specifically for you for only $16.05 $11/page Learn More It is imperative to understand reading and writing, as they are integral elements of grammar. In this paper, I will base my discussion on the reflections of my first English teacher and compare the grammar approaches outlined by Derewianka and Tompkins et al. I am a slow leaner and my teacher had difficulties in teaching me the basics of grammar. My teacher made us translate words from our native language to English and we could construct and deconstruct texts. My teache r insisted on functional grammar, whereby, the use of language means understanding every word in a text, and how the word relates and affects all the other words in the text (Winch, Johnston, March, Ljungdahl, Holliday, 2010). For example, when the teacher narrated a story, we had to describe the orientation of the narrative, give a descriptive summary of the narrative, provide a life lesson, and express our feelings and thoughts about the narrative. I noticed that Derewianka’s instructional techniques formed an important part of my grammar learning. We had to understand the relationship between grammar and genre. Generally, Derewianka’s teachings focused on functional grammar, where, grammar is taught in context at a whole text level. As suggested by both Derewianka and Tompkins, learning grammar is a continuing process, with each experience strengthening and improving consecutive learning process. By the time I reached my third year of K-12 education, I could utter and write simple words. Thereafter, Tompkins et al. (2012) teachings of grammar started taking effect as my teacher employed them in teaching us grammar in a gradual learning process. After learning a series of words (nouns, verbs, pronouns and adjectives), I constructed a sentense.Advertising Looking for essay on languages? Let's see if we can help you! Get your first paper with 15% OFF Learn More I can remember learning the first word, â€Å"eating,† and after a series of transitions, I learned a simple sentence containing a process, a circumstance and a participant, â€Å"John is eating.† I can remember my teacher using symbols to describe English words, we could directly translate a sentence from our native languages to English for a start, and with time, English became part of us. I saw myself graduate from mastering a simple sentence to mastering complex sentenses. Tompkins et al. (2012) focused on building the student’s knowledge a bout the components of language before applying it to whole texts. In conclusion, it is noteworthy that both teachings insist on a gradual process of learning and the use of meta-language in building a robust foundation of English. Both teachings assert that the use of scaffolding, modeling, and simple progressive instructions enables slow learners to grasp elements of grammar. Therefore, when teaching grammar, it is important to understand grasping level of students, application of functional grammar, as well as practical illustrations such as scaffolding to bring a clear understanding. References Anderson, J. (2006). Zooming in and zooming out: Putting grammar in context into context. English Journal, 95(5): 28-34. Annandale, K., Bindon, R., Handley, K., Johnston, A., Lockett, L., Lynch, P. (2004). First steps writing resource book. Melbourne, Vic: Rigby Heinemann. Derewianka, B. (2011). A new grammar companion for teachers. Riverwood, NSW: Primary English Teachers Association.Ad vertising We will write a custom essay sample on Derewianka and Tompkins Teachings of Grammar specifically for you for only $16.05 $11/page Learn More Tompkins, G., Campbell, R., Green, D. (2012). Literacy for the 21st century. A balanced approach. Frenchs Forest, NSW: Pearson Australia. Winch, G., Johnston, R.R., March, P., Ljungdahl, L., Holliday, M. (2010). Literacy: Reading, writing and children’s literature (4th ed.). South Melbourne, Vic: Oxford University Press.

Future Planning Research Paper Example | Topics and Well Written Essays - 1000 words

Future Planning - Research Paper Example   Future planning in the education sector can thus be summarized as the process of setting out in advance procedures, policies and set standards that enable the full attainment of the educational objectives. The future planning must be carried out in advance, identify the strategies and taking into consideration the level of expertise that is needed to implement the plan to completion (Fujimoto, 2012).Characteristics of future planningFuture planning has four major characteristics namely the primacy of planning, the future-oriented aspect, mission-oriented and being pervasive. The pervasive aspect of future planning is seen in the fact that it cuts across the various level of management as well as covering all the managerial functions (Selingo, 2013). This ensures that all the activities are undertaken so that no duty is left out unattended. The mission-oriented aspect of future planning is seen by the fact that it includes the mapping out process or the charting of the activities in a manner that assists in the satisfaction of human wants. It takes into consideration the past trends as well as the present happenings so that they can be used to accurately predict what is likely to happen in the future. The future can either be short-term or long-term depending on the sole objectives of the organization. Future planning structuresFuture planning in higher education institutions must take into consideration a number of issues that rotate around internal and external governance.   

Female Inmates (Corrections) Research Paper Example | Topics and Well Written Essays - 1750 words

Female Inmates (Corrections) - Research Paper Example This statistics are an increase of 10 to 64 female inmates per 100,000 female residents from 1977 to 2004. Even though the female arrest rate in US is less than that of male arrests rate, the growth rate of the female prisoners in US far exceeds that of the male inmates. Since 1985, United States of America has witnessed an average growth of 11.1 %, and this is relatively above the 7.6 % rise in the male inmates’ population. Currently, there are over 200,000 female inmates in the United States; this is a growth of over 800% over the three decades. The male population grew by 416% over the same period of time (CHRLR 14-18). Type of Women in Prison As noted above, the fastest growing segment of the United States prison population comprises of the women. The women held up in the prisons are due to variety of reasons. The offences committed by the females are diverse but a close examination of the women indicate that there are demographic and experiences common among the female offenders. Most of the women inmates are drug addicts who were involved in the drug addiction in order to escape from the life hardships and trauma faced by these women in their past life. The majority of these female inmates were arrested while acting as mules in the drug trade. Half of women in the national and state correction centres attest to have committed the crime they are incarcerated for under the influence of drugs or alcohol. From 1999 to 2008, the arrests of women due to cases rated to drug violation accounted for 19 % increase compared to a mere10 % increase for men. Many women in prison happen to have been involved in domestic violence in th eir lives and a common characteristic is that most of the female inmates are from poor backgrounds. It is worthy to note that nearly half of all women in prison are serving sentences for non violent offence and had been jailed in the past for a non violent offence. Two thirds of the female inmates had two or fewer convictions prior to the one they are serving. This indicates high rates of recidivism among the female inmates. According to Koon (5), the following experiences are common among the female inmates: Most of the female inmates are likely to have had a high school education. It’s also critical to understand that most of the female inmates are single; they have never been married or had a divorce. Most of the female prison inmates were arrested and convicted when they were unemployed. Physical abuse is also a common feature of the women in prisons; the inmates are likely to have experienced domestic violence or sexual abuse in their lives. The trauma could then have le d them to drug and alcohol, which then later led to their offences. As of 2004, the percentage of women in jail due to physical related consequences was 73% compared to 53% of men who had the history of sexual or physical abuse. Historical Treatment of Female Inmates Even though the rate of increase of the female inmates has remained to be higher than that of men, majority of inmates are male. This has led to prison programs being tailored to address the issues related or faced by the male prisoners and tends to overlook those faced by the female inmates. This is despite of various researches that show that female inmates face more stress and hardships in prisons unlike the male counterparts. Emotional stress due to family breakdown from their children often affects female inmates much more compared to the male inmates. The female prisoners have been discriminated and

Paintings in art history Essay Example | Topics and Well Written Essays - 1500 words

Paintings in art history - Essay Example Fifteenth-century artist Sandro Botticelli is noted for his lyrical, flowing style, often decorative and showing a certain elegance. The Florentine Renaissance became a cult of beauty, love and gratification of the senses, and Botticelli in both The Birth of Venus and Spring (Primavera) reflected this delicate and romantic Renaissance style, with Venus rising from the sea on an open shell, unclothed but demure, and later clothed at her coronation. Because these two paintings are different sizes, it was thought they did not belong together, but further analysis shows enough similarities to make them a set (â€Å"Analysis;† â€Å"Allegory†) At a time in Italian history when Florentine artists were enamored of mythology, Botticelli captured the essence of the myth. The elements in any composition are line, shape, color, pattern, value, form, texture, space. Those specifically attributed to the Sistine Chapel are 1) lines – direction of lines leads eye to specific ar ea of painting; 2) shape – height and width of shape creates an illusion on the ceiling panels; 3) space – the relationship of positive and negative space affects impact and unity; 4) color – bright, dark, intense—implies texture through color, line, shading, repetition and pattern. Michelangelo began painting the Sistine Chapel in 1508 and completed it in 1512, almost single-handedly. The four main elements that define the vaulted ceiling of the Chapel are, as noted, line, shape, color, and pattern. The ceiling is painted in panels, with circles., squares, and triangles framing the different panels. Colors, bright and dark, lead the eye to the focus in each panel. The technique is fresco. There are nine central panels illustrating and interpreting stories from Genesis in a specific pattern ("Michelangelo"). Albrecht Drer Albrecht Drer was a painter and engraver who was best known for his woodcuts and prints. His etching work was meticulous with special focus on color in his paintings. He was influenced by Leonardo da Vinci's studies of the human figure and applied Leonardo's proportions to his own figures. Finished form and richness of conception, as well as perspective and proportion are characteristics of his work along with color and energy (Ponich). Rembrandt Rembrandt van Rijin is noted for his transfiguration of experience into art. It is his inner emotions as represented in his art that makes him unique. He was highly influenced by Leonardo, Michelangelo, Raphael and Titan in their depiction of the human form, but he is a multi-faceted artist, excelling as a painter and an inspired graphic artist and etcher. He painted, drew and etched portraits, landscapes, figures, and animals, but above all scenes of biblical and secular history and mythology. Although also known for his self-portraits, his most famous works show his ability to expand his subject matter. One of his best known paintings is called "Night Watch" although it has since been found to be a daytime scene. His art symbolizes a whole period of art history rightfully known as "Holland's Golden Age" ("Rembrandt"). Romanticism Romanticism (1800-1850) unlike its opposite, classicism, has a storytelling, epic quality that extends to music, painting, and literature. Richard Wagner's music evokes feelings of power and dread, with its emphasis on emotion and great freedom of form. It was his aim to offer a complete synthesis of the arts in his music. According to Alfred Einstein in "Music in the Romantic Era, A History of Musical Thought in the 19th Century (New York, 1947), "[Wagner] was the first to

Study on the Prediction of Corporate Bankruptcy

Study on the Prediction of Corporate Bankruptcy CHAPTER 1: A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and Winakor (1935) said that ratios of the failing firms were significantly changed from the continuing firms. In addition to that another study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. 1.2 Problem Statement In the corporate finance, the prediction of corporate bankruptcy was considered to be one of the most important issues. The main objective behind the study of the prediction of corporate bankruptcy was that this was the most important issue for the present firms to either file for the bankruptcy or not. The rationale of the study was to examine whether the financial ratios given in detail by Altman (1968) presented the detail regarding the factors of the firm which were helpful in the prediction of corporate bankruptcy in Pakistan. The capacity of study was to investigate the distinctive financial ratios which impacted the firms decisions to file for the bankruptcy or not and on the basis of firms financial ratios, the research study found the different significant ratios which were useful in determining the prediction of any of the organization. 1.3 Hypotheses The main problem of the different firms was to identify those financial factors or the most important ratios which could lead to the filing of bankruptcy or those factors which were useful in determining the prediction of the corporate firms. A central query in front of firms which wanted to file for bankruptcy was why the firms filed for bankruptcy or what financial factors helped out in taking decision to file for bankruptcy. Various financial factors or ratios impacted the decision regarding the filing for bankruptcy. These financial characteristics or the most important ratios were current ratio, debt ratio, net profit margin, assets to long term debt ratio, and growth rate. Many authors as Altman (1968) discussed these characteristics in research. The hypothesized relationship of these listed financial factors with bankruptcy was provided below: H1: There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. H2: There is a difference between the Debt ratio of bankrupted companies and non bankrupted companies. H3: There is a difference between the Net Profit Margin ratio of bankrupted companies and non bankrupted companies. H4: There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. H5: There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 1.4 Outline of the Study The research structured as follows. Chapter one based on the introduction of the thesis, which consists of the some introduction of the prediction of bankruptcy by different authors, the statement of problem, scope and objectives, hypothesis etc. Chapter two consists of literature review given by different authors, theories on prediction of bankruptcy and financial factors affecting the choice of decision to file for bankruptcy or not. Chapter three described methodology which is composed of justification of the selection of the variables utilized in analysis sample, the data, technique and hypothesis, also estimate model utilized in analysis. In chapter four, analyses of the results were there which were taken after the data processing. Chapter five contained the final results, conclusions and recommendations. References are included in chapter number six. CHAPTER 2: LITERATURE REVIEW A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and winakor (1935) said that ratios of the failing firms were significantly change from the continuing firms. In addition to that an other study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). A study conducted by Sandin and Porporato (2007) on corporate bankruptcy prediction model applied to emerging economies. The aim of this study was to find the predictability of bankruptcy by using the financial ratios given in the financial statements and these financial statements were taken from the Buenos Aires Stock Exchange. To test the hypothesis twenty two bankrupt and non bankrupt companies were examined by using the multiple discriminant analysis technique, resulted that financial ratios were very useful in predicting the bankruptcy. Actually this study was about the prediction model and classification of the distressed and failed companies in the Argentina. William Beaver (1996) conducted a study that Financial Ratios As Predictor of Failure, wherein ratios were tested for a specific purpose. The purpose was to forecast the failure. Since ratios were mostly examined for the prediction of failure. The aim of the study was to analyze the status quo that was depended on the financial statements made under the reporting standard and this study was conducted as a bench mark for further studies in bankruptcy area. Sample of data was selected on the basis of industry, firm size and period, Walworth companies should have taken from the same industry where from failed companies taken along with same firm size based on firm value and equal time duration then reliable result can be obtained said by Beaver (1996). This study pointed out and directed to the asset size and relationship among ratios, assets size and failure, study implicated that larger firms were more solvent than smaller firms, even if ratios were same. To examine the hypothesis, a paired analysis was used. According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. Merger and Bankruptcy Based on the literature review in the different research studies, it was found that the shareholders of the distressed firms were getting more benefit from mergers than from the bankruptcy. Thus, the investors kept the positive number of the firms stocks up as a consequence of the merger. Contrastingly, the stakeholders received nothing in case of the bankruptcy. Shrieves and Stevens (1979) managed to explain all of the possible reasons for preferring merger over bankruptcy and those principles included: (1) to avoid the bankruptcy legal and administrative costs, (2) possible loss of tax carry forwards of the loss firm incurred on liquidation, (3) the value of the going-concern in the merger was more than liquidation value if the firm bankruptcy progressed towards the liquidation, and (4) the bankruptcy created the bad effects on the revenues including sales and income due to the customer fears of inability contracts, give replacement parts, etc. Bulow and Shoven (1978) noticed based on the research that the investors have always been avoiding the bankruptcy and this tendency always benefitted the creditors as a whole and that theoretically, the bankruptcy occurred because of the disagreement between the concerned parties. This was treated in a literature that the merger was the best possible alternate of the bankruptcy with the assumption in the mind that it was more easy for the distressed firms to find a merger partner at some price as long as the net asset value was positive and this was also under the assumption of a well-functioning market for information. When the situation was aggravated toward a condition of less or negative net asset value, the possibility of merger was reduced. Hong (1983) made an empirical as well as theoretical model which distinguished among three different categories of financially upset firms and it was organized in three ways such as: firms which filed bankruptcy but reorganized successfully, firms which filed for bankruptcy but were liquidated ultimately, and also the firms which continued operations with out even filing for bankruptcy. Author further made a hypothesis that the intangible assets, the value of the firm as in a going concern and the value of the same firm in liquidation was different, were the main describing factor which affected the eventual outcome. The firms which had greater intangible assets were possibly having a sustainable economic growth and that growth allowed a firm to survive rather than be liquidated. LoPucki (1983) made an explanatory study of about 41 firms which filed the bankruptcy court of the Western District of Missouri. In this study, the à ¢Ã¢â€š ¬Ã…“successesà ¢Ã¢â€š ¬? were defined as the firms which have verified its various reorganization strategies that kept it on to survive for about three years after the date of petitioning the bankruptcy. Failures according to the author were those firms which had stopped operating functions before February 1983. LoPucki (1983) further could not try to make a method with discriminatory power, but in fact simply scrutinized the associations between the results of reorganization process and numerous individual variables. These individual variables included size, age, and type of the businesses, the survival of creditors opposition to the reorganization strategy, and physical geographic location. The relationships which were found during the research were: significantly higher success rate was associated with the manufacturing fi rms; more successful firms were only the larger firms; success was not significantly associated with the age of the firms; the target opposition of the creditors was mainly at the more successful firms; and lastly, the physical geographical location was not a significant describing variable. In short, only a finite amount of research was conducted on the topic of differentiating between failures and successes in bankruptcy, and outcomes have been open to doubts or inconclusive. The one published study conducted by the LoPucki (1983), scrutinized the first order correlations and could not struggle to build the model of classification. The other published research study conducted by Hong (1983), scrutinized the comparative importance of numerous individual variables and had not analyzed the classification authentication of the multivariate model. As it was already discussed in detail, this present study scrutinized the classification authentication of the multivariate model by using data from both analysis sample and a holdout sample 113 firms. Bordman, Bartley, and Ratliff (1981) noticed that firms went bankrupt only when its capital resources were not enough to pay back the obligations of the business. Thus it became the more important challenge for the new comers in the industry to maintain and establish such valuable resources and capabilities which could ultimately leaded to the production of positive cash flows before starting asset resources were exhausted (Levinthal, 1991). According to DAveni (1989), and Hambrick and DAveni (1988), both researches have noticed that most of the attention has been paid to the early failures and dramatic research has also been conducted in the literature. A macro view of the bankruptcy was given as a known strategy and an empirical examination of factors associated to successful reorganization (Moultan, and Thomas, 1993) and however, the structures of corporate governance were not incorporated in the analysis. An extensive data was available relating the intensity to which the officers and directors of the firm which was bankrupt were more possibly resigning or were being replaced (DAveni, 1990; Fizel Louie, 1990; Gilson, 1989). Several researchers used the multiple discriminant analysis MDA technique to develop a linear model to predict those firms which failed could be differentiated from the non-failed firms in UK (Taffler, 1977). This model resulted in an overall classification authentication for the year before the failure as comparative to three or two prior years of failure. The major contribution made by Taffler was the establishment of a Z-score model which was used for the prediction of company failures in the UK and furthermore, the author claimed of 100 percent predictive authentication in the model. In addition, in the consequent studies, Taffler (1982, 1983) discussed the pairing technique which was used in the prediction of corporate failure studies proved no more successful technique than any selection by the other tool or technique. Multiple Discriminant Analysis MDA models were dependable to certain intensity in the prediction of corporate failure. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Data was selected from Karachi Stock Exchange KSE 100 Index as given by State Bank of Pakistan in publication Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2004-2009). The period of study covers six years, 2004-09. The opted sample size of 44 firms was taken from KSE 100 Index and all of the firms listed on KSE 100 Index were selected for the samples which were going to bankruptcy in the past and some were also the present functioning firms which were currently working; so, only 44 firms included in the sample period of 2004-09. The objective behind the inclusion of these selected firms in the sample was that the inclusion of bankrupt and non-bankrupt firms in the analysis made it easier to distinguish the critical financial ratios of these both firms in order to predict for corporate bankruptcy. The data availability was the major issue faced in this research study. The secondary data sources were adopted for the collection of the data during this research study. Both of the empirical and theoretical aspects regarding the prediction of corporate bankruptcy were analyzed in this research study. For the purpose of the collection of the secondary data, external data sources were used, such as the data was collected from State Bank of Pakistan, general business publications, newspapers and journal articles, annual reports, internet and books. The data required for this study was completely dependent on the published data sources, such as the published sources listed above. 3.2 Sample Size A sample of 44 firms from KSE 100 Index was selected and in addition, out of these firms 22 firms were bankrupt and the remaining 22 were not bankrupt which was taken as the holdout sample for the prediction of the corporate bankruptcy. Only firms were used in the samples which were either became bankrupt due to the impact of the some of the financial factors or the ratios or the firms which were in operations during the research study was conducted and these firms were listed on the KSE 100 Index form 2004-2009. The impact of the different financial factors or ratios, which were listed in the previous chapters, on the prediction of corporate bankruptcy was analyzed on all of the firms selected as the sample. 3.3 Research Model Developed There are various financial factors or the ratios of the firms which affected the prediction of the corporate bankruptcy of the firms. This research study analyzed the impact of different factors or ratios already listed in the previous chapters on the prediction of corporate bankruptcy. The model developed was a binary logistic model and its specifications are provided below: Liquidity = a0 + a1Firm Size + a2DEBT + a3LTD + a4LSALES + a5OI/S + a6OI/TA+ a7IGP/TA+ a8Market to Book Ratio + ц where: Liquidity = the sum of cash and marketable securities divided by total assets Firm Size = natural log of the book value of total assets DEBT = the ratio of shorter period plus longer period debt to total assets LTD = the ratio of longer period debt to total assets LSALES = natural log of the annual sales OI/S = the ratio of operating income to sales OI/TA = the ratio of operating income to total sales IGP/TA = the inventory plus gross fixed assets to total assets ratio à Ã¢â‚¬Å¾ = the error term 3.4 Statistical Technique Binary Logistic Regression Analysis technique was used for this research study to examine the impact of the distinctive financial characteristics or the financial ratios of the firms on the prediction of corporate bankruptcy of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. Binary Logistic Regression Analysis technique was used for the purpose of prediction of of corporate bankruptcy or the prediction of the firms decisions to file for bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., prediction of corporate bankruptcy. The binary logistic regression analysis was selected for this study. It showed the intensity of the impact on the prediction of corporate bankruptcy during year 2004-2009 on the basis of several independent variables. CHAPTER 4: RESULTS The sample of 44 firms from the Karachi Stock Exchange KSE 100 Index was taken; Binary Logistic Regression Analysis technique was used for this research study. Research examined the distinctive financial characteristics or financial ratios of firms which filed for the bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., the prediction of corporate bankruptcy. Statistical Package for the Social Sciences (SPSS) was used for the analysis and examination of data. 4.1 Findings and Interpretation of the results Initially, the binary logistic regression technique was applied on the data collected using SPSS. Now, it was a nice time to proceed with the analysis of the results because the data was collected and ready to be examined. The interpretation and analysis is presented in the next sections of this research study. Case Processing Summary Unweighted Casesa N Percent Selected Cases Included in Analysis 192 91.4 Missing Cases 18 8.6 Total 210 100.0 Unselected Cases 0 .0 Total 210 100.0 This table explains the total population in the data file that is the 210 observations or the cases for the analysis of the bankruptcy prediction. This table further elaborates that the there were also some of the cases missing in the data because of the issue of data availability and some of the cases were the figures of zero. Dependent Variable Encoding Original Value Internal Value Bankrupt 0 Non-Bankrupt 1 The above table shows that there are only two variables in the dependent variable of bankruptcy that are the being bankrupt or non-bankrupt. Model Summary Step -2 Log likelihood Cox Snell R Square Nagelkerke R Square 1 234.707a .144 .192 This table elaborates the predictability of the complete model of the logistic regression which meant that to what extent the model predict the variation in the predicted group of bankruptcy. According to Cox Snell, the total predictors jointly explained variation in the groups of bankruptcy was 14.4%. While according to Nagelkirki, the all independent variable explained the group prediction of about 19.2%. Hosmer and Lemeshow Test Step Chi-square df Sig. 1 32.715 8 .000 This table checks the overall model fit which means that the model is at its best in predicting the group variation from non-bankrupt to bankrupt. The hypothesis of the above table is that the test model is fit. The hypothesis is rejected because the sig value is less than .05 which concluded that the test model was not fit in this case of predicting the group variation. Classification Tablea Observed Predicted Banckruptcy Percentage Correct Bankrupt Non-Bankrupt Step 1 Banckruptcy Bankrupt 76 29 72.4 Non-Bankrupt 43 44 50.6 Overall Percentage 62.5 The classification table is the most important table in case of the logistic regression because this table explained the correct identification of the cases correctly identified. The percentage of correctly identified cases is 62.5% which is also commonly known as the hit ratio which means that to what extent the numbers of cases were correctly identified. Variables in the Equation B S.E. Wald df Sig. Exp(B) 95% C.I.for EXP(B) Lower Upper Step 1a DA -1.219 .510 5.725 1 .017 .295 .109 .802 AtoLTD -.002 .001 1.583 1 .208 .998 .996 1.001 CR .938 .348 7.242 1 .007 2.554 1.290 5.056 NPM .037 .073 .262 1 .609 1.038 .899 1.198 SG .161 .232 .482 1 .488 1.175 .745 1.852 Constant .066 .579 .013 1 .910 1.068 This is the final most important table in the logistic regression because this is the only table which shows the role of different predictors in significantly explaining the role in the prediction of group variations. Those important significant variables were only two that were DA, and CR because the sig value of only these variables were less than .05. 4.2 Hypotheses Assessment Summary The hypothesis of the study was distinctive financial ratios have significant impact on the non firms decision to file for bankruptcy. These financial characteristics were current ratio (CR), debt ratio (DA), net profit margin (NPM), assets to long term debt ratio, and growth rate. In this study each of the financial characteristics or financial ratios of firms was tested and concluded the results. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽÂ ²       SIG. RESULT H1 There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. 0.938 0.007 Accepted H2 There is a difference between the Debt Ratio of bankrupted companies and non bankrupted companies. -1.219 0.017 Accepted H3 There is a difference between the Net Profit Margin Ratio of bankrupted companies and non bankrupted companies. 0.037 0.609 Rejected H4 There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. -0.002 0.208 Rejected H5 There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 0.161 0.488 Rejected CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion It was concluded based on the results of this research study that current ratio and debt ratio were only the independent variables which were showing significance in Pakistani market and these variables were highly significant in playing the vital role explaining the variation in the dependent variable of the prediction of corporate bankruptcy and the remaining independent variables could not explain the variation in the prediction of corporate bankruptcy. These results were not matching with the study conducted by Altman (1968). These results were varying because in various countries, there was difference in environments and circumstances and firms usually made decision accordingly. 5.2 Discussions Current ratio played a significant role in defining the variation in the prediction of corporate bankruptcy and this was also the case with the research study conducted by Altman (1968) because in his study the firm size was also playing a significant role. The variation in the prediction of corporate bankruptcy was not explained by the net profit margin ratio while it was significant in the study done by Altman (1968). The assets to long term debt ratio, and growth rate were not significantly explaining the variation in the prediction of corporate bankruptcy and study analyzed by Altman (1968), concluded the different results with some addition. 5.3 Implications and Recommendations This research was limited to the various firms listed on Karachi Stock Exchange of Pakistan only. The data taken from 44 firms which were took through various sectors of the KSE 100 Index for the year 2004-09 which were previously bankrupt and which were currently operating. It suggested that such type of study should be carried out in other countries of Asia as well, as to have comprehensive idea about the choices of the firms decision to file for bankruptcy. Moreover, it also suggested that other factors except ones examined in this study should be researched as to have perfect idea about the selection of the prediction of corporate bankruptcy. Besides that, this study can also be replicated in other developing countries. 5.4 Future Research This study helped various investors, management and other research conductors in analyzing and observing the behavior of firms regarding their decisions to file for the bankruptcy. Research students who want to work further on the prediction of bankruptcy can be benefited by this research study. Further more, the firms will become advantageous from this study because the study clarifies the distinctive financial characteristics or the financial ratios of different firms which significantly explain the variations in the prediction of corporate bankruptcy. Study on the Prediction of Corporate Bankruptcy Study on the Prediction of Corporate Bankruptcy CHAPTER 1: A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and Winakor (1935) said that ratios of the failing firms were significantly changed from the continuing firms. In addition to that another study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. 1.2 Problem Statement In the corporate finance, the prediction of corporate bankruptcy was considered to be one of the most important issues. The main objective behind the study of the prediction of corporate bankruptcy was that this was the most important issue for the present firms to either file for the bankruptcy or not. The rationale of the study was to examine whether the financial ratios given in detail by Altman (1968) presented the detail regarding the factors of the firm which were helpful in the prediction of corporate bankruptcy in Pakistan. The capacity of study was to investigate the distinctive financial ratios which impacted the firms decisions to file for the bankruptcy or not and on the basis of firms financial ratios, the research study found the different significant ratios which were useful in determining the prediction of any of the organization. 1.3 Hypotheses The main problem of the different firms was to identify those financial factors or the most important ratios which could lead to the filing of bankruptcy or those factors which were useful in determining the prediction of the corporate firms. A central query in front of firms which wanted to file for bankruptcy was why the firms filed for bankruptcy or what financial factors helped out in taking decision to file for bankruptcy. Various financial factors or ratios impacted the decision regarding the filing for bankruptcy. These financial characteristics or the most important ratios were current ratio, debt ratio, net profit margin, assets to long term debt ratio, and growth rate. Many authors as Altman (1968) discussed these characteristics in research. The hypothesized relationship of these listed financial factors with bankruptcy was provided below: H1: There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. H2: There is a difference between the Debt ratio of bankrupted companies and non bankrupted companies. H3: There is a difference between the Net Profit Margin ratio of bankrupted companies and non bankrupted companies. H4: There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. H5: There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 1.4 Outline of the Study The research structured as follows. Chapter one based on the introduction of the thesis, which consists of the some introduction of the prediction of bankruptcy by different authors, the statement of problem, scope and objectives, hypothesis etc. Chapter two consists of literature review given by different authors, theories on prediction of bankruptcy and financial factors affecting the choice of decision to file for bankruptcy or not. Chapter three described methodology which is composed of justification of the selection of the variables utilized in analysis sample, the data, technique and hypothesis, also estimate model utilized in analysis. In chapter four, analyses of the results were there which were taken after the data processing. Chapter five contained the final results, conclusions and recommendations. References are included in chapter number six. CHAPTER 2: LITERATURE REVIEW A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and winakor (1935) said that ratios of the failing firms were significantly change from the continuing firms. In addition to that an other study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). A study conducted by Sandin and Porporato (2007) on corporate bankruptcy prediction model applied to emerging economies. The aim of this study was to find the predictability of bankruptcy by using the financial ratios given in the financial statements and these financial statements were taken from the Buenos Aires Stock Exchange. To test the hypothesis twenty two bankrupt and non bankrupt companies were examined by using the multiple discriminant analysis technique, resulted that financial ratios were very useful in predicting the bankruptcy. Actually this study was about the prediction model and classification of the distressed and failed companies in the Argentina. William Beaver (1996) conducted a study that Financial Ratios As Predictor of Failure, wherein ratios were tested for a specific purpose. The purpose was to forecast the failure. Since ratios were mostly examined for the prediction of failure. The aim of the study was to analyze the status quo that was depended on the financial statements made under the reporting standard and this study was conducted as a bench mark for further studies in bankruptcy area. Sample of data was selected on the basis of industry, firm size and period, Walworth companies should have taken from the same industry where from failed companies taken along with same firm size based on firm value and equal time duration then reliable result can be obtained said by Beaver (1996). This study pointed out and directed to the asset size and relationship among ratios, assets size and failure, study implicated that larger firms were more solvent than smaller firms, even if ratios were same. To examine the hypothesis, a paired analysis was used. According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. Merger and Bankruptcy Based on the literature review in the different research studies, it was found that the shareholders of the distressed firms were getting more benefit from mergers than from the bankruptcy. Thus, the investors kept the positive number of the firms stocks up as a consequence of the merger. Contrastingly, the stakeholders received nothing in case of the bankruptcy. Shrieves and Stevens (1979) managed to explain all of the possible reasons for preferring merger over bankruptcy and those principles included: (1) to avoid the bankruptcy legal and administrative costs, (2) possible loss of tax carry forwards of the loss firm incurred on liquidation, (3) the value of the going-concern in the merger was more than liquidation value if the firm bankruptcy progressed towards the liquidation, and (4) the bankruptcy created the bad effects on the revenues including sales and income due to the customer fears of inability contracts, give replacement parts, etc. Bulow and Shoven (1978) noticed based on the research that the investors have always been avoiding the bankruptcy and this tendency always benefitted the creditors as a whole and that theoretically, the bankruptcy occurred because of the disagreement between the concerned parties. This was treated in a literature that the merger was the best possible alternate of the bankruptcy with the assumption in the mind that it was more easy for the distressed firms to find a merger partner at some price as long as the net asset value was positive and this was also under the assumption of a well-functioning market for information. When the situation was aggravated toward a condition of less or negative net asset value, the possibility of merger was reduced. Hong (1983) made an empirical as well as theoretical model which distinguished among three different categories of financially upset firms and it was organized in three ways such as: firms which filed bankruptcy but reorganized successfully, firms which filed for bankruptcy but were liquidated ultimately, and also the firms which continued operations with out even filing for bankruptcy. Author further made a hypothesis that the intangible assets, the value of the firm as in a going concern and the value of the same firm in liquidation was different, were the main describing factor which affected the eventual outcome. The firms which had greater intangible assets were possibly having a sustainable economic growth and that growth allowed a firm to survive rather than be liquidated. LoPucki (1983) made an explanatory study of about 41 firms which filed the bankruptcy court of the Western District of Missouri. In this study, the à ¢Ã¢â€š ¬Ã…“successesà ¢Ã¢â€š ¬? were defined as the firms which have verified its various reorganization strategies that kept it on to survive for about three years after the date of petitioning the bankruptcy. Failures according to the author were those firms which had stopped operating functions before February 1983. LoPucki (1983) further could not try to make a method with discriminatory power, but in fact simply scrutinized the associations between the results of reorganization process and numerous individual variables. These individual variables included size, age, and type of the businesses, the survival of creditors opposition to the reorganization strategy, and physical geographic location. The relationships which were found during the research were: significantly higher success rate was associated with the manufacturing fi rms; more successful firms were only the larger firms; success was not significantly associated with the age of the firms; the target opposition of the creditors was mainly at the more successful firms; and lastly, the physical geographical location was not a significant describing variable. In short, only a finite amount of research was conducted on the topic of differentiating between failures and successes in bankruptcy, and outcomes have been open to doubts or inconclusive. The one published study conducted by the LoPucki (1983), scrutinized the first order correlations and could not struggle to build the model of classification. The other published research study conducted by Hong (1983), scrutinized the comparative importance of numerous individual variables and had not analyzed the classification authentication of the multivariate model. As it was already discussed in detail, this present study scrutinized the classification authentication of the multivariate model by using data from both analysis sample and a holdout sample 113 firms. Bordman, Bartley, and Ratliff (1981) noticed that firms went bankrupt only when its capital resources were not enough to pay back the obligations of the business. Thus it became the more important challenge for the new comers in the industry to maintain and establish such valuable resources and capabilities which could ultimately leaded to the production of positive cash flows before starting asset resources were exhausted (Levinthal, 1991). According to DAveni (1989), and Hambrick and DAveni (1988), both researches have noticed that most of the attention has been paid to the early failures and dramatic research has also been conducted in the literature. A macro view of the bankruptcy was given as a known strategy and an empirical examination of factors associated to successful reorganization (Moultan, and Thomas, 1993) and however, the structures of corporate governance were not incorporated in the analysis. An extensive data was available relating the intensity to which the officers and directors of the firm which was bankrupt were more possibly resigning or were being replaced (DAveni, 1990; Fizel Louie, 1990; Gilson, 1989). Several researchers used the multiple discriminant analysis MDA technique to develop a linear model to predict those firms which failed could be differentiated from the non-failed firms in UK (Taffler, 1977). This model resulted in an overall classification authentication for the year before the failure as comparative to three or two prior years of failure. The major contribution made by Taffler was the establishment of a Z-score model which was used for the prediction of company failures in the UK and furthermore, the author claimed of 100 percent predictive authentication in the model. In addition, in the consequent studies, Taffler (1982, 1983) discussed the pairing technique which was used in the prediction of corporate failure studies proved no more successful technique than any selection by the other tool or technique. Multiple Discriminant Analysis MDA models were dependable to certain intensity in the prediction of corporate failure. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Data was selected from Karachi Stock Exchange KSE 100 Index as given by State Bank of Pakistan in publication Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2004-2009). The period of study covers six years, 2004-09. The opted sample size of 44 firms was taken from KSE 100 Index and all of the firms listed on KSE 100 Index were selected for the samples which were going to bankruptcy in the past and some were also the present functioning firms which were currently working; so, only 44 firms included in the sample period of 2004-09. The objective behind the inclusion of these selected firms in the sample was that the inclusion of bankrupt and non-bankrupt firms in the analysis made it easier to distinguish the critical financial ratios of these both firms in order to predict for corporate bankruptcy. The data availability was the major issue faced in this research study. The secondary data sources were adopted for the collection of the data during this research study. Both of the empirical and theoretical aspects regarding the prediction of corporate bankruptcy were analyzed in this research study. For the purpose of the collection of the secondary data, external data sources were used, such as the data was collected from State Bank of Pakistan, general business publications, newspapers and journal articles, annual reports, internet and books. The data required for this study was completely dependent on the published data sources, such as the published sources listed above. 3.2 Sample Size A sample of 44 firms from KSE 100 Index was selected and in addition, out of these firms 22 firms were bankrupt and the remaining 22 were not bankrupt which was taken as the holdout sample for the prediction of the corporate bankruptcy. Only firms were used in the samples which were either became bankrupt due to the impact of the some of the financial factors or the ratios or the firms which were in operations during the research study was conducted and these firms were listed on the KSE 100 Index form 2004-2009. The impact of the different financial factors or ratios, which were listed in the previous chapters, on the prediction of corporate bankruptcy was analyzed on all of the firms selected as the sample. 3.3 Research Model Developed There are various financial factors or the ratios of the firms which affected the prediction of the corporate bankruptcy of the firms. This research study analyzed the impact of different factors or ratios already listed in the previous chapters on the prediction of corporate bankruptcy. The model developed was a binary logistic model and its specifications are provided below: Liquidity = a0 + a1Firm Size + a2DEBT + a3LTD + a4LSALES + a5OI/S + a6OI/TA+ a7IGP/TA+ a8Market to Book Ratio + ц where: Liquidity = the sum of cash and marketable securities divided by total assets Firm Size = natural log of the book value of total assets DEBT = the ratio of shorter period plus longer period debt to total assets LTD = the ratio of longer period debt to total assets LSALES = natural log of the annual sales OI/S = the ratio of operating income to sales OI/TA = the ratio of operating income to total sales IGP/TA = the inventory plus gross fixed assets to total assets ratio à Ã¢â‚¬Å¾ = the error term 3.4 Statistical Technique Binary Logistic Regression Analysis technique was used for this research study to examine the impact of the distinctive financial characteristics or the financial ratios of the firms on the prediction of corporate bankruptcy of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. Binary Logistic Regression Analysis technique was used for the purpose of prediction of of corporate bankruptcy or the prediction of the firms decisions to file for bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., prediction of corporate bankruptcy. The binary logistic regression analysis was selected for this study. It showed the intensity of the impact on the prediction of corporate bankruptcy during year 2004-2009 on the basis of several independent variables. CHAPTER 4: RESULTS The sample of 44 firms from the Karachi Stock Exchange KSE 100 Index was taken; Binary Logistic Regression Analysis technique was used for this research study. Research examined the distinctive financial characteristics or financial ratios of firms which filed for the bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., the prediction of corporate bankruptcy. Statistical Package for the Social Sciences (SPSS) was used for the analysis and examination of data. 4.1 Findings and Interpretation of the results Initially, the binary logistic regression technique was applied on the data collected using SPSS. Now, it was a nice time to proceed with the analysis of the results because the data was collected and ready to be examined. The interpretation and analysis is presented in the next sections of this research study. Case Processing Summary Unweighted Casesa N Percent Selected Cases Included in Analysis 192 91.4 Missing Cases 18 8.6 Total 210 100.0 Unselected Cases 0 .0 Total 210 100.0 This table explains the total population in the data file that is the 210 observations or the cases for the analysis of the bankruptcy prediction. This table further elaborates that the there were also some of the cases missing in the data because of the issue of data availability and some of the cases were the figures of zero. Dependent Variable Encoding Original Value Internal Value Bankrupt 0 Non-Bankrupt 1 The above table shows that there are only two variables in the dependent variable of bankruptcy that are the being bankrupt or non-bankrupt. Model Summary Step -2 Log likelihood Cox Snell R Square Nagelkerke R Square 1 234.707a .144 .192 This table elaborates the predictability of the complete model of the logistic regression which meant that to what extent the model predict the variation in the predicted group of bankruptcy. According to Cox Snell, the total predictors jointly explained variation in the groups of bankruptcy was 14.4%. While according to Nagelkirki, the all independent variable explained the group prediction of about 19.2%. Hosmer and Lemeshow Test Step Chi-square df Sig. 1 32.715 8 .000 This table checks the overall model fit which means that the model is at its best in predicting the group variation from non-bankrupt to bankrupt. The hypothesis of the above table is that the test model is fit. The hypothesis is rejected because the sig value is less than .05 which concluded that the test model was not fit in this case of predicting the group variation. Classification Tablea Observed Predicted Banckruptcy Percentage Correct Bankrupt Non-Bankrupt Step 1 Banckruptcy Bankrupt 76 29 72.4 Non-Bankrupt 43 44 50.6 Overall Percentage 62.5 The classification table is the most important table in case of the logistic regression because this table explained the correct identification of the cases correctly identified. The percentage of correctly identified cases is 62.5% which is also commonly known as the hit ratio which means that to what extent the numbers of cases were correctly identified. Variables in the Equation B S.E. Wald df Sig. Exp(B) 95% C.I.for EXP(B) Lower Upper Step 1a DA -1.219 .510 5.725 1 .017 .295 .109 .802 AtoLTD -.002 .001 1.583 1 .208 .998 .996 1.001 CR .938 .348 7.242 1 .007 2.554 1.290 5.056 NPM .037 .073 .262 1 .609 1.038 .899 1.198 SG .161 .232 .482 1 .488 1.175 .745 1.852 Constant .066 .579 .013 1 .910 1.068 This is the final most important table in the logistic regression because this is the only table which shows the role of different predictors in significantly explaining the role in the prediction of group variations. Those important significant variables were only two that were DA, and CR because the sig value of only these variables were less than .05. 4.2 Hypotheses Assessment Summary The hypothesis of the study was distinctive financial ratios have significant impact on the non firms decision to file for bankruptcy. These financial characteristics were current ratio (CR), debt ratio (DA), net profit margin (NPM), assets to long term debt ratio, and growth rate. In this study each of the financial characteristics or financial ratios of firms was tested and concluded the results. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽÂ ²       SIG. RESULT H1 There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. 0.938 0.007 Accepted H2 There is a difference between the Debt Ratio of bankrupted companies and non bankrupted companies. -1.219 0.017 Accepted H3 There is a difference between the Net Profit Margin Ratio of bankrupted companies and non bankrupted companies. 0.037 0.609 Rejected H4 There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. -0.002 0.208 Rejected H5 There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 0.161 0.488 Rejected CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion It was concluded based on the results of this research study that current ratio and debt ratio were only the independent variables which were showing significance in Pakistani market and these variables were highly significant in playing the vital role explaining the variation in the dependent variable of the prediction of corporate bankruptcy and the remaining independent variables could not explain the variation in the prediction of corporate bankruptcy. These results were not matching with the study conducted by Altman (1968). These results were varying because in various countries, there was difference in environments and circumstances and firms usually made decision accordingly. 5.2 Discussions Current ratio played a significant role in defining the variation in the prediction of corporate bankruptcy and this was also the case with the research study conducted by Altman (1968) because in his study the firm size was also playing a significant role. The variation in the prediction of corporate bankruptcy was not explained by the net profit margin ratio while it was significant in the study done by Altman (1968). The assets to long term debt ratio, and growth rate were not significantly explaining the variation in the prediction of corporate bankruptcy and study analyzed by Altman (1968), concluded the different results with some addition. 5.3 Implications and Recommendations This research was limited to the various firms listed on Karachi Stock Exchange of Pakistan only. The data taken from 44 firms which were took through various sectors of the KSE 100 Index for the year 2004-09 which were previously bankrupt and which were currently operating. It suggested that such type of study should be carried out in other countries of Asia as well, as to have comprehensive idea about the choices of the firms decision to file for bankruptcy. Moreover, it also suggested that other factors except ones examined in this study should be researched as to have perfect idea about the selection of the prediction of corporate bankruptcy. Besides that, this study can also be replicated in other developing countries. 5.4 Future Research This study helped various investors, management and other research conductors in analyzing and observing the behavior of firms regarding their decisions to file for the bankruptcy. Research students who want to work further on the prediction of bankruptcy can be benefited by this research study. Further more, the firms will become advantageous from this study because the study clarifies the distinctive financial characteristics or the financial ratios of different firms which significantly explain the variations in the prediction of corporate bankruptcy.

NIKEs Labour Troubles Essay -- Nike Sweatshops Outsourcing Labor Essa

NIKE's Labour Troubles Nike publicizes itself as one of the leading industries in corporate responsibility. However, they do not comply with several human rights obligations overseas in countries like Thailand, Pakistan, China, Vietnam and Indonesia. In these countries, production facilities called sweatshops have been running for almost 35 years employing workers as young as 13 years of age. The conditions of these factories are adverse to say the least and deprive workers of the moral human rights they should be entitled to. Sweatshops are unethical, immoral and demonstrate Nike’s ignorance towards their social responsibilities abroad. Within these facilities, workers endure stressfully long days under undesirable conditions, often with no breaks and very little pay. While this is going on overseas, sponsored athletes are being paid million dollar salaries here in North America. Although Nike’s reputation has been foiled through the tabloids regarding this issue, they have been making a sub stantial effort to â€Å"clean up† production messes in the East. Nike, as many other companies do, facilitates production in other countries to help grow sales in those particular regions. The main difference between Nike and some of the other companies is that other companies do not support the exploitation of labourers or human rights. Not to suggest that Nike promotes labour exploitation, but they are less strict about these rules than other companies in foreign markets. Impacts on health and safety are a major factor for employees in sweatshops. However, physical and sexual abuse is another serious concern of many of the sweatshop workers. Most of the sweatshops run by Nike contractors are factories located in relatively small spaces to save on real estate costs. They are often soiled with dirt and kept unheated to save on expenses. Broken glass and dangerous equipment is left on the floors causing potential dangers to any people scattered within the factory. Employees are subject to harassment and violent punishments if work is not being comp leted as thoroughly and efficiently as the contractors would like. Workers slave under unfavourable conditions for up to 14-hour days often with no breaks. These employees are paid less than $100 US and work on average over 250 hours per month. "Substandard wages keep factory workers in poverty and force them to work excessi... ... strongly suggest that awareness of sweatshop abuses is turning consumers away from Nike.† (International Nike Mobilization - www.haleokala.com). Nike has been under a great deal of pressure to correct the misdoings that have been done regarding production facilities in the East. As Nike is responsible for these plants, their reputation has been tainted with increasing public debate about ethical matters. While Nike still promotes itself as one of the industry leaders in corporate social responsibility, workers in Asia are still forced to work excessively long hours in substandard environments and are not paid enough to meet the basic needs for themselves or their families. They are faced to a life of poverty and are unfortunate subjects to harassment and violent threats if they make any attempt to form unions or tell journalists about labour abuses in their factories. Phil Knight’s speech regarding Nike’s steps to improving human rights in Asian countries was a step in the right direction for Nike, but it would have been much more effective had Nike fully followed through with these initiatives. Works Cited Campaign For Labour Rights â€Å"International Nike Mobilization†.

Harrah’s Entertainment, Inc : Rewarding Our People Essay

1. Threat from buyer – NA 2. Threat from supplier – NA 3. Threat from substitutes – High 4. Threat from competitors – High New Facilities , Imitating Harrah’s strategy through technological advancement, New attractions 5. Threat from new entrants – High Over all : Though the threat from competitors and substitutes was high Harrah was the biggest casino chain company in the market and had set hold on major market share Job roles for casino : 1. Gaming dealer: Dealers’ job duties can include operating games by dispensing the correct numbers of cards or blocks, comparing the house’s hand against players’ hands, and paying off or collecting money or chips from players 2. Surveillance Officer: Using audio and video equipment, they monitor the casino floor from an observation room, looking for cheating or theft and making sure the casino is in compliance with laws and regulations 3. Gaming Supervisors: These floor employees, also referred to as pit bosses, supervise gaming tables and casino staff in an assigned area of the floor. They also specialize in customer service on the floor, hearing and resolving patron complaints, explaining house rules, and possibly planning and organizing activities on the floor. 4. Cage Cashier : Responsible for controlling and accounting the transactions of the main bank, chip bank, check bank, and cage windows. 5. Slot Technicians: Slot technicians are responsible for testing, repairing, and maintaining the machines. 6. Gaming Managers: Dealers’ job duties can include operating games by dispensing the correct numbers of cards or blocks, comparing the house’s hand against  players’ hands, and paying off or collecting money or chips from players Controllability: Incentive bonus depended largely on customer feedback to judge performance improvement there might be errors on rating from customer side and subjectivity issues. Alignment: Since bonus was linked to performance the alignment issue was low Interdependency: Interdependency is low among roles Current Challenge : To replace the institutional priorities of long-term tenure and employee happiness with ideals of excellence and customer satisfaction along with employee satisfaction and retention Issues: Lack of support from higher management High Turnover Remedies: 1. Introducing Standardized test to find the best people for the role and not just fitting the minimum requirement 2.Increased interaction with employees 3. Specialized trainings 4. Gain Sharing for increased customer satisfaction 5. Increasing accountability of managers by implementing multiple pay components Gain Sharing Incentive Plan Objective: To instil competitive spirit in the employees and competing against rival casinos as well as their own past records Harrah introduced Gain Sharing for its employees. ADVANTAGES DISADVANTAGES Increased employee retention & motivation by bringing them closer to the company through ownership Employees feeling the pressure of stretched goals Company focus was on increased customer satisfaction and service and gain sharing on performance basis ensured high productivity from employees in terms of customer satisfaction Creates an impression that profits through customer satisfaction is sole concern of the company with little importance  to employee Plan was independent of operating income hence reduced interdependency Low profits burdened the company as payouts may still exist A sense of collective achievement Focus on profits may lead to reduced relationship management by managers Gives a sense of job security Not always high performance may meet minimum bonus payout requirements and hardworking employees may be denied of gains by marginal values Since it is on monthly basis it may push teams for better performance if goals not achieved and hence lead to continuous improvement

Financial strategies of the Confederacy vs. Union governments economic choices

Financial strategies of the Confederacy vs. Union governments economic choices While explaining the economic reality of the Confederacy in times of the Civil War, some fundamentals on the financial strategies of the Confederate and Union governments must be considered.Advertising We will write a custom essay sample on Financial strategies of the Confederacy vs. Union governments’ economic choices specifically for you for only $16.05 $11/page Learn More One of the major points, which is to be taken into account, is the Confederacy’s inflation financing. Thus, one is to keep in mind that there is a direct interdependence between the economic strategies of the Confederacy and their military failure. On the other hand, effective financial choices of the Union are mostly associated with the so-called policy of combination. In other words, summing up loans, taxes and notes determined the success of Union governments’ military engagements. The Thesis Statement The analysis of the economic policy of the Confederacy in time s of the Civil War gives us an opportunity to understand how the government’s ability to secure resources to mobilize military forces influences the success of military engagement. The Body Raising Funds As The Government’s Most Important Step To Succeed As far as Southerners’ economic choices were mostly conditional, one can probably conclude that the major mistake of the Confederacy was that they failed in aggrandizement of federal power, when such opportunity was available. Taking into account the fact that the Confederate governments were mostly focused on states’ rights and slavery, one can suppose that their financial strategies were not static. It seems to be obvious that the government’s ability to raise funds, in order to support military strategies development as well as to reinforce administrative capabilities is extremely important for the war effort.Advertising Looking for essay on history? Let's see if we can help you! Get you r first paper with 15% OFF Learn More Of course, political incentives cannot be neglected, as they also influence financial choices. The Economic Choices Of The Confederacy And The Union The political basis of the Confederacy and the Union concerning war financing gives us an opportunity to trace back the interdependence between economic choices and military outcomes. One of the most important issues, which cannot be ignored, is that â€Å"the key decision-makers on both sides knew each other well from previous experience in Washington; and the military and financial strategies that had been employed throughout the ante-bellum period were common knowledge† (Razaghian 2). In other words, one can make a conclusion that the economic policies of the both sides had to be somewhat similar. In reality, the assumption, however, does not make any sense. It is necessary to remember that the success of the Union can be explained by the government’s right decision to adopt long-term financial strategies. The Confederacy, in their turn, lost time in effortless contemplation. It is a well-known fact that the Confederate government decided to leverage tax power, when such actions were not already necessary. According to Razaghian, the major mistake of the Confederacy was that â€Å"they relied on loans and non-interest bearing notes† (3), while the success of the North can be explained by its government’s decision to collect taxes.Advertising We will write a custom essay sample on Financial strategies of the Confederacy vs. Union governments’ economic choices specifically for you for only $16.05 $11/page Learn More The Importance Of The Key Political Interpretations Generally, there are many opinions on the reasons of the Confederacy’s failure. For instance, the viewpoint that â€Å"the Confederacy lost because of disagreements between Jeffersonian governors and an increasingly centralized r egime in Richmond† (Beringer et al. par. 2) is criticized by many historians, as the key political interpretations seems to be omitted. Lincoln’s Emancipation Proclamation And Its Meaning Lincoln’s Emancipation Proclamation is also to be highlighted, as it increased the chances of Union military victory. Thus, one is to keep in mind that the impact of proclamation was mostly positive, as the Union gained the support of the masses, including the African-American population. Moreover, it should also be pointed out that the inhaitants of both unoccupied and occupied territories provided the North with support. The Demands Of The War So, taking into consideration the financial policies of the sides, one can conclude that taxation can be regarded as the most appropriate strategy to succeed. However, there is a need to state that the demands of the war must be controlled. In other words, as far as the demands can be changed, the government is to react immediately. Thus , new demands require new financial policies to be adopted. For the Confederacy, the understanding that taxes had to be increased came too late. Thus, one of the members of the Confederate government stated: â€Å"We have been compelled to issue a large quantity of Treasury notes, when, perhaps, it would have been more to the true interest of the country to have resorted at first to high taxation† (â€Å"Southern Historical Society Papers† 458-459).Advertising Looking for essay on history? Let's see if we can help you! Get your first paper with 15% OFF Learn More The Conclusion Finally, it is necessary to point out that irrational and short-term economic choices of the Confederacy led to their failure in the Civil War. Immediate mobilization of military resources and reconsideration of certain economic requirements, however, cannot be regarded to be saving, as the North’s resources were more powerful. If the Confederate governments relied on taxation in time, the only effect they could achieve is to limit the resources of the North; although military success could not been gained anyway. It is the interdependence between political incentives and economic choices, which is of primary importance; as the incentives determine military outcomes. Beringer, Richard, Herman, Hattaway, Archer, Jones and William N. Still, Jr. Why the  South Lost the Civil War. Athens: The University of Georgia Press, 1986. Print. Razaghian, Rose. Financing the Civil War: The Confederacy’s Financial Strategy,  2004. â€Å"Southern Historical Society Papers.† New Number Series, 13 (1958):51. Print.

How the Photosynthetic Process Works in Trees

How the Photosynthetic Process Works in Trees Photosynthesis is an important process that permits plants, including trees, to use their leaves to trap the suns energy in the form of sugar. The leaves then store the resulting sugar in cells in the form of glucose for both immediate and later  tree growth. Photosynthesis represents a beautifully wonderful chemical process in which six molecules of water from roots combine with six molecules of carbon dioxide from the air and creates one molecule of organic sugar. Of equal importance is the by-product of this process- photosynthesis is what produces oxygen. There would be no life on earth as we know it without the photosynthetic process.   The Photosynthetic Process in Trees The term photosynthesis means putting together with light. It is a manufacturing process that happens within cells of plants and within tiny bodies called chloroplasts. These plastids are located in the cytoplasm of leaves and they contains the green coloring matter called chlorophyll. When photosynthesis takes place, water that has been absorbed by the trees roots is carried to leaves where it comes in contact with the layers of chlorophyll. At the same time, air, containing carbon dioxide, is taken into leaves via leaf pores and exposed to sunlight, resulting in a very important chemical reaction. Water is broken down into its oxygen and nitrogen elements, and it combines with carbon dioxide in the chlorophyll to form sugar. This oxygen released by trees and other plants becomes a part of the air we breath, while the glucose is carried to the other parts of the plant as nourishment. This essential process is what will make of 95 percent of the mass in a tree, and photosynthesis by trees and other plants is what contributes nearly all the oxygen in the air we breathe.   Here is the  chemical equation for the process of photosynthesis: 6 molecules of carbon dioxide 6 molecules of water light → glucose oxygen The Importance of Photosynthesis Many processes occur in a tree leaf, but none more important than photosynthesis and the resulting food it manufactures and the oxygen it  produces as a byproduct. Through the magic of green plants, the radiant energy of the sun is captured in a leafs structure and made available to all living things. Except for a few kinds of bacteria, photosynthesis is the only process on earth by which organic compounds are constructed from inorganic substances, resulting in stored energy.   Roughly 80 percent of the earths total photosynthesis is produced in the ocean. Its estimated that 50 to 80 percent of the worlds oxygen is generated by ocean plant-life, but the critical remaining portion is generated by terrestrial plant life, particular the earths forests  Ã‚  So the pressure is constantly on the terrestrial plant world to keep up the pace. The loss of the worlds forests has far-reaching consequences in terms of the compromising the percentage of oxygen in the earths atmosphere. And because the process of photosynthesis consumes carbon dioxide, trees, and other plant life, are a means by which the earth scrubs out carbon dioxide and replaces it with pure oxygen. It is quite critical for cities to maintain a healthy urban forest in order to maintain good air quality.   Photosynthesis and The History of Oxygen Oxygen has not always been present on earth. The earth itself is estimated to be around  4.6  billion years old, but scientists studying geologic evidence believe that oxygen first appeared about 2.7 billion years ago, when microscopic cyanobacteria, otherwise known as blue-green algae, developed the ability to photosynthesize sunlight into sugars and oxygen. It took roughly a billion more years for enough oxygen to collect in the atmosphere to support early forms of terrestrial life.   It is unclear just what happened 2.7 billion years ago to cause cynobacteria to develop the process that makes life on earth possible. It remains one of sciences most intriguing mysteries.

101.Should talking and texting on a cell phone without a hands-free Essay

101.Should talking and texting on a cell phone without a hands-free device while driving be illegal - Essay Example More alarmingly, recent years of the road safety issues are derived from the mismanagement of communication devices during driving. A careless and distracted driving practice associated with talking or text messaging while the vehicle governance is on the rise in every part of the world. More noticeably, use of handheld devices during driving is more dangerous than permissible levels of drunk driving because the former holds the preoccupation of the driver indulging in impulsive variations. Thousands of lives are lost and many more are left permanently disabled due to the negligence of drivers of public transportation particularly. At this wake, it is essential to make an over view of the impact of the culpable practice of careless driving and raise an alarm in the minds of people about the peril closely following it. Severe violations of driving ethics from drivers cause damage to life of people from utter carelessness. In an accident, the impact of the negligence of one drover is born by either party involved and usually, the lighter vehicle gets most of the reward of the evil. As Barrouquere (Sep 14, 2011) reports, in Kentucky, a tractor-trailer crash on a van claimed nine lives on the spot in Interstate 65 on 26th March, 2010 – the reason was that the truck driver had just made and outgoing call that lasted for a second when the truck hit the van. The Kentucky accident alerted the authorities which came forward with bills banning the use of hand held communication devices, especially mobile phones during driving. Presently, there are many regulations of the use of handheld devices while driving but most of them are limited to marginal amount of penalty that prove insufficient to curb this problem. The identified reasons for increasing car and truck accidents reveal the role of employers, parent and consignees who make frequent and unexpected calls to the drivers of both commercial and private vehicles. At the moment,

International Production and Trade Essay Example | Topics and Well Written Essays - 750 words

International Production and Trade - Essay Example The author in the chapter sought to identify the basic features and issues forming the international production and trade structure. While discussing the changes taking place in the production of goods, the author uses the case of Thomas Friedman to explain the post-world war II changes that have taken place. Technology is arguably one of the most significant steps that man has discovered so far. As such, it has revolutionized both the production process and the communication channel. While the internet connects people in a previously un-imaginable way, new products such as cars and clothes go through mass production. Another notable change in the production process is the level of fragmentation and specialization taking place. With the increased level of interdependence between different countries and regions around the world, production methods have spread in all parts of the globe. Statically, the World Bank demonstrated the effects of this growth and increase in production throug h the 2005 world’s gross domestic product, which was approximately $44.3 trillion. Of this, 78% came from the developed countries, while the middle and low income, countries contributed only 22 percent. Five years earlier, the level of production was fives lower as it was in 2005. McGrew, an expert observes that there have been changes in the trends of FDIs, which have subsequently contributed to the capital mobility. In this mobility, firms now migrate from the industrialized countries and set up production plants in less developed countries due to labor issues as well as environmental issues. International trade, which is trade that takes place between different countries, help in the unification of countries. Since trade ties countries together, it generates significant political, economic, as well as social interdependence between countries. As such, many states use it as a means of gathering income, opting to regulate it in an effort to safeguard their interests. The int ernational trade structure, by pulling international leaders, IO and the NGO officials, pulls three perspectives of trade at the same time. Despite their conflicting arguments, these perspectives have contributed to the understanding of the development of trade in the international front. International trade rules came into effect in the sixteenth through the eighteenth centuries. Tariffs and quotas existed back then, as there was a restriction of importing intermediate goods. This aimed at protecting local industries from unfair competition. One of the international trade policies launched in the eighteenth century advocated for a laissez-faire type of policies. Proposed by Adman Smith and David Ricardo, the liberal trade policy still applies in the case of the Britain markets. These were the developers of the comparative theory, which advocated for opportunity cost of production. Proponents of opportunity cost theory pointed out that for a country to produce a particular commodity ; it had to forego a particular commodity that was rather expensive to produce. As such, introducing trade restrictions was an unjust way of treating other nations. However, the mercantilists challenge the arguments of comparative advantage, even currently. They argue that states can