All art is quite useless :: essays research papers

All craftsmanship is very futile In the event that individuals were marked with only single word to speak to them, to summarize their numerous sections of life, single word to characterize them totally, at that point the name you’d least run over would be that of craftsman. Only from time to time does one result in these present circumstances earth with the normal capacity, the blessing to consider the to be as a painting, newly completed on his canvas. The ability to be perpetually lauded on the dividers of maturing craftsmanship historical centers. What's more, the shear fortitude to experience life as an irregularity, an uncommon variety that makes heads turn the other way. It will be one unpleasant excursion for the youthful craftsman, be that as it may. Life will toss him around in a convoluted blend of sentiments, musings and feelings, as he will frantically look to discover what his identity is and what his motivation in life is. As his brain continues soaking in dim, burdensome snapshots of examination, his general surroundings will step by step influence him less, and his inner mind will begin constructing the establishments of a fresh out of the box new world, inside his head. A reality where tickers dissolve under the perseverance existing apart from everything else, where the skyline twists under a plume and nature detonates into a power against which we are pointless; a universe of magnificence, shading and difference where neediness doesn't exist; where torment, isolation, melancholy and distress have no significance. Attempting to duplicate this odd world into something humanly translatable, the craftsman will go through day and night, paint and paper, ink and blood attempting to figure out how to transform his vision into a reality. Speeding over the expressways of creation, scanning for a dream under each unturned stone, he will have definitely gotten a couple of terrible, mind changing addictive propensities en route. His body bit by bit falls apart as he continually extends his faculties as far as possible, attempting to get to some guaranteed, more elevated level of presence, a mystical transform, yet never leaving the virus ground. Hours mix with days and minutes transforming time into an unclear, spasmodic idea that the craftsman disconsideres while lost in a relentless, mechanical stupor, making piece after bit of critic’s garbage that no one thinks about. At that point he goes to cherish. The one final bad habit he doesn’t need. He looks for it through sonnets, centerfolds and faintly lit lanes, seeking after the aroma of pheromones overflowing from each side of the heretical piece of a town absorbed evening glow.

The birth and rise of islam Essay Example | Topics and Well Written Essays - 750 words

The birth and ascent of islam - Essay Example God, gives the premise to an aggregate feeling of unwaveringness to God that rises above race, nationality, class and even contrasts in strict practice. In this manner, all Muslims have a place with one network, the umma, regardless of their ethnic or national foundation Muhammad was conceived in Mecca, Saudi Arabia, around 570 C.E. His dad, ‘Abd Allah, passed on before Muhammad’s birth. His mom, Aminah, kicked the bucket when he was around six years of age. Around then the Arabs rehearsed a type of love of Allah that was focused in the Mecca valley, at the holy site of the Kabah. A basic shape like structure where a dark shooting star was loved. As Muhammad grew up, he scrutinized the acts of his day. At age 25, Muhammad wedded Khadija, a wealthy, 40-year-elderly person. At age 40, during a retreat in the slopes outside Mecca, Muhammad had his first experience of Islam. The heavenly attendant Gabriel appeared to a frightful Muhammad and educated him that he was Gods picked errand person. Gabriel additionally conveyed to Muhammad the principal divine revelation. Scared and shaken, Muhammad went to his home. His better half turned into the principal individual to acknowledge his message and convert to Islam. Subsequent to accepting a prog ression of extra disclosures, Muhammad began lecturing the new religion, at first to a little hover of family members and companions, and afterward to the overall population. The Meccans initially overlooked Muhammad, at that point derided him. As more individuals acknowledged Muhammads call, the Meccans turned out to be progressively forceful. In the wake of neglecting to influence Muhammad away from the new religion they began to abuse his less noticeable devotees. At the point when this methodology didn't work, the restricting Meccans chose to oppress Muhammad himself. At this point, two fundamental clans from the city of Yathrib, around 300 km (200 mi) north of Mecca, had welcomed Muhammad to live there. The tribe heads welcomed Muhammad to Yathrib as an unbiased strict position to mediate debates. Consequently, the pioneers promised to acknowledge Muhammad as a prophet and in this manner support the new

An Ode From A Science Fair Junkie

An Ode From A Science Fair Junkie Floating in Nostalgia There’s this idea that every moment in your life, every experience you go through adds to your being in some way or form. You essentially become a mosaic of all that life gives you. Your high points lay the foundation for the confidence you carry. And your low points remind you to take every step forward with humility. And while all of those moments and experiences deserve equal recognition in who we become, some just color you more than others. If there is any such life experience that’s had a lasting impact on me, it’s science fair. This weekend, approximately 1800 high school students from across the world will be competing at the Intel International Science and Engineering Fair. 1800 kids with deep passions and big dreams. 1800 kids walking around downtown Pittsburgh, display boards and models in hand. I’m walking around today too. In Cambridge. With a backpack full of finals studying to do. I’ve been one of those 1800 kids for the past three years of my life. And in the blink of an eye, I’ve gone from within to without (simultaneously enchanted and repelled by the inexhaustible variety of life). Floating in Nostalgia I honestly can’t trace back to the specific moment that I fell in love with science fair. It sometimes feels like science fair was just always there. The way cyberchase was. I grew up with it. I grew up asking questions. I grew up with the living room being a place for my “experiments.” I grew up gluing paper to trifold boards. What started off as a mandatory elementary school assignment quickly become something I really r e a l l y REALLY enjoyed doing. My very first science experiment was a naive effort to demonstrate the importance of proper sneezing etiquette. As an energetic kindergartener, I filled balloons with confetti to represent a nose filled with snot. I would then pop the balloon both inside and outside of a box to compare how far the confetti traveled in both scenarios. As you can probably guess, I discovered pretty soon that covering your nose when sneezing was super important. Since then, a few things have changed. My fashion sense significantly improved. I finally grew to be taller than my display boards. And I did science fair out of personal joy rather than school mandates. The questions I asked become more specific and relevant. By senior year of high school, I was looking into improving the efficacy of existing antibiotics with carbon nanotubes. And while the science I did was definitely super cool, I don’t look back at my science fair years because of the work I did. Not at all. Rather, I look back at those years because of the people I crossed paths with and the opportunities I was blessed to experience. I miss the pre-judging anxiety of early science fair mornings. I miss casually memorable conversations with my booth buddies. I miss being absolutely terrified by the surprisingly friendly judges. I miss late, stressful nights with my OG supporter, my father. I miss the early morning good lucks from my mother and brother. I miss the many friends I’ve made throughout the years. I miss all of the mentors that have motivated me through the end. I miss it all. A Simple Bucket List Wish I was one of THOSE kids. Attending Intel ISEF was on my bucket list. The summer after 8th grade, I came across a highlights video for the 2014 Fair held in Los Angeles. And I was immediately hooked. All of the finalists were bursting with a sense of joy and excitement. And it was contagious. For an athletically ungifted girl with dreams of attending the Olympics, ISEF was just what she needed. She felt deep down in her heart, that ISEF would change her life. So on the brinks of entering high school, she had a new bullseye in mind. I want you to imagine then, an overzealous freshman, geared with her striped blazer and elevated flats, walking into her fourth science fair expecting to walk out with a golden ticket to internationals. Disappointment was the inevitable. Forget about qualifying for ISEF, I didn’t even place. I sobbed like a baby that night. Like a baby. What had gone wrong, I wondered. Did I not put in enough effort? Did I not run enough trials? Did my dye-sensitized solar cells lack potential? Did I not know enough background knowledge? Did I completely screw up my judging? Was I not good enough? WHAT HAD GONE WRONG? The disappointment chewed on my insides. No longer having to prepare for the next level of science fair, I spent the rest of that year reevaluating myself. I eventually came to a new understanding of expectations: that they are nonlinear. Just because an expectation isn’t met, doesn’t mean it is no longer achievable. It simply isn’t achievable in that way at that time. Irrational expectations lead to dead ends, but a healthy expectation offers a detour. I wasn’t aiming just for the bullseye anymore, but for all that the entire target offered. ISEF would happen if it was meant to be, and by all means I continued working even harder for it. But I let go off all of the pressure I pumped into that dream. I continued my research because I enjoyed it, and I shared it with those around me at any opportunity that came my way. Science Fair lived on in my life. Finding a New Sense of Confidence About a year later, I was on my flight to Pittsburgh, Pennsylvania!!! My bucket list was going to become one wish shorter. If there is anything that I’m sure of, it’s that ISEF did change me. In ways I could never have imagined. And I wish I could pinpoint what exactly happened. Maybe it was being in a completely new city. Maybe it was getting to know people from across world. Maybe it was being surrounded by the very people I grew up admiring. Maybe it was being less than ten feet away from Noble Laureates. Maybe it was the realization that the people changing our world were in fact just that, people too. But ISEF was where I finally cracked through my turtle shell. It was where I gained the confidence to partake in conversations. It was where I realized that hard work and having fun were not mutually exclusive. It was where I found the courage to dream bigger. It was where I realized being a science fair junky was pretty darn cool. It was where I realized that dedication and perseverance could impact the lives of many. (It was also where I met Petey, who may or may not have inspired me to apply to MIT.) Dear Science Fair, Thanks for Making Me Who I Am Today, I am two weeks away from finishing my first year at MIT. I plan to major in bioengineering. I currently UROP in the Langer Lab at the Koch Institute for Integrative Cancer Research where I continue to work with microorganisms. Too often, people think that going to ISEF is necessary to get into schools like MIT. And while I can’t really speak to that, I want to make it very clear that this isn’t about that. Rather, it’s about how science fair as a whole made me a better version of myself. I truly believe that everyone is born into this world with a potential that is unique to them. Often times, all it requires is a little spark to make them realize what all they are capable of. For me, that spark was ISEF. If science fair wasn’t in my life, maybe something else would have started that spark. But in the life that I have lived, science fair is what pulled me out of my small suburb in Texas. It helped me make sense of the world I want to be a part of. It made me realize that innovation and discovery is useless if it can’t be brought to people. It made me realize that I was passionate about helping other people find their sparks as well. Because if youre brave enough to explore what you’re capable of, you’ll be able to most optimally serve your purpose in this world. So I guess I have a lot to thank science fair for. For sweet nostalgia. For life lessons. For the confidence I hold in myself. For the dreams I cherish. And on top of all of that, for making me who I am. With that, I want to wish all of my science fair junkies in Pittsburgh good luck this week! The next few days might just change your life, so live them to the fullest! Post Tagged #Intel ISEF (International Science and Engineering Fair) #Intel ISEF (International Science and Engineering Fair)

Appropriation Definition Spending Bills in Congress

The term appropriation is used to define any  money designated by Congress for a specific purpose by a state or federal legislature. Examples of appropriation spending include money set aside every year for defense, national security and education. Appropriation spending represents more than a third of national spending every year, according to the Congressional Research Service. In the U.S. Congress, all appropriations bills must originate in the House of Representatives, and they provide the legal authority needed to spend or obligate the U.S. Treasury. However, both the House and Senate have appropriation committees; they are responsible for designating how and when the federal government may spend money; this is called controlling the purse strings. Appropriations Bills Each year, Congress must authorize about a dozen  annual appropriations bills to jointly fund the entire federal government. These bills must be enacted prior to the start of the new fiscal year, which is October 1. Should Congress fail to meet this deadline, it must either authorize temporary, short-term funding or shut down the federal government. Appropriations bills are necessary under the U.S. Constitution, which states:  Ã¢â‚¬Å"No money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.† Appropriations bills are different than authorization bills, which  establish or continue federal agencies and programs. They are also different than earmarks, money that is set aside by members of Congress often times for pet projects  in their home districts.   List of Appropriation Committees There are  12 appropriations committees in the House and Senate. They are: Agriculture, Rural Development, Food, and Drug Administration, and Related AgenciesCommerce, Justice, Science, and Related AgenciesDefenseEnergy and Water DevelopmentFinancial Services and General GovernmentHomeland SecurityInterior, Environment, and Related AgenciesLabor, Health and Human Services, Education, and Related AgenciesLegislative BranchMilitary Construction, Veterans Affairs, and Related AgenciesState, Foreign Operations, and Related ProgramsTransportation, Housing and Urban Development, and Related Agencies Breakdown of Appropriations Process Critics of the appropriations process believe the system is broken because spending bills are being bundled into massive pieces of legislative called omnibus bills instead of being scrutinized individually. Peter C. Hanson, a researcher for the Brookings Institution, wrote in 2015: These packages may be thousands of pages long, include over a trillion dollars in spending, and are adopted with little debate or scrutiny. In fact, limiting scrutiny is the goal. Leaders count on end-of-session pressures and the fear of a government shutdown to allow adoption of the package with minimal debate. In their view, it’s the only way to push a budget through the gridlocked Senate floor. The use of such omnibus legislation, Hanson said: ...prevents rank-and-file members from exercising genuine oversight over the budget. Unwise spending and policies are more likely to go uncontested. Funding is likely to be provided after the beginning of the fiscal year, forcing agencies to rely on temporary continuing resolutions that create waste and inefficiency. And, disruptive government shutdowns are larger and more likely. There have been 18 government shutdowns in modern U.S. history.

Symptoms And Treatment Of Bipolar Disorder - 977 Words

The person I am going to write about I personally know. She suffers from Bipolar disorder. Bipolar disorder is defined as a mental disorder marked by alternating periods of elation and depression. The disorder causes dramatic mood swings from feeling overly high and/or irritable too sad and hopeless, and then back again, often with periods of normal mood in between. Some people have their first experience at childhood, while others may develop symptoms late in life. Bipolar disorder does run in families, but researchers have struggled to identify specific genetic factors that put people at risk. I feel that Bipolar disorder is extremely misunderstood. Many people use the term loosely. The people who suffer from this disorder are hurting and can’t control their feelings. My friend must pay over $400 a month for her prescriptions. She has insurance, but the insurance company does not cover that much of the medicine she takes. There is a number of medications used to t reat bipolar disorder. The types and doses of medications prescribed are based on particular symptoms. Finding the right medication usually takes some trial and error. The process requires patience, as some medications need weeks to months to take full effect. A few of the most used medications are mood stabilizers, antipsychotics, antidepressants, antidepressant-antipsychotic and anti-anxiety medications. That is another issue with society these days. We have people who need helpShow MoreRelatedBipolar Disorder : Symptoms And Treatment854 Words   |  4 Pagesmedical condition known as bipolar disorder. Bipolar disorder is when a person suffers from severe shifts in mood and energy. In most cases, bipolar disorder can be treated and people with the illness can live normal and productive lives with the help of medication and or therapy. Aiken, C. (2010). Family Experiences of Bipolar Disorder: The Ups, the Downs and the Bits in Between. Retrieved from Ebsco Host. In this book the author discusses her own dealings with Bipolar Disorder. She goes on to say howRead MoreSymptoms And Treatment Of Bipolar Disorder1489 Words   |  6 PagesDiego City College Bipolar disorder, also called manic-depressive disorder, is a disease that affects thousands of people all over the United States of America. According to Sarris (2011) approximately 1-2% of adults will be affected by bipolar disorder in their lifetime. While some individuals may go undiagnosed, the prevalence percentage can raise to as much as 4% when including milder subclinical presentations (Sarris, 2011). Bipolar disorder can cause severe dysfunction in theRead MoreSymptoms And Treatment Of Bipolar Disorder1125 Words   |  5 Pageswith several mental disorders. The major diagnosis would be bipolar disorder. She also suffers from borderline personality disorder, Post-traumatic stress disorder (PTSD), and anxiety. The American Psychiatric Association s Diagnostic and Statistical Manual of Mental Disorder defines bipolar disorder as a recurrent mood disorder that includes periods of mania or mixed episodes of mania and depression (Murphy, 2012, p. 44-50). It was previously kn own as manic depressive disorder. It is most commonRead MoreBipolar Disorder Treatments : Symptoms And Symptoms2309 Words   |  10 Pages Bipolar Disorder Treatments Kelly Miazga Metropolitan State University December 8th 2014 â€Æ' Bipolar disorder treatments Introduction Bipolar disorder, also known as manic depression or bipolar affective disorder is a mood disorder where the patient experiences episodes of extreme highs known as mania and extreme lows known as depression. Periods of mania and depression vary per person. A person who is displaying a manic episode shows typical symptoms of elevated mood, extreme happiness or irritabilityRead MoreBipolar Disorder : Symptoms And Treatment2115 Words   |  9 Pages Bipolar Disorder The Bipolar disorder or you can call it manic depression, it is a often diagnosed and draining frame or state of mind disorder which causes huge shifts in temperament and frame of mind. The word bipolar means that the two main polar extremes in which a person with the disorder experiences. According a part of the National Institutes of Health that watches over neurological and psychological research this disorder affects about 2.1 million adultsRead MoreSymptoms And Treatment Of Bipolar Disorder963 Words   |  4 Pagesthat goes by we hear someone being labeled as bipolar or another celebrity is getting diagnosed as being bipolar after their spurts of erratic behavior. I had to ask the question, does anyone really know what it means to be bipolar? Bipolar disorder, also known as manic-depressive illness, is a brain disorder that causes unusual shifts in mood, energy, activity levels, and the ability to carry out day-to-day tasks (NIMH). Suffering from bipolar disorder can mean su ffering from drastic changes in moodRead MoreSymptoms And Treatment Of Bipolar Disorder1274 Words   |  6 Pagesconclusion, Ben Tang was diagnosed with bipolar II disorder indicated by DSM-5 at age 47. He experienced symptoms such as feeling depressed, suicidal thoughts, and worthlessness in depressive episodes. He experienced symptoms such as racing mind, trouble falling asleep, and committing reckless behaviors in hypomanic episodes. It can be challenging to live with bipolar disorder because the symptoms can be hard to deal with. There are several ways to manage bipolar disorder, include medications, support groupRead MoreSymptoms And Treatment Of Bipolar Disorder1220 Words   |  5 PagesThe history of bipolar disorder is perhaps just as complex as the condition itself. Bipolar is highly recognized as a treatable disorder. The more we learn about bipolar disorder, the more people may be able to receive the help that they need. Centuries passed and little new was discovered about bipolar disorder until French psychiatrist Jean-Pierre Falret published an article in 1851 describing what he called â€Å"la folie circulaire,† which translates to circular insanity. The article details peopleRead MoreSymptoms And Treatment Of Bipolar Disorder762 Words   |  4 Pages Bipolar Disorder 2 Disorder history, In the 19th century psychiatry, mania had a broad meaning of craziness, hypomania was equated by some concepts of â€Å"partial insanity† or monomania. Bipolar disorder origins in 1854, Jules Baillarger and Jean-Pierre Falret, independently present descriptions of the disorder to Academie de Medicine in Paris. German neuropsychiatrist Emanuel Mendel in 1881 wrote â€Å"that heRead MoreSymptoms And Treatment Of Bipolar Disorder1442 Words   |  6 Pagesmental illness. For example, manic depressive illness, or bipolar disorder, is a cognitive disease which affects â€Å"about 2.6% of the U.S. population† every year (DBSA). Along with the vast number of patients stricken with bipolar, are also a plethora of symptoms, with researchers and patients reporting, â€Å"unusual shifts in mood, energy, activity levels, and (an inability) to carry out day-to-day tasks† (NIMH). Along with the symptoms of bipolar are several factors that contribute to the presence of the

Zoe’s Tale PART I Chapter Nine Free Essays

string(68) " a hundred different possible idiotic teenage boy fight situations\." â€Å"Oh, look,† Gretchen said. â€Å"Teenage boys, about to do something stupid.† â€Å"Shut up,† I said. We will write a custom essay sample on Zoe’s Tale PART I Chapter Nine or any similar topic only for you Order Now â€Å"That couldn’t possibly happen.† But I looked anyway. Sure enough, across the Magellan’s common area, two clots of teenage males were staring each other down with that look of we’re so gonna fight about something lame. They were all getting ready for a snarl, except for one of them, who gave every appearance of trying to talk some sense into one guy who looked particularly itchin’ to fight. â€Å"There’s one who appears to have a brain,† I said. â€Å"One out of eight,† Gretchen said. â€Å"Not a really excellent percentage. And if he really had a brain he’d probably be getting out of the way.† â€Å"This is true,† I said. â€Å"Never send a teenage boy to do a teenage girl’s job.† Gretchen grinned over to me. â€Å"We have that mind-meld thing going, don’t we?† â€Å"I think you know the answer to that,† I said. â€Å"You want to plan it out or just improvise?† Gretchen asked. â€Å"By the time we plan it out, someone’s going to be missing teeth,† I said. â€Å"Good point,† Gretchen said, and then got up and started moving toward the boys. Twenty seconds later the boys were startled to find Gretchen in the middle of them. â€Å"You’re making me lose a bet,† she said, to the one who looked the most aggressive. The dude stared for a moment, trying to wrap whatever was passing for his brain around this sudden and unexpected appearance. â€Å"What?† he said. â€Å"I said, you’re making me lose a bet,† Gretchen repeated, and then jerked a thumb over toward me. â€Å"I had a bet with Zoe here that no one would start a fight on the Magellan before we actually left dock, because no one would be stupid enough to do something that would get their entire family kicked off the ship.† â€Å"Kicked off the ship two hours before departure, even,† I said. â€Å"Right,† Gretchen said. â€Å"Because what sort of moron would you have to be to do that?† â€Å"A teenage boy moron,† I suggested. â€Å"Apparently,† Gretchen said. â€Å"See – what’s your name?† â€Å"What?† the guy said again. â€Å"Your name,† Gretchen said. â€Å"What your mother and father will call you, angrily, once you’ve gotten them kicked off the ship.† The guy looked around at his friends. â€Å"Magdy,† he said, and then opened his mouth as if to say something. â€Å"Well, see, Magdy, I have faith in humanity, even the teenage male part of it,† Gretchen said, plowing through whatever it was that our Magdy might have had to say. â€Å"I believed that not even teenage boys would be dumb enough to give Captain Zane an excuse to kick a bunch of them off the ship while he still could. Once we’re under way, the worst he could do is put you in the brig. But right now he could have the crew drop you and your family at the loading bay. Then you could watch the rest of us wave good-bye. Surely, I said, no one could be that incredibly dense. But my friend Zoe disagreed. What did you say, Zoe?† â€Å"I said that teenage boys can’t think beyond or without their newly dropped testicles,† I said, staring at the boy who had been trying to talk sense into his pal. â€Å"Also, they smell funny.† The boy grinned. He knew what we were up to. I didn’t grin back; I didn’t want to mess with Gretchen’s play. â€Å"And I was so convinced that I was right and she was wrong that I actually made a bet,† Gretchen said. â€Å"I bet every single dessert I’d get here on the Magellan that no one would be that stupid. That’s a serious bet.† â€Å"She loves her dessert,† I said. â€Å"It’s true, I do,† Gretchen said. â€Å"She’s a dessert fiend,† I said. â€Å"And now you are going to make me lose all my desserts,† Gretchen said, poking Magdy in the chest. â€Å"This is not acceptable.† There was a snerk from the boy Magdy had been facing off with. Gretchen wheeled on him; the boy actually flinched backward. â€Å"I don’t know why you think this is funny,† Gretchen said. â€Å"Your family would have been thrown off the ship just like his.† â€Å"He started it,† the boy said. Gretchen blinked, dramatically. â€Å"‘He started it’? Zoe, tell me I heard that wrong.† â€Å"You didn’t,† I said. â€Å"He really said it.† â€Å"It doesn’t seem possible that anyone over the age of five would be using that as a rationale for anything,† Gretchen said, examining the boy critically. â€Å"Where’s your faith in humanity now?† I asked. â€Å"I’m losing it,† Gretchen said. â€Å"Along with all your desserts,† I said. â€Å"Let me guess,† Gretchen said, and waved generally at the clot of boys in front of her. â€Å"You’re all from the same planet.† She turned and looked at the other boy clot. â€Å"And you’re all from another planet.† The boys shifted uncomfortably; she had gotten their number. â€Å"And so the first thing you do is you start picking fights because of where you used to live.† â€Å"Because that’s the smart thing to do with people you’re going to spend the rest of your life living with,† I said. â€Å"I don’t remember that being in the new colonist orientation material,† Gretchen said. â€Å"Funny about that,† I said. â€Å"Indeed,† Gretchen said, and stopped talking. There was silence for several seconds. â€Å"Well?† Gretchen said. â€Å"What?† Magdy said. It was his favorite word. â€Å"Are you going to fight now or what?† Gretchen said. â€Å"If I’m going to lose my bet, now’s as good a time as any.† â€Å"She’s right,† I said. â€Å"It’s almost lunchtime. Dessert is calling.† â€Å"So either get on with it or break it up,† Gretchen said. She stepped back. The boys, suddenly aware that whatever it was they were fighting about had been effectively reduced to whether or not some girl would get a cupcake, dispersed, each clot headed pointedly in a separate direction from the other. The sane boy glanced back at me as he walked off with his friends. â€Å"That was fun,† Gretchen said. â€Å"Yeah, until they all decide to do it again,† I said. â€Å"We can’t use the dessert humiliation trick every time. And there are colonists from ten separate worlds. That’s a hundred different possible idiotic teenage boy fight situations. You read "Zoe’s Tale PART I Chapter Nine" in category "Essay examples"† â€Å"Well, the colonists from Kyoto are Colonial Mennonites,† Gretchen said. â€Å"They’re pacifists. So it’s only eighty-one possible idiotic teenage boy fight combinations.† â€Å"And yet still only two of us,† I said. â€Å"I don’t like the odds. And how did you know about the Kyoto folks, anyway?† â€Å"When my father was still thinking he’d be running the colony, he made me read the reports on all the colonists and their original planets,† Gretchen said. â€Å"He said I was going to be his aide-de-camp. Because, you know, that’s really what I would have wanted to do with my time.† â€Å"Comes in handy, though,† I said. Gretchen pulled out her PDA, which was buzzing, and looked at the screen. â€Å"Speaking of which,† she said, and showed me the screen. â€Å"Looks like Dad’s calling.† â€Å"Go be aide de camp-y,† I said. Gretchen rolled her eyes. â€Å"Thanks. Want to get together for the departure? And then we can go have lunch. You’ll have lost the bet by then. I’ll get your dessert.† â€Å"Touch my dessert and you will die in horrible ways,† I said. Gretchen laughed and left. I pulled out my own PDA to see if there were messages from John or Jane; there was one from Jane telling me that Hickory and Dickory were looking for me about something. Well, they knew I was onboard, and they also knew how to reach me by PDA; it’s not like I went anywhere without it. I thought about giving them a call but I figured they would find me sooner or later. I put the PDA away and looked up to find the sane boy standing in front of me. â€Å"Hi,† he said. â€Å"Uh,† I said, a testament to my smoothness. â€Å"Sorry, I didn’t mean to sneak up on you like that,† he said. â€Å"It’s okay,† I said, only a little flustered. He stuck out his hand. â€Å"Enzo,† he said. â€Å"And you’re Zoe, I guess.† â€Å"I am,† I said, taking his hand and shaking it. â€Å"Hi,† he said. â€Å"Hi,† I said. â€Å"Hi,† he said, and then seemed to realize he was back where he started. I smiled. And then there was about, oh, 47 million seconds of awkward silence. It was only actually a second or two, but as Einstein could tell you, some events have a way of stretching out. â€Å"Thanks for that,† Enzo said, finally. â€Å"For stopping the fight, I mean.† â€Å"You’re welcome,† I said. â€Å"I’m glad you didn’t mind we stepped in on what you were doing.† â€Å"Well, I wasn’t doing a great job of it anyway,† Enzo said. â€Å"Once Magdy gets himself worked up, it’s hard to get him to back down.† â€Å"What was that all about anyway?† I asked. â€Å"It’s kind of stupid,† Enzo said. â€Å"That I know,† I said, and then wondered if Enzo would take it the wrong way. He smiled. Score one for Enzo. â€Å"I mean what caused it.† â€Å"Magdy’s pretty sarcastic, and he’s also pretty loud,† Enzo said. â€Å"He made some snide remark about what those other guys were wearing as they passed by. One of them got upset and they got into it.† â€Å"So you guys nearly had a brawl over fashion,† I said. â€Å"I told you it was stupid,† Enzo said. â€Å"But you know how it is. You get worked up, it’s kind of hard to think rationally.† â€Å"But you were thinking rationally,† I said. â€Å"That’s my job,† Enzo said. â€Å"Magdy gets us into trouble, I get us out of it.† â€Å"So you’ve known each other for a while,† I said. â€Å"He’s been my best friend since we were little,† Enzo said. â€Å"He’s really not a jerk, honest. He just sometimes doesn’t think about what he’s doing.† â€Å"You look out for him,† I said. â€Å"It goes both ways,† Enzo said. â€Å"I’m not much of a fighter. A lot of kids we knew would have taken advantage of that fact if they didn’t know Magdy would have punched them in the head.† â€Å"Why aren’t you much of a fighter?† I asked. â€Å"I think you have to like to fight a little,† Enzo said. Then he seemed to realize this was challenging his own masculinity a bit, and this would get him kicked out of the teenage male club. â€Å"Don’t get me wrong. I can defend myself just fine without Magdy around. We’re just a good team.† â€Å"You’re the brains of the outfit,† I suggested. â€Å"That’s possible,† he allowed, and then seemed to figure out that I’d gotten him to make a whole bunch of statements about himself without getting to find out anything about me. â€Å"What about you and your friend? Who is the brains of that outfit?† â€Å"I think Gretchen and I both hold our own pretty well in the brains department,† I said. â€Å"That’s a little scary,† Enzo said. â€Å"It’s not a bad thing to be a little intimidating,† I said. â€Å"Well, you have that down,† Enzo said, with just the right amount of offhandedness. I tried very hard not to blush. â€Å"So, listen, Zoe – † Enzo began, and then looked over my shoulder. I saw his eyes get very wide. â€Å"Let me guess,† I said, to Enzo. â€Å"There are two very scary-looking aliens standing directly behind me.† â€Å"How did you know?† Enzo said, after a minute. â€Å"Because what you’re doing now is the usual response,† I said. I glanced back at Hickory and Dickory. â€Å"Give me a minute,† I said to them. They took a step back. â€Å"You know them?† Enzo said. â€Å"They’re sort of my bodyguards,† I said. â€Å"You need bodyguards?† Enzo asked. â€Å"It’s a little complicated,† I said. â€Å"Now I know why you and your friend can both work on being the brains of the outfit,† Enzo said. â€Å"Don’t worry,† I said, and turned to Hickory and Dickory. â€Å"Guys, this is my new friend Enzo. Say hello.† â€Å"Hello,† they said, in their deadly monotone. â€Å"Uh,† Enzo said. â€Å"They’re perfectly harmless unless they think you’re a threat to me,† I said. â€Å"What happens then?† Enzo asked. â€Å"I’m not really sure,† I said. â€Å"But I think it would involve you being turned into a large number of very small cubes.† Enzo looked at me for a minute. â€Å"Don’t take this the wrong way,† he said. â€Å"But I’m a little afraid of you right now.† I smiled at this. â€Å"Don’t be,† I said, and I took his hand, which seemed to surprise him. â€Å"I want us to be friends.† There was an interesting play across Enzo’s face: pleasure at the fact I’d taken his hand, and apprehension that if he showed too much pleasure at the fact, he’d be summarily cubed. It was very cute. He was very cute. As if on cue, Hickory audibly shifted its weight. I sighed. â€Å"I need to talk to Hickory and Dickory,† I said, to Enzo. â€Å"Will you excuse me?† â€Å"Sure,† Enzo said, and took his hand out of mine. â€Å"Will I see you later?† I asked. â€Å"I hope so,† Enzo said, and then got that look that said his brain was telling him he was being too enthusiastic. Shut up, stupid brain. Enthusiasm is a good thing. He backed off and went away. I watched him go a little. Then I turned to Hickory and Dickory. â€Å"This had better be good,† I said. â€Å"Who was that?† Hickory asked. â€Å"That was Enzo,† I said. â€Å"Which I already told you. He’s a boy. A cute one, too.† â€Å"Does he have impure intentions?† Hickory asked. â€Å"What?† I said, slightly incredulous. â€Å"‘Impure intentions’? Are you serious? No. I’ve only known him for about twenty minutes. Even for a teenage boy, that would be a pretty quick ramp-up.† â€Å"This is not what we have heard,† Hickory said. â€Å"From whom?† I asked. â€Å"From Major Perry,† Hickory said. â€Å"He said that he was once a teenage boy himself.† â€Å"Oh, God,† I said. â€Å"Thank you so very much for the mental image of Dad as a teenage sack of hormones. That’s the sort of image that takes therapy to get rid of.† â€Å"You have asked us to intercede for you with teenage boys before,† Hickory said. â€Å"That was a special case,† I said. And it had been. Just before we left Huckleberry my parents had gone off on a planetary survey of Roanoke and I was given tacit permission to have a good-bye party for my friends, and Anil Rameesh had taken it upon himself to sneak into my bedroom and get naked, and upon discovery, to inform me that he was giving me his virginity as a good-bye gift. Well, he didn’t put it that way; he was trying to avoid mentioning the whole â€Å"virginity† aspect of it at all. Regardless, this was a gift I really didn’t want, even though it was already unwrapped. I told Hickory and Dickory to escort him out; Anil responded by screaming, jumping out my window and down off the roof, and then running all the way home naked. Which was a sight. I had his clothes delivered home the next day. Poor Anil. He wasn’t a bad person. Just deluded and hopeful. â€Å"I will let you know if Enzo presents any problems,† I said. â€Å"Until then, you leave him alone.† â€Å"As you wish,† Hickory said. I could tell it was not entirely pleased about this. â€Å"What was it you wanted to talk to me about?† I asked. â€Å"We have news for you from the Obin government,† Hickory said. â€Å"An invitation.† â€Å"An invitation for what?† I asked. â€Å"An invitation to visit our homeworld, and to tour our planets and colonies,† Hickory said. â€Å"You are now old enough to travel unaccompanied, and while all Obin have known of you since you were young, thanks to our recordings, there is a great desire among all Obin to meet you in person. Our government asks you if you will not accede to this request.† â€Å"When?† I asked. â€Å"Immediately,† Hickory said. I looked at them both. â€Å"You’re asking me this now?† I said. â€Å"We’re less than two hours from departing to Roanoke.† â€Å"We have only just now received the invitation,† Hickory said. â€Å"As soon as it was sent to us, we came to find you.† â€Å"It couldn’t wait?† I asked. â€Å"Our government wished to ask you before your journey to Roanoke began,† Hickory said. â€Å"Once you had established yourself on Roanoke, you might be hesitant to leave for such a significant amount of time.† â€Å"How much time?† I asked. â€Å"We have sent a proposed itinerary to your PDA,† Hickory said. â€Å"I’m asking you,† I said. â€Å"The entire tour would take thirteen of your standard months,† Hickory said. â€Å"Although if you were amenable, it could be extended.† â€Å"So, to recap,† I said. â€Å"You want me to decide in the next two hours whether or not to leave my family and friends for at least a year, maybe longer, to tour the Obin worlds by myself.† â€Å"Yes,† Hickory said. â€Å"Although of course Dickory and I would accompany you.† â€Å"No other humans, though,† I said. â€Å"We could find some if you wanted,† Hickory said. â€Å"Would you?† I said. â€Å"That would be swell.† â€Å"Very well,† Hickory said. â€Å"I’m being sarcastic, Hickory,† I said, irritated. â€Å"The answer is no. I mean, really, Hickory. You’re asking me to make a life-changing decision on two hours’ notice. That’s completely ridiculous.† â€Å"We understand that the timing of this request is not optimal,† Hickory said. â€Å"I don’t think you do,† I said. â€Å"I think you know it’s short notice, but I don’t think you understand that it’s offensive.† Hickory shrank back slightly. â€Å"We did not mean to offend,† it said. I was about to snap something off but I stopped and started counting in my head, because somewhere in there the rational part of my brain was letting me know I was heading into over-reaction territory. Hickory and Dickory’s invitation was last-minute, but biting their heads off for it didn’t make much sense. Something about the request was just rubbing me the wrong way. It took me a minute to figure out why. Hickory and Dickory were asking me to leave behind everyone I knew, and everyone I had just met, for a year of being alone. I had already done that, long ago, when the Obin had taken me from Covell, in the time I had to wait before my father could find a way to reclaim me. It was a different time and with different circumstances, but I remember the loneliness and need for human contact. I loved Hickory and Dickory; they were family. But they couldn’t offer me what I needed and could get from human contact. And besides, I just said good-bye to a whole village of people I knew, and before that had said good-bye to family and friends, usually forever, a whole lot more than most people my age. Right now I had just found Gretchen, and Enzo was certainly looking interesting. I didn’t want to say good-bye to them even before I properly got to know them. I looked at Hickory and Dickory, who despite everything they knew about me couldn’t have understood why what they were asking me would affect me like this. It’s not their fault, said the rational part of my brain. And it was right. Which was why it was the rational part of my brain. I didn’t always like that part, but it was usually on point for stuff like this. â€Å"I’m sorry, Hickory,† I said, finally. â€Å"I didn’t mean to yell at you. Please accept my apology.† â€Å"Of course,† Hickory said. It unshrunk itself. â€Å"But even if I wanted to go, two hours is not nearly enough time to think this through,† I said. â€Å"Have you spoken to John or Jane about this?† â€Å"We felt it best to come to you,† Hickory said. â€Å"Your desire to go would have influenced their decision to let you go.† I smiled. â€Å"Not as much as I think you think it would,† I said. â€Å"You may think I’m old enough to spend a year off touring the Obin worlds, but I guarantee you Dad will have a different opinion about that. It took both Jane and Savitri a couple of days to convince him to let me have that good-bye party while they were away. You think he’d say ‘yes’ to having me go away for a year when there’s a two-hour time limit attached? That’s optimistic.† â€Å"It is very important to our government,† Dickory said. Which was surprising. Dickory almost never spoke about anything, other than to make one of its monochromatic greetings. The fact Dickory felt compelled to pipe up spoke volumes in itself. â€Å"I understand that,† I said. â€Å"But it’s still too sudden. I can’t make a decision like this now. I just can’t. Please tell your government I’m honored by the invitation, and that I want to make a tour of the Obin worlds one day. I really do. But I can’t do it like this. And I want to go to Roanoke.† Hickory and Dickory were silent for a moment. â€Å"Perhaps if Major Perry and Lieutenant Sagan were to hear our invitation and agree, you might be persuaded,† Hickory said. Rankle, rankle. â€Å"What is that supposed to mean?† I asked. â€Å"First you say you wanted me to say yes because then they might agree, and now you want to work it the other way? You asked me, Hickory. My answer is no. If you think asking my parents is going to get me to change my mind, then you don’t understand human teenagers, and you certainly don’t understand me. Even if they said yes, which, believe me, they won’t, since the first thing they will do is ask me what I think of the idea. And I’ll tell them what I told you. And that I told you.† Another moment of silence. I watched the two of them very closely, looking for the trembles or twitches that sometimes followed when they were emotionally wrung out. The two of them were rock steady. â€Å"Very well,† Hickory said. â€Å"We will inform our government of your decision.† â€Å"Tell them that I will consider it some other time. Maybe in a year,† I said. Maybe by that time I could convince Gretchen to go with me. And Enzo. As long as we were daydreaming here. â€Å"We will tell them,† Hickory said, and then it and Dickory did a little head bow and departed. I looked around. Some of the people in the common area were watching Hickory and Dickory leave; the others were looking at me with strange expressions. I guess they’d never seen a girl with her own pet aliens before. I sighed. I pulled out my PDA to contact Gretchen but then stopped before I accessed her address. Because as much as I didn’t want to be alone in the larger sense, at that moment, I needed a time out. Something was going on, and I needed to figure what it was. Because whatever it was, it was making me nervous. I put the PDA back in my pocket, thought about what Hickory and Dickory just said to me, and worried. How to cite Zoe’s Tale PART I Chapter Nine, Essay examples

Tok History Essay Example

Tok History Paper Its purpose is to absorb the main idea of what happened in the past and how we will adjust or change to such events. In order for this to take place, we must then just accept certain facts, or myths, that we really arent sure of because we wont ever be completely assured of this information, but it still ends up being part of the past. This leads to the second fragment of the quote, that history is hope. Truth is, without a doubt, we wont ever be able to go back in time and relive certain events that wed like to see or to prove or disprove. We will write a custom essay sample on Tok History specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Tok History specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Tok History specifically for you FOR ONLY $16.38 $13.9/page Hire Writer For the time being, though, its imperative that we must have faith that all of the history that were being exposed to is the majority of the truth. We have let historians screen what they believe to be relevant and meaningful and therefore it is only fair that we accept such history and hope that it is true because we personally wont ever presence the actual occurrence of events that took place in the past. However, there is indeed a significant amount of history that is reality that in fact happened. Whether we were there when it happened, we have been told from extremely reliable sources or we are let known from undeniable evidence, there does exist history that is completely true. We may not know the background to certain events and the true causes or motivations, but we can certainly see the outskirts and the effects of such incidents and that is the truth. If we take for example the Bible and its teachings, this is surely a clichi d example, but the effect that it has had in my life, proves the validity of the quote that was previously mentioned. Revisionists will always question events that are depicted in the Bible for their supernatural nature whether it is the creation of humanity as a result from Adam and Eve or the fact that Jesus rose again three days later after he was crucified. Heck, its difficult for me to truly believe these concepts even if I understand them. This myth part ends up being the counterargument in itself because history is supposed to be the truth of what happened. A myth ultimately has no evidence to support its claims. However, I must admit that all these myths that my Catholic religion has nurtured to me trust in, and even more so because of the fact that I committed to my religion after First Communion, confirmed myself to being a Catholic only a few years ago and still go to church every Sunday, I believe in them. I hope that theyre mostly truths because even though they have been disproven as of late, I still choose to have faith in God because Ive grown to pray to him and venerate him all my life and he is my inspiration in times of despair. Now, the overall implication of the initial quote in the importance of knowing history is quite simple. The quote encompasses what history truly is made of and how valuable history is. History allows us to consider the perceptions, emotions and reasons that people had when writing the past and then make connections of this accepted past with the present and the future in order to see its true relevance and significance. Moreover, asking questions about the past allows us to prepare and think about how to react in the present and for the future. In a life with no history, humans would discover the same, new things everyday and society would never advance. Knowledge for development would not be acquired. What is good and what is evil? What is right and what is wrong? Such simple questions are the basis of discussion in terms of the Area of Knowledge (AOK) called Ethics. However, if we were to define ethics, we should consider the quote, Ethics is part myth, part hope and party reality. If we take for example the role of ethics in my life, although it is pretty present, it surges in various ways and maybe not so apparent at first. For example, the relationship I share with my mom. I truly love her and care for her greatly, however, I must admit that I constantly lie to her to a certain extent. For instance, when I go out in weekends, she restricts me in such a way that I feel I cant really enjoy myself and spend a nice time. So in response, I tell her part of the truth. I let her know where Ill be at first, but not were I plan to go or the people that will be with me. Now, the myth is that its unethical and wrong to lie to your mom. However, what if it turns out to be better for the both of us. I ultimately feel independent and enjoy my days off, while she doesnt have to bear with the worry or the fear that something bad might happen to me. Does this win-win effect end up being morally wrong? Furthermore, ethics is hope because I believe that despite my untruths, and the fact that the myth says that lying is an awful vice, it might actually be a virtue to keep my mom from carrying the burden of a volatile son and instead hope that I am doing a good deed by letting her believe that I do everything as she says and under her watch. The reality of ethics, however, is that hiding the truth will always be incorrect and morally wrong and especially when its directed towards your own mom. Nonetheless, through this quote and this example, were able to see that ethics plays a major role in the immediate consequences that are present in everyday life especially as we gain more knowledge of them and how we decided to apply them. In conclusion, I believe that history and ethics play a significant role in the way we attain knowledge and they are the main basis of who we are as a whole and who we will become in response to grasping this new knowledge. They are, however, part myths, part hope and part reality, but that doesnt change the fact that theyre crucial to the expansion and employment of our knowledge. Word Count: 1600 Bibliography 1. The Bible, Truth and Reality . Bible prophecy: world government| RFID |climate change| EU |Israel| Middle East | apostate church | persecution. N. p. , n. d. Web. 9 May 2011. http://www. seekingtruth. co. uk/.

The Basics of a Student Teacher Resume

The Basics of a Student Teacher Resume Its important to think of your student teaching resume as your best marketing tool. This sheet of paper can be the key to getting a teaching job. Use the following tips as a guide as you develop your teaching resume. The Basics The following four headers are a must-have. The other options below should only be added if you have the experience in that particular area. →Identification→Certification→Education→Experience Identification This information should start your resume off concisely and should be printed using a font size of 12 or 14; this will help your name stand out. The best fonts to use are Arial or New Times Roman. Your identification section should include: NamePhone number ( if you have a cell phone number add that too)Address (if you have a permanent and a current address then list both of them)Email Certification This is where you list all of your certifications and endorsements that you have, each one should be on a separate line. If you are not certificated yet, then list the certification and the date that you are expected to receive it. Example: New York State Initial Certification, Expected May 2013 Education Make sure you include the following: If you are a recent or upcoming graduate then this section should be on top.Make sure you know the degree that you will be receiving and list it correctly.Include your GPA if it is 3.0 or above.Tutored students pre-k through 12th grade in reading and math.Teaching Related Experience: This section would include paid or unpaid experience that you had working with children. This can include tutor, sports coach, camp counselor, etc. Under each position list a few bullet-ed statements about what you accomplished during that position.Examples:Tutor, Huntington Learning Center, Kenmore, New York, Summer 2009.Teachers Aid, 123 Preschool, Tonawanda, New York, Fall, 2010.Oversaw the safety and care of childrenInteractive Field Experience: This section is where you add your student teaching experience. Make sure you include the grade you worked with and subject. Include specific examples of what you did with the students.Examples:Worked individually with students to develop reading skills throu gh interactive games.Developed and implemented an interdisciplinary social studies unit for a bilingual classroom.Lessons involved cooperative learning, language experience approach, hands-on experiences, and interdisciplinary teaching. Volunteer Experience/Community Service: List experiences that you had in which you supported people, communities or services. This can range from religious organizations to fundraising.Work Experience: This section is where you can include relevant experience that you had in other industries. Focus on skills that you can use in the classroom such as managing, training, public speaking, etc.Examples:Trained new employees in Search Engine Optimization.Managed payroll for company name. If you have not graduated yet, then list your anticipated or expected degree. Here are some following examples: Bachelor of Science in Elementary Education, State University of New York College at Buffalo, Expected May 2103.Master of Science in Education, State University of New York College at Buffalo, May 2013. Experience This section is the most important part of your resume. Only include experience that is relevant and that demonstrates your skills and achievements. There are a few headers that you can use in this section. Choose the option that you have the most experience working with students in. If you have a lot of experience, then you can add more than one section. Additional Optional Sections The following sections are optional. Only add additional headers if you think it will add appeal to your prospective employer. Honors: Deans List, Scholarships, anything related to teaching.Special Skills: Ability to speak a second language, proficient in computers.Professional Memberships: List any educational associations you belong to.Related Coursework: List any advanced relevant classes you have taken.

The Catcher in the Rye Summary

'The Catcher in the Rye' Summary J.D. Salinger’s novel The Catcher in the Rye follows the young protagonist Holden Caulfield, who narrates a three-day stint after being kicked out of prep school sometime in the 1950s.  Holden decides to leave before the end of the semester and travel to Manhattan, where he spends his time wandering the city and trying to connect with old friends and family. Chapters 1-7 Holden begins his story the day he leaves Pencey Prep, the all-boys boarding school he attends in Pennsylvania. It’s Saturday, and there’s a football game against Saxon Hill. Holden decides to go see his history teacher Mr. Spencer instead of watching the game. Mr. Spencer tries to talk some sense into Holden, who is being expelled for flunking nearly all of his classes. Holden decides that Mr. Spencer will never understand his point of view and returns to the dorms. Back in his room, Holden is interrupted by Robert Ackley, who lives next door. Ackley is rather unpopular, and Holden expresses annoyance at Ackley’s unhygienic personal habits. Stradlater, Holden’s popular roommate, is getting ready for a date. Holden thinks Stradlater is a â€Å"phony, and he is displeased that Stradlaters date is Jane Gallagher. Jane is an old friend of Holdens, and he knows that Stradlater is a womanizer who wont treat her with respect. Stradlater asks Holden to do his homework assignment for him. Holden acquiesces, and after he goes out for hamburgers and pinball with Ackley and his friend Mal Brossard, he goes back to the dorm to write. Holden writes the essay about his younger brother Allies baseball glove. Holden reveals that Allie died of leukemia in 1946, and Holden is wrapped up in memories of Allie during the writing process. When Stradlater returns to the dorms, he reads the essay and gets mad at Holden for straying from the assignments instructions. Holden asks whether he slept with Jane, but Stradlater wont answer, and Holden becomes so angry that he punches him. Stradlater pins Holden to the ground and gives him a bloody nose in retaliation. Holden decides to leave school early and head to New York City. He sells his typewriter for some extra money. Between that sum and the amount his grandmother sent him, he figures he has more than enough money to last him for a couple of days. Chapters 8-14 On the train, Holden meets the mother of Ernest Morrow, a student Holden calls the biggest bastard at school.  Holden tells the woman that his name is Rudolf Schmidt and makes up a story about how shy, modest, and popular Ernest is. Once they arrive in New York, Holden says goodbye to Mrs. Morrow and takes a taxi to Edmont Hotel. On the way, he becomes preoccupied with the whereabouts of the Central Park ducks during wintertime. He asks the driver, but the question only seems to annoy him. At the hotel, Holden thinks about phoning Jane, but instead ends up going to the bar and trying to buy a drink. He dances with three tourist women. He finds their eagerness to spot celebrities pathetic and sad, but ultimately falls half in love with one of the women because of how well she dances. When the women leave, Holden starts thinking about Jane again. He decides to head to Ernie’s, a popular spot for prep-school and college-age kids. He runs into Lillian Simmons, who used to date his older brother D.B. She invites him to sit with her, but he finds her pretentious, so he he leaves and walks back to his hotel. The hotels elevator operator, Maurice, offers to send a prostitute named Sunny to Holdens room for five dollars. Holden agrees, but when the woman arrives, he becomes uncomfortable and changes his mind. He sees how young and nervous she is and tells her that he just wants to talk. Sunny tells Holden that her visit costs ten dollars instead of five. Holden refuses to pay the extra money. Maurice and Sunny return together to beat Holden up and take the money. Chapters 15-19 The next day, Holden calls a former girlfriend named Sally to schedule a date, then heads to a sandwich bar for breakfast. At the sandwich bar, he talks to two nuns about their work and the books hes reading for school. Holden enjoys their company and donates ten dollars for their collection. He then leaves to go meet up with Sally. During his the walk, Holden buys a record called Little Shirley Beans for his younger sister Phoebe, knowing that she will love it. At the play, Holden expresses how much he hates the phoniness of plays and movies. Sally, however, loves the matinee. Holden grows increasingly annoyed when Sally runs into an old friend and carries on a loud conversation with him about various acquaintances. Then Holden and Sally leave and go ice-skating in Central Park, mainly because Sally loves the skating costume she gets to wear. After ice skating, Holden urges Sally to run away with him and live in a cabin in the woods in New England. Sally refuses, seemingly panicked by Holdens behavior, and the two get into a fight. Holden calls her a pain in the ass, and Sally gets so upset that they part ways on terrible terms. Holden tries to call Jane again, but hangs up when she doesn’t answer. He goes to see a movie, hating how cheesy it is, before going to see an old classmate of his named Carl Luce. They meet up at the Wicker Bar. Holden makes too many inappropriate jokes, and their conversation sours quickly. After Luce leaves, Holden remains at the bar and gets very drunk. Chapters 20-26 Holden calls Sally late at night to make amends, but her mother answers the phone and Sally gets on the line only to tell him to go home. He takes a walk in Central Park, where he accidentally breaks the record he bought for Phoebe. Holden decides to go home to visit her. He is careful to sneak into her room to avoid being detected by his parents, who still think he’s at school and do not know about his expulsion. Holden loves talking with Phoebe, but when she finds out that he’s been expelled, she grows angry with him. Phoebe asks Holden if he likes anything, and he can’t think of anything other than this boy, James Castle, who fell out a window at school and died. He tells Phoebe that he likes Allie, and she retorts that Allie is dead. Holden tells Phoebe that he fantasizes about being the catcher in the rye. He envisions a group of children running around in a field of rye at the edge of the cliff, and pictures himself catching the children and saving them from falling over the edge- effectively preventing them from losing their innocence. Holden leaves when his parents return from a party. He rings up his old English teacher, Mr. Antolini, who lives in the city and teaches English at NYU. Mr. Antolini tries to give Holden life advice, and warns him about caring too much about the wrong things so as to not be able to function in society. He and his wife set up the couch for Holden to spend the night on. Holden is woken up by Mr. Antolini patting his head and becomes so uncomfortable that he leaves. He ends up sleeping at Grand Central Station and spends the next day wandering around Fifth Avenue. Holden fantasizes about leaving the city and pretending to be a deaf-mute so that he can work as a gas station attendee out West and never interact with anyone. He visits Phoebe’s school and leaves a note asking her to meet him at the museum to say goodbye for good. While at the school, Holden notices an expletive scribbled on the wall. He grows angry thinking about the innocent children who will see the word and learn its meaning. He tries to rub it off, but its permanent. Phoebe meets Holden at the museum as he requested. She has a suitcase with her, and she tells Holden that she wants to run away with him. Holden refuses and Phoebe gets so angry that she won’t walk next to him. They go the Central Park Zoo. Holden tells Phoebe he will stay, and he buys her a ticket for the carousel. He experiences overwhelming happiness as he watches her ride the carousel. Holden ends the story by alluding to the time that has lapsed since the events in the novel. He says that he got sick, has been visiting with a psychoanalyst, and is going to start a new school in September. Holden ends the novel by expressing how much he misses his old classmates and others in his life.

Trading Financial Risks Essay Example | Topics and Well Written Essays - 1250 words

Trading Financial Risks - Essay Example Studies by Center for Immigration Studies show that the number of illegal immigrants in the US dropped from 12.5 million in 2008 to 11 million in 2007. The studies also show that Mexican immigrants constitute 56% of the immigrants, the Latin Americans and Africans form the remaining fraction (Hoffmeier, web). People have a negative attitude towards immigrant, and this contribute to the problem of the immigrants. Most people feel threatened by foreigners and have developed negative attitude towards them. This essay will give a discussion on why people need to change their attitude towards immigrants with relation to US case. All are illegal immigrants There is no country in the world without immigrants, in most cases immigrants contribute equally to the country’s development. The united state is not an exception since immigrants have contributed a lot in the country’s development. Contributions by immigrants are evident across the social, political, and economic fields i n the country. The United States leads the globe in terms of economic, political, and social strengths. This implies that there is a close relationship between the country’s developments and the large number of immigrants. Being the leading country is not a difficult issue for to the United States however, maintaining its global position is a problem. As stated by Kesselman, Krieger, and Joseph, despite the US being the most powerful country, it has a problem of maintaining its superiority (18). The country should, therefore maintain the people who led or contributed to its development. The immigrants are the main contributors of these developments therefore, the country should consider revising its policies on immigration. Law is not sufficient solution The United States uses its law to divide its citizens in to legal and illegal citizens. The law goes on to prescribe consequences on the later group in order to discourage illegal immigration into the country. From history, n one of those people who claim to be legal US citizens came to the country legally since the first immigrants from Europe invaded the country. Kivel confirms this argument by stating that the US citizens are themselves illegal immigrants, and hence  unable to decide on which immigrants are legal or illegal (60). Kivel goes on to argue that racism is the main tool that is applied in determining illegal and legal migrants (60). From this argument, it is clear that most people in US are referred to as illegal immigrants based on their racial background. From his argument, Kivel finds the link between the legality of the invasion of North America by Europeans settlers and the illegal immigration issue. In his argument, Kivel takes the issue to a personal level and asks the question; â€Å"why do not we say the Europeans invaded North America?† (Kivel 60). Kivel goes on to state that in most time the term invasion is used by the Americans to describe the invasion of the countries by Japanese and Chinese investors and Haitian refugees, and this is not correct. His analysis on the matter proves that the law is not sufficient in determining who is a legal or an illegal immigrant of United States, and it should not be used to victimize other people. In addition, the law of a country should be just and respected and therefore, it should give all its people equal opportunity as well as reward them with equal measures for any mistake they commit. From this statement if we will continue to claim that immigrants

Maternity Article Example | Topics and Well Written Essays - 500 words

Maternity - Article Example The physiological changes in pregnancy also influence the nutrition and pharmacological drugs in pregnancy. The article discusses physiological changes in pregnancy, pharmacokinetics in pregnancy, and the functions of the placenta (Sachdeva, Patel, & Pate, 2009). Pregnant women do not participate in medical trials since drugs taken during pregnancy may affect the fetus in adverse ways. The article notes that a pharmacological treatment is inevitable in pregnancy despite its eminent side effects. As such, the article defines how drugs affect the fetus and the categories of pharmacological drugs recommended for pregnancy by FDA. The categories include A, B, C, D and X where category A is the safest while category X is fatal in pregnancy (Sachdeva, Patel, & Pate, 2009). The article also demonstrates the risk of using social drugs like cigarette smoking, alcohol, caffeine, and illicit drugs during pregnancy (Sachdeva, Patel, & Pate, 2009). Ultimately, the article presents the concerns of using OTC drugs during pregnancy. I think the article is very relevant to the topic of nutrition and pharmacological drugs in pregnancy. Indeed, the article depicts seriousness in addressing the use of drugs during pregnancy by addressing the physiological changes in pregnancy and pharmacokinetics in pregnancy (Sachdeva, Patel, & Pate, 2009). The article confirms that a pharmacological treatment is inevitable in pregnancy despite the significant effects that pharmacological drugs have on a fetus and the pregnant woman. Indeed, the article depicts the significance of pharmacological therapy during pregnancy. Moreover, the article confirms that the placenta plays a noble role in guaranteeing nutrition and fetal and maternal well-being during pregnancy by presenting the functions of the placenta. The article succeeds in showing different categories of drugs and their effect on the fetus. The article is authoritative in that it refers to the recommendations of FDA that

Free Cash Flow with a Firms Capital Expenditure

Free Cash Flow with a Firms Capital Expenditure Free cash flow and capital expenditure go side by side. What is important to find out is the existence of an association between the two in Sugar Industry of Pakistan by means of ascertaining the strength of their relationship. Annual financial statement data for 27 sugar mills of Pakistan, listed on Karachi Stock Exchange (KSE), was taken to calculate free cash flow and annual capital expenditure over the 2000-08 period. Linear regression test was run on the data to study the relationship between the two variables. The results hence proved an association confirming an existence of a relationship. Introduction Overview of the Sugar Industry of Pakistan Pakistan is the 5th largest country in the world in terms of area under sugarcane cultivation, 11th by production and 60th in terms of yield. Sugarcane is the primary raw material for the production of sugar. Since independence, the area under cultivation has increased more rapidly than any other major crop at around one million hectares. The sugar industry in Pakistan is the 2nd largest agro based industry comprising 81 sugar mills out of which 27 are listed on Karachi Stock Exchange. The annual crushing capacity of the industry is over 6.1 million tones. Sugarcane farming and sugar manufacturing contribute significantly to the national exchequer in the form of various taxes and levies. Sugar manufacturing and its by-products have contributed significantly towards the foreign exchange resources through import substitution. Sugar production is a seasonal activity. The mills, at an average operate for 150 days a year whereas the supplies are made throughout the year. As the industry n ow has large daily crushing capacity there are efforts to reduce the production even further. About the subject The purpose of this research is to examine the significance of free cash flow in relation with firms capital expenditure. Many researchers have studied the relationship built around free cash flow and have argued that managers have to play a vital role in deciding where free cash flow eventually ends up. Something known as an agency problem is widely discussed and commented on by several researchers. This problem talks exactly about the conflict of interest between managers and shareholders. Shareholders are interested in earning as much dividends as possible which would increase their value. On the contrary, managers think for themselves. They tend to invest the available cash flow in projects that would not necessarily increase shareholders value but ensure that the tenure of the manager is as extended as possible. New investments would mean more responsibilities on managers thus their uninterrupted length of service is required in the long term interest of the firm. Going one step ahead of agency problem, this study is related to free cash flow which shows an association and a relationship with the capital expenditure. Free cash flow is a  measure of financial performance and one of the sources of capital expenditure in firms. Managers can either disburse the available cash among shareholders in the form of dividends after  keeping aside the money required to expand or maintain its asset base or hold it back for developing new products, making acquisitions, and reducing debt. At this point in time, it is imperative to note that negative free cash flow in itself is not bad. If free cash flow is negative, it  could show that a company is developing new products, reducing debts or even making large investments. If these cash out flows earn a high return eventually, the strategy has the potential to pay off in the long run. Capital expenditures (CAPEX) are those cash outflows that create future benefits for the firm. A capital expenditure is incurred when a business outlay funds to acquire or upgrade physical assets such as property, industrial buildings or equipment. CAPEX is commonly found on the Cash Flow Statement as an investment in plant, property and equipment or something similar in the investing section. Companies listed on stock exchange will often list their capital expenditures for the year in annual reports, which allows shareholders to see how the company is using their funds and whether it is investing in its long term growth. The hypothesis tested in this study is accepted and thus a relationship between free cash flow and capital expenditure is established. Literature Review Cash flow is determined by integrating the cash receipt and disbursement items from the income statement with the change in each balance sheet item; the sum of the cash inflows equals the sum of the cash outflows. Whereas capital expenditure is the amount a company spends buying or upgrading fixed assets, such as equipment, during the year and acquiring subsidiaries, minus government grants received. The free-cash-flow (FCF) hypothesis by Jensen (1986) suggests that excess cash flow is wasted on value-destroying expenditure because managers have a personal motivation to grow the asset base of the firm rather than dispense cash to shareholders in the form of dividends. Cash flow has always been somewhat of a puzzle in the literature on the determinants of investment. Gugler (2004) argues that in a strictly neoclassical world, cash flow does not belong in an investment equation. Even than pragmatic studies dating back over 4 decades invariably document that cash flow and investment are positively related. The influence of internally generated cash flow on financing capital investment expenditure is well studied. But what is less well understood is the cause behind this influence. Modigliani and Millers (1958) Irrelevance proposition asserts that firms undertake all positive net present value (NPV) investments regardless of the financing source. Firms that pay low dividends rely more heavily on cash flow as shown by Fazzari, Petersen and Hubbard (1988). The first two gentlemen also found that such firms use working capital adjustments and not external financing to maintain the needed capital expenditure in order to smooth cash flow fluctuations. They further argued that in order to save cash flow, firms choose a low dividend payout policy. Calomiris and Hubbard (1995) proved that those firms have heaviest dependence on cash flow to finance capital expenditure which pay the highest taxes associated with undistributed profits. Devereux and Schiantareelli (1990) found that as compared to smaller firms in the UK, the large firms depend more heavily on cash flow financing. The reason they pointed out for such a trend was the manager/shareholder agency problems in these large firms mainly because of lower managerial ownership and higher costs associated with monitoring mechanism. In this thesis, further evidence have been provided on the role of free cash flow and capital expenditure through observing the data provided by the Karachi Stock Exchange. To measure the market reaction to such expenditure plans, the over and above returns around capital announcements have been used. It was moreover, found that the impact capital expenditure has on firm value that is financed by cash flow depends upon the characteristics of the firm making the expenditures. Firms show a strong positive relation between the level of undistributed cash flow and the level of announced expenditure, although large firms depend less heavily on cash flow as compared to the small firms and those firms that have high managerial ownership. Jensen (1986) suggested that those firms which had a large level of free cash flow were likely to squander it on unprofitable investments. As a result undistributed cash flow must play an important role in explaining capital expenditure by these firms. In addition, certain firms are more prone to the agency problems of free cash flow, especially the large firms which, as discussed by Devereux and Schiantarelli (1990), generally have a more diverse ownership structure. Jensen (1993) discussed such firms as the ones that have more costly internal control mechanisms. About small firms, Jalilvand and Harris (1986) commented that they are more vulnerable to suffer from cash flow restraint mainly because they have limited access to external captial markets due to higher transaction costs of public security isssues and the information problems. Therefore, Vogt (1997) believes that small firms tend to have profitable and at the same time unexploited investment opportunities. The available ca sh flow should be the main source of capital expenditure by these firms. Moreover, if cash flow is used by these firms to fund the capital expenditure, such an announcement must show a positive reaction in terms of appreciated stock prices. Jensen (1986) argues that there are agency costs coupled with free cash flow. His study broadens that argument and speculates that shareholders form their valuation decisions on firms reputations regarding free cash flow exploitation. This notion was tested by examining the stock price responses to equity offers, which generally aggravate the cash flow quandary, for firms differentiated by their recent avaricious behavior. The results suggested that shareholders react more positively to equity issue announcements if firms have obtained only assets related to their key business than to other equity issue announcements. On another occasion, Jensen and Meckling (1976) explained the agency problem between managers and shareholders. They unarguably stated that managers are supposed to be the representatives of the shareholders. But they tend to make those decisions that will maximize their own benefits as opposed to the shareholders value. In order to restrict them from doing so, they must either be provided incentives or be monitored. They further argued that in firms where managers have low level of insider ownership, have greater incentives to invest in unprofitable projects that stretch the firms beyond its optimal size and the expected return on new capital expenditure can be negative for such firms. Such actions would obviously be inconsistent with firms value maximization objective. Jensen (1986) suggests that stock prices are tendered downward to imply agency costs coupled with a firms free cash flow. In particular, managers have an enticement to use unfettered funds to benefit themselves instead of the shareholders. John and Nachman (1985) claim that agency costs can be alleviated through reputation building. Particularly, they demonstrate that the agency problem of underinvestment can be determined through reputation. The observed results recommend that managers build reputation through covetous activity whereas the shareholders state their response on pre-acquisition activity. In an ideal world, managers would disburse the entire free cash flow among the shareholders provided; the interests of shareholders and managers complement each other. This would maximize shareholders wealth and allow them to use the available cash for capitalization. Amihud and Lev (1981) however argued that managers have an enticement to minimize their employment risk. Employment ris k aims to explain the insecurity inbuilt in a managers tenure or the term of employment. Managers have an option of increasing the certainty of their tenure by diversifying the real asset portfolio of the firm and they do it by purchasing those assets that are unrelated to the primary line of business of the firm. Managers have an option of financing diversification projects by using the free cash flow that has been held back and not been distributed to shareholders, thus they need not seek funds from the capital markets. Easterbrook (1984) believes that it is easy to watch the managerial behavior of the firms when they seek funds from the well-performing capital markets. Therefore, on one hand it becomes difficult to keep a check on the performance of managers if they use the hoarded cash flow for the purpose while on the other hand, investors are unable to measure free cash flow as they are incapable of scrutinizing the investment opportunity schedule of the firm. Shareholders are expected to take any unencumbered cash request negatively, coming from the management for the purpose of diversifying. Unless they are provided sufficient proof, they will assume the request to be the acquisition of free cash flow. As a result of this ambiguity, stock prices will fall and show the residual loss caused by the probable misuse of free cash flow by management. Further, managers may wish to expand firm size, irrespective of the fact that it increases shareholders wealth or not, based on the assumption that exec utive promotion and compensation are positively related to firm size (Donaldson 1984; Baker 1986; and Baker, Jensen, and Murphy 1988). Cash flow is related to the expected return from new investment as shown by Myers and Majluf (1984). Those firms which have a shortage of cash flow and liquid assets might let go profitable investment expenditure instead of issuing mispriced securities to fund the investment. As a result, these firms might have unexploited investment opportunities that would increase firm value if sufficient cash flow could be generated to finance them. Capital expenditure of high ownership firms must show a dependence on cash flow and positive excess returns must be observed for these firms when they declare new capital expenditure. Morck, Shleifer, and Vishny (1988) described high levels of insider ownership to be associated with high levels of cash-flow-financed capital expenditure because of managerial-establishment issues. Firms with high insider-ownership levels might wish to finance expenditure with cash flow solely to avoid loss of control associated with weakening their ownership position or restrictions imposed by creditors. Lehn and Poulsen (1989) and McLaughlin, Safieddine, and Vasudevan (1996) defined Free Cash Flow to be operating income before depreciation, less interest expense on debt, less income taxes, less preferred and common dividends. Vogt (1997) calculated both cash-flow measures net of interest expense and dividends in order to control for managerial decisions affecting the level of undistributed cash flow. Ignoring these other decision variables might create a bias in the observed relation among cash flow, capital expenditure, and market returns. As an example he referred to a firm with high levels of cash flow that does not manipulate the agency problem. Such a firm will minimize undistributed cash flow by choosing high interest and/or dividend levels. It might pursue profitable investment expenditure and is unlikely to rely heavily on cash flow for financing. This firm must be associated with positive market responses around expenditure announcements. Using a cash-flow figure gross of interest expense and dividends would incorrectly combine positive market returns to firms with high cash flow rather than the correct low level of cash flow that it actually maintains. Vogt (1997) used 421 firms to observe relationship between cash flow and capital expenditure. When these firms announced expenditure increases, the level of announced capital expenditure seemed to be positively and strongly related to the level of cash flow. The strength of this relation increases for firms with profitable earlier investment opportunities, as firm size declines, and as the proportion of insider ownership increases. His further analysis suggested that considerable diversity exists in the capital markets response to capital expenditure financed by cash flow. The positive and statistically significant excess returns found in the sample of firms announcing increases is concentrated in the smallest of the sample firms, in firms with low cash flow relative to capital expenditure, and, to a lesser extent, in firms with high levels of insider stock ownership. Tests explaining the cross-sectional variation in returns reveal that excess returns for medium and small firms in the sample are positively associated with unexpected increases in planned expenditure. These tests also suggest that the capital market responds more favorably to the announced expenditure by small firms when the planned expenditure is more dependent on cash flow. On the other hand, excess returns for the largest firms in the sample are negative, however not statistically significant. Vogt (1997) observed that due to the fact that small firms and high ownership firms are most likely to face the liquidity crunch associated with asymmetric information, they are also the most likely to let go profitable investment opportunities in times of cash flow shortages. As cash flow rises, the set of profitable capital investment projects the firm can carry out also increases. As a result, capital expenditure announcements are met with positive shareholder reactions, particularly when expenditure is dependent on cash flow. Vogt (1997) concluded by observing that the apparent diversity in the markets response to capital expenditure decisions suggests different capital expenditure financing policies for firms that seek to augment shareholder value. The market values of small firms, firms with significant insider ownership, and firms that are generally cash flow confined appear to be improved, on average, by financing capital expenditure with cash flow. These firms might consider policies of saving undistributed cash flow through low payout and leverage policies. Such an action therefore encourages new capital expenditure from internally generated funds. However, all other firms seem to be less dependent on a cash flow retention policy to facilitate capital expenditure. In 1986 while explaining the free cash flow (FCF) hypothesis Jensen (1986), focuses on the agency issue. He argues that managers can increase their wealth at the cost of shareholders by not paying out the funds from a firms free cash flow in the form of dividends or debt financed share repurchases, rather investing them in unprofitable investment prospects. Devereux and Schiantarelli (1990), Strong and Meyer (1990), Oliner and Rudebusch (1992) and Carpenter (1993) later studied the role that agency problems play in the cash flow-investment relationship. Their findings turned out to be conflicting vis-a-vis the importance of free cash flow. Strong and Meyer (1990) found that share prices of firms that undertake investment expenditure with unrestricted cash flow experience negative performance while Oliner and Rudebusch (1992) found little evidence regarding ownership structure affecting the cash flow-investment relationship. The firms dividend decision has connotation for the FCF theory. According to Lang and Litzenberger (1989), dividends are one means of eliminating free cash flow. Vogt (1994) developed a model in this research paper where he showed that firms with the opportunity to exploit free cash flow will follow low dividend payout policies and cash flow will have a strong influence on investment expenditure. On the other hand, if firms are confined from obtaining external funds because of whatever reason, those firms with profitable investment opportunities will maintain low dividend payout policies in order to preserve on cash flow. Therefore his model was found to be consistent with Fazzari, Hubbard, and Petersen (1988); it predicts that low payout firms should be associated a strong cash flow-investment relationship. There has been considerable empirical evidence which indicate that internally generated funds are the primary way of financing firms investment expenditures. Gordon Donaldson (1961), in a detailed study of 25 large firms, concludes as follows: Management strongly favored internal generation as a source of new funds even to the exclusion of external funds except for occasional unavoidable bulges in the need for new funds. A later survey of 176 corporate managers by Pinegar and Wilbricht (1989) discovers that managers prefer cash flow to finance new investment over external sources as 84.3% of sample respondents showed their preference for financing investment with cash flow. Vogt (1994) explains the relationship of cash flow and capital expenditure by analyzing the free cash flow theory of Jensen (1986). As monitoring is assumed costly, and managers can benefit from overinvestment, he predicts that cash flow will significantly influence investment expenditure after controlling for the cost of capital. Investment expenditure of firms not paying dividend will be more influenced by cash flow than investment expenditure of firms that pay dividends. This follows because no-dividend firms are able to retain all cash flow and still not reach the retention constraint. For liquidity-constrained firms, cash flow and changes in the stock of the firms liquid assets should have a significant influence on investment expenditure. Firms with many profitable investment opportunities or large information asymmetries will have investment expenditure that is most sensitive to changes in cash flow, and should conserve on cash flow by paying low or no dividends. Firms indicat ing a liquidity constraint by not paying dividends will have the most significant cash flow/investment relationship. In a study; Fazzari, Hubbard, and Petersen (1988) discovered that cash flow has a strong effect on investment expenditure in firms with low dividend payout policies. They argue that this result is consistent with the belief that because of asymmetric information costs associated with external financing, low payout firms are cash flow confined. One reason these firms keep dividends to a minimum is to preserve on cash flow from which they can fund profitable investment prospects. Later in the year 1993, Fazzari and Petersen (1993) found that the same group of firms paying low dividends, even out fluctuations in cash flow with working capital to maintain desired investment levels. This result is consistent with the findings done by Myers and Majluf (1984) which states that the underinvestment problem arising from asymmetric information can be alleviated by the liquid financial assets. Carpenter (1993) studied the relationships between debt structure, debt financing, and investment expenditure to test the theory of free cash flow, comparing the restructured firms with the non-restructured firms. He observed that firms had increased their investment expenditure that was restructured by substituting large amounts of external equity with debt as compared to non-restructured firms. To him these results seemed to be inconsistent with free cash flow behavior. He believed that cash flow committed to debt maintenance must be correlated with reductions in later investment expenditure. Devereux and Schiantarelli (1990) and Strong and Meyer (1990) conducted studies that support the free cash flow interpretation. Strong and Meyer (1990) studied separately the investment and cash flow of firms in the paper industry into sustaining investment and discretionary investment, and total cash flow and residual cash flow. Discretionary investment and share price performance are negatively and strongly related. Discretionary investment and residual cash flow are found to be positively and strongly correlated. This evidence suggests that residual cash flow is frequently used to finance unprofitable discretionary investment expenditure. Study conducted by Vogt (1994) related to cash flow and capital expenditure predicts that firms not paying dividends should exhibit the strongest relationship, while those paying high dividends should show the weakest relationship between cash flow and investment expenditure. His result suggested that cash flow-financed capital expenditure is slightly inefficient and provides facts in support of the Free Cash Flow hypothesis. Regarding the small firms that paid low dividends over the sample period, Vogt (1994) commented that such firms relied heavily on cash flow and changes in cash to fund capital expenditure. Cash flow-financed growth by small, low-dividend firms is likely to be value- creating, whereas cash flow-financed growth is value destroying for large, low-dividend firms. He concluded by suggesting that managers of cash flow-rich companies may consider increasing dividend payouts as a method of increasing the efficiency of their capital expenditure decisions. A continued hig h-dividend-payout policy may also signal to shareholders that extra and expensive monitoring of capital expenditure decisions is unnecessary. Furthermore, since capital expenditures typically add to the amount of assets under managerial control and create more predictable future cash flows, such expenditures generate the opportunity to exploit free cash flow in following periods. Alti (2003) found out that investment is sensitive to cash flow. The sensitivity is substantially higher for young, small firms with high growth rates and low dividend payout ratios. The uncertainty these firms face about their growth prospects amplifies the investment-cash flow sensitivity in two ways. First, the uncertainty is resolved in time as cash flow realizations provide new information about investment opportunities. This makes investment highly sensitive to cash flow surprises. Second, the uncertainty creates implicit growth options relate to long-term growth potential but not to investment in the near-term. Having a weaker relationship with the value of long-term growth options, cash flow acts as a useful instrument in investment regressions. Gentry (1990) analyzed capital expenditure with total cash flow and found out that the percentage of cash flows going to capital investment ranged from an outflow of 60 percent or more. The giant companies invested a higher percentage of their total outflow in plant and equipment than companies in the other size categories. The small companies invested the lowest percentage of their total outflows in capital. There has been a research done previously that was applied to agricultural firms by Jensen (1993). The results were found to be consistent with previous studies for nonagricultural firms which showed that internal cash flow variables are important in explaining investment. It was found that the addition of internal cash flow variables can improve the explanatory power of agricultural investment models. In terms of elasticity, investment was more responsive to internal cash flow variables. Worthington (1995) has found that cash flow measures industry-level investment equations positively and significantly, even after investment opportunities are proxied by capacity utilization variables. The effect of cash flow is greater in durable goods industries than in non durable goods industries. Moyen (2004) explained the fact that the cash flow sensitivity of firms described by the constrained model is lower than the cash flow sensitivity of firms described by the unconstrained model can be easily explained. In both models, cash flow is highly correlated with investment opportunities. With more favorable opportunities, both constrained and unconstrained firms invest more. Raj Aggarwal (2005) conducted a study in which he concluded that investment levels are significantly positively influenced by levels of internal cash flows. Also, the strength of this relationship generally increases with the degree of financial constraints faced by firms. Overall, these findings seem strong to the nature of the financial system and indicate that most firms operate in financially incomplete and imperfect markets and find external finance to be less attractive than internal finance. Research Methodology Introduction The hypothesis tests the relationship between free cash flow and capital expenditure, concentrating on the Sugar Industry of Pakistan. The aim is to ascertain the strength of the relationship between the variables. In order to do that, linear regression seems to be the best test as it attempts to model the relationship between two variables by fitting a linear equation to observed data. One variable is considered to be an independent variable while the other is considered to be a dependent variable. The objective of multiple linear regression analysis is to use the independent variables whose values are known to forecast the single dependent value selected by the researcher. (Hair, 2006) Data Annual financial statement data for 27 sugar mills of Pakistan listed on KSE is taken to calculate free cash flow and annual capital expenditure for the period 2000 through 2008. Variable 1. Independent variable = Free Cash Flow (FCF) 2. Dependent variable = Net Capital Expenditure Independent variable: The FCF is calculated they way Lehn and Poulsen (1989) and McLaughlin, Safieddine, and Vasudevan (1996) defined it. It is operating income before depreciation, less interest expense on debt, less income taxes, less preferred and common dividends. Free cash flow = Operating income before depreciation – interest on debt – income taxes – preference common stock dividend. Dependent variable: Net capital expenditures are those where funds are used to acquire or upgrade physical assets such as property, industrial buildings or equipment. Change in fixed assets over a year is taken as net capital expenditure by the firm. Net capital expenditure = Current year fixed assets – last year fixed assets. Net capital expenditure = Ln (FA) Ln of fixed assets is taken to control the variability of the data. Sampling criteria Sample companies that are taken for the purpose of research are 27 sugar mills of Pakistan that are listed on Karachi Stock Exchange. Hypothesis Free Cash flow has a significant relationship with capital expenditure. Data analysis Annual financial statement data for 27 sugar mills of Pakistan, listed on Karachi Stock Exchange (KSE), was taken to calculate free cash flow and annual capital expenditure over the 2000-08 period. Model Summary R R Square F Sig. 0.302 0.091 23.676 0.000 Predictors = (Constant), FCF Dependent Variable = Ln FA The researcher has used statistical software SPSS 13.0 to process the data and run regression analysis on the variables. The results are interpreted in light of statistical text book by Hair (2006). All FCF and (ln) FA figures are in Million Rupees. R value: It is the sample correlation coefficient between the outcomes and their predicted values, or in the case of simple linear regression, between the outcome and the values being used for prediction. R value of 0.302 means that the strength of the relationship between FCF and capital expenditure is 30.2%. R squared value: the coefficient of determination, R2 is the amount of variance in the dependent variable that can be explained by the regression model. The R square of 0.091 means that 9.1% of the variability in the data is explained by the predictor. Out of the total free cash flow, 9.1% is used for capital expenditure. The F test for the regression model is significant which proves that regression model is best fit. Regression model summary is showing that FCF has a positive impact on net capital expenditure. Coefficients Model Unstandardized Standardized Sig. Coefficients Coefficients B Std. Error Beta (Constant) 3.251 0.107 0.000 FCF 0.004 0.001 0.302 0.000 Dependent Variable: Ln FA Unstandardized Equation: Ln FA = 3.251 + 0.004 FCF Standardized Equation: Ln FA = 0.302 FCF If FCF changes by 1 million, ln of net capital expenditure changes by 0.004, which means Net Capital expenditure increases by 1.004008 million. The regression coefficie