Synoptic Gospels

Synoptic Gospels Introduction God used his four Gospels to accomplish a purpose. Each Gospel and author had a different purpose and each focused on the different facets of Jesus and his ministry. â€Å"The first three Gospels â€Å"are referred to as the synoptic gospels because of the large amount of overlapping materials. (In Greek, synoptic means â€Å"seen together’). The Gospel of John is distinguished from the synoptic gospels due to the accounts on Jesus miracles and discourses. † (Mueller 79). The Gospel of John is often used to compare and contrast the synoptic three gospels.The synoptic gospels and their similarities has risen a growing suspicion if the authors had a common source or if they retrieved their information or it has even been argued they copied each other’s gospels. This has caused many growing issues among Christians over a span of time concerning the similarities and differences in each gospel. Between the earliest surviving Gospel and the death of Jesus, four decades had passed; knowing this gives a person reasonable belief Gospels were the true writings. They were written by the authors based on many writings as well as eyewitness testimony.The similarities in Matthew, Mark and Luke can be explained by oral tradition meaning what they saw and heard for themselves; as well as stories and events told by communities during Jesus life and after his death. The first three Gospels are what are known as the â€Å"Synoptic Problem†. â€Å"The Synoptic Problem addresses the need to account for the similarities and differences in the Gospels of Matthew, Mark, and Luke. † (Mueller 85) The â€Å"Synoptic Problem† is not really a problem at all it is a question which consists of who wrote the first gospel and did one copy from the other?How did the three gospels bear such a likeness to each other and not the Gospel of John? There is no real or correct answer to this question or problem. The synoptic gosp els were obviously written in different places, by different people and at different times. Each Gospel was written with its own theme and emphasis on Jesus and reasoning behind it. â€Å"These three books, which occupy perhaps 240 pages of the average edition of the New Testament, have been the subject of a weight of scholarly investigation, an analysis which leaves far behind that accorded to any other literature in the world. † (Hanson) Similarities and DifferencesWhile comparing Matthew, Mark and Luke there are similarities and differences between the gospels. There are significant numbers of exact wording, order of narrative and parenthetical material. Of 661 verses which belong to Mark all but 30 verses are found in Mark and/or Luke. Of the material common to Mark and in Matthew and Luke there are 8, 189 of the 10, 10650 words found in one or both of them. Matthew and Luke have 235 verses in common that is not found in Mark, leading us to believe that Matthew Mark and L uke depended upon each other or that two sources were used to produce these gospels.It is not indicted or proven that they copied from each other. (Farmer) â€Å"Since Matthew and Luke wrote independently but share so much of non-Markan material the â€Å"other source† material called (â€Å"Q†). † (Mueller) Hypothesis and Theory There is a continuing debate regarding the composition of the Gospels. There are many theories and hypotheses based on biblical scripture and theological findings but there is no right or wrong answer. The Augustinian hypothesis states since Matthew was the first written gospel the Gospel of Mark came after Matthew and Luke wrote his gospel based on theirs (Piper).In addition, Griesbach accepted this theory and â€Å"dismissed any kind of traditional attempt and was focused on the three Gospels literary dependence between gospel narratives†. (Smith), Griesbach dismissed traditional attempts to blend these accounts & focused atten tion on their literary dependence instead (Smith). Gresbach even published a thesis where Mark often followed Matthews writing as a guide to his writings. Second is the Two- source; this thesis shows the gospels of Matthew & Luke are independent writings. They each are based on Mark and Q.Mark is identified as the main source of information to whereas Matthew and Luke had gathered their information for their gospels from because of the similarities in wording, events, and parallels A Philosophically trained British theologian & biblical exegete by the name of Mark Farrer held that Mark was Matthews’s sole literary source. (Smith) Farrer states that any writings from Matthew such as Sermon on the Mount that could not be traced back to Mark must be his own. Lastly the Q source hypothesis which is a written document composed in Greek is short for: Quelle: which is defined in German for source. Q contained sayings and discourses ascribed in to Jesus† (McConkey). There was n ever a copy of Q found but many scholars are convinced it did exist. This hypothesis states most of Q contents appear either both in Matthew and Luke or in one or the other. There are many other hypothesis and theories base on the solving the synoptic problem. Solution â€Å"The prevailing solution to the synoptic problem for the past century among scholars trained in literary criticism of the gospels. The thesis is the gospels of Matthew & Luke are independent compositions, each based on two earlier texts: Mark & Q. Smith) In comparing the Gospels in which points they are similar to other existing pieces. In the future, such comparison should identify the issues of composition, social context, and ideology the will be more useful than a sterile â€Å"form/content/function† analysis. In addition, it should be also recognized that the closest parallels to the Gospel genre are most likely to be found within the same Jewish environment which gave rise to the church itself. (Tha tcher) Conclusion The Synoptic Gospels all tell the story of Jesus, and proclaim him the Son of God.Essentially what we believe in as Christians will not change whichever way the synoptic problem is solved. Whether we know him as the King, the Servant, the Son of Man or Son of God , we know he is one in the same; Jesus. As is shown by the writings of the Synoptic Gospels as well as the Gospel of John are a true testimony of the accounts of Jesus ministry. . Although each author may place emphasis on different facets of Jesus birth, life, death and resurrection the subject remains the same. Jesus died to save us from our sins.Works Cited Farmer, William R. THE SYNOPTIC PROBLEM . Mercer University Press, 1981. Hanson, R P C. Bp. â€Å"Assessment of motive in the study of the Synoptic Gospels†. Modern Churchman (1967. ): ns 10 no 4 Jl 1967, p 255-269. James McConkey, Robinson, Christopher, the Sayings Gospel Q: Mueller, J. J. , SJ, editor. Theological Foundations. Winona: Anselm Academic, Christian Brothers Publications, 2007. Piper, Ronald Allen. â€Å"The gospels behind the Gospels: current studies on Q. † Novum Testamentum (1995): 23. Smith,

2008 Ap English (Rhetorical Strategies)

Barry expresses his use of rhetorical strategies through is book The Great Influenza, using anaphora, metaphors, tone, contrast, imagery, word choice, repetition of words, and ethos to drive his claim that being a scientist requires dealing with a huge amount of uncertainty, and takes courage, patience, and curiosity to succeed. Barry starts off with a comparison, an antithetical concept: certainty vs. uncertainty. Beginning with a universal truth, defining complete opposites, intensifies the revelation of the paradox in the second paragraph that scientists thrive on uncertainty.His use of anaphora further solidifies the wisdom that certainty is positive and uncertainty negative. As he goes on talking about what is required to become a scientist he uses a rather common strategy classification, as he lists traits, receiving the highest order of these traits are intelligence, curiosity, and purpose. â€Å"It is not the courage†¦Ã¢â‚¬ , â€Å"It is the courage†¦Ã¢â‚¬  is y et another use of anaphora to refine connotations associated with â€Å"courage† through negation of common concepts.Ending his second paragraph with reference to Claude Bernard, Barry is using the famous rhetorical strategy ethos. On the third paragraph he is still talking about scientists but he switches from â€Å"To be a scientist†¦Ã¢â‚¬  to â€Å"A Scientist†¦Ã¢â‚¬  changing from abstraction to practical. In this paragraph he also uses another reference to someone known and praised in the science world, this time Einstein. This could be looked at as ethos but also as an appeal to an authority. Initiating the thought of if he didn’t do it why should we.As he talks about how scientist could lose their â€Å"works† and â€Å"even beliefs† leaving them only to â€Å"believe in the process of inquiry† I take on pathos because that is powerful to think about losing everything, that definitely takes courage. But as he ends with â€Å"T o move.. † your left with a hopeful tone. You could lose everything but you keep moving on. The next paragraph uses great rhetorical strategies, allusion, simile, and metaphor to build on top of each other creating intensity. â€Å"Through the looking glass† is an allusion suggesting going into a world that isn’t real r doesn’t appear to be. This leads to the simile â€Å"like a crystal†, which suggestion setting off a chain of events beyond the control of a scientist. Then ends with a metaphor â€Å"off a cliff† suggesting some steps could mean the end. As he proceeds to talk about a scientist career style of a scientist, he presents imagery of a scientist a work by creating a slight example with a shovel digging up dirt, asking a series of question to represent the thought process of a scientist. This imagery continues on to the next paragraph, and then in his ending paragraph the tone shifts. Not at all†¦Ã¢â‚¬  is a negation of previ ous paragraphs reminding you what is common to scientist’s id not in all scientists. The reputation of â€Å"experiments† and â€Å"yield†, changing the meaning: first meaning to produce as in â€Å"yielding a bumper crop† to suggest giving up as in â€Å"yielding to a superior force† Through Barry’s use of all of these rhetorical strategies, it is clear Barry is aware of the uncertainty science contains and the courage and strength it takes scientists to deal with this, and keep moving forward.

Freedom of the Press Versus Right to Privacy

Privacy has become a big issue in contemporary jurisprudence. The â€Å"right to privacy† is enshrined in the United Nations Declaration of Human Rights, and guaranteed by Article 8 of the European Convention on Human Rights. But Article 8 is balanced by Article 10, which guarantees â€Å"free expression of opinion†. So what right has priority when they conflict? Under what circumstances, for example, is it right to curtail press freedom in order to protect the right to privacy, or vice versa? The same balance is being sought between the right of citizens to data privacy and government demands for access to personal information to fight crime, terrorism, and so on. Freedom of speech is a fundamental democratic liberty. It is a necessary protection against abuses of power and cover-ups of wrongdoing by public officials. It was never more effectively displayed than in the Watergate investigation, which brought down Richard Nixon in 1974. But one can have too much press freedom. Over the years, the tabloid press has become increasingly intrusive, claiming the right not just to expose corruption and incompetence in high places, but to titillate readers with scandalous revelations about the private lives of the famous. What started off as entertaining gossip about royalty and film stars has burgeoned into a massive assault on privacy, with newspapers claiming that any attempt to keep them out of the bedroom is an assault on free speech. The issue has just been tested in Britain's High Court. In March, Britain's leading scandal sheet, The News of the World, published an â€Å"exclusive† front page story, under the headline â€Å"F1 Boss Has Sick Nazi Orgy With 5 Hookers†. It told how Max Mosley, President of the Federation Internationale de l'Automobile (FIA, the body that oversees world motoring and racing) and son of the former British fascist leader, Sir Oswald Mosley, had, two days earlier, taken part in a sadomasochistic â€Å"orgy† with a â€Å"Nazi theme† in a private apartment in London. The story was accompanied by photographs taken clandestinely by one of the women in cooperation with the News of the World, which readers were invited to download from the paper's website. Max Mosley admitted participating in this (not illegal) happening, but sued the News of the World for breach of privacy; the newspaper argued that it was in the â€Å"public interest† that Mosley's sexual activities be disclosed. The presiding judge, Justice Eady, rejected the newspaper's defense, and awarded Max Mosley 60,000 English pounds ($115,000) compensation for the invasion of his privacy, the highest damages so far given for a complaint brought under Article 8. There is a curious aspect to Eady's judgment. He rejected the News of the World's â€Å"public interest† defense, because he found no evidence that the sadomasochistic party had a â€Å"Nazi theme†. This implies that had there been a Nazi theme, it could have been legitimate to publish it, given Mosley's position as FIA president. But surely the particular nature of Mosley's private fantasies is irrelevant to the case. It is hard to see why I am less entitled to privacy because I am turned on by a Nazi uniform than I would be if I were excited by a pair of knickers. What Eady's judgment did accomplish was to highlight the crucial distinction, necessary for all clear thinking about privacy, between what interests the public and what is in the public interest. So how can this distinction be made effective? France has a privacy law that explicitly defines both the scope of privacy and the circumstances in which the law applies. By contrast, in Britain it is left to judges to decide what the â€Å"right to privacy† means. There is a natural fear that specific legislation designed to protect privacy would muzzle legitimate press inquiries. At the same time, it is widely acknowledged (except by most editors and journalists) that a great deal of media intrusion is simply an abuse of press freedom, with the sole aim of boosting circulation by feeding public prurience. A law that curtails the abuse of press power while protecting its freedom to expose the abuse of political power would be difficult, but not impossible, to frame. The essential principle is that the media should not be allowed to pander to the public's prurience under cover of protecting the public interest. What famous people – indeed ordinary people, too – do in private should be off limits to the media unless they give permission for those activities to be reported, photographed, or filmed. The only exceptions would be if a newspaper has reasonable grounds for believing that the individuals concerned are breaking the law, or that, even if they are not breaking the law, they are behaving in such a way as to render them unfit to perform the duties expected of them. Thus, a pop star's consumption of illegal drugs may be reported, but not his or her sexual habits (if they are legal). The private life of a politician may be revealed if it is expected to have consequences for the way the country is being governed; that of a top executive of a public company if it may affect the returns to shareholders. This should be the only â€Å"public interest† defense available to a media outlet that is sued for invasion of privacy. The media might become a bit drearier, but public life would be far healthier. The author is a professor emeritus of political economy at Warwick University

Timed essay Example | Topics and Well Written Essays - 1500 words - 1

Timed - Essay Example Individuals within the hard sciences would point to the fact that the World Wide Web has promoted education and prompted a level of dialogue and discussion that would otherwise be constrained to specific scholarly journals. In terms of political science and governance, the World Wide Web has created a dynamic in which democracy and freedom of expression has come to be something that is expected by many individuals throughout the world. Furthermore, in terms of equality, gender rights, and the prevalence of violence, the Internet has assisted in seeking to reduce stereotypes and promote a more thoughtful level of engagement with respect to the individual rather than the group that they are supposed to be a member of. In short, the Internet has been a transformative force on each and every level; so much so that societies that have engaged with a high level of Internet use are invariably those that are among the most educated and fastest developing. However, all of this leads to a fund amental question; namely what the impact of the web has for the developing world. Firstly, with respect to issues of education, the impact is extremely powerful. Inquiring minds, educational facilities, and institutions within developing countries can provide invaluable resources to those that seek further education within their own sphere. Taking an example of rural schools within India or South Africa as a case in point, the reader can quickly appreciate the fact that these students have a wealth of resources, if they are connected to the web, that they might not otherwise have as a function of their own government education program or the texts/materials that they are required to read and understand as a function of their studies (Simons, 1998). Another relevant impact that the web has for developing countries is contingent upon the way in which it creates a further level of health understanding; both

The Demand for Dark Tourism in Prague (Reasons) Essay

The Demand for Dark Tourism in Prague (Reasons) - Essay Example t few research papers on the topic of dark tourism and so this research study is a contribution towards the goal of developing this potential to its fullest. Like the previous trend of eco-tourism, dark tourism is one way to develop tourism especially if a town or city has just very few exciting natural sceneries to offer domestic and foreign tourists but instead has lot of old sites, castles, former prison or concentration camps, execution squares, and dungeons as alternatives sites worthy to visit and spend their tourism dollars. Academic literature is also very few on this niche of the tourism industry and new research on this niche can be very helpful indeed. The forecast demand and growth potential of dark tourism is very optimistic with people always attracted by a morbid curiosity to see and perhaps re-experience the tragedy and death of the deceased people associated with dark sites; people want to re-create the grief of

Research paper qualitative and quantitative Essay

Research paper qualitative and quantitative - Essay Example Caldwell’s framework is the basis of the research charter that has been followed for the critical analysis of research regarding health. The article is inscribed by Rtensson (RNT) & Persson (PhD, RN) and it was printed in Journal of Nursing Management in 2006. The authors are well known for their credibility. The focus of research is on the a world wide issue nowadays that is the the effect of life-style on health; the relationship between influence on health of working at night and the resulting diet or exercise habits is explored. It argues the issue which can potentially lead to the highest amount of life years mislaid by 2025 that is life style related illness. The issue is handled by concentrating on life-style issues identified with unhealthy dietary patterns and absence of physical action. The key issues discussed here include the affect of different variables/actors on the nurses working during night hours. These include colleagues, circadian rhythm and freedom of action. The facts presented and discussed help identify the objective of research i.e. whether these variables affect the diet and exercise habits of the workers. However, focus is more being laid upon the general health of the workers instead of a specific focus related to what they eat and if they work out or not. Nevertheless, the rationale for carrying out the research is clearly mentioned by stating that there is very scant data available on the relationship between working during night hours and diet or exercise habits: a gap in literature exists on this issue. Qualitative exploration is centered on subjective data. . Gatherings allow the researcher to examine the subject all around with respect to a particular topic and to have more noticeable control over the examination. In observation, subjects can be analyzed in their standard living space. The purpose of this sort of investigation is that the conclusions can be illuminating to

Marketing Plan for an International Company Assignment

Marketing Plan for an International Company - Assignment Example It is a yardstick to measure the effectiveness of the marketing conducted for a product in an organisation. In this report, we take the case of Walmart to illustrate a marketing plan. Wal-Mart Stores Inc. is a US multinational  giant. It owns department stores and warehouse stores and goes by the brand name ‘Walmart’. According to the  Fortune Global 500  list of 2013, it is the  worlds second largest public company. It employs over two million employees, more than any other private employer  in the world. Walmart, the world’s largest retailer is controlled by the  Walton family, who own a 48 percent share in it (Troy April 21, 2011). Started in 1962, it has around 8,500 stores spread out in 15 countries. Any aspect of management in general, and marketing in particular, would be vast and exhaustive. Hence, we restrict ourselves to four focus areas viz. current marketing techniques, brand reputation, global networking and future expansion opportunities. These four areas are explained briefly and followed by four marketing tools. The areas are then explained with reference to Walmart, using each of the marketing tools. A critical evaluation from the report writer’s perspective is given at every stage. To conclude, an assessment of areas other than those related to marketing is provided followed by a general marketing evaluation and the road ahead for Walmart. Walmart’s uniqueness stems from the fact that it is the retailer that offers products at discounted rates. The purpose was to sell products at low prices for higher volume at lower profit margin. Lower cost suppliers were the primary reason for passing the savings in the prices. Walmart employed various strategies for marketing itself. It took over existing companies within the US and abroad. Simultaneously, it opened several stores all over the US and the rest of the world to enhance its presence; and of late it has ventured into the premium retail segment to

Comcept Analysis Topic Compliance in Nursing and allied Healthcare Essay

Comcept Analysis Topic Compliance in Nursing and allied Healthcare - Essay Example It cannot be denied that safe medication is a part of the patient's practical healing process. In lieu of this, do nurses really have to know of the processes of self medication so that they too can eventually share the information to their future patients Nurses comprise the largest single component of hospital staff, they are the primary providers of hospital patient care, and they deliver most of the nation's long-term care. Most health care services involve some form of care by nurses. Although 60 percent of all employed Registered Nurses (RNs) work in hospitals, many are employed in a wide range of other settings, including private practices, public health agencies, primary care clinics, home health care, outpatient surgicenters, health maintenance organizations, nursing-school-operated nursing centers, insurance and managed care companies, nursing homes, schools, mental health agencies, hospices, the military, and industry. Other nurses work in careers as college and university educators preparing future nurses or as scientists developing advances in many areas of health care and health promotion (http://nursing.about.com/gi/dynamic/offsite.htmsite=http://www.aacn.nche.edu/education/Career.htm, 2004). With these very special functions of nurses, it is then became imperative for them to acquire additional skills and knowledge that would help them in the successful attainment of all the nurse's common goal, hence, the safe medication management should be imparted as additional skills for nurses. All nurses have been taught with the five rights of medication administration. The right patient, the right drug, the right dose, the right routine and the right time are the very foundation from which nurses practice safely when administrating medications to the patients in any health care setting (http://www.lklnd.usf.edu/Colleges/Nursing/nursing.html, 2005). Just as nurses know the five rights of medication administration, they should also know the safe medication management techniques, which will surely guide nurses as they continue to care for patients despite these turbulent times. (http://www.lklnd.usf.edu/Colleges/Nursing/nursing.html, 2005). The six safety medication management practices are as follows: Complete and Clearly Written Order Any nurse should know that they should always see to it that they have order which is complete and clearly written. They have the right to require that the drug, dose, route and frequency be written by the physician. All of these components must be present for a physician order to be considered complete (http://www.lklnd.usf.edu/Colleges/Nursing/nursing.html, 2005). Correct Drug Route and Dose Dispensed Nurses administer medications but it is the pharmacy's duty to dispense medications correctly. A recommendation from the Massachusetts Hospital Coalition states that a unit dose system of medication can decrease the number of medication errors. Many hospitals have adopted this system of medication administration (http://www.lklnd.usf.edu/Colleges/Nursing/nursing.html, 2005). Access to Information Nurses should be updated and have an easy accessible drug information. This means that the hospital formulary, a Physicians Desk Reference and a current nursing drug reference book need

Theories of Management Essay Example | Topics and Well Written Essays - 2250 words

Theories of Management - Essay Example All the way through, they must work out responsible leadership. Management’s work is to â€Å"fit† out of the many situations faced by organizations and prepare activity plans to resolve organizational troubles. But less understood is the reality that management must carry out more than supervision what already exists. They must also make new products and services and even re-create the organization from time to time. A significant fraction of management is creative work driven by innovative knowledge and information. Information technology can offer a powerful responsibility in redirecting and redesigning the organization. It is important to note that managerial roles and decisions diverge at diverse stages of the organization (Kenneth 1999, p.11). Through out the pervious few decades, in the whole world, the business area has sought to ascertain its environmental classification by putting together ecological and public impartiality matters addicted to its business str ategy plans and application. Food sector is mainly obvious right through farming and foodstuff structures, where foodstuff processors and vendors come into the view using communication of the lessons to be drained from the enlargement of the organic food division. The enlargement of organic food sector manufacturing has guided the business area to tackle the variety of conduct and to dissimilar scale green subjects in determining the course of this growth. For a number of business actors, the pressure of ‘green’ fears have been obvious in small and additional than terms of concern and declarations of intention, which are planned to cover present indefensible application. For others, in difference, it is imitate in the foodstuff manufacturing systems in conduct that hold up the manufacture of natural food, the expansion of ecological codes of application and other plans which stand for a innovative strategy trend (Lyons

The Reasons Behind Declining Reading Habits Essay Example for Free

The Reasons Behind Declining Reading Habits Essay To acquire the habitof reading is to construct for yourself a refuge from almost allmiseriesof life. † Reading habithas been a great help in developing knowledge. But today, in an age when browsing thenet, playing with funky handsets and passing non-stop SMS seem to be the order of the day. The internet boom, interactive medium of images, TV and thesilver screen fillingthe minds of the modern youth, taking majority of their free time we have to think seriously how the growing generationswill find time to read. While technology is taking control steadily over individuallives, the reading habitis fast vanishing into thin air. I used to sigh at the city librariespresenting a gloomy picture of gradual decline in voracious readers who used to flock in the evenings. Twenty reasons for decline in readinghabit 1) People think that readingbooks consumes more timethan referringin the computers. Computers seem to be more attractive tothem than books. 2) The question of spending money on books is over-ruled by the thought that everythingis available in acomputer. People prefer to spend money on something else than spending on books. The programs in internet and TV aremore attractive than sitting in acorner and readinga book. 4) With the modern life style visiting placesand other recreationsor hobbies occupy most of our time. 5) There are a thousand reasons today for avoiding readingbooks or literatures. Some even say that her new nail extensionshave made it too difficult to turn pages! 6) There are risks of losing books while carrying them. Moreover, why to carry a burden unnecessarily when there is a laptop available? 7) Now people are more worriedabout earning money and spending every second in finding ways to find sources of income.

Influences on Dividend Payout Decisions

Influences on Dividend Payout Decisions CHAPTER ONE INTRODUCTION The intricacies of Dividends and Dividend policy can leave even the most seasoned financial professional feeling a little uneasy. While conventional wisdom suggests that paying dividends affects both firms value and shareholder wealth to retain earnings to explore growth opportunities, much debate still surrounds this dynamic discipline; especially when it comes to how dividend decisions can lead to value maximization Kent (2003). Dividend policy is an important component of the corporate financial management policy. It is a policy used by the firm to decide as to how much cash it should reinvest in its business through expansion or share repurchases and how much to pay out to its shareholders in dividends. Dividend is a payment or return made by the firm to the shareholders, (owners of the company) out of its earnings in the form of cash. For a long time, the subject of corporate dividend policy has captivated the interests of many academicians and researchers, resulting in the emer gence of a number of theoretical explanations for dividend policy. For the investors, dividend serve as an important indicator of the strength and future prosperity of the business, thereby companies try to maintain a stable dividend because if they reduce their dividend payments, investors may suspect that the company is facing a cash flow problem. Investors prefer steady growth of dividends every year and are reluctant to investment to companies with fluctuating dividend policy. Over time, there has been a substantial increase in the number of factors identified in the literature as being important to be considered in making dividend decisions. Thus, extensive studies have been done to find out various factors affecting dividend payout ratio of a firm. However, there is no single explanation that can capture the puzzling reality of corporate dividend behavior. Ocean deep judgment is involved by decision makers to resolve this issue of dividend behavior. The decision of companies t o retain or pay out the earnings in form of dividends is important for the maximization of the value of the firm (Oyejide, 1976). Therefore, companies should set a constructive target dividend payout ratio, where it pays dividends to its shareholders and at the same time maintains sufficient retained earnings as to avoid having raise funds by borrowing money. A tough challenge was faced by financial practitioners and many academics, when Miller and Modigliani (MM) (1961) came with a proposition that, given perfect capital markets, the dividend decision does not affect the firm value and is, therefore, irrelevant. This proposition was greeted with surprise because at that time it was universally acknowledged by both theorists and corporate managers that the firm can enhance its business value by providing for a more generous dividend policy and that a properly managed dividend policy had an impact on share prices and shareholder wealth. Since the M M study, many researchers have relaxed the assumption of perfect capital markets and stated theories about how managers should formulate dividend policy decisions. Problem Statement Dividend policy has attracted a substantial amount of research by many researchers and theorists, who have provided theoretical as well as empirical observations, into the dividend puzzle (Black, 1976). Even though researchers and theorists have extended their studies in context to dividend decisions, the issue as to why corporations distribute a portion of their earnings as dividends is not yet resolved. The issue of dividend policy has stimulated much debate among financial analysts since Lintners (1956) seminal work. He measured major changes in earnings as the key determinant of the companies dividend decisions. There are many factors that affect dividend decisions of a firm as it is very difficult to lay down an optimum dividend policy which would maximize the long-run wealth of the shareholders resulting into increase or decrease of the firms value, but the primary indicator of the firms capacity to pay dividends has been Profits. Miller and Modigliani (1961), DeAngelo and DeAngelo (2006) gave their proposition on the dividend irrelevance, but the argument made by them was on assumptions that werent practical and in fact, the dividend payout decision does affect the shareholders value. The study focuses on identifying various determinants of dividend payout and whether these factors influence the dividend payout decision. Research Objective: There are many theories in the corporate finance literature addressing the dividend issue. The purpose of study is to understand the factors influencing the dividend decision of companies. The specific objectives of this study are: To analyze the financials of the company to draw a framework of factors such as Retained earnings, Age of the company, Debt to Equity, Cash, Net income, Earnings per share etc. responsible for dividend declaration. To understand the criticality of a companys profitability (in terms of Earnings per share) component in declaration of dividends. To measure each factor individually on how it affects the dividend decision. Research Questions: Q1. What is the relation between dividend payout and firms debt? Q2. What is the relation between dividend payout and Profitability? Q3. What is the relation between dividend payout and liquidity? Q4. What is the relation between dividend payout and Retained Earnings? Q5. What is the relation between dividend payout and Net Income? Scope of the Study: This study investigates areas of concern that are extensive thereby due to limitation of time; the scope of research will be limited as the period of study is only three years 2006-2008. The study is focused only on firms trading on NYSE and has considered only those firms who pay dividends. Organization of the paper: The remaining chapters will be organized as follows: Chapter Two: Literature Review This chapter discusses the Determinants of Dividend payout and the theories behind the research questions in context to the Dividend policy. Chapter Three: Research Methodology The chosen research design, data collection and statistical tests for analysis are described in the chapter. Chapter four: Data Analysis and Findings: To address the research questions, results obtained from the regression analysis will be presented and discussed. Chapter five: Recommendations and Conclusion. This chapter provides recommendations for the future research and a conclusion for all this research. CHAPTER TWO LITERATURE REVIEW Dividend remains one of the greatest enigmas of modern finance. Corporate dividend policy is an important decision area in the field of financial management hence there is an extensive literature devoted to the subject. Dividends are defined as the distribution of earnings (present or past) in real assets among the shareholders of the firm in proportion to their ownership. Dividend policy refers to managements long-term decision on how to utilize cash flows from business activities-that is, how much to plow back into the business, and how much to return to shareholders (Khan and Jain, 2005). Lintner (1956) conducted a notable study on dividend distributions, his was the first empirical study of dividend policy through his interview with managers of 28 selected companies, he stated that most companies have clear cut target payout ratios and that managers concern themselves with change in the existing dividend payout rather than the amount of the newly established payout. He also states that, Dividend policy is set first and other policies are then adjusted and the market reacts positively to dividend increase announcements and negatively to announcements of dividend decreases. He measured major changes in earnings as the key determinant of the companies dividend decisions. Lintners study was expanded by Farrelly et al. (1988), who, mailed a questionnaire to 562 firms listed on the New York Stock Exchange and concluded that managers accept dividend policy to be relevant and important. Lintners view was also supported by the study results of Fama and Babiak (1968) and Fama (1974) who suggested that managers prefer a stable dividend policy, and are hesitant to increase dividends to a level that cannot be supported. Fama and Babiaks (1968) study also concludes that Net income appears to explain the dividend change decision better than a cash flow measure. The study by Adaoglu (2000), Amidu and Abor (2006) and Belans et al (2007) stated that net income shows positive and significant association with the dividend payout, therefore indicating that, the firms with the positive earnings pay more dividends. Merton Miller and Franco Modigliani (1961) made a proposition that the value of a firm is not affected by its dividend policy. Dividend policy is a way of dividing up operating cash flows among investors or just a financial decision. Financial theorists Martin, Petty, Keown, and Scott, 1991 supported this theory of irrelevance. Miller and Modiglianis conclusion on the irrelevance of dividend policy presented a tough challenge to the conventional wisdom of time up to that point, it was universally acknowledged by both theorists and corporate managers that the firm can enhance its business value by providing for a more generous dividend policy as investors seem to prefer dividends over capital gains (JM Samuels, FM.Wilkes and R.E Brayshaw). Benartzi et al. (1997) conducted an extensive study and concluded that Lintners model of dividends remains the finest description of the dividend setting process available. Baker et al. (2001) conducted a survey on 630 NASDAQ-listed firms and analyzed the responses from 188 CFOs about the importance of 22 different factors that influence their dividend policy, they found that the dividend decisions made by managers were consistent with Lintners (1956) survey results and model. Their results also suggest that managers pay particular attention to the dividend policy of the firm because the dividend decision can affect firm value and, in turn, the wealth of stockholders, thus dividend policy requires serious attention by the management. E.F Fama and K.R French (2001) investigated the characteristics of companies paying dividends and concluded that the top most characteristics that affect the decision to pay dividends are Firm size, Profitability, and Investment opportunities. They studied dividend payment in the United States and found that the proportion of dividend payers declined sharply from 66% in 1978 to 20.8% in 1999, and that only about a fifth of public companies paid dividends. Growth companies such as Microsoft, Cisco and Sun Microsystems were found to be non-dividend payers. They also explained that the probability that a firm would pay dividends was positively related to profitability and size and negatively related to growth. Their research concluded that larger firms are more profitable and are more likely to pay dividends, than firms with more investment opportunities. The relationship between firm size and dividend policy was studied by Jennifer J. Gaver and Kenneth M. Gaver (1993). They suggested t hat A firms dividend yield is inversely related to the extent of its growth opportunities. The inference here is that as cash flow increases, the coefficient of dividend decreases, indicating that smaller firms that have greater investment opportunities thus they tend not to make dividend payment while larger firms tend to have proactive dividends policy. Ho, H. (2003) undertook a comparative study of dividend policies in Japan and Australia. Their study revealed that dividend policies in Australia and Japan are affected by different financial factors. Dividend policies are affected positively by size in Australia and liquidity in Japan. Naceur et al (2006) examined the dividend policy of 48 firms listed on the Tunisian Stock Exchange during the period 1996-2002. His research indicated that highly profitable firms with more stable earnings could afford larger free cash flows and thus paid larger dividends. Li and Lie (2006) reported that large and profitable firms are more likely to raise their dividends if the past dividend yield, debt ratio, cash ratio are low. A study was conducted by Norhayati Mohamed, Wee Shu Hui, Mormah Hj.Omar, and Rashidah Abdul Rahman on Malaysian companies over a 3 year period from 2003-2005. The sample was taken from the top 200 companies listed on the main board of Bursa Malaysia based on market capitaliza tion as at 31December 2005. Their study concluded that bigger firms pay higher dividends. or the purpose of finding out how companies arrive at their dividend decisions, many researchers and theorists have proposed several dividend theories. Gordon and Walter (1963) presented the Bird in Hand theory which suggested that to minimize risk the investors always prefer cash in hand rather than future promise of capital gain. This theory asserts that investors value dividends and high payout firms. As said by John D. Rockefeller (an American industrialist) The one thing that gives me contentment is to see my dividend coming in. For companies to communicate financial well-being and shareholder value the easiest way is to say the dividend check is in the mail. The bird-in-hand theory (a pre-Miller-Modigliani theory) asserts that dividends are valued differently to capital gains in a world of information asymmetry where due to uncertainty of future cash flow, investors will often tend to prefer dividends to retained earnings. As a result the value of the firm would be increased as a higher payout ratio will reduce the required rate of return (see, for example Gordon, 1959). This argument has not received any strong empirical support. Dividends, paid by companies to shareholders from earnings, serve as an important indicator of the strength and future prosperity of the business. This explanation is known as signaling hypothesis. Signaling is an example factor for the relevance of dividends to the value of the firm. It is based on the idea of information asymmetry between managers and investors, where managers have private information about the firm that is not available to the outsiders. This theory is supported by models put forward by Miller and Rock (1985), Bhattacharya (1979), John and Williams (1985). They stated that dividends can be used as a signaling device to influence share price. The share price reacts favorably when an announcement of dividend increase is made. Few researchers found limited support for the signaling hypothesis (see Gonedes, 1978, Watts, 1973) and there are other researchers, who supported the hypothesis, for example, in Michaely, Nissim and Ziv (2001), Pettit (1972) and Bali (2003). The tax-preference theory assumes that the market valuation of a firms stocks is increased when the dividend payout ratios is low which in turn lowers the required rate of return. Because of the relative tax liability of dividends compared to capital gains, investors need a large amount of before-tax risk adjusted return on stocks with higher dividend yields (Brennan, 1970). On one side studies by Lichtenberger and Ramaswamy (1979), Poterba and Summers, (1984), and Barclay (1987) have presented empirical evidence in support of the tax effect argument and on the other side Black and Scholes (1974), Miller and Scholes (1982), and Morgan and Thomas (1998) have either opposed such findings or provided completely different explanations. The study by Masulis and Trueman (1988) model dividend payments in form of cash as products of deferred dividend costs. Their model predicts that investors with differing tax liabilities will not be uniform in their ideal firm dividend policy. As the tax l iability on dividends increases (decreases), the dividend payment decreases (increases) while earnings reinvestment increases (decreases). According to Farrar and Selwyn (1967), in a partial equilibrium framework, individual investors choose the amount of personal and corporate leverage and also whether to receive corporate distributions as dividends or capital gains. Barclay (1987) has presented empirical evidence I support of the tax effect argument. Others, including Black and Scholes (1982), have opposed such findings or provided different explanations. Farrar and Selwyns model (1967) made an assumption that investors tend to increase their after tax income to the maximum. According to this model corporate earnings should be distributed by share repurchase rather than the use of dividends. Brennan (1970) has extended Farrar and Selwyns model into a general equilibrium framework. Under this, the expected usefulness of wealth as a system of barter is maximized. Despite being more robust both the models are similar as regards to their predictions. According to Auerbachs (1979) discrete-time, infinite-horizon model, the wealth of shareholders is maximized by the shareholders themselves and not by firm market value. If there does, infact, exist a difference between capital gains and dividends tax; firm market value maximization is no longer determined by wealth maximization. He states that the continued undervaluation of corporate capital leads to dividend distributions. The clientele effects hypothesis is another related theory. According to this theory the investors may be attracted to the types of stocks that fall in with their consumption/savings preferences. That is, investors (or clienteles) in high tax brackets may prefer non-dividend or low-dividend paying stocks if dividend income is taxed at a higher rate than capital gains. Also, certain clienteles may be created with the presence of transaction costs. There are several empirical studies on the clientele effects hypothesis but the findings are mixed. Studies by Pettit (1977), Scholz (1992), and Dhaliwal, Erickson and Trezevant (1999) presented evidence consistent with the existence of clientele effects hypothesis whereas studies by Lewellen et al. (1978), Richardson, Sefcik and Thomason (1986), Abrutyn and Turner (1990), found weak or contrary evidence. There is an assumption that the managers do not always take steps which would lead to maximizing an investors wealth. This gives rise to another favorable argument for hefty dividend payouts which shifts the reinvestment decision back on the owners. The main hitch would be the agency conflict (conflict between the principal and the agent) arising as a result of separate ownership and control. Therefore, a manager is expected to move the surplus funds from the high retained earnings into projects which are not feasible. This would be mainly due to his ill intention or his in competency. Thus, generous dividend payouts increase a firms value as it reduces the managements access to free cash flows and hence, controlling the problem of over investment. There are many more agency theories explaining how dividends can increase the value of a firm. One of them was by Easterbrook (1984); he proposed that dividend payments reduce agency problems in contrast to the transaction cost theory which is of the view that dividend payments reduce the value as it forces to raise costly finances from outside sources. His idea is that if the dividends are not paid, there is a problem of collective action that tends to lead to hap-hazard management of the firm. So, dividend payouts and raising external finance would attract auditory and regulatory measures by financial intermediaries like investment banks, respective stock exchange regulators and the potential investors as well. All this monitoring would lead to considerable reduction of agency costs and appreciate the market value of t he firm. Moreover, as defined by Jenson and Meckling (1976), Agency costs=monitoring costs+ bonding, costs+ residual loss i.e. sum of agency cost of equity and agency cost of debt. Hence, Easterbrook (1984) noted that dividend payments and raising new debt and its contract negotiations would reduce potential for wealth transfer. The realization for potential agency costs linked with separation of management and shareholders is not new. Adam Smith (1937) proposed that management of earlier companies is wayward. This problem was highly witnessed during at the time of British East Indian Companies and tracking managers was a failure due to inefficiencies and high costs of shareholder monitoring (Kindleberger, 1984). Scott (1912) and Carlos (1922) differ with this view point. They agree that although some fraud existed in the corporations, many of the activities of the managers were in line with those of the shareholders interests. An opportune and intelligent manager should always invest the surplus cash available into those opportunities which are well researched to be in the best interest of the shareholders. Berle and Means (1932) was the first to discover the insufficient utilization of funds which are surplus after other investment opportunities taken by the management. This thought was further promoted by Jensens (1986) free cash flow hypothesis. This hypothesis combined market information asymmetries with the agency theory. The surplus funds left after all the valuable projects are largely responsible for creation of the conflict of interest between the management and the shareholders. Payment of dividends and interest on other debt instruments reduce the cash flow with the management to invest in marginal net present value projects and for other perquisite consumptions. Therefore, the dividend theory is better explained by the combination of both the agency and the signaling theory rather than by any o ne of these alone. On the other hand, the free cash flow hypothesis rationalizes the corporate takeover frenzy of the 1980s Myers (1987 and 1990) rather than providing a clear and comprehensive dividend policy. The study by Baker et al. (2007) reports, that firms paying dividend in Canada are significantly larger and more profitable, having greater cash flows, ownership structure and some growth opportunities. The cash flow hypothesis proposes that insiders to a firm have more information about future cash flow than the outsiders, and they have incentivized motives to leak this to outsiders. Lang and Litzenberger (1989) check the cash flow signaling and free cash flow explanations of the effect of dividend declarations on the stock prices. This difference between permanent and temporary changes is also explored in Brook, Charlton, and Hendershott (1998). However, this study is based on the hypothesis that dividend changes contain cash flow information rather than information about earnings. This is the cash flow signaling hypothesis proposing that dividend changes signal expected cash flows changes. The dividend decisions are affected by a number of factors; many researchers have contributed in determining which determinant of dividend payout is the most significant in contributing to dividend decisions. It is said that the primary indicator of the firms capacity to pay dividends has been Profits. According to Lintner (1956) the dividend payment pattern of a firm is influenced by the current year earnings and previous year dividends. Pruitt and Gitmans (1991) survey of financial managers of 1000 largest U.S companies about the interplay among the investment and dividend decisions in their Firms reported that, current and past year profits are essential factors influencing dividend payments. The conclusion derived from Baker and Powells (2000) survey of NYSE-listed firms is that the major determinant is the anticipated level of future earnings and continuity of past dividends. The study of Aivazian, Booth, and Cleary (2003) concludes that profitability and return on equity positively correlate with the size of the dividend payout ratio. The study by Lv Chang-jiang and Wang Ke-min (1999) on 316 listed companies in China that paid cash dividends during 1997 and 1998 by using modified Lintner dividend model, suggested that the dividend payout ratio is due to the firms current earning level. Other researchers like Chen Guo-Hui and Zhao Chun-guang (2000), Liu Shu-lian and Hu Yan-hong (2003) also concluded their research on the above stated understanding about dividend policy of listed companies in China. A survey done by Baker, Farrelly, and Edelman (1985) and Farrelly, Baker, and Edelman (1986) on 562 New York Stock Exchange (NYSE) firms with normal kinds of dividend polices in 1983 suggested that the major determinants of dividend payments were the anticipated level of future earnings and the pattern of past dividends. DeAngelo et al. (2004) findings suggest that earnings do have some impact on dividend payment. He stated that the high/increasing dividend concentration may be the result of high/increasing earnings concentration. Goergen et al. (2005) study on 221 German firms shows that net earnings were the key determinants of dividend changes. Baker and Smith (2006) examined 309 sample firms exhibiting behavior consistent with a residual dividend policy and their matched counterparts to understand how they set their dividend policies. Their study showed that for the matched firms, the pattern of past dividends and desire to maintain a long-term dividend payout ratio elicit the highest level of agreement from respondents. The study by Ferris et al. (2006) found mixed results for the relation between a firms earnings and its ability to pay dividends. Kao and Wu (1994) used a time series regression analysis of 454 firms over the period of 1965 to1986, and showed that there was a positive relationshi p between unexpected dividends and earnings. Carroll (1995) used quarterly data of 854 firms over the period of 1975 to 1984, and examined whether quarterly dividend changes predicted future earnings. He found a significant positive relationship. Liquidity is also an important determinant of dividend payouts. A poor liquidity position would generate fewer dividends due to shortage of cash. Alli et.al (1993), reveal that dividend payments depend more on cash flows, which reflect the companys ability to pay dividends, than on current earnings, which are less heavily influenced by accounting practices. They claim current earnings do no really reflect the firms ability to pay dividends. A firm without the cash flow back up cannot choose to have a high dividend payout as it will ultimately have to either reduce its investment plans or turn to investors for additional debt. The study by Brook, Charlton and Hendershott (1998) states that, Firms expecting large permanent cash flow increases tend to increase their dividend. Managers do not increase dividends until they are positive that sufficient cash will flow in to pay them (Brealey-Myers-2002). Myers and Bacons (2001) study shows a negative relationship between the liquid ratio and dividend payout. For companies to enable them to enhance their dividend paying capacity, and thus, to generate higher dividend paying capacity, it is necessary to retain their earnings to finance investment in fixed assets. The study by Belans et al (2007) states that the relationship between the firms liquidity and dividend is positive which explains that firms with more market liquidity pay more dividends. Reddy (2006), Amidu and Abor (2006) find opposite evidence. Lintner (1956) posited that the level of retained earnings is a dividend decision by- product. Adaoglu (2000) study shows that the firms listed on Istanbul Stock Exchange follow unstable cash dividend policy and the main factor for determining the amount of dividend is earning of the firms. The same conclusion was drawn by Omet (2004) in case of firms listed on Amman Securities Market and he further states that the tax imposition on dividend does not have the significant impact on the dividend behavior of the listed firms. The study by Mick and Bacon (2003) concludes that future earnings are the most influential variable and that the past dividend patterns as well as current and expected levels are empirically relevant in explaining the dividend decision. Empirical support for Lintners findings, that dividends were indeed a function of current and past profit levels and were negatively correlated with the change in sales was found by Darling (1957), Fama and Babiak (1968). Benchman a nd Raaballe (2007) discovered that the propensity to pay out dividends is positively correlated to retained earnings. Also, the study by Denis and Osobov (2006) states that retained earnings are a significant dividend characteristic for non- US firms including UK, German, and French firms. One of the motives for dividend policy decision is maintaining a moderate share price as poor stock price performance mostly conveys negative information about firms reputation. An empirical research took by Zhao Chun-guang and Zhang Xue-li et al (2001) on all A shares listed companies listed in Shenzhen and Shanghai Stock Exchange, states that the more cash dividends is paid when the stock prices are high. Chen Guo-Hui and Zhao Chun-guang (2000) undertook a research on all A shares listed before 1996 and paid dividend into share capital in 1997 as their sampling, and employed single-factor analysis, multifactor regression analysis to analyze the data. Their research showed a positive stock price reaction to the cash dividend, stock dividend policy. Myers and Bacon (2001) discussed that the debt to equity ratio was positively correlated to the dividend yield. Therefore firms with relatively more investment opportunities would tend to be more geared and vice versa (Ross, 2000). The study by Hu and Liu, (2005) declares that there is a positive correlation between the cash dividend the companies pay and their current earnings, and a inverse relationship between the debt to total assets and dividends. Green et al. (1993) questioned the irrelevance argument and investigated the relationship between the dividends and investment and financing decisions .Their study showed that dividend payout levels are decided along with investment and financing decisions. The study results however do not support the views of Miller and Modigliani (1961). Partington (1983) declared that firms motives for paying dividends and extent to which dividends are decided are independent of investment policy. The study by Higgins (1981) declares a direct link between growths and financing needs, rapidly growing firms have external financing needs because working capital needs normally exceed the incremental cash flows from new sales. Higgins (1972) suggests that payout ratios are negatively related to firms need top fund finance growth opportunities. Other researchers like Rozeff (1982), Lloyd et al. (1985) and Collins et al. (1996) all show significantly negative relationship between historical sales growth and dividend payout whereas D, Souza (1999) however shows a positive but insignificant relationship in the case of growth and negative but insignificant relationship in case of market to book value. Jenson and Meckling (1976) find a strong relationship between dividends and investment opportunities. They explain, in some circumstances where firms have relative uptight disposable cash flow and a number of investment opportunities have, the shareholders are ready to accept low dividend payout ratio. From the investors point of view, the dividend payments represent definite evidence of a companys worth. A company that expects sufficient future cash flows, large enough to meet debt obligations and dividend payments, will increase dividend payout. Howe (1998) believed that the actions of the managers might convey information to the investors outside as they are more informed about the future prospects of their firms than the market. Reddy (2002) studied dividend behavior and expressed his views on the observed behavior with the help of signaling hypothesis. The undervalued firms (assessed by the price Influences on Dividend Payout Decisions Influences on Dividend Payout Decisions CHAPTER ONE INTRODUCTION The intricacies of Dividends and Dividend policy can leave even the most seasoned financial professional feeling a little uneasy. While conventional wisdom suggests that paying dividends affects both firms value and shareholder wealth to retain earnings to explore growth opportunities, much debate still surrounds this dynamic discipline; especially when it comes to how dividend decisions can lead to value maximization Kent (2003). Dividend policy is an important component of the corporate financial management policy. It is a policy used by the firm to decide as to how much cash it should reinvest in its business through expansion or share repurchases and how much to pay out to its shareholders in dividends. Dividend is a payment or return made by the firm to the shareholders, (owners of the company) out of its earnings in the form of cash. For a long time, the subject of corporate dividend policy has captivated the interests of many academicians and researchers, resulting in the emer gence of a number of theoretical explanations for dividend policy. For the investors, dividend serve as an important indicator of the strength and future prosperity of the business, thereby companies try to maintain a stable dividend because if they reduce their dividend payments, investors may suspect that the company is facing a cash flow problem. Investors prefer steady growth of dividends every year and are reluctant to investment to companies with fluctuating dividend policy. Over time, there has been a substantial increase in the number of factors identified in the literature as being important to be considered in making dividend decisions. Thus, extensive studies have been done to find out various factors affecting dividend payout ratio of a firm. However, there is no single explanation that can capture the puzzling reality of corporate dividend behavior. Ocean deep judgment is involved by decision makers to resolve this issue of dividend behavior. The decision of companies t o retain or pay out the earnings in form of dividends is important for the maximization of the value of the firm (Oyejide, 1976). Therefore, companies should set a constructive target dividend payout ratio, where it pays dividends to its shareholders and at the same time maintains sufficient retained earnings as to avoid having raise funds by borrowing money. A tough challenge was faced by financial practitioners and many academics, when Miller and Modigliani (MM) (1961) came with a proposition that, given perfect capital markets, the dividend decision does not affect the firm value and is, therefore, irrelevant. This proposition was greeted with surprise because at that time it was universally acknowledged by both theorists and corporate managers that the firm can enhance its business value by providing for a more generous dividend policy and that a properly managed dividend policy had an impact on share prices and shareholder wealth. Since the M M study, many researchers have relaxed the assumption of perfect capital markets and stated theories about how managers should formulate dividend policy decisions. Problem Statement Dividend policy has attracted a substantial amount of research by many researchers and theorists, who have provided theoretical as well as empirical observations, into the dividend puzzle (Black, 1976). Even though researchers and theorists have extended their studies in context to dividend decisions, the issue as to why corporations distribute a portion of their earnings as dividends is not yet resolved. The issue of dividend policy has stimulated much debate among financial analysts since Lintners (1956) seminal work. He measured major changes in earnings as the key determinant of the companies dividend decisions. There are many factors that affect dividend decisions of a firm as it is very difficult to lay down an optimum dividend policy which would maximize the long-run wealth of the shareholders resulting into increase or decrease of the firms value, but the primary indicator of the firms capacity to pay dividends has been Profits. Miller and Modigliani (1961), DeAngelo and DeAngelo (2006) gave their proposition on the dividend irrelevance, but the argument made by them was on assumptions that werent practical and in fact, the dividend payout decision does affect the shareholders value. The study focuses on identifying various determinants of dividend payout and whether these factors influence the dividend payout decision. Research Objective: There are many theories in the corporate finance literature addressing the dividend issue. The purpose of study is to understand the factors influencing the dividend decision of companies. The specific objectives of this study are: To analyze the financials of the company to draw a framework of factors such as Retained earnings, Age of the company, Debt to Equity, Cash, Net income, Earnings per share etc. responsible for dividend declaration. To understand the criticality of a companys profitability (in terms of Earnings per share) component in declaration of dividends. To measure each factor individually on how it affects the dividend decision. Research Questions: Q1. What is the relation between dividend payout and firms debt? Q2. What is the relation between dividend payout and Profitability? Q3. What is the relation between dividend payout and liquidity? Q4. What is the relation between dividend payout and Retained Earnings? Q5. What is the relation between dividend payout and Net Income? Scope of the Study: This study investigates areas of concern that are extensive thereby due to limitation of time; the scope of research will be limited as the period of study is only three years 2006-2008. The study is focused only on firms trading on NYSE and has considered only those firms who pay dividends. Organization of the paper: The remaining chapters will be organized as follows: Chapter Two: Literature Review This chapter discusses the Determinants of Dividend payout and the theories behind the research questions in context to the Dividend policy. Chapter Three: Research Methodology The chosen research design, data collection and statistical tests for analysis are described in the chapter. Chapter four: Data Analysis and Findings: To address the research questions, results obtained from the regression analysis will be presented and discussed. Chapter five: Recommendations and Conclusion. This chapter provides recommendations for the future research and a conclusion for all this research. CHAPTER TWO LITERATURE REVIEW Dividend remains one of the greatest enigmas of modern finance. Corporate dividend policy is an important decision area in the field of financial management hence there is an extensive literature devoted to the subject. Dividends are defined as the distribution of earnings (present or past) in real assets among the shareholders of the firm in proportion to their ownership. Dividend policy refers to managements long-term decision on how to utilize cash flows from business activities-that is, how much to plow back into the business, and how much to return to shareholders (Khan and Jain, 2005). Lintner (1956) conducted a notable study on dividend distributions, his was the first empirical study of dividend policy through his interview with managers of 28 selected companies, he stated that most companies have clear cut target payout ratios and that managers concern themselves with change in the existing dividend payout rather than the amount of the newly established payout. He also states that, Dividend policy is set first and other policies are then adjusted and the market reacts positively to dividend increase announcements and negatively to announcements of dividend decreases. He measured major changes in earnings as the key determinant of the companies dividend decisions. Lintners study was expanded by Farrelly et al. (1988), who, mailed a questionnaire to 562 firms listed on the New York Stock Exchange and concluded that managers accept dividend policy to be relevant and important. Lintners view was also supported by the study results of Fama and Babiak (1968) and Fama (1974) who suggested that managers prefer a stable dividend policy, and are hesitant to increase dividends to a level that cannot be supported. Fama and Babiaks (1968) study also concludes that Net income appears to explain the dividend change decision better than a cash flow measure. The study by Adaoglu (2000), Amidu and Abor (2006) and Belans et al (2007) stated that net income shows positive and significant association with the dividend payout, therefore indicating that, the firms with the positive earnings pay more dividends. Merton Miller and Franco Modigliani (1961) made a proposition that the value of a firm is not affected by its dividend policy. Dividend policy is a way of dividing up operating cash flows among investors or just a financial decision. Financial theorists Martin, Petty, Keown, and Scott, 1991 supported this theory of irrelevance. Miller and Modiglianis conclusion on the irrelevance of dividend policy presented a tough challenge to the conventional wisdom of time up to that point, it was universally acknowledged by both theorists and corporate managers that the firm can enhance its business value by providing for a more generous dividend policy as investors seem to prefer dividends over capital gains (JM Samuels, FM.Wilkes and R.E Brayshaw). Benartzi et al. (1997) conducted an extensive study and concluded that Lintners model of dividends remains the finest description of the dividend setting process available. Baker et al. (2001) conducted a survey on 630 NASDAQ-listed firms and analyzed the responses from 188 CFOs about the importance of 22 different factors that influence their dividend policy, they found that the dividend decisions made by managers were consistent with Lintners (1956) survey results and model. Their results also suggest that managers pay particular attention to the dividend policy of the firm because the dividend decision can affect firm value and, in turn, the wealth of stockholders, thus dividend policy requires serious attention by the management. E.F Fama and K.R French (2001) investigated the characteristics of companies paying dividends and concluded that the top most characteristics that affect the decision to pay dividends are Firm size, Profitability, and Investment opportunities. They studied dividend payment in the United States and found that the proportion of dividend payers declined sharply from 66% in 1978 to 20.8% in 1999, and that only about a fifth of public companies paid dividends. Growth companies such as Microsoft, Cisco and Sun Microsystems were found to be non-dividend payers. They also explained that the probability that a firm would pay dividends was positively related to profitability and size and negatively related to growth. Their research concluded that larger firms are more profitable and are more likely to pay dividends, than firms with more investment opportunities. The relationship between firm size and dividend policy was studied by Jennifer J. Gaver and Kenneth M. Gaver (1993). They suggested t hat A firms dividend yield is inversely related to the extent of its growth opportunities. The inference here is that as cash flow increases, the coefficient of dividend decreases, indicating that smaller firms that have greater investment opportunities thus they tend not to make dividend payment while larger firms tend to have proactive dividends policy. Ho, H. (2003) undertook a comparative study of dividend policies in Japan and Australia. Their study revealed that dividend policies in Australia and Japan are affected by different financial factors. Dividend policies are affected positively by size in Australia and liquidity in Japan. Naceur et al (2006) examined the dividend policy of 48 firms listed on the Tunisian Stock Exchange during the period 1996-2002. His research indicated that highly profitable firms with more stable earnings could afford larger free cash flows and thus paid larger dividends. Li and Lie (2006) reported that large and profitable firms are more likely to raise their dividends if the past dividend yield, debt ratio, cash ratio are low. A study was conducted by Norhayati Mohamed, Wee Shu Hui, Mormah Hj.Omar, and Rashidah Abdul Rahman on Malaysian companies over a 3 year period from 2003-2005. The sample was taken from the top 200 companies listed on the main board of Bursa Malaysia based on market capitaliza tion as at 31December 2005. Their study concluded that bigger firms pay higher dividends. or the purpose of finding out how companies arrive at their dividend decisions, many researchers and theorists have proposed several dividend theories. Gordon and Walter (1963) presented the Bird in Hand theory which suggested that to minimize risk the investors always prefer cash in hand rather than future promise of capital gain. This theory asserts that investors value dividends and high payout firms. As said by John D. Rockefeller (an American industrialist) The one thing that gives me contentment is to see my dividend coming in. For companies to communicate financial well-being and shareholder value the easiest way is to say the dividend check is in the mail. The bird-in-hand theory (a pre-Miller-Modigliani theory) asserts that dividends are valued differently to capital gains in a world of information asymmetry where due to uncertainty of future cash flow, investors will often tend to prefer dividends to retained earnings. As a result the value of the firm would be increased as a higher payout ratio will reduce the required rate of return (see, for example Gordon, 1959). This argument has not received any strong empirical support. Dividends, paid by companies to shareholders from earnings, serve as an important indicator of the strength and future prosperity of the business. This explanation is known as signaling hypothesis. Signaling is an example factor for the relevance of dividends to the value of the firm. It is based on the idea of information asymmetry between managers and investors, where managers have private information about the firm that is not available to the outsiders. This theory is supported by models put forward by Miller and Rock (1985), Bhattacharya (1979), John and Williams (1985). They stated that dividends can be used as a signaling device to influence share price. The share price reacts favorably when an announcement of dividend increase is made. Few researchers found limited support for the signaling hypothesis (see Gonedes, 1978, Watts, 1973) and there are other researchers, who supported the hypothesis, for example, in Michaely, Nissim and Ziv (2001), Pettit (1972) and Bali (2003). The tax-preference theory assumes that the market valuation of a firms stocks is increased when the dividend payout ratios is low which in turn lowers the required rate of return. Because of the relative tax liability of dividends compared to capital gains, investors need a large amount of before-tax risk adjusted return on stocks with higher dividend yields (Brennan, 1970). On one side studies by Lichtenberger and Ramaswamy (1979), Poterba and Summers, (1984), and Barclay (1987) have presented empirical evidence in support of the tax effect argument and on the other side Black and Scholes (1974), Miller and Scholes (1982), and Morgan and Thomas (1998) have either opposed such findings or provided completely different explanations. The study by Masulis and Trueman (1988) model dividend payments in form of cash as products of deferred dividend costs. Their model predicts that investors with differing tax liabilities will not be uniform in their ideal firm dividend policy. As the tax l iability on dividends increases (decreases), the dividend payment decreases (increases) while earnings reinvestment increases (decreases). According to Farrar and Selwyn (1967), in a partial equilibrium framework, individual investors choose the amount of personal and corporate leverage and also whether to receive corporate distributions as dividends or capital gains. Barclay (1987) has presented empirical evidence I support of the tax effect argument. Others, including Black and Scholes (1982), have opposed such findings or provided different explanations. Farrar and Selwyns model (1967) made an assumption that investors tend to increase their after tax income to the maximum. According to this model corporate earnings should be distributed by share repurchase rather than the use of dividends. Brennan (1970) has extended Farrar and Selwyns model into a general equilibrium framework. Under this, the expected usefulness of wealth as a system of barter is maximized. Despite being more robust both the models are similar as regards to their predictions. According to Auerbachs (1979) discrete-time, infinite-horizon model, the wealth of shareholders is maximized by the shareholders themselves and not by firm market value. If there does, infact, exist a difference between capital gains and dividends tax; firm market value maximization is no longer determined by wealth maximization. He states that the continued undervaluation of corporate capital leads to dividend distributions. The clientele effects hypothesis is another related theory. According to this theory the investors may be attracted to the types of stocks that fall in with their consumption/savings preferences. That is, investors (or clienteles) in high tax brackets may prefer non-dividend or low-dividend paying stocks if dividend income is taxed at a higher rate than capital gains. Also, certain clienteles may be created with the presence of transaction costs. There are several empirical studies on the clientele effects hypothesis but the findings are mixed. Studies by Pettit (1977), Scholz (1992), and Dhaliwal, Erickson and Trezevant (1999) presented evidence consistent with the existence of clientele effects hypothesis whereas studies by Lewellen et al. (1978), Richardson, Sefcik and Thomason (1986), Abrutyn and Turner (1990), found weak or contrary evidence. There is an assumption that the managers do not always take steps which would lead to maximizing an investors wealth. This gives rise to another favorable argument for hefty dividend payouts which shifts the reinvestment decision back on the owners. The main hitch would be the agency conflict (conflict between the principal and the agent) arising as a result of separate ownership and control. Therefore, a manager is expected to move the surplus funds from the high retained earnings into projects which are not feasible. This would be mainly due to his ill intention or his in competency. Thus, generous dividend payouts increase a firms value as it reduces the managements access to free cash flows and hence, controlling the problem of over investment. There are many more agency theories explaining how dividends can increase the value of a firm. One of them was by Easterbrook (1984); he proposed that dividend payments reduce agency problems in contrast to the transaction cost theory which is of the view that dividend payments reduce the value as it forces to raise costly finances from outside sources. His idea is that if the dividends are not paid, there is a problem of collective action that tends to lead to hap-hazard management of the firm. So, dividend payouts and raising external finance would attract auditory and regulatory measures by financial intermediaries like investment banks, respective stock exchange regulators and the potential investors as well. All this monitoring would lead to considerable reduction of agency costs and appreciate the market value of t he firm. Moreover, as defined by Jenson and Meckling (1976), Agency costs=monitoring costs+ bonding, costs+ residual loss i.e. sum of agency cost of equity and agency cost of debt. Hence, Easterbrook (1984) noted that dividend payments and raising new debt and its contract negotiations would reduce potential for wealth transfer. The realization for potential agency costs linked with separation of management and shareholders is not new. Adam Smith (1937) proposed that management of earlier companies is wayward. This problem was highly witnessed during at the time of British East Indian Companies and tracking managers was a failure due to inefficiencies and high costs of shareholder monitoring (Kindleberger, 1984). Scott (1912) and Carlos (1922) differ with this view point. They agree that although some fraud existed in the corporations, many of the activities of the managers were in line with those of the shareholders interests. An opportune and intelligent manager should always invest the surplus cash available into those opportunities which are well researched to be in the best interest of the shareholders. Berle and Means (1932) was the first to discover the insufficient utilization of funds which are surplus after other investment opportunities taken by the management. This thought was further promoted by Jensens (1986) free cash flow hypothesis. This hypothesis combined market information asymmetries with the agency theory. The surplus funds left after all the valuable projects are largely responsible for creation of the conflict of interest between the management and the shareholders. Payment of dividends and interest on other debt instruments reduce the cash flow with the management to invest in marginal net present value projects and for other perquisite consumptions. Therefore, the dividend theory is better explained by the combination of both the agency and the signaling theory rather than by any o ne of these alone. On the other hand, the free cash flow hypothesis rationalizes the corporate takeover frenzy of the 1980s Myers (1987 and 1990) rather than providing a clear and comprehensive dividend policy. The study by Baker et al. (2007) reports, that firms paying dividend in Canada are significantly larger and more profitable, having greater cash flows, ownership structure and some growth opportunities. The cash flow hypothesis proposes that insiders to a firm have more information about future cash flow than the outsiders, and they have incentivized motives to leak this to outsiders. Lang and Litzenberger (1989) check the cash flow signaling and free cash flow explanations of the effect of dividend declarations on the stock prices. This difference between permanent and temporary changes is also explored in Brook, Charlton, and Hendershott (1998). However, this study is based on the hypothesis that dividend changes contain cash flow information rather than information about earnings. This is the cash flow signaling hypothesis proposing that dividend changes signal expected cash flows changes. The dividend decisions are affected by a number of factors; many researchers have contributed in determining which determinant of dividend payout is the most significant in contributing to dividend decisions. It is said that the primary indicator of the firms capacity to pay dividends has been Profits. According to Lintner (1956) the dividend payment pattern of a firm is influenced by the current year earnings and previous year dividends. Pruitt and Gitmans (1991) survey of financial managers of 1000 largest U.S companies about the interplay among the investment and dividend decisions in their Firms reported that, current and past year profits are essential factors influencing dividend payments. The conclusion derived from Baker and Powells (2000) survey of NYSE-listed firms is that the major determinant is the anticipated level of future earnings and continuity of past dividends. The study of Aivazian, Booth, and Cleary (2003) concludes that profitability and return on equity positively correlate with the size of the dividend payout ratio. The study by Lv Chang-jiang and Wang Ke-min (1999) on 316 listed companies in China that paid cash dividends during 1997 and 1998 by using modified Lintner dividend model, suggested that the dividend payout ratio is due to the firms current earning level. Other researchers like Chen Guo-Hui and Zhao Chun-guang (2000), Liu Shu-lian and Hu Yan-hong (2003) also concluded their research on the above stated understanding about dividend policy of listed companies in China. A survey done by Baker, Farrelly, and Edelman (1985) and Farrelly, Baker, and Edelman (1986) on 562 New York Stock Exchange (NYSE) firms with normal kinds of dividend polices in 1983 suggested that the major determinants of dividend payments were the anticipated level of future earnings and the pattern of past dividends. DeAngelo et al. (2004) findings suggest that earnings do have some impact on dividend payment. He stated that the high/increasing dividend concentration may be the result of high/increasing earnings concentration. Goergen et al. (2005) study on 221 German firms shows that net earnings were the key determinants of dividend changes. Baker and Smith (2006) examined 309 sample firms exhibiting behavior consistent with a residual dividend policy and their matched counterparts to understand how they set their dividend policies. Their study showed that for the matched firms, the pattern of past dividends and desire to maintain a long-term dividend payout ratio elicit the highest level of agreement from respondents. The study by Ferris et al. (2006) found mixed results for the relation between a firms earnings and its ability to pay dividends. Kao and Wu (1994) used a time series regression analysis of 454 firms over the period of 1965 to1986, and showed that there was a positive relationshi p between unexpected dividends and earnings. Carroll (1995) used quarterly data of 854 firms over the period of 1975 to 1984, and examined whether quarterly dividend changes predicted future earnings. He found a significant positive relationship. Liquidity is also an important determinant of dividend payouts. A poor liquidity position would generate fewer dividends due to shortage of cash. Alli et.al (1993), reveal that dividend payments depend more on cash flows, which reflect the companys ability to pay dividends, than on current earnings, which are less heavily influenced by accounting practices. They claim current earnings do no really reflect the firms ability to pay dividends. A firm without the cash flow back up cannot choose to have a high dividend payout as it will ultimately have to either reduce its investment plans or turn to investors for additional debt. The study by Brook, Charlton and Hendershott (1998) states that, Firms expecting large permanent cash flow increases tend to increase their dividend. Managers do not increase dividends until they are positive that sufficient cash will flow in to pay them (Brealey-Myers-2002). Myers and Bacons (2001) study shows a negative relationship between the liquid ratio and dividend payout. For companies to enable them to enhance their dividend paying capacity, and thus, to generate higher dividend paying capacity, it is necessary to retain their earnings to finance investment in fixed assets. The study by Belans et al (2007) states that the relationship between the firms liquidity and dividend is positive which explains that firms with more market liquidity pay more dividends. Reddy (2006), Amidu and Abor (2006) find opposite evidence. Lintner (1956) posited that the level of retained earnings is a dividend decision by- product. Adaoglu (2000) study shows that the firms listed on Istanbul Stock Exchange follow unstable cash dividend policy and the main factor for determining the amount of dividend is earning of the firms. The same conclusion was drawn by Omet (2004) in case of firms listed on Amman Securities Market and he further states that the tax imposition on dividend does not have the significant impact on the dividend behavior of the listed firms. The study by Mick and Bacon (2003) concludes that future earnings are the most influential variable and that the past dividend patterns as well as current and expected levels are empirically relevant in explaining the dividend decision. Empirical support for Lintners findings, that dividends were indeed a function of current and past profit levels and were negatively correlated with the change in sales was found by Darling (1957), Fama and Babiak (1968). Benchman a nd Raaballe (2007) discovered that the propensity to pay out dividends is positively correlated to retained earnings. Also, the study by Denis and Osobov (2006) states that retained earnings are a significant dividend characteristic for non- US firms including UK, German, and French firms. One of the motives for dividend policy decision is maintaining a moderate share price as poor stock price performance mostly conveys negative information about firms reputation. An empirical research took by Zhao Chun-guang and Zhang Xue-li et al (2001) on all A shares listed companies listed in Shenzhen and Shanghai Stock Exchange, states that the more cash dividends is paid when the stock prices are high. Chen Guo-Hui and Zhao Chun-guang (2000) undertook a research on all A shares listed before 1996 and paid dividend into share capital in 1997 as their sampling, and employed single-factor analysis, multifactor regression analysis to analyze the data. Their research showed a positive stock price reaction to the cash dividend, stock dividend policy. Myers and Bacon (2001) discussed that the debt to equity ratio was positively correlated to the dividend yield. Therefore firms with relatively more investment opportunities would tend to be more geared and vice versa (Ross, 2000). The study by Hu and Liu, (2005) declares that there is a positive correlation between the cash dividend the companies pay and their current earnings, and a inverse relationship between the debt to total assets and dividends. Green et al. (1993) questioned the irrelevance argument and investigated the relationship between the dividends and investment and financing decisions .Their study showed that dividend payout levels are decided along with investment and financing decisions. The study results however do not support the views of Miller and Modigliani (1961). Partington (1983) declared that firms motives for paying dividends and extent to which dividends are decided are independent of investment policy. The study by Higgins (1981) declares a direct link between growths and financing needs, rapidly growing firms have external financing needs because working capital needs normally exceed the incremental cash flows from new sales. Higgins (1972) suggests that payout ratios are negatively related to firms need top fund finance growth opportunities. Other researchers like Rozeff (1982), Lloyd et al. (1985) and Collins et al. (1996) all show significantly negative relationship between historical sales growth and dividend payout whereas D, Souza (1999) however shows a positive but insignificant relationship in the case of growth and negative but insignificant relationship in case of market to book value. Jenson and Meckling (1976) find a strong relationship between dividends and investment opportunities. They explain, in some circumstances where firms have relative uptight disposable cash flow and a number of investment opportunities have, the shareholders are ready to accept low dividend payout ratio. From the investors point of view, the dividend payments represent definite evidence of a companys worth. A company that expects sufficient future cash flows, large enough to meet debt obligations and dividend payments, will increase dividend payout. Howe (1998) believed that the actions of the managers might convey information to the investors outside as they are more informed about the future prospects of their firms than the market. Reddy (2002) studied dividend behavior and expressed his views on the observed behavior with the help of signaling hypothesis. The undervalued firms (assessed by the price

The Foils in Shakespeares Hamlet :: GCSE English Literature Coursework

Foils in Hamlet A foil is a minor charater in a literary work that compliments the main character through similarities and differences in personality and plot. Among all the foils in Shakespear[e]'s "Hamlet," [Titles] Laertes has the biggest impact on Hamlet's character. While Hamlet maintained his status as prince, it was Laertes that represented the well bred son of the royal family and the traditional revenge hero. [The thesis does not cover the essay.] Some similarities in Laertes and Hamlet were that they were both students. Laertes and Hamlet were dutiful sons that [who] were outraged and felt personally wronged by their fathers' deaths. They swore to get revenge against the assailant. Laertes and Hamlet both blamed Claudius for the deaths of their fathers'. [no '] Also, Hamlet and Laertes posed a threat to Claudius because of their potential for becoming king. They go above the law in order to seek justice, which discredits the honorable basis of their actions. There was a shared love for Laertes's sister, Ophelia. Hamlet and Laertes have seen the ghost of Hamlet's father. [?] One of the differences in Laertes and Hamlet was that Laertes allowed his anger and grievance of his father's death to be known. Whereas when Hamlet's father died, he secretatively [sic] ran [?] and was deemed crazy. Laertes goes to school and indulged in a Parisian lifestyle, as Hamlet chose to study at Wittenburg in a more subdued environment. [Interesting point] Laertes has a lot of passion whereas Hamlet has none. Laertes was only raised by his father as Hamlet had a mother and father to raise him. Also, Laertes was portrayed as the well bred son of the counselor of a royal family and Hamlet portrayed [?] the role of a commoner. The ghost of Hamlet's father would talk to Laertes as he would to Hamlet. [Not true] Being an ambitious young prince was a similarity in Fortinbras and Hamlet. They are both on a mission of revenge. Also, both Fortinbras and Hamlet lost their fathers'. [no '] Ironically Denmark is a similarity because it was initially controlled by Fortinbras' father, then Hamlet[' H-50]s' father, then Hamlet, and finally returning to Fortinbras. [Nice point] Fortinbras had a family tie with Hamlet's love Ophelia. [This needs a citation from the play -- I don't remember it.

A Fading India :: Journalistic Essays

On the dawn of a June morning, I wait outside the Vasant Kunj residential buildings in New Delhi for a tour bus to the Taj Mahal. It is not yet six but India is never quiet. Nearly a billion people live in this country and need all twenty-four hours to live their hopes, fears, and dreams. The cows from the neighboring dairy farm are moaning wildly in anticipation of being violated to produce milk. Men sit on verandas and read newspapers while women calm whistling tea kettles and fussy babies. On the street a traffic policeman waits to direct the morning commute, fiddling to center his beret and smoking a cigarette from the corner of his wrinkled mouth. I am waiting for the Regal Taj when another bus, advertising itself as the â€Å"premier deluxe air-conditioned Taj Express,† arrives, its seats apparently filled completely with people. I climb up the creaking steps as the driver stretches his hand for a 10 rupee note for the pleasure of this upgraded ride. There is a reason why the bus is â€Å"air-conditioned†; two of the windows are broken. A makeshift cellophane sheet stuck with duct tape over the open space keeps coming undone and rattles angrily against the ledge. This is not a bus for the country club crowd. Men show deep creases of labor and worry on their foreheads and women balance four or five children, on their laps and pressed against their bosoms. But they are Indian, and they have a birthright and an obligation to respect their history. This is the country where spontaneous monuments sprout up in honor of Shivaji, the Hindu warrior who lost his friends, family, and then his life in resisting the conquering Moguls. This is the country where people invoke the name of Gandhi at political rallies, â€Å"Long Live Mahatma,† as if his placid face lingers as a ghost on the stage. The Mahabharat, mostly mythical but historically based, was adapted for television a few years ago and remains the highest rated series of all time. So, as overworked and overburdened as the masses may be, the Taj Mahal beckons to reveal the glory of India’s past to them. The back of the bus has an empty seat, next to a foreign tourist, which I claim as my own.

A Famous Person

Tun Dr. Mahathir bin Mohamad (written in Jawi: , born on July 10, 1925). He is well known by â€Å"Dr. M† was the fourth Prime Minister of Malaysia. Using a first name itself, â€Å"Che Det† as a pen name, he has written the first article published by The Straits Times Singapore on July 20, 1947 entitled â€Å"Malay Women Make Their Own Freedom† (Malay Women Creating Your Own Freedom).When the term of his leadership from 16 July 1981 until 31 October 2003, he managed to bring development through policies and planning success inspired other countries to lift Malaysia to the world stage as one of the more viable in Southeast Asia to have named as one of the countries ‘Asian Economic Tiger'. His most memorable effort Malaysia and the international community as to bring Malaysia out of the 1997 Asian Financial Crisis in which he rejected the proposal as well as assistance from the IMF funds which he claimed would worsen the crisis.Radical measures taken grea t dikiritik time by many parties, including the IMF itself. In fact, the effort was also criticized even long after the crisis ended in which he expressed criticism and praise is the norm for politicians and it is up to the assessment of any party. He is a political figure who is vocal on international issues until there is a spark controversy. He supports â€Å"Market Economic System† control as an alternative to â€Å"Private Economic System† and generally rejected the â€Å"Free Market† (laissez-faire).Style rule Dr. He also often labeled as autocratic criticized by various parties, including the body and the international media (eg, title of the article about his retirement by The New York Times concluded his autocratic nature throughout his political career), especially berhubunng Security Act which he explained as a precaution taken only at the insistence of the time (he accepted and rejected explanation readers with different arguments).Besides, he could not escape the accusation of cronyism, as other leaders in the world. Among the high-profile projects (also called ‘mega-projects') developed at the time of administration, including the Penang Bridge, the Petronas Twin Towers, Kuala Lumpur International Airport (KLIA), the Multimedia Super Corridor (MSC), and the Administrative Center Putrajaya International Circuit Sepang.Retired in October 2003, Dr Mahathir was awarded the Decoration Seri Maharaja Mangku Negara which carries the title Tun. He was also named as the â€Å"Father of Modernisation Malaysia† for successfully developing Malaysia into a new industry respected country among developing countries. Period of 22 years as prime minister as a leader made him the second longest in office is in Southeast Asia after President Suharto of Indonesia. A Famous Person Tun Dr. Mahathir bin Mohamad (written in Jawi: , born on July 10, 1925). He is well known by â€Å"Dr. M† was the fourth Prime Minister of Malaysia. Using a first name itself, â€Å"Che Det† as a pen name, he has written the first article published by The Straits Times Singapore on July 20, 1947 entitled â€Å"Malay Women Make Their Own Freedom† (Malay Women Creating Your Own Freedom).When the term of his leadership from 16 July 1981 until 31 October 2003, he managed to bring development through policies and planning success inspired other countries to lift Malaysia to the world stage as one of the more viable in Southeast Asia to have named as one of the countries ‘Asian Economic Tiger'. His most memorable effort Malaysia and the international community as to bring Malaysia out of the 1997 Asian Financial Crisis in which he rejected the proposal as well as assistance from the IMF funds which he claimed would worsen the crisis.Radical measures taken grea t dikiritik time by many parties, including the IMF itself. In fact, the effort was also criticized even long after the crisis ended in which he expressed criticism and praise is the norm for politicians and it is up to the assessment of any party. He is a political figure who is vocal on international issues until there is a spark controversy. He supports â€Å"Market Economic System† control as an alternative to â€Å"Private Economic System† and generally rejected the â€Å"Free Market† (laissez-faire).Style rule Dr. He also often labeled as autocratic criticized by various parties, including the body and the international media (eg, title of the article about his retirement by The New York Times concluded his autocratic nature throughout his political career), especially berhubunng Security Act which he explained as a precaution taken only at the insistence of the time (he accepted and rejected explanation readers with different arguments).Besides, he could not escape the accusation of cronyism, as other leaders in the world. Among the high-profile projects (also called ‘mega-projects') developed at the time of administration, including the Penang Bridge, the Petronas Twin Towers, Kuala Lumpur International Airport (KLIA), the Multimedia Super Corridor (MSC), and the Administrative Center Putrajaya International Circuit Sepang.Retired in October 2003, Dr Mahathir was awarded the Decoration Seri Maharaja Mangku Negara which carries the title Tun. He was also named as the â€Å"Father of Modernisation Malaysia† for successfully developing Malaysia into a new industry respected country among developing countries. Period of 22 years as prime minister as a leader made him the second longest in office is in Southeast Asia after President Suharto of Indonesia.