How To Lose Weight Essay

Losing weight is a battle that many people struggle with at some point in their lives because most of them are not satisfied with there currently weight. The first and most important thing we have to understand is how we can lose weight in a healthy way without hurting our body. There are many ways we can lose weight but if we do not take the correct path to weight loss, ultimately we can fail and end up gaining all the weight back. Learning the correct way to diet is the first step to reach this goal. As we all know, our body needs the proper nutrition because without it we will not have the energy we need and it will be impossible to live a healthy life; however, if we take in more calories than our body requires the rest will change to fat so we need to burn the extra more calories. For example, instead of having high calorie afternoon like coke we can replace it with water or we can feel full by eat vegetable or salad instead of eat oily food. Avoiding eating when we are sad, angry or bored is very useful because our emotional are related to our eating habit, but only diet is not enough to lose weight it takes too much time. The second and most effective step is exercising. Have routine schedule work out will help us to lose weight faster than anytime. Swimming, cycling and cardio have very effectiveness. How much we need exercise and how we should do that is another important things. We must start with light exercise schedule and increase it step by step. Because injury and boredom are two common things that stop us with wrong exercising. According to the many scientists exercising has more benefits than the other ways and it will help us to increase our self-confidence, reduce stress and gain mobility. So we will be on shape if exercising becomes part of our daily life. In conclusion we can lose our weight in many ways which some of them will hurt our body like with a variety of medicament and pills and some of them are really works like dieting and exercising because most successful way to losing way comes from healthy food and exercising. Anyhow we will reach our goal if do it rightly and do not give up easily.

Liszt’s Sonata in B Minor

The Piano Sonata in B minor (German: Klaviersonate h-Moll), S. 178, is a musical composition for solo piano by Franz Liszt, published in 1854 with a dedication to Robert Schumann. It is often considered Liszt's greatest composition for solo piano. The piece has been oft analyzed, particularly regarding issues of form. The sonata is notable for being constructed from five motivic elements that are woven into an enormous musical architecture. The motivic units undergo thematic transformation throughout the work to suit the musical context of the moment. A theme that in one context sounds menacing and even violent, is then transformed into a beautiful melody. This technique helps to bind the sonata's sprawling structure into a single cohesive unit. Michael Saffle, Alan Walker, and others contend that the first motive appears at the very start of the piece until bar 8, the second occurs from bar 9 until 12 and the third from measures 13 to 17. The fourth and fifth motives appear later in the piece at measures 105-108 and 327-338 respectively. Broadly speaking, the Sonata has four movements although there is no gap between them. Superimposed upon the four movements is a large sonata form structure, although the precise beginnings and endings of the traditional development and recapitulation sections has long been a topic of debate. Charles Rosen states in his book The Classical Style that the entire piece fits the mold of a sonata form because of the reprise of material from the first movement that had been in D major, the relative major, now reprised in B minor. Alan Walker, the forefront contemporary Liszt scholar, believes that the development begins roughly with the slow section at measure 331, the leadback towards the recapitulation begins at the scherzo fugue, measure 459, and the recapitulation and coda are at measures 533 and 682 respectively. Each of these sections (exposition, development, leadback, and recapitulation) are examples of Classical forms in and of themselves, which means that this piece is one of the earliest examples of Double-function form, a piece of music which has two classical forms occurring simultaneously, one containing others. For instance the exposition is a sonata form which starts and ends with material in B minor, containing the second part of the exposition and development wandering away from the tonic key, largely through the relative major D. In using this structure, Liszt as influenced by Franz Schubert's Wanderer Fantasy, a work he greatly admired, performed often and arranged for piano and orchestra. Schubert used the same limited number of musical elements to create a broad four movement work, and used a fugal 4th movement. Already in 1851 Liszt experimented with a nonprogrammatic â€Å"four-movements-in-one† form in an extended work for piano solo called Grosses Concert-Solo. Thi s piece, which in 1865 was published as a two-piano version under the title Concerto pathetique, shows a thematic relationship to both the Sonata and the later Faust Symphony.

Is there a future in Travel Agency in the UK Dissertation

Is there a future in Travel Agency in the UK - Dissertation Example In essence, the future of the travel agency industry in the United Kingdom perceives technology both as danger and useful business prospect, in line with adapting to realities in society. Examining the future of the industry of travel agencies in United Kingdom is valuable for the current players in the market, as it will help improve the current practice and help resolve the declining market. The study aims to evaluate the effects of technology in UK’s travel agency industry, in order to analyze the potential disadvantages it presents and the potential it presents for optimal utilization. Identifying the threats that the information and communication technology era presents is valuable in mitigating its effects to the Travel Agency industry. On the other hand, analyzing technology as a tool for business growth would reinforce business practice and promote growth. Apart from market players, the study will also be beneficial for scholarly and academic work, as it would contribu te to the body of knowledge that evaluates the correlation of tourism and technology, on both the negative and positive aspects. The current research will also be helpful for consumers, as a means of awareness and a more accurate reference for choosing the best option in booking holiday travels that best suits their needs. Lastly, the study is useful for future research, as it would delve on the projected impact of technology on UK’s tourism. Research Question 1. How does Information Technology (IT) negatively impact UK’s Travel Agency? 2. How does IT contribute to UK’s Travel Agency? 3. How does IT affect consumer behavior in terms of disintermediation? 4. How can IT improve UK’s Travel Agency’s practice to sustain business? Research Aim To evaluate the effects of information technology on the future of United Kingdom’s Travel Agency Industry. Research Objectives 1. To identify and analyze the threats brought about by IT in UK’s trav el agency industry. 2. To determine the opportunities generated by IT in UK’s travel agency industry. 3. To analyze how IT affects consumer behavior on disintermediation. 4. To identify strategies to utilize IT in UK travel agencies to develop business practice. 2. LITERATURE The development of information technology, especially the widespread utilization of the internet medium has changed how the tourism industry functions. It can serve as both a boon and a bane, as it produces both opportunities and difficulties to the process and the stakeholders involved in the field of hospitality and tourism. Since the study focuses on travel agencies, the researcher will delve on the perspective of how travel agents are impacted due to the integration of the new technology to their line of work (Kilipiris and Zardava, 2012). Through the internet, both the behavior of the customers and the structure of the processes have been modified in the sense that it allows travel agents to sustain their visibility in distributing their services. However, as processes become automated, there is a risk that agents would be removed from the process and their roles would be fulfilled by virtual systems. It is important to note that in the event that their roles will be retained in the industry's structure, the utilization of technology would

Company logistic analysis and drawbacks and recomendation Research Proposal - 2

Company logistic analysis and drawbacks and recomendation - Research Proposal Example For the last financial year home depot registered profits of over $4.5 billion. This made the share price to rise from $2.47 to $3.00 per share. In the financial report for the year 2012, it did not include the $145 million tax charge. This was related to the closing of the china store, which affected the share price negatively with a decline of 0.10 earnings per share. The net sale for the year 2012 increased by 62% to $78 billion. This was an increase from the previous year where the earnings were $70 billion. The store sales increased to 4.6% attributed by a 2.9% rise in comparable store average ticket. In addition, the rise in customers in our stores attributed to this increase. The financial year of 2012 had an extra week that increased the net sales by $1.2 billion. This led to an increase of the share earnings by $0.07. The growth in the 2012 financial year is credited to continued focus on the following initiatives. Customer service – continued focus on customer service is driven by philosophies of making an emotive link with the customer. These philosophies are putting the customer first and making the business simple. Home depot has opened new call centers in Utah and Georgia simply to have a more personalized connection with the customers. All these centers have been opened in the last financial year. This has played a major role in increasing the earnings and profit margins for the company. In additions, new wits such as the new arrangement system for secondary and centralized return to seller process has more than 57% of all labor hours dedicated to customer services and by the end of the financial year of 2013 the labor hours will have reached 60%. In addition, other measures will be put in place to ensure complete customer satisfaction. This will lead to increased sales bringing the stock price to a higher price. This will put the stocks in a better position than the

Reflection and Refraction Essay Example | Topics and Well Written Essays - 250 words

Reflection and Refraction - Essay Example On the other hand, when light moving in one direction meets a transparent substance, it is deflected and changes the angle of direction. The properties mentioned above represent reflection and refraction respectively. Reflection is visible when the direction of light is obscured by an opaque substance. Although some light may be absorbed by the substance, most of it bounces off the substances and moves in the opposite direction. The laws of reflection explain that both the angle of reflection and incidence are equal (Stille 37). However, this depends on the nature of the surface that lights bounces off. A smooth surface will produce an equal angle of reflection as that of incidence. However, a rough surface will produce multiple rays reflected at different angles. The laws of reflection were visible during the lab experiment where rays of light were shone on a mirror. In addition, the laws explain how images are formed by mirrors. Snell’s law explains how light behaves when it moves from one form of matter to another. When light travels from one medium to another, it produces transmitted rays that appear to be bending (Stille 38). Refraction is influenced by both the densities of the two media and the angle of the incident ray. The laws of refraction were visible in the lab experiment where students viewed a coin immersed in a glass

Analysis and evaluation of an Australian resource company Essay - 1

Analysis and evaluation of an Australian resource company - Essay Example But its mining operations only started in 2009 which initially produced 2,465 ounces of gold and 1,468 oz of silver amounting to $3,378 million (A1, 2011). It claimed that it’s producing gold at average of 450 gold per week and 400 of silver (A1, 2011). The companies have built its facilities with contracted team of engineers to enhance its working environment as it worked with mining contractor Watpac that is gauging its credibility on Brightstar project to get into Western Australian gold mining circles (A1, 2011). It also used its facilities to accommodate workers and contractors, some of whom operates on fly-in, fly-out schedule. Facilities installed are modern communications, a laboratory and a gold room (A1, 2011). A1 targeted to open four minefields they coded as Alpha, Beta, delta and Epsilon. The sum total area is 1,559,054t at 4.2g/t ore (A1, 2011). The company perceived at extracting about 4,915, 879 grams of and gold (in situ) and hope to estimate to get 150,164 ounces of gold (A1, 2011). The company has transparent financial policies, accounting of renumeration, and stocks shares (A1, 2011). It accorded independence of auditor in the evaluation and accounting of its finances. However, it is interesting to note that its consolidated financial report reflected huge losses of $5,900,505 in 2010 and $4,282,979 in 2009 compared to its declared income/revenue of $ 2,769,155 (2010) and % $ 199,062 in 2009 (A1, 2011). The management further declared that they suffer financial setback with $6,047,861 deficiency of working capital (A1, 2011). It is further affirmed that the company need to gather more capital to fund its consolidated operations, exploration, and assets management (A1, 2011). The management hope to undertake aggressive exploration to extract in an open-pit method the mineral reserves in Australia of about 20M oz in Laverport region and in other significant regions. Last year, 2010, A1 sold its northern gold prospect to Regis Mining,

Summary and reflection of an Article Assignment Example | Topics and Well Written Essays - 500 words

Summary and reflection of an Article - Assignment Example The authors of the article point out that the issue of match-day attendance is greatly influenced by the uncertainty of the outcomes of the matches. Reduced attendance is attributed to increased uncertainty. High attendance is usually witnessed whenever the fans predict that the chances of their team winning are very high compared to losing or drawing. This has brought about issues of revenue sharing because revenue sharing is pegged on receipt sales and broadcast rights issues. Poor attendance will mean that there will be less revenue to share amongst the stakeholders. However, despite this, intervention measures are less apparent in European soccer. Intervention measures are necessary in order to improve competitive balance. The dynamics of the findings of this research are complex because television viewers have different preferences from fans who view matches at the stadiums (Buraimo and Simmons 154). The findings of this research are quite controversial because the dynamics of watching matches live from stadiums and on television are quite different. I do not agree with the sentiments of the authors when they claim that fans usually attend stadiums because they prefer to see their teams battle it out with teams that they find inferior and easy to beat. This is because whether to watch a match live from the stadium or to watch it from a television from a place of choice all depends on preference. For example, sometimes, in the English Premier League, there are very strong teams that often play together. Just from general observations, it is evident that such matches are usually attended by very many fans. In such matches, it is usually very difficult to determine which team will win the game. This is because both teams playing in such a match are usually very strong and it is difficult to predict which team may win. Despite the fact that both teams are

Hunger Essay Example | Topics and Well Written Essays - 4500 words

Hunger - Essay Example His hand idly lay against his empty belly. Another hand reached upward to wipe the moisture from his eye as he looked out from the doorway, his eyes scanning across the street. The sounds of children playing were interrupted by the noise of shouting that occasionally erupted from one place or another. He swallowed before stepping out into the dirt of the street, the scents and the crust of the poor part of the city having no affect on him as he had lived within it his whole life. The growl in his belly, on the other hand, is a pain one can never get used to feeling. He began the search for food, for a resource from which to gain his meal for the day. The result of colonialism within Nigeria has displaced the cultural sense of survival, creating urban centers where once the natural order of society provided for itself. Urbanization has taken shelter and food from cultures that once knew how to work their land and use their resources in order to provide for themselves. Now, the cities are filled with generations who struggle still to adapt and to pull themselves out of poverty. He closed his eyes for a moment before moving through the city. He thought about a woman he knew who might give him a meal if he talked nicely to her. He hadn’t gone to her in a long time, but she had given him food before when he had happened by when she was cooking. He had to cross the city a bit to get near her home, but it was worth it if he got a cooked meal. He moved quickly from place to place, waving at those he knew until he was stopped dead in his tracks for a moment. He looked up and saw the office of a lawyer that he knew, a man who had bought his way into the graces of the mayor of the town. He saw the son of the mayor going into that office, with his clean white shirt and black trousers, not to mention the shiny black automobile from which he had emerged. â€Å"Lagos, the current capital city and perhaps the most important urban settlement in Nigeria, if not on the We st African coast, typifies a case of urban development in a rural context. The settlement has grown from a 19th century fishing and agricultural settlement to become a late 20th century metropolitan centre† (Baker184). The mayor’s son walked into the office, the whirring of the fan creating a small breeze through the open door. He ran his hand down his neck, bothered that his father had sent him on this errand, his life interrupted by this chore. He grinned for a moment thinking of the women from the night before, their lithe bodies undulating to the music, his throat filled with the drink that made his eyes glassy and filled him with a wildness that he could not express without it. He blew out a small bit of air and focused on the office door in front of him. â€Å"I have it, I have it† he said, knowing that his position in the city was dependant upon giving this tribute to the mayor, the power of that man enough to give him access to what he needed to sustain h is business. He fumbled around with a key to a drawer for a minute until it popped open. He pulled out a big envelope and surreptitiously filled it until it was full. He locked the metal clasp on it had and handed it to the mayor’s son, his sweating fingers leaving a mark upon the paper. The mayor’s son sneered then turned and left the office, still annoyed that his sleep and his day had been interrupted for such a task. â€Å"In today’s Nigeria corruption has become a problem with implications for development planning, power positions, and balances, the

CRITICAL CONTEXTS of LAW- STORY( answer the questions) Essay

CRITICAL CONTEXTS of LAW- STORY( answer the questions) - Essay Example In turn, this conflict is further mirrored by the confusion regarding the difference between a civil liberty and a human right. It is submitted that the criticism of the philosophical concept of human rights as a reality centres on the dichotomy between the deontological â€Å"shared ethics† paradigm and the utilitarian approach (Donnelly, 2003, p.7). On the other hand, a â€Å"civil right† whilst related to human rights is completely distinct and specifically relates to a legal right which can be protected and exercised under civil law (Foster, 2008, p.10). As such, a civil right may include a human right but is completely distinct from a human right (Foster, 2008). For example, under the civil law common law jurisdiction in the UK, individuals have rights not to be injured or the victims of negligence or nuisance as part of a civil right (Foster, 2008). Whilst civil rights are exercisable and protected by the state, human rights on the other hand are not automatically exercisable, which in turn has perpetuated a debate as to whether the concept of human rights are in fact a â€Å"fiction† of modern, western liberal democracies (Reed, 2007, p.11). ... Indeed, this very point is the fundamental distinction between a civil right, which is enforceable and exercisable on the one hand in contrast to the individualistic concept of a human right on the other. Furthermore, Donnelly highlights the point that the â€Å"the ability to claim rights, if necessary distinguishes between having a right from simply being the (rights-less) beneficiary of someone else’s obligations. Paradoxically, then â€Å"having† a right is of most value precisely when one does not have the right† (Donnelly, 2003, p.8). It is submitted that this observation is arguably crucial to the practical success of the shared ethics paradigm in terms of the innate morality informing human adherence to basic fundamental rights. Moreover, Donnelly questions the notion of â€Å"shared† rights as in a â€Å"Hobbesian state of nature, rights would never be respected; at best disinterest or self interest would lead duty-bearers not to deny the right h older the object of her right (Donnelly, 2003, p.8). Accordingly, Donnelly’s points highlight the point that whereas ethics refer to the morality of human rights, this can contrast with the actual enforcement of morality as defined by ethical theory, which again highlights the fundamental distinction between an enforceable civil rights on the one hand and human rights on the other. Indeed, Donnelly highlights the point that â€Å"â€Å"Human rights traditionally have been thought of as moral rights of the highest order. They have also become, as we will see in more detail later, international legal rights† (Donnelly, 2003, p.11). As such, this has led to commentators questioning the concept of human rights in international

Shakespeares & Romeo and Juliet Essay Example for Free

Shakespeares Romeo and Juliet Essay The two films are very different from each other even though they are based on the same play written by William Shakespeare  From the beginning, the settings differ from each other. The Zeffirelli film, which was filmed in 1968 starts in a courtyard there is a market place, which looks like it represents Verona. The style is set between the 12th and 13th century, medieval and renaissance period. It also a lot more conventional to the Shakespeare play. The surrounding area is a walled town with narrow streets and high buildings, which creates tension. There is also a scene, which is on a beach; there is a proscenium arch. This is where Benvolio gets shot and dies; Benvolio was Romeos friend The Luhrman film, which was filmed in 1997, was set in an American Coastal city, it had a statue of Jesus Christ between two skyscrapers, a lot of traffic, hustle and bustle and skyscrapers around. One of the settings in the film was in a petrol station, which is busy and noisy; it is called Phoenix Gas. This has a symbolic meaning to it, which is Rise from the ashes. This is ironic as the station is about to be set alight. At the beginning of the films you can see that the two films contrast with each other by the opening music, sounds, and images. The Luhrmans opening is Loud, and Zeffirellis is quite and peaceful. The first we see of the two families in the Luhrman film is when the Montague Boys arrive in an open top car and the Capulets arrive in a gangster looking car. Abra Capulet has metal caps on his teeth with the word Sin engraved on them this is to create a gangster image. The market place in Zeffirellis film was much calmer than the petrol station in the Luhrman film. Luhrman used the petrol station because this is where people may encounter each other and it is part of a modern life. The Zeffirelli film was made in 1968 in a time where Hippies, love and peace, was around. You can see that this is reflected in this film because it does not seem as violent as the 1997 version. In the Luhrman film there was a lot more violence, the film was faster, louder, livelier because that was how peoples lives were at the time the film was made which is reflected in the film. Also people were used to action films and Luhrman wanted to make it relevant for a modern audience. As soon as both films begin there is immediate tension between the two different families. In the Luhrman film there is a news report, which explains what is happening between the two families. There were several different newspapers, which come up, Capulet Vs Montagues, and In Fair Verona. These headings reflect the lines from the prologue, which are being read as the news. This gives the first impression that the two families are feuding with each other. In both films religion plays a part in the films In the Luhrman film Tybalt has a picture of Jesus on his waistcoat. Throughout the film there is religious images. For example in the montage at he beginning there are religious images flashed. Also there is a scene, which in which you see two skyscrapers one which is the Montagues and the other is the Capulets in between there is a statue of Jesus Christ. This shows that they think they are bigger than God and more important than religion, however religion still plays a part in their lives. In both of the films the main characters are Romeo and Juliet. The actors give the impression that their characters are natural, young and in love. In both of the films there are also two main families that are feuding with each other, the Montagues, which is Romeos family, and the Capulets, which is Juliets family.

Competition and Integration of Stock Exchanges

Competition and Integration of Stock Exchanges Abstract The increase in competition of stock exchanges, due mainly to the transformation of the securities markets, has led to mergers, technological agreements among existing exchanges, price wars, takeovers, and the creation of new exchanges, even within the same country. Recently, exchanges have also faced competition from quasi-exchanges, which are also known as ECNs. They not only free-ride on the process of listing given that they generally trade only securities listed on other exchanges, but also on the price-discovery process facilitating members of exchanges to direct trade to them. ECNs are increasingly cannibalizing the businesses of the existing stock exchanges. The evolution of new financial instruments, the falling monopoly of banks as a source of direct funding to borrowers and of direct investment for investors, the tremendous improvement in information technology, and a greater financial culture among common people as well as the fluctuations in interest, price, and exchange rate due to the oil crises have caused the increasing importance of securities markets in the financial system. As the capital markets become increasingly globalized, investors have more choices and are demanding better trading facilities, market efficiency and quality from stock exchanges. To meet challenges, exchanges have to accelerate the construction of the market information infrastructure, rivalry among Europes stock exchanges emphasizes more on cooperation of trading technology than anything else. In Asia, the concept of forming a full financial service group within each market is the main consideration. Exchanges have recognized that faced with the challenge to respond commercially to competitors, they needed to become traded companies themselves. The underlying assumption is that, in the long run, only the most efficient exchanges should survive, trading stocks from other European countries and offering the most innovative and competitive financial instruments. Table of Contents (Jump to) I Abstract.. 2 II List of Abbreviations. 5 1. Introduction 6-11 2. Review of Literature 2.1 What is an Exchange. 12-16 2.2 Globalisation of Financial Markets 17-20 2.3 Nature of Competition of Stock Exchanges.. 20-24 2.4 The Effects of Increasing Competition among Stock Exchanges. 24-25 2.5 Revolutionary changes of Technology in the Securities Market.. 26-29 2.6 Integration of Stock Exchanges 29-30 2.7 Theoretical Influences 31-37 3. Methodology 3.1 Aim of the Project. 38 3.2 Objectives of the Project 38 3.3 Why I am Interested in this Topic. 39 3.4 Background 39-40 3.5 The General Approach.. 40-41 3.6 Data Collection.. 41-43 3.7 Criticisms of the Sources 43-44 3.8 Validity.. 44 3.9 Reliability.. 44-45 4. Qualitative Analysis 4.1 Analysis of Industry Dynamics. 46-56 Case Studies 4.2.1 International Exchange- LSE- A Prototype of Horizontal Merger 57-61 4.2.2 Hong Kong Stock Exchange A Typical Model of a Vertical Merger. 62-66 4.3 Implications and Discussion.. 66-69 5.0 Conclusion70-72 Appendices Appendix 1 Interviewees Questions74 Appendix 2 Interview Key Points.. 75-77 Appendix 3 Future Strategies of LSE HKSE. 78-80 Bibliography 81-87 List of Abbreviations ECNs Electronic Communication Networks ISD Investment Service Directive EU European Union iX International Exchange LSE London Stock Exchange DB Deutsche Borse NYSE New York Stock Exchange PSE Philippine Stock Exchange PB Paris Borse SGX Singapore Exchange TSE Tokyo Stock Exchange SEC Securities and Exchange Commission CCASS The Central Clearing and Settlement System HKFE Hong Kong Futures Exchange HKSCC Hong Kong Securities Clearing Company Limited 1. Introduction There are currently about 250 institutions recognized as exchanges in the world, and both individually and collectively they play a critical role in most national economies and also at a global level. They provide cash, futures, options and other forms of derivatives, markets for all major commodities and assets traded in the world. Competition among stock exchanges, both national and international, is a recent phenomenon. Until some decades ago, it was difficult to think of exchanges as firms that produce and sell goods to customers and compete among themselves. Traditionally, exchanges were seen either as public entities or as formally private bodies, deeply regulated by public rules. In both cases, they were often legal monopolist, given the special nature of their activity that very much resembled that of a public good. There was an era when exchanges were natural monopolies (Steil, 1996b), yet nowadays they no longer enjoy a monopoly in the provision of many of their services. When its members owned a monopolistic exchange, it did not have the incentive to maximize its profits because members in charge were prohibited from taking any distribution of profits from the exchange. Exchanges increasingly realize that if they have to compete like firms whose goal is to maximize shareholders wealth, they have to demutualise to turn a member-owned company into a stock company. Exchanges have never been considered as firms, but now they have reformed to become commercially driven corporations. To understand the firms view of an exchange, it is necessary to redefine what an exchange is, what its products are, where its revenues come from and who its customers and suppliers are. Exchanges are special kinds of firms that provide listing, trading and price dissemination services. Direct customers involve listed companies and those, which desire to go public, information providers and intermediaries that trade on the exchange. Intermediaries trade on behalf of both individual and institutional clients who are indirect customers of an exchange. Suppliers are network providers. Listed companies have a dual capacity as suppliers of information and shares for trading. The primary objective of this dissertation is to analyse the competition and integration strategies of stock exchanges like firms. The dissertation focuses on: 1. Industry dynamics of stock exchanges; 2. Evolution of stock exchange mergers; 3. Integration strategies; and 4. Future consolidation trends. Advances in technology have further accelerated the globalization trend. In particular remote access to trading systems, implying that the services offered by stock exchanges can now be accessed from anywhere, including firms having their stocks traded on international exchanges while still being easily accessible to local investors. This type of arrangement is likely to develop a competitive environment, where the most efficient exchanges will eventually win the confidence of investors, traders and companies (Cybo-Ottone, Di Noia and Murgia 2000). The structure of the European stock-exchange environment is changing rapidly. Almost every day, there are new alliances between stock exchanges, stock exchange privatizations, Internet exchanges and electronic exchanges, as well as online brokers, etc. appear in the media. The changes are driven primarily by intensified competition, which is related to the deregulation of stock exchanges, technological progress and the increasing internati onalization of the securities markets. Competition takes the form of existing exchanges and electronic communication networks (ECNs). The increase in competition of stock exchanges, due mainly to the transformation of the securities markets, has led to mergers, technological agreements among existing exchanges, price wars, takeovers, and the creation of new exchanges, even within the same country. Recently, exchanges have also faced competition from quasi-exchanges, which are also known as ECNs. They are parasites on stock exchanges. They not only free-ride on the process of listing given that they generally trade only securities listed on other exchanges, but also on the price-discovery process facilitating members of exchanges to direct trade to them. ECNs are increasingly cannibalizing the businesses of the existing stock exchanges. Mergers have been one of the most probable strategic interactions among stock exchanges. The concept presented here is drawn upon the network externality literature. Exchanges can be regarded as networks in which an increase in the size of the network leads to an exponential increase in the networks value (Shapiro Varian, 1999). In other words, larger networks are more attractive to users than smaller ones. Castells (2000) links a network to its connectedness and consistency. When firms decide on a listing exchange, they choose the one that is connected by the largest number of intermediaries and one that consistently provides the greatest liquidity. In Europe, the pressure for consolidation among stock exchanges has been the arrival of the euro. The full implementation of the Investment Service Directive 1992 (ISD), which allows its members to gain remote access throughout the European Union (EU), further facilitates the financial market integration in the region. The European Securities Forum is promoting the model of horizontal merger. In this model, national exchanges integrate along three functional levels trading, clearing and settlement, and custody. Each market participant can gain access to a range of pan-European services through a single point of entry. The proposed formation of International Exchange (iX) from London Stock Exchange (LSE) and Deutsche BÃ ¶rse (DB) and the recent establishment of Euronext (the merged entity among the exchanges of Paris, Amsterdam and Brussels) are outcomes of this model. An analytical framework will be provided to analyze industry dynamics and integration strategies. The models used include Porters Five Forces Model, Network Society and Ansoffs Product-Market Matrix. These models are utilized to explain how exchanges determined their merger motives and developed integration and consolidation strategies. Given the rapidly evolving nature of the industry, a total of 5 interviews were conducted with members of the London Stock Exchange and Hong Kong Stock Exchange, investment banks/brokerage firms. Primary data sources were based on the interviews. Secondary data sources included academic journals, books, newspapers and working papers. The deliverable is this report, which includes the literature review, findings and discussions, and two case studies. The implementation followed a traditional approach project specification, literature research, fact finding and investigation, case analysis and evaluation, and finally, report writing. The first finding from the interviews is that merger is a clear strategic option for exchanges. This strategy can achieve economies of scale, network externalities, improve profitability and enhance efficiency in the decision-making process and order routing facilities. In particular, a cross-border merger between two exchanges is made possible in Europe with the support of the financial markets harmonization. The second finding is that a merger brings about two patterns of convergence: vertical merger and horizontal merger. The former depicts that exchanges integrate to form a full financial service group offering the trades of a wide variety of financial products such as stocks, options, futures and other derivative products. The latter describes the merger of specialized exchanges, the outcome of which creates compatibility, a concept in that intermediaries trading in one exchange are offered remote access in other member states, with reciprocity and without further requirements. The third finding is that the existence of national regulatory regimes, deeply embedded in their corresponding regulators, constrains further inter-exchange alliance or merger. The ultimate goal to have a supranational regulator that imposes its own standards on the globe is unlikely to happen in the near future. The fourth finding is that the single price and time priority is not an issue in an order-driven market such as Hong Kong Stock Exchange and the London Stock Exchange. In contrast, in a quote-driven mechanism such as Nasdaq, each market maker is itself an execution centre though operating within certain parameters set by the National Association of Securities Dealers (USA). In quote driven or hybrid environments, there creates space for the development of ECNs. The growth of ECNs is gradually threatening to replace quote-driven trading systems. The fifth finding forms an interesting consensus regarding the motives of investors who choose to trade on an ECN. Investors are not able to differentiate the functionalities of a trading system of stock exchange and that of an ECN as long as they can execute their orders at the best possible price. Competition only on price is inadequate for an ECNs survival. They lack the competencies in attracting liquidity and information dissemination. This dissertation is organised as follows: Section 1 defines an exchange as a firm; Section 2 analyses the existing competition and integration of stock exchanges in Asia and in Europe; Section 3 uses Porters Five Forces and network externalities to shape the industry dynamics; then it utilizes Ansoffs Product-Market Matrix to determine the strategic choice of a stock exchange; Section 4 presents the interview framework and cites opinions to analyse the two case studies: London Stock Exchange and the Hong Kong Stock exchange; and Section 5 further develops the findings and links them with the theoretical framework and literature review. 2. Review of the Literature 2.1 What is an Exchange? A stock exchange has two principal functions. The first is the listing of securities. The stock exchange must approve prospectuses for the eligible securities and also administer the statutory information obligations imposed on the issuers. Secondly, the stock exchange is a marketplace for its members to trade the listed securities. Previously, the brokers gathered physically on the floor where the price was fixed by auction. Today, most stock exchanges have introduced electronic trading systems in some form or other, so it is no longer necessary for the brokers to be physically present at the stock exchange. Stock exchanges can be seen as a market, not too much different from the one that fruits and vegetables are traded on. They operate according to the laws of supply and demand and the most successful, whilst having reasonable regulation, will be constantly changing and developing their market operations. Domowitz has given a comprehensive definition, stating: An exchange is a trading system that must: Provide trade execution facilities Provide price information in the form of buy and sell quotations on a regular or continuous basis Engage in price discovery through its trading procedures, rules or mechanisms Have either a formal market-maker structure or a consolidated limit order book or be a single price auction Centralize trading for the purpose of trade execution Have members Exhibit the likelihood, through system rules and/or design, of creating liquidity in the sense that there be entry of buy and sell quotations on a regular basis, such that both buyers and sellers have a reasonable expectation that they can regularly execute their orders at these quotes An exchange is generally described by regulatory authorities as an organization, association, or group of persons that provides a marketplace for exchanging securities between purchasers and sellers. Traditionally, an exchange is owned by members who are also intermediaries. Under a member ownership structure, members did not have the incentive to invest in the exchange infrastructure including technology and trading facilities because returns from these investments could not be distributed to them. The lack of motivation undermined the profitability of an exchange and hence its competitiveness. In addition, intermediaries trading on a monopolistic exchange were subject to higher prices. They passed the increased costs of operations onto their customers. Therefore members were reluctant to vote for an increase in transaction levy. Hansmann (1980) notes that: The nonprofit producer, like its for-profit counterpart, has the capacity to raise priceswithout much fear of customer reprisal; however it lacks the incentive to do so because those in charge are barred from taking home any resulting profits. As time has gone by, exchanges have had to compete in the global market to attract quality companies to list and intermediaries to trade; many of them have converted their member ownership structures into a stock company by means of demutualisation. Under the plan of demutualisation, members are issued shares of the exchange. They become shareholders of the exchange and therefore can be eligible for profit distribution. Since then, exchanges have reformed to become commercially driven corporations whose goal is to maximize shareholders wealth. 2.1.1 Products Stock exchanges cannot only be perceived by the function they fill in an economy, they can also be viewed as a firm, producing a product. The product is the creation of a market in financial instruments, thus leaving the property of the price information produced with the stock exchange. More specifically the products a stock exchange offers encompass: listing, trading, price-information services and clearing settlement, the percentage of which are shown in Table 1. The distribution of revenues from these various offerings shows that the focus lies mostly on listing and trading, as other services are not always part of the offering. Table 1 Fees Europe % N. America % Listing 19.3 32.1 Trading 45.1 39.7 Services 24.4 22.6 Other 11.2 5.7 The firm view focuses on the production and profitability of an exchange. Mulherin et alii (1991) defines a financial exchange not as a market, as it normally is, but as a firm that creates a market which is characterized by the use of financial vehicles. Lee (1998) suggests that a security market be regarded as a firm that produces goods: listing, trading of securities, clearing and settlement services, price information dissemination, and research. In this dissertation, the aspect of the provision of settlement services is omitted because many of the exchanges either dismiss it or do it by a separate entity. The dissertation considers the exchange as a producer of listing and trading services, given that the network externalities effects created by listed companies and intermediaries are the main focus. 2.1.2 Revenues The revenues from listing and trading are in general fees, both initial and annual. Services include Settlement Clearing and price-information services. Thus the trading services offered by a stock exchange can be structured in three parts: the object traded (issued by some entities that generally pay a fee to have it listed), the means of trading (trading facilities, computers, a computerized floor, settlement) and price dissemination. The listing and trading and related services can be segregated and tagged as the front-end of stock exchanges. Clearing and settlement is the unglamorous bit after equities or bonds are traded on an exchange. A clearing house ensures that buyer and seller have the cash and securities to do the deal; a securities depository settles the trade by moving the securities from one account to another. The profitability of an exchange establishes the extent to how successful it is in attracting order flow and in attaining the ability to generate revenues (Lee, 1998). Order flow implies the liquidity of the market and the trading volume that includes the number of trades over a specified period and the total value of the shares traded. It directly and indirectly generates revenues for an exchange. The direct effect comes from an exchanges receipts for transaction services, which are dependent on the number of trades it executes. The indirect effect exists because the trading volume reported on an exchange is regularly used as a marketing tool to attract new listings to the exchange. 2.1.3 Customers An exchange has direct and indirect customers: Direct customers include listed companies and those which desire to go public; both pay for their use of listing services. They also include intermediaries who pay to be admitted to trading; and information providers who pay to have terminal access and the right to disseminate price information. Indirect customers are individual and institutional entities that send orders to intermediaries for execution on an exchange. They can either trade through an intermediary or via the Internet. In both cases, they take into account the quality of the exchange, price factors and transaction cost. Market microstructure, such as liquidity, price discovery, or immediacy, and reputation and fiscal regulation all influence their choices. Other income includes share registration service fee income arising from initial public offerings. 2.1.4 Suppliers Listed companies are also suppliers because they provide the information and the shares for trading. Another type of suppliers is the network provider who provides physical connectivity services on an exchange infrastructure. The above describes an exchange as a firm; globalization of financial markets and competition of exchanges have caused the transition of an exchange from a market to a firm. 2.2 Globalisation of Financial Markets Since 1980, cross-border securities transactions have grown very rapidly. A quarter of stock market trades worldwide involved either a foreign security or a foreign counterparty by 1988 (Howells and Bain, 2000). Between 1989 and 1995, estimated global turnover in foreign exchange more than doubled. With the formation of the European Union, cross-border trading in Europe is growing in popularity. The introduction of the euro and a wider acceptance of equity as a financing tool are encouraging investors in Europe to engage in more cross-border transactions in search of profit-making opportunities. Yet despite the appeal of cross-border trading, most stock exchanges in Europe are national institutions that trade only local, country-specific stocks. This market structure appears to be changing, however, as an increasing number of stock exchanges are attempting to operate across national borders. A Transaction Survey done by Hong Kong Stock Exchange in 2000 indicated that overseas investors (mainly institutions) had significantly increased their participation in the Hong Kong market. In Europe several ambitious initiatives have been undertaken of late to create, through mergers or other consolidations, pan-European exchanges that offer trading in stocks from many European countries. The establishment of these exchanges will likely lead to important benefits for the financial markets. For example, a standardization of trading platforms across exchanges, an increase in market liquidity, and a reduction in market fragmentation potential by-products of consolidationcould help minimize the costs and problems associated with cross-border trading in Europe. Despite the persistence of protectionism and restrictions to free trade, markets for goods and services are becoming increasingly globalized (Castells, 1996). Financial institutions are extending their activities either by developing new products or by penetrating new markets in response to growing competition. They are also widening their customer base to benefit from economies of scale and scope. Expansion occurs both within national boundaries, and also across borders to establish presence in international markets. Globalization of markets has been made possible in the late twentieth century by new communication and transportation technologies allowing for more efficient delivery of information, goods and services. 2.2.1 Europe: Vision to Become a Pan-European Financial Market The concept of harmonization of financial regulations to establish a single financial market across the EU was brought out since the 1957 Treaty of Rome when it established the European Economic Community (EC) (Howells and Bain, 2000). Extensive liberalization of financial markets was seen in the 1960s regarding direct investments, commercial credits and the acquisition of securities on foreign stock exchanges. A genuine single financial market across the EU extended to include the securities markets and the insurance services industry. In 1979, the Directive Co-ordinating the Conditions for the Admission of Securities to Official Stock Exchange Listing allowed companies to list their shares or raise capital on other EU stock exchanges. The ISD, based on the Single European Act principles, applied the single passport principle to non-bank investment firms, removing barriers to both provision of cross-border securities services and the establishment of branches throughout the EU for all firms. It also liberalized the rules governing access to stock exchanges, and financial futures and options exchanges. Mutual recognition and home-country control for all security firms and banks performing investment services were shared among all member states. As with other financial services, the insurance industry saw the promulgation of certain directives; all established the right for companies to operate in other member states. The Euro launch as a common currency on 1 January 1999 by 11 European nations has been considered a step toward Europes economic convergence. Euro facilitates to establish shared, centralized accounting and administrative systems dramatically reduce currency exchange costs and increase price transparency for the member countries. Even non-members dealing with member countries may also benefit from greater price transparency when dealing with one, rather than a number of different, currencies (Geradine, 2000). As discussed above, globalization has become a major driver of change, which was confirmed by rapid growth in cross-border portfolio investment and cooperation of markets 2.2.2 Asia: Evolution of Strategic Alliances and Cooperation Asia Pacific saw the frantic pace of exchange alliances and cooperative arrangements. Most recent examples include: On 1 February 2000, HKSE jointly agreed with Nasdaq to launch the NASDAQ AMEX Pilot Programme for the trading of seven global securities (Amgen, Applied Materials, Cisco Systems, Dell, Intel, Microsoft and Starbucks) in Hong Kong. These shares can be traded and settled in Hong Kong dollars following the standard T+2 (the second trading day following the transaction) settlement period. Memorandum of Understanding among various countries were signed to facilitate information sharing and cooperation of regulatory matters: examples are Jakarta Stock Exchange and the Amsterdam Exchange; The Singapore Exchange and the Australian Stock Exchange; The Stock Exchange of Thailand and the Tokyo Stock Exchange. In Japan, The Osaka Securities Exchange signed a Business Cooperation Agreement with Nasdaq Japan Inc. to establish the Nasdaq Japan for acceptance of listing applications on the Nasdaq-Japan market. Another collaboration accord was signed between The Tokyo Stock Exchange and the Korea Stock Exchange for the effective management of their operations and better investor protection, which allowed for useful information swap regarding promotion of stock investment and supervision of market activities. 2.3 Nature of Competition of Stock Exchanges The evolution of new financial instruments, the falling monopoly of banks as a source of direct funding to borrowers and of direct investment for investors, the tremendous improvement in information technology, and a greater financial culture among people as well as the fluctuations in interest, price, and exchange rate due to the oil crises have caused the increasing importance of securities markets in the financial system, both as regulated exchanges and over the counter (OECD, 1996). New theories of financial intermediation (Allen and Santomero, 1996; Allen and Gale, 1997) underline the importance of the markets in such a way that all intermediaries (banks, mutual funds, etc.) perform a risk-management activity in between borrowers and lenders on one side and markets on the other, providing a kind of risk insurance. In spite of that, banks and markets can still coexist (Boot and Thakor, 1997). Th

Microbes in the Antarctic Continent Essay -- Biology, Microorganism

Microbes in the Antarctic continent play an important role in the ecosystem function and sustainability. The variation in snow and ice covers in Antarctic continent markedly affects all ecological variables including the composition of microbial assemblages and their function (Quayle et al., 2002). Minor changes in the global climate could significantly affect the ice and snow melt regimen in this continent. Therefore the Antarctic ecosystem is considered to be a good ecological indicator for the global climate change (Walther et al., 2002). Since 1961, an increase in 1Â ºC temperature from -11Â ºC to approximately -10 Â ºC) in Schirmacher Oasis has been recorded (http://south.aari.nw.ru/data/data.asp?lang=0&station=1). This may have resulted in an increased melting of snow, glacial and continental ice thereby affecting the lacustrine systems in Schirmacher Oasis. It is possible that Lake Tawani(P), which initially existed as a low-catchment depression, progressively filled with w ater from glacial ice and snow melts through visible surface channels and eventually become a permanent landlocked freshwater lake with a thriving microbial ecosystem (Figure 1). Although over 100 freshwater lakes in Schirmacher Oasis harbor a rich microbial consortium, only a few lakes have been subjected to the study of the microbial diversity. Our results revealed that analysis of the 16S rRNA gene sequence of the culture-independent community DNA had a better coverage of the diversity of the bacteria in the samples. Overall, the 16S rRNA gene analysis resulted in the identification of 8 different phyla, 20 different genera including two clones from the Candidate OP 10 groups. Interestingly two genera, Sphingomonas and Janthinobacterium were found to be comm... ...intermixing of some of the lake waters with the snow and ice melt through channels that connect them. Therefore the dynamic microbial ecosystem at the Schirmacher Oasis lakes is driven by the interaction between the annual weather events and microorganisms inhabiting in these lakes. In this study, we describe the bacterial diversity in a previously unexplored freshwater Lake Tawani (projected) [described here in Lake Tawani(P)] using culture-based and culture-independent methods. We have targeted the bacterial conserved segments of the 16S Small Subunit ribosomal RNA gene (described here in 16S rRNA) and the rpoB gene that code for the ÃŽ ²-subunit bacterial RNA polymerase. Investigating the microbial diversity of the lakes especially those connected through channels will help understand the dynamic nature of the freshwater lake ecosystems on the Antarctic continent.

Buddhism and the Matrix Essay -- essays research papers

The One In the film The Matrix Keanu Reeves plays Thomas A. Anderson, who is a man living a double life. One part of his life consists of working for a highly respectable software company. The second part of his life he is a hacker under the alias "Neo." One day Neo is approached by Morpheus (Laurence Fishburne) and is taught that everything he thought was real was actually The Matrix, a computer program developed by machines in order to use human beings as batteries. Morpheus has been searching his whole life for â€Å"the one† to end the war between the humans and machines. Morpheus feels Neo is the chosen one, the one who will set everyone free from the Matrix. Neo is reluctant to accept this responsibility, but through various mission and encounters he realizes that he is capable of this feat and allows himself to embody what is to be considered â€Å"the one.† Within the storyline of The Matrix there are many signs of Buddhism. The first of which is the idea of Samsara. Samsara is the process of death and rebirth, characterized by suffering, in which all beings are caught (Strong, 370). Suffering is a result of unawareness and yearning, which keeps humans locked in an illusion until they are able to recognize that their reality is false and they are able to renounce this false sense of self. This is related to the matrix because Morpheus explains it to be merely a â€Å"mental projection of your digital self,† and ...

Research Plan Essay

As part of your research plan, you must first draft a research question for your research paper that will guide the rest of your writing. A research question, which is more specific and focused than a general topic, is the question that your research paper will be answering. For example, if your general area of interest is Social Security, a possible research question might ask â€Å"How could low-income families save more money if the United States had a reformed Social Security plan that included personal retirement accounts? † As you develop a research question, keep in mind that you will need to research sources to support your topic. Do not pick a one-sided question that will limit your research. Instead, develop a research question that lends itself to further exploration and debate—a question you genuinely want to know the answer to. Try to pick a research question that is not too broad (covering too much) or too narrow (covering too little). It should be broad enough to be discussed in a short research paper. What is your general topic or area of interest? Recycling What is it about your general topic of interest that interests you? The topic of recycling interests me because there are some cities that so not make recycling a priority and I believe it is important to preserve for future generations. What questions do you have about the topic that you would like to investigate? List them. What is the history of recycling? What is being done in school systems to promote recycling? What are the benefits of recycling? What can be done in cities where recycling is not a priority to make residents recycle? The effects if recycling is not made a priority. What are the financial benefits to a community where recycling is a priority? Would any of the questions you listed about the topic make a good subject for a research paper? Pick or adapt one question and make it into a research question. What are the benefits of recycling? Why do you think this research question is appropriate for a research paper? I think this is an appropriate question for a research paper because there are many benefits with much information of the benefits. How is your research question significant or relevant to a wider community? My research question is relevant to a wider community because it is a worldwide issue in today’s society with much room for improvement. What background information provides the preliminary grounds for your research? I was shocked at how many people I have come to know that do not make it a priority because it is simply easier to toss it away. What are some expert or authoritative sources of information on this research question? The University of Phoenix library What type of materials will you need to review for your research paper? Plenty of articles to support the bases of my paper. What procedures will you follow to conduct your research? I will need to further brain storm and take notes on the articles I will be using for my paper and conpilling several other sources to ensure I have enough material to use. What difficulties do you anticipate in conducting your research? There is plenty of research out there and I need to cut it down to what is most important and relevant to what I am writing. Write a 250- to 300-word paragraph summarizing your reearch plan. Include the following: †¢The topic you have chosen for your final project. †¢What you hope to learn from your research. †¢What aspect of your topic you plan to focus on in your research and writing. This paragraph is just an intro of sorts. Don’t begin with â€Å"The topic I have chosen, or My topic is †¦ † — write in 3rd person (he, she, it, or in general terms) Recycling is a relatively new concept with very few states enforcing this as a law. Although recycling has only been around for about forty years it has come a long way in how it is viewed by many people and states. People across the country have now come to see the long term benefits to recycling and how it will benefit our society by reducing their carbon foot print and how it benefits the environment. While recycling has made big strides there is still much room for improvement with public awareness. There has been a big push in elementary schools recently, children are being taught from a young age, the benefits of long term recycling. There are many states such as California and, Oregon requiring deposits when purchasing drinking beverages to promote recycling by its residents, regardless if the person lives there or not, the deposit must be paid. This is just an example of ways other states are making recycling a priority. By being vigilant and constantly making recycling a priority we can reduce the amount of waste in landfills each year thus eliminating the effects of global warming and the release of methane emitted into the atmosphere and the pollution of the waterways. By committing to recycling not only is there a benefit to the environment but there can be other ways recycling can contribute to a community financially. By implementing an efficient program recycling can yield great profits. Now more than ever it is so important to make recycling a priority. Its imperative that we create a future, for the future generation to enjoy and if not made a priority children of the future will suffer.

Singer vs Regan

Environmental Ethics: Singer vs Regan Environmental ethics is defined: as a part of philosophy which considers extending the traditional boundaries of ethics from solely including humans to including the nonhuman world (Wikipedia). For example, this includes the preservation of plants and an increase of animal rights. Peter Singer and Tom Regan both argue that animals need a greater voice than their own in the debate of ethical treatment.Despite their very different philosophical views, Singer and Regan want a similar outcome when dealing with environmental ethics it today’s society. Peter Singer, an Australian philosopher, takes a utilitarian view on nonhuman liberation. In other words actions should be judged strictly by their consequences. For example if an action benefits the largest number of individuals, over a lesser number, then that action must be good.His central view is that moral consideration should be given to all living things but that â€Å"†¦does not mea n treating them alike or holding their lives to be of equal value (Singer p. 58). Singer adds that â€Å"We may recognize that the interests of one being are greater than those of another, and equal consideration will then lead us to sacrifice the being with lesser interest, if one or the other must be sacrificed† (Singer p. 58). This as a whole sounds brutal but on the positive end of moral consideration is that interest shared by both humans and nonhumans have to be given equal weight.Singer argues that â€Å"We can now draw at least one conclusion as to how the existence of nonhuman living things should enter into our deliberations about actions affecting the environment: Where our actions are likely to make animals suffer, that suffering must count in our deliberations, and it should count equally with a like amount of suffering by human beings, insofar as rough comparisons can be made† (Singer p. 59). He adds that the conclusion of making these choices will be con troversial but there will be a clear cut winner. On the opposite end of the spectrum, Tom Regan is an American philosopher that takes a much different view.He argues that not only humans have rights but animals have rights as well. Regan adds that â€Å"To be for animal welfare, as distinct from merely being against animal cruelty, is to believe that we may have a duty to improve the quality of animal life, by ensuring – so far as this is possible – that other animals are the beneficiaries of what is good for them not merely that we should avoid being cruel to them† (Regan p. 66). He emphasizes that â€Å"The welfare of nonhuman animals is important. But it is not the only thing that is important† (Regan p. 67).Regan’s aim is to simply abolish, not reform, the current system of human and nonhuman relations. He argues that it is morally wrong for humans to use animals for their needs, stating that this action, as a result, deprives animals of their individual rights. Regan asserts that all animals have intrinsic value because they have feelings, desires, and preferences. As a result of his beliefs Regan feels that the animal rights movement is no different than the human rights movement. Peter Singer and Tom Regan have similar goals concerning environmental ethics but have much different approaches.Singer takes a utilitarian view stating that the best solution to a moral problem is the one with the best likely consequences for the majority concerned. While on the other hand Regan takes a deontological approach to animal rights. He basis his reasoning on that like humans, animals have an understanding of the world and know what they desire from life. One problem that is worth pointing out between Singer and Regan is the loophole concerning endangered species. Singer does not look at individuals he looks at a group. With endangered species the group is small and therefore does not carry a large voice in conservation.On the other hand Regan cannot argue for the group that is endangered but only the individual that is in question. As a result endangered species are left is constant feeling of limbo waiting for a definite answer on their place in society. Despite the differences between Peter Singer and Tom Regan they are both in agreement that some action needs to take place. The world would continue to crumble around us if it was not for two great philosophers willing to put their reputations on the line for the greater good for both humans and nonhumans. Environmental Ethics, ed. Andrew Light and Holmes Rolston III. Singer vs Regan Environmental Ethics: Singer vs Regan Environmental ethics is defined: as a part of philosophy which considers extending the traditional boundaries of ethics from solely including humans to including the nonhuman world (Wikipedia). For example, this includes the preservation of plants and an increase of animal rights. Peter Singer and Tom Regan both argue that animals need a greater voice than their own in the debate of ethical treatment.Despite their very different philosophical views, Singer and Regan want a similar outcome when dealing with environmental ethics it today’s society. Peter Singer, an Australian philosopher, takes a utilitarian view on nonhuman liberation. In other words actions should be judged strictly by their consequences. For example if an action benefits the largest number of individuals, over a lesser number, then that action must be good.His central view is that moral consideration should be given to all living things but that â€Å"†¦does not mea n treating them alike or holding their lives to be of equal value (Singer p. 58). Singer adds that â€Å"We may recognize that the interests of one being are greater than those of another, and equal consideration will then lead us to sacrifice the being with lesser interest, if one or the other must be sacrificed† (Singer p. 58). This as a whole sounds brutal but on the positive end of moral consideration is that interest shared by both humans and nonhumans have to be given equal weight.Singer argues that â€Å"We can now draw at least one conclusion as to how the existence of nonhuman living things should enter into our deliberations about actions affecting the environment: Where our actions are likely to make animals suffer, that suffering must count in our deliberations, and it should count equally with a like amount of suffering by human beings, insofar as rough comparisons can be made† (Singer p. 59). He adds that the conclusion of making these choices will be con troversial but there will be a clear cut winner. On the opposite end of the spectrum, Tom Regan is an American philosopher that takes a much different view.He argues that not only humans have rights but animals have rights as well. Regan adds that â€Å"To be for animal welfare, as distinct from merely being against animal cruelty, is to believe that we may have a duty to improve the quality of animal life, by ensuring – so far as this is possible – that other animals are the beneficiaries of what is good for them not merely that we should avoid being cruel to them† (Regan p. 66). He emphasizes that â€Å"The welfare of nonhuman animals is important. But it is not the only thing that is important† (Regan p. 67).Regan’s aim is to simply abolish, not reform, the current system of human and nonhuman relations. He argues that it is morally wrong for humans to use animals for their needs, stating that this action, as a result, deprives animals of their individual rights. Regan asserts that all animals have intrinsic value because they have feelings, desires, and preferences. As a result of his beliefs Regan feels that the animal rights movement is no different than the human rights movement. Peter Singer and Tom Regan have similar goals concerning environmental ethics but have much different approaches.Singer takes a utilitarian view stating that the best solution to a moral problem is the one with the best likely consequences for the majority concerned. While on the other hand Regan takes a deontological approach to animal rights. He basis his reasoning on that like humans, animals have an understanding of the world and know what they desire from life. One problem that is worth pointing out between Singer and Regan is the loophole concerning endangered species. Singer does not look at individuals he looks at a group. With endangered species the group is small and therefore does not carry a large voice in conservation.On the other hand Regan cannot argue for the group that is endangered but only the individual that is in question. As a result endangered species are left is constant feeling of limbo waiting for a definite answer on their place in society. Despite the differences between Peter Singer and Tom Regan they are both in agreement that some action needs to take place. The world would continue to crumble around us if it was not for two great philosophers willing to put their reputations on the line for the greater good for both humans and nonhumans. Environmental Ethics, ed. Andrew Light and Holmes Rolston III.

B-2 Spirit Stealth Bomber

As we look back our history, we have observed that there are various wars taking place amongst nations because of some reasons. One of these reasons might be terrorism attacks, just like what happened in 9/11 or territorial disagreements. And because of this perilous condition, governments that are under attacks really spend millions of dollars and look for means in order to invent a long-range strike aircraft to make sure that they will not be defeated in the combat and to secure the safety of its citizenry. But is it worth it? Is it right that our government spends bigger budget for the innovation of these combat aircrafts?It is believed that an innovative, long-range bomber force is significant for the security of the long-range national security of America. The current assessment shows that there is a specific amount of money that is intended for the combat aircraft. And for every dollar added and spent for the aircraft acquisition, the amount was taken from the fighter program. Every year, the government of United States of America spends $ 3 billion for the peacekeeping (see Spencer, Jack. â€Å"Achieving Balance in America’s Long-Range Strike Aircraft Capabilities†).This scenario would only shows that our government is spending a lot of money for our safety as citizens of the United States of America. In addition, our government allocates its own budget, funds from fighter program, for the innovation of B-2 Spirit Stealth Bomber. One of these high-tech stealth aircrafts is the B-2 Spirit Bomber. The B-2 Spirit, created by the Northrop Grunman, is a multi-role stealth aircraft or a fighter plane that is capable of dropping conventional and nuclear munitions. The B-2 is very costly and expensive plane compared to any fighter plane.It was estimated that the costs of each aircraft will range from USD 1. 157 billion up to USD 2. 2 billion. The stealth technology was invented in order to help the aircraft infiltrate defense force previously impas sable by combat aircraft. During the last part of 1980s, the innovative procurement of 135 combat aircraft was subsequently reduced. President George H. W. Bush, during in his 1992 State of the Union speech, promulgated that the total B-2 production will be reduced to 20 aircraft but subsequently added 1 by â€Å"refurbishing a test aircraft† (see â€Å"B-2 Spirit†. Wikipedia, the free encyclopedia.November 16, 2006). This would mean that the government of United States of America is anticipating any attack because it is preparing innovative stealth aircraft. The intents of this paper are to: (1) understand what B-2 Spirit Stealth Bomber really is; (2) know about its mission and; (3) learn about the benefits of stealth aircraft designs. II. Background A. B-2 Spirit Stealth Bombers As mentioned earlier that B-2 spirit stealth bomber is capable of dropping conventional and nuclear weapons. Its stealth has the capacity to infiltrate the enemy’s most high-tech and a dvanced defenses.Moreover, Northrop Grumman is the first and major contractor for the US Air Force B-2 Spirit Bomber. The B-2 is characterized as â€Å"low-observable, strategic, long-range, heavy bomber† that is able to infiltrate advanced defenses. It is able and efficient of â€Å"all-altitude† attack missions. Its distinct profile originates from the distinctive ‘flying wing’ construction (see â€Å"B-2 Spirit Stealth Bomber, USA†). Its capacity to infiltrate air defenses and threaten efficient retaliation gives an efficient deterrent during the 21st century.The B-2 development program was started in 1981and the Air force was approved in 1987 to start obtaining of 132 operational b-2 aircraft, mainly for strategic and planned bombing missions. With the downfall of the Soviet Union, the operational emphasis of B-2 development was altered to conventional operations and the quantity was decreased to 20 operational aircraft and later added one more which served as test aircraft. In November 22, 1988, the first B-2 spirit stealth bomber was publicly exhibited when it rolled out at Air Force Plant 42, Palmdale, California. The initial flight took place in 1989 of July 17.Moreover, the B-2’s sole operational base is the Whiteman AFB, Mo. The Spirit of Missouri, the first aircraft, was produced in 1993 of December 17. The Air Force contractor support is responsible for depot maintenance of the B-2 and is supervised at the Oklahoma City Air Logistics Center at Tinker AFB, Okla. The major contractor, which is responsible for every system design and integration, is the Aircraft Systems Division of Northrop Grumman. The General Electric Aircraft Engine, Hughes Radar Systems group and Boeing Military Airplanes Co. are the prime members of the aircraft contractor team.In addition, Hughes Training Inc. (HTI) is another prime contractor that is liable for aircrew training devices while Link Flight Simulation Corp. Northrop Grumman and its main subcontractor are liable for advancing and incorporating all maintenance training and aircrew programs (see â€Å"B-2 Spirit’. November 30, 1999). III. Discussion The Northrop Grumman B-2 Spirit is very good in beating an air defense of the enemy. The B-2 is able to fly higher than 6,000 nautical miles before fueling again- higher than 10,000 miles in one refueling- as it carries 40,000 pounds of weapons.This remarkable and incredible ability of B-2 provides aircraft the capability to fly on anyplace in the globe and transport a variety of munitions not more than 24 hours. Basically, the B-2’s design can be tracked down back to the â€Å"flying wing designs† of Jack Northrop in 1940s. The integrated computer systems of the B-2 Spirit Stealth Bomber include more than 130 computers and approximately estimated up to â€Å"2 million lines of software code†. The B-2’s stealth would mean that the aircraft does not require an armada of suppo rt aircraft in order to achieve a mission (see â€Å"United States Air force†.2003). A. Its mission The B-2 Spirit â€Å"is a multi-role bomber capable of delivering both conventional and nuclear munitions†. An intense increase in technology, the bomber exemplifies a major indicator and an achievement in the U. S. bomber innovation program. The B-2 produces â€Å"massive firepower† to display, in awhile, anyplace on the world that is impassable defenses (see â€Å"B-2 Spirit†. June 2006). B. Benefits of stealth aircraft designs Stealth craft has been made to â€Å"absorb and deflect radar†- through stealth technology.These are not totally indistinguishable to radar; they are merely difficult to notice than conventional technology. Generally, the objective is to let a stealth aircraft to carry out its attack â€Å"while still outside the ability of the opposing system’s detection† (see â€Å"Stealth Aircraft†. Wikipedia, the fre e encyclopedia. November 4, 2006). In other words, the design of stealth bomber is capable in attacking an enemy’s defense without its system’s awareness. Stealth aircraft designs have several benefits but only two are enlisted below and these are as follows:?Raids on significant point targets, at the same time maintain a cover of plausible denial. Since the attack could not be identified, the stealth operator would basically refuse to say something and hope to keep away from war (see â€Å"Benefits of stealth aircraft designs†. Wikipedia, the free encyclopedia. November 14 2006). This would mean that stealth operator is trying to control the situation by not saying anything in order to avoid war. ? â€Å"Stationing stealth aircraft in a friendly country is a powerful diplomatic gesture.It emphasizes close relations between the allies and expresses high confidence in their governments and competence of security services, as stealth planes incorporate high techn ology and military secrets. The USA has stationed squadrons of F-117 Nighthawks in Britain† (see â€Å"Benefits of stealth aircraft designs†. Wikipedia, the free encyclopedia. November 14 2006). In other words that if the stealth aircraft is stationed to a particular country, an ally country, it develops a good relationship amongst allies and shows trust in its government’s governance. IV. ConclusionThe B-2 Spirit Stealth Bomber is a great help in our combatants. It is an advanced technology that totally helps the combatants to attack the enemy without any trace of detection. In 1981, the B-2 bomber started in the military’s secret-black budget. The Pentagon needed 132 planes but since there was no time anymore and the Soviet Union already failed, several members of the Congress started to be skeptical regarding the need for the B-2s. B-2 bombers are considered as the second generation stealth which was composed of carbon-graphite composites is not heavy a s the aluminum but more durable than steel.In November 22, 1988, Northrop and the Air Force rolled out the B-2 stealth Bomber in Palmdale, California. References 1. Spencer, Jack. â€Å"Achieving Balance in America’s Long-Range Strike Aircraft Capabilities†. http://www. heritage. org/Research/NationalSecurity/BG1706. cfm 2. â€Å"B-2 Spirit†. Wikipedia, the free encyclopedia. November 16, 2006. http://en. wikipedia. org/wiki/B-2_Spirit 3. â€Å"B-2 Spirit Stealth Bomber, USA†. http://www. airforce-technology. com/projects/b2/ 4. â€Å"Benefits of stealth aircraft designs†. Wikipedia, the free encyclopedia.November 14 2006. http://en. wikipedia. org/wiki/Stealth_aircraft#Benefits_of_stealth_aircraft_designs 5. â€Å"B-2 Spirit’. November 30, 1999. http://www. fas. org/nuke/guide/usa/bomber/b-2. htm 6. â€Å"B-2 Spirit†. June 2006. http://www. af. mil/factsheets/factsheet. asp? fsID=82 7. â€Å"United States Air force†. 2003. ht tp://www. is. northropgrumman. com/products/usaf_products/b2/b2. html 8. â€Å"Stealth Aircraft†. Wikipedia, the free encyclopedia. November 4, 2006. http://en. wikipedia. org/wiki/Stealth_aircraft#Benefits_of_stealth_aircraft_designs

Attitude Towards Work Essay

Attitude towards work and interpersonal relations as factor in job performance Statement of the problem: This study aims to determine the relationship of attitude towards work and interpersonal relations to the job performance of the employees. Specifically, this study seeks to answer the following questions: 1. What is the profile of the Employees in Drug Maker Company in terms of the following personal circumstances? 2.1 Age and Sex 2.2 Civil Status 2.3 Educational Attainment 2.4 Years of Experience 2. Do attitude towards work and interpersonal relations affect job performance? 3. To what extent do the work attitudes affect the job performance? 4. To what extent do the interpersonal relations affect the job performance? 5. What is the perception of the employees towards work attitude and interpersonal relation? 6. Is there any significant relationship between attitudes toward work, interpersonal relations and job performance? WORK ATTITUDE AND INTERPERSONAL RELATIONSHIP QUESTIONNAIRES Personal Information Name:________________________________________ Gender:MaleFemale Age: 20 yrs. and below 41-50 years 21-30 years 51 and above 31-40 years Civil Status: Single Married Widow Educational Attainment: High School Graduate College Graduate Course: _______________________________________________ Year of Experience: 1-5 years 6-10 years 11-15 years 16-20 years Others please specify: _____________________________________ Direction: Please check the appropriate answers to the item questions. The following are the symbols/letters use: SYMBOLS | | SD| Strongly Disagree| D| Disagree| SA| Strongly Agree| A| Agree| | SD D SA A| A. Work Attitudes:| 1. Your current hob is interesting and challenging.| | | | | 2. The qualifications you possess are appropriate and relevant to the job.| | | | | 3. The skills required match the tasks to be performed and consistent with the job description.| | | | | 4. The efforts demanded by the job are commensurate to the pay received.| | | | | 5. The responsibilities assumed in the job are well defined and clearly delineated| | | | | 6. The working condition (illumination, ventilation, temperature and humidity, etc.) in the office is conducive to work.| | | | | 7. There is close supervision by the office head to ensure efficiency of performance in the job assigned. | | | | | 8. You dislike your job and looking forward to a better employment elsewhere.| | | | | 9. The routine or daily task is dull, boring and monotonous.| | | | | 10. You consider work as something natural and necessary in life. | | | | | 11. The job provides you a sense of responsibility in performing the duties.| | | | | 12. A fee ling of satisfaction is attained as a result of completing the task (sense of achievement).| | | | | 13. The job offers opportunities for promotion in position as well as pay increase based on merits.| | | | | 14. The remuneration for the job position in just and position is just and fair with the nature of the work being undertaken.| | | | | 15. The interaction in the office among co-workers is cordial and harmonious.| | | | | 16. The job itself becomes a means for personal growth and professional advancement (self-actualization/Self-fulfillment).| | | | | 17. The office head being very supportive and tolerant enables you to feel confident in the job. | | | | | 18. There were opportunities for a right job which you missed by working in the present set-up. | | | | | 19. In the present job, there is no chance to improve and learn more in terms of better aptitudes and new skills.| | | | | 20. The need for recognition is much felt in the office.| | | | | B. Interpersonal relationship with peers and heads:| 1. The office head is very flexible and approachable making so easy for the workers to have closer interpersonal relationship with him/her.| | | | | 2. The working relationship within the office is formal and cautious (careful) between the head and the rank and file. Resulting in uneasy situation.| | | | | 3. The need for others to turn to for advice and direction is the reason for maintaining a particular group to interrelate with.| | | | | 4. Interpersonal relationship is part and parcel of a work place in order to establish harmony and foster cooperation with fellow workers.| | | | | 5. The head picks or chooses somebody personally close to him/her to interrelate with group.| | | | | 6. You feel insecure with group activity whether work related or personal interaction.| | | | | 7. Your admiration and respect for the office head draws you further apart from him/her.| | | | | 8. Due to office interpersonal relationship with other workers, job dissatisfaction arises as an outcome of comparison or jealousy/envy.| | | | | 9. An informal group consisting of selected employees is intended to establish some type of conformity to ideas, beliefs, personal activities which may serve mutual interests. Thus, ostracizing or excluding others.| | | | | 10. Interpersonal relationship is resorted by you with colleagues as a form of recognition and acceptance of personal identity in your part (Feeling of importance).| | | | | 11. The latest gossip or rumor is the mutual bound for interpersonal relationship. | | | | | 12. The office head or superior maintains aloofness or distancing himself/herself thus, creating gap in terms of interpersonal relationship with the rank and file.| | | | | 13. The saying that â€Å"intimacy breeds contempt† really applies between a head and subordinates in close interpersonal relationship.| | | | | 14. You prefer to be on your own; a loner or introvert, and do not establish any relationship with others.| | | | | 15. Camaraderie or comradeship makes you to experience sense of belonging by sharing common interests. This way, the informal group is the basis for interpersonal relationship.| | | | | 16. You feel nervous and insecure in the presence of the office head. As a consequence a very impersonal and uncomfortable situation in the office becomes evident.| | | | | 17. You stick to the present job or stay on because of the interpersonal relationship with loyal friends within the institution or work area.| | | | | 18. Interpersonal relationship among your peers or co-workers for solidarity or a total sense of group allegiance for a common purpose.| | | | | 19. The interpersonal relationship that exists in the institution is factional or consisting of small fragmented, splintered groups having each its own motives and objectives.| | | | | 20. Interpersonal relationship may become a recourse or outlet to confide problems and an avenue to express opinions on work related issues. | | | | | CONCEPTUAL FRAMEWORK: Work AttitudeRespectfulnessCommitmentInnovationHelpfulnessInterpersonal RelationsWork ethicsChemistryFriendshipLoyalty| INDEPENDENT VARIABLESDEPENDENT VARIABLES Job PerformanceAccuracy of workQuality of workQuantity of workTimeliness| The effect of attitudes on interpersonal relationships in the workplace is well documented in scholarly psychology literature. However, opinions regarding the types of effects that result from different attitudes vary somewhat. Regardless of the opinion of scholars, it does help for business owners to know how attitudes affect these relations among workers so that they can hire the right kinds of people and also head off any potential problems among existing employees. 1. Cooperation * One way in which attitudes affect interpersonal work relationships is evident in the way a positive attitude can engender a sense of cooperation among workers. The tendency to think positively and approach each task with a â€Å"can-do† attitude can be infectious. When it comes to collaborating on projects, the positive attitude can spill over into the way employees cooperate with one another. Those who start projects with the expectation of completing the project on time and correctly will find no excuses for not getting the work done. Those who cooperate with one another on these types of projects will generally have more positive relations with one another. Division * Workers with a poor attitude about work and the tasks they are required to complete will have a negative effect on those around them. Just as a positive attitude is infectious and spreads to others, so too do poor attitudes have a negative effect on worker relations. This can cause division in the workplace, making it difficult for employees to collaborate with one another, as the poor attitudes spill over into how they treat one another. * Sponsored Links * 3-Minute Chakra Test Take the Free Chakra Test to Find Out Which of Your Chakras Are Weak www.ChakraHealing.com Similarity * Studies show that workers who have similar attitudes, positive or negative, will inevitably attract people with similar attitudes. A 2010 article published in the International Journal of Innovation, Management and Technology reveals that workers tend to develop relationships with colleagues who share the same outlook on the world. The recognition that others have similar attitudes and values will inevitably lead to the establishment of potentially long-term relations with these employees. The article points out that the establishment of such relationships has the reciprocal effect of elevating self-esteem and strengthening the beliefs and values of those who did the attracting. Communication * Shared attitudes and values can strengthen interpersonal relations among workers by opening up the lines of communication. Communication is essential for the growth of relationships among people, regardless of whether they are colleagues. Those who have positive attitudes and are open to interpersonal communication with others will be more effective in developing positive interpersonal work relationships. Those with a negative attitude can be harder to communicate with because of their tendency to shut down or close themselves off from interacting with others. In short, the communication necessary for interpersonal relations is affected by the attitudes of the workers. Abstract Purpose – Through the lens of social exchange theory and organisation support theory, the purpose of this paper is to examine the passive, aggressive, and assertive styles of managers/supervisors that influence perceived supervisory support and to test whether the support increases employees’ satisfaction with the communication of supervisors and their organisation-based self-esteem. It also assesses whether employees’ communication satisfaction and their self-esteem influence employees’ performance, commitment and absenteeism. Design/methodology/approach – In total, 400 employees from ten manufacturing firms in India were studied through questionnaire survey. Standard instruments were used to assess the constructs. A scale was developed to measure the communication style of managers and a single item to assess absenteeism. Findings – Results revealed that assertive style of communication lends maximum support to employees. Perceived supervisory support at the workplace enhances employees’ satisfaction with communication of supervisors and organisation-based self-esteem. Satisfaction with communication fosters a strong emotional bond with organisations and the emotional bond with organisations reduces employees’ absenteeism. Originality/value – The paper shows that employees’ organisation-based self-esteem increases their job performance. Organisations can conduct training programs to develop an assertive communication style in their managers/supervisors to increase the support to subordinates; thereby its positive consequences will follow in increasing employees’ performance and commitment and reducing absenteeism. Introduction Today we are faced with the pre-eminent fact that, if civilization is to survive, we must cultivate the science of human relationships (Roosevelt, 1945). Interpersonal relationships including social relations with one another are an essential part of organisational life and sustainable success. As far as communication is concerned, words are only superficial aspects. Without human function, words can never convey the exact meaning to the other person. Effective communication builds relationships. Wyatt (2006) stated the following: Effective communication is the lifeblood of a successful organization. It reinforces the organization’s vision, connects employees to the business, fosters process improvement, facilitates change, and drives business results by changing employee behaviour (p. 6). Managerial communication drives relationships and frames the attitudes and behaviours of employees in the workplace. Attitude has three components: affective, cognitive, and behavioural. Whi le the cognitive component represents the evaluation of stimuli in the mind, behaviours are actions or reactions that occur in response to those stimuli. In measuring attitudes, only affective/feeling components are assessed in connection with communication, organisations, managers, and situations. Positive attitudes manifest in well-adjusted behaviours and negative attitudes lead to the reverse. An historical overview of managerial communication shows that the way managers communicated with subordinates is markedly different from how they do today. While employees were previously regarded as the greatest asset of an organisation, the asset metaphor has been elevated to a new level. Organisations have started recognising employees as human capital owners and investors (Davenport, 1999). As a result, the emphasis on communication â€Å"content† has shifted to â€Å"behaviour† as a part of the communication process because employees’ interpretation of supervisory communication depends not only on â€Å"what† is said but also on â€Å"how† it is said. A people-centred strategy is an important source of competitive advantage because, unlike technology, costs, or new product development, it is difficult to imitate (Pfeffer, 1998). Managers can create an environment through communication where employees feel happier and more passionate about their jobs and exhibit attitudes and behaviours necessary for improved organisational performance. Background Blau’s (1964) social exchange theory is among the most influential conceptual paradigms for understanding workplace behaviours. Social exchange theory is based on a central premise that the exchange of social and material resources is a fundamental form of human interaction. When two parties who are in a state of reciprocal interdependence interact with each other, obligations are generated (Saks, 2006). Organisational support theory, derived from social exchange theory, explains how the support of organisations affects the behaviours of employees (Eisenberger et al., 1986). It suggests that employees form a global perception of the extent to which the organisation cares about their well-being and demonstrates appreciation, called perceived organisational support (POS). Supervisors are regarded as representatives of the organisation. If employees perceive the supervisor/organisation as supportive, they feel an obligation to return this support (Rhoades and Eisenberger, 2002) i n the form of favourable attitudes and behaviours that promote employees’ performance. POS manifests in increase in in-role and extra-role performance and decrease in stress and withdrawal behaviours such as absenteeism and turnover. Assessing such constructs quantitatively, the effects of managerial communication on employees’ attitudes and behaviours can be gauged. Although relational concerns have been at the heart of management research for decades, the power of relationships has become even more salient both for employees and organisations. Accordingly, going beyond the social exchange theory (Blau, 1964) and organisation support theory (Eisenberger et al., 1986; Rhoades and Eisenberger, 2002; Shore and Shore, 1995), this study investigates the impact of perceived managerial communication styles on employees’ attitudes and behaviours through perceived supervisory support (PSS) vis-à  -vis POS. Social exchange theory suggests that if a superior (on behalf of the organisation) confers a social gift on a subordinate, the latter will feel obligated to reciprocate. POS is defined as employees’ perceptions about the degree to which the organisation cares about their well-being and values their contributions. Organisation support theory suggests that the development of POS is the employees’ tendency to assign humanlike characteristics to the organisation (Rhoades and Eisenberger, 2002). POS represents an indispensable part of the social exchange relationship between employees and the employer because it implies what the organisation has done for its employees. The supervisor on behalf of the organisation extends support to subordinates. Subordinates perceiving support of supervisors vis-à  -vis organisations cultivate positive attitudes and engage in extra-role behaviours. Subordinates are unlikely to hold favourable attitudes and behaviours when the treatment is negative or neutral (Rhoades and Eisenberger, 2002). Reciprocity and strong mutual care are emphasised in Indian culture (Srivastava et al., 2008). Indian culture stresses interdependence, sharing, and harmony with the surrounding world. While horizontal orientation and rationalism are valued by Indians, hierarchical orientation and emotionalism are also being valued (Sinha and Kanungo, 1997). The family structure in India is a close knit unit. Decisions are made only after prior consultation with the family members. Making important decisions without talking to the family is considered offensive and implies a lack of respect. These human aspects of Indian culture may have implications in the workplace. This study stresses the â€Å"human function† of managerial communication, a concept neglected in communication style research. The human function embedded in communication of managers/supervisors can affect the work relationships that can facilitate or retard employees’/subordinates’ attitudes and behaviours (Varona, 2002). While human relations practices play a key role in developing and maintaining the exc hange relationship between the employee and the organisation (Aggarwal and Bhargava, 2009), extant research offers little insight on appropriate managerial communication style that can help to build high levels of support. The role of social relationships is yet to be explicitly investigated. An issue that needs to be addressed is the specific styles of managerial communication that can promote or demote relationship building. To address this issue, one potentially helpful approach is to establish a link between the effective managerial communication styles and development of positive supervisor-subordinate relationships. Review of literature and development of hypotheses Communication styles Management is a process of working with and through others to achieve organisational objectives in an efficient manner (Lwehabura and Matovelo, 2000). Managing employees is enacted through communication (Holladay and Coombs, 1993). â€Å"The way one verbally, non-verbally and para-verbally interacts to signal how literal meaning should be taken, interpreted, filtered or understood, is known as the communication style† (Norton, 1983, p. 58). Norton (1983) classifies communication styles into ten different types – dominant, dramatic, contentious, animated, impression-leaving, relaxed, attentive, open, friendly, and precise. McCallister (1992), combining Norton’s (1983) styles, classifies communication styles into noble, reflective, and socratic. Comstock and Higgins (1997), merge Norton’s styles to four clusters of communication styles – cooperative, apprehensive, social, and competitive. Analogous to McCallister’s threefold typology of communi cation styles, Heffner (1997) groups the communication styles into aggressive, passive, and assertive (Ibrahim and Ismail, 2007). Noble style is directive and straightforward and may be equated with aggressive style. Reflective style is non-directive and may be parallel with passive style. Socratic style emphasises on analysis of details and debates and may be similar to assertive style. To understand the human aspects of managerial communication and the formation of interpersonal relations in organisations, Heffner’s classification of communication styles can be adopted to study perceived managerial communication styles. Heffner’s communication styles appear simpler and emphasise more on human relations in workplace than McCallister’s communication styles. Managers practice various communication styles. However, often one type dominants and becomes habitual. In passive communication style, managers avoid to express their needs, feelings, and feel shy to protect their rights. In aggressive communication style, managers express their feelings and opinions and advocate for their needs in a way that violates the rights of employees. While passive managers are usually unable to convey the full thrust of their message, causing irritation, delays, and rework, aggressive managers tend to be less concerned with moving things along than in preserving their own status and power over employees, though they may be successful in completing short-term goals (Newbold, 1997). Between these two extreme styles, is the assertive style. Assertiveness is a behaviour that enables managers to act in their own best interest and to stand up for themselves without denying rights of others (Arredondo, 2003). It facilitates good interpersonal interaction (Lwehabura and Matovelo, 2000) and is characterised by honesty, objectivity, openness, tolerance, accuracy, self- expression, and respect for self and others. Assertiveness can be used for creating mutual understanding and fulfilling objectives (Lwehabura and Matovelo, 2000). Assertive managers respect the needs of employees and go through the mental process of assessing what they need to know and how. Assertive managers also have the skills and confidence to challenge ambiguity and misunderstanding (Newbold, 1997). When the communication style of managers is straightforward and accurate, employees view managers as trustworthy (Tschannen-Moran and Hoy, 2000). This openness facilitates employees’ understanding of tasks and enables responsible decision making (Moye and Henkin, 2006). Assertive managers differ from aggressive managers. Aggressive managers attack or ignore employees’ opinions in favour of their own. They usually react to the given situation in a rude, derogatory, and sarcastic manner which escalates employees’ anxiety. On the other hand, assertive managers state their opinions while being respectful to employees. While aggressive managers fail to establish relationships with their employees, assertive managers build long-term relationships. The assertive communication style enables a manager to express his/her opinions and thoughts in a direct way without attacking others, refuse an unreasonable request without feeling guilty, give employees â€Å"constructive feedback† instead of â€Å"criticism†, give recognition and praise to employees at the right time and create a motivational climate, deliver a firm message by asking â€Å"questions† through a clever approach or ask effective questions to probe for facts and provoke for ideas, trust employees, and create a collaborative and congenial working environment. Employee attitudes can make or break business profitability and sustainability efforts. Although it can be difficult to change the atmosphere in a toxic workplace, it’s possible with positive thinking and actions. Listening to employee complaints and offering constructive feedback and resolutions encourages positive thinking. Learning how to appease and motivate employees can salvage talent from even the most negative work environments. Once you manage to change employee attitudes, your business can move in a positive direction. Today’s business world has just one constant–change. No matter what industry your company competes in, the business environment is always evolving. In order to survive, your business must also evolve. Too often your employees will encounter these environmental changes and respond with a negative attitude. Poor employee attitudes can derail your business efforts. This makes the managing of employee attitudes a critical management function. A negative attitude in the workplace is expressed as cynicism about job tasks, a disinterest in working with others and insubordination toward authority. The negative attitude may be subtle; for example, the employee may come in late or make frequent sarcastic comments. Both overt and discreet expressions have ramifications on an office environment. Dorene Ciletti, author of â€Å"Market Yourself,† states that a worker who exudes a negative attitude tends to be monitored carefully and is unlikely to be promoted. Coworkers also express caution about working with an individual who may weigh the project down with his bad attitude. An employee with a positive attitude shows enthusiasm and curiosity about her job. She is invested in the outcome of projects and the company as a whole. Harold Wallace, author of â€Å"Personal Development for Life and Work,† explains that an employee with a positive attitude has the potential to electrify the entire workplace. Such an attitude has the potential to increase worker productivity and overall job satisfaction.