The Confusing Writing Style of John Berryman’s Dream Songs :: Dream Songs

The Confusing Writing Style of John Berryman’s Dream Songs John Berryman presents an interesting and somewhat confusing grouping of stories in his first twenty-six Dream Songs. The six line stanzas seem to reveal the dreams that Berryman has. The poems are written with poor grammar and have a very random rhyme scheme. They perplexed me greatly reading through them, as they seemingly have no order or plot. Beginning with the rhyme scheme of The Dream Songs, Berryman seems to follow no specific order. In the 8th song, Berryman uses the pattern abcabc, but in the 11th song he uses abccda throughout the three six-line stanzas. In many of the other sections he does not follow one pattern through all three stanzas. Also in some of them it seems as though he uses slant rhyme, using words that do not exactly rhyme but have strongly related sounds. One example of this slant rhyme occurs in the 5th song; â€Å"while the brainfever bird did scales; / Mr Heartbreak, the New Man, /come to farm a crazy land;/ an image of the dead on the fingernail† (7). With this example scales and fingernail and man and land present words that do not completely rhyme. Berryman’s random use of rhyme scheme correlates to the randomness of the entire work of the first section of his dream songs. The language that Berryman writes with in The Dream Songs also serves to complicate the work. He goes back and forth in using African American slang language and inverted English. He writes; â€Å"The enemy are sick, / and so is us of, Often rising trysts, / like this one, drove he out† (12). This phrase makes no sense grammatically and presents quite a challenge for the reader to paraphrase. Berryman also throws in an occasional phrase in another language, as he does in the 12th song; â€Å"Tes yeux bizarres me suivent† (14). This example just provides one more way in which Berryman makes his writing difficult to get through and even more difficult to understand.

Microecnomics Exam

Intermediate Microeconomics Fall 2005 Midterm Exam Direction: This is a close book, close notes exam; there is 100 points possible, please pay attention to the weights as you allocate your time; the exam starts at 3:30 and ends at 5:00 sharp. Good luck! 1. (25 points) Consider the utility function[pic]. 1) Is the assumption that ‘more is better’ satisfied for both goods? 2) What is [pic] for this utility function? 3) Is the [pic] diminishing, constant, or increasing as the consumer substitutes [pic] for [pic] along an indifference curve? . (25 points) A consumer purchases two goods, food [pic] and clothing [pic]. Her utility function is given by [pic]. The price of food is [pic] , the price of clothing is [pic], and the consumer’s income is [pic]. 1) What is the demand function for clothing? 2) Is clothing a normal good in this case? 3. (25 points) Suppose that Natasha’s utility function is given by u(I) = I0. 5, where I represents annual income in thousand s of dollars. 1) Is Natasha risk loving, risk neutral, or risk averse? Explain. ) Suppose that Natasha is currently earning an income of $10,000 (I = 10) and can earn that income next year with certainty. She is offered a chance to take a new job that offers a . 5 probability of earning $16,000, and a . 5 probability of earning $5,000. Should she take the new job? 3) In (2), would Natasha be willing to buy insurance to protect against the variable income associated with the new job? If so, how much would she be willing to pay for that insurance? 4. (25 points) Suppose a consumer has the two period utility function: [pic][pic] here [pic]represent the amount of consumption in period 1 and 2 respectively. The consumer’s income consists just of inherited assets A in period 1, and there is no income in second period. If the remaining income is invested in an asset, it can earn a rate of interest r. 1) Interpret the economic meaning of the parameter [pic] in the utility function. 2 ) Obtain the optimal allocation of[pic], and illustrate it with the graph. 3) Explain how the optimal consumptions in periods 1 and 2 vary with A, r, and[pic].

An Examination Of General Information On Corporate Governance Finance Essay - Free Essay Example

Sample details Pages: 9 Words: 2816 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Corporate governance is concerned with the resolution of collective action problems among dispersed investors and the reconciliation of conflicts of interest between various corporate shareholders. In this coursework we review the theoretical and research on the main mechanisms of corporate control, discuss the main legal and regulatory institutions and global standards. GENERAL INFORMATION ON CORPORATE GOVERNANCE DefÃÆ'„ ±nÃÆ'„ ±tÃÆ'„ ±on Corporate governance is one key element in improving economic efficiency and growth as well as enhancing investor confidence. Corporate governance involves a set of relationships between a companys management, its board, its shareholders and other stakeholders  [1]  . Corporate governance also provides the structure through which the objectives of the company are set, and the means of attaining those objectives and monitoring performance are determined. Good corporate governance should provide proper incentives for the board and management to pursue objectives that are in the interests of the company and its shareholders and should facilitate effective monitoring. The presence of an effective corporate governance system, within an individual company and across an economy as a whole, helps to provide a degree of confidence that is necessary for the proper functioning of a market economy. Corporate governance is affected by the relationships among participants in the governance system. Controlling shareholders, which may be individuals, family holdings, bloc alliances, or other corporations acting through a holding company or cross shareholdings, can significantly influence corporate behaviour. As owners of equity, institutional investors are increasingly demanding a voice in corporate governance in some markets. Individual shareholders usually do not seek to exercise governance rights but may be highly concerned about obtaining fair treatment from controlling shareholders and management  [2]  . Creditors play an important role in a number of governance systems and can serve as external monitors over corporate performance. Employees and other stakeholders play an important role in contributing to the long-term success and performance of the corporation, while governments establish the overall institutional and legal framework for corporate governance  [3]  . Outside investor w ishes to try control differently from the manager in charge of the firm. Dispered ownershÃÆ'„ ±p interests cause the problem by giving rise to conflicts of interest between the various corporate claimholders and by creating a collective action problem among investors. Many research on corporate governance has been concerned with the resolution of this problems. As a result of this research have been reached varÃÆ'„ ±ous solutÃÆ'„ ±ons. AccordÃÆ'„ ±ngly: partial concentration of ownership and control in the hands of one or a few large investors; hostile takeovers and proxy voting contests, which concentrate ownership and/or voting power temporarily when needed; delegation and concentration of control in the board of directors; alignment of managerial interests with investors through executive compensation contracts; and clearly defined fiduciary duties for CEOs together with class-action suits that either block corporate decisions that go against investors interests, or seek compensation for past actions that have harmed their interests. We discuss how different classes of investors and their constituencies can or ought to participate in corporate governance and global standards of corporate governance. Importance of Corporate Governance Firstly, we should explaÃÆ'„ ±n why corporate governance has become such a prominent topic in thÃÆ'„ ±s tÃÆ'„ ±me. We have defÃÆ'„ ±ned some reasons as follows: the dated 1998 East Crisis, the takeover wave of the 1980s  [4]  , deregulation and the integration of capital markets, the worldwide wave of privatization, pension fund reform a series of recent scandals and corporate failures  [5]  . At a general level corporate governance can be described as a problem involving an agent the CEO of the corporation and multiple principals the shareholders, creditors, suppliers, clie nts, employees, and other parties with whom the CEO engages in business on behalf of the corporation. Corporate governance rules and princÃÆ'„ ±ples can be solved thÃÆ'„ ±s problems. And so corporate governance is important for every countrÃÆ'„ ±es. Models Takeover models One of the most spectacular method for disciplining and replacing managers is a hostile takeover. And This method highly disruptive and costly. itis relatively rarely used in U.K. and USA. In a hostile takeover the raider makes an offer to buy all or a fraction of outstanding shares at a stated tender price. The takeover is successful if the raider gains more than 50% of the voting shares and thereby obtains effective control of the company. With more than 50% of the voting shares, in due course he will be able to gain majority representation on the board and thus be able to appoint the CEO. But sometimes, takeovers can be useful both because they reduce the inf ormational monopoly of the incumbent manager about the state of the firm and because they allow for the replacement of inefficient managers. Takeover regulation have focused on four issues: 1) whether deviations from a one-share-one vote rule result in inefficient takeover outcomes; 2) whether raiders should be required to buy out minority shareholders; 3) whether takeovers may result in the partial expropriation of other inadequately protected claims on the corporation, and if so, whether some anti-takeover amendments may be justified as basic protections against expropriation; and 4) whether proxy contests should be favored over tender offers  [6]  . Blockholder Models An alternative approach to mitigating the collective action problem of shareholders is to have a semi-concentrated ownership structure with at least one large shareholder, who has an interest in monitoring management and the power to implement management changes  [7]  . Although this solution is les s common in the UK and USA because of regulatory restrictions on blockholder actions some form of concentration of ownership or control is the dominant form of corporate governance arrangement in continental Europe and other OECD countries. To summarize, this literature emphasizes the idea that if the limited size of a block is mainly due to the large shareholders desire to diversify risk then under-monitoring by the large shareholder is generally to be expected. Delegated monitoring and large creditors One increasingly important issue relating to large shareholders or investor monitoring concerns the role of institutional shareholder activism by pension funds and other financial intermediaries. Pension funds, mutual funds and insurance companies often buy large stakes in corporations and could take an active role in monitoring management  [8]  . Generally, however, because of regulatory constraints or lack of incentives they tend to be passive. One advantage of greater activism by large institutional investors is that fund managers are less likely to engage in self-dealing and can therefore be seen as almost ideal monitors of management. But a major problem with institutional monitoring is that fund managers themselves have no direct financial stake in the companies they invest in and therefore have no direct or adequate incentives for monitoring. One implication of these latter models is that under a regime of deposit insurance banks will not adequately monitor firms and will engage in reckless lending. To summarize, the theoretical literature on bank monitoring shows that delegated monitoring by banks or other financial intermediaries can be an efficient form of corporate governance. It offers one way of resolving collective action problems among multiple investors. Board models The third alternative for solving the collective action problem among dispersed shareholders is monitoring of the CEO by a board of directors. Most corporate chart ers require that shareholders elect a board of directors, whose mission is to select the CEO, monità ¶r management, and vote on important decisions such as mergers and acquisitions, changes in remuneration of the CEO, changes in the firms capital structure like stock repurchases or new debt issues, etc. One important reason why boards are often captured by management is that CEOs have considerable influence over the choice of directors. CEOs also have superior information. In sum, the formal literature on boards is surprisingly thin given the importance of the board of directors in policy debates. Executive compensation models Besides monitoring and control of CEO actions another way of improving shareholder protection is to structure the CEOs rewards so as to align his objectives with those of shareholders. Most compensation packages in publicly traded firms comprise a basic salary component, a bonus related to short run performance (e.g., accounting profits), and a stock pa rticipation plan (most of the time in the form of stock options). The package also includes various other benefits, such as pension rights and severance pay (often described as golden parachutes). All in all, while the extensive literature on agency theory provides a useful framework for analyzing optimal incentive contracts it is generally too far removed from the specifics of executive compensation. Moreover, the important link between executive compensation and corporate governance, as well as the process of determination of executive pay remain open problems to be explored at a formal level. Multi-constituency models The formal literature on boards and executive compensation takes the view that the board exclusively represents the interests of shareholders. In practice, however, this is not always the case  [9]  . Similarly, it is not unusual for CEOs of firms in related businesses to sit on the board. In some countries, firms are even required to have representatives of employees on the board. The extent to which boards should be mandated to have representatives of other constituencies besides shareholders is a hotly debated issue. In the European Union in particular the issue of board representation of employees is a major stumbling block for the adoption of the European Company Statute. As important as this issue is there is only a small formal literature on the subject. Don’t waste time! Our writers will create an original "An Examination Of General Information On Corporate Governance Finance Essay" essay for you Create order CORPORATE GOVERNANCE DEVELOPMENTS IN THE UK Historical Process of Corparate Governance In The UK Corporate governance developments in the UK began in the late 1980s and early 1990s in the wake of corporate scandals such as Polly Peck and Maxwell. The UK business community recognised the need to put its house in order. This led to the setting up in 1991 of the Committee on the Financial Aspects of Corporate Governance, chaired by Sir Adrian Cadbury, which issued a series of recommendations known as the Cadbury Report in 1992. The Cadbury Report addressed issues such as the relationship between the chairman and chief executive, the role of non-executive directors and reporting on internal control and on the companys position. A requirement was added to the Listing Rules of the London Stock Exchange that companies should report whether they had followed the recommendations or, if not, explain why they had not done so (this is known as comply or explain). The recommendations in the Cadbury Report have been added to at regular intervals since 1992. In 1995 the Greenbury Report set out recommendations on the remuneration of directors. In 1998 the Cadbury and Greenbury reports were brought together and updated in the Combined Code, and in 1999 the Turnbull guidance was issued to provide directors with guidance on how to develop a sound system of internal control.  [10]  . The Department of Trade and Industry (DTI) and HM Treasury instigated a review of the Combined Code following a review of company law(2002). It initiated the Higgs Report on The Role and Effectiveness of Non-Executive Directors which was published in January 2003. The UK Government instigated a Company Law Review and produced a White Paper in 2002. A number of proposals in the White Paper related to company reporting and a significant development was the requirement for companies to provide a mandatory Operating and Financial Review to provide information on the companys current and prospective performance and strategy. The economic crisis has prompted governments across the world to re-evaluate their financial regulatory framework, to try to tackle the causes of, and fallout from, the global downturn  [11]  . The UK Government has taken unprecedented action to prevent and contain future crises in the financial markets and support the broader economy focusing on stabilising the banking system to protect peoples savings and the economy. The global financial crisis has revealed widespread and massive failures in risk management practices. Many economists, organisations and governments have suggested a link between weaknesses in corporate governance arrangements which did not serve their purpose to safeguard against excessive risk taking in a number of financial service companies. The Combined Code on Corporate Governance The Combined Code on Corporate Governance sets out standards of good practice in relation to issues such as board composition and development, remuneration, accountab ility and audit and relations with shareholders. All companies incorporated in the UK and listed on the Main Market of the London Stock Exchange are required under the Listing Rules to report on how they have applied the Combined Code in their annual report and accounts. The Combined Code contains broad principles and more specific provisions. Listed companies are required to report on how they have applied the main principles of the Code, and either to confirm that they have complied with the Codes provisions or where they have not to provide an explanation. In March 2009 the FRC announced a review of the Combined Code, as a result of which it proposes to make a number of revisions to the Code. Consultation on these proposals ends on 5 March 2010. Subject to the outcome of consultation it is intended that the revised Code which will be known as the UK Corporate Governance Code has applied sÃÆ'„ ±nce 29 June 2010. GLOBAL REGULATIONS ON CORPORATE GOVERNANCE AND OECD PRÃÆ'„ °NCÃÆ'„ °PLES OF CORPORATE GOVERNANCE The European Union significantly influences corporate governance in the UK. The European Commissions Corporate Governance and Company Law Action Plan (May 2003) proposed a mix of legislative and regulatory measures which would affect all member States relating to  [12]  : disclosure requirements; exercise of voting rights; cross- border voting; disclosure by institutional investors; and responsibilities of board members. And The OECD Principles of Corporate Governance were endorsed in 1999 and have since become an international benchmark for policy makers, investors, corporations and other stakeholders worldwide. They have advanced the corporate governance agenda and provided specific guidance for legislative and regulatory initiatives in both OECD and non OECD countries. The Principles are intended to assist OECD and non-OECD governments in their efforts to evaluate and improve the legal, institutional and regulatory framework for corporate governance in t heir countries, and to provide guidance and suggestions for stock exchanges, investors, corporations, and other parties that have a role in the process of developing good corporate governance. The Principles focus on publicly traded companies, both financial and non-financial. The degree to which corporations observe basic principles of good corporate governance is an increasingly important factor for investment decisions  [13]  . Of particular relevance is the relation between corporate governance practices and the increasingly international character of investment. International flows of capital enable companies to Access financing from a much larger pool of investors. If countries are to reap the full benefits of the global capital market, and if they are to attract long-term patient capital, corporate governance arrangements must be credible, well understood across borders and adhere to internationally accepted principles  [14]  . Even if corporations do not rely prim arily on foreign sources of capital, adherence to good corporate governance practices will help improve the confidence of domestic investors, reduce the cost of capital, underpin the good functioning of financial markets, and ultimately induce more stable sources of financing. There is no single model of good corporate governance. However, work carried out in both OECD and non-OECD countries and within the Organisation has identified some common elements that underlie good corporate governance. The Principles build on these common elements and are formulated to embrace the different models that exist. For example, they do not advocate any particular board structure and the term board as used in this document is meant to embrace the different national models of board structures found in OECD and non-OECD countries. In the typical two tier system, found in some countries, board as used in the Principles refers to the supervisory board while key executives refers to the management b oard. In systems where the unitary board is overseen by an internal auditors body, the principles applicable to the board are also, mutatis mutandis, applicable. The terms corporation and company are used interchangeably in the text. The OECD Principles Of Corporate Governance is divided into two parts. ÃÆ'„ °n the first part of the document : I) Ensuring the basis for an effective corporate governance framework; II) The rights of shareholders and key ownership functions; III) The equitable treatment of shareholders; IV) The role of stakeholders; V) Disclosure and transparency; and VI) The responsibilities of the board. In the second part of the document, the Principles are supplemented by annotations that contain commentary on the Principles and are intended to help readers understand their rationale. CONCLUSION This essay describes the global standards useful way of thinking about corporate governance. Corporate governance in continental Europe and in most of the rest of the world is fundamentally different. On the other hand global crÃÆ'„ ±sÃÆ'„ ±s can be effectÃÆ'„ ±ve all over the world. For thÃÆ'„ ±s reason producÃÆ'„ ±ng global standarts and bilateral internatÃÆ'„ ±onal agremeents between countrÃÆ'„ ±es can be solved thÃÆ'„ ±s dÃÆ'„ ±fferences. The integration of world capital markets makes such reforms on corporate governance.

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A Film “Glory Road”, Based On A True Story Features A Coach,

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The Secret Circle The Initiation Chapter Three Free Essays

string(69) " about to deliver bad news and having a hard time finding the words\." An instant later Cassie came out of her daze. She’d better get moving; Logan and Jordan might be coming back any second. And if they realized she’d deliberately lied to them†¦ Cassie winced as she scrambled up the sloping dune. We will write a custom essay sample on The Secret Circle: The Initiation Chapter Three or any similar topic only for you Order Now The world around her seemed ordinary again, no longer full of magic and mystery. It was as if she’d been moving in a dream, and now she’d woken up. What had she been thinking? Some nonsense about silver cords and destiny and a guy who wasn’t like any other guy. But that was all ridiculous. The stone in her hand was just a stone. And words were just words. Even that boy†¦ Of course there was no way he could have heard her thoughts. No one could do that; there had to be a rational explanation†¦ She tightened her grip on the little piece of rock in her palm. Her hand was still tingling where he’d held it, and the skin he’d touched with his fingertips felt different from any other part of her body. She thought that no matter what happened to her in the future, she would always feel his touch. Once inside the summer cottage she and her mother rented, she locked the front door behind her. Then she paused. She could hear her mother’s voice from the kitchen, and from the sound of it she could tell something was wrong. Mrs. Blake was on the phone, her back to the doorway, her head slightly bowed as she clutched the receiver to her ear. As always, Cassie was struck by the willow slimness of her mother’s figure. With that and the fall of long, dark hair worn simply clasped at the back of her neck, Mrs. Blake could have been a teenager herself. It made Cassie feel protective toward her. In fact, sometimes she almost felt as if she were the mother and her mother the child. And just now it made her decide not to interrupt her mother’s conversation. Mrs. Blake was upset, and at intervals she said â€Å"Yes† or â€Å"I know† into the mouthpiece in a voice full of strain. Cassie turned and went to her bedroom. She wandered over to the window and looked out, wondering vaguely what was going on with her mother. But she couldn’t keep her mind on anything but the boy on the beach. Even if Portia knew his name, she would never tell, Cassie was sure of that. But without his name, how would Cassie ever find him again? She wouldn’t. That was the brutal truth, and she might as well face it right now. Even if she did find out his name, she wasn’t the sort to chase after a boy. She wouldn’t know how. â€Å"And in one week I’m going home,† she whispered. For the first time these words didn’t bring a surge of comfort and hope. She put the rough little piece of chalcedony down on the night-stand, with a sort of final clink. â€Å"Cassie? Did you say something?† Cassie turned quickly to see her mother in the doorway. â€Å"Mom! I didn’t know you were off the phone.† When her mother continued to look at her inquiringly, she added, â€Å"I was just thinking out loud. I was saying that we’ll be going home next week.† An odd expression crossed her mother’s face, like a flash of repressed pain. Her large black eyes had dark circles under them and wandered nervously around the room. â€Å"Mom, what’s wrong?† said Cassie. â€Å"I was just talking with your grandmother. You remember how I was planning for us to drive up and see her sometime next week?† Cassie remembered very well. She’d told Portia she and her mother were going to drive up the coast, and Portia had snapped that it wasn’t called the coast here. From Boston down to the Cape it was the south shore, and from Boston up to New Hampshire it was the north shore, and if you were going to Maine it was down east, and anyway, where did her grandmother live? And Cassie hadn’t been able to answer because her mother had never told her the name of the town. â€Å"Yes,† she said. â€Å"I remember.† â€Å"I just got off the phone with her. She’s old, Cassie, and she’s not doing very well. It’s worse than I realized.† â€Å"Oh, Mom. I’m sorry.† Cassie had never met her grandmother, never even seen a picture of her, but she still felt awful. Her mother and grandmother had been estranged for years, since Cassie had been born. It was something about her mother leaving home, but that was all her mother would ever say about it. In the past few years, though, there had been some letters exchanged, and Cassie thought that underneath they still loved each other. She hoped they did, anyway, and she’d been looking forward to seeing her grandmother for the first time. â€Å"I’m really sorry, Mom,† she said now. â€Å"Is she going to be okay?† â€Å"I don’t know. She’s all by herself in that big house and she’s lonely†¦ and now with this phlebitis it’s hard for her to get around some days.† The sunshine fell in strips of light and shadow across her mother’s face. She spoke quietly but almost stiltedly, as if she were holding some strong emotion back with difficulty. â€Å"Cassie, your grandmother and I have had our problems, but we’re still family, and she hasn’t got anyone else. It’s time we buried our differences.† Her mother had never spoken so freely about the estrangement before. â€Å"What was it all about, Mom?† â€Å"It doesn’t matter now. She wanted me to – follow a path I didn’t want to follow. She thought she was doing the right thing†¦ and now she’s all alone and she needs help.† Dismay whispered through Cassie. Concern for the grandmother she’d never met – and something else. A trickle of alarm started by the look on her mother’s face, which was that of someone about to deliver bad news and having a hard time finding the words. You read "The Secret Circle: The Initiation Chapter Three" in category "Essay examples" â€Å"Cassie, I’ve thought a lot about this, and there’s only one thing for us to do. And I’m sorry, because it will mean such a disruption of your life, and it will be so hard on you†¦ but you’re young. You’ll adapt. I know you will.† A twinge of panic shot through Cassie. â€Å"Mom, it’s all right,† she said quickly. â€Å"You stay here and do what you need to. I can get ready for school by myself. It’ll be easy; Beth and Mrs. Freeman will help me – † Cassie’s mother was shaking her head, and suddenly Cassie felt she had to go on, to cover everything in a rush of words. â€Å"I don’t need that many new school clothes†¦Ã¢â‚¬  â€Å"Cassie, I’m so sorry. I need you to try and understand, sweetheart, and to be adult about this. I know you’ll miss your friends. But we’ve both got to try to make the best of things.† Her mother’s eyes were fixed on the window, as if she couldn’t bear to look at Cassie. Cassie went very still. â€Å"Mom, what are you trying to say?† â€Å"I’m saying we’re not going home, or at least not back to Reseda. We’re going to my home, to move in with your grandmother. She needs us. We’re going to stay here.† Cassie felt nothing but a dazed numbness. She could only say stupidly, as if this were what mattered, â€Å"Where’s ‘here’? Where does Grandma live?† For the first time her mother turned from the window. Her eyes seemed bigger and darker than Cassie had ever seen them before. â€Å"New Salem,† she said quietly. â€Å"The town is called New Salem.† Hours later, Cassie was still sitting by the window, staring blankly. Her mind was running in helpless, useless circles. To stay here†¦ to stay in New England†¦ An electric shock ran through her. Him. I knew we’d see him again, something inside her proclaimed, and it was glad. But it was only one voice and there were many others, all speaking at once. To stay. Not going home. And what difference does it make if the guy is here in Massachusetts somewhere? You don’t know his name or where he lives. You’ll never find him again. But there’s a chance, she thought desperately. And the voice deepest inside, the one that had been glad before, whispered: More than a chance. It’s your fate. Fate! the other voices scoffed. Don’t be ridiculous! It’s your fate to spend your junior year in New England, that’s all. Where you don’t know anyone. Where you’ll be alone. Alone, alone, alone, all the other voices agreed. The deep voice was crushed and disappeared. Cassie felt any hope of seeing the red-haired boy again slip away from her. What she was left with was despair. I won’t even get to say good-bye to my friends at home, she thought. She’d begged her mother for the chance to go back, just to say good-bye. But Mrs. Blake had said there was no money and no time. Their airline tickets would be cashed in. All their things would be shipped to Cassie’s grandmother’s house by a friend of her mother’s. â€Å"If you went back,† her mother had said gently, â€Å"you’d only feel worse about leaving again. This way at least it will be a clean break. And you can see your friends next summer.† Next summer? Next summer was a hundred years away. Cassie thought of her friends: good-natured Beth and quiet Clover, and Miriam the class wit. Add to that shy and dreamy Cassie and you had their group. So maybe they weren’t the in-crowd, but they had fun and they’d stuck together since elementary school. How would she get along without them until next summer? But her mother’s voice had been so soft and distracted, and her eyes had wandered around the room in such a vague, preoccupied way, that Cassie hadn’t had the heart to rant and rave the way she would have liked. In fact, for an instant Cassie had wanted to go to her mother and throw her arms around her and tell her everything would be all right. But she couldn’t. The small, hot coal of resentment burning in her chest wouldn’t let her. However worried her mother might be, she didn’t have to face the prospect of going to a strange new school in a state three thousand miles from where she belonged. Cassie did. New hallways, new lockers, new classrooms, new desks, she thought. New faces instead of the friends she’d known since junior high. Oh, it couldn’t be true. Cassie hadn’t screamed at her mother this afternoon, and she hadn’t hugged her, either. She had just silently turned away to the window, and this was where she’d been sitting ever since, while the light slowly faded and the sky turned first salmon pink and then violet and then black. It was a long time before she went to bed. And it was only then that she realized she’d forgotten all about the chalcedony lucky piece. She reached out and took it from the nightstand and slipped it under her pillow. Portia stopped by as Cassie and her mother were loading the rental car. â€Å"Going home?† she said. Cassie gave her tote bag a final push to squeeze it into the trunk. She had just realized she didn’t want Portia to find out she was staying in New England. She couldn’t stand to have Portia know of her unhappiness; it would give Portia a kind of triumph over her. When she looked up, she had her best attempt at a pleasant smile in place. â€Å"Yes,† she said, and flicked a quick glance over to where her mother was leaning in the driver’s-side door, arranging things in the backseat. â€Å"I thought you were staying until the end of next week.† â€Å"We changed our minds.† She looked into Portia’s hazel eyes and was startled by the coldness there. â€Å"Not that I didn’t have a good time. It’s been fun,† Cassie added, hastily and foolishly. Portia shook straw-colored hair off her forehead. â€Å"Maybe you’d better stay out west from now on,† she said. â€Å"Around here, we don’t like liars.† Cassie opened her mouth and then shut it again, cheeks flaming. So they did know about her deception on the beach. This was the time for one of those devastatingly witty remarks that she thought of at night to say to Portia – and, of course, she couldn’t summon up a word. She pressed her lips together. â€Å"Have a nice trip,† Portia concluded, and with one last cold glance, she turned away. â€Å"Portia!† Cassie’s stomach was in a knot of tension, embarrassment, and anger, but she couldn’t let this chance go. â€Å"Before I leave, will you just tell me one thing?† â€Å"What?† â€Å"It can’t make any difference now – and I just wanted to know†¦ I just wondered†¦ if you knew his name.† â€Å"Whose name?† Cassie felt a new wave of blood in her cheeks, but she went on doggedly. â€Å"His name. The red-haired guy. The one on the beach.† Those hazel eyes didn’t waver. They went on staring straight into Cassie’s, the pupils contracted to mean little dots. Looking into those eyes, Cassie knew there was no hope. She was right. â€Å"What red-haired guy on the beach?† Portia said distinctly and levelly, and then she turned on her heel again and left. This time Cassie let her go. Green. That’s what Cassie noticed on the drive north from the Cape. There was a forest growing on either side of the highway. In California you had to go to a national park to see trees this tall†¦ â€Å"Those are sugar maples,† her mother said with forced cheerfulness as Cassie turned her head slightly to follow a stand of particularly graceful trees. â€Å"And those shorter ones are red maple. They’ll turn red in the fall – a beautiful glowing, sunset red. Just wait until you see them.† Cassie didn’t answer. She didn’t want to see the trees in the fall because she didn’t want to be here. They passed through Boston and drove up the coast – up the north shore, Cassie corrected herself fiercely – and Cassie watched quaint little towns and wharves and rocky beaches slip by. She suspected they were taking the scenic route, and she felt resentment boil up in her chest. Why couldn’t they just get there and get it over with? â€Å"Isn’t there a faster way?† she said, opening the glove compartment and pulling out a map supplied by the car rental company. â€Å"Why don’t we take Route 1? Or Interstate 95?† Her mother kept her eyes on the road. â€Å"It’s been a long time since I drove up here, Cassie. This is the way I know.† â€Å"But if you cut over here at Salem†¦Ã¢â‚¬  Cassie watched the exit go by. â€Å"Okay, don’t,† she said. Of all places in Massachusetts, Salem was the only one she could think of that she wanted to see. Its macabre history appealed to her mood right now. â€Å"That’s where they burned the witches, isn’t it?† she said. â€Å"Is New Salem named for it? Did they burn witches there, too?† â€Å"They didn’t burn anyone; they hanged them. And they weren’t witches. Just innocent people who happened to be disliked by their neighbors.† Her mother’s voice was tired and patient. â€Å"And Salem was a common name in colonial times; it comes from ‘Jerusalem.’ â€Å" The map was blurring before Cassie’s eyes. â€Å"Where is this town, anyway? It’s not even listed,† she said. There was a brief silence before her mother replied. â€Å"It’s a small town; quite often it’s not shown on maps. But as a matter of fact, it’s on an island.† â€Å"An island?† â€Å"Don’t worry. There’s a bridge to the mainland.† But all Cassie could think was, An island. I’m going to live on an island. In a town that isn’t even on the map. The road was unmarked. Mrs. Blake turned down it and the car crossed the bridge, and then they were on the island. Cassie had expected it to be tiny, and her spirits lifted a little when she saw that it wasn’t. There were regular stores, not just tourist shops, clustered together in what must be the center of town. There was a Dunkin’ Donuts and an International House of Pancakes with a banner proclaiming grand opening. In front of it there was someone dressed up like a giant pancake, dancing. Cassie felt the knot in her stomach loosen. Any town with a dancing pancake couldn’t be all bad, could it? But then her mother turned onto another road that rose and got lonelier and lonelier as the town fell behind. They must be going to the ultimate point of the headland, Cassie realized. She could see it, the sun glinting red off the windows on a group of houses at the top of a bluff. She watched them get closer, at first uneasily, then anxiously, and finally with sick dismay. Because they were old. Terrifyingly old, not just quaint or gracefully aged, but ancient. And although some were in good repair, others looked as if they might fall over in a crash of splintering timbers any minute. Please let it be that one, Cassie thought, fixing her eyes on a pretty yellow house with several towers and bay windows. But her mother drove by it without slowing. And by the next and the next. And then there was only one house left, the last house on the bluff, and the car was heading toward it. Heartsick, Cassie stared at it as they approached. It was shaped like a thick upside-down T, with one wing facing the road and one wing sticking straight out the back. As they came around the side Cassie could see that the back wing looked nothing like the front. It had a steeply sloping roof and small, irregularly placed windows made of tiny, diamond-shaped panes of glass. It wasn’t even painted, just covered with weathered gray clapboard siding. The front wing had been painted†¦ once. Now what was left was peeling off in strips. The two chimneys looked crumbling and unstable, and the entire slate roof seemed to sag. The windows were regularly placed across the front, but most looked as if they hadn’t been washed in ages. Cassie stared wordlessly. She had never seen a more depressing house in her life. This couldn’t be the one. â€Å"Well,† said her mother, in that tone of forced cheerfulness, as she turned into a gravel driveway, â€Å"this is it, the house I grew up in. We’re home.† Cassie couldn’t speak. The bubble of horror and fury and resentment inside her was swelling bigger and bigger until she thought it would explode. How to cite The Secret Circle: The Initiation Chapter Three, Essay examples

Anaysis of Collection House Limited

Question: Analysis of Collection House Limited. Answer: Executive summary The company chosen for review is Collection house limited which have been mainly engaged in the business of debt collection service as well as management of receivables throughout the Australasia. Also it has been seen that they purchase debt as required by the subsidiary Lion finance pity Ltd. They have separate segment in regard to the collection services which is specifically in respect of the commissions which earned due to providing of various services such as debt collection by them on behalf of client and also the purchase debt ledger segments have been acquired by three groups in regard to the collection of the debt for the clients. In summarising, it can be said that the Collection house limited provide various services like receivable management, debt collection, debt purchasing, collection services credit management services, legal services etc. Collecting hues limited has one of the subsidiary which is Misstate Credit collect policy ltd. Has been consider as a collection agency which have been involved in providing state wide coverage as well as collection services in regard to the debt mainly for the consumer debt, council rates, utilities, local authority etc. The collection House limited have been established in 1992 and listed on ASX in the year 2000. It is also provided that company have approx 11 offices in various countries (Australia, New Zealand, and also the Philippines). There are approx 850 staffs in the mentioned country so as to provide various services (Markets.ft.com. (2016). Their commitment shows that they provide solution which would help to span the entire credit life cycle, for consumer outcomes and also support barns protection. They have also prepared long term strategy at various levels for diversification at different level such as clients, product, staff diversity etc. As per the data gathered, it has been observed that Collection House Limited has been building a very strong relationship alone with the major Australian as well as the International banks, insurance houses, corporations, financial Institutions and also with the government and public utilities. Some of the major services are as: Receivable Management Debt purchase Collection of Debt Services in regard to the credit management Insolvency as well as legal services Taking into consideration the above and also on the basis of research it has been found that they have properly maintain ethical standard and also the strong culture compliance which have been in accordance with the law and regulations in order to properly govern the business. Also the ongoing success can e taken as a proof for the commitment they are complying like in relation to the debt recovery, our displaced approach for the business as well as strategy and main focus will create value Collection house limited being a listed company with ASX code CLH have been operating since 22years and having large staff of 850 people including the experience management staff as well as the executive team management having average experience of approx 10years. Collection House limited has been considering as different from its competitor. This is mainly due to the adoption of approach of ethical debt recovery and also due to the adoption of the leading compliance standards. It has been proven that the Collection House limited group has achieved the continuing growth without diminishing the ethical standards and other prescribed laws and regulations (Markets.ft.com. (2016). the main focus of the group is to create value for the customers as well as client relationship. The same has been achieved due to offering of various multi disciplined services such as receivable management, debt collection services and many more. Further, it has been observed that the engagements of the group with the client as well as customer is efficient as well as ethical and have been further enhanced by the use of technologies of industry. This would also support or enable the group to provide effective as well as innovative work so as to assist customer in a better way and for successfully manage the debt recovery process. In the similar way, the group has created much innovative software system which would drive very efficiently as well as productivity and consequently would provide or deliver improved functionality and significant intellectual property to the group. Since the group have been driven by the unwavering commitments for the business conduct which are lawful, respectful, the same has been embedded to add values as well as inspirational goal towards the society. Collection House Limited has been striving to strive for the excellence by using globally recognized best prevailing practices. Their main goal is as follows: To be proved a s the good agency for the choice of client by maintain the strong relationship To compliance with the law, regulations and regarded by thru regulators for leading in the path of ethical standards. To be proven by the staff as provider of good working environment which will provide value , innovation, accountability as well as team work Introduction Collection house limited being a listed company with ASX code CLH have been operating since 22years and having large staff of 850 people including the experience management staff as well as the executive team management having average experience of approx 10years. Some of the major services are as: Receivable Management Debt purchase Collection of Debt Services in regard to the credit management Insolvency as well as legal services 30th June 2014 30th June 2015 30th June 2014 Assets $000 $000 % Change Current assets Cash and Cash Equivalent 7,222 704 926% Receivable 10,265 9,574 7% Purchase debt ledger 57,167 51,669 11% Other current Assets 1,089 1,044 4% Total current assets 75,743 62,991 20.24 Non- current assets Purchase debt ledger 198822 1,82,581 9% Property, Plant equipment 5,475 5,436 11% Intangible Assets 35614 34222 4% Total non- current assets 2,39,911 2,22,239 7.95 Total Assets 3,15,654 2,85,230 10.67 Liabilities Current liabilities Trade and other payables 16,013 13,628 18% Borrowings 0 323 -100% Current Tax Liabilities 2,027 7071 -71% Provision 3,067 2,906 6% Other financial liabilities 2149 1600 34% Total current liability 23,256 25,528 -8.90 Non-current liabilities Borrowings 1,19,000 99,800 19% Deferred Tax Payable 1,854 1,331 39% Provision 402 356 13% Other financial liabilities 477 2226 -79% Total non current liabilities 1,21,733 1,03,713 17.37 Total liabilities 1,44,989 1,29,241 12.18 Equity Share Capital 1,05,307 1,02,285 3% Reserves 2188 1959 12% Retained earning 63170 51,745 22% Total equity 1,70,665 1,55,989 9.41 Below table shows brief comparison (Amounts in $ 000) Particulars 2015 2014 % increase or -decrease Total current assets 75,743.00 62,991.00 0.20 Total non-current assets 2,39,911.00 2,22,239.00 0.08 Total current liabilities 23,256.00 25,528.00 -0.09 Total non-current liabilities 1,21,733.00 1,03,713.00 0.17 Total stockholder's equity 1,70,665.00 1,55,989.00 0.09 On the basis of above table, it has been clear that There is increase in the current assets by 20 %, which is mainly due to increase in cash comparison to the last year. This show good performance of the company. On the other hand increase in the non- current assets by 8% positively shows good performance in part of the company (Accounting tools, 2015). Increase in the current liability by 9 5 is mainly due to requirement to make enhanced provision as well as increase in other financial liability. This increase would not have any negative impact on the performance of the company. Noncurrent liability increase by 17% clearly implies that some liability have been increased which are not expected to be released within 12 months such as borrowing, defer tax liability, increase in the provision. In the stated case, increase in the equity is due to issue of shares and also there is increase in the retained earnings and also in the reserves. All these increase shows positive performance In the nutshell, it can be stated that financial position of the company on the basis of balance sheet shows positive performance of the company but simultaneously there is requirement to reduce the financial liabilities Review of the income statement: The total operating revenues of the company are $ 126043000 The Cost of goods sold of the company are $Nil The total expenses before taxes of the company are $ 31892000 The non-operating gains and losses of the company are $0 The earning per share of the company is $17.20 Below table shows brief comparison (Amounts in $ 000) Particulars 30th June 2015 30th June 2014 % increase or -decrease Total operating revenues 1,26,043.00 1,07,337.00 0.17 Cost of goods sold Total expenses (before taxes) 31,892.00 26,960.00 0.18 Any non-operating (or extraordinary) gains and losses - - Earnings per common share 17.20 14.70 0.17 On the basis of above table, There is increase in the revenue by 17% and on the other hand there is also increase in the expenses by 18%. This is not a positive sign because even though the revenue has been increased in the year 2015 but simultaneously expenditure has been increase with a percentage higher than the increase in the revenue. Hence it I advisable that company should took a way and step must be taken to increase the revenue in a way that there is also cost cutting. In the nutshell, company must focus to reduce the expenses i.e. cost cutting must be adopted. Also, the Company must adopt certain marketing strategy in a way that revenue would be increase Review of the statement of cash flows: The net cash inflow from operating activities of the company are $ 77669000 The net cash inflow from the financing activities of the company are $4637000 The net cash inflow from the investing activities of the company are $- 75362000 The net increase in the cash during the year of the company are $ 6980000 Below table shows brief comparison (Amounts in $ 000) Particulars 2015 2014 % increase or -decrease Net cash inflow from operating activities 77,669.00 65,971.00 0.18 Net cash inflow from financing activities 4,637.00 17,612.00 -0.74 Net cash inflow from investing activities -75,362.00 -85,639.00 -0.12 Net increase in cash during the year 6,980.00 -2,056.00 -4.39 On the basis of above table, Increase in the operating cash inflow by 18 % specified that thief increase due to increase in the operating revenue i.e. day to day activities. This shoe positive performance. There is decrease in the financing cash flow by 74%. Causes for the decrease are fewer amounts received from the borrowing in comparison to the last year, dividend paid is higher than the last year and also it has been clear that there are some buy back of high amount since the receipt form equity shares and other equity securities are very lower than the last year i.e. 2014. Decrease in the investing activities may be due purchase of assets which represent high cash outflow... this is not a sign of good performance In the nutshell, Collection House limited must keep view in regard to the financing as well as investing activities in addition to the operating activities. Step must be taken in a way that they are able to enhance the cash flow during the period of business and consequently the same could be increased which is consider as one of the important factor while making investment decision by the investors. Review of the stockholders equity: The following is the list of the required account balances: (Amounts in $ 000) Particulars 2015 2014 % increase or -decrease Issued capital 1,05,307.00 1,02,285.00 0.03 Reserves 2,188.00 1,959.00 0.12 Retained earnings 63,170.00 51,745.00 0.22 There is increase in the issue capital by 3 % which is due to issue of shares. Also increase in the reserves as well as retained earning shows good performance of the company. In the nutshell, it can be stated that increase reserves as well retained earnings is a sign of good performance and measures must be taken to continue the same. Conclusion On the basis of analysis it can clearly stated that business activities have been hinder growth ante hand and on the other hand there is sign positive improvement. Steps must be taken to make strategy improve revenue and must focus to decrease the cost since the % increase in revenue is less than the % increase in expenses. However, as per the balance sheet, financial position of the company is good since there is increase in the Assets whether current assets, non-current Assets and also there is decrease in the current liability. There is increase in the issue capital by 3 % which is due to issue of shares. Also increase in the reserves as well as retained earning shows good performance of the company. In the nutshell, it can be stated that increase reserves as well retained earnings is a sign of good performance and measures must be taken to continue the same. References Markets.ft.com. (2016).Collection House Ltd, CLH:ASX profile - FT.com. Readyratios.com, 'Financial Analysis and Accounting Book of Reference: Statement of Financial Position | IFRS Statements | IFRS Reports | Readyratios.Com'. Nap. 2015. Web. 22 May 2016. AccountingCoach.com. (2016).What is a noncurrent asset? | AccountingCoach.