Background Knowledge Related To Past Research Education Essay

This subdivision provides background cognition related to past research undertaken with the purpose of better understanding the consequence of smaller category sizes on academic accomplishment in primary and secondary classs. After a brief overview of early surveies prior to the 1980s, the focal point will turn to the influential state-mandated experiments implemented at the oncoming of 1990s province and federal answerability plans. Constructing on the ascertained demands for future research, this reappraisal does non mean to turn to public policy inquiries such as the cost-effectiveness of little class-size plans. Alternatively, it focuses on the possible academic benefits of such plans as they are related to increasing academic accomplishment. Last, a theoretical theoretical account of the kineticss between category size and academic accomplishment will be suggested, taking into history variables such as student-factors ( e.g. , motive, pro-social behaviour, anti-social behaviour ) , teacher-factors ( e.g. , instructional patterns, pupil interactions ) , and contextual-factors ( e.g. , school organisation, scheduling, internal administration ) . Cardinal to the survey will be whether smaller categories every bit benefit all pupils. Prior to analyzing the relationship between category size and accomplishment, it is necessary to specify these footings. Specifying Class Size and Student Achievement Today, the concept of category size encompasses a broad assortment of instructional scenes runing from pupil one-on-one tutoring to internet online categories functioning several hundred pupils at one clip. Likewise, the construct of â€Å" little † and â€Å" smaller † category size evolved greatly in the class of the twentieth century. While category size denotes the mean figure of pupils entrusted in the attention of one instructor over the class of one twelvemonth, pupil-to-teacher ratio refers to the figure of pupils within a local educational authorization divided by the figure of certificated forces serving the pupil population employed by the organisation ( Achilles, n.d. ) . Teacher-student ratio denotes the same concept. Differences between pupil-teacher ratio and category sizes were found to be every bit big as 10 pupils. In a nutshell, given a student-teacher ratio of 17 pupils to one instructor in a given edifice, the existent schoolroom burden may be every bit big as 27 pupils for one instructor ( Achilles, Finn, & A ; Pate-Bain, 2002 ) . Yet, in malice of these differences, the literature related to instructional scenes has used mistakenly both constructs interchangeably. While existent category size may change during the twelvemonth or even during the same twenty-four hours, pupil-teacher ratio are normally smaller since they may include certificated forces non assigned to one schoolroom or assigned to smaller categories such as those typically required to serve particular need pupils. To paraphrase the above comment, although both concepts are extremely correlated, it is likely that student-teacher ratios will be well lower than the one calculated by the existent category size concept. In fact, it is merely at the schoolroom degree that both prosodies may be indistinguishable ( Achilles, n.d. ) , presuming that pupils are non pulled out during the twenty-four hours. This being said, student-to-staff ratios in public school steadily decreased from 35:1 in 1890, to 28:1 in 1940, and 20:1 in 1970 ( Hanushek & A ; Rivkin, 1997 ) . Hanushek comments that in the period 1950-94, the pupil-teacher ratio has dropped 35 % . Yet, accomplishment in mathematics, scientific discipline and reading as measured by the National Assessment of Educational Progress ( NAEP ) has remained systematically level over the last three decennaries of the twentieth century ( Hanushek, 1998 ; Johnson, 2002 ) . Although these figures suggests that take downing the student-teacher ratios does non interpret additions in academic accomplishment, the advocates of smaller category sizes point out at the altering nature of instruction. Indeed, the growing of specialised countries of direction such as particular instruction gives the semblance that category size have been reduced ( Achilles, et al. , 2002 ) by take downing the pupil-teacher ratio while category size itself remained co nsistent or even increased over the same period. Other research workers ( Biddle & A ; Berliner, 2002 ; Greenwald, Hedges, & A ; Laine, 1996 ) further contend that Hanushek ‘s decisions lack external cogency since the sample groups used in his surveies were little and non representative of the whole U.S. population. Furthermore, the usage of student-teacher ratios uncontrolled for other features to depict category supposedly hides confusing variables ( Biddle & A ; Berliner, 2002, 2003 ) . Similarly, research in the country of category size and academic accomplishment focused on progressively smaller sizes, comparing categories comprised of between 15 and 35 pupils. For case, while Rice ( 1902 ) compared the effectivity of categories runing from under 40 pupils, 40 to 49 pupils, and 50 pupils and over, ulterior surveies carried out in the 1980s focused on much smaller category sizes, typically of 15 to 22 pupils versus 23 to 35 pupils ( Molnar, et al. , 1999 ; Nye, Hedges, & A ; Konstantopoulos, 2000 ; Shapson, Wright, Eason, & A ; Fitzgerald, 1980 ) . In some surveies, such as the first meta-analysis on category size conducted by Glass and Smith ( 1979 ) and Glass, et Al. ( 1982 ) , the research would besides include comparings of categories of 25 pupils or more with one-on-one tutoring ( category size of one ) . Research workers such as Slavin ( 1986 ) pointed out that such broad fluctuations between category sizes badly undermined the external cogency of such survei es. Since most of the educational policies involved category size decreases to smaller categories of a upper limit of 15 pupils and given that most of the surveies carried out since the late seventies included comparings of such categories, this reappraisal of literature will non describe surveies comparing the effectivity of one-on-one tutoring to whole category direction. The trouble of specifying the construct of little category size is further compounded by multiple methods of ciphering student-teachers ratios and the complexness of school maestro class agendas. Although research workers agree category size is a ratio affecting pupils and teachers, surveies have been inconsistent or even soundless as to how such ratios are obtained. In the large-scale Coleman Report ( 1966 ) , category size was obtained by spliting the pupil population within a edifice by the figure of module, including non-instructional staff such as librarian clerks who do non teach categories. Since the primary intent of the Coleman Report was to detect the impact of racial segregation on accomplishment in American school, category size was, ipso facto, aggregated to other steps of â€Å" school facilities/resources † and did non account satisfactorily for the impact of category sizes on accomplishment within the larger context of public instruction. Trusting on the availa ble informations, from big samples of convenience and questionnaires, the survey was unable to insulate the impact of category size and accomplishment. Furthermore, other factors such as non-assigned instruction staff, disengagement of pupils for differentiated direction, or even little group workshops taking topographic point at assorted times of the twenty-four hours besides introduce complications in ciphering student-teacher ratios. Class size in itself includes considerable fluctuations ( such as allotted clip, pupil features, instructional methods, class degrees, capable countries ) , which, if left vague, may do an underestimate of the true relationship with pupil accomplishment would otherwise suggest ( Ehrenberg, Brewer, Gamoran, & A ; Willms, 2001a ) . Clearly category size and student-teacher ratios do non compare in that the latter does non account for the existent schooling context in which pupil are larning and there is no understanding among research workers on a standardised method of ciphering such ratios. In the concluding analysis, the research worker must be expressed when specifying his concepts. Adcock suggests a on the job definition of category size as â€Å" the entire figure of pupils enrolled on the last school twenty-four hours of the twelvemonth divided by the derived school figure of nucleus instructors employed on the last of the school twelvemonth of [ a given ] school † ( Adcock & A ; Winkler, 1999, April, p. 9 ) . Such constructed statistic of category size considers merely those instructors assigned to academic topics: English/language humanistic disciplines, societal science/history, mathematics and scientific discipline. The construct of academic accomplishment or academic public presentation in the present survey refers to the single norm- or criterion-referenced standardised steps administered largely at the province degree ( i.e. Iowa Test of Basic Skills [ ITBS ] , California Standards Test [ CST ] , National Assessment of Educational Progress [ NAEP ] or Stanford Achievement Test [ SAT ] , to call a few standardised trials normally used in the K-12 ) . Academic accomplishment differs from academic attainment in that information mensurating academic public presentation are collected at regular intervals for the intent of mensurating advancement. Academic attainment, on the other manus, denotes making educational ends or mileposts that enhance one ‘s social position, such as graduation from an educational establishment, or even traveling up the socio-economic ladder. Although most research will advert separate aggregated academic accomplishment consequences in one or more of the four nucleus topics ( mathematics, linguistic communication humanistic disciplines, societal surveies, and scientific discipline ) for the assorted groups of pupils being observed, some surveies, peculiarly meta-analyses such as Glass & A ; Smith ( 1979 ) , combined the achievement public presentation for deficiency of more specific informations. Although one could gestate other methods of mensurating schooling result, such as reliable appraisal, standardised testing is more readily available as a measuring. By and big, such quantifiable measurings are readily available and will be used extensively in the present survey normally reported. Historical Context of Class Size Research Equally early as the bend of the twentieth century, category size and its effects on academic accomplishment elicited the involvement of educational research workers. At that clip, the focal point was on simple instruction, and more meagerly on the secondary degree ( Glass, et al. , 1982 ) . From 1900s to 1920s, surveies followed Rice ‘s ( 1902 ) footfalls ; nevertheless, these were shown to incorporate minimum experimental control ( Glass, et al. , 1982 ) . By the early 1930s, most of the research attempts related to category size went hibernating until the involvement resurfaced in the sixtiess when pupil accomplishment was correlated with school resources ( Glass, et al. , 1982 ) . Experimental and quasi-experimental research on the subject greatly expanded in the late seventies and early 80s, with the turning unease across the state that public instruction was neglecting childs. Two public studies sparked a renewed involvement in school reforms and category size research: A State at Risk ( Gardner, Larsen, Baker, & A ; Campbell, 1983 ) and the Coleman Report ( Coleman, et al. , 1966 ) . In the aftermath of the successful launch of Sputnik by the Soviet Union in 1957, the domination of the United States was no longer taken for granted at place ; this crisis of assurance culminated twenty old ages subsequently with the publication of a State at Risk ( Gardner, et al. , 1983 ) indicating at the diminution of SAT tonss from 1960s to the 1980s and at the ensuing deficiency of international fight of the American educational system. At the province degree, boards of instruction closely monitored big plans of category size decrease launched statewide in Tennessee and Wisconsin ; similar actions commanding category size was seen as an easy authorization for public instruction entities to implement ( Addonizio & A ; Phelps, 2000 ) . Furthermore, sentiments in the sixtiess were divided as one wondered whether the expected addition in academic accomplishment realized through the execution of smaller category size would warrant the extra disbursement of public monies. The large-scale â€Å" province of instruction † research published by Coleman ( 1966 ) attributed differences in accomplishment among pupils to household environment, defined as the figure of books available in the place or the socio-economic position of the unit, and downplayed the function of schooling context, including category size, in pupil accomplishment. In a commissioned paper design to edify public policy in instruction, the Coleman Report ( 1966 ) , utilizing standardised trial tonss and questionnaires from instructors and principals, measured the academic accomplishment of more than 150,000 pupils in classs 1 to 12 and found category size to be a negligible factor in pupil accomplishment on standardised norm-referenced trials in verbal abilities and mathematics: â€Å" Some installations steps, such as the pupil/teacher ratio in direction, are non included [ in the study ] because they showed a consistent deficiency of relation to achievement among all groups under all conditions † ( Coleman, et al. , 1966, p. 312 ) . Ignoring the possible impact of category size on pupil accomplishment, Coleman concluded that the socio-economic background of the pupil, the societal composing of the pupil organic structure and the features of the environing community are cardinal factors to explicate differences in academic accomplishment among pupils. However, in the Coleman Report, category size was non clearly analyzed as a possible contributing factor ; alternatively category size was combined with other factors such as text edition and library handiness under the overall umbrella factor â€Å" school facilities/resources. † Again, it must be emphasized that, in the Coleman Report, category size was defined by spliting the pupil registration by the figure of school employees within a edifice, a possible beginning of mistake doing a hapless estimation of the true relationship between the category size and academic accomplishment. Much like in other econometric surveies carried out since ( Hanushek, 1998 ; Rivkin, Hanushek, & A ; Kain, 2005 ; Wossmann & A ; West, 2006 ) , teacher wages and other input variables used as a replacement for existent category size may dissemble confusing variables. Rather than concentrating on absolute accomplishment in a inactive manner, it would be of greater involvement to find: ( 1 ) the fringy additions obtained in little categories over clip through clip series analysis ; and, ( 2 ) whether pupils with different features respond to intervention in the same manner ( Ehrenberg, Brewer, Gamoran, & A ; Willms, 2001b ) . Possibly, the most compelling expostulations to the decisions made in the Coleman Report stems from its analysis of instruction at a given point in clip. However, the same study brought into visible radiation other possible confusing factors in the relationship between category size and pupil accomplishment, such as the value of the resources allotted to the schools, the features of direction including teacher and category size, the features of the school ( such as civilization ) , and the features of the community. This argument over the effectivity of smaller categories illustrates the divergent and sometimes beliing involvements between authorities functionaries and the pupils ‘ households when trying to reply the inquiry of the economic value of instruction and the cost benefit of smaller category sizes ( Mitchell & A ; Mitchell, 2003 ) . Research Synthesiss In an attempt of developing a first comprehensive meta-analysis on the relationship between category size and pupil accomplishment, Glass and Smith ( 1979 ) retrieved published empirical category size surveies and thesiss since the bend of 1900s, happening over 300 experimental and quasi-experimental surveies incorporating useable quantitative informations. Concentrating on 77 experimental surveies depicting 725 mated comparisons/combinations of pupil category sizes loosely categorized in four types, less than 16 pupils, 17 to 23 pupils, 24 to 34 pupils, and over 35 pupils, Glass and Smith looked at the achievement trial consequences of about 900,000 pupils over a 70 twelvemonth span in a twelve states. Glass and Smith ( 1978, 1979 ) foremost approximated the relationship between category size and accomplishment by utilizing the theoretical account, based on standardised achievement mean differences between braces of smaller ( S ) and larger ( L ) categories divided by the within group standard divergence. Following, instead than making a matrix with rows and columns stand foring the category sizes and the intersecting cell the values of, Glass and Smith used the arrested development theoretical account: = I?0 + I?1S + I?2S2 + I?3S2 + I?3 ( L-S ) + I µ to aggregate the findings. Since construing the theoretical account in footings of class-size and achievement involves at least three or more dimensions, Glass and Smith imposed a consistence status on all ‘s to deduce a individual curve from the complex arrested development surface. Enforcing randomly the average z-score accomplishment of 0 to the class-size of 30, the concluding reading of the theoretical account was represe nted by a individual arrested development curve for accomplishment onto category size. When compared to larger categories of 40 pupils, smaller categories of 30, 20, 10 and 1 pupils showed standardised differential accomplishment effects of -.05, .05, .26, and.57, severally. Likewise, when compared to larger categories of 25 pupils, smaller categories of 20, 15, 10, 5, and 1 pupil showed standardised differential accomplishment effects of.04, .13, .26, .41, and.55, severally. Those consequences included achievement consequences in mathematics, linguistic communication humanistic disciplines, and scientific discipline. One-half of these arrested development analyses involved quasi-experimental or convenience assignment of pupils to either big or little groups. Translating these z-scores into percentile ranks, the additions in the 25 versus 20, 15, 10, 5, and 1 comparings are 4, 5, 10, 16, 21 percentile rank, severally. From the initial 725 mated comparings of pupil accomplishment in both smaller and larger groups, 435 ( 60 % ) comparings favored smaller category constellations by demoing an addition in academic accomplishment. Yet, this addition was non quantified. Achievement was defined either as combined standardised pupil consequences in one or more capable. When concentrating on 160 braces of categories of about 18 and 28 pupils, the meta-analysis suggested even more distinguishable differences in accomplishment: In 111 cases ( 69 % ) smaller categories demonstrated a higher degree of academic accomplishment over the larger categories. Again, this consequence was non quantified. Regressions analyses based logarithmic theoretical accounts favored smaller categories by about one ten percent of a standard divergence for the complete set of comparings. It is of import to observe that merely 109 of the 725 initial comparings involved random experimental designs in a sum of 14 surveies, 81 % of which found smaller category sizes led to increased academic accomplishment as measured by standardised trials or other steps, such as figure of publicity to the following class degree. Others types of category assignment reported in the 725 comparings included: ( 1 ) matched: 236 comparings ; ( 2 ) repeated steps: 18 ; and ( 3 ) uncontrolled: 362 comparings. The last type of methodological analysis involved quasi-experiments that finally weakens conclusive treatment related to the relationship between category size and academic accomplishment. Possibly for this ground, Glass ( 1982 ) further analyzed the consequences of the 14 random experimental surveies. Further separating accomplishment additions for fewer and greater than 100 hours of direction clip, an mean pupil taught in a category of 20 pupils would make a degree of accomplishment higher than that of 60 % of pupils taught in a category of 40 pupils. At the utmost point of comparing, a pupil instructed in a category of five pupils would surpass a pupil in a category of 40 pupils by 30 percentile ranks. This survey efficaciously demonstrated that pupils in smaller category achieve at a higher degree. Yet, even in the instance of experimental comparings, consequence sizes are limited unless the size of the little category beads below 20 pupils. Glass and Smith argue in favour of smaller category size. Two of import issues seem to weaken the statement that smaller categories are more effectual than larger 1s. First, the 109 comparings were really aggregated by the writers into about 30 comparings. In many cases, the same larger and smaller groups and their public presentations had been evaluated on the footing of different conditions, such as sum of direction or capable countries. In other instances, the capable countries measured were combined. Second, consequences reported reflect the public presentation of disparate sizes, such as category of 1 pupil vs. category of 30 pupils, or a category of 5 pupils vs. a category of 30 pupils. Education Research Services ( 1980 ) claims that the Glass and Smith meta-analysis overemphasizes the public presentation of highly little instructional scene, one to five pupils. Hedges and Stock ( 1983 ) proceeded to reanalyze the Glass meta-analysis and stated that, and gave proof to the determination that category sizes below 20s pupils are efficac iously more contributing to advancing academic accomplishment. Subsequently, this initial analysis by Glass ( 1979 ) was further expanded ( Glass, et al. , 1982 ) to include the deductions for educational policy determinations. Although the literature tends to depict category sizes below nine pupils as tutoring scene, a context beyond the range of the present survey, it is notable to advert the meta-analysis carried out on category sizes of nine pupils or less ( Cohen, Kulik, & A ; Kulik, 1982 ) . At the bosom of the contention, we find the really construct of practical significance and matter-of-fact deductions of systemic alterations towards take downing category sizes. Smaller category sizes seem to be effectual. However, larger effects are noticed in category size of less than 20 pupils. In their meta-analysis of tutoring categories of 9 pupils or less, Cohen, et Al. ( 1982 ) measured consequence sizes based on 65 surveies. Their findings confirmed Glass greater consequence size s ( differences of agencies of both experimental and control groups divided by the standard divergence of the control group ) in favour of smaller category sizes. Interestingly, groups tutored by equals achieved a greater addition than those entrusted in the instruction of regular instructors. This once more intimations at the demand to foster place context variables. Clearly, category size entirely does non do greater academic accomplishment. Both Glass surveies confirmed the sentiment mostly spread in educational circles that little category sizes were more contributing to student larning. The part of this meta-analysis to the research country is treble: it established the benefit of category size below 20 pupils ; gave the drift for statewide experimental class-size decrease ; and, eventually emphasized the function of learning procedures, such as clip on undertaking, as implicit in grounds doing the positive impact of smaller category size on academic accomplishment. However, limited figure of experimental analyses retained by Glass, et Al. ( 1982 ) caused cogency concerns: Slavin ( 1989 ) contended that, by restricting the meta-analysis to merely 14 experimental surveies, the Glass, et all decisions lost in external cogency and generalizability what was gained in internal cogency. Based on the scrutiny of Glass, et Al. ( 1982 ) , it seems that the lone ample consequence was found when comparing 10-student categories vs. a 30 pupil categories and the greatest consequence of category size on pupil accomplishment is without a uncertainty one-on-one tutoring. However, the most common application of the construct of smaller category size would compare differences in accomplishment between groups of 14-20 pupils vs. 30 or more pupils in one category. Slavin ( 1989 ) introduced a best grounds synthesis, uniting the elements found in meta-analysis with narrative reappraisal. He selected eight random category assignment surveies comparing the consequences of standardised reading and mathematics trials in smaller and larger categories at the simple degree. Surveies had to compare larger categories to categories at least 30 % smaller with a student/teacher ratio non transcending 20:1. The selected surveies analyzed smaller category size plans of at least one twelvemonth in continuance, with either random assignment to alternate category sizes, or fiting stipulations. Effect sizes were based on the difference between the little category accomplishment mean ( experimental group ) and the larger category accomplishment mean ( command group ) divided by post-test standard divergence of the control group. This is the same definition of consequence size introduced by Glass and Smith. On norm, these surveies compared groups of 27 pupils to g roups of 15 pupils. Even though these eight surveies were well-controlled and documented surveies, the average consequence size observed was merely +.13 ( Slavin, 1989, p. 251 ) . Discussions about such little effects as measured by standardised trials in both mathematics and linguistic communication humanistic disciplines seem to indicate at the instructor instructional bringing staying consistent regardless of the category size. The type of interactions, such as expressed direct direction, between pupils and instructors had already been identified as an influential factors in the Coleman study ( 1966 ) . This observation was once more echoed by Glass, et Al. ( 1982 ) as they note that category size is merely one variable impacting effectual direction. In the aftermath of a contention on appropriate usage of support for underachieving schools, the Educational Research Service ( ERS ) published a study ( Porwoll, 1978 ) on the province of the research on category size mentioning over 100 surveies which suggested little consequence sizes, most of which were correlational with some or small control of other variables such as teacher- , student- , and school-related contexts. Although this peculiar research was inconclusive, a subsequent Erbium survey carried out one decennary subsequently corroborated the findings of Glass and Smith ( Robinson & A ; Wittebols, 1986 ) and besides added an of import component to their treatments. Although smaller category sizes seem positively associated with an addition in academic accomplishment, smaller category sizes entirely do non ensue in increased pupil public presentation. Adding on to Glass ‘ meta-analysis and Slavin ‘s best grounds synthesis, Robinson used the related bunch attack to reexamine K-12 research surveies conducted between 1950 and 1985, affecting category sizes greater than five pupils. Studies were aggregated within bunchs stand foring of import factors act uponing category size determinations: capable affairs, class degrees, pupil profiles, instructional patterns, and pupil behaviours. The impact of category size on pupil accomplishment â€Å" varies by class degree, student features, capable countries, learning methods, and other learning intercessions. † ( Robinson, 1990, p. 90 ) Robinson and Wittebols meta-analysis unluckily does non supply any consequence sizes but simply sort the surveies as to important differences, prefering little category sizes, larger category sizes, or bearing no consequence on academic accomplishment. Robinson conclude that positive consequence of category size are consistent in grade k-3, rebuff in classs 4-8, and unperceivable in grades 9-12. Furthermore, lower SES pupils are found to profit most of smaller category sizes. Again, these decisions do non include consequence sizes. Nevertheless, Robinson ‘s survey clarifies the construct that optimum category size is a absurd inquiry. Smaller category sizes benefit pupils otherwise, harmonizing to their societal contexts, personal background, grade degree, and academic topic. The observation that smaller category size entirely does non interpret into academic accomplishment ties in with the observations of Coleman ( 1966 ) and a latter version of Glass ‘ meta-analyses ( Glass, et al. , 1982 ) , which acknowledges that category size entirely does non hold a causal consequence on pupil accomplishment. Given this context, the focal point must switch from a direct relationship between category size to academic accomplishment to the existent mechanisms that link smaller category size to higher academic accomplishment. This reading of anterior research by Robinson announced a new way that recognized the complexness of the relationship between academic accomplishment and category size. The demand to command potentially confusing variables such as pupil past academic public presentation, already emphasized by Glass, et Al. ( 1982 ) , became cardinal in most post-1980s category size surveies as research workers recognized that surveies carried out on the subject of academic accomplishment and category sizes suffered from hapless sampling, methodological defects, or unequal design of quasi-experiments ( Finn, 2002 ; Slavin, 1989 ) . Research, was called to go more sophisticated, and history for several effects on different groups of pupils ( i.e. accomplishment, ethnicity, English command ) within different contexts ( vitamin E, g, , school scene, category size, instructional methods ) . Meanwhile, it is notable to indicate out that research on category sizes at secondary or post-secondary degrees has been badly limited to this twenty-four hours. Although critics of the Glass and Smith analysis ( 1979 ) , such as Slavin ( 1989 ) , contended defects such as some surveies selected within the meta-analysis were of short continuance ( every bit small as 100 hours of differentiated direction ) , comparing disproportionate sizes ( one-on-one tutoring vs. 25 pupil category ) , or even measure topic of non academic nature ( such as tennis ) , most of these decisions were subsequently sustained by subsequent research on large-scale category size decrease undertakings carried out in the same decennary ( Finn, 1998 ) . In malice of methodological differences, the research synthesis carried out by Glass ( Glass, et al. , 1982 ; Glass & A ; Smith, 1978, 1979 ) , Slavin ( 1984, 1986 ; 1989 ) , and Robinson and Wittebols ( 1986 ) , all conclude that pupils enrolled in categories of less than 20 pupils perform better. Furthermore, smaller category sizes cause a important addition in academic public presentation particularly among the primary class ( K-3 ) . Robinson and Wittebols every bit good as the Smith, at Al. ( 1982 ) announced a new way in the research, bespeaking clearly that cut downing category size entirely would non do a direct addition in student accomplishment unless instructors adopt different schoolroom processs and instructional methods. Robinson besides pointed at the economically deprived pupils as those who were the most likely to profit from smaller categories, The apprehension of chairing factors such as instructor makings and pupil background in the relationship between category size and pupil accomplishment was further enhanced by a national survey conducted by the Policy Information centre ( Wenglinsky, 1997 ) . The survey originated from a school finance attack, trying to associate disbursement of public financess and the open end of schooling: academic accomplishment. Therefore, it is merely by the way that Wenglinsky stumbled on the connexion between category sizes and academic accomplishment. The graduated table of When Money Matters, non unlike the Coleman Report thirty old ages earlier, covered the state, with dramatically different decisions. Using district-level informations from three different databases maintained by the National Center for Educational Statistics, Wenglinsky grouped 10,000 fourth-graders in 203 territories and 10,000 eight-graders in 182 territories harmonizing to socio-economic satus. Figure 1. Wenglinsky ‘s Hypothesized Paths to Achievement The linking of these different databases allowed distinction between types of disbursement in a manner that would hold been impossible at the clip the Coleman Report was produced. Indeed, aggregated disbursement per pupil outgo can non account for the types of outgos incurred, some of which are positively linked to academic accomplishment while some are non. Furthermore, the Coleman Report was unable to see cost of instruction fluctuation across provinces. The National Assessment of Educational Progress database ( which drew the teacher-student ratio ) provided non merely academic achievement information of a countrywide pupil samples, but besides valuable information about the features of school clime. The Common Core of Data database gathered fiscal information at the territory degree ; eventually, the Teacher ‘s Cost Index database besides maintained by the U.S. Department of Education accounted for instructor cost derived functions among provinces. Through a series of multi variate arrested developments, Wenglinsky ‘s concluded that increasing school territory disposal and instructional outgos to increase teacher-student ratios, in bend, raises fourth-grader academic accomplishment in mathematics. Likewise, expenditures besides affect the public presentation of eighth-grade pupils. However, the increased teacher-student ratio is believed to diminish behavioural jobs among pupils and put a positive tone to school environment. These two variables are positively linked to an addition in academic accomplishment at that class degrees. Interestingly, passing on installations, school-level disposal, and expenditures to enroll extremely educated instructors are non found to be straight associated to academic accomplishment. And Wenglinsky to reason â€Å" Because the [ old ] surveies did non stipulate steps of school environment, the consequence of school disbursement on accomplishment as mediated by environment remains uncontrived. † ( Wenglinsky , 1997, p. 21 ) In the middle/junior high classs, academic accomplishment seems mediated by an increased in societal coherence created by smaller category. Again, this decision points at mediation between category size and academic accomplishment. Constructing a 2 by 2 factorial matrix uniting territory with above- and below-average socio-economic position ( SES ) and territories with above- and below-average instructor cost, Wenglinsky concludes that the largest additions in accomplishment in mathematics were obtained in territories with below-average pupil SES and above-average instructor cost. Study consequences indicate that higher teacher-student ratios in 4th class are positively associated with higher accomplishment in mathematics. In 8th class, teacher-student ratios is linked to a positive school environment ( low teacher- and student-absenteeism, regard of belongings, low category film editing rate, low tardiness rate, teacher control over instruction/course content ) . Po sitive school content, in bend was positively associated with higher accomplishment in mathematics. Large-scale State Experiments Project Prime Time Piloted foremost in 1981-82 in a limited-size experiment of category size decrease in primary classs K-2 with student-ratios of 14:1, the five-year undertaking initiated by Indiana Governor Lamar Alexander ( future Secretary of Education during the George H. W. Bush presidential term ) started in earnest in 1984-85 with category size decrease of 18:1 in classs K-3.. By 2008-09, project Prime Time was in its 25th twelvemonth of execution ( Indiana Department of Education, 2010 ) . A early execution survey ( McGiverin, Gilman, & A ; Tillitski, 1989 ) investigated the public presentation of 2nd grade pupils at the terminal of two old ages of decreased category size direction ( 19.1:1 ) demonstrated a greater academic accomplishment in reading and math measured by standardised trials than their opposite numbers in big categories averaging 26.4 pupils. Six indiscriminately selected schools and school corporations ( territories ) with pupils that had received intervention were compared to three schools whose pupils were included in control groups. 1,940 Prime Time pupil tonss on standardised trials ( Cognitive Ability Test – Cat, Iowa Test of Basic Skills – ITBS ) in mathematics and reading in 10 surveies were compared to the related public presentation of 2,027 pupils from larger categories. The Fisher reverse chi-square calculation for schools with smaller category sizes with a ratio 19:1 was important ( I†¡2 =190.45, df = 40, P & lt ; .001 ) , and the surveies mean differences between groups divided by the two groups pooled standard divergence were averaged within a meta-analysis to give an consequence size of.34 SD for all subtests ( p. 51 ) . This analysis suggests that Prime Time pupils enrolled in smaller category perform better academically. Yet, interestingly, the Indiana Department of Education provinces on its Prime Time web page ( Indiana Department of Education, 2010 ) that â€Å" Lowering category size, entirely, will non convey approximately better learning and larning. † Although the really rule of category size is non disputed here, quality direction and pupil battle seem to be emphasized. Undertaking STAR From 1985 to 1989, the Student Teacher Achievement Ratio undertaking ( STAR ) , carried out in Tennessee, was the first statewide randomized category size decrease experiment of the sort, affecting 76 schools, 1,200 instructors and 12,000 K-3 pupils over four old ages. Students were indiscriminately assigned to either a little category ( typically 13 to 17 pupils ) , a regular category ( 22 to 26 pupils ) , or a regular category with a full-time instructional adjutant. Teacher assignments were besides randomized. This constellation continued over the four old ages of the experiment and informations were collected from assorted beginnings including instructor interview, pupil public presentation informations, schoolroom observations, and teacher questionnaires. Students were kept in this constellation from kindergarten for a sum of four old ages, until completion of class 3. The undermentioned twelvemonth, all pupils return to life-size categories. In classs K through 3, the pupils en rolled in little categories systematically performed better than their regular category opposite numbers on standardised trials ( Stanford Achievement Test ) . Effect sizes calculated as the mean mark for little category ( S ) minus the mean mark for regular category ( R ) and teacher-aide category ( A ) constellations [ S- ( R+A ) /2 ] expressed in standard divergence unit after four old ages. All pupils benefited from the smaller categories. Data collected in classs K-3 indicate higher academic accomplishment in little category constellations, with attainment steps runing from +.15 to + .25 standard divergence as compared to larger category constellation public presentation. However, consequence sizes of academic accomplishment were typically two to three times larger for minority pupils than for White pupils ( Finn, 1998 ; Finn & A ; Achilles, 1999 ) . Follow-up informations were collected in subsequent old ages, from grade 4 to 8, proposing that accomplishment additions were maintained after intervention ( Finn, Pannozzo, & A ; Achilles, 2003 ) . The design of the survey was strengthened by the within-school execution of the three const ellations ( S, R, and A ) which allowed for better control of potentially confusing variables such as school scene ( urban, suburban, rural ) , the socio-economic position of the pupils, per-pupil outgos, and gender of the pupils. All differences were found to the advantage of the little category size surpassing the other two constellations. Gender and school scenes were non found to do important interaction on academic accomplishment. In contrast, Hanushek ( 1999 ) noted that pupil abrasion, transverse taint of control and experimental groups, non-random assignment of instructors ( administrator choice ) , and possible Hawthorne consequence potentially undermined the experimental sturdiness of STAR. Isolating cohorts of pupils who remained in the plan for four old ages ( 48 % of the preschoolers ab initio enrolled ) , Hanushek calculated the public presentation of both control and experimental groups to be much lower. For case, while third-grade pupils in little groups perform 0.22 z-score above the control group, the spread between experimental and control cohorts after four old ages was merely 0.14. Similarly, in mathematics, the spread between annual samples and 4-year cohort for the same class decreased from 0.18 SD to 0.10 SD. The intervention consequence was mitigated by pupil mobility and perchance pupil SES since pupils with lower SES demonstrated higher mobility. Does this means that category size should non be considered? Probably non, the grounds indicates that category size decrease affects pupils otherwise ( Finn & A ; Achilles, 1999 ) . Answering to Hanushek ‘s claims of added value and limited persisting effects, research workers ( Finn & A ; Achilles, 1999 ; Nye, Hedges, & A ; Konstantopoulos, 2004 ) pointed out that public policies should aim urban schools with larger poorness pupil populations. In decision, most of the grounds in favour of category size lies in the fact that smaller categories benefit pupils otherwise harmonizing to their fortunes. Based on this grounds, and despite the fact that instruction is non within its competency, the federal authorities ( United States. Congress. Senate. Committee on Health Education Labor and Pensions. , 1999 ) actively promoted category size decrease, mentioning STAR has a Prima facie instance in favour of spread outing the little category size construct across the state. Until the terminal of the millenary, the category size argument aggressively divided advocates and oppositions of smaller category sizes as local authoritiess were sing extra outgos with the purpose at cut downing the inequalities that Coleman foremost reported as strongly associated to socio-economic position and races ( 1966 ) . The involvement in category size decrease as a tool to better academic accomplishment culminated in 1998 with the U.S Department of Education and the Office of Educational Research and Improvement commissioned a survey published by Finn ( 1998 ) . This study purported to be an overview of the old two decennaries ( late seventiess to late 1990s ) of research on category size decrease, with the end of supplying grounds to steer and prioritise national educational policies, and clear up inquiries related to academic effects, cost-benefit analysis of little category sizes, deductions for pattern and pupil behaviour. Finn based his statement by including merely robust big graduated table experimental designs, such as STAR. Undertaking Sage At about the same clip, Wisconsin ‘s Student Achievement Guarantee ( SAGE ) was launched as a five-year plan as an intercession aiming SES pupils in primary classs K-3. Initiated in 96-97 school twelvemonth, the plan design included four constituents: ( 1 ) category size decrease to run into a teacher-student ration of 1 to 15 ( including agreements such as two instructors for 30 pupils ) ; ( 2 ) extended school twenty-four hours ; ( 3 ) execution of â€Å" strict † course of study ; and, ( 4 ) staff development combined to a system of professional answerability. 30 schools from 21 school territories run intoing the SES standards of 50 per centum of low SES pupils ( based on free school tiffin engagement ) began the plan. K-1 was targeted the first twelvemonth, and classs two and three were added in subsequent old ages. 14 schools with normal category sizes ( typically 22 to 24 pupils ) in 7 territories take parting in SAGE were deemed comparable based on household incom e, accomplishment in reading, racial make-up, and K-3 registration. These provided for control informations in this quasi-experiment. The purpose of the research workers was to keep schoolroom cohorts integral across the five old ages of the plan. This set up would hold confirmed the determination that lower socioeconomic pupils most benefits from reduced category sizes as compared to other pupils. However, after the first twelvemonth of execution, moving under the force per unit area of parents, consequences within the experimental subgroup were contaminated, demoing no greater additions for pupils with lower SES ( Mosteller, 1995 ) . Anecdotal records by experimental group instructors suggest that pupils demonstrated fewer cases of riotous behaviour, an increased desire to take part, and a more appreciative attitude towards others ( Mosteller, 1995 ) . Teacher farther indicated that possible subject jobs could be handled in a timely mode, and that academic acquisition clip, includ ing reteaching and instructional distinction, could be blended within their lesson bringing. California Class Size Reduction ( CSR ) In 1996, following the successes of Project STAR and SAGE, the California legislative assembly provide schools with over one billion dollars to cut down category size. Unlike these plan, CSR in California was non experimental and affected a astonishing 1.6 million pupils at an jutting cost of 1.5 billion per twelvemonth ( Bohrnstedt & A ; Stecher, 1999 ) , efficaciously cut downing mean student-to-teacher ratios in classs K-3 schoolrooms from 28.6 pupils to no more than 20 pupils per instructor. By 1998-99, school twelvemonth 98.5 % of all eligible Local Education Authorities ( LEA ) had embraced this voluntary plan, serving 92 per centum of K-3 pupils enrolled in California schools ( Bohrnstedt, Stecher, & A ; CSR Research Consortium. , 1999 ) . Some territories, such as Modesto Elementary ( 18,000 ADA ) and other little LEAs did take non to take part as their category sizes were already vibrating around 25 pupils ( Illig, 1997 ) . At the terminal of its first twelvemonth of execution, some 18,400 extra instructors were hired, a figure that would increase a twelvemonth subsequently to 23,500 ( Bohrnstedt & A ; Stecher, 1999 ) . The undermentioned twelvemonth, school twelvemonth 1997-98, the Governor ‘s Budget suggested spread outing CSR to 4th class. The State Legislative Analyst ‘s Office ( Schwartz & A ; Warren, 1997 ) recommended against the enterprise, mentioning several obstructions hindering current and even future attempts of school reform through CSR in California, viz. : a deficit of qualified instructors, and a deficiency of suited installations. The rapid execution across three degrees, from kinder to 3rd class, departed from the theoretical accounts followed in Tennessee ( STAR ) and Wisconsin ( SAGE ) in that California CSR was introduced in three grade degree on the really first twelvemonth of category size decrease, a move that is widely regarded as counterproductive ( Achilles, et al. , 2002 ) . Although the initial per-pupil support of $ 600 was subsequently raised to about $ 800, the CSR plan was badly underfunded from the start as compared to the $ 2,000 per student extra support of undertaking SAGE ( Biddle & A ; Berliner, 2002 ) . California CSR besides presented considerable challenges as compared to STAR. First, whereas Tennessee big categories had been reduced from larger categories of 22-26 pupils down to smaller categories of 13-17, California ‘s overcrowded schoolrooms in the same primary classs averaged 33 pupils prior to CSR. Those pupils were besides much more diverse than their Tennessee opposite nu mbers. Furthermore, unlike California, Tennessee had infinite to suit category retrenchment ( Bohrnstedt, et al. , 1999 ) . For these grounds, CSR in California had unintended effects upon the hapless, the non-English talker, the really pupils it had set up to assist. Overcrowded urban schools providing to take down SES pupils experienced the greatest trouble in pulling qualified instructors and supplying equal installations ( Stecher, Bohrnstedt, Kirst, McRobbie, & A ; Williams, 2001 ) . Case and point: the California Legislative Analyst ‘s Office reported in the first twelvemonth of CSR execution that over 90 per centum of instructors in more flush territory are credential holders versus about 75 per centum in urban, low SES territories ( Schwartz & A ; Warren, 1997 ) . As a consequence, schools serving pupils with minority and low SES profiles were possibly the last 1s to profit from full execution. Contextual Factors Impacting Student Achievement ( TO BE CONTINUED )

Fall of the House of Usher

â€Å"The Fall of the House of Usher† by Edgar Allen Poe is a story riddled with deeper meanings than the superficial plot line and analogies to draw. With the first read through, the story seems quite confusing in a sickly twisted sort of way, but upon further reading, it becomes clear that there are meanings hidden deep down in the plot. There are many comparisons that can be made in this story but the most obvious one would be the connection between the lives of the characters and the house in which they dwell.Poe does a good job at purposely confusing the reader as to whether he is talking about the literal house of Usher or the metaphorical house of Usher. The literal house is described as being in rough condition, with a crack from the top of the house to the bottom. It has tarn around the outside of it and is in a general state of disrepair. As Poe describes how the literal house of usher is nearly ready to crumble, he also speaks of the metaphorical house of Usher. The metaphorical house of usher is also ready to crumble. This is because the house of Usher was inbred, leaving all of its members except two diseased.Roderick Usher and Madeleine Usher were the only two Ushers left in the line of Ushers, and they were both very ill. Madeleine suffers from fits that render her immobile, and appearing dead. Roderick on the other hand has heightened senses and is acutely aware of every tiny last detail that is happening around him. Both Roderick and Madeleine are on the verge of death and it is only a matter of time who goes first. This can again be related to the literal house of Usher because due to the fissure running down the foundation of the house, it is only a matter of time which side collapses first.Poe does a good job at creating a sense of claustrophobia in the house by making it seem small and difficult to navigate. He also creates a sense of mental claustrophobia within the narrator by making the narrator unable to get away from the literal and figurative house of Usher. In the end of the story, when Madeleine breaks out of her tomb and kills Roderick, this is the fall of the metaphorical house of Usher, because after this point, there are no more ushers seeing as they have both died.As soon as the narrator flees the madhouse, this is the fall of the literal house of Usher. Immediately after the narrators departure from the house, the fissure from the top to the bottom of the house enlarges and the house literally collapses. It is clearly seen throughout Poe's story that both the literal and figurative houses of Usher are meant to have a nearly perfect parallel plot throughout the entire story. The literal house collapses, as does the figurative, and they both collapse in the same way.

Challenges To Singapore’s Education

Challenges To Singapores Education At the Teachers Day Rally last September, Prime Minister Goh Chok Tong outlined the challenges to our education system. A key imperative was National Education. Many Singaporeans, especially pupils and younger Singaporeans, knew little of our recent history. They did not know how we became an independent nation, how we triumphed against long odds, or how today’s peaceful and prosperous Singapore came about. This ignorance will hinder our effort to develop a shared sense of nationhood. We will not acquire the right instincts to bond together as one nation, or maintain the will to survive and prosper in an uncertain world. For Singapore to thrive beyond the founder generation, we must systematically transmit these instincts and attitudes to succeeding cohorts. Through National Education, we must make these instincts and attitudes part of the cultural DNA which makes us Singaporeans. The Prime Minister set up a committee, chaired by Mr Lim Siong Guan, to study how to introduce N ational Education into our education system. The Committee has worked out a plan to do so. To take the next step forward, we need the full commitment of every teacher and principal. National Education is not just a book subject. It must appeal to both heart and mind. Unless you are personally convinced of its importance, committed to the cause and have the knowledge and passion to teach National Education competently and whole-heartedly, the plan will fail. Lessons from Other Countries Singaporeans are not unique in needing National Education. Other countries take National Education as a matter of course. Japan is a tightly-knit, cohesive and group-oriented society, with a long history and a strong sense of unique identity. Yet Japanese schools start early to teach pupils Japanese culture, values, history and geography, and even the politics and economics of Japan. As pupils get older, they also learn about the cultures and histories of other countries. In so doing, they understand even better what makes them uniquely Japanese. Japanese schools go to great lengths to instill group instincts and a sense that every student is an equal member of the group. They have strict regulations on school uniforms, school bags and shoes. Students are grouped into teams called ‘hans’. Members of each han play together and eat together. They take turns to perform specific responsibilities, whether it is the daily cleaning of school premises or serving lunch. Academically stronger students are expected to help their weaker friends. Those who do not are ostracised. Students organise the school sports day themselves. Competition is based mainly on team events; there are few or no individual events. All students participate, including those with disabilities. Japanese schools do all this not because they believe that all students are the same in every respect or have identical abilities. But they want every student to be equally valued as a member of the group, recog nised for his strengths, and for what he can contribute to the group. And so it goes for Japanese society. In US schools, every child is taught the American heritage – George Washington, the Declaration of Independence, the US Constitution, the Civil War, and the Civil Rights movement. Students take part in community service. Learning to be a responsible citizen begins young. It is a deliberate inculcating of American political and social values and ideals, to ensure the next generation grows up with these ideas deeply ingrained. It is a process of indoctrination like any other, no less so because the children are brought up to cherish American values of individual liberty. And it is so successful that many Americans are completely convinced that American values are universal values of mankind.

The Propper Sexual Relationship Between Members of the Hebrew Society Essay

The Propper Sexual Relationship Between Members of the Hebrew Society - Essay Example The Shulamite woman goes out into the city to look for her lover and it is not indicated anywhere that the two of them could be married. There is openness about sexual relations that are in the Song of Songs that seem to be forbidden in the Deuteronomy (International Version, 2011). First, in Deuteronomy, the man is given so much importance rather than the female. The female expresses her desires openly while this is almost forbidden in Deuteronomy. Deuteronomy advocates for sexual modesty. Deuteronomy 25;11-12 says that "if two men fight and a wife belonging to one party come to the rescue her beloved husband from the wrath of his assailant. She then reaches out and, unfortunately, seizes him by his private parts then her hand should be cut off and be shown no pity. In songs of songs, the stalagmite expresses her desires openly without any shame. The man is of more importance while sexual encounters in Deuterostome and the woman is considered as an object who must obey the man and do as he wishes without any regard for her feelings or desires. Avoiding mentioning the woman opinion is made. In the Song of Songs, however, the woman is very open about her feelings and might be considered very wild and probably unsuitable for marriage in the traditional Hebrew comm unity. The Shula mite goes in search of her lover when he disappears.

Postpartum Depression and Treatment Implications Essay

Postpartum Depression and Treatment Implications - Essay Example The topic of postpartum depression has gotten much more attention in recent years due to mass media and violent incidents between mothers and their new infants. The most famous public feud on the subject was between Tom Cruise and Brooke Shields. Cruise spoke about Shields: Cruise speaks of his disappointment to learn Shields used Paxil to fight post-natal depression following the birth of her daughter Rowan†¦Cruise, who claims to have helped people fight drug addictions through his controversial Scientology religion, says the Suddenly Susan actress should have used vitamins to help her feelings of despair. Many hold the idea that postpartum depression is just the baby blues. Since the majority of the population feels that women only have baby blues and need to take vitamins, not have a real medical treatment, many women do not get the help needed to prevent tragedy. The solution for the postpartum depression misconception problem is an education for everyone involved in a pregnant woman‘s life and the pregnant woman. Tom Cruise came out to Billy Bush on the TV show Access Hollywood about his views on postpartum depression (WENN.com). Since Tom Cruise practices Scientology, he does not believe in psychoanalyst or anti-depressants, mood stabilizers, or other medication to control moods. In the interview, Tom Cruise expressed: "These drugs are dangerous. I have actually helped people come off. ‘When you talk about postpartum, you can take people today, women, and what you do is you use vitamins. There is a hormonal thing that is going on, scientifically, you can prove that. But when you talk about emotional, chemical imbalances in people, there is no science behind that‘. (WENN.com 2005)

Managing High Performance commons assessment Essay

Managing High Performance commons assessment - Essay Example The firm also has to identify appropriate personnel to be promoted to management positions. This will be the focus of this paper. Performance management is defined by Armstrong as â€Å"the process of establishing shared understanding about what is to be achieved and how it is to be achieved, and an approach to managing and developing people that improves individual, team and organizational performance† (2009 p. 55). This implies that an organization has some goals or objectives to be achieved and these should be shared by all employees. In other words, employees should strive towards achieving company goals if the company is to have sustained success. However, employees are different and as such have different performance levels. Some are high performers while others are low performers and the managers should deal with low performance as early as possible for the success of the company. According to Cardy and Leonard (2011 p 137-138) it is not only low performance that needs to be checked but also high performance to understand success factors and enhance them. Rewarding high performance is also essent ial in ensuring the company maintains best talent by keeping such employees motivated. One way to achieve this goal is through promotions and recognitions. The first question that managers need to ask themselves is; who are the high performers? In this case, as a consultant I would advice the management to have a carefully devised job description which outlines what is to be performed, standards of performance, and how to measure performance (Armstrong 2009). The goals or standards against which performance is to be measured should be a mutual understanding between management and employees so that they can own up the process and be able to assess their own performance. Those who achieve beyond the expected standards are considered high performance and are best suited for promotions.

Cry, the Beloved Country Essay Example | Topics and Well Written Essays - 750 words

Cry, the Beloved Country - Essay Example The novel’s setting is in South Africa. This article will review a clear plot of the novel by including some short text quotes. The essay will also discuss some of the themes portrayed by the main character in the novel. The novel was published before the apartheid system was implemented in South Africa. Basing on the book, one can tell that the village dwellers led a desolate life. The setting of the story is in South Africa where the main themes of the book are presented. Paton portrays the book as a social gripe against the societal structures that later led to the rise of apartheid (Paton 1). In his view, he tries to establish a purposeful analysis of what is entailed in the black society. According to his judgment, the black society endured from moral concerns and social volatility while, on the other hand, the whites were affected by native crime. These factors were influenced by the breakdown of the tribal organization, crime and migration of individuals to urban center s (Paton 1). The book’s chronicles reveal Paton’s message through themes like reconciliation, inequality, injustice and Christianity. Paton clearly reveals how reconciliation between members of a family is of vitality in reuniting the family members. On the one hand, inequity and injustice are based on the same category whereby, these issues are prevalent in the setting of the book. Paton presents the village life as desolate since the local government was not funding community projects in the area. In essence, the whites had brought tragedy to their homeland. Paton states â€Å"The tragedy is not that things are broken. The tragedy is that they are not mended again. The white man has broken the tribe† (Paton 23). This was a revelation of how tragic the whites had turned out to be even in countries inhabited by the Africans. In addition, Paton also features on the detrimental effects of the characters fear in relation with the South African society. He presents the fear in his characters in chapter 12 where he says, â€Å"For fear will rob him of all if he gives too much†. Even though fear is prevalent in this society, some characters were able to overcome it through their abilities. The portrayal of Stephen Kumalo in the novel depicts his courageous nature while facing worldly challenges. This can be established from his search of Gertrude; his immoral sister, and his son who was involved in murder and other shameful acts in the city of Johannesburg. The book presents this as a journey for Stephen when Paton writes â€Å"The journey had begun. And now the fear back again, the fear of the unknown, the fear of the great city where boys were killed crossing the street, the fear of Gertrude’s sickness† (Paton 13). The narrator shows the Christian religion in the novel as a significant theme that was incorporated in the strangles of injustice. This reveals quite a vital lesson to readers in general. The presentation of Chr istianity in the setting of this publication was unjust and also resulted from the invasion of the whites in the country. Even though the religion factor helped characters like Stephen to face tremendous hardships, the religious world was incorporated in unjust ways. Paton is quick to reveal the unjust acts involved in Christianity. He notes that the black priests were paid less wages as compared to whites. This reveals that even though the white priests were living luxurious lives, they were rooted in injustice. These acts had placed the needy community in the wrong leadership hands. In

Corporate finance Essay Example | Topics and Well Written Essays - 2750 words - 1

Corporate finance - Essay Example The important role of SMBs is evident when the economies of the developing nations are considered. SMBs contribute greatly to the gross domestic product in a country, entrepreneurial skill development, generation of employment and innovation to many developing economies. In light of this, the paper will critically analyze the various sources of financing for small and medium scale businesses Due to the good impact of SMBs in the economy of a country, support schemes and programs have been put forth in institutions by some of the developed and developing countries so as to support them (Prasad, C. 2004). This support includes offering loans, expert counseling on the types of credit so as to avoid credit risk, advice and legal assistance on exports by the government of the United States of America through small business administration. For instance, in the late 80s the Nigerian Government established the Entrepreneur Development Programme through the National Directorate of Employment, the objective of this policy was to reduce unemployment level through providing an opportunity for individuals to acquire entrepreneur skills. Further they would be able to secure loans for themselves so that they can start their own small and medium scale enterprises (Dinesh, 2003). Another case was in Mexico whereby the Mexican Development Fund was established so as to provide an arrangem ent of finance to aid agricultural activities. Despite such efforts, investigations reveal that the SMBs are still facing major challenges. Some of the SMBs cannot easily access funds thus posing a major threat to their existence in terms of growth and survival. Ekpenyong and Nyong (1992) states that in some countries like Ghana for example, financial schemes have been launched. They include Micro-finance, venture capitalist trust, and small loan centers among others. Others are export development, Investment Funds and

Exploration of The Cultural Challenges that French Companies Face in Essay

Exploration of The Cultural Challenges that French Companies Face in Attempts to Penetrate the Italian Market - Essay Example This study tackles significant considerations of the unique characteristics that the French and the Italian markets respectively have, the latter being the new one to be explored and developed. Such process is very necessary in order to determine what effective sales approaches have to be applied in the Italian market. An existing and working marketing scheme in France may not be viable or practicable in Italy. The advertising concepts and drives used by the company in France may not gain acceptance from the people of Italy. The This research study is limited to the presentation and exploration of the cultural issues in international marketing within the selected focus setting and in concept, theory and exemplifying scenarios. The research will be exhaustive in its conceptual thrust as well as in the material used to substantiate presented arguments, claims, points, ideas and perspectives among other positions. The core objective of this study is to illustrate my skills in the domains of marketing and cross-culture communication as a way of soliciting for related career opportunities in the U.S.A, Italy or in any English-speaking country. This study has been made in order to be read and understood by American audience. The endeavor is in tandem with the skills acquired during my course majoring in "international trade and marketing" at ESC Chambery Business School and the MBA pursued at the BMU.

Classical Music Essay Example | Topics and Well Written Essays - 750 words

Classical Music - Essay Example The Enlightenment Period is characteristic of its close association to the major changes that took place in the arts. It was this period during which balance, order and structure was infused into the arts. Composers were highly impressed and gradually aspired to maintain a perfect order and balance in their music. The Classical Period (1750 - 1820) (Music History) saw artists and musicians slowly wean away from the richly bottom and styles of the Baroque period and adapted a new style that was uncluttered which catered to the realm of elegant music that was made up of a simple but systematic form and structure with good melody and perfect harmony. The music in the Classical period was filled with a lot of emotion and feelings in addition to being lighter and more personal instead of intellectual. This style was a great attraction to the composers of that time who imbibed the Classical music style which possessed greater clarity, depth in addition to simpler structures and formal mode ls. A good example of such a composition was Mozart's creation of the 'Comic Opera' which became very popular during the Classical period. During the period of the Renaissance music took a lot of liberty in making use of the musical form. During the 1300s French and secular music was quite popular. In 1330 An Italian school of music was developed in areas such as Verona, Padua and Florence etc. with composers improvised lyrics to the accompaniment of instruments such as the viola and lute. In course of time such experimentation led to a new development of contrapuntal music. (The Columbia Encyclopedia, Sixth Edition) As humanism spread far and wide, gradually sacred music broke away from the confines of the Papacy which gave birth to a new school of composers who mastered the art of polyphony after having been trained in the Netherlands. Mozart's Contribution to Classical Music It was during the Classical Period that the great composer Wolfgang Amadeus Mozart (Harold C. Schonberg. W. W. Norton, 1997) lived. His father Leopold Mozart (1719 - 1787) who was a great violinist at the court of the Archbishop of Salzburg greatly encouraged his son by enhancing his musical skills. Mozart visit child prodigy who achieved much from a very young age. He was a genius par excel lance who dazzled his audiences. In 1782 Mozart composed the 'Singspiel Die Entfhrung aus dem Serail (The Abduction from the Seraglio), (Jan Swafford, 1992) and thereafter was no turning back as Mozart composed one masterpiece after another in different forms and genres. In fact he is on the composer to have created undisputed masterpieces that belonged to every musical genre of his times. Mozart's 'serenades, divertimenti and dance' written for the nobility became synonymous with the "Classical "age of elegance," His Serenade in G major, which the composer called Eine kleine Nachtmusik (Jan Swafford, 1992) which means 'A little night music', was the highlighted as his best. Mozart's contribution to music during the Enlightenment Period cannot be explained when considering its depth and vastness. He was a regular at the court of Emperor Joseph II (1741-1790) in Vienna where much of his greatest music was the victim. Some of His greatest works include

Combustion of a series of Alcohols Essay Example for Free

Combustion of a series of Alcohols Essay The larger the surface area over which the reaction can occur, and the faster the reaction rate. This is because small particles have a large surface area in relation to their volume more particles are exposed and available for collision this means more collisions take place so the reaction is faster. Oppositely large particles have small surface area in relation to their volume fewer particles are exposed and available for collisions. This means less collisions and a slower reaction. To ensure that my test will be fair I have to keep all these factors the same except for one, the concentration. I will have to control the temperature of the room; the particle size will be same as I will shake the substance so it will be equally diffused. Hypothesis I predict that the higher the concentration of hydrochloric acid the faster the reaction occurs. The lower the concentration the slower the reaction is. Supporting information I base this hypothesis on the collision theory as I know that concentration affects the reaction greatly. This is because when there is a higher concentration the particles are closely packed together and there are more successful collisions occurring, thus making the reaction happen quicker. Preliminary For my preliminary I have used various concentrations of hydrochloric acid and 4cm of magnesium ribbon. The concentrations that I decided to experiment was he reason why I am doing a preliminary experiment is so that I know which concentrations of hydrochloric acid to use that would make my experiment more convenient. For the actual preliminary experiment I reacted hydrochloric acid with magnesium ribbon to see how long it took. I did this by watching when the magnesium ribbon had stopped reacting and disappeared. Although I was just using this method to find out how long a particular concentration took to finish reacting I attached a glass syringe to my conical flask to observe how much hydrogen was being produced, so that I could be prepared when it came to doing my actual experiment. The table below shows the amount of hydrochloric acid and water I used for a certain percent and the time taken for the magnesium ribbon to fully stop reacting. Volume of HCL (ml) Volume of H2O % of concentration Time taken for the mg ribbon to disappear (in seconds). From looking at the information from my preliminary I have decided to use the following concentrations for my actual experiment: 20%, 40%, 60%, 80%, 100%. The reason why I have decided to use these percentages of concentrations is because even though it shows a variety it will not be as time consuming as 10% concentration of hydrochloric acid took 1205 seconds which was approximately 20 minutes. 10% concentration took so long that I didnt have enough time, there for I left it anonymous. I also realised that even though I experiment 20% of hydrochloric acid it will still take long, there for I decided to lower the amount of magnesium ribbon so I decided to use 3. 5cm instead of 4cm. From doing my preliminary I have decided to repeat my experiment 3 times because this will give me a more reliable results to choose from and an average. This also will be less time consuming then repeating it 5 times. The preliminary experiment also helped my produce a better plan because I learnt that for 100% of concentration the reaction takes place quite quickly there for watching the stop watch had to be done very quickly but correctly. Plan: The apparatus that I will be needing for experiment and why: 3. 5cm of magnesium ribbons to react with HCL Stop watch to measure how long it took for the magnesium ribbon to stop reacting. Hydrochloric acid (1m) to react with the magnesium ribbon Measuring cylinder to measure the concentration of H20 and HCL Pipette to measure smaller concentrations of H20 and HCL Retort stand to hold the syringe Conical flast for the reaction Thermometer to measure room temperature Syringe to measure the volume of hydrogen produced Ruler to measure 3. 5cm of magnesium ribbon Scissors to cut the magnesium ribbon Distilled water to add with the concentrations of HCL Sand paper to sand the magnesium ribbon 1. I will firstly collect all the equipment needed for my experiment, then measure them to the exact measurement. I will start with 100% concentration of hydrochloric acid which will contain no distilled water and 10ml concentration. I will then measure my magnesium ribbon to 3. 5cm and sand it 8 times on each side making sure it is fair. Using the measuring cylinder and pipette I will put my hydrochloric acid into the conical flask. 2. To ensure that the magnesium ribbon doesnt get stuck I will coil the magnesium ribbon with a clean sterilised ruler. 3. I will then attach the syringe onto the retort stand. Then I will attach my conical flask with the syringe. 4. Because I want this test to be fair I cannot do it on my own so my partner will start the stopwatch as soon as I drop the magnesium ribbon into the hydrochloric acid. Then I will seal the conical flask with the cork. 5. Every 10 seconds my partner will tell my the time on the stop watch and then I will look at the syringe to see what the volume of gas produced is. I will note this down very quickly. 6. After the reaction has fully stopped. I will empty the conical flask, then start the same process again but for 80% concentration which is 8ml of hydrochloric acid and 2ml of distilled water. This process will happen for all 5 concentrations. 7. After experimenting all 5 concentrations I will repeat the same process 3 times to ensure my results are fair and reliable. Keeping my experiment fair: making sure all equipment is clean from unwanted substances. sanding the magnesium ribbon same times on each side. hile my partner starts stop watch, I quickly drop magnesium ribbon so it is done at the same time. Use the same length of magnesium ribbon, checking it is exactly 3. 5cm. Safety issues:aking sure I wear my goggles at all times. Tying hair up. Tuck in stalls, and stand up during experiment. Making sure I handle all the equipment correctly. If there is any spillage, quickly wiping it with paper towels. Obtaining evidence: 100% Time (sec) Volume 1 Volume 2 volume 3 Average 1.To find my average number of hydrogen produced I added the 3 volumes together then divided by 3. The answer most close I decided was my average. Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Patterns of Behaviour section.

Benefits of Work Psychology to Employees

Benefits of Work Psychology to Employees Is Work Psychology an Important Factor in Controlling Violence, Safety And Health Conditions In The Working Place? Boodhoo Zohyah Bibi Shaheena Introduction Work psychology refers to the study of human behavior in the working environment. The key role of work psychology is to understand the conduct of employees in order to promote the smooth running of any organization. Understanding work psychology may have a number of benefits to an organization as it focuses on increasing the organization’s productivity and also the psychological and physical wellbeing of employees. The task of a work psychologist is to study worker’s attitudes and also conduct leadership training. Workplace violence, in terms of occupational health and safety, is one of the most important problems of working life. Richards (2003) defined as â€Å"Incidents where staff are abused, threatened or assaulted in circumstances related to their work, including commuting to and from work, involving an explicit or implicit challenge to their safety, well-being or health† Workplace violence includes not only physical but also non-physical violence. For example; workplace violence includes physical assault, homicide, robbery, verbal abuse, bullying/mobbing, swearing, shouting, sexual and racial harassment, name calling, threats, interfering with work tools and equipmentWorkplace violence negatively affects not onlythe direct victims of such behavior, but also thosewho witness such violence. To witness violence of any sort in the workplace may cause concern toworkers that they themselves may face this type of violence in the future. Studies have shown that thefear of violence creates a negative relationship between emotional wellbeing and somatic health There is a certain way individuals behave in a particular situation. No two individuals behave in similar ways. There are individuals who find it difficult to handle stress whereas there are certain individuals who have the ability to face unforeseen circumstances with a smile. Employee behaviour is defined as an employee’s reaction to a particular situation at workplace. Employees need to behave sensibly at workplace not only to gain appreciation and respect from others but also to maintain a healthy work culture. One needs to adhere to the rules and regulations of workplace. Remember, Office is not a place where you can shout on fellow workers, spread rumours, criticize your Boss and so on. You just can’t afford to be rude with your team members. Be polite and speak softly. Do not forget that you are not the only one working; there are other people around as well. Some people have a tendency to have their lunch at their workstations only. Such a behaviour is completely unprofessional. Male employees need to respect their female counterparts. Never ever think of sexually harassing your female team members. Such a behaviour is unethical and not at all acceptable at workplace. One complaint from them and your career is finished. Avoid making lewd comments, physical advances or touching them. An individual’s behaviour has lot to do with his upbringing and family background. A child who has been brought up in a decent family where females are respected and thought to be equal would never even in his wildest dreams think of abusing female colleagues. It is completely unethical to steal office property. Why do you have to take office stationery to home? Office stationery (pens, pencils, stapler, eraser, punching machine, glue and so on) are meant to be used only in offices and nowhere else. Avoid damaging office property. Remember, if you do not respect your organization, you will not get respect in return. Employees need to understand that some information is confidential and should not be discussed with anyone. Never break your manager’s trust. Do not disclose your team’s strategies or internal policies to others just because they are your friends. Some people tend to submit fake bills to claim more money than actual. Individuals with such a behaviour find it extremely difficult to survive in the long run. What is the use of submitting wrong bills? Believe me, if you are caught, you will lose in your job in no time. Such a behaviour will not only tarnish an individual’s image but also speak ill of his family background and upbringing. Why do you have to use your office computer for online shopping, watching movies, paying cell phone bills, internet bills and so on? Do not store your personal photographs or information in office computer. Avoid browsing objectionable websites at workplace. If your office people have blocked certain sites, they must have done it for some reasons. Please do not try to open blocked sites using through proxy server and fake passwords. Rather than wasting our energy on unproductive things, it is always good if we concentrate on our work Today, violence is commonly observed in allraces and cultures. Violent incidents in theworkplace which negatively affect employees’health and safety present an important problem of health and safety at work. Being exposed to violentincidents at work or being a witness to violence hasa negative effect on employees’ feelings towardstheir work and the organisation. Additionally thesetypes of violent incidents can be a reason for negative outcomes in the workers’ physical and psychological health.Employees’ perceptions of organisational policies, procedures and practices directed towardscontrolling and removing workplace violence andaggression, stated as violence prevention climate, isan important concept in the effect on workers’health caused by workplace violence.Organisational policies and procedures directedtowards preventing and controlling workplaceviolence and aggression create a positive violenceclimate.According to the results a significantrela tionship was determined between employee jobsatisfaction and the influence directed to thesubdimensions of a violence prevention climate of policies, practices and unsafe practices. A study byKessler et al. (2008) determined a significantrelationship between job satisfaction and these threedimensions [20].While a significant negative correlation wasdetermined between depression and thesubdimensions of violence prevention climate policies and practices, no significant relationship was found between pressure for unsafe practicesand depression. A significant negative correlationwas determined between stress and thesubdimensions of violence prevention climate practices, no significant relationship was found between policies and pressure for unsafe practicesand depression. No significant relationship wasfound between violence prevention climatedimensions anxiety. In a study by Spector et al.(2007) a significant relationship was determined between the perceived violence climate anddepress ion and anxiety [19]. While research byKessler et al. (2008) showed a significantrelationship between practices and pressure, nosignificant relationship was determined between policies and depression [20]. The same studydetermined a significant relationship between practices, pressure and anxiety.Furthermore, the stepwise regression analysisresults determined a significant relationship between practices and pressure for unsafe practicessubdimensions and job satisfaction. According tothis, organisational practices directed towardsreducing violent incidents in the workplace (eginformation and training on the subject of violence)and there being no pressures towards unsafe behaviour (eg violence prevention policies and procedures not being ignored) play a role inincreasing job satisfaction. The stepwise regressionanalysis results also determined a significantrelationship between the dimension of practices anddepression. According to this result, the practice of the organisation giving i nformation and training onworkplace violence prevention is effective inreducing the rate of employee depression. Hawthorne Experiment Details Over the course of five years, Mayo’s team altered the female worker’s working conditions and monitored how the change in working conditions affected the workers morale and productivity. The changes in working conditions included changes in working hours, rest brakes, lighting, humidity, and temperature. The changes were explained to the workers prior to implementation Hawthorne Experiment Results At the end of the five year period, the female worker’s working conditions, reverted back to the conditions before the experiment began. Unexpectedly the workers morale and productivity rose to levels higher than before and during the experiments. The combination of results during and after the experiment (ie the increase in the workers productivity when they were returned to their original working conditions) led Mayo to conclude that workers were motivated by psychological conditions more than physical working condition Psychological Contract There is an unwritten understanding between the worker and employer regarding what is expected from them; Mayo called this the psychological contract. Interest in Workers A worker’s motivation can be increased by showing an interest in them. Mayo classified studying the workers (through the experiments) as showing an interest in the workers. Work is a Group Activity Work is a group activity, team work can increase a worker’s motivation as it allows people to form strong working relationships and increases trust between the workers. Work groups are created formally by the employer but also occur informally. Both informal and formal groups should be used to increase productivity as informal groups influence the worker’s habits and attitudes. Social Aspect of Work Workers are motivated by the social aspect of work, as demonstrated by the female workers socialising during and outside work and the subsequent increase in motivation. Recognise Workers Workers are motivated by recognition, security and a sense of belonging. Communication The communication between workers and management influences workers’ morale and productivity. Workers are motivated through a good working relationship with management. Conclusion The traditional view of how to motivate employees is that you offer monetary rewards (pay increases, bonuses etc) for work completion. However the Hawthorne experiments may suggest that motivation is more complicated than that. Advocates of the Hawthorne Effect will state that the Hawthorne experiment results show that motivation can be improved through improving working relationships and social interraction References Work-related violence: Case studies Managing the risk in smaller businesses HSG229 HSE Books 2002 ISBN 0 7176 2358 0  http://www.hse.gov.uk/pubns/indg69.pdf National Institute for Occupational Safety and Health Education and Information Division  http://www.cdc.gov/niosh/topics/ohp/ S. Aytaà § and S. Dursun / The Effect on Employees of Violence Climate in the Workplace  http://www.academia.edu/1477474/The_effect_on_employees_of_violence_climate_in_the_workplace Munchinsky, P. M. (2000). Psychology applied to work: An introduction to industrial and organizational psychology (6th ed.). Belmont, CA: Wadsworth Wuang, M. (2007). Industrial/Organizational Psychology. In Discovering Psychology (4th ed.). Hockenbury Hockenbury. Worth Publishers: New York. http://psychology.about.com/od/iopsychology/f/organizational.htm

The Importance Of Capital Gearing Finance Essay

The Importance Of Capital Gearing Finance Essay Financing and investment are two major decision areas for a company. In the financial decision, the company concerns with determining the best capital structure. There are only two ways that a business can raise money debt or equity. With the right option, the business can minimize its cost and maximize company value. Bos and Fetherston (1993) described that determining debt and equity is an important financial decision faced by companies. The relationship between debt and equity is considered as capital gearing. Hence, in this report, the gearing ratio and its influence to WACC, company value and shareholder wealth will be assessed through the two major theories. Capital Gearing Capital gearing is a term describing the relationship between debt funding and equity funding in a company (Financial Management, 2007). The simplest formula for gearing ratio = (%) For example, ABC Ltd has  £1,000 of debt and  £2,500 of total assets. Thus, capital gearing of this company is: = 40% According to NGFL Wales Business Studies (2009), a company with high gearing is the one who has most of the funding coming from borrowing. It leads to reduced profits available to shareholders because of the increase in interest rate. Moreover, if interest rate increases, the financial costs of business will also go up, thereby total costs of business will rise. However, if a company has a high gearing, it is not really a bad thing. The company may need more money for their expansion activities, taking the opportunity to invest by borrowing at low rates. By using capital from borrowing, the company can take advantage of tax shields. A company with low gearing is the one who has most of the funding coming from investment of shareholders. It proves that the company is developing through reinvestment of profits, minimizing risk (NGFL Wales Business Studies, 2009). For example, in 2009, Apple Inc had Total debt/equity also known as gearing ratio at 0% (ADVFN, 2010). However, low gearing may indicate that the company is not aggressive enough to survive, and may not be seeking opportunities for growth (Pham, 2009). Thus, according to Accounting for Management (n.d.), the importance level of capital gearing is subject to various views. Effects upon WACC, company value and shareholder wealth Debt and equity Debt and equity are the two major sources of funds for a company. So, using of debt and equity proportions are the measurement tools for capital structure. (Glen and Pinto, 1998) In fact, cost of debt is generally less expensive than cost of equity. Nemethy (2010) provided two major reasons for that. Firstly, debt is a secured loan, which may be seized by the lender when the borrower cannot payment their loans. Meanwhile, equity is an unsecured loan because the shareholder cannot seize anything, they only have the right to vote at a shareholders meeting. Thus, an unsecured loan has to a higher interest rate than a secured loan. In other words, cost of equity is expensive than cost of debt. Secondly, Nemethy (2010) said that when the company issues debt in the form of bonds, they pay interest out to their investors, this interest has to be deducted by taxation. It is also called the debt tax shield. Conversely, when the company issues equity, they pay out dividends. These dividends represent corporate income, and they are subject to double taxation: one time by corporation and another time by shareholders. Thereby, the cost of debt is less than the cost of equity. With the two major reasons above, virtually all companies prefer to use debt than equity. However, the increase of debt leads to the increase of risks because when the company borrows money, they would be dependent on the lenders. UoS (2007) stated that a highly geared company may also experience difficulties in attracting fund from investors, who are not attracted by the risks involved in a high-geared company. At that time, the market price of the companys shares will fall. So, the company should choose debt or equity, and the influence of capital gearing to WACC, company value and shareholder wealth. We will assess this problem based on the two theories. The traditional view Modigliani and Miller The traditional view The traditional view of capital structure theory, based on observation and intuition, suggests that an optimum capital structure exists (Cornelius, 2002). In other words, the capital structure of a company has effected on the cost of capital. The more debt in the capital structure of a company, the lower of WACC is. The weighted-average cost of capital (WACC) represents the overall cost of capital for a company, incorporating the costs of equity, debt and preference share capital, weighted according to the proportion of each source of finance within the business (Cornelius, 2002). The formula to calculate WACC: WACC = [ x ] + [ x ] For example, a company has an issued share capital of 1,000 ordinary  £1 shares. The company wants to buy two machines with the price of a machine as  £1,000. As mentioned above, cost of debt is generally less expensive than cost of equity, so, we can assume that cost of debt = 15% and cost of equity = 20%. To buy two machines, the company needs to have  £1,000 for the second machine. There are two options for the company. Option 1: Issuing share (ungeared company) It means that the company will have 2,000 shares in total with  £1 per share. â‚ ¬Ã‚ ¢ Total equity = 2,000 x  £1 =  £2,000 = Total assets = 0% = 20% x = 20% Option 2: Borrowing (geared company) In this option, the company has  £1,000 from initial issuing shares and  £1,000 from borrowing with 15% of interest. â‚ ¬Ã‚ ¢ Total debt = Total equity =  £1,000 Total assets = Total debt + Total equity = 1,000 + 1,000 =  £2,000 = = 0.5 or 50% = [15% x ] + [20% x ] = 0.075 + 0.1 = 0.175 or 17.5% It is clear that when the gearing capital of a company increases, its WACC will decrease. According to Watson and Head (2006), the market value of a company is equal to the present value of its future cash flows discounted by its WACC. Market value of a company = Thus, when WACC of the company decreases, assuming that other factors are constant, the market value of the company increases, in other words, the company value and shareholder wealth increase. The traditional view is usually represented as follows. According to UoS (2007), from all equity financing, WACC first declines because debt financing is cheaper. At higher level of debt (beyond X), cost of equity increases because of higher risks out weights the advantage of cheaper debt financing. Hence after X, the WACC will rise. X will be the optimal debt ratio, where the company will minimize its cost of capital and the company value is maximized. In conclusion, gearing capital is very important because it effects to WACC, company value and shareholder wealth of a company. Modigliani and Miller view In 1958, American academics France Modigliani and Merton Miller (MM), presented a radically different view of capital structure theory. They demonstrated that two companies with identical investments would have the same value, regardless of their gearing capital (Cornelius, 2002). As a result, there is no optimal capital structure for a company. MMs propositions can be presented as follows. MMs proposition (without tax) UoS (2007, p.274) argued that with the same size and the same level of business risks of two companies: one company was ungeared company, another one was geared company. The value of an ungeared company equals value of equity in an identical geared company plus value of borrowings in an identical geared company. Therefore, the only factors that influence the value of a company are risk and return. Returns required by shareholders as reward for risk, , will increase at a constant rate as gearing increases due to the perceived increased financial risk. The rising would exactly offset the benefit of the additional cheaper debt in order for the WACC to remain constant. Lenders have security for their debt so they will not feel at risk whatever the level of gearing; therefore, is constant (ACCA F9 Financial Management: Study Text, 2009). This can be shown as a graph. The WACC, the total value of the company and shareholder wealth are constant and unaffected by gearing levels. No optimal capital structure exists. For instance, there are two companies with the same size and the same level of business risk: one company was ungeared company, another one was geared company. One machine got back  £200 profit yearly. The data of the two companies as follows. Ungeared Company Geared Company Share capital  £1,000  £1,000 Debt  £1,000 Machines 1 2 EPS at  £200 profit level 0.20p 0.25p If the investor in an ungeared company borrows  £1,000 at 15% interest, after buying the second machine, that company has the profit =  £200 x 2 =  £400. â‚ ¬Ã‚ ¢ EPS = = 0.4 p After receiving dividends from ungeared company, that investor has to pay interest for the lender with 15% interest per  £1. Hence, the actual return that investor can receive = 0.4 [15% x 1] = 0.25 p. This is the same return as that expected by shareholder in geared company and it had been created entirely by the ungeared shareholder. Therefore, in this proposition, capital gearing does not effect to the WACC, company value and shareholder wealth. MMs proposition (with tax) Because interest is tax-deductible, the use of debt finance gives rise to a tax saving (Cornelius, 2002). In 1963, MM developed a second version to take account of taxation. MM argued that the value of a geared company was the value of ungeared company plus the present value of any tax shield generated by using debt finance. = + T With:: The value of geared company : The value of ungeared company : The market value of debt T: Corporate tax rate With tax, MM view can be represented as below. According to ACCA F9FM (2009, p.1111), remains constant whatever the level of gearing. Likely as MMs proposition without tax, increases as gearing levels increase to reflect additional perceived financial risk. Because interest on debt is tax-deductible, WACC will fall when gearing increases. And: = x [1 ] = + (1 T) ( ) : cost of equity in an ungeared company : cost of equity in a geared company : cost of debt , : market value of debt and equity in the geared company T: corporate tax rate For example, considering two companies, one ungeared and another geared, both of the same size and level of business risk. Ungeared Company Geared Company  £  £ EBIT 1,000 1,000 Interest (200) PBT 1,000 800 Corporation Tax @25% (250) (200) Dividends 750 600 Returns to the investors Equity 750 600 Debt 200 750 800 Suppose that the business risk of the two companies requires a return of 10% and the return required by the debt holders in geared company is 5%, locking at the table above, tax relief on debt interest (also known as tax shield) in geared company = 800 750 =  £50 For ungeared company Market value of ungeared company will be the market value of equity. It will be the dividend capitalized at the equity holders required rate of return. = 750/0.1 =  £7,500 = 10% For geared company Market value of the equity of geared company is determined by the equity shareholders analysis of their net operating income into its constituent parts and the capitalization of those elements at appropriate rates = [ ] = ] =  £4,500 Market value of debt is determined by the debt holders capitalizing their interest at their required rate of return. = =  £4,000 â‚ ¬Ã‚ ¢ Total market value of geared company = 4,500 + 4,000 =  £8,500 According to MMs proposition with tax, it has: = + T = 7,500 + (4,000 x 25%) =  £8,500 Cost of equity in a geared company: = = = 13.33% = 5% x (1 25%) = 3.75% â‚ ¬Ã‚ ¢ = 13.33% x + 3.75% x = 8.82% According to MMs proposition: = x [1 ] = 10% x [1 ] = 8.82% And = + (1 T) ( ) = 10% + (1 25%) (10% 5%) (4,000/4,500) = 13.33% as per the dividend valuation model above. Thus, under MM theory with tax, there is an optimal gearing level at 100% debt in the capital structure. This is not true in practice because companies do not gear up to 100%. In his research, Cornelius (2002) argued that, in the real world, companies do not raise their gearing ratios to such extreme levels because the high levels of gearing may lead to higher risk of liquidation. Hence, for this proposition, there is no optimal gearing structure, in other words, WACC, company value and shareholder wealth do not depend on the level of capital gearing. The drawback of the two theories According to UoS (2007), both of the two theories may seem to be based on unrealistic assumptions. For traditional view, they ignored taxation, companies have complete choice between debt equity finance, and can change this decision quickly and without cost. It is impossible in the real world. The company could change their decision but it has cost and not quickly. For MM, it was built with assumptions that no transaction costs and individuals or corporations can borrow money at the same rate. In fact, individuals and companies cannot borrow at the same rate, since companies usually have a higher credit rating. Therefore, personal debt usually costs more than corporate debt and is riskier. Moreover, the theory does not mention the issue of bankruptcy costs and other agency costs, as well as personal income tax. Conclusion In conclusion, according to traditional view, gearing capital is very important because the changing of gear may lead to changes of WACC as well as company value and shareholder wealth. If gearing capital increases, WACC will fall. It leads to the increase of profits, in other words, company value will increases. Theoretically, there is an optimal capital structure, in which, the company will minimize its cost of capital and the company value is maximized. In fact, it hasnt found an optimal capital structure yet. Conversely, based on MM theory, it argued that the two companies with the same size and the same level of business risk would have the same value. It does not depend on their gearing. In other words, the level of capital gearing is not quite important for WACC, company value and shareholder wealth. Part B: Explain then critically compare and contrast two investment appraisal techniques indicating their merits and limitations in aiding the sound financial management of a company Introduction Nowadays, investing is very important for a company to survive. According to UoS (2007, p.63) an investment involves the outflow of cash at a point in time in order to obtain benefits in the future. Companies make these investment decisions in order to increase the value of the firm and maximizing shareholders wealth. However, funds are limited, thereby, companies cannot invest in all projects, they must choose between alternative investments. There are four commonly techniques for appraising capital investment projects. Payback Accounting rate of return (ARR) Net present value (NPV) also known as Discounted Cash Flow or DCF Internal rate of return (IRR) also known as Discounted Cash Flow technique In this report, we will look at payback and NPV as two investment appraisal techniques to find out how they can inform future projects, their merits and limitations, and which technique the company would prefer. Explanation of two investment appraisal techniques Payback Payback is the number of years required to recover the original cash flow outlay investment in a project (Brealey, Myers and Marcus, 2001). If the cash flows are constant, the formula is: Payback period = If the cash flows are not constant, the calculation must be in cumulative form. The payback is a commonly used method of evaluating investment proposals. Among alternative investments, the company should decide to invest in the project which payback period is shorter, in other words, this is a project which can recover the initial investment quicker (Ross et al., 2007). For example, ABC Ltd has two projects A and B which cash flows as follows. Year Cash flows from Project A ( £) Cash flows from Project B ( £) 0 (100,000) (100,000) 1 10,000 20,000 2 30,000 20,000 3 40,000 30,000 4 20,000 20,000 5 30,000 50,000 Using cumulative form, we have: Year Cash flows from Project A ( £) Cumulative ( £) Cash flows from Project B ( £) Cumulative ( £) 0 (100,000) (100,000) 1 10,000 (90,000) 20,000 (80,000) 2 30,000 (60,000) 20,000 (60,000) 3 40,000 (20,000) 30,000 (30,000) 4 20,000 0 20,000 (10,000) 5 30,000 30,000 50,000 40,000 It is clearly that after 4 years, project A has recovered all original investment and it will begin making the profit for the company from the firth year, so payback period of project A is 4 years. As for project B, after 5 years, the original investment has recovered and it also generates  £40,000 of profits, so the payback period of this project is: Payback period of project B = 4 + = 4.2 years Thus, following the rule of payback period method, ABC Ltd should invest into project A because payback period of project A is shorter than project B. It means that the company can recover the original investment quicker if they decide to invest into project A. Net present value (NPV) Based on Professional Management Education (2010), The net present value (NPV) method is the classic economic method of evaluating the investment proposals. It is discounted cash flow technique that explicitly recognizes the time value of money. It correctly postulates that cash flows arising at different time periods differ in value and are comparable only when their equivalents present values are found out. The formula to calculate NPV is: NPV = Initial Investment + = Initial Investment + With r is the rate of interest It should be made clear that the acceptance rule using the net present value (NPV) method is to accept the investment project if NPV is positive, to reject it if NPV is negative and consider accepting the project when NPV is zero. For instance, using the same data with example above, in additional, the original proposal of ABC Ltd uses a discount rate of 10%. Using discounted cash flow technique to the present value, we have: Year Cash flows from Project A ( £) Present value ( £) Cash flows from Project B ( £) Present value ( £) 0 (100,000) (100,000) (100,000) (100,000) 1 10,000 9,091 20,000 18,182 2 30,000 24,793 20,000 16,529 3 40,000 30,052 30,000 22,539 4 20,000 13,660 20,000 13,660 5 30,000 18,628 50,000 31,046 NPV NPV (A) = -3,776 NPV (B) = 1,956 > 0 Because NPV of project A is negative and that of project B is positive, in accordance with the acceptance rule, ABC Ltd should choose project B to invest because this project will bring more profits. Analyzing of two investment appraisal techniques Compare and contrast In every company, payback period and NPV are very important to evaluate the value of a proposed project before investing on it. Both of two investment appraisal techniques can measure the sustainability and value of long-term projects. From that, the company can make sound financial decisions. (DifferenceBetween.net, 2010) Regarding calculate technique, payback period is used to calculate a period within which the initial investment of a project is recovered (UoS, 2007). It is equal to the initial net investment divided by annual expected cash flows. For example, a company wants to invest  £10,000 in a new project and they expect to have annual cash flows of  £2,000, so the payback period of this project will be = 10,000/2,000 = 5 years. The shorter the payback period, the better investment is. A long payback period means that the investment will be locked up for a long time, thereby this project is relatively ineffective. Meanwhile, net present value (NPV) uses the time value of money to appraise long-term projects. According to UoS (2007), NPV uses the opportunity cost of capital to discount the flows of cash in and out, over the life of a project to give their value at the present day. NPV method focuses on the present value (PV) because NPV equates to the sum of present values of individual cash flows. For example, a project invests  £1,000 and it will bring cash flows of  £2,000 in the next year, so PV of  £2,000 = 2000/(1+0.1) =  £1,818 with discount rate of 10%. Thus, the NPV of this project = -1000 + 1,818 =  £818. When choosing between alternative investments, NPV can help to define the project with highest present value, and also apply the acceptance rule of NPV, if NPV>0 accept the investment, if NPV Ross et al. (2007) stated that NPV method removes the time element in weighing alternative investment, while payback period focuses on the time required to recover the initial investment. From that, payback period method does not assess the time value of cash, inflation, financial risks, etc. as opposed to NPV, which measures the investments profitability. In addition, although payback period method indicates the acceptable period of investment, it does not take into account what will happen after the payback period and their impact on total incomes of this project. But it is contrary to NPV. Thereby, NPV will provide better decisions than payback when the company makes capital investments. In fact, companies use more often NPV than payback period method. Merits and limitations Merits The most significant merit of payback period is that it is simple to understand and easy to calculate than other appraisal investment techniques (UoS, 2007). Comparing with NPV method, payback method uses fewer costs and less analysts time than NPV. For this method, an investor can have more favorable short term effects on earnings per share by setting up a shorter standard payback period. Professional Management Education (2010) believed that payback period can control investment risks because the longer it takes to recover the initial investment, the more uncertainties there will be during the recovery period. In addition, payback method focuses on the time to recover of the initial investment, so it gives an insight into the liquidity of the project. The shorter payback period, the higher liquidity is. On the other hand, Brealey et al. (2001) stated that NPV is more accurate and efficient as it uses cash flow, not earnings and results in investment decisions that add value. By discounting the flows, NPV can create the comparison between alternative investments, and then, making right capital decisions. NPV method is always consistent with the long-term objective of the shareholder value maximization. We can say that this is the greatest merit of this method. Limitations Payback Consider XYZ Ltd with two projects A and B. It has the same three years payback period, whose flows are as follows. Year Cash flows from Project A ( £) Cumulative ( £) Cash flows from Project B ( £) Cumulative ( £) 0 (100,000) (100,000) (100,000) (100,000) 1 20,000 (80,000) 50,000 (50,000) 2 30,000 (50,000) 30,000 (20,000) 3 50,000 0 20,000 0 4 30,000 30,000 100,000 100,000 Payback Period (Year) 3 3 Ross et al. (2007) stated that the first limitation of payback method is the timing of cash flows within the payback period. Looking at the table above, from year 1 to year 3, the cash flows of project A increase from  £20,000 to  £50,000, while the cash flows of project B decrease from  £50,000 to  £20,000. Because the large cash flow of  £50,000 comes earlier with project B, its NPV must be higher. However, as mentioned above, the payback periods of the two projects are identical. Thus, the problem with the payback period is that it does not consider the timing of the cash flows within payback period. It also shows that the payback method is inferior to NPV because NPV method discounts the cash flows properly. The second limitation is payment after the payback period (Ross et al., 2007). Lets consider projects A and B in the same three years payback period, project B is clearly preferred because it has a cash flow of  £100,000 in the fourth year. Thus, a problem here is that payback method ignores all cash flows occurring after the payback period. For the short-term orientation of the payback method, some valuable long-term projects may be rejected. NPV method does not encounter this problem because this method uses all the cash flows of the project. Because of the first two limitations, the payback method cannot maximize shareholders wealth. According to UoS (2007), the payback period method ignores inflation and discriminates against large capital-intensive infrastructure projects with long times, because it only focuses on the earliest time to recover the initial investment. Net present value (NPV) NPV is the true measure of an investments profitability. But, in practice, it still has some problems. The first limitation of NPV method is cash flow estimation (Professional Management Education, 2010). The NPV method is easy to use if forecasted cash flows are known. However, it is quite difficult to obtain the estimates of cash flows due to uncertainty. The second limitation of NPV is unrealistic assumptions (UoS, 2007). Under NPV method, there is a single market rate of interest for both borrowing lending and an individual can borrow or lend any amount of money at that rate. It is unrealistic, in practice, the interest rate for borrowing and lending is different and everyone has to follow the interest rate for each kind. For example, for Vietnam market in 2011, the interest rate for borrowing at 9% and for lending at 17% per year (Trading Economics, 2012). NPV also ignores transaction costs or taxes. Conclusion In a survey carried out by Graham and Harvey (2001), it was found that 74.9% of respondent companies use net present value (NPV) and 56.7% use payback period method when they appraise the investment projects. It means that in fact, NPV method is used more than payback period method. Techniques % Always or Almost Always Internal Rate of Return (IRR) 75.6 Net present value (NPV) 74.9 Payback period 56.7 Accounting rate of return 30.3 Source: Graham and Harvey, The theory and practice of corporate finance: Evidence from the Field, Journal of Financial Economics 60 (2001), based on a survey of 392 CFOs According to the survey of Graham Harvey (2001) and Sandahl (2003), payback period method is often used in small size companies. The major reason for this can be that payback period method is more simple, cheaper and easier to calculate. Small companies are only interested in the shortest time to recover initial investment because they often lack the source for fund. Moreover, the complexity of the other investment appraisal methods is always a barrier for the small company. However, net present value (NPV) is often used in medium and large size companies (Graham and Harvey, 2001). The major reason for this can be that these companies are interested in the profitability and time value of money than the payback period. They have the source of funds and consider maximizing shareholders wealth as their long-term objective.