What Factors Contribute to Cost Increases in Higher Education Research Paper

What Factors Contribute to Cost Increases in Higher Education - Research Paper Example Unlike older days, the global niche has become more and more competitive. It is a race; survival of the fittest. The more skilled and educationally equipped the more chance you have to fight and survive. Catching up with the technology is one way higher education enhance economic development as graduates are better equipped to use new technologies. It is a complete cycle as higher education provides better job opportunities which in turns run the economic engine providing more capital which can be collected back as taxes and used to further improve the framework of higher education. (Bloom et al 2006). Concept that higher education plays an important role in the economic development and institutions can stimulate productivity was first introduced by Theodore W. Schultz. He introduced the idea of Human capital and its link to modernizing economy which flourished into complete Human Capital Research Program influencing many researchers and policy makers. (Teixeira 2006).The nations hav e long realized the significance of higher education and much has been done to build a solid infrastructure that can extract and polish the skills of an individual. But the capital required to obtain such qualifications is on the rise making it difficult for a middle class family to afford. According to the US statistics shown by Institutional Characteristics Survey tuition fee charges remained relatively stagnant in the 1970s. But there was a considerable increase in fee charges between 1980 and 1990. This increase not only had a great effect on the student and parents but also on education policymakers. In the same survey it was noted that rate of increase was greater at public institutions as compared to private institutions. Despite increase in tuition charges, number of students continuing on to higher education after finishing their high school has raised from 49% in 1980 to nearly 62% in 1993. During 1992-93 full time students attending a public school received financial aid on an average of 29%. The aid was greater for families with poor income about 80% and less for high income families about 10%. (Livingston 1995). Some enthusiast believes that higher education should be free. Many would agree that this statement is misconstructed. Even though sometimes consumer may not have to pay for a product but someone else in the background is bearing the cost. Going through a lot of literature I realized that it has been debated extensively but the question is still the same: who should pay? (Johnstone et al 2010). Before we can answer this question we need to understand different policies which provide the revenue that fuel the education system. The most common and classical model is General Tax system. In this policy, the funds are collected via general taxes imposed on every individual of the country. This model has served well over the decades but in general violated the beneficiary pays principle. Although university graduates mostly contribute in this re venue collection, a large proportion never attended the university and still has to pay. However, this policy is in line with equal opportunities for equal abilities principle. Second plan that provide funds to higher educational system is implementation of tuition fees and scholarship combination model. Institutions take a considerable amount of tuition fee to compensate for the operating cost. This is line with the beneficiary pays principle but defies the principle of equal access. This model favors the

Iran and Iraeli Current Situation Research Paper

Iran and Iraeli Current Situation - Research Paper Example Iranian Nuclear Program - Historical Background Being launched in the 1970s under the Shah, the series of Iran’s ambitious nuclear projects heavily relied on the U.S. and European assistance – Iran had struck a deal with the West-German company, KWU, to build two 1Â  200 megawatt reactors and negotiated the construction of another two 900 megawatt reactors with the French ‘Framatome’ (Iran Watch, 2012). The goal set by the Shah had been for the country to produce over 20Â  000 megawatts of electricity from nuclear power stations within the next twenty years (Iran Watch, 2012). Following the revolution in 1979 and the war with Iraq that started in 1980, the nuclear energy program had been abandoned and the existing infrastructure – considerably damaged. However, since the late 1980s, Iran’s nuclear program had been revived and given a fresh impetus via the assistance from Russia and China (Iran Watch, 2012). ... Q. Khan (Iran Watch, 2012; Cronin, Kronstadt and Squassoni, 2005). Both actual progress and probable scope of Iran’s nuclear program became clear, to a degree or another, in 2003, when the International Atomic Energy Agency (IAEA) conducted a series of safeguards inspections, along with verification of Iran’s activities in the area of uranium enrichment, intended to set off implementation of the NPT Safeguards Agreement in the country (IAEA, 2003). Having found no evidence of activities related to development of nuclear weapons by then, the Agency emphasized the necessity of further inspections, enough time and Iran’s full cooperation, in order to be able to conclude that Iran’ nuclear program is exclusively for peaceful purposes (IAEA, 2003). In 2004, however, Iran was rebuked for failing to cooperate with IAEA’s inquiry and agreed to suspend most of its uranium enrichment activity under a deal with the EU; nevertheless, uranium conversion was resu med at Isfahan plant in 2005, and Iran was accused of violation of NPT (Aljazeera, 2012). From 2005 to 2009, there were a series of breaches in Iran’s promises and the agreements with IAEA concerning the uranium enrichment activities, accompanied by sweeping U.S sanctions against the country, Iran’s rocket-test launches, including such of a of a long-range missile capable of reaching Israel, and a UN Security Council resolution on Iran’s uranium enrichment program (Aljazeera, 2012). Following the new disclosure of an underground enrichment facility at Fordow, nearby Qom, and Iran’s rejection of the international demand for freezing the project, several important developments took place in 2009, including an IAEA report that suggested for the first time Iran might be chasing

The role of music in your life Essay Example for Free

The role of music in your life Essay Music connects us to time and place. For instance, many of us may remember a song that comforted us during a difficult time or what was playing during a happy occasion like a graduation or engagement. Despite our varying tastes, the one constant is that music plays a role in times of comfort and celebration. This week’s project asks you to consider what songs are important to you and why. You can think of this as defining the soundtrack of your own life. In 750-1000 words, consider and explain the role of music in your life story: 1. What music do you associate with childhood? How did/does this music make you feel? How do your choices reflect your childhood experiences? 2. What music do you associate with adolescence? Was this music a way to fit in or rebel? 3. What music do you associate with comfort? How do these songs help you deal with disappointment or stress? 4. What music do you associate with happiness? Why? Your essay should be double-spaced and include a title page in APA format. The title page does not count in the word count for the project. Submitting Your Assignment Put your project in a Word document. Save it in a location and with a name that you will remember. When you are ready to submit it, click on the Dropbox and complete the steps below: †¢ Click the link that says Submit an Assignment.

Advantages and disadvantage of four alternative dividends polices

Advantages and disadvantage of four alternative dividends polices The firms dividend policy must be produced with two basic objectives in mind, which are maximizing the wealth of the firms owners and providing for sufficient financing for future projects. According to Gitman, Juchau Flanagan (2008) dividend payout ratio indicates the percentage of each dollar earned which is distributed to the owners in the form of cash. Constant-payout-ratio dividend policy is when a firm establishes a certain percentage of earnings that will be paid to owners each year. Through out the history Adamson has followed the practice of paying out approximately 60 percent of its earnings as cash dividend constantly each year. The dividend fluctuated with earnings from year to year. A major shortcoming of this policy is that if the firms earnings drop or are volatile in a given period, the dividends may be low or even non-existent. According to Gitman, Juchau Flanagan (2008) Regular dividend policy is based on the payment of a fixed-dollar dividend in each period. It provides investors with positive information indicating that the firm is doing well and it minimizes uncertainty. Usually firms using this policy will increase the regular dividend once a proven increase in earnings has occurred. Under this policy, dividend almost never decreases. One of the advantages of the regular dividend policy is that it results in a stable dividend stream over time, meeting the needs of shareholders who require resolution of uncertainty. Adamson Manufacturing Companys majority shareholders are retired individuals, college endowment funds, income-oriented mutual funds and other investors who are seeking high return and over the past years the companys dividend has been fluctuating with its earnings which does not gave a good impression about the companys financial health. Such could like to get a regular dividend each year s o that they are confident enough to continue holding shares in the company. On the other hand, disadvantages of regular dividend policy are there may be times when the company will need to access capital from external source such as borrowing loan to pay dividend when the company is not generating enough earnings per share. Also, there may be times when the company will have excess cash on hand. Low-regular-and-extra dividend policy can be established when the company is paying a low regular dividend, supplemented by an additional dividend called extra dividend. By adopting the low regular dividend, the company can give investors the stable income necessary to build confidence in the company, and the extra dividend permits them to share in earnings if the company experiences a cash surplus. When considering Adamson Manufacturing Company, Joel Norman and Allison Crane strongly suggested that the dividend payout ratio should be reduced from 60 percent, because they think high dividend payout is inappropriate for the company because of the capital limitation which recently forced the company to turn down some expansion opportunities that promised relatively high rate of return and they have also noted that several other directors who has large holdings in the company has been paying high tax rate of 40 percent of all dividends received to the government. The company should cons ider low-regular-and-extra-dividend policy, as it also addresses the issues of resolution of uncertainty and allows the company to distribute extra funds. However, under this policy there still may be some times when the firm will have to go to external equity market when it faces a great need for equity capital because of many good projects. Also, if the company declares too many extras in a row, the investors may expect the extra dividend all the time. Under Residual Dividend Policy dividend paid by a firm should be viewed as a residual that is the amount left over after all acceptable investment opportunities have been undertaken. The advantages of residual dividend policy are that lower cost sources of financing are used and funds are distributed to shareholders on which the company cannot earn a rate of return greater than weighed average cost of capital. However, the disadvantages of residual dividend policy can be the number of good capital projects will vary from year to year and because the profit will also vary from year to year, the dividend over time will be highly variable including no dividend in one year and high dividend in another year. The stream of dividend will spoil the reputation of Adamson Manufacturing Company of paying generous dividend over the past years and a lot of shareholders will be forced to sell their shares and reinvest in other company who will be offering high dividend payout ratio. Gitman, Juchau Flanagan (2008) states that clientele effects exists where the firm will attract shareholders whose preference with respect to the payment and stability of dividends correspond to the payment pattern and stability of firm itself. Shareholders who desire stable and predictable dividend as a source if income holds the shares of a firm that pay about the same dividend amount each period and shareholders who prefer to earn capital gain are more attracted to growing firms that reinvest a large portion of their earnings. Question 2 Advantages and disadvantages of an announced dividend policy.   The main advantage of having an announced dividend policy is that it reduces investors insecurity, and reductions in insecurity are generally associated with lower capital costs and higher stock prices, other things being equal. The disadvantage is that such a policy might decrease corporate flexibility. However, the announced policy would possibly include elements of flexibility.   Therefore, it would be attractive for directors to announce their policies.   The profits of a company can either be re-invested in the company or paid to its shareholders as a dividend. In New Zealand, the amount and frequency of dividends is decided by the board of directors. When a company announces the dividend policy even though it has made a loss during a year, it has to continue paying dividends from the retained earnings from previous years or to suspend the dividend. Where a company receives a non-recurring gain, e.g. from the sale of some assets, and has no plans to reinvest the earnings is often returned to shareholders in the form of a special dividend. This type of dividend is often better than usual and occurs outside of the normal dividend distribution schedule. Question 3 Effect of payout policy on growth rate of earnings per share. Sustainability growth rate is calculated by multiplying Plough-Back ratio by Return on Equity. Plough-Back ratio shows the proportion of earnings that is not paid out as dividend but retained in the company for future investment. Return on Equity is the amount of net income returned as a percentage of shareholders equity. It measures a companys profitability by stating how much profit a company generates with the shareholders has invested. According to Tatum (2010), a sustainable growth rate is the amount of growth that a company can achieve and maintain on an ongoing basis without borrowing money. It is the highest growth rate the firm can maintain without increasing its financial leverage. Sustainable growth rate depends on plowback rate and return on equity, firm may grow rapidly in short term by depending on debt finance but these type of growth cannot be maintained without incurring excessive debt levels. Question 4 Low payout ratios have high price/earnings ratio. According to Ogilvie Parkinson, (2006) the relationship between dividend payout policy and Price Earnings Ratio is that entity with high Price Earnings ratio ha a low dividend payout ratio. The data shown in Table 3 for selected Stock Market shows Companies with low dividend payout ratio has high average price-earnings ratio and vice versa. Gitman, Juchau and Flanagan, (2008) states that the firms financial requirements are directly related to how much it experts to grow and what assets it will need to acquire. A growth firm is likely to depend on internal finance which is through retained earnings and is likely to pay out only a very small percentage of its earnings as dividend. Investors looking for capital growth may prefer lower payout ratio because capital growth is taxed at lower rate and a high growth firm generally pays low or zero dividend. Wikipedia (2010) states Price-Earnings ratio is a measure of price paid for share relative to the annual profit earned by the firm per share. Stocks with higher forecast earnings growth will usually have higher Price-Earnings, and those expected to have lower earnings growth will in most cases have a lower Price-Earnings. As per Table 3, Data General has zero dividend payout percentage with highest average Price-Earnings ratio of 22. Avon Products has highest dividend payout ratio of 57 and low average Price-Earnings Ratio of 13. Data General is a growth firms who is retaining all its earnings for future investments and the shareholders can benefit from capital gain. Question 5 Reduction in the dividend payout rate would increase the price of stock versus such a reduction would drastically reduce the price of the stock. Some investors prefer company to reinvest its earnings back into the business for future growth but many appreciate a generous cash dividend payment. Investors prefer dividends is because of the tax advantage they are getting. New Zealand has dividend imputation credit policy where the company pays tax on its profit and then distributes the dividend to the shareholders. The investors are given the tax credits (imputation) so that the dividend is not double taxed. Dividend payout ratios provide important insight into a companys dividend policy. Adamson Manufacturing Company is currently paying 60 percent of its profit and retaining 40 percent for future growth. There is an argument between Rose and Walker, that if the dividend payout ratio is decreased, the price of the stock will increase and if the dividend payout is decreased, the share price will also decreased. A high payout ratio like Adamson manufacturing Companys, it suggests that the company might be paying out more than it can comfortably afford. It not only does leave a small percentage of profits to plough back into company, but also it leaves the company highly vulnerable to a decline in future dividend payments. Because the act of decreasing dividend is usually interpreted as a sign of weakness, when a dividend cut announcement is made it will trigger a decline in share price. Even if the company plans to keep the 60 percent dividend payout ratio, it will end up having increased debt ratio. The company debt ratio has increased from 16.80% in 2001 to 60.80% in 2009. According to Wikipedia (2010), share price is strictly a result of supply and demand. If the demand exceeds supply then the share price increases. Conversely, if supply exceeds the demand then the share price decreases. The principle theory is that the price movement of the share indicates what investors feel a company is worth. Some investors might understand that it is for positive reason why the company is decreasing its dividend payout ratio, decreasing dividend payout ratio is generally positive sign, it shows that company is more able to cover its dividend payout with its earnings and reduces the borrowings. Thus, the debt ratio for the company would improve in future. Question 6 Would a stock dividend or a stock split be if use in this situation? According to Gitman, Juchau Flanagan, (2008) share split is a method commonly used to lower the market price of a firms shares by increasing the number of shares belonging to each shareholder. For example, in a 2 for 1 stock split, investor who owns 100 shares of stock valued at $100 per share before the stock split will own 200 shares valued at $50 per share after split. After share split the investor owns twice as many shares, with each share worth half as much as before the stock split. The main purpose of share split is to reduce the share price of a share in order to make the share more affordable to investors. According to Mapsofworld (2008) stock dividend is the distribution of additional shares to the investors. The main purpose to offer stock dividend is to generate funds for the company. When company makes profit, a certain percentage of the profit is distributed to investors according to their amounts of shares in the company. These dividends are in form of additional shares known as stock dividend. There are several reasons why companies might choose to provide share dividend to its investors. The company may have some shortage of liquid cash, because of this the company might it difficult to provide cash dividend to its shareholders. It is also possible for the company to invest more money from earned profit to raise the production level. The company should use stock dividend, the reason being the company has been paying out a constant cash dividend of 60 percent every year to its investors and has been loosing all the opportunity of expansions with relatively high rate of return and also, investors has been paying 40 percent of their dividend to government in the form of tax. Cash dividend is downfall for the company and as well the investors. Moreover, companys current ratio has deteriorated from 505 in 2001 to only 1.71in 2009 and debt ratio is increased from 16.8% in 2001 to 60.80% in 2009. These fluctuations in the ratio shows that the company is loosing all its liquid cash in form of paying dividend and further, the company is borrowing money to maintain the 60 percent payout ratio. By adopting stock dividend the company can overcome the cash problem and also can keep investors happy by issuing high dividend payout in form of shares and not cash. Question 7 Specific dividend policy should be recommended to the board of directors. I would recommend Adamson Manufacturing Company to adopt low-regular-and-extra dividend policy. Dividend policies of companies around the world vary considerably. In New Zealand one of the major incentives for investing in the stock market is that New Zealand has no capital gain taxes. Therefore, investors should show a preference for companies that retain earnings rather than paying high percentage dividend. Companies with many growth opportunities tend to pay lower dividends, which is to be expected because the funds are required to finance growth and shareholders are willing to forgo current income of hope of greater future benefits. Because companys goal is to maximize shareholders wealth the dividend policy is one that maximizes the value of firm. When a company pays out dividend, it decreases the amount of earnings that can be used to finance growth. As a result, companies pay little or no dividends because earnings are retained to reinvest in the company. Adamson Manufacturing Company would in better position if adopting low-regular-and-extra-dividend policy. By establishing low-regular dividend that is paid each period, the firm gives investors the stable income necessary to build confidence in the firm and extra dividend permits them to share in the earnings if the firm experiences an especially good period. Firms using this policy must raise the level of dividend once proven increase in earnings have been achieved. The extra dividend should not be regular event, otherwise it will become meaningless. Adamson Manufacturing Company should reduce dividend to around 10 percent to less than 30 percent to pay regularly depending on how much profit the management wants to retain for future growth. Paying regular dividends is often considered a sign of confidence in the company and retaining part of the profit can reward shareholders by adding more shares and wealth. Low dividend payout and retaining majority of it profit can help improve t he companys current ratio and debt ratio. Current ratio shows the companys ability to pay short-term obligations. The higher the ratio, more capable the company is of paying its obligation. A ratio under 1, suggests that the company would be unable to pay off its obligation if they came due at that time. Adamson Manufacturing Companys current ratio decreased drastically to 1.71 mainly because the current asset decreased due to decline in cash by paying 60 percent of its retained earnings as cash dividend. Debt ratio compares the companys total debt to its total assets which shows the amount of leverage being used by the company. If the ratio greater than 0.5, most of the companys assets are financed through debt. Adamson Manufacturing Companys debt ratio increased significantly due to the company borrowing debt to finance cash dividend. Low-regular-and-extra-dividend policy will help the company to overcome its ratio problems and will company to hold its dividend payment consistency .

Who Is Responsible For Duncans Death? Essay -- essays research papers

We certainly know that the direct responsible for Duncan’s death is Macbeth. However this does not necessarily mean he is to blame, for his violent death is obviously the consequence of certain influences that forced Macbeth to perform his fatal deed. Furthermore, to unearth the truth about who is really the guilty for Duncan’s murder we must explore the influences the different characters have on Macbeth’s impulses and the overall scenario of the slaying. Firstly, we shall consider Lady Macbeth and Macbeth as they are the two who planned and performed the murder. Although after the witches told Macbeth that he was to be king and he was burning in desire to be so he, on first instance, decided that if fate had determined that he was to be the sovereign of Scotland he shouldn’t try to be reach the throne by his own actions, that it would come eventually: â€Å"If Chance will have me king, why, Chance / may crown me, / Without my stir†. However, it was Lady Macbeth who convinced him to slay the king so that he could usurp the throne: â€Å"Hie thee hither, / That I may pour my spirits in thine ear†. So we can say that Lady Macbeth has more responsibility on Duncan’s murder than Macbeth himself as she used her position as a wife and a woman to induce his husband to the sin. She knew the â€Å"adoration† Macbeth had for her (â€Å"My dearest love† referring to Lady Macbeth) and used her status of w oman to judge Macbeth a coward if he didn’t kill Duncan. Even though Macbeth holds some blame for not...

Republican Plan Should be Vetoed :: Argumentative Persuasive Papers

Republican Plan Should be Vetoed I think that the Republican should be vetoed because to me, their proposed tax cuts in education, the environment, and other areas are not the way to go. There are probably other government functions that could use a decrease in spending. Raising medicare premiums (http://www.yahoo.com/headlines/951114/news/stories/budget_42.html) seems alright, but there could be a better way. In general, today's Congress is in so much deadlock over balancing the budget, they will end up watching it go to about $6 billion by the start of the new millenium!!! The debt's already too high now. President Johnson was able to halve the deficit and keep his budget under $100 million during his first year in office (http://pathfinder.com/time/special/moy/1964.html); but he achieved this through some manipulation of others - something of which Bill Clinton is not a master. Though the proposed increase of $9 a month may seem small to some,many older Americans in the long run will not be able to keep up with the payments and will trim down their disposable income (isn't this what Keynes would think?) Stimulating the economy at the expense of a certain group of people does not constitute favorable domestic policy for politicans of any party. Why is it that the U.S. has such a hard time trying to keep a stable economy when Germany has historically had pretty strong currency and is perhaps the best economic nation in all of Europe? (http://pathfinder.com/time/international/ 1995/950925/economies.html) They do have tougher regulations, but not a lot of capitalistic ways that we do here. The country's central bank managed to step in after unification with tough-minded economic management; and even though the eastern side of the country has spend a little more than necessary, Germany today remains financially stable (without huge increases in inflation). The temporary stop-gap spending bills that Clinton vetoed, causing the current partialgovernment shutdown, has made the U.S. look bad in the eyes of the world because of party gridlock. I doubt if countries such as Germany ever have this much trouble. Are there any solutions to solving the national debt that will completely satify everyone involved? Probably not. I proved that by stating my support for the President's veto of the Republican's spending bills. However, the oneitem that really bugs me is that if the Republicans want to lower the debt so much, why

Preventive Vigilance

Vigilance:- Vigilance means to be watchful to be alert what is happening and what can happen. There are traces of concept of vigilance in our olden literature like Atharva Veda. Originally, it was Henry Fayol who listed out awareness and security which was later referred as ‘Vigilance’. Importance of Vigilance :- Vigilance makes preparedness to be watchful always and sense the happening around oneself. People always have wrong approach towards vigilance as they perceive vigilance as enquiry, fixing responsibility etc.Vigilance is not investigation but it is prevention. To punish and not to prevent is like pumping the water through a pump without arresting the leakages which result in wastage of water, energy and time. Why do organizations need vigilance:- An organization protects itself from external dangers through creating security and posting manpower to guard against such threats. The role of vigilance is to protect organization from internal dangers which are more s erious than external threats.Responsibility of Employees in Vigilance Matters: Vigilance is not confined to a particular individual or set up. All public servants should be honest. They also have a responsibility towards the nation to help the organization to discharge vigilance functions effectively by bringing to the notice of organization about the activities of dishonest employees. Need for Preventive Vigilance Preventive vigilance plays an important role in strengthening the vigilance set up of any organization.There has been a wide spread realization that punitive vigilance alone cannot be the foundation of an efficient vigilance machinery. In punitive vigilance, the vigilance wing reacts to complaints or information of specific instances of mala fide action, verifies such information and then proceeds against the erring officials. On the other hand, the preventive vigilance sets up procedures and systems to restrain the acts of wrong doing and misconduct in the various areas of the functioning of the department.Preventive vigilance is thus more effective than punitive vigilance. It has several advantages: †¢It is global in its impact and affects the working of the department as a whole. †¢It is less costly and does not require elaborate specialized machinery like punitive vigilance. †¢It is impersonal and does not act as a fetter upon the rightful exercise of authority. †¢It is not directed against an individual. †¢It cannot be misused for vindictive purposes. Tools of Preventive Vigilance 1. Standardization:Laying down clear cut conditions/ procedures in order to reduce discretion and scope of granting undue favors. 2. Automation: The computerization’s of procedures help in reducing interface between officials and taxpayers. 3. Transparency: The taxpayers need to be educated about their rights and responsibilities. Transparency can also be extended to performing official functions in public view and across counter tops r ather than in covered enclosures. 4. Accountability: Accountability should extend to all levels and every person must be held accountable for his action or inaction.For decisions made with improper motives, penalty should be swift and decisive. 5. Control and supervision: The success of the above methods depends on effective control and supervision. Right persons should be put in key positions. The personnel policy should discourage long tenures in one post. 6. Conducive work environment This would involve focus on the following items: Appropriate logistical support including sanction of adequate funds †¢Adequate manpower †¢Meaningful and relevant job assignment Frequent, supportive and instructive interaction between supervisor and subordinates †¢Transparency in transfer and placement. †¢Institutional selection for foreign assignment, training and deputation. †¢Objective performance appraisal and formal recognition of competence. †¢Promotion of mutual trust. Role of individual to Fight against Corruption Individual person have a vital role in fight against Corruption. Every man can stop corruption, fist that individual must say stop to Pay & Take Bribe to anyone. Every man must be watchful abut what is going around and must complaint