Analysis Of The Poem The Bride - 939 Words

â€Å"Something old, something new, something borrowed, something blue and a silver sixpence in her shoe† is an old English rhyme that its exact origins are not fully known but was said a good bit in the Victorian era. In 1894 a newspaper in Pennsylvania the Warren Ledger, had this poem in it and was said to be a Puritan marriage tradition but many other areas started using it as their own tradition. By going also with the poem the bride has to collect five objects from her things, family and friends. The five objects are for good luck and a lot of the time they are family ones that have been handed down from one generation to another. The bride will have to wear all the items the day of the in order to have good luck. (Meaning of Something Old, 015) With each item the bride collects for the day of the wedding represents something different. They something old represents her life, family and tradition., something new offers positive benefits for the future, something borrowed represents borrowed happiness, something blue symbolizes purity, love and loyalty, and the sixpence in the bride’s shoe is for good fortune and prosperity. The sixpence in the shoe is mainly a largely used British tradition. A sixpence is a sliver coin that was used form the 17h-20th centuries in Maryland as well as England. (Meaning of Something Old, 2015) Many brides practice this in their own ways, using a blue garter, old jewelry, something borrowed from someone and a new wedding dress. These daysShow MoreRelatedPygmalions Bride1011 Words   |  5 Pagesâ€Å"Although ‘Pygmalion’s Bride’ is humorous, it has an underlying dark message, like other poems in the collection.† With close analysis of ‘Pygmalion’s Bride’ explore how far you agree with this statement. Make references to other poems that we have studied in your answer. 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Edgar Allan Poe s use of symbolism allows for the audience toRead MoreMy Last Duchess By Robert Browning951 Words   |  4 Pagesthough he had received many reviews and important friendships. Browning later had a disastrous work, Sordello, which caused him to decide to move onto dramatic monologue. This began the beginning of his more mature poetry that included many different poems that received a large amount of positive reviews. â€Å"Browning described himself as â€Å"One who never turned his back but marched breast forward,/ Never doubted clouds would break† (â€Å"Robert Browning† np). Unfortunately, Browning passed away on DecemeberRead More Essay on Dover Beach: An Analysis1052 Words   |  5 Pages An Analysis of Dover Beachnbsp;nbsp;nbsp;nbsp; Dover Beach intrigued me as soon as I read the title. I have a great love of beaches, so I feel a connection with the speaker as he or she stands on the cliffs of Dover, looking out at the sea and reflecting on life. Arnold successfully captures the mystical beauty of the ocean as it echoes human existence and the struggles of life. The moods of the speaker throughout the poem change dramatically as do the moods of the sea. The irregular, unordered

Paying For Someone Else Crime Film By Barry Scheck

Paying for someone else crime Film by Barry Scheck on â€Å"convicted criminals for a crime that he/she did not commit† Vincent Moto was a black man who was accused of rape and was jailed in prison for ten and half years. Vincent â€Å"if you were ever accused of a crime you did not commit it damages your reputation† he said. He couldn’t look at his daughter because he had nothing, he was at shame. Vincent sister â€Å"he didn’t have a place to stay so he had to live with his parents for some time† she said she also played sad music. Vincent daughter was screaming â€Å"dad did not doing it†. Vincent Moto telling the police man he got the wrong guy but police man did not listen, so while in jailed he wrote a letter to Barry Scheck saying he did not commit the crime he was accused, when Barry came and started investigation on his case the carried out various test from the victim who was raped. They f ound from four different sperms using the DNA test and none them were Vincent Moto own. And they went to court, showed the evidence, finally he was freed and they did not give him a job, health insurance. Vincent Moto â€Å"They did not care whether you are established the said we made a mistake see you later† he said. Me growing up in Cameroon were criminal were caught and free because of their money and the poor had to be placed in their places. This was during the summer in my country on a Monday morning at 10:21 am I remember this day

AP World History Chapter free essay sample

Expansion Integration All classical civilizations expanded New challenges: How did they cooperate? O Seminal thinkers brought central values; Confucius, Laozi, Buddha, Socrates Unity attempts O China= Centralize the government S Royal citizens - resettlement around the government S Language promotion S Confucian hierarchy S India= Hierarchy society S Caste system S Hinduism O Mediterranean S Local autonomy (freedom in life for their people; High tolerance) S Laws S Citizenships S Economic interdependence 2. Non classical Developments Africa S Kush - Axum - Ethiopia Later foundation of Ghana C] Writing, religious conversion Oudaism Christianity), iron, divine rule of Kings Japan S Writing, agriculture, Shintoism, Iron, Divine rule Europe S Little independent development, Regional ruling, polytheistic, interaction with Rome Central America S Olmecs Monuments; Corn, potato, Few domesticated animals, Calendar, Writings S Mayans Foundation on the Olmecs S Incas Similar to Maya and Inca, built cities religious monuments S Lacked benefits of interaction (wheel and irons were scarce) Polynesians (In Pacific) S Fiji, Samoa, Hawaii C] Outrigger canoes , caste system (particular in Hawaii), Divine rule (king based) Central Asia S Nomadic Herders, Trade route intermediaries (middleman ,Whole sale people), technologies (stirrups) S Invasion of civilization - population pressure spoils 3. Decline (and Fall or Revival) of Civilizations S 3 century of chaos (Similar to Era of Warring States) C] Fall because

Soviet Union and de-Stalinization Essay Example

Soviet Union and de-Stalinization Essay Soviet Union Leaders in the Post Stalin Era Kareem M. Khalil Fall 2010-2011 Lebanese American University Outline I. The Soviet Union: a. Background about the Soviet Union from 1917-1953. b. Vladimir Lenin. c. Joseph Stalin. II. Nikita Khrushchev: a. Rise to power. b. De-Stalinization. c. Reforms and domestic policies. d. Foreign Policy. e. Expulsion from power. III. Leonid Brezhnev: a. Rise to Power. b. Domestic Policies. c. Brezhnev Stagnation. d. Foreign Policy. e. Death. IV. Yuri Andropov: a. Rise to Power. b. Domestic Policies. c. Foreign Policy. V. Konstantin Cherenko: d. Policies and short office term. VI. Mikhail Gorbachev: e. Domestic policies f. Foreign policy. g. Fall from power. h. End of the Soviet Union. VII. Conclusion Soviet Union Leaders in the Post Stalin Era The Union of Soviet Socialist Republics, simply referred to ask the Soviet Union, was a socialist state that spread from Northern and Eastern Europe to various parts of Central Asia. It dated between the 30th of December 1922 and the 26th of December 1991. Until its collapse in 1991, it consisted of almost 15 constituent republics that are acknowledged today as: â€Å"Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan† [ (Rosenberg) ]. The father and founder of the Soviet Union was no other than Vladimir Lenin who managed to set the foundations of the USSR after overthrowing Tsar Nicholas II in November of 1917, and finally establishing a Soviet government in 1922. We will write a custom essay sample on Soviet Union and de-Stalinization specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Soviet Union and de-Stalinization specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Soviet Union and de-Stalinization specifically for you FOR ONLY $16.38 $13.9/page Hire Writer After asserting himself as the â€Å"Chairman of the Council of Peoples Commissars of the Soviet Union†, Lenin began planning and implementing new policies and ideas that would affect the USSR, alter and influence the rest of the world even after he passed away. McCauley (1993) describes some of Lenin’s policies during his reign as the following: nationalizing all banks and important business enterprises, distributing lands to peasants, reintegrating several states into Bolshevik Russia, and exporting the communist ideology. After Lenin’s death in 1924, Joseph Stalin was appointed as the â€Å"General Secretary of the Communist Party of the Soviet Union (CPSU). † Stalin, and through outsmarting and slowly banishing his opponents, managed to establish a totalitarian regime and appoint himself as the supreme leader of the Soviet Union in the late 1920’s. Stalin’s period in office was both devastating and costly to the Soviet Union in especially in its domestic policies. Stalin’s five year economic plan (the rapid industrialization of the USSR) produced remarkable results, but cost the lives of around â€Å"14. 5 million peasants† (â€Å"http://www. moreorless. au. com/killers/stalin. html, â€Å"), and reaped the lives of almost twenty million people and deported over twenty five others from their homes. Stalin’s gruesome and horrendous rule ended when he died on the 5th of March, 1953. Stalin’s sudden decease left an important void in which many were eager to fill. The outcome of Stalin’s death resulted in a system of collective leadership. The key figures of this communal rule were: â€Å"Nikita Khrushchev, Lavrenti Beria, Nikoli Bulganin, Georgy Malenkov, Vyacheslav Molotov, and, Lazar Kaganovich† (http://www. fortunecity. com/victorian/riley/ 787/Soviet/Khrushchev/Krushchev. html). During this period, the struggle to instigate a premier to head the Soviet Union faced many turbulences and changes. At the beginning, Malenkov assumed power as acting Premier, and Khrushchev undertook his predecessor’s (Stalin) position as First secretary of the CPSU. Subsequently, and by 1955, Georgy Malenkov was forced to relinquish his position as Premier, and was substituted by Nikoli Bulganin (who was supported and favored by Khrushchev). After Stalin’s death, his successors proceeded to diverge from the latter’s cruel and violent strategies. Surprisingly, and in a six hour speech in the 20th Party Congress, Khrushchev criticized and condemned Stalin’s bloody reign. This step forced a considerable amount of pressure to the First Secretary as McCauley (1987) describes, especially with his compatriots in the collective leadership circle. Two assassination attempts later, and a failed expulsion scheme set by Kaganovich, Molotov, and Malenkov against him, Khrushchev still managed to strengthen his power furthermore. Ironically, and in 1958, Nikoli Bulganin was forced to resign by the same man who favored his appointment, and Khrushchev assumed both the position of Premier (on the 27th of March) and First Secretary of the CPSU. Although Khrushchev worked closely and for many years with Stalin, nonetheless he was unusually dissimilar to the latter. Unlike Stalin’s harsh manner and look, Volkogonov (1998) describes Khrushchev as more of a forthcoming, pleasant, humorous, and energetic individual. Their differences are undoubtedly noticeable as Khrushchev embarked on a new policy of De-Stalinization, set to cross out Stalin’s bloody history from the Soviet Union’s international image and its people’s minds. As part of his new policy he began with renaming all the cities that carried Stalin’s name and all pictures and statues of Stalin were destroyed (as not to leave any mark to be a remainder of him). By doing so, Khrushchev managed to obtain an approval from the West and appear as a prominent and distinguished leader than his predecessors, in which Stalin would have almost certainly never acquired or achieved. In his domestic policy, Khrushchev set in motion various agricultural, administrative, and industrial reforms. In the farming sector, he launched his virgin land campaign that sought to improve and â€Å"develop the country’s virgin land and forests† [ (Sakwa, 1999) ], but his strategy proved disastrous. On the administrative level, Khrushchev began with abolishing the courts undertaken by several governmental agencies. He carried one to make the Central Committee assemblies public and open to a large number of Soviet Officials to speak freely in, and used this to his advantage since any declared opposition to him would be shunned out by the large number of his supporters. In the industrial sector, he tried to decentralize ministries and transform them into local councils to become more receptive to any problems or urgent requirements, but these councils did the opposite of what they were anticipated to do. In spite of his decent image with of the West and his more peaceful and reformist approach in the USSR, perhaps little change occurred in his military-defense/foreign policy. He sought after upholding a powerful Communist Eastern bloc. This is clearly revealed with the Warsaw Pact that was set together during his rule. Furthermore, the cold war tension peaked during his reign specifically at the incident of the Cuban Missile Crisis, in which he was utterly disgraced and was forced to withdraw the Russian arsenal from the isle. Following his major failures, and by 1964, Khrushchev was ousted out of office when he was vacationing, and was replaced by another collective leadership composed of Alexei Kosygin, Leonid Brezhnev, and Nikolai Podgorny. However, and between all the members of the â€Å"troika† (three members of the collective leadership system), Brezhnev was the most prominent and influential figure. This reason may be attributed to the simplicity of Brezhnev’s character. In his book â€Å"Autopsy for an Empire†, Volkogonov (1998) portrays the latter as a traditional, team player, and influential figure able to rally large support to his views in any path he desired. Perhaps the characteristics Brezhnev enjoyed enabled him to further rise over his two fellow rulers, and ultimately break free and become the USSR’s sole executive. Throughout his rule of the Soviet Union, Brezhnev implemented a policy to protect and sustain his rule as General Secretary of the CPSU, but at the same time brought about important reforms despite his conventional mentality. Kelley (1987) explains that Brezhnev, like Khrushchev, wanted to leave a mark in history, therefore he attempted many policy reforms. What made him different than other leaders was that Brezhnev acted carefully with every step he took n a certain field while balancing it with another field. Consequently, and by doing so, he was able to handle his critics and avoid any conflict with them and promote a balanced progress. Brezhnev’s domestic policy first focused on Soviet industries. His plan was to merge different factory â€Å"associations† whereby weaker factories could be reinfo rced by stronger ones in order to hasten the process of modernization [ (Kelley, 1987) ]. He then carried out to abolish the decentralization plans carried out by his predecessor Khrushchev His other important reforms stemmed from the agricultural sector. Brezhnev kept on the principle of collective farming, ordered all Soviet owned land to be increased by a half a hectare, and introduced new machineries to further facilitate and accelerate production. Despite Brezhnev’s intense investment in agriculture, that particular sector was faced with many droughts that affected production. The result of such disasters forced the USSR to â€Å"import large quantities of grain from Western countries† [ (http://countrystudies. us/russia/14. htm) ]. A key feature of Brezhnev’s rule, was the economic stagnation (referred to as the Brezhnev Stagnation) that the USSR’s economy passed through in the mid 1970s. The economic progress had reached its peak during that period, and began to go into stalemate. This can be attributed to several factors being: decreasing standards of living, the small numbers of unemployment that resulted in workers working less and getting paid nonetheless, and the abuse of the Soviet population to the cheap consumer goods and government services. With regards to his foreign policy, Brezhnev’s priority was to reassert the communist influence in the neighboring communist states â€Å"by undermining the influence of China† [ (http://countrystudies. s/russia/14. htm) ]. China was a growing communist influence in the Asian region, and Mao publicly denounced the Soviet foreign policy at the time. The relations between the USSR and China severely deteriorated to an extent that the armies of both countries went to a small confrontation. On the Eastern side Brezhnev created the â€Å"Brezhnev Doctrine†, as a result of some events that took place in Cz echoslovakia. Notably in 1979, Brezhnev declared war against Afghanistan (to enforce a communist government) and the issue remained unsettled until the 1980’s. Several important treaties were signed by Brezhnev at that time including: The Treaty on the â€Å"Nonproliferation of Nuclear Weapons†, â€Å"Strategic Arms Limitation Talks†, â€Å"Anti-Ballistic Missile Treaty†, â€Å"Interim Agreement on the Limitation of Strategic Offensive Arms. † These treaties helped ease the rising tension of the Cold War Khrushchev initiated and delay the ongoing arms race. Perhaps the most important accomplishment of Brezhnev detente period was the signing of the 1975 Helsinki accord, which strengthened the communists in the Eastern Bloc and raised more antagonism against the US and the West. On November 10th 1982, Brezhnev passed away, and his successor would be Yuri Andropov. The two most notable heirs to the General Secretary of the CPSU position were Konstantin Cherenko and Yuri Andropov. In this short race for to gain the executive position, Andropov had apparent advantage. â€Å"After fifteen years of leading the KGB† [ (Mrose, 2010) ], he possessed a prolonged experience in both foreign and defense policies and had the advantage to gain support and form a strong and large to replace Brezhnev. Therefore on the 12th of November 1982, Andropov was elected to be the next leader of the Soviet Union. Although his term lasted about fifteen months, his policies and some notable events should be mentioned. Brezhnev’s rule resulted in massive corruption amongst several Soviet officials, and as a result, Andropov’s first policy was to reintroduce party regulations to counter this phenomenon. Furthermore, Andropov wanted to â€Å"boost labor discipline† (http://countrystudies. us/russia/15. htm,†). To further explain this point, we refer to the section about how workers became less efficient in Brezhnev’s rule, therefore Andropov provisioned and implemented new rules to regenerate a strong workforce. On the foreign policy level, his rule witnessed even more decline with the U. S especially after the Soviet’s shot down a Korean commercial airplane and killed all its passengers (one being a U. S senator). Perhaps his most important success was finding Mikhail Gorbachev and advancing him towards a higher ranking in the Communist regime. Andropov passed away on the 9th of February, 1984, and was replaced by Konstantin Chernenko. Although Andropov’s wishes was for Gorbachev to replace him, Chernenko (and after a long series of deliberation) was elected to become the new leader of the Soviet Union on the 13th of February, 1984. Kelley (1987) describes the process in which Chernenko reached power as way for the old members of the central committee to preserve their interests on one hand, and because younger member did not figure out their stable path in politics. Due to his very short stay in office, old age, and illness; Chernenko did not have any notable foreign or domestic foreign policy plans. Perhaps the most important event of his time, was the initiation of Gorbachev to replace him. Chernenko passed away on the 10th of March 1985, and was replaced by the final leader of the Soviet Union, Mikhail Gorbachev, on the same day. Mikhail Gorbachev was the youngest elected General Secretary to assume command in the history of the USSR. Volkogonov (1998) describes him to be the 2nd famous worldwide leader Soviet leader after Lenin, and the most contemporary individual amongst them. Gorbachev launched a wide scale reform policy that affected different sectors of the country. His strategy could be summarized into the following: reorganization, more freedom, democratisation, and hastening economic growth. The first goal one Gorbachev’s agenda was to introduce better scientific and technological means and methods in industry and agriculture. Through this means, he aimed at eliminating the long economic stagnation present since the Brezhnev era He soon realized that his aspirations will not have the desired effect unless he changes the political system from within. Therefore Gorbachev replaced several key and old Soviet officials with new energetic and younger ones. He went on to issue laws that control quality production goods, to render the sale of low-grade products. Throughout his industrial/agricultural reform phase, Gorbachev did not abandon his predecessors’ idea of a central planned economy, and tried to promote and strengthen it even more. With regards to reorganizing party ranks, democratisation, and reducing government control, Gorbachev’s second step was to dissolve the Soviet Supreme rule within itself. What began as changes in members of the Central Committee and keys ministries, evolved to draft plans of multi-candidate elections and assign non- party individuals to several governmental ranks. In 1989, he established â€Å"the Congress of People’s Deputies† (a new legislative body) in an attempt to lighten the government’s grip. Gorbachev was elected to become the head of state in the same year (General Secretary position was no longer the supreme executive position), and in 1991 he was elected to become the President of the USSR. Gorbachev’s policy of giving more freedom to the Soviet citizen’s was a new method of rule. For the first time perhaps in the USSR’s history, he decreed private ownership laws that enabled individuals to possess their own businesses. He carried on to divide the government owned airlines at that time to several autonomous airlines. Surprisingly, Gorbachev paved the way to a vast and wide â€Å"freedom of speech† policy to the Soviet citizens. This was used as a tool to silence the conservatives who opposed his reforms. Gorbachev’s new motto with regards to foreign policy was â€Å"new political thinking in international relations† (Holloway, 1988). He first began with normalization of relations with the West and especially the United States in order to reduce Cold War tensions. By doing so, he also wished to enhance both economic and diplomatic relations with the West to reach his goals, rather than confrontation or isolation. This step also helped him promote his domestic policies of reform because the United States at that time had the solution to many of Moscow’s problems. n the December 1987 Washington Summit, both countries met to endorse the Intermediate-Range Nuclear Forces Treaty. In 1990, the Washington summit was held between the two nations where both countries showed willingness to participate in improving relations on many levels. In addition Gorbachev pursued more diplomatic means with t he United States with regards to arms control. In 1991, both states met in Moscow to sign the Strategic Arms Reduction Treaty. Furthermore, Gorbachev enhanced the Soviet Union’s relations on many sensitive fronts. He engaged in process of improving the relations with China, after the crisis in the Brezhnev era, and succeeded in doing so. The first Soviet-Chinese summit was held on May 1989. Gorbachev carried on to improve relations with Europe where he gave an important speech on the 7th of July, 1987 where â€Å"he insisted on the sovereign right of each people to choose their own social system (â€Å"http://www. country-data. com/cgi-bin/query/r-11378. html† , 1996). Finally, the Soviet Union withdrew from Afghanistan in 1989 in accordance with the agreement signed by the US, Pakistan, the USSR, and Afghanistan in 1988. As much as Gorbachev’s foreign and domestic policies seem constructive, yet they yielded several disastrous results. The economic policy brought about by the government resulted in several food and supply scarcities. The decentralization and loosening the governments grip policy outcome was the disintegration of the Soviet Union within itself, and many of its former states declaring independence. Soon enough, and after severe weakening of the Soviet Union, the August coup of 1991, and the creation of the â€Å"Commonwealth of independent states†; Gorbachev dissolved the Soviet Union nd Boris Yeltsin became the first president of the non-communist Russia. All great empires must come to an end as history as clearly shown us. Its fair to say that although the communist ideology was promoted as the best alternative to the imperial and capitalist means, its implementation was not close to its teachings. As shown in the above, each leader in the long chain of command in the S oviet Union partially or to a high extent drifted away from the original thoughts of Lenin. Each had his own goals, ways of thought, and policies that he projected in different means. Some even went to the extent of shunning the original foundations of communism and rejecting and insulting old leaders. They all had their different agendas, they just hid behind the shadow of the regime in order to reach higher ranks, implement their goals, and leave their own mark in Russian and international history. Bibliography (n. d. ). Retrieved from http://www. fortunecity. com/victorian/riley/787/Soviet/Khrushchev/Krushchev. html. (n. d. ). Retrieved from http://countrystudies. us/russia/14. htm. (n. d. ). Retrieved from http://countrystudies. s/russia/15. htm (n. d. ). Retrieved from http://countrystudies. us/russia/17. htm (2001, May 23). Retrieved from http://www. moreorless. au. com/killers/stalin. html. Holloway, D. (1988). Gorbachevs new thinking. America and the World 1988 , 68 (1). http://countrystudies. us/russia/17. htm. (n. d. ). http://www. country-data. com/cgi-bin/query/r-11378. html. (1996, July). Kelley, D. R. (1987). Soviet politics from brezhnev to gorbache v. New York: Praeger Publishers. Mccauley, M. (1987). Khrushchev and khrushchevism. Great Britain: School of Slavonic and Eat European Studies, University of London. McCauley, M. (1993). The soviet union: 1917-1991. London and New York: Longman. Mrose, C. (2010, November 12). Retrieved from https://www. libertycentral. org/today-in-history-yuri-andropov-assumes-power-in-the-soviet-union-2010-11 Rosenberg, M. (n. d. ). Retrieved from http://geography. about. com/od/countryinformation/a/ussr. htm. Sakwa, R. (1999). The rise and fall of the soviet union 1917-1991. New York: Routledge. Volkogonov, D. (1998). Autopsy for an empire. New York: The Free If you need a kind of write my essay online help with another paper topic, contact us right now!

Literature review on entrepreneurial finance The WritePass Journal

Literature review on entrepreneurial finance Introduction Literature review on entrepreneurial finance IntroductionResearch ProposalBackgroundBank FinanceFinancing PreferencesStudy Aims and ObjectivesResearch StatementResearch QuestionsRelated Introduction Research Proposal Although it appears to be contentious whether availability of finance impacts on entrepreneurial entry to markets (Kim et al., 2006, p. 5), it is likely to be a critical factor in determining the early success or failure of any new start-up venture. What is more, it has also been implicated as an important factor in determining the ongoing success of the business (Marlow Patton, 2005, p. 717; Capelleras et al., 2008, p. 688). The literature would also appear to indicate that the balance between the availability to and uptake by entrepreneurs of different forms of finance may have wider effects on the national economy (Deidda Fattouh, 2008, p. 6). Therefore it may be important to gain a better understanding of the level of availability of different forms of finance to start-up ventures, along with different factors affecting their uptake by entrepreneurs. Background This section of the proposal provides a brief overview of the literature on the different financing options available to start-up ventures, focusing on bank finance and venture capital. Bank Finance There is a lack of recent research available as to trends in funding of entrepreneurs in The Netherlands. Understanding of such trends in other countries, where extensive research has taken place in the field of entrepreneurial finance, could result in the understanding as well as the applicability of general findings to The Netherlands and any other country. Evidence confirms that banks continued to provide a major source of finance for SMEs in the 1990s (Hughes, 1997, p. 151) although it would be expected that the recent financial crisis could have impacted this (Udell, 2011, p. 103). While relaxing financial constraints may allow greater access to bank financing for entrepreneurs, it may also encourage excessive entry to the market and may also undermine bank-monitoring incentives according to Arping et al. (2010, p. 26). Evidence from developing nations such as South Africa suggest that access to formal bank financing is likely to be a determinant of start-up rates in any given region (Naude et al., 2008, p. 111). There was however, little consideration in this paper as to whether availability of venture capital had any moderating effect on this relationship, and other sources suggest that this may be less important than availability of human capital (Kim et al., 2006, p. 5). There may not only be issues associated with availability of bank finance, but also access to it. There is some suggestion within the literature that women may be somewhat disadvantaged in securing bank finance when compared to their male counterparts (Marlow Patton, 2005, p. 717; Carter et al., 2007, p. 427). Other authors have disputed this, although it is possible that these differences could be accounted for by different geographical foci (Sabarwal et al., 2009, p. 1). There is also some suggestion that differences may exist between ethnic groups in access to bank finance (Smallbone et al., 2003, p. 291) while other personal characteristics of entrepreneurs could also create barriers (Irwin Scott, 2010, p. 245). The relationship between banks and entrepreneurs could be key to enabling access. Research from Italy suggests that there could be trust issues between young entrepreneurial firms and bank managers. This may be particularly true where there is perceived to be heavy monitoring, and may lead to lower levels of demand for bank financing (Howorth Moro, 2006, p. 495). There is some evidence that the ownership of the bank itself may influence the relationships it forms with businesses of all types, including start-ups. In particular, the evidence suggests that firms are more likely to maintain exclusive relationships with state-owned banks, which may indicate greater levels of trust than compared to foreign or privately owned banks (Berger et al., 2008, p. 37). The literature identifies some strategies that may be effective in helping to overcome these barriers. For example in emerging economies, networking has been implicated as an important strategy in helping small to medium enterprises (SMEs) secure bank financing. This more specifically relates to networking with customers and government officials (Le Nguyen, 2009, p. 867). There is some suggestion that firms in developed countries are more likely to incorporate in order to access formal bank financing (Acs et al., 2008, p. 10). Financing Preferences It has been speculated that young businesses may require more than just monetary input, but also require access to expertise. This argument has been proposed predominantly in the context of technology firms, who may lack experience in research and development. Such businesses may benefit from expertise provided by venture capital firms who possess expertise and skills in this area (Keuschnigg Nielsen, 2005, p. 222). It would however be suggested that this may extend into some other sectors on the basis of research by Kim et al. (2006, p. 5) which found that availability of human capital was instrumental in determining entrepreneurial entry to markets. Quantitative surveys conducted amongst start-up firms has suggested that various characteristics of those ventures may determine the structure and types of finance which are utilized, including size, assets, growth orientation and owner characteristics (Cassar, 2004, p. 261). When selecting venture capital, businesses must consider contracts carefully, as these will have a significant impact on how the firm is able to exit at a later stage (Cumming, 2008, p. 1947). de Bettignies and Brander (2007, p. 808) argue that venture capital may be preferred to bank finance when venture capital productivity is high and entrepreneurial productivity is low. Winton and Yerramilli (2008, p. 51) suggest that there may be different criteria for determining preference, based on preference for risky or safe continuation practices and relative costs associated with finance options. For example, they suggest that if venture capital companies lower their cost of capital, this may entice some entrepreneurs to switch from safe continuation strategies utilizing bank finance, to riskier strategies utilizing venture capital. Study Aims and Objectives It would appear that many of the studies discussed in the previous section have much to contribute to a better understanding of how entrepreneurs select between bank and venture capital financing. However, most have focused on only limited aspects of the issue. A literature review that aims to take a wider perspective may therefore be useful in providing a better understanding of what may be a relatively complex decision-making process. In particular, most of the evidence available has examined the availability and access to bank financing, with much less information available on comparison to venture capital availability and access. Yet contrasting the benefits and limitations of the two may be important in enabling entrepreneurs to make an informed decision when structuring their start-up finance arrangements. Research Statement The research aims to conduct a review of the literature that will enable comparison of benefits and limitations of bank finance and venture capital. Research Questions The following research questions will be addressed by the review:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Are there differences in the availability of and access to bank financing and venture capital to businesses?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Does the availability and access to different types of finance impact choices made by entrepreneurs?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Are there common barriers to bank finance and venture capital or are some barriers specific to one option? When successfully answered, the findings from the previous questions should give answer to the following question by means of a recommendation: Are there any strategies that may enable entrepreneurs to overcome these barriers? References Acs, Z.J., Desai, S. Klapper, L.F. (2008) What does ‘Entrepreneurship’ data really show? A comparison of the global entrepreneurship monitor and world bank group datasets. World Bank Policy Research Working Paper No. 4667. Accessed 13 May 2011, from: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1233043.   Arping, S., Loranth, G. Morrison, A.D. (2010). Public initiatives to support entrepreneurs: Credit guarantees versus co-funding. Journal of Financial Stability, 6(1): 26-35. Berger, A.N., Klapper, L.F., Peria, M.S.M. Zaidi, R. (2008). Bank ownership type and banking relationships. Journal of Financial Intermediation, 17(1): 37-62. Capelleras, J.-L., Mole, K.F., Greene, F.J. Storey, D.J. (2008). Do more heavily regulated economies have poorer performing new ventures? Evidence from Britain and Spain. Journal of International Business Studies, 39(4): 688-704.   Carter, S., Shaw, E., Lam, W. Wilson, F. (2007). Gender, entrepreneurship, and bank lending: The criteria and processes used by bank loan officers in assessing applications. Entrepreneurship Theory and Practice, 31(3): 427-444. Cassar, G. (2004). The financing of business start ups. Journal of Business Venturing, 19(2): 261-283.   Cumming, D. (2008). Contracts and exits in venture capital finance. The Review of Financial Studies, 21(5): 1947-1982.   de Bettignies, J.-E. Brander, J.A. (2007). Financing entrepreneurship: Bank finance versus venture capital. Journal of Business Venturing, 22(6): 808-832. Deidda, L. Fattouh, B. (2008). Banks, financial markets and growth. Journal of Financial Intermediation, 17(1): 6-36. Howorth, C. Moro, A. (2006). Trust within entrepreneur bank relationships: Insights from Italy. Entrepreneurship Theory and Practice, 30(4): 495-517. Hughes, A. (1997). Finance for SMEs: A UK perspective. Business and Economics, 9(2): 151-168. Irwin, D. Scott, J.M. (2010). Barriers faced by SMEs in raising bank finance. International Journal of Entrepreneurial Behaviour Research, 16(3): 245-259. Keuschnigg, C. Nielsen, S.B. (2005) ‘Public policy for start-up entrepreneurship with venture capital and bank finance’. In V. Kanniainen C. Keuschnigg (Eds.) Venture Capital, Entrepreneurship, and Public Policy. Cambridge, MA: The MIT Press, pp. 221-250.   Kim, P.H., Aldrich, H.E. Keister, L.A. (2006). Access (not) denied: The impact of financial, human, and cultural capital on entrepreneurial entry in the United States. Small Business Economics, 27(1): 5-22. Le, N.T.B. Nguyen, T.V. (2009). The impact of networking on bank financing: The case of small and medium-sized enterprises in Vietnam. Entrepreneurship Theory and Practice, 33(4): 867-887.   Marlow, S. Patton, D. (2005). All credit to men? Entrepreneurship, finance, and gender. Entrepreneurship Theory and Practice, 29(6): 717-735.   Naude, W., Gries, T., Wood, E. Meintijies, A. (2008) Regional determinants of entrepreneurial start-ups in a developing country. Entrepreneurship Regional Development, 20(2): 111-124.   Sabarwal, S., Terrell, K. Bardasi, E. (2009). How do Female Entrepreneurs Perform? Evidence from Three Developing Regions. World Bank. Accessed 15 May 2011, from: http://siteresources.worldbank.org/INTGENDER/Resources/336003-1240628924155/Sabarwal_Terrell_Bardasi_Entrep_All_CWE.pdf. Smallbone, D., Ram, M., Deakins, D. Aldock, R.B. (2003). Access to finance by ethnic minority businesses in the UK. International Small Business Journal, 21(3): 291-314. Udell, G.F. (2011). SME financing and the financial crisis: A framework and some issues. In G. Calcagnini I. Favaretto (Eds.) The Economics of Small Businesses: An International Perspective. London: Springer Heidelberg, pp. 103-113.   Winton, A. Yerramilli, V. (2008). Entrepreneurial finance: Banks versus venture capital. Journal of Financial Economics, 88(1): 51-79.

NYU, New York University and Early Decision

NYU, New York University and Early Decision If you know that NYU is the school that you most want to attend, applying through tone of the universitys early decision options might be a wise choice. Key Takeaways: NYU and Early Decision NYU has two early decision options: Early Decision I has a November 1st deadline, and Early Decision II has a January 1st deadline.Applying early decision is one of the best ways to demonstrate your sincere interest in NYU, and it can improve your chances of getting in.Early decision is binding. If admitted, you are required to attend. The Advantages of Early Decision If you have a clear first-choice college that is highly selective, you should certainly consider applying early decision or early action if these options are available. At the great majority of colleges, the acceptance rate is higher for students who apply early; this point is remarkably clear in this early application information for the Ivy League. NYUs admissions website notes that for the class of 2021, the overall admit rate was 28 percent, while the admit rate for early decision was 38 percent. Note that this means that applying early increases your chances of admission by more than 10 percent, for the overall admit rate includes the early decision student pool. There are several reasons why you have a better chance of admission when applying early. For one, students who are able to get their applications together in October are clearly ambitious, organized, and good time managers. These are all traits possessed by successful college students. Also, colleges frequently use demonstrated interest as a factor when evaluating applications. A student who applies early is clearly interested. This is particularly true for early decision since applicants can apply to only one school through an early decision option. Finally, early decision applicants have the advantage of learning the decision of the admissions office early. Students who apply through NYUs Early Decision I will receive their decision by December 15th, and those who apply through Early Decision II get a decision by February 15th. Regular decision applicants dont receive a decision until April 1st. The Drawbacks of Early Decision If you know that New York University is your top choice school and you are able to complete a strong application by the deadline, early decision is definitely the way to go. The option, however, is not for everyone, and it does have a few drawbacks: Early decision is binding. If you are admitted, you are required to attend, and you must withdraw all of your other college applications.Because early decision is binding, you wont be able to compare different financial aid offers from multiple schools.If you are applying Early Decision I, you need to request letters of recommendation as soon as the school year starts, and youll want to take the SAT or ACT early.If youre doing well academically in your senior year, the admissions staff at NYU will likely be making a decision before they see any of your senior year grades. However, early decision does have its drawbacks. The most obvious of these is that the deadline is, well, early. Its often difficult to have SAT or ACT scores in hand by the end of October or early November, and you may want to have some of your senior grades and extracurricular accomplishments as part of your application. NYU's Early Decision Policies NYU changed its application options in 2010 to expand the early decision applicant pool. The prestigious Manhattan university now has two early decision deadlines NYU Application Options Option Application Deadline Decision Early Decision I November 1 December 15 Early Decision II January 1 February 15 Regular Decision January 1 April 1 If youre familiar with NYU, you may be wondering how January 1st is considered early. After all, the regular admission deadline is also January 1st. The answer has to do with the nature of early decision. If you are accepted under early decision, NYUs policy states that you must withdraw all applications you may have submitted to other colleges, and ... pay a tuition deposit within three weeks of notification. For regular admissions, nothing is binding and you have until May 1st to make a decision about which college to attend. In short, NYUs Early Decision II option is a way for students to tell the university that NYU is their first choice and they will definitely attend NYU if accepted. While the deadline is the same as regular admission, students who apply under Early Decision II can clearly demonstrate their interest in NYU. Early Decision II applicants have the added perk that they will receive a decision from NYU by mid-February, over a month early than applicants in the regular decision pool. NYU does not indicate if Early Decision I has any advantage over Early Decision II. However, Early Decision I applicants are clearly telling NYU that the university is their first choice. The timing of Early Decision II is such that an applicant can be rejected through Early Decision at another university, and still apply in time for Early Decision II at NYU. So for Early Decision II applicants, NYU might be their second choice school. If NYU is definitely your first choice school, it may be to your advantage to apply Early Decision I. A Final Word About NYU and Early Decision Do not apply early decision to NYU or any college unless you are absolutely sure that the school is your first choice. Early decision (unlike early action) is binding, and if you change your mind you will lose a deposit, violate your contract with the early decision school, and even run the risk of having applications at other schools voided. You should also avoid early decision if you are concerned about financial aid and what the option of shopping around for the best offer.

Valuation of Securities Essay Example | Topics and Well Written Essays - 2250 words

Valuation of Securities - Essay Example 500,000, then I have to look at the options available to me and perform a detailed analysis of each. This would allow me to determine which is best considering the risk and return profile of each option. I have made the decision to assess a life insurance investment option and a fund which I will manage on my own. Other investments which could be considered include bonds, shares and mutual funds. Life Insurance Investment Investing the amount of ?500,000 saved with a life insurance company may allow me to receive a stable income on an annual basis with an adjustment for inflation. The insurance policy that my insurance agent recommends is one that will pay me an annual sum that allows for an inflation adjustment and allows for the balance to be paid to my estate when I die. This information is presented in Table 1. Year Initial Investment/ Balance (?) Interest rate Inflation rate Capital Growth (?) Withdrawal (?) Balance (?) 0 500,000.00 0.04 0.03 0.00 0.00 500,000.00 1 500,000.00 0. 04 0.03 520000.00 15000.00 505000.00 2 505,000.00 0.04 0.03 525200.00 15450.00 509750.00 3 509,750.00 0.04 0.03 530140.00 15913.50 514226.50 4 514,226.50 0.04 0.03 534795.56 16390.91 518404.66 5 518,404.66 0.04 0.03 539140.84 16882.63 522258.21 6 522,258.21 0.04 0.03 543148.54 17389.11 525759.43 7 525,759.43 0.04 0.03 546789.80 17910.78 528879.02 8 528,879.02 0.04 0.03 550034.18 18448.11 531586.07 9 531,586.07 0.04 0.03 552849.51 19001.55 533847.96 10 533,847.96 0.04 0.03 555201.88 19571.60 535630.28 11 535,630.28 0.04 0.03 557055.50 20158.75 536896.75 12 536,896.75 0.04 0.03 558372.62 20763.51 537609.11 13 537,609.11 0.04 0.03 559113.48 21386.41 537727.06 14 537,727.06 0.04 0.03 559236.15 22028.01 537208.14 15 537,208.14 0.04 0.03 558696.47 22688.85 536007.62 16 536,007.62 0.04 0.03 557447.92 23369.51 534078.41 17 534,078.41 0.04 0.03 555441.55 24070.60 531370.95 18 531,370.95 0.04 0.03 552625.79 24792.71 527833.08 19 527,833.08 0.04 0.03 548946.40 25536.50 523409.90 20 523,409.90 0.04 0.03 544346.30 26302.59 518043.71 403055.62 Table 1:- Investment in Life Insurance Policy The information in Table 1 indicates that the policy will run for 20 years. It is assumed that the interest rate for the period would be 4% and the inflation rate - 3%. An amount of ?15,000 will be paid in the first year after allowing for inflation. If I die at the end of the first year my estate will receive a total of ?505,000. If not the annual payments will increase year after year to an annual payment of ?26,203.59 in the 20th year. At that time the balance on the account would be ?518,043 which would be paid to me or my estate if I die. The information in Table 1 also indicates that the balance on the policy would increase up to the 13th year but would start declining thereafter. My total receipts from this policy from year 1 to year 20 would be ?403,055.62 leaving a balance of ?518,043.71. This suggests that after 20 years I would have received a total of ?921,099.33 (?403,055.62 + ?518043.71). Therefore, I would gain a total of ?421,099.33 on my investment. Manage Funds Personally In the event that I choose to personally manage my funds I would want to diversify the risks involved by investing in a mix of government bonds and shares. Government bonds are basically risk free while investment in shares is considered to be risky. I would want to consider a 50:50 mix since I am hoping to get high returns that would be able to