The Economic Analysis of the United States

Smoking and Lung Cancer Lung Cancer represents fifteen percent of all disease cases, and an expected 170,000 individuals in the United States get lung malignancy a year. (5)About 155,000 of those individuals bite the dust from the malignancy. As of late, the pace of ladies influenced by lung disease has expanded, while the pace of men influenced has diminished. Be that as it may, lung malignant growth is the main disease that executes the two ladies and men. (1) So, what is lung disease? Lung disease is the wild development of anomalous cells in the lung. (5) There are two fundamental kinds of lung malignant growth: non-little cell and little cell lung disease. Non-little cell lung malignant growth (or NSCLC) is more typical than little cell lung disease (SCLC) and happens in about 80% of all lung disease cases. (3) Early lung malignant growth doesn't cause side effects, so when the side effects at last show and the disease is distinguished, it is as of now at a propelled stage. (1) Smoking has been demonstrated to be the essential driver of lung malignancy. About 87% of all cases happen in individuals who smoke. (1) However, not every person who smokes gets lung malignant growth and not every person who gets lung disease smokes. One of the primary side effects of lung disease is a ceaseless hack that goes on for over about fourteen days. Another is consistent chest torment. Different indications incorporate wheezing, brevity of breath, hacking blood, roughness, and rehashed pneumonia or bronchitis. (1) There are additionally less recognizable signs, for example, unexplained fever, weight reduction, or craving misfortune. (2) As referenced before, there are two sorts of lung malignancy: NSCLC and SCLC. NSCLC can be separated into three areas. Initially, there is epidermoid carcinoma which is generally begins in the enormous breathing cylinders, and develops gradually. (5) There is likewise adenocarcinoma, which is found in the bodily fluid organs and ... ...is as yet a deadly ailment that slaughters a great many people on the off chance that it isn't recognized early. The primary method to maintain a strategic distance from lung malignancy is to quit smoking! Cigarettes and tobacco have around 4,000 synthetic concoctions in them which lead legitimately to malignant growth. (1) The more an individual smokes, the more noteworthy the chance of lung disease. Be that as it may, in the event that one quits smoking, the danger of getting lung malignant growth lessens every year. Following ten years, the likelihood diminishes to around one-half or 33% the danger of individuals who keep on smoking. (1) likewise, used smoke causes around 3,000 individuals to bite the dust from lung malignant growth a year. (1)Therefore, the most ideal approach to forestall yourself or everyone around you from getting lung malignancy is to quit smoking! Web Sources: 1) http://www.lungusa.org/site/pp.asp?c=dvLUK9O0E&b=22542 2) http://www.cancer.gov/cancerinfo/wyntk/lung#9 3) http://www.meds.com/lung/control/u_lung.html

Data Analysis Assignment Example | Topics and Well Written Essays - 1000 words

Information Analysis - Assignment Example Be that as it may, this locale is less fortunate than different pieces of U.S. This can be seen from the monetary qualities of the populace. The normal family pay in this locale is $36,299, while in different pieces of the U.S, the normal pay is $50,046. This again emphasizes the point that this area is less fortunate than different U.S locales and extravagances won’t do well in this district. The items that ought to be produced for this locale ought to be necessities like food, fundamental attire and other vital family unit things. Another bit of measurement that shows that extravagances can't win in this locale is the way that practically 25% families are living underneath destitution lines in the area. The all out U.S normal underneath destitution lines is just 9%. This shows originator merchandise and extravagances won’t do well in this district. In any case, this area is at standard as far as instruction with 24% of the individuals having bachelor’s certific ate, which is equivalent to the U.S national normal. So, this market can be served well if the products delivered for this locale are modest and are less exorbitant. The middle age is about the equivalent in Chicago and the U.S. This shows same items can be offered to this district as being offered in the remainder of U.S. The middle of Chicago 34.1 years, though in 35.3 years. This shows the populace design is a greater amount of less exact same, and the items that are offered in the whole U.S locale can be offered to the district 60616. In Chicago around 79% of the populace is above18, while the figure decreases to 75% in the whole U.S.A. This can be utilized by promoting specialists when contriving the adverts for their item. They should remember to make adverts which are true in light of the fact that most of the populace is developed. Here, the data ought not be inaccurate, on the grounds that then many individuals won't accepting the firm’s item. By and large, the lump of populace over 18 is very comparable, yet in Chicago the offer is higher and therefore sponsors should take into

Seeples Spotlight Ayanda Francis COLUMBIA UNIVERSITY - SIPA Admissions Blog

Seeples Spotlight Ayanda Francis COLUMBIA UNIVERSITY - SIPA Admissions Blog This semester the Office of Admissions welcomed three new Program Assistants (PAs) to the team. This week Im introducing you to each of them in the form of self-interviews. Its ladies first, so say hello to Ayanda Francis. Ayanda is Jamaican-American, and shes from Atlanta, Georgia. Before attending SIPA she was Fulbright ETA in Turkey, and after SIPA she plans to join the US Foreign Service. Shes concentrating in Economic and Political Development and specializing in International Conflict Resolution and Asia. At SIPA, she has been involved in SIPA Students of Color as the former finance chair, Women in Peace and Security as the former Vice President, and has spent her summer in Timor-Leste with UN Women. What attracted you to SIPA and Columbia University? My reasons can be split into two categories: personal and professional. Personally, my mother came to Columbia for graduate school and loved every minute of it. As a result, I had visited campus many times with her and have wanted to come to Columbia since I was around 10 years old. Professionally, SIPA happens to have an academic program that matches my desires exactly. I wanted to study both development and conflict resolution, and while many programs force you to choose between the two, SIPA has allowed me to study both in depth. The fact that Columbia is located in NYC doesn’t hurt either. ?? What experiences do you think prepared you to  attend SIPA? Attending an engineering school for undergrad definitely helped prepare me for the intensity and rigor of SIPA.  SIPA is hard, y’all! Be prepared. What has been the best part of your SIPA experience? Definitely  meeting the rest of my classmates. Everyone is brilliant and accomplished and comes from such interesting perspectives that challenge me to look at issues in new ways, but they are also just genuinely awesome people to hang out with. Seeples are also of the work hard play hard mentality, so there’s lots of fun to be had. Can you comment on the quantitative rigor in the curriculum? Rigorous! I took the Calc- heavy micro and macro (6400 and 6401), as well as the quant-heavy economic development course. While not entirely murderous, these courses are not for the faint of heart. What’s your internship experience been like? I had a FANTASTIC time at UN Women Timor-Leste. I was working with the Women, Peace and Security team on women in the police force helping the PNTL (national police force) assess themselves on how female officers are treated, what can be done to recruit and retain more women, and how to improve services for women overall. I was doing real and substantive work, representing the UN at governmental meetings, and had the freedom to suggest ideas and projects that would be taken seriously. The office is fantastic and Timor is lovely, so I would beyond highly recommend it! How did you obtain your internship? A class called “ Applied Peacebuilding.” I also HIGHLY recommend it. Its project based, so you are guaranteed an internship if you get into the course. It’s much different than any other SIPA course you’ll take so I would recommend that those interested apply for it! [Photo courtesy of Ayanda Francis, pictured left]

Essay on Philosophy of Education - 2121 Words

According to my knowledge the word philosophy is the study and understanding of knowledge in relevance to studying the wisdom of the universe. The word education is the act of developed knowledge. When put together the phrase, philosophy of education, has extremely deep meaning within the context of knowledge. Therefore, before I can accurately state my position on the issue, I must examine my past, present and future experiences with knowledge. My view on education and my experience with knowledge was very sheltered until I came to Ball State University. My education was developed through private schooling from kindergarten to my senior year in high school. Throughout those eighteen years I was trained for the moment I am†¦show more content†¦I feel that all men and women are equal no matter what cultural background they come from or faith they entrust upon. Everyone has an opinion and contribution that should be viewed as significant. No one person is an island, meaning that we as members of society feed off of each other in our own development, especially in this modern technological world we live within. Toni Morrison summarized it best in her written work, Black Matters, where she states her belief that the African culture and people effect the progress of literature in the White society by the fact of existing in the same society known as the American culture (Morrison 256). This idea of race relation is signi ficant and a multicultural issue that is very much existent in the classroom today. Multiculturalism is a young, recently developed idea in the educational system and is growing just as rapidly as the multicultural American society does on a daily basis. The nation is learning to accept and is no longer suppressing its people with the notion of the melting pot or assimilation. The minority population is holding on to its ethnic roots and adding to it the diverse culture of America. Instead of losing or giving up their identity the people are keeping true to their past in their hearts while developing their mind’s as an American. The students of today and tomorrow possess these distinct and different qualities and beliefs, which educators are now realizing and learning to adaptShow MoreRelatedMy Teaching Philosophy Of Education880 Words   |  4 PagesAccording to the Education Philosophy test that we took in class, my education philosophy matched with social reconstruction. Social Reconstructionist believes that systems must keep changing to improve human conditions. Also, emphasizes social questions and to create a better society. Social reconstructionist believe that you have to start over to make things better. 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We are there to cultivate their young minds in an arena where children feel safe and secure while expanding and exploring their knowledge of the world around them. We are to create responsible, productive and model citizens of the world. We are given an incredible task to carry out! With that in mind, however education needsRead MorePhilosophy And Philosophy Of Education1866 Words   |  8 PagesPhilosophy of Education An educational philosophy gives teachers and all educators’ ways to use problem solving in schools. For a lot of practitioners, actual teaching has been reduced to action lacking of a rationale or justification. According to Alan Sadovick, the author of our textbook, a philosophy of education is â€Å"firmly rooted in practice, whereas philosophy, as a discipline, stands on its own with no specific end in mind† (Sadovnik, 2013, pg. 179). All teachers and prospective teachers haveRead MoreThe Philosophy Of Education And Education1175 Words   |  5 Pagesbeliefs is called a philosophy of education. â€Å"A philosophy of education represents answers to questions about the purpose of schooling, a teacher s role, and what should be taught and by what methods† (Philosophy of Education). Educational philosophies differ among all individuals in education. With individual educators, some choose a teacher-centered philosophy and others choose a student-centered philosop hy. It appears that both realms of philosophy play an important role in education inside the typicalRead MoreThe Philosophy Of Education And Education Essay1545 Words   |  7 PagesThe philosophy of education is not a topic that can be fully taught and understood by reading and studying a textbook, or a few textbooks for that matter. I believe that the philosophy of education is somewhat subjective, rather than objective, and that there exists numerous answers to what is the â€Å"philosophy of education†. I feel that one’s answers can not be expressed with a single word nor a sentence; and that one has to â€Å"experience† rather than just read to find the answer. Yes, a huge part ofRead MoreThe Philosophy Of Education And Education1201 Words   |  5 PagesThe philosophy of education seeks to study the process and discipline of education in order to understand how it works, improve its methods and perfect its purposes in today’s society. How this is done is determined by how well the learner internalizes the concepts of the discipline taught by the educator. Educators have a tremendous responsibility not only to prepare students for their lives ahead, but also to contribute to the evolution of knowledge for future generations. 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Richardson Grand Canyon University: SPE-529N November 18, 2012 My Personal Philosophy of Special Education As educators, we need a foundation for why we want to teach, where students with different disabilities fit in that foundation, a rationale for how we teach, and a principle that keeps us striving to be the best educators we can be. The purpose of this essay is to point out what I believe the foundation, student location, rationaleRead MoreMy Philosophy On The Philosophy Of Education844 Words   |  4 PagesIn mathematics, as in life, everything must be brought to the simplest of terms. I base my teaching philosophy on the foundation that every student is capable of learning mathematics. I will strive, as a teacher, to ensure that my students are able to have a strong foundation of mathematical skills when they leave my classroom. Some students believe that they are not mathematically gifted; therefore, incapable of learning mathematics. I believe to the contrary, all students with motivation, sustained

Business Communications Assignment - Free Essay Example

Sample details Pages: 7 Words: 2074 Downloads: 6 Date added: 2017/06/26 Category Business Essay Type Analytical essay Did you like this example? Business Communications Table of Contents Question 1 Q1.1 Q1.2 Question 2 Question 3 Question 4 Question 5 Q5.1 Q.5.2 Don’t waste time! Our writers will create an original "Business Communications Assignment" essay for you Create order Question 1 Q1.1 The staff all could have taken her email in a number of ways, such as some may have been very annoyed with Sarah and saddened to see that their once trusted fellow employee could act out in this way .Sarah has lost a lot of respect by sending out this email. She was mad at the time that the email was typed and at the time she was angry at one employee but she then lashed out towards multiple employees. She didnà ¢Ã¢â€š ¬Ã¢â€ž ¢t take into consider that some employees have other responsibilities, such as religious or family matters, so they may from time to time have to address these other issues. Sarah wants the job to be finished as soon as possible so she is not going to focus too much on quality and therefore she is going to rush a lot, but she needs to understand that some employees like to produce a high quality of work and that takes time. The perceptions of this email is going to be different to everyone, some may think that it is very unethical, while some may think that t his is a wakeup call and really start focusing on their work. Every employee is in a different environment and has their own pressures to deal with and Sarah need to come to terms with that. Q1.2(Fielding du Plooy-Cilliers, 2014) Participant as sender: It is important as the sender in this case Sarah that you are to remain ethical and impartial when you are encoding the message. In this email that was send she used unnecessary capitalisation in her email and emoticons, this is very unethical in a work environment, because the capitalised letters could be received as a threat. Participant as receiver: The receivers are the employees and would interpret this email as threatening because Sarah did say that they would lose their jobs and this caused commotion and now some employees are seeking other employment for fear of being fired. A receiver sent feedback to Sarah resigning from the company; this may hinder the company and slow down progress on the big project. Message: This email was sent out to grab the attention of the employees, but this message was typed when the sender was mad and thus she went overboard and frightened employees into searching for other jobs. This email is full of errors and bad uses of punctuation and she even sent the message out as a representative of the company, putting the company in a bad light from the point of view of the public if this ever was released to the public. Medium: The medium that has been used here is an email that has been sent to all staff, this medium is how the business would normally communicate between employees, but there are strict guidelines to sending emails that are work related. Her choice of medium in order to address everyone would be email because it is the fastest way. Channel: This emails channel was the entire company, because she sent the email to all the employees, even the CEO of the company, this may not have been the best channel to use because the people that she would have been wanting to address would be those that are working on the project with her, so a downward channel would have been the ideal channel to utilise. Feedback: The feedback from this email was horrible, causing panic among the company and even having a à ¢Ã¢â€š ¬Ã…“highly skilled technicianà ¢Ã¢â€š ¬Ã‚  resign from the company. The CEO has acted on the feedback and made a statement to calm down the panic from the threats of employees being fired. The feedback has reached the funding company and the public; this is bad in terms of our corporate image. Noise: The employees have lost their respect for Sarah and are likely not to trust her very much in the future; this is internal noise that the staff is creating in response to the email. This incident will probably put a Sarah in a tough position and make it difficult to function within the workplace. Sarah when sending the email was probably thinking that she was doing right, so her interpretation of the email was semantic from everyone elseà ¢Ã¢â€š ¬Ã¢â€ž ¢s interpretation. When Sarah composed this email she wasnà ¢Ã¢â€š ¬Ã¢â€ž ¢t thinking about the different situations that other staff are in, like family and other responsibilities. Context: The context in which Sarah was speaking was not as if she was addressing an entire company but it was informal and rude, this type of communication was not suited for a large group, her wording was not suited for a workplace environment. This type of context was not suitable and she should have gone to higher management and logged a complaint instead of putting the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s image at stake. Result: The result of Sarahà ¢Ã¢â€š ¬Ã¢â€ž ¢s email was not effective as the message that she was trying to convey was not the message that the staff received and therefore there has been very poor communication and it is mostly the fault of Sarah for not understanding how the staff were going to perceive it and for not taking in to consider the extent of how damaging it is to label an innocent party into her complaint. Question 2 I think that the company needs to build on public relations practises and also the behaviour of staff. With the recent events regarding the email from Sarah, I think that enough time has passed that we can now look at improving ourselves and the company from that incident. In order to improve our image that the public has of our company since the incident with the email got leaked to social media, we are going to have a selected few from our staff to participate in events that will aid the community. Such as a few staff will go to schools and talk about clean energy and the different ways in which we can save electricity in our households. The company will donate and install mini wind turbines to the community to provide electricity to those that are either too poor to pay for electricity or just donà ¢Ã¢â€š ¬Ã¢â€ž ¢t have access. There have been reports that one of the persons that were mentioned in the Sarahà ¢Ã¢â€š ¬Ã¢â€ž ¢s email has been treated negatively because they we re mentioned in this email. This is very unprofessional of our staff and is to see to it that all of the staff is to attend a work shop that will compromise of professionalism and teamwork. This is mainly cause there is friction among the staff and Sarah, there is going to have to be teamwork in order for the project and future projects to be completed. Question 3 In the case study, from Nontsasaà ¢Ã¢â€š ¬Ã¢â€ž ¢s observation it appeared that Sarah stomping past Nontsasaà ¢Ã¢â€š ¬Ã¢â€ž ¢s office and then slamming her office door, this is a type non-verbal communication called kinesics or her body language, so referring to the way she was walking, she was mad and irritated. In Sarahà ¢Ã¢â€š ¬Ã¢â€ž ¢s email she regularly capitalises her text, this emphasises the capitalised text, but also makes the text loud, harsh as she tries to convey her emotions through the text and this is very deterring to the receiver and is called paralanguage. Question 4 (Business email etiquette basics) This email is very unprofessional and is full of spelling mistakes and grammatical errors. Paragraph: There is a spelling mistake on the word à ¢Ã¢â€š ¬Ã‹Å"unacceptableà ¢Ã¢â€š ¬Ã¢â€ž ¢. There is also unnecessary capitalisation of the text and improper use of exclamation marks. It is not fair to Nontsasa that she is being singled out in this email, she is also being portrayed as an accomplice, and the use of emoticons is unprofessional in a business email. Unnecessary use of capitalisation in this paragraph and improper use of question and exclamation marks, there is a very harsh and threatening tone in this paragraph and some insulting statements that could offend the receiver. There is a grammatical mistake on the words à ¢Ã¢â€š ¬Ã‹Å"donà ¢Ã¢â€š ¬Ã¢â€ž ¢t à ¢Ã¢â€š ¬Ã‹Å". There is an error on the first line where à ¢Ã¢â€š ¬Ã…“wereà ¢Ã¢â€š ¬Ã‚  is supposed to be weà ¢Ã¢â€š ¬Ã¢â€ž ¢re and there is a spelling mistake after the words à ¢Ã¢â€š ¬Ã…“dumb questionà ¢Ã¢â€š ¬Ã‚ . This paragraph is very threatening as she threatens to fire staff for trivial reasons. There is unnecessary use of capitalisation, this paragraph is completely unnecessary as it does not pertain to the original purpose of the email, this is a personal paragraph that shouldnà ¢Ã¢â€š ¬Ã¢â€ž ¢t be in a business email. She is again including an innocent person in her email, this leads to prejudice among staff. Sarah is pointing out the fact that she works more but she is a career driven person who works overtime, she canà ¢Ã¢â€š ¬Ã¢â€ž ¢t expect the same from her staff that have other responsibilities to deal with. Unnecessary use of capitalisation and spelling mistake for the word sacrifices on the last line. Threatening sentence with unnecessary capitalisation. Grammar mistake on à ¢Ã¢â€š ¬Ã…“Youà ¢Ã¢â€š ¬Ã¢â€ž ¢reà ¢Ã¢â€š ¬Ã‚ . Question 5 Q5.1 Summary of report This investigative report outlines the dissatisfaction of the staff after the incident with Sarahà ¢Ã¢â€š ¬Ã¢â€ž ¢s email and ways in which this incident can be dealt with. Reason for report The reason for this report is that there was a unprofessional email that was sent out to all staff by the companies managing director, that sent a wave of panic and discomfort among staff who feared for their jobs. Main purposes of the summary report Illuminate staff discontent with the recent involving Sarahà ¢Ã¢â€š ¬Ã¢â€ž ¢s unprofessional email. Outline any prejudices that staff have been displaying towards other staff or could display. Ways in which we can solve this situation. Procedures used to gather information Interviewing employees on their feedback from the email in secrecy A survey which was emailed to all staff on their personal opinions External group was asked their opinion Interviewed some staff that may be subject to shunning because of email Conclusions based on information My conclusions based on the information that I have gathered is: Employees were shocked and offended that Sarah could act in such a way, many of them say that they were in fear for their jobs until the CEO made that statement about the email. I find I that it will take time for the staff to regain trust in Sarah after this incident. Teamwork will be lacking and this incident may have just caused the project to be late on completion. The company is in a bad PR situation as this makes the business seem unprofessional in the light of the public and SAAIG. The external group concluded that Sarah seek out training on professionalism and email etiquette. The Main recommendations I recommend that: Sarah not be fired but be given a warning since she is a highly skilled engineer and that she submit a public apology to all staff, hopefully this may help staff to see that it was all a mistake, this should stop any discrimination to any innocent staff mentioned in the email. The company should outsource a company that would set up a workshop on team building for Sarah and the staff. If the project is late it could be dire for the company so outsourcing some professionals to aid in this project will hopefully get the project finish faster. The company need to show the public and SAAIG that they are professional and a respectful business, the PR department should contribute in some Corporate Social Investment, by donating to schools and the community. Sarah should receive one on one training with someone to help her more understand her faults and improve on them. The results of the investigation My findings following the investigation are: That the employees are very displeased that their superior is acting in such a manner. That Sarah keeps her position for the remainder of the project but her position will be revised based on the results following the feedback of the project. A replacement for the employees that we lost due to the email scandal. Q.5.2 Works Cited Business email etiquette basics. (n.d.). Retrieved 05 24, 2015, from Business email etiquette: https://www.businessemailetiquette.com/business-e-mail-etiquette-basics/ Email Etiquette rules to avoid Embarrassment in Future ! (n.d.). Retrieved 05 24, 2015, from TALK OF WEB: https://www.talkofweb.com/wp-content/uploads/2015/02/Email-Etiquettes-rules.jpg (2014). In M. Fielding, F. du Plooy-Cilliers, Effective Business Communication in Organisations (pp. 14-25). Cape Town: Juta Company Ltd. 1

The Chronic Lyme Disease Health And Social Care Essay Free Essays

string(68) " 30 yearss of antibiotic \( Rocephin or Vibramycin \) intervention\." Lyme disease is a terrible public wellness issue. It is the most common tick-borne infection in the northern hemisphere of the universe ( Feder et al 2007 ) . In North America it is caused entirely by Borrelia burgdorferi sensu strict ( henceforth referred to as B. We will write a custom essay sample on The Chronic Lyme Disease Health And Social Care Essay or any similar topic only for you Order Now burgdorferi ) , while in Europe it is caused by B. afzelii, B. garinii, B. burgdorferi, and infrequently by other sorts of borrelia ( Feder et al 2007 ) . Lyme disease can be reasonably easy to handle in some patients. However, for some patients, it can go like an eternal conflict. Chronic Lyme disease ( CLD ) , which has been making much contention, is a systemic, disabling status which persists in malice of the therapy. There is an on-going argument if there is such a disease that can be classified as a CLD among scientists. Because of the fact that there is no defined trial for the presence of CLD, health care suppliers have to trust to a great extent on patients symptoms in most of the instances of reoccurrence. Furthermore, as CLD patients represent a instance of Heterogeneity of Treatment Effect ( HTE ) which indicates patient ‘s response to the same intervention varies in different patients, it makes it harder to generalise the definition of CLD. Different Lyme patients have different responses to a standardised intervention. ( Green 2009 ) Furthermore, the intervention of the CLD is ill-defined at this minute ( Marques 2008 ) ; hence making the uncertainty if there is of all time a disease to be cured. Some scientists suggest utilizing antibiotics as a intervention for CLD ( Stricker 2007 ) while others consider it as a mistreatment ( Hodzic et al 2008 ) . In this paper, I will get down with the general information of Lyme disease and analyze the groundss of the being of CLD. Furthermore, I will discourse the way of the farther surveies for the intervention of the disease based on the surveies that were conducted throughout the clip. Besides, I will take a expression at the opposing side of the statement claiming nonentity of CLD and discourse the exposure that their claim possesses. Why does the being of CLD affair? Lyme disease in the United States of America is bit by bit increasing over old ages, and the coverage instances of Lyme disease in 2009 is making 38,000 instances which is twice every bit much compared to the instances in 2006 which was 20,000. ( Centers for Disease Control and Prevention 2009 ) ( Figure 1 ) The country of infection has broadened, and health care suppliers have seen Lyme disease instances in about all provinces in the United States. However, it is still true that most reported instances are significantly concentrated in the Middle atlantic States, Minnesota, coastal Northeast, and northern California. Lyme disease can be found in the other continent including Asia and Europe. ( NIH 2008 ) Therefore, a batch of patients are enduring from Lyme disease and it is estimated that more than 30 % of Lyme disease patients reach the phase where the symptoms are relentless more than few hebdomads despite the intervention. ( NIH 2008 ) However, irrespective the figure of patient s who are enduring from these conditions referred as CLD, there is still an on-going argument sing being and intervention of this disease. Approximately 11,400 people were enduring from CLD in 2009 harmonizing to the coverage instances of 38,000 and 30 % rate of going CLD. In a terrible instance ( Cameron 2006 ) , about 66 % of 215 Lyme disease patients diagnosed in Westchester County, New York, USA remained sick after intervention for an norm of 3.2 old ages. If this affair remains unsolved, it will ensue a effect where patients can non acquire a proper intervention for CLD. It is an pressing affair for scientists to happen out a solid intervention to profit those patients. So, does CLD be? Lyme disease, a many-sided infection, has a legion aim symptoms including febrility, concern, stiff cervix, and fatigue. The most typical and common symptom of Lyme disease is a characteristic tegument lesion called erythema migrans ( EM ) roseola which appears in the early phase of Lyme disease. On the other manus, the most common symptom that can be seen in CLD is pauciarticular arthritis, and certain neurologic and cardiac manifestations, all of which normally respond good to conventional antibiotic therapy. ( NIH 2008 ) Other than symptoms, there are several groundss to turn out the being of CLD. As mentioned in the beginning, it is estimated that 30 % of Lyme disease patients develop farther status called CLD. Although after the antibiotic intervention take attention of the infection in most instances ( Klempner et al. 2001 ) , a minority of patients have musculoskeletal hurting, concentration trouble, short-run memory trouble, weariness, or all of these symptoms with or without clinical or serologic grounds of old early or late Lyme disease. ( Feder et al. 2007 ) It is thought to be a CLD when a patient exhibits these self-limiting and normally mild conditions longer than about 6 months. ( Nau et al. 2009 ) Thirty-four per centum of a population-based, retrospective cohort survey in Massachusetts was discovered to hold neurocognitive damage, arthritis or recurrent arthralgias, and neuropathy or myelopathy, a mean of 6 old ages after intervention for Lyme disease. ( Cameron 2010 ) In a cohort survey of 215 in turn treated Lyme disease patients in Westchester County ( Asch et al. 1994 ) , 62 per centum of patients had symptoms such as arthralgias, arthritis, and cardiac or neurologic engagement with or without weariness a mean of 3.2 old ages after intervention. ( Cameron 2010 ) In the tests of Klempner et Al. ( 2001 ) , there were studies that 41 % of topics exhibiting with well-documented, antecedently treated Lyme disease had relentless musculoskeletal hurting, neurocognitive symptoms, or dysesthesia, frequently associated with weariness and were ill during a mean of 4.7 old ages after oncoming. In a survey utilizing mice ( Hodzic et al. 2008 ) , relentless infection was documented by feeding ticks upon the mice and so proving the ticks for spirochaetes ( xenodiagnosis ) after 30 yearss of antibiotic ( Rocephin or Vibramycin ) intervention. You read "The Chronic Lyme Disease Health And Social Care Essay" in category "Essay examples" This infection could be detected by xenodiagnosis for about 3 months after antibiotic intervention. Besides, relentless infection was confirmed by sensing of low degrees of spirochetal DNA in tissues for up to 9 months. Furthermore, Four National Institutes of Health ( NIH ) sponsored tests were conducted as double-blind randomised placebo- controlled tests ( RCTs ) corroborating the being and badness of CLD ( Cameron 2010 ) There are still uncertainties The 2006 Infectious Diseases Society of America ( IDSA ) Lyme disease intervention guideline panel inquired the being of CLD despite the documented grounds that were presented including the 1s provinces above. The IDSA panel questioned the being of CLD and concluded by stating that there is considerable contention and confusion exist over the cause and frequence of this procedure and even over its being. ( Cameron 2010 ) Besides, some of CLD patients have negative consequence with the trials provided to find Lyme disease thereby does non measure up for the intervention. ( Green 2009 ) CDC ( 2010 ) proposes a two-step process when proving blood to find manifestation of Lyme disease. The first measure uses an ELISA or IFA trial. If ELISA or IFA is negative, it is considered that patient most likely does non hold Lyme disease, and no farther testing is recommended. If they are positive or ambiguous, a 2nd measure should be carried out to verify the consequences. These trials can give a falsified consequence due to its sensitiveness of the trials are comparatively high. Therefore, about everyone with Lyme disease, and some people who do non hold Lyme disease, will prove positive. The 2nd measure employs an immunoblot such as a Western smudge or striped smudge trial. When used suitably, this trial is designed to be specific, significance that it will typically be positive merely with an septic individual. It suggests that the first trial was a false positive if the Western smudge is negative. Furthermore, the fact there is no definite trials to name or intervention to bring around CLD causes a uncertainty whether there is an existent disease to be treated. ( Green 2009 ) Further groundss of CLD Lyme disease is diagnosed based on physical findings, symptoms, and a history of possible debut to infected ticks.A ( Klempner et al. 2001 ) Validated laboratory trials such as ELISA, IFA, and immunoblot could be really utile but are non recommended in general when a patient has erythema migrans.A Several signifiers of research lab proving for Lyme disease are offered ( Table 1 ; Feder et Al. 2007 ) , some of which have non been sufficiently validated such as urine antigen trials, immunofluorescent staining for cell wall-deficient signifiers of B. burgdorferi, and lymphocyte transmutation trials ( CDC ) Most normally used and recommended trials are blood trials that step antibodies made in response to the infection. These trials are rather reliable for naming ulterior phases of disease, but it can be falsely negative in patients with early disease. Some patients with early Lyme disease who are treated with antibiotics will non bring forth antibody response to infection, which will en sue in continuously negative serologic trial consequences. ( Ogden et al. 2008 ) Even with those methods of diagnosing, it is really difficult to stipulate CLD from the early phases of Lyme disease. In some patients, symptoms reoccur after the intervention or symptoms ne’er go off in other instances. ( Klempner et al. 2001 ) The word â€Å" chronic † has been used to Lyme disease widely. There are some illustrations where other diseases use the term â€Å" chronic. † For case, there is a â€Å" chronic neuroborreliosis † in Europe, and it is referred as when patients show late neurologic manifestations of untreated or inadequately treated infection. Besides, United States has studies patients with recurrent or relentless arthritis that lasts for up to several old ages, most likely because of active infection. ( Feder et al. 2007 ) However, although there are no definite trials to name CLD yet, there are four classs that can be used as a diagnosing of CLD depending on patient ‘s status. ( Feder et al. 2007 ) ( Figure 2 ) Class 1 patients do non hold laboratory grounds or nonsubjective clinical manifestations of B. burgdorferi, and they receive a diagnosing based on the presence of non-specific symptoms such as dark perspiration, weariness, depression, and concern. Category 2 patients have identifiable unwellnesss or syndromes other than Lyme disease, and patients may or may non hold a history of Lyme disease. Category 3 patients have symptoms of unknown cause, with antibodies against B. burgdorferi but no history of nonsubjective clinical findings that are consistent with Lyme disease. Last, category 4 patients have symptoms associated with post-Lyme disease syndrome. Sing the tests and the experiments presented, it is non difficult to state that the decision should be tilting towards to the being of CLD. Although symptoms vary among patients showing HTE ( Marques 2008 ) , these classs can be a good index to place a patient in CLD patient pool. Furthermore, although there is no trial to corroborate presence of CLD, there is besides no clinically available proving up to day of the month to turn out that B. burgdorferi infection has been eradicated. However, there has been some proving demonstrated, that B. burgdorferi can stay in animate beings and worlds in an infective province, even after with recommended antibiotic intervention. ( Hodzic et al. 2008 ) Treatment The following inquiry that arises sing CLD is its intervention. Since authorities ( CDC ) clarified their place with the being of CLD and confirmed it as a legitimate diagnosing, except some of those scientists who strongly deny the diagnosing, the contention about CLD moved onto the intervention of CLD. Some scientists claim that antibiotics should be used as a intervention ( Green 2009, Klempner 2007, and Fallon et Al. 2007, ) while other scientists say antibiotics should non be recommended as a intervention. ( Hodzic et al. 2008 ) Generally, for early Lyme disease, a short class of unwritten antibiotics such as Vibramycin or Amoxil is curative in the greater portion of the instances. In more complex instances, Lyme disease can normally be successfully treated with 3 toA 4 hebdomads of antibiotic therapy, and so far, it is the lone intervention for Lyme disease. ( Fallon et al. 2007 ) However, there is no solid remedy for CLD and it is a really sensitive issue whether antibiotics s hould be used or non for this diagnosing. There are several surveies conducted demoing reoccurrence of Lyme disease symptoms and betterment of symptoms with drawn-out antibiotic intervention. ( Green 2009, Klempner et Al. 2001, Fallon et Al. 2007, and Oksi 2007 ) Some patients treated with antibiotics for CLD in a dual blind, placebo-controlled re-treatment surveies ( Fallon et al. 2007 ) , which have neurocognitive via media and weariness, acquire better upon re-treatment with 3-10 hebdomads of Ceftriaxone. ( Fallon et al. 2007 ) discovered that patients re-treated for partial response/failure improved in parametric quantities of weariness, hurting and functionality. They besides found that neurocognitive via media did non heighten, even though Fallon found that patients improved at the three-month measuring, but did non keep betterment at the six-month measuring. Oksi ( 2007 ) conducted a partial re-treatment test and partial new patients. All patients were treated with Ceftriaxone for 3 hebdomads and improved 79 % for both new oncoming borreliosis and return or continuity. This survey was intended to prove if longer interventions after 3 hebdomads of IV Ceftriaxone had an improved result. In this survey, 10 hebdomads of farther intervention with unwritten Amoxicillin ( 1500mg a twenty-four hours ) did non advance better result. This test has statistical restrictions due to HTE which makes it complicated to generalise the result to all station intervention Lyme patients. Although non all parametric quantities in survey of Fallon et Al. ( 2007 ) continued betterment, betterment in weariness is an highly of import result, frequently allowing handicapped patients to return to household life and work. Because of the power of these three surveies, length of the surveies, dependable methods they used, and big figure of topics, these surveies should be considered pilot surveies. As indicated earlier, there are several classs among CLD patients. Although antibiotics intervention was effectual in some patients, it is non clear whether it should be introduced to all patients who suffer from CLD, since the maltreatment of antibiotics could ensue in have considerable damage in their health-related quality of life. A survey was conducted by Mark Klempner in 2001 ( Klempner 2001 ) demoing the serious damage of health-related life quality after the long period debut to the antibiotics. Decision As demonstrated, response of Lyme patients to the same therapy is different from patient to patient, clear uping that Chronic Lyme patient exhibit Heterogeneity of Treatment Effects ( HTE ) . This besides makes it difficult to name the presence of CLD in persons. However, clinical groundss indicate that there is a disease that can be classified as CLD. CLD can go terrible. The restrictions in physical operation can be harming quality of life in a serious manner. One survey ( Klempner 2001 ) described the quality of life for patients who suffer from CLD as the same to that of patients with degenerative arthritis or congestive bosom failure, and patients physical damage was greater than damage of patients with type 2 diabetes or a recent myocardial infarction. Fallon et Al. ( 2007 ) described the weariness reported by patients with CLD was likewise to that of patients with multiple induration ( MS ) and their hurting was similar to those of postsurgery patients. Cautiously designed, placebo-controlled surveies have been successful to demo that drawn-out antibiotic therapy is good in certain instances. Even though stray success instances are ever good to hear, such studies entirely are non plenty evidences to prolong a curative attack. Therefore, it is of import for clinicians to recognize the significance of intervention in single patients who is enduring from CLD and the effort to happen a clear declaration should be pursued in farther tests and experiments. How to cite The Chronic Lyme Disease Health And Social Care Essay, Essay examples

Native American Astronomy Essays - Meteor Showers, Leonids

Native American Astronomy For many years astronomers and people alike have constantly heard about the observations and records of the Chinese and Europeans. No other culture can provide as much information as that gathered by the Chinese and Europeans, but there are many other cultures that observed and recorded the night sky, one of those being the Native Americans. During the last fifteen to twenty years archaeoastronomers have uncovered much concerning the beliefs and records of Native Americans. Unfortunately, the methods of keeping records of astronomical events were not as straight forward as the Chinese and Europeans. The Native Americans had to use what they could to record what they observed. Their records were found on rock and cave drawings, stick notching, beadwork, pictures on animal skins and story telling. One of the few dateable events among the various records of Native Americans was the 1833 appearance of the Leonid meteor shower. The most obvious accounts of the Leonid storm appear among the various bands of the Sioux of the North American plains. The Sioux kept records called ?winter counts,? which were a chronological pictographic account of each year painted on animal skin. In 1984 Von Del Chamberlain listed the astronomical references for 50 Sioux, forty five out of fifty referred to an intense meteor shower during 1833/1834. He also listed nineteen winter counts kept by other plains Indian tribes, fourteen of which referred to the Leonid storm. The Leonids also appear among the Maricopa, who used calendar sticks with notches to represent the passage of a year, with the owner of the stick remembering the events. The owner of one stick claimed records had been kept that way ?since the stars fell.? The first notch on the stick represented 1833. A member of the Papago, named Kutox, was born around 1847 or 1848. He claimed that 14 years prior to his birth ?the stars rained all over the sky.? A less obvious Leonid reference was found in a journal kept by Alexander M. Stephen, which detailed his visit with the Hopi Indians and mentions a talk he had With Old Djasjini on December 11, 1892. That Hopi Indian said, ?How old am I? Fifty, maybe a hundred years, I cannot tell. When I was a young boy eight or ten years there was a great comet in the sky and at night all the above was full of shooting stars. (Stephen 37). During the lifetime of Old Djasini there was never a great comet and a sky full of meteors in the same year, but he might be referring to the comet in 1843 and the Leonid storm in 1833. The Pawnee have a story about a person named Pahokatawa, who was killed by an enemy and eaten by animals, and then brought back to life by the Gods. The legend goes that he fell to earth as a meteor and told the people that when meteors were seen falling in great numbers it was not a sign that the world would end. When the pawnee tribe witnessed the time the stars fell upon the earth, which was in 1833, there was a panic, but the leader said, ?remember the words of Pahokatawa? and the people were no longer afraid. This shows how powerful a role astronomy played in the Native American culture. Although the Pawnee learned not to be afraid there were Native Americans who feared meteors. The Blackfeet of Montana believed a meteor was a sign that sickness would come to the tribe in the winter the Kawaiisu thought a meteor started high and fell to the horizon was an omen of death. The Cahuilla thought a meteor was the spirit of their first shaman, takwich, who was disliked his people. Takwich wandered the sky at night looking for people far from their tribe. If he found a lost person he steal their spirit and the person home and eat them. The Shawnee believed meteors were beings fleeing from the wrath of some adversary, or from some anticipated danger.(Howard 178) Many Native Americans saw the stars as heavenly and mystical. The Wintu explained meteors as the spirits of shamans traveling to the after life. The Chumash referred to meteors as a shooting star.

Collocation Examples For English Learners

Collocation Examples For English Learners A collocation is made up of two or more words that are commonly used together in English. Think of collocations as words that usually go together. There are different kinds of collocations in English. Strong collocations are word pairings that are expected to come together, such as combinations with make and do: You make a cup of tea, but you do your homework. Collocations are very common in business settings when certain nouns are routinely combined with certain verbs or adjectives. For example, draw up a contract, set a price, conduct negotiations, etc. Collocation Examples Here are a number of common collocations in English: to make the bed I need to make the bed every day. to do homework My son does his homework after dinner. to take a risk Some people don't take enough risks in life. to give someone advice The teacher gave us some advice on taking tests. Verb Collocations Some of the most common collocations involve verb noun collocations used in everyday situations. Here are some examples of the types of verb collocations you will need as you continue learning English. to feel free Please feel free to take a seat and enjoy the show. to come prepared Make sure to come prepared for the test tomorrow. to save time You'll save time if you turn off your smart phone and concentrate on the lesson. to find a replacement We need to find a replacement for Jim as soon as possible. to make progress We're making progress on the project at work. to do the washing up I'll do the washing up and you can put Johnny to bed. Business Collocations Collocations are often used in business and work settings. There are a number of forms including adjectives, nouns and other verbs that combine with keywords to form business expressions.  Here are some business collocations for specific situations. to open an account Would you like to open an account at our bank? to forgive a debt Do you think the bank would forgive a debt? to land a deal We landed a deal worth $3 million. to key in a PIN Just key in your PIN at the ATM and you can make a deposit. to deposit a check I'd like to deposit this check for $100. hard-earned money Once you get a job, you'll know what hard-earned money really is. to close a deal I closed a deal on a new account last week. to write up a contract Let's write up your contract. counterfeit money Be on the lookout for counterfeit money in circulation. Common Expressions Collocations are often used as short expressions to describe how someone feels about a situation. In this case, collocations can be used in the adjective form, or also as emphatic expressions using an intensifier and a verb. Here are a few examples using some common  collocations: positively encourage someone to do something We'd like to positively encourage you to buy this stock. deeply regret the loss of someone / something I deeply regret the loss of your loved one. to be in an utter fury over something Tom's in an utter fury over the misunderstanding with his wife. to go to great lengths to do something He went to a great length to explain the situation. Learn more of these common expressions. Common Adjective CollocationsEmphatic Expressions - Strong Collocations Get a Collocation Dictionary   You can learn collocations from a number of resources. Academics and teachers like to use collocation databases to help study common collocation uses. However, for students one of the best tools is a collocation dictionary. A collocation dictionary is different from normal dictionaries in that it provides you with collocations commonly used with key words rather than a definition. Here is an example of a few of the collocations used  with the verb progress: Progress Adverbs: nicely, satisfactory, smoothly, well  - You are progressing smoothly in this course.| further -  As you further progress, you will learn more.  Verb Progress: fail to -  Hes failing to progress at work.Prepositions: beyond -  She failed to progress beyond high school.  | from, through -  Students should progress from this class with an improved knowledge of the subject.  I highly recommend using the Oxford Collocations Dictionary for Students of English published by Oxford University Press to begin using collocations as a means of improving your vocabulary skills in English.

Definition and Examples of Linguistic Americanization

Definition and Examples of Linguistic Americanization In linguistics, Americanization is the influence of the distinctive lexical and grammatical forms of American English on other varieties of the English language. Also called linguistic Americanization. As Leech and Smith* observe below, If the term Americanization is taken to imply direct influence of AmE on BrE, it should be treated with caution (2009).See Examples and Observations below. Examples and Observations Globalization in the current era is associated, for better or for worse, with Americanization. This is particularly true of its cultural dimension. For it is the United States, as the worlds hyper-power, that has the economic, military, and political power to projects its culture and values globally. Yet, as many commentators have noted, Americans appear parochial and unworldly, hardly the cosmopolitan sophisticates needed to proffer a truly global vision.The ambiguity of the United States representing globality is perhaps no more apparent than in the projection of its language globally. On the one hand, Americans are particularly notorious for their linguistic insularity, rarely exhibiting the foreign language proficiency so common elsewhere in the world. Yet, as well known, the American language, English, is a global import, inherited from an earlier global power, England. Hence American ownership of global English is more tenuous than its ownership of other global cultural icons, such as McDonalds or Disney.(Selma K. Sonntag, The Local Politics of Global English: Case Studies in Linguistic Globalization. Lexington Books, 2003) Grammatical and Lexical ChangesThe evidence provided by the Brown family of corporaespecially the comparison between the British corpora (1961, 1991) and the American corpora (1961, 1992)often shows AmE to be in the lead or to show a more extreme tendency, and BrE to be following in its wake. Thus, must, in our data, has declined more in AmE than in BrE, and has become much rarer than have to and (have) got to in AmE conversational speech. Users of British English are familiar with lexical changes due to American influence, such as increasing use of movie(s) and guy(s), but grammatical changes from the same source are less noticeable. . . . [A] finding that AmE is ahead of BrE in a given frequency change does not necessarily imply direct transatlantic influenceit could simply be an ongoing change in both varieties where AmE is more advanced. If the term Americanization is taken to imply direct influence of AmE on BrE, it should be treated with caution.(*Geoffrey Leech and Nicholas Sm ith, Change and Constancy in Linguistic Change: How Grammatical Usage in Written English Evolved in the Period 1931-1991. Corpus Linguistics: Refinements and Reassessments, ed. by Antoinette Renouf and Andrew Kehoe. Rodopi, 2009) Be going to[B]e going to was more than twice as frequent in the American corpus as in the Australian or British corpora, suggesting that Americanization may be a factor in its growing popularity. That colloquialization may be another relevant factor is suggested by the finding that be going to is greatly preferred in speech over writing (by a ratio of 9.9:1), further confirmation for the applicability of this suggestion to AmE and BrE being provided by Leechs (2003) finding that between 1961 and 1991/2 be going to enjoyed a strong increase in popularity in American writing (51.6%) and in British writing (18.5%).(Peter Collins, The English Modals and Semi-Modals: Regional and Stylistic Variation. The Dynamics of Linguistic Variation: Corpus Evidence on English Past and Present, ed. by Terttu Nevalainen. John Benjamins, 2008)The Americanization of EuropeBecause of the advent of linguistic Americanization, . . . one can no longer claim that Europes lingua franca is unequivocally a Briti sh commodity. English is emerging in Europe, not only as a universal language, but also as a potential norm-generating variety. . . .Basically, what we have is a traditional basis for ELT [English Language Teaching], one centered in BrE, on the teacher as model, on British and American social studies, and on the goal of mimicking the idealized native speaker, evolving into a platform for ELT which constitutes a radical departure from such beliefs and practices. Instead, linguistic Americanization, the mixing of BrE and AmE which suggests a kind of mid-Atlantic accent and a rich blend of lexical usage, the idea of a variety of Euro-English, the use of postcolonial texts in cultural studies modules, and the desire to develop cross-cultural communicative skills, is on the upswing, while BrE, prescriptivism, and traditionalist positioning are declining.(Marko Modiano, EIL, Native-Speakerism and the Failure of European ELT. English as an International Language: Perspectives and Pedagogic al Issues, ed. by Farzad Sharifian. Multilingual Matters, 2009) Yiddish and American English: A Two-Way ProcessThroughout Yekl [1896] and his early stories, [Abraham] Cahan translates the Yiddish of characters into correct (albeit ornate) English while leaving incorporated English words in their misspelled, italicized forms: feller (fellow), for example, or preticly (perhaps particular). Speech thus represents the cultural intermixture arising from contact between the immigrant and American society, an intermixture captured in remarkably hybrid sentencesDont you always say you like to dansh with me becush I am a good dansher? (Yekl, 41)and even in individual words like oyshgreen: A verb coined from the Yiddish oys, out, and the English green, and signifying to cease being green (95n).This narrative technique also represents a reversal of perspective, whereby English becomes the contaminating element within another language. The Americanization of Yiddish is given from a Yiddish perspective. English words are thrown backrulesh (rules), deshepoitn (disappoint), saresfied (satisfied)transformed and defamiliarized by their inclusion in another linguistic system. Just as Yiddish becomes Americanized in Yekl, American English becomes Yiddishized: transformative linguistic contact is shown as a two-way process.(Gavin Roger Jones, Strange Talk: The Politics of Dialect Literature in Gilded Age America. University of California Press, 1999) Alternate Spellings: Americanisation

Benefits of Waiting to Go To College after High School Research Paper

Benefits of Waiting to Go To College after High School - Research Paper Example Individuals with quality basic education are capable of managing themselves and their families. Basic education can be regarded as education up to the completion of high school level. After completing high school education, one has two options from which to make a decision. The individual can opt to take on employment opportunities for the high school graduates. Similarly, the individual can opt to proceed to college to pursue a four-year degree course. The college education adds value to the skills and expertise of the individual and it is apparent that after college, the individual is likely to earn far much more than high school graduates do. College education gives a student competitive advantage over the high school graduates (University of North Texas, para.2). However, this is only to the extent that the student has adequate financial and psychological preparation for the college study. Having chosen to proceed to college, an individual is again faced with two options. The stu dent can proceed to the college immediately after high school. Traditionally, it is expected that students should proceed with their college education immediately after high school. ... Rather, the student is, in several occasions, compelled to take a break before joining college in order to make some financial preparation. The two options of joining college immediately after high school or waiting for some time before joining college each has its advantages and disadvantages. The advantages of one translate into the disadvantages of the other option. However, it will be apparent that given the sound grounds upon which a students waits for some time before joining college, this can be a good option. This paper holds that in as much as it has been traditionally adopted that students should proceed to college immediately after high school, it may not be appropriate to do this on weak financial grounds. Taking on employment first would be better. Thesis Although tradition expects students to go to college directly after high school, it does not make financial sense given today’s economic climate. Benefits of waiting to join college after High School It has been observed that after completing high school education, a student may wait for some time before joining college for undergraduate studies. This waiting has a number of advantages to the student and the responsible members of the family (parents, guardians, or sponsors). Firstly, college education is increasingly becoming expensive. The tuition fee and other expenses in these institutions are far much higher than the expenses in high school education. After struggling to finance the child’s education right from Kindergarten all the way to the high school, and given the harsh financial climate that currently rocks the globe, it may be cumbersome to have the child proceed to college education. If the

Special Populations (Health care) Essay Example | Topics and Well Written Essays - 500 words

Special Populations (Health care) - Essay Example In 2009, African American was accounted for half of all new HIV diagnoses (Avert International HIV and AIDS Charity, 2011). In 2009, the diagnosis of men with AIDS showed that 56 percent consisted of Black American men; 79 percent were consisted of white men; while 65 percent were Latino men. For females, the diagnosis of AIDS in 2009 showed that 78 percent of African American women were affected by this disease; 75 percent of Latino women were the victims and 68 percent were white women (LatinVoices, 2011). According to reports, the basic transmission route among men is from male-to-male sexual contact; 74 percent of the people become affected through it. It is followed by heterosexual contact which constitutes 14 percent; while 8 percent of the men become infected through injecting drug use. Whereas, the women are infected due to heterosexual contact and its percentage is 84.9 percent. The next leading source of AIDS in women is injecting drug use which constitutes around 14.8 percent (United State Statistic by Race and Age, 2011). In the USA more than half a million people have died due to AIDS. Approximately two-thirds of these people did not reach to the age of 45. The survey of 2009 shows that the most affect age group is comprised of 20 – 24 years (United State Statistic by Race and Age, 2011). In 2010, a study by the Centres for Disease Control and Prevention revealed that in America poorest urban neighbourhood indulge in heterosexual activities by 2.1 percent (Avert International HIV and AIDS Charity, 2011). Although HIV and AIDS affect all the sectors of American society, however, the impact has been more serious among some groups than others. The most commonly identified groups are gays, bisexual men, and those people who are injecting drugs. However, it cannot be only because of the individual behaviour but rather due to the

Study on the Determinants of Corporate Borrowing

Study on the Determinants of Corporate Borrowing CHAPTER 1: The determinants of corporate borrowing was an empirical research, hence a terrific amount of prior researches focused on exploring the determinants of corporate borrowing, since 1960s. Corporate borrowing decision effects remained as an area of growing interest for researchers in the last three decades, as the presence of the a phenomenon has been evidenced even in the most developed capital markets of the world (Guedes Opler, 1996). In addition, the sales growth was defined as a pinpoint determinant for firm financial decision towards firm sales growth opportunities and financial debt capacity, in the same studies. The debt and equity remained main areas of interest which were observed for decision making in corporate finance of the governance systems. As the earlier researches explored the factor of debt maturity but usually did not focus on sales growth as determinant of corporate debt (Myers Stewart, 1977). In addition, the same study focused on including and exploring the sales growth of firm as a determinant of corporate borrowing. Firms, in general, financed projects with long-term debt to avoid riskiness of project and hide the mismanagement activities under the cash flow of project, the cash flows were obtained from investment of the project before the debt maturity date (Guedes Opler, 1996). While same studies further addressed an important issue for firm, if the projects were financed with short-term debt. For instance, according to Barclay, Michael, Clifford and Smith (1995) that the term and conditions for maturity of debt of firms were reduced with growth opportunities, and raised with the size and credit quality of firm. Myers and Stewart (1977) also suggested firms to shorten debt when cost of contracting was high. Firms activities to finance long-term debt, with aspect to attaining firms growth opportunities such sales growth; had significant impact on short-term debt of the firm due to increased level of inventory and level of failed to sustain receivables turnover (Stohs, Mark Mauer, 1996). Further, the same studies defined that less risky and probably larger firm used long-term debt financing with meager growth opportunities, so the liquidity risk was highly involved for firm short-term borrowing decision. According to Diamond and Douglas (1991a) debt risk was defined as the borrower risk or the ability of borrower to repay interest, principle amount and timely fulfill claims terms. Froot, Kenneth, David and Stein (1993) addressed that loss of projects could be a caused by short-term debt if project has high refinanced interest rate and imperfections of credit market. Firms also experienced the distress for indirect cost of financial such that loss of inventory or the incremental proportion of inventory held and decline in the receivable turnover for the purpose of firm sales growth. Rizzi and Joe (1994) addressed the sales growth and risk that only high quality firms were able and sustained in the credit market for long term borrowing, while the low quality firm screened out from long term debt market. While the available short term debt market had high risk for low quality firms, even that firms financed to cope up growth opportunities, usually firms growth opportunities were identified with sales growth of the firm. 1.2 Problem Statement The debt financing was considered as one of the crucial issues in the corporate financing, the sales growth of the firm was one of the major determinants of the corporate debt financing. The purpose for the study of sales growth and debt financing is that this is the crucial issue for firms that how efficiently to avail firms growth opportunities such that sales growth. The objective of this research study was to explore and know that how borrowing decision of the firm such that short term debt was affected by the sales growth of the firm. The fundamental purpose of study was to observe the impact of sales growth in detail by Guedes and Opler (1996) and Saumitra (2002) presented the detailed information regarding the determinants of corporate borrowing such as sales growth and the firm debt financing decision in Pakistan. The scope of this study was to analyze the impact of sales growth on corporate borrowing such that short term debt financing decision of the firm to avail growth opportunities of the firm on the basis of debt financial decision factors. 1.3 Hypotheses The central query was raised in front of firms to borrow new financing as cope up the growth opportunities of the firm in the form of sales growth opportunities. New investment was required for the operational and the manufacturing activities of the firm whether to use debt financing or not, if the debt financing decision was to be used so the lender and borrower noticed that at what level of risk and the sales growth of the firm may affect the short term debt financing decision. In selection of the financing decision; firms past, current and expected activities was crucial for lender and borrower, such that sales growth, inventory held, and liquidity condition of the firm. Many Authors as Guedes and Opler (1996) and Saumitra (2002) discussed the sales growth as a main factor affecting to debt financing decision of the firm in research. The Hypothesized relationship of the variable is provided below: H1: There is positive impact of sales growth on corporate borrowing. H2: There is a positive impact of inventory held on corporate borrowing. 1.4 Outline of the Study The research presented the introduction of the thesis in chapter one, which included the problem statement of the study, scope of research, hypotheses etc. Literature review of the study was presented in chapter two with review by different authors on impact of sales growth on corporate borrowing. The research methodology was described in chapter three with justification of the selection of variables, sample size, sampling technique and statistical technique used in analysis of the study, and also developed model were described. After processing of data, the analysis interpretation of the results was described in the chapter four with hypothesis assessment summary. The summarized findings, conclusion, discussions, implications and recommendations, and suggested future directions for the empirical research on impact of sales growth on corporate borrowing was defined in chapter five. References and appendixes for the study were given in chapter six and at the end of study respectively. Chapter-2 LITERATURE REVIEW A lot of research has already been conducted in the field of identifying the best determinants of Corporate Borrowing by various researchers. Most of the research work suggested that the corporate borrowing vary from company to company and similarly from decision factor to factor. Marsh (1982) addressed that the borrowing decisions were taken by firms both by raising debt or finance, here question raised for corporation, what level of financing is required and which financing decision would be better for firm health. The firms borrowing decisions biased over its target level of debt, if its debt was below the target level of debt, so, the decision of debt financing would taken, otherwise financing decision was taken by firms due to signal of existing level of borrowing was above its target level of debt. The significant flotation costs for existence of corporations means that companies required to plan issues with objective to minimize both costs of its target ratio deviation and flotation costs. Over time fluctuating, it gave rise to infrequent issues of firm with its targeted debt ratio and firms clearly identified that what its level of target is. Miller and Rock (1977) debated over debt and explained two points; first, shift issue occurred in firm decision towards either equity or debt due to any change in level of tax, hence issue effect either temporary lasting until equilibrium level was restored, or shift issue remained permanent over target ratio of firms. The second point were elaborated that the probability of firm financial distresses and systematic risk level influenced the target debt levels of firm, it was defined that the highly operating risk of firm used the less level of debt financing. Myers, Brealey and Schaefer (1977) argued that companies avoid fixed interest rate of long term debt due to uncertainty of future rates of inflation and instead of long term debt rely over variable rate of short term debt. Barges (1968) explained the ability of a firm towards sales growth rate and capacity of debt, the explanation were shown with two factors, first the expected growth rate of future earnings of firm and the probability of expected sales growth and earnings of firm. Generally, high rate of expected future earning signify a greater capacity of a firm to carry debt; hence low expected future earnings mean the opposite. The degree of uncertainty for any level of expected future earnings for debt capacity of firm was served by knowing a limiting factor. Barclay et al. (1995) showed that credit quality and size moderately effect on firms to augment its debts term to maturity, and firms debt falls with growth opportunities. In a related article, Stohs et al. (1996) defined that larger firms most likely used the long term debt to avail the growth opportunity of its sales. The earlier studies examined the corporate debt maturity on behalf of issues of incremental debt rather than to investigate the maturity of liabilities of firm on balance sheet. By studying the liabilities to assets on balance sheets could answer some uninvestigated questions about impact of sales growth on corporate borrowings. Myers et al. (1977) suggested that agency cost and problems of debt can be controlled by firm to shortening the worth of its debt with respect to the volume of its sales. While some firms gain incentives from liquidity risk to borrow long term debt, it may not be able to compensate investors to bear credit risk of long-term debt for the sake of sales growth; it may indicate the low quality projects (Diamond Douglas, 1991.) and (Stiglitz, Joeph Weiss, 1981). Hence the low-quality firms cant sustain their position or can be screened out from long-term debt market, only high credit quality firms can be stable and able to borrow long-term debts. In contrast, larger firms were defined for long run as having higher likely possibilities to survive than smaller firms (Queen, Maggie Richard, 1987). Brick, Ivan and Ravid (1985) examined that interest payments affect the borrowers and lenders with respect to firms volume of sales due to different time patterns. The interest text shield was argued that borrowers seek to maximize the present value by accelerating interest payments, while lenders priorities to diminish the present value of tax charges by slow downing interest payments. Leff (1979), Khanna and Palepu (2000) addressed that the dominant perspective and minimizing perspective of transaction costs on business groups plays a crucial role on firms affiliations with these groups to overcome the barriers in an inefficient market. The view of transaction cost minimizing is characterized by weak governance system of firms, in part due to weak legal institutions or under developed intermediaries. Increase in the external financing investment cost may occur due to association of agency cost problems with market imperfections. However, this study will not develop and test the hypothetical views of business groups. Mitchell (1991) finds no support on the firm choice to match their asset maturities with maturity of debt issues. In a similar on debt issues, Guedes and Opler (1994) argue that high grade firms with large investment issue short-term debt. Diamonds (1991) predicted that active participants part in short-term credit markets was taken by the higher-rated firms to avail growth opportunities of the firm. Auerbach and Alan (1979) also argued that growth rate of sales and leverage are inversely proportion because the interest payment of tax deductibility was considered less valuable to the larger or fast growing firms. The firms annual sales growth rate in total assets was used as a growth rate of proxy. Asset maturity was defined as an important factor for corporate borrowing and plays stable role to predict the debt maturity of a firm. Myers et al. (1977) argued that long-term assets of firm can support to gain more long-term debt. In contrast, Titman, Sheridan and Wessels (1988) analyzed debt maturity on the basis of balance sheet and viewed the evidences that smaller firms rely on higher proportion of short-term debt with objective to minimize long-term debt flotation costs. Barclay et al. both addressed that smaller firms more likely with growth opportunities rely on a smaller proportion of debt that would exceeds 3 years. Myers and Stewart (1977) expressed the views on these evidences that debt maturity is used by firms to control interest conflicts between debt and equity holders. The preceding papers provided useful approaches for firms debt maturity choices; hence the measure had various limitations. First, the term-to-maturity in the corporate borrowing provided the information just about incremental financing choices. The debt maturity average of the firms existing liabilities test relate to the terms-to-maturity of debt issues to balance sheet variables such as asset maturity or return on assets (Stohs et al. 1996). Myers et al. defined the borrowing decisions of firms by using two indicators for growth: sales growth and growth of firm total assets. The research study focused to examine the behavior of firm borrowing decisions and concluded that; to prevent the agency cost of long term debt, most of the firms proffer short term debt decisions instead of long term debt. While Froot et al. (1993), Lucas, Deborah and McDonald (1990), and Kale, Jayant and Thomas (1990) examined the firm growth with three indicators of growth: sales growth, growth of firms total assets and growth of employing size of firm, and concluded that firm growth is independent of firm size. To study firms complete size distribution, the several alternative forms of samples were used, so, the variables were leading each others, while the definite relationship for alternative form of samples were crucially assumed and it was derived that firm growth decreases with all three indicators for agency cost of long-term debt financing , hence the sales growth were certain. Loughran, Tim, Ritter J. (1995) accentuated the importance of firm growth, debt financing decision and changes in market structure. Mansfield addressed that debt financing is better when growth opportunities of firm were available and demanded, so the profitability of firm was certain and debt financing was benefited as the tax advantage of firm. DeAngelo and Masulis (1980) examined the financing decisions of firm and showed that firm value was being affected by the financing decisions of the firm, if the firm has to avail certain growth opportunities, so the debt financing decisions was defined as an effective tax advantage and resulted decline in non-debt tax shields. Firm financing decision except debt financing resulted without tax shield beneficiaries, debt interest and principle payments were excluded from earnings of firm before tax applied and included the net short term losses in taxable income and then the corporate taxes was being applied over taxable income. Hence it was addressed that the profitability of firm and the proportion of profitability over assets was affected by the corporate tax. Gan (2007) addressed to normalize the loan payment balances of prior debts and lending decisions. It was explained that the payment of debt balances of loans slowly and present value of generated profits exceeded the present value of total payments which were gradually paid. It has also an impact over firm capital and the proportion of debt over capital, the ratio of firms capital was reduced with the excess of debt. Firms health with proportion of debt to capital explained that healthy capital was being shown from the borrowers willingness to repay gradually loan payment, and lenders willingness to lend. Debt financing and loan payments has also an impact over firm net profitability and the proportion of net earnings over firm total assets or return on assets, it must be paid even in bed time of firm, so well, required payments reduces the firm profitability and return on assets. The proportionate of earnings over total assets showed the efficiency of firm that how well the firm has utilized its assets to bear the cost of financing. Return on assets and prior debt to capital worth was used by means of lenders amount and implicitly measure the worthiness of firm capital. Dedoussis and Afroditi (2010) argued the problems with characteristics of a firm such as assets value or growth opportunities were communicated inability of firm to outside lenders, so that investment decisions were affected by net worth of firm if the discrepancy exists between firm internal and external financing. Hayashi (1982) explained that marginal profitability was covered by firms to expanding the business and sales of firm with bearing the moderate changes in firm expenditure. The described expansion were done by corporations with various financing decisions, it was suggested that the debt financing is better to avail if the market was shown under green signals of demand, if the markets demand were not shown so the firms prevent the debt financing because of interest payment which must be paid even in bad time of cash flows. Hadlock (1998) assumed that financiers were indecisive about the factual value of firms assets, so expectations were formed based on the investment amount that firm requests to carry out. If the firm requested for the maximum amount subsequently the investors were not capable to discriminate between firms with large resources or low resources. So the large assets of firm with low claims send a green signal to investor to putting money for debt investors. While it send the signal to equity provider to cutting the amount of investment if the money is required for new project establishment because it shorten its net earnings as well as the earning of shareholders. CHAPTER 3: RESEARCH METHOD 3.1 Method of Data Collection Data was obtained from the website of Karachi Stock Exchange KSE-100 Index and Joint Stock Companies Balance Sheet Analysis specified by State Bank of Pakistan in periodical listed on the KSE (2004-2009). The period of study covered with data of five years as sample of 2005-09. The opted sample size of all cement sector firms was taken from Karachi Stock Exchange-100 Index and the firms whose data were not available in the sample year of 2005-09 were excluded from the study. The objective behind the insertion of the firms in the sample was to explore debt financing behavior of cement firms significantly rely over sales growth opportunities or not. The major issue of data availability was faced in this research. The source of secondary data was adopted for the sampled data collection of this research study. In accordance with the research studies limitations three firms of cement sector were excluded from the study because two of the firms were newly listed and introduced in the Pakistani market and third was dropped from the KSE-100 Index during sample years of the study. The observed and expected aspects regarding the sales growth and debt financing was analyzed in this research. The external data sources were used to cope up the purpose of collection of data, such that general business publications, State Bank of Pakistan, companys annual reports, internet publications and books were used. The data required for study was completely dependent over the published and secondary data sources, as the sources defined above. 3.2 Sample Size The study selected all cement sector firms listed over KSE-100 Index as sample size for the research analysis. Total of 21 firms were listed over KSE-100 Index, hence, the firms whose data was not available during the sample year of 2005-2009, were excluded from the study, therefore three firms were excluded from the study because two of the excluded firms were newly listed and third was delisted over KSE-100 Index during the sample years. The impact of sales growth of firms on the corporate debt, which were listed on KSE-100 Index, was analyzed on the basis of the selected sample of 18 cement firms. 3.3 Research Model Developed From the various determinants of corporate debts which affected debt financing decision of the firms, this research study included only sales growth and inventory to analyze the impact of sales growth on corporate debt, the sales growth was measured by two variables one was directly change of current year sales with respect to last year sales, and second was level of inventory held by firm. The short term debts were used as a major dilemma for firms to face debt claims in swift time. The constructed mathematically model provided below; CD = a0 + ÃŽ ²1SG + ÃŽ ²2IH + ц Where: CD= corporate debt was measured as the change of short-term debt with respect to last year debt. SG= sales growth of firm with respect to last year sales of the firm. IH= inventory held by firm during the year. ц = the error term 3.4 Statistical Technique To examine the impact of sales growth on corporate borrowing, the multiple linear regression analysis (MLR) as a statistical technique was used for analyzed research study over selected sample firms; the SPSS software was used to test the secondary data. Multiple Linear Regression Analysis technique was used for prediction of sales growth with respect to last year sales and inventory hold by firm defined as the studied variables had an impact on corporate borrowing decision especially on short term financing. The identified technique was used to analyze the empirical behavior of firms financings with studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). According to the characteristics of research study and variables used in this study, the multiple linear regressions; a multivariate analysis was appropriate to used than univariate investigation. In such a way the referenced studies also suggested to use the multivariate analysis technique. The intensity of sales growth impact on corporate debt during year 2005-2009 was observed on the basis of studied independent variables i.e. sales growth and inventory hold by firm during the year. CHAPTER 4: RESULTS All firms of cement industry listed on KSE-100 Index were selected as sample for this research study, and Multiple Linear Regression Analysis was taken as a statistical technique for analysis of this research study. This research was tested and analyzed by using multivariate technique for the prediction of impact of the sales growth with respect to last years sale and inventory hold by firm on corporate borrowing decision especially on short term financing. The identified technique was used to examine the impact of the studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). 4.1 Findings and Interpretation Primarily, the regression technique in SPSS was applied on collected data. The resulted output of data showed that the data has no multicolinearity issue, while the normality issue was found in the data, to resolve normality issue of the data; so all the transformation techniques were used. By applying all the transformations, the studied variables found to be insignificant, so it was described that the data was highly volatile in Pakistani market so the normality issue was ignored to predict the variables. As the multicolinearity issue was not in the data, so the study initiated to analyze the results. The analysis and interpretation of the results was defined in following section of the research. Table 4.1: Model Summary Model R R Square Adjusted R Square 1 .722 .521 .510 Table 4.1 demonstrated summary of the regression model. The Adjusted R square was best for prediction of model as per the number of variables used. The Adjusted R square of 51% in the above table showed that the both of the predictors of corporate borrowing combined together explained 51% variation in whole model, while the remaining was residual variance as latent and not included in the prediction of the model. In other words, Adjusted R square showed that 51% variation in outcome was explained by the population of the study. Table 4.2: ANOVA Model Sum of Squares Df Mean Square F Sig. 1 Regression 3.766E8 2 1.883E8 47.289 .000 Residual 3.464E8 87 3981969.306 Total 7.230E8 89 The table 4.2 represented the significance of estimated linear model of the study, the sig value of ANOVA supported the model fitness for this research study file regarding applicability of the regression technique, ANOVA table was consistent for examination of the models ability to predict any variation in observed dependent variable such that corporate borrowing. This was absolutely understandable from the sig value of .000 which showed that the linear regression model was perfectly momentous for the conducted research. Table 4.3: Coefficients Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF 1 (Constant) 1082.629 295.525 3.663 .000 Inventry 7.543 1.179 .593 6.399 .000 .641 1.561 SG .307 .152 .188 2.026 .046 .641 1.561 The table 4.3 represented crucial results for regression model of this study. Sig column of above table demonstrated that all variables of the study were significant and all independent variables of the hypothesis of this research study had significantly influential intensity over dependent variable of the study. Sig column demonstrated that the un-standardized coefficients of variables is zero or not; when the sig value was higher or equal to .05, the un-standardize coefficients considered as zero; and when the sig value was lower than .05, then the un-standardize coefficients of the model was not considered as zero. The value of column B demonstrated that one unit varies in independent variable consequence change in dependent variable with the weights equal to the weights of column B. The VIF column showed the existence of multicollinearity issue in the studied independent variables. As all of the VIF values found less than 2, so this identified the least acceptable level of multic ollinearity in the study. 4.2 Hypotheses Assessment Summary The studied hypothesis was sales growth of the firm has significant positive impact on corporate borrowing decisions to finance in short-term credit market. The firms sales growth characteristics had variation in current year sales of firm with respect to last year sales and the level of inventory hold by firm during financing years. In this study each of the sales growth variable and inventory variable as firms sales growth characteristic for corporate borrowing were tested and concluded in the outcome. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽ ² SIG. RESULT H1 There is a positive impact of sales growth on corporate borrowing. 0.307 .046 Accepted H2 There is a positive impact of inventory hold on corporate borrowing. 7.543 0.000 Accepted CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion The results of the study suggested that sales growth has positive impact on corporate borrowing which identified the significance of sales growth impact in Pakistani market. The second variable of the study was also identified the significance impact in Pakistani market and had intensity to impact over corporate borrowing. The results of this study were not matching with referenced studies conducted by Guedes Opler (1996), and these results had also shown consistency with the study conducted by Barclay et al. The studied results varying because the matched studies were conducted in various countries, so the firms environments and circumstances of the countries usually differed to make financing decisions accordingly. 5.2 Discussions Firm sales opportunities played a vital role in defining the firms sales growth but these growth opportunities varied over volatility in environmental growth of the countries, hence, this dilemma was not with the study of Guedes Opler (1996), because in his study the level of inventory hold by the firm over the year was playing a significant role. Variations in the corporate borrowing were highly explained by the level of inventory held by firm over the year. While sales growth of the firm concluded same results with consistent to the research study of Barclay et al. 5.3 Implications and Recommendations This research study was limited to the cement sector firms listed on Karachi Stock Exchange of Pakistan only. The data was taken from annual reports of all cement sector firms. This research suggested it was not necessity that only firms sales growth has impact on corporate borrowing or the corporate borrowing decisions was affected only by sales growth and inventory factors such type of other borrowing factors should be carried out and analyses in other countries of the Asia as well, as to have inclusive idea about the impact of sales growth on corporate borrowing. Furthermore, the research study also suggested that other factors of corporate borrowing discussed in the chapter one should be researched as to have perfect idea for the debt financing decisions of the firm. For instance, this research study can also be replicated efficiently in other developing countries. 5.4 Future Research This research study may helped various management of the firm, investors and other research conductors in analyzing and observing the debt behavior and financing decisions of firms to achieve sales growth opportunities of the firm. The students whose intention is to research on either debt financing behavior of the firm or to study the growth behavior of the firm with respect to debt can be benefited by this study. Furthermore, the cement sector will become advantageous from this study because the study clarifies the impact of sales growth of firm on corporate short term borrowing. CHAPTER 6: REFERENCES Auerbach Alan (1979). Share valuation and corporate equity policy. Journal of Public Economics, 11, 291-305. Barclay, Michael J., Clifford W. Smith Jr. (1995). The maturity structure of corporate debt. Journal of Finance, 50, 609-631. Barges A. (1968). InstituteGrowth Rates and Debt Capacity. Financial Analysts Journal, 24, 100-104. Brick, Ivan, and Ravid S. (1985). On the relevance of debt maturity structure. Journal of Finance, 40, 1423-1437. DeAngelo, H., and Masulis R. (1980). Optimal Capital Structure under Corporate and Personal Taxation. Journal of Financial Economics, 8, 3-29. Study on the Determinants of Corporate Borrowing Study on the Determinants of Corporate Borrowing CHAPTER 1: The determinants of corporate borrowing was an empirical research, hence a terrific amount of prior researches focused on exploring the determinants of corporate borrowing, since 1960s. Corporate borrowing decision effects remained as an area of growing interest for researchers in the last three decades, as the presence of the a phenomenon has been evidenced even in the most developed capital markets of the world (Guedes Opler, 1996). In addition, the sales growth was defined as a pinpoint determinant for firm financial decision towards firm sales growth opportunities and financial debt capacity, in the same studies. The debt and equity remained main areas of interest which were observed for decision making in corporate finance of the governance systems. As the earlier researches explored the factor of debt maturity but usually did not focus on sales growth as determinant of corporate debt (Myers Stewart, 1977). In addition, the same study focused on including and exploring the sales growth of firm as a determinant of corporate borrowing. Firms, in general, financed projects with long-term debt to avoid riskiness of project and hide the mismanagement activities under the cash flow of project, the cash flows were obtained from investment of the project before the debt maturity date (Guedes Opler, 1996). While same studies further addressed an important issue for firm, if the projects were financed with short-term debt. For instance, according to Barclay, Michael, Clifford and Smith (1995) that the term and conditions for maturity of debt of firms were reduced with growth opportunities, and raised with the size and credit quality of firm. Myers and Stewart (1977) also suggested firms to shorten debt when cost of contracting was high. Firms activities to finance long-term debt, with aspect to attaining firms growth opportunities such sales growth; had significant impact on short-term debt of the firm due to increased level of inventory and level of failed to sustain receivables turnover (Stohs, Mark Mauer, 1996). Further, the same studies defined that less risky and probably larger firm used long-term debt financing with meager growth opportunities, so the liquidity risk was highly involved for firm short-term borrowing decision. According to Diamond and Douglas (1991a) debt risk was defined as the borrower risk or the ability of borrower to repay interest, principle amount and timely fulfill claims terms. Froot, Kenneth, David and Stein (1993) addressed that loss of projects could be a caused by short-term debt if project has high refinanced interest rate and imperfections of credit market. Firms also experienced the distress for indirect cost of financial such that loss of inventory or the incremental proportion of inventory held and decline in the receivable turnover for the purpose of firm sales growth. Rizzi and Joe (1994) addressed the sales growth and risk that only high quality firms were able and sustained in the credit market for long term borrowing, while the low quality firm screened out from long term debt market. While the available short term debt market had high risk for low quality firms, even that firms financed to cope up growth opportunities, usually firms growth opportunities were identified with sales growth of the firm. 1.2 Problem Statement The debt financing was considered as one of the crucial issues in the corporate financing, the sales growth of the firm was one of the major determinants of the corporate debt financing. The purpose for the study of sales growth and debt financing is that this is the crucial issue for firms that how efficiently to avail firms growth opportunities such that sales growth. The objective of this research study was to explore and know that how borrowing decision of the firm such that short term debt was affected by the sales growth of the firm. The fundamental purpose of study was to observe the impact of sales growth in detail by Guedes and Opler (1996) and Saumitra (2002) presented the detailed information regarding the determinants of corporate borrowing such as sales growth and the firm debt financing decision in Pakistan. The scope of this study was to analyze the impact of sales growth on corporate borrowing such that short term debt financing decision of the firm to avail growth opportunities of the firm on the basis of debt financial decision factors. 1.3 Hypotheses The central query was raised in front of firms to borrow new financing as cope up the growth opportunities of the firm in the form of sales growth opportunities. New investment was required for the operational and the manufacturing activities of the firm whether to use debt financing or not, if the debt financing decision was to be used so the lender and borrower noticed that at what level of risk and the sales growth of the firm may affect the short term debt financing decision. In selection of the financing decision; firms past, current and expected activities was crucial for lender and borrower, such that sales growth, inventory held, and liquidity condition of the firm. Many Authors as Guedes and Opler (1996) and Saumitra (2002) discussed the sales growth as a main factor affecting to debt financing decision of the firm in research. The Hypothesized relationship of the variable is provided below: H1: There is positive impact of sales growth on corporate borrowing. H2: There is a positive impact of inventory held on corporate borrowing. 1.4 Outline of the Study The research presented the introduction of the thesis in chapter one, which included the problem statement of the study, scope of research, hypotheses etc. Literature review of the study was presented in chapter two with review by different authors on impact of sales growth on corporate borrowing. The research methodology was described in chapter three with justification of the selection of variables, sample size, sampling technique and statistical technique used in analysis of the study, and also developed model were described. After processing of data, the analysis interpretation of the results was described in the chapter four with hypothesis assessment summary. The summarized findings, conclusion, discussions, implications and recommendations, and suggested future directions for the empirical research on impact of sales growth on corporate borrowing was defined in chapter five. References and appendixes for the study were given in chapter six and at the end of study respectively. Chapter-2 LITERATURE REVIEW A lot of research has already been conducted in the field of identifying the best determinants of Corporate Borrowing by various researchers. Most of the research work suggested that the corporate borrowing vary from company to company and similarly from decision factor to factor. Marsh (1982) addressed that the borrowing decisions were taken by firms both by raising debt or finance, here question raised for corporation, what level of financing is required and which financing decision would be better for firm health. The firms borrowing decisions biased over its target level of debt, if its debt was below the target level of debt, so, the decision of debt financing would taken, otherwise financing decision was taken by firms due to signal of existing level of borrowing was above its target level of debt. The significant flotation costs for existence of corporations means that companies required to plan issues with objective to minimize both costs of its target ratio deviation and flotation costs. Over time fluctuating, it gave rise to infrequent issues of firm with its targeted debt ratio and firms clearly identified that what its level of target is. Miller and Rock (1977) debated over debt and explained two points; first, shift issue occurred in firm decision towards either equity or debt due to any change in level of tax, hence issue effect either temporary lasting until equilibrium level was restored, or shift issue remained permanent over target ratio of firms. The second point were elaborated that the probability of firm financial distresses and systematic risk level influenced the target debt levels of firm, it was defined that the highly operating risk of firm used the less level of debt financing. Myers, Brealey and Schaefer (1977) argued that companies avoid fixed interest rate of long term debt due to uncertainty of future rates of inflation and instead of long term debt rely over variable rate of short term debt. Barges (1968) explained the ability of a firm towards sales growth rate and capacity of debt, the explanation were shown with two factors, first the expected growth rate of future earnings of firm and the probability of expected sales growth and earnings of firm. Generally, high rate of expected future earning signify a greater capacity of a firm to carry debt; hence low expected future earnings mean the opposite. The degree of uncertainty for any level of expected future earnings for debt capacity of firm was served by knowing a limiting factor. Barclay et al. (1995) showed that credit quality and size moderately effect on firms to augment its debts term to maturity, and firms debt falls with growth opportunities. In a related article, Stohs et al. (1996) defined that larger firms most likely used the long term debt to avail the growth opportunity of its sales. The earlier studies examined the corporate debt maturity on behalf of issues of incremental debt rather than to investigate the maturity of liabilities of firm on balance sheet. By studying the liabilities to assets on balance sheets could answer some uninvestigated questions about impact of sales growth on corporate borrowings. Myers et al. (1977) suggested that agency cost and problems of debt can be controlled by firm to shortening the worth of its debt with respect to the volume of its sales. While some firms gain incentives from liquidity risk to borrow long term debt, it may not be able to compensate investors to bear credit risk of long-term debt for the sake of sales growth; it may indicate the low quality projects (Diamond Douglas, 1991.) and (Stiglitz, Joeph Weiss, 1981). Hence the low-quality firms cant sustain their position or can be screened out from long-term debt market, only high credit quality firms can be stable and able to borrow long-term debts. In contrast, larger firms were defined for long run as having higher likely possibilities to survive than smaller firms (Queen, Maggie Richard, 1987). Brick, Ivan and Ravid (1985) examined that interest payments affect the borrowers and lenders with respect to firms volume of sales due to different time patterns. The interest text shield was argued that borrowers seek to maximize the present value by accelerating interest payments, while lenders priorities to diminish the present value of tax charges by slow downing interest payments. Leff (1979), Khanna and Palepu (2000) addressed that the dominant perspective and minimizing perspective of transaction costs on business groups plays a crucial role on firms affiliations with these groups to overcome the barriers in an inefficient market. The view of transaction cost minimizing is characterized by weak governance system of firms, in part due to weak legal institutions or under developed intermediaries. Increase in the external financing investment cost may occur due to association of agency cost problems with market imperfections. However, this study will not develop and test the hypothetical views of business groups. Mitchell (1991) finds no support on the firm choice to match their asset maturities with maturity of debt issues. In a similar on debt issues, Guedes and Opler (1994) argue that high grade firms with large investment issue short-term debt. Diamonds (1991) predicted that active participants part in short-term credit markets was taken by the higher-rated firms to avail growth opportunities of the firm. Auerbach and Alan (1979) also argued that growth rate of sales and leverage are inversely proportion because the interest payment of tax deductibility was considered less valuable to the larger or fast growing firms. The firms annual sales growth rate in total assets was used as a growth rate of proxy. Asset maturity was defined as an important factor for corporate borrowing and plays stable role to predict the debt maturity of a firm. Myers et al. (1977) argued that long-term assets of firm can support to gain more long-term debt. In contrast, Titman, Sheridan and Wessels (1988) analyzed debt maturity on the basis of balance sheet and viewed the evidences that smaller firms rely on higher proportion of short-term debt with objective to minimize long-term debt flotation costs. Barclay et al. both addressed that smaller firms more likely with growth opportunities rely on a smaller proportion of debt that would exceeds 3 years. Myers and Stewart (1977) expressed the views on these evidences that debt maturity is used by firms to control interest conflicts between debt and equity holders. The preceding papers provided useful approaches for firms debt maturity choices; hence the measure had various limitations. First, the term-to-maturity in the corporate borrowing provided the information just about incremental financing choices. The debt maturity average of the firms existing liabilities test relate to the terms-to-maturity of debt issues to balance sheet variables such as asset maturity or return on assets (Stohs et al. 1996). Myers et al. defined the borrowing decisions of firms by using two indicators for growth: sales growth and growth of firm total assets. The research study focused to examine the behavior of firm borrowing decisions and concluded that; to prevent the agency cost of long term debt, most of the firms proffer short term debt decisions instead of long term debt. While Froot et al. (1993), Lucas, Deborah and McDonald (1990), and Kale, Jayant and Thomas (1990) examined the firm growth with three indicators of growth: sales growth, growth of firms total assets and growth of employing size of firm, and concluded that firm growth is independent of firm size. To study firms complete size distribution, the several alternative forms of samples were used, so, the variables were leading each others, while the definite relationship for alternative form of samples were crucially assumed and it was derived that firm growth decreases with all three indicators for agency cost of long-term debt financing , hence the sales growth were certain. Loughran, Tim, Ritter J. (1995) accentuated the importance of firm growth, debt financing decision and changes in market structure. Mansfield addressed that debt financing is better when growth opportunities of firm were available and demanded, so the profitability of firm was certain and debt financing was benefited as the tax advantage of firm. DeAngelo and Masulis (1980) examined the financing decisions of firm and showed that firm value was being affected by the financing decisions of the firm, if the firm has to avail certain growth opportunities, so the debt financing decisions was defined as an effective tax advantage and resulted decline in non-debt tax shields. Firm financing decision except debt financing resulted without tax shield beneficiaries, debt interest and principle payments were excluded from earnings of firm before tax applied and included the net short term losses in taxable income and then the corporate taxes was being applied over taxable income. Hence it was addressed that the profitability of firm and the proportion of profitability over assets was affected by the corporate tax. Gan (2007) addressed to normalize the loan payment balances of prior debts and lending decisions. It was explained that the payment of debt balances of loans slowly and present value of generated profits exceeded the present value of total payments which were gradually paid. It has also an impact over firm capital and the proportion of debt over capital, the ratio of firms capital was reduced with the excess of debt. Firms health with proportion of debt to capital explained that healthy capital was being shown from the borrowers willingness to repay gradually loan payment, and lenders willingness to lend. Debt financing and loan payments has also an impact over firm net profitability and the proportion of net earnings over firm total assets or return on assets, it must be paid even in bed time of firm, so well, required payments reduces the firm profitability and return on assets. The proportionate of earnings over total assets showed the efficiency of firm that how well the firm has utilized its assets to bear the cost of financing. Return on assets and prior debt to capital worth was used by means of lenders amount and implicitly measure the worthiness of firm capital. Dedoussis and Afroditi (2010) argued the problems with characteristics of a firm such as assets value or growth opportunities were communicated inability of firm to outside lenders, so that investment decisions were affected by net worth of firm if the discrepancy exists between firm internal and external financing. Hayashi (1982) explained that marginal profitability was covered by firms to expanding the business and sales of firm with bearing the moderate changes in firm expenditure. The described expansion were done by corporations with various financing decisions, it was suggested that the debt financing is better to avail if the market was shown under green signals of demand, if the markets demand were not shown so the firms prevent the debt financing because of interest payment which must be paid even in bad time of cash flows. Hadlock (1998) assumed that financiers were indecisive about the factual value of firms assets, so expectations were formed based on the investment amount that firm requests to carry out. If the firm requested for the maximum amount subsequently the investors were not capable to discriminate between firms with large resources or low resources. So the large assets of firm with low claims send a green signal to investor to putting money for debt investors. While it send the signal to equity provider to cutting the amount of investment if the money is required for new project establishment because it shorten its net earnings as well as the earning of shareholders. CHAPTER 3: RESEARCH METHOD 3.1 Method of Data Collection Data was obtained from the website of Karachi Stock Exchange KSE-100 Index and Joint Stock Companies Balance Sheet Analysis specified by State Bank of Pakistan in periodical listed on the KSE (2004-2009). The period of study covered with data of five years as sample of 2005-09. The opted sample size of all cement sector firms was taken from Karachi Stock Exchange-100 Index and the firms whose data were not available in the sample year of 2005-09 were excluded from the study. The objective behind the insertion of the firms in the sample was to explore debt financing behavior of cement firms significantly rely over sales growth opportunities or not. The major issue of data availability was faced in this research. The source of secondary data was adopted for the sampled data collection of this research study. In accordance with the research studies limitations three firms of cement sector were excluded from the study because two of the firms were newly listed and introduced in the Pakistani market and third was dropped from the KSE-100 Index during sample years of the study. The observed and expected aspects regarding the sales growth and debt financing was analyzed in this research. The external data sources were used to cope up the purpose of collection of data, such that general business publications, State Bank of Pakistan, companys annual reports, internet publications and books were used. The data required for study was completely dependent over the published and secondary data sources, as the sources defined above. 3.2 Sample Size The study selected all cement sector firms listed over KSE-100 Index as sample size for the research analysis. Total of 21 firms were listed over KSE-100 Index, hence, the firms whose data was not available during the sample year of 2005-2009, were excluded from the study, therefore three firms were excluded from the study because two of the excluded firms were newly listed and third was delisted over KSE-100 Index during the sample years. The impact of sales growth of firms on the corporate debt, which were listed on KSE-100 Index, was analyzed on the basis of the selected sample of 18 cement firms. 3.3 Research Model Developed From the various determinants of corporate debts which affected debt financing decision of the firms, this research study included only sales growth and inventory to analyze the impact of sales growth on corporate debt, the sales growth was measured by two variables one was directly change of current year sales with respect to last year sales, and second was level of inventory held by firm. The short term debts were used as a major dilemma for firms to face debt claims in swift time. The constructed mathematically model provided below; CD = a0 + ÃŽ ²1SG + ÃŽ ²2IH + ц Where: CD= corporate debt was measured as the change of short-term debt with respect to last year debt. SG= sales growth of firm with respect to last year sales of the firm. IH= inventory held by firm during the year. ц = the error term 3.4 Statistical Technique To examine the impact of sales growth on corporate borrowing, the multiple linear regression analysis (MLR) as a statistical technique was used for analyzed research study over selected sample firms; the SPSS software was used to test the secondary data. Multiple Linear Regression Analysis technique was used for prediction of sales growth with respect to last year sales and inventory hold by firm defined as the studied variables had an impact on corporate borrowing decision especially on short term financing. The identified technique was used to analyze the empirical behavior of firms financings with studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). According to the characteristics of research study and variables used in this study, the multiple linear regressions; a multivariate analysis was appropriate to used than univariate investigation. In such a way the referenced studies also suggested to use the multivariate analysis technique. The intensity of sales growth impact on corporate debt during year 2005-2009 was observed on the basis of studied independent variables i.e. sales growth and inventory hold by firm during the year. CHAPTER 4: RESULTS All firms of cement industry listed on KSE-100 Index were selected as sample for this research study, and Multiple Linear Regression Analysis was taken as a statistical technique for analysis of this research study. This research was tested and analyzed by using multivariate technique for the prediction of impact of the sales growth with respect to last years sale and inventory hold by firm on corporate borrowing decision especially on short term financing. The identified technique was used to examine the impact of the studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). 4.1 Findings and Interpretation Primarily, the regression technique in SPSS was applied on collected data. The resulted output of data showed that the data has no multicolinearity issue, while the normality issue was found in the data, to resolve normality issue of the data; so all the transformation techniques were used. By applying all the transformations, the studied variables found to be insignificant, so it was described that the data was highly volatile in Pakistani market so the normality issue was ignored to predict the variables. As the multicolinearity issue was not in the data, so the study initiated to analyze the results. The analysis and interpretation of the results was defined in following section of the research. Table 4.1: Model Summary Model R R Square Adjusted R Square 1 .722 .521 .510 Table 4.1 demonstrated summary of the regression model. The Adjusted R square was best for prediction of model as per the number of variables used. The Adjusted R square of 51% in the above table showed that the both of the predictors of corporate borrowing combined together explained 51% variation in whole model, while the remaining was residual variance as latent and not included in the prediction of the model. In other words, Adjusted R square showed that 51% variation in outcome was explained by the population of the study. Table 4.2: ANOVA Model Sum of Squares Df Mean Square F Sig. 1 Regression 3.766E8 2 1.883E8 47.289 .000 Residual 3.464E8 87 3981969.306 Total 7.230E8 89 The table 4.2 represented the significance of estimated linear model of the study, the sig value of ANOVA supported the model fitness for this research study file regarding applicability of the regression technique, ANOVA table was consistent for examination of the models ability to predict any variation in observed dependent variable such that corporate borrowing. This was absolutely understandable from the sig value of .000 which showed that the linear regression model was perfectly momentous for the conducted research. Table 4.3: Coefficients Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF 1 (Constant) 1082.629 295.525 3.663 .000 Inventry 7.543 1.179 .593 6.399 .000 .641 1.561 SG .307 .152 .188 2.026 .046 .641 1.561 The table 4.3 represented crucial results for regression model of this study. Sig column of above table demonstrated that all variables of the study were significant and all independent variables of the hypothesis of this research study had significantly influential intensity over dependent variable of the study. Sig column demonstrated that the un-standardized coefficients of variables is zero or not; when the sig value was higher or equal to .05, the un-standardize coefficients considered as zero; and when the sig value was lower than .05, then the un-standardize coefficients of the model was not considered as zero. The value of column B demonstrated that one unit varies in independent variable consequence change in dependent variable with the weights equal to the weights of column B. The VIF column showed the existence of multicollinearity issue in the studied independent variables. As all of the VIF values found less than 2, so this identified the least acceptable level of multic ollinearity in the study. 4.2 Hypotheses Assessment Summary The studied hypothesis was sales growth of the firm has significant positive impact on corporate borrowing decisions to finance in short-term credit market. The firms sales growth characteristics had variation in current year sales of firm with respect to last year sales and the level of inventory hold by firm during financing years. In this study each of the sales growth variable and inventory variable as firms sales growth characteristic for corporate borrowing were tested and concluded in the outcome. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽ ² SIG. RESULT H1 There is a positive impact of sales growth on corporate borrowing. 0.307 .046 Accepted H2 There is a positive impact of inventory hold on corporate borrowing. 7.543 0.000 Accepted CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion The results of the study suggested that sales growth has positive impact on corporate borrowing which identified the significance of sales growth impact in Pakistani market. The second variable of the study was also identified the significance impact in Pakistani market and had intensity to impact over corporate borrowing. The results of this study were not matching with referenced studies conducted by Guedes Opler (1996), and these results had also shown consistency with the study conducted by Barclay et al. The studied results varying because the matched studies were conducted in various countries, so the firms environments and circumstances of the countries usually differed to make financing decisions accordingly. 5.2 Discussions Firm sales opportunities played a vital role in defining the firms sales growth but these growth opportunities varied over volatility in environmental growth of the countries, hence, this dilemma was not with the study of Guedes Opler (1996), because in his study the level of inventory hold by the firm over the year was playing a significant role. Variations in the corporate borrowing were highly explained by the level of inventory held by firm over the year. While sales growth of the firm concluded same results with consistent to the research study of Barclay et al. 5.3 Implications and Recommendations This research study was limited to the cement sector firms listed on Karachi Stock Exchange of Pakistan only. The data was taken from annual reports of all cement sector firms. This research suggested it was not necessity that only firms sales growth has impact on corporate borrowing or the corporate borrowing decisions was affected only by sales growth and inventory factors such type of other borrowing factors should be carried out and analyses in other countries of the Asia as well, as to have inclusive idea about the impact of sales growth on corporate borrowing. Furthermore, the research study also suggested that other factors of corporate borrowing discussed in the chapter one should be researched as to have perfect idea for the debt financing decisions of the firm. For instance, this research study can also be replicated efficiently in other developing countries. 5.4 Future Research This research study may helped various management of the firm, investors and other research conductors in analyzing and observing the debt behavior and financing decisions of firms to achieve sales growth opportunities of the firm. The students whose intention is to research on either debt financing behavior of the firm or to study the growth behavior of the firm with respect to debt can be benefited by this study. Furthermore, the cement sector will become advantageous from this study because the study clarifies the impact of sales growth of firm on corporate short term borrowing. CHAPTER 6: REFERENCES Auerbach Alan (1979). Share valuation and corporate equity policy. Journal of Public Economics, 11, 291-305. Barclay, Michael J., Clifford W. Smith Jr. (1995). The maturity structure of corporate debt. Journal of Finance, 50, 609-631. Barges A. (1968). 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