Effect of privatization on performance of public corporations

Effect of privatization on performance of public corporations Stock exchanges anywhere in the world provide a platform for investors and capital raisers to come together and get what they want. They assist in trading of stocks and bonds. Apart from that, it can be viewed as a liquidity providing platform. For this purpose, the stock exchange has to have a set of rules that will govern the execution and clearing of trade. Some of the responsibilities of a stock exchange are also enforcing standard rules to reduce transaction costs and monitoring of the trading to prevent manipulations like insider trading. A share or stock company model does issue shares of stock that are available through one or more stock market exchange. Shareholders purchase the shares of stock and become part owners in the company. This is a highly desirable status for many companies, as it can help generate significant amounts of revenue that make it possible for the company to grow in ways that would not be possible if the corporation remained privately held. Etukudo (2002) notes that capital markets transfer funds from savers to investors in productive assets such as plant and machinery as well as to providers of services. Capital markets also provide a mutually beneficial bridge between those who have short-time horizons and companies and projects with longer prospects. In addition, enterprises are provided with equity capital through the stock market, short, medium and long-term debt is made available through the bond market, and short or medium-term debt is provided through the banking sector. The financial intermediaries in all these transactions constitute the financial service sector and while the constituents of the sector and their relative importance vary from country to country, they generally include banks, stock exchanges, brokers and insurance companies. 1.1.1.2 Privatization of public corporations Boubakri and Cosset (1994) note that privatization has turned into a major phenomenon for the developed world as well as the developing world, particularly so over the last decade, with state-owned enterprises (SOEs) being privatized at an increasing rate. Ramamurti, (1991) note that the objectives of privatization are numerous. Country studies show that these objectives include improving government cash flows by redusing subsidies and capital infusions to SOEs, promoting popular capitalism through a wider ownership of shares, restraining the power of trade unions in the public sector, redistributing incomes and rents within society, satisfying foreign donors by reducing the governments role in the economy and especially enhancing the efficiency and the performance of the SOE sector based on the rationale that the private sector outperforms the public sector. Privatization in the 1990s led to the sale of 207 enterprises. Kenya Airways (KQ) was rated the most successful privatization venture in Africa. The Government has earmarked 33 companies for full or partial sale, these include; the National Bank of Kenya (NBK),the Kenya Commercial Bank(KCB), the Kenya Power and Lighting Company (KPLC), KenGen, Kenya Petroleum Refineries, the Kenya Ports Authority (KPA), Telkom Kenya and Kenya Railways Corporation. The methods of sale will range from concessioning, sale at the Nairobi Stock Exchange, and securing strategic partnerships with major players in the relevant sectors. 1.2 Statement of the Problem A study by Boubakri and Cosset (1994) examined the financial and operating performance of newly privatized firms in developing countries and noted that findings in for developing markets could be different from those of developed countries because the capital market may not play its monitoring role. To take account of the possibility that some of the differences between preprivatization and postprivatization performance could be due to economywide factors, the authors used performance measures adjusted for market effects in addition to unadjusted performance measures. The results were generally less significant when they adjusted the performance ratios for market effects. The authors thus concluded that this evidence brings to light the importance of considering a benchmark against which the performance of sample firms can be compared. Limi (2003) studied the influence of the level of economic development on the post-privatization growth rates in public infrastructure within the telecommunications industry and found that although privatization generally spurred network expansion in terms of telephone main lines by 4.4% in medians (5.4% on average), the performance improvement was dependent on the level of economic development. It is only the low-income and lower middle-income countries which can expect a significant positive privatization effect. Thus, it is important to account for economic development in assessing the privatization effects of public infrastructure stocks. From the foregoing it is thus useful to undertake a study to evaluate privatization and performance of public corporations listed in the Nairobi Stock Exchange. 1.3 Purpose of the Study or General Objective The purpose of this study is to evaluate privatization and performance of public corporations listed in the Nairobi Stock Exchange 1.4 Research Questions or Specific Objectives or Hypotheses This study is guided by the following research objectives formulated to aid in gathering the information regarding the research topic. Review literature on privatization of public corporations in Kenya To determine privatization factors in the Nairobi Stock Exchange To analyze privatization implications on public corporation performance in Nairobi Stock Exchange 1.5 Importance or Justification or Rationale of the Study The information generated by this study will be important for stock markets in the East Africa in understanding the implications of privatizing public corporations. This will benefit stock markets in Uganda, Tanzania and wider Eastern Africa which has the stock markets at their infancy stages. It will also assist policy makers who want to make use of performance measures of the stock market in advising public corporations on privatization prospects that may arise when listing in the stock market. In addition, it will guide policy makers of new baselines to use when determining privatization options for public corporations. Educators too in the education industry will find the information obtained from this study beneficial to their curriculum in imparting knowledge to students and researchers who are researching on the sector and how it can greatly benefit the country. 1.6 Scope of the Study The study will be limited to the Nairobi Stock Exchange for the duration 2008-2010. Nairobi Stock Exchange has about fifteen active stock broking firms with fifty two listed companies. I will focus on five of the stockbrokerage firms and fifteen of the listed companies. The use of the listed firms was due primarily to data availability and reliability because they are required by law to provide end of year financial statements. However, firms that were not listed for the entire period under study were left out of the sample. The study used annual reports that are available at the Nairobi Stock Exchange. 1.7 Definition of Terms 1.7.1 Privatization Privatization means the sale of public utilities to private concerns. 1.8 Chapter Summary This chapter covered the background of the research, the problem statement, the purpose of the study or general objectives of this research, the research objectives, the significance and scope of the research i.e. importance of the study and the definitions of Terminologies used in this research. Further, this chapter has specifically pointed the relevance of the study in regards to public corporations, and how they, in a bid to improve performance, employ a privatization strategy in light of global trends. 2.0 Chapter 2: Literature Review 2.1 Introduction This chapter will review relevant literature in line with the study objectives. 2.2 Privatization of Public Corporations in Kenya ROK(1965) noted that the establishment of the parastatals was driven by a national desire to (i) accelerate economic social development; (ii) redress regional economic imbalances; (iii) increase Kenyan Citizens participation in the economy; (iv) promote indigenous entrepreneurship; and (v) promote foreign investments (through joint ventures). This desire was expressed in the Sessional Paper No. 10 of 1965 on African Socialism and its application to planning in Kenya. A comprehensive review of the public enterprises performance was noted by (ROK, 1979) (the Report on the Review of Statutory Boards) that pointed that there was clear evidence of prolonged inefficiency, financial mismanagement, waste and malpractices in many parastatals; and (ROK, 1982) (the Report of the Working Party on Government Expenditures) which concluded that productivity of the state corporations was quite low while at the same time they continued to absorb an excessive portion of the budget, becoming a principal cause of long-term fiscal problem. The enactment of the State Corporations Act was a major attempt to streamline the management of the state corporations. The performance of most of the corporations continued to deteriorate due to the continued reliance on limited public sector financing. Sessional Paper No.4 of 1991 on Development and Employment in Kenya underlined the need to implement privatization and divestiture of State corporations urgently in view of the managerial problems afflicting the parastatals leading to poor return on government investments, the existence of a larger pool of qualified manpower, availability of more indigenous entrepreneurship to permit private sector led economy and the need for non-tax revenue for the Government. The Programme began in July 1992 with the issuance of the Policy Paper on Public Enterprises Reform and Privatization which pointed out that there were 240 commercial public enterprises with public sector equity participation and classified the PEs in to two categories: (i) 207 Non strategic commercial public enterprises which were to be privatised and 33 Strategic Commercial public enterprises which were to be restructured and retained under public sector ownership and control. By the time the first phase of the programme ca me to an end in 2000, most of the non-strategic commercial enterprises had either been fully or partially privatized, liquidated, sold under receivership while the strategic commercial enterprises to be retained under government operation had been reduced to 15 and later to 14 enterprises. The following is a list of privatized public enterprises by PUBLIC FLOATATIONS- Bamburi Portland Cement Co. Ltd, E.A., CMC Holdings Oxygen Ltd, National Bank of Kenya, Kenya Airways, Mumias Sugar Company; by PARTIAL DIVESTITUTRES Kenya Commercial Bank Ltd, Uchumi Supermarkets Ltd, General Motors (K) Ltd, and Housing Finance Company of Kenya. 2.3 Privatization Factors in the Nairobi Stock Exchange 2.3.1 Methods of privatization The term privatization has been applied to three different methods of increasing the activity of the private sector in providing public services: 1) private sector choice, financing, and production of a service;2) public-sector choice and financing with private sector production of the service selected; 3) and deregulation of private firms providing services. In the first case, the entire responsibility for a service is transferred from the public sector to the private sector, and individual consumers select and purchase the amount of services they desire from private providers. For example, solid-waste collection is provided by private firms in some communities. The third form of privatization means that government reduces or eliminates the regulatory restrictions imposed on private firms providing specific services. The second version of privatization refers to joint activity of the public and private sectors in providing services. In this case, consumers select and pay for the quantity and type of service desired through government, which then contracts with private firms to produce the desired amount and category of service. Although the government provides for the service, a private firm carries out the actual execution of it. The government determines the service level and pays the amount specified in the contract, but leaves decisions about production decisions to the private firm. 2.3.2 Advantages and Disadvantages of Privatization Etukudo (2002) sates that in sub-Saharan African countries with a high level of illiteracy, public offer for sale of state-owned enterprises has its limitations due to cumbersome formalities in the prospectus as well as complicated application forms, etc. As banking facilities are concentrated in urban centres, the use of public offer in privatization works to the disadvantage of those in rural areas with few banking facilities. On the whole, Etukudo (2002 contends that privatization programmes have led to marked increases in stock market capitalization as well as increases in the quantity and range of issues traded on the market. The stock exchange has attracted a considerable number of players to the market leading to increased competition within the capital market. The structure and function of capital markets affect the availability of capital, influence investment processes and also influence the ways in which business managers who approach investors project the current performance and future potential of their enterprises. 2.4 Privatization implications on public corporation performance in Nairobi Stock Exchange Yarrow (1986) notes that as firms move from public to private ownership, their profitability should increase. First, given that shareholders wish the firm to maximize profit, newly privatized firms managers should place greater emphasis on profit goals Second, privatization typically transfers both control rights and cash flow rights to the managers who then show a greater interest for profits and efficiency relative to pleasing the government with higher output or employment (Boycko, Shleifer and Vishny, 1993). In addition, Boycko, Shleifer and Vishny (1993) state that following privatization; firms should employ their human, financial and technological resources more efficiently because of a greater stress on profit goals and a reduction of government subsidies. Megginson, Nash and van Randenborgh (1994) note that governments expect that greater emphasis on efficiency will lead the newly privatized firm to increase its capital investment spending. Once privatized, the firm should also increase its capital expenditures because it has greater access to private debt and equity markets and it will have more incentives to invest in growth opportunities. Megginson et al (1994) believe the switch from public to private ownership should lead to a decrease in the proportion of debt in the capital structure because with the end of government debt guarantees the firms cost of borrowing will increase and because the firm has a new access to public equity markets. The authors further note that with privatization, dividend payments should increase because unlike governments private investors generally demand dividends and dividend payments are a classic response to the atomized ownership structure which most privatization programs led to. In terms of output Megginson, Nash and van Randenborgh (1994) contend that privatization should increase output because of greater competition, better incentives and more flexible financing opportunities. On the other hand Boycko, Shleifer and Vishny (1993) predicts a fall in output since the government no longer subsidizes the newly privatized firm to maintain inefficiently high output levels. Kikeri, Nellis and Shirley (1992) assert that governments expect the level of employment to decline once the SOE which is usually overstaffed turns out private and no longer receives government subsidies. However, in growing sectors, the newly privatized firm could absorb surplus labor through new capital investment and more productive use of existing assets. 2.5 Empirical experience Jones, Jammal Gokgur (1999) undertook an impact study applied to 81 privatizations (covering not just infrastructure firms but a range of firms already operating in competitive markets (in agriculture, agro-industries, tradable and non-tradable sectors) in Cote dIvoire and concluded that firms performed better after privatization and that they performed better than they would have had they remained under public ownership. The study also found that the set of transactions as a whole contributed positively to economic welfare, with annual net welfare benefits equivalent to about 25% of pre-divestiture sales. These results stemmed from a number of effects, including increases in output, investment, labor productivity, and intermediate-input productivity. 2.5 Chapter summary The chapter highlighted the different studies that sought to address the research gap. Chapter three will point out the methodology to be used in the study. Chapter 3: Research Methodology 3.1 Introduction This chapter will discuss the research methodology that will be used as the basis of this study. The chapter will also discuss the population of study, sample frame and sampling techniques, data collection methods as well as data analysis and data presentation methods to be employed in the study. 3.2 Research Design The research design employed in this study will be empirical in nature and will be aimed at delivering answers to the research questions outlined in the problem statement. 3.3 Population and Sampling Design 3.3.1 Population The population involved in the study are four privatized public corporation that have listed on the NSE. Population refers to the entire group of people, events, or things of interest that the researcher wishes to investigate. Population forms a basis from which the sample or subjects for the study is drawn. 3.3.2 Sampling Design and Sample Size Methods that we will use in our paper to analyze the operating and market performance are descriptive statistics for evaluating the post listing share price performance and the financial ratio analysis using the accounting data to evaluate public corporation performance as well as their risk and return relationships profile. Documents will collected from the organizations resource center, individual file record, libraries of various universities, company reports, company newsletter and other printed materials (e.g. newspaper cuttings, journals, text books, conference reports, articles, training packages) that were made available for the purpose of the research. 3.4 Data Collection Methods In order to achieve the set objectives, I will collect data from the Nairobi stock exchange database and from the financial statements of the individual companies under study. The collected data will be captured in form of tables. This will be used to capture performance of privatized public corporations listed on the Nairobi Stock Exchange. 3.5 Research Procedures 3.6 Data Analysis Methods This study will use the quantitative method of data analysis. The quantitative analysis is applied using descriptive statistics. According to Denscombe (1998) descriptive statistics involves a process of transforming a mass of raw data into tables, charts, with frequency distribution and percentages which are a vital part of making sense of the data. Data will be analyzed using Statistical Package for Social Sciences (SPSS) program and presented using tables and pie charts to give a clear picture of the research findings at a glance. 3.7 Chapter Summary The chapter describes the methodology that is to be used in carrying out the study. The chapter has also indicated that, data will be analyzed using SPSS and presented in inform of chart and tables. The next chapter will present the findings of the research.

Marketing External Environments :: essays research papers

I ¡Ã‚ ¦m not sure if I am taking the right definition of  ¡Ã‚ §external environments ¡Ã‚ ¨ in my answer, but I will talk about them in the way I have learned about them before. There are always a number of external factors that affect customers, and if a marketing team is good they will take all of them into consideration. Demographics: Defined as: The characteristics of human populations and population segments, especially when used to identify consumer markets. I think this is one of the most important factors to look at because in take into account many things about the population including, but not limited to:  Ã‚  Ã‚  Ã‚  Ã‚   Æ’Ã ¦Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Race Æ’Ã ¦Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Gender Æ’Ã ¦Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Average Income Æ’Ã ¦Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Location Æ’Ã ¦Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Population This makes a huge difference in marketing because marketing to middle aged Hispanic females may need a totally different campaign then elderly white males, although they may both be interested in the product. This is generally used in the initial stages of planning to decide if a certain area will even be profitable to market in. Political Factors: Depending on the political group of the area there may be bans on certain advertising or activities. Certain businesses may be supported more by specific political groups. For example a gun shop may flop in a more democratic area but be a huge success in a primary republican area. You could compare say, Texas and Massachusetts. In Republican Texas the gun ownership percentage is much, much higher then in Democratic Massachusetts. Economic Factors: This includes things like interest rates, exchange rates, government policies on taxation and spending, among other things. One of the most common examples of this is car dealerships advertising  ¡Ã‚ §Lowest Interest Rates Ever! ¡Ã‚ ¨ It may be much more successful to push a product more when interest rates are lower, and more appealing to consumers. Technological Factors: The technological world is booming, products are moving from Version 1.5 to Version 6.7 in a matter of months. With so much new technology being introduced it ¡Ã‚ ¦s important to remain user friendly, cost conscious, and efficient. Competitors: This one is huge. Companies and consumers alike need to be aware of the competing business in the area. Cost conscious consumers will look in flyers to see if Big Y or Stop and Shop has cheaper grapes, and the businesses need to be aware of this so they can appeal to the customer in a way the other business is not. If there are competing businesses in a specific area, you will RARELY see one advertise and the other abstain, for the simple fact that you need to do everything your competitor is doing and then some.

Analysis of Americas Longest War: The United States in Vietnam :: Vietnam War Essays

Analysis of America's Longest War: The United States in Vietnam The reports in this novel are prefaced with a quote by Robert Shaplen, which sums up the feelings of those Americans involved in the Vietnam conflict. He states, "Vietnam, Vietnam . . .. There are no sure answers." In this novel, the author gives a detailed historical account of the happenings in Vietnam between 1950 and 1975. He successfully reports the confusing nature, proximity to the present and the emotions that still surround the conflict in Vietnam. In his journey through the years that America was involved in the Vietnam conflict, Herring "seeks to integrate military, diplomatic, and political factors in such a way as to clarify America's involvement and ultimate failure in Vietnam." Herring begins his account with a summary of the First Indochina War. He reports that the Vietnamese resisted French imperialism as persistently as they had Chinese. French colonial policies had transformed the Vietnamese economic and social systems, giving rise to an urban middle class, however; the exploitation of the country and its people stimulated more radical revolutionary activity. Herring states that the revolution of 1945 was almost entirely the personal creation of the charismatic leader Ho Chi Minh. Minh is described as a frail and gentle man who radiated warmth and serenity, however; beneath this mild exterior existed a determined revolutionary who was willing to employ the most cold- blooded methods in the cause to which he dedicated his life. With the guidance of Minh, the Vietminh launched as a response to the favorable circumstances of World War II. By the spring of 1945, Minh mobilized a base of great support. When Japan surrendered in 1945, the Vietminh filled the vacuum. France and the Vietminh attempted to negotiate an agreement, but their goals were irreconcilable. With all of this occurring in Vietnam, it was bound to draw attention from the United States. Herring reports that President Franklin D. Roosevelt recognized that colonialism was doomed and that the US should identify with the Vietminh. In 1945, however, Roosevelt retreated from that earlier stance and endorsed a program in which colonies would be placed in trusteeship only with the approval of the mother country. After Roosevelt's death in April 1945, the US adopted a stance even more favorable to the French under the rule of the new president Harry S. Truman. Herring states that the "Truman administration had no interest in championing schemes of international trusteeship that would weaken and alienate the European states whose help we need to balance Soviet power in Europe"(10).

Analysis of Sporstwear

Case I. COMPETITION HITS SPORTSWEAR GROUP’S PROFIT 1. Explain why the sportswear industry in JJB operates may be considered an example of monopolistic competition. Textile Intelligence Reports in 2007 indicate that the UK sportswear market was estimated to have a value of ? 3. 65 bn (US$6. 72 bn) in 2006. The reason behind is that, purchase levels are high. Sportswear items are purchased by almost 90% of people under 35 years of age, and by 76% of the population as a whole according to the research. UK sportswear industry can be considered a monopolistic competition in the sense that there are only about four leading sportswear retailers in the United Kingdom: JJB Sports, Blacks Leisure. John David Group and Sports World. The dominant player in the market is JJB sportswear given the number of outlets and stores it operates 450 stores, the closest is JDB by around 300 stores. Given the wide gap, JJB at some point has control of the control of the entire market sales and distribution and posed a barrier of entry. [pic] Illustration from: http://www. ized. co. uk/current/leisure/2004_5/111004_map. htm Given the above, characteristic of a monopolistic competition exist in this industry. The characteristic of monopolistic market is further expanded on Question 2. In this case of UK sportswear market structure is a pure monopoly. There are quite a number of sellers in the industry and therefore many close product substitutes in existence but nevertheless firms like JJB retain some mar ket power. 2. How does the monopolistic market structure exemplified in the article differ from perfect competition? Below are two comparable sets that differentiate monopolistic market from perfect competition: |Perfect competition |Monopolistic competition | |Many sellers – |Single seller – | |Each firm is relatively small compared to the overall size of the |Monopoly exists when a specific firm has sufficient market/industry | |market. This provides assurance that no single firm can gain control |control over a particular product or service and able to determine | |over price or quantity of the entire market or industry. If one firm |significantly the terms of quality and price by which all buyers will | |decides to increase its output or shut production, the market is |have access to [similar to JJB case] | |unaffected. The market price does not change and there is no distinct | | |change in the quantity purchased or exchanged in the industry. | |Identical / â€Å"homogeneous† products sold by all firms – |Unique product – | |Each firm in a perfectly competitive market sells an identical |For a monopoly to exits, there should be a unique product. Monopoly | |product, they are not perfectly the same but the buyers will not |lacks in providing a practicable substitute goods. | |distinguish any difference. Each competitive firm produces a good that| | |is a perfect substitute for the product of every other firm in the | | |same industry. | | |Price Taker – | | |As a result not one can control market price. If one tries to charge a| | |higher price, then buyers would immediately switch to other cheaper |Price Maker- | |competitor goods that are perfect substitutes. |Since there is no competition, prices are set to maximize profits. | | |However in order to increase sales, prices are reduced by the firm. |Low-Entry/Exit Barriers – |High Barriers of Entry/Exit – | |There are no restrictions, government regulations. Each can do a |There is an assurance of sufficient control and dominant presence due | |start-up cost according to their own resources as long as their output|to a number of assorted reasons for barriers to entry: (a) required | |can perfectly compete and match competitor’s quality and price. government license or franchise as monopoly is often times regulated | | |(b) existing patents and copyrights and (c) high start-up cost needed | |Perfect Information – |Specialized Information – | |As mentioned in point 2, one firm cannot sell its g ood at a higher |Commonly characterized by control of information. Monopolistic firm | |price than other firms. This follows that buyers are completely aware|held exclusively information like a secret recipe, formula or unique | |of sellers' prices. Each firm also has complete information about the |method or technology or production which is often protected by | |prices charged by other sellers. This means that it would be unlikely |patents, copyrights, or trademarks. This also creates legal barriers | |for them to charge less than the current market price. Perfect |to entry. | |knowledge also extends to technology. All perfectly competitive firms | | |have access to the same production techniques. There is a remote | | |possibility that a competitive firm can produce its output faster, | | |better, or cheaper because of special knowledge of information. | | |Nicholson, Walter (2005) | | [pic] Also, For a competitive firm, price equals marginal cost. P = MR = MC †¢ For a monopoly firm, price exceeds marginal cost. P ; MR = MC 3. In the long run, are firms better off operating in monopolistic competition or in perfectly competitive markets? Long-run effects of increasing competition in the monopolistically competitive industry: In the long run, a monopolistically competitive firm will make zero economic profit. However, due to influence in the market it can most of the time raises prices without losing customers but to deflect new entrants, it can lower its prices and leverage on customer loyalty. This means that a firm making profits in the short run will break even in the long run because demand will decrease and average total cost will increase. Also means that a monopolistic firm's demand curve is downward sloping, in contrast to perfect competition, which has a perfectly elastic demand schedule. See illustration in item #2. Long-run position of a firm in a perfectly competitive industry: In the long run positive profit can not be sustained as there is always arrival of new firms or expansion of existing competitive firms. This causes the demand curve of individual firm to shift downward and prices to go downward as well. This means that at the same time the average revenue and marginal revenue curve also points downward. Bottom line, in the long run similar to monopolistically competitive industry, the firms in perfect competition in the long run will also make a normal profit. The horizontal demand curve will touch its average total cost curve at its lowest point Conclusion: When the long-run average cost exceeds long-run marginal cost, JJB’s output is not at the minimum point on long-run average cost curve. JJB can sell sportswear at a lower price in the long run and by taking advantage of economies of scale, such as price discounts. Therefore is not much difference between monopolistically competitive firms vs. Long-run position of a firm in a perfectly competitive industry. The difference lies mainly on the product (homogenous vs. unique) and influence in the market. 4. JJB states that their â€Å"profit margins were hit by a vigorous promotional campaign launched in October and a Christmas/New Year sale†. Illustrate how the promotional campaign is likely to affect their profit margins. Before the promotional campaign: [pic] †¢ Similar to a competitive firm, a monopoly maximizes profit by producing the quantity at which marginal cost and marginal revenue are equal †¢ Above graph is the scenario of JJB prior to price promotional campaign to ward off growing competition. After the promotional price campaign: [pic] †¢ During the promotional campaign, the price maybe less than average cost causing the decline in JBB’s profit. †¢ This gives no incentive for JJB to reduce cost. References: McTaggart, Findlay and Parkin (2007), Economics (5th ed. ) Pearson Education Australia Publisher Nicholson, Walter (2005) Microeconomic Theory: Basic Principles and Extensions 9th edition, Ceneage Learning India Pvt Ltd Publisher PERFECT COMPETITION, CHARACTERISTICS, AmosWEB Encyclonomic WEB*pedia, [Online], Available: http://www. AmosWEB. com, AmosWEB LLC, 2000-2009. [Accessed: September 12, 2009] MONOPOLY, CHARACTERISTICS, AmosWEB Encyclonomic WEB*pedia, [Online], Available: http://www. AmosWEB. com, AmosWEB LLC, 2000-2009. Accessed: September 12, 2009] Antony Davies & Thomas Cline (2005). â€Å"A Consumer Behavior Approach to Modeling Monopolistic Competition†. Journal of Economic Psychology 26: 797–826 [pic] ———————– Average Total cost e d [pic] c Marginal Revenue Marginal cost Demand Revenue Costs and 0 QMAX Quantity Total cost Average Price Demand Price 0 Quantity of Output Price 0 Monopolist†™s Demand Curve’ Competitive Firm’s Demand Curve Demand Quantity of Output Average total cost Marginal cost Demand Price Loss 0 Quantity Price Promotion Total cost Average Profit

Case Presentation “Please Dont Let Me Die” Essay

The ethical principal showcased in this case presentation was beneficence. The nurses were not thinking beneficially of the resident in any aspect of their practice. A professional nurse would not consider leaving a floor with only three nursing assistants to care for 100 patients. The nursing assistants do not have the authority to manage a floor, the license to ensure patient care, nor do they possess the required knowledge to assess patients or delegate tasks. The institutional constraint would be the state of severe understaffing. For a facility of one hundred patients to be cared for by only three nurses significantly lowers the standard of care. According to a chart in the Journal of Scholarly Nursing (2010), Ohio standards are to have a ratio of one licensed nurse to every fifteen direct care patients in a nursing home facility (p 91). This presentation, even with the ten additional nursing assistants, was still understaffed with these standards. Although understaffed, the nurses are culpable because the patient was not thoroughly assessed. As a part of the scope and standard of nursing, an assessment would have revealed the need for a focused assessment. The focused assessment would have directed the nurses to signs and symptoms of the bowel obstruction, or led to further investigation. Provision Six is associated with the presentation in that it is essentially concentrating on ethical decision making in the workplace. Stated in Provision Six (2010), â€Å"Professional nurses make decisions that significantly affect the lives of others on a daily basis† (p.72). The nurses caring for Loren Richards should have used Provision Six in deciding when to take a break. There are several characteristics I would have changed about the presentation. Firstly, none of the nurses voiced the aversion for the short staffing. I feel strongly about this being a issue and would have mentioned something to management or the director of nursing. Secondly, the amount of professionals taking a break at the same time was exceptionally unethical. Scattering breaks throughout the shift would have been a more superior decision. Finally, pain is the fifth vital sign and when a patient is complaining, it is a nursing standard to assess. To add vomiting to his signs, and no action was taken, is complete contrary to my nursing practice. References Harrington, C., Choiniere, J., Goldmann, M., Jacobsen, F., Lloyd, L., McGregor, M., & †¦ Szebehely, M. (2012). Nursing Home Staffing Standards and Staffing Levels in Six Countries. Journal Of Nursing Scholarship, 44(1), 88-98. doi:http://dx.doi.org.proxy.library.ohiou.edu/10.1111/j.1547-5069.2011.01430.x Olson, L. (2010). Provision Six. In Guide to the Code of Ethics for Nurses (p. 72). Silver Spring , Maryland: nursesbooks.org.

A Doll’s House Essay

Perspective of A Doll’s House Henrik Ibsen’s A Doll’s House uses emotional conversations to depict a family living in false emotional circumstances and having to come to terms with reality. The title A Doll’s House describes the facade of a family living in a nice house. The platitude â€Å"All that glitters is not gold† means that not everything that looks good on the outside is not good on the inside, like a doll’s house. In the first part of the play, Nora’s old friend from school, Mrs. Linde arrives impromptu. Nora is very fast to describe to her what a good life she has; â€Å"So you are quite alone.How dreadfully sad that must be. I have three lovely children. You cannot see them just now, for they are out with their nurse† (7). This shows how important it is to Nora to keep up her facade of having a nice home and a good life. It’s also makes a distance between the two women's lives, even if Mrs. Linde tells Nora ab out her poor family situation, Nora still brags. During the conversation, Nora tells Mrs. Linde about her secret; that she has borrowed money from Krogstad, one of the bankers in town, to help her husband Torvald a long time ago.Torvald does not know anything about the loan and Mrs. Linde is surprised about it and she thinks Nora should tell him about it. Nora answers; â€Å"†¦ And besides, how painful and humiliating it would be for Torvald, with his manly independence, to know that he owed me anything! It would upset our mutual relations altogether; our beautiful happy home would no longer be what it is now† (12). This reflects the old sight of male and female position in the home or relation; the man is the one who should be responsible for the income and be independent. The female part is the opposite.The last sentence from Nora, demonstrates once again how important it is for her that her life looks perfect from the viewer’s sight. Nora is in a very hard situ ation with Krogstad because of the loan she took a long time ago. Krogstad behaves insipid against Nora in the middle of the play, when he threats her to tell Torvald about the loan. She talks to Dr. Rank, an old friend of the family, and she is very close to betraying her big secret, but instead she just informs him; â€Å"You can do nothing for me now. Besides I really don’t need any help at all. You will find that the whole thing is merely fancy on my part.It really is so-of course it is! † (41). From this we learn that Nora changes her sight of her self. She acts very clearly to Dr. Rank for many reasons, for example to get rid of Dr. Rank’s curiosity and also to convince her self that she has done the right thing and that everything is going to be fine. It also shows one of her first steps into her independence. In the end of the play, Nora realizes that her life is not real, is not perfect, is not fantastic; it is just like a dream story from outside like she always wanted her life to be – but she is not satisfied.Nora decides to tell Torvald about how she feels and she forces him to talk with her seriously; â€Å"I say that we have never sat down in earnest together to try to get at the bottom of anything. † Torvald answers â€Å"But, dearest Nora, would it have been any good to you? † (66). It looks like Torvald doesn’t think Nora has her own thoughts, or her own willing. He does not listen to her or maybe he does not want to listen to her. Nora continues to inform Torvald about her feelings, about how he and her father have made a big sin against her. â€Å"It is your fault that I have made nothing of my life† (66).Nora is much older now then she was when she first met Torvald, and she has changed during the years. Both of them play their roles very well and it is not only Torvald’s fault that she has not been able to do something of her life. When it comes to someone’s life, it is very much up to the person herself. Nora tells Torvald that she has never been standing on her own feet, â€Å"I have been your doll wife, just as at home I was Papa’s doll child; and here the children have been my dolls. I thought it great fun when you played with me, just as they thought it was great fun when I played with them.That is what our marriage has been, Torvald† (67). Ibsen describes how Nora gets an insight about which kind of life she lives. The image pattern of Nora shows a change comparing of the beginning of the book when she brags in front of people. The three children stand for happiness but Nora does not seem to have a close and genuine relationship to them. It is just a scene. Nora comes to a point in her life when she understands that she lives an unreal life and she has to do something about it. Ibsen shows that she is able to take the step out of the marriage like an independent person.Everyone thinks she lives her life like a doll in a perfect home. Ibsen’s choice of title is both good and ironic; good because it brings thoughts to the perfect family-life, and ironic because the play tells about how the inside of the house; the family, the marriage, the relations etc. , struggles with a lot of problems in contrast to the facade. One of Ibsen’s messages about marriage and family is to manage to be happy together, everyone has to take care and understand herself before she can take care of others. When a person is independent and safe on her own, she is able to love and take care of her true love and family.

Analysis Of Lolitas Enslavement To Humbert English Literature Essay

Analysis Of Lolitas Enslavement To Humbert English Literature Essay Vladimir Nabokov’s novel Lolita depicts the relationship between a young girl and a much older3333 man. Humbert Humbert is in his late thirties and forties throughout the book and he talks the reader through how this relationship with Lolita made him feel and how it progressed as she got older and they moved around becoming closer as the months went on. Humbert Humbert narrates the entire book and he expresses to us how Lolita was in his words, but we never hear how it was for her, her side of the story, and how she felt in reality and not just how Humber Humbert thought she felt and was. It can be seen as how he wanted to ensure the reader believed him, about how he didn’t approve himself of the relationship he had and longed for with Lolita. It also however, makes the reader wonder was Lolita in one sense a slave to Humbert in that she was trapped as his daughter and lover because she had nobody else, the novel only gives Humbert’s point of view so there is no thing saying he isn’t making up Lolita’s personality to make himself look better to the reader. Humbert Humbert begins the book with a short chapter one his love for Lolita. He claims that his love for Lolita was only so strong because he had once loved a young girl before her for one summer, Annabel. He initially comes to meet Lolita when in chapter ten he moves to New England, to the house if Mrs Haze, 342 lawn street as she extended an invitation to him when he was stuck unsure of where he’d b going   [ 1 ]   . He sees Lolita for the first time in the garden and he describes her as if she was the young girl from his past, Annabel, and in doing this he seems to of immediately fallen for Lolita. Seeing Lolita was so much like Annabel, Humbert decides to accept Mrs. Haze’s invitation to stay on at the house. As the novel progresses we learn hoe Humbert’s ‘fondness’ for Lolita grew. He describes how he used to look at her and watch her sometimes. The reader quickly learns how fascinated he was becoming with Lolita, he would go into her bedroom from time to time and touch her things to be near her, â€Å"My heart seemed everywhere at once. Never in my life – not even when fondling my child – love in France – never†Ã‚   [ 2 ]   . Lolita it seems had no idea as to what Humbert was doing. It is during this part of the book that Humber first kisses Lolita, it was just on her eyelid but to him this created agony, when describing it in the book Humbert says â€Å"never have I experienced such agony†Ã‚   [ 3 ]   . Humbert becomes increasingly close to Lolita and her mother, mainly so he can continue being around the â€Å"hot little haze†. Even though he continually tries to justify his actions the reader still has no reason to trust him because he clearly tells of his deceit and the feelings he should not be having. After Lolita leaves for camp, Humbert and Charlotte Haze get engaged, this is purely from Humbert’s point of view just another way to stay in the house without question. However while Lolita is still at camp her mother gets run over by a car swerving from a dog and she is killed. Humbert now has to go and get Lolita from camp and tell her about her mother. They go to stay in a hotel and on the way she kisses him and again in the hotel. Humbert realises he still loves her and thought of being a good father figure leaves him. Also in the novel, towards the end or Part One, Humbert and Lolita’s relationship turns clearly sexual and it makes the reader question him, and whether we can trust how he describes the affair and how he says the Lolita seduced him in the hotel and not the other way around. Could Lolita of been too young to understand what was going on, the initial advance she makes on Humbert while she was so young is also questionable, Humbert was the only one she had at this point in her life, Humbert himself says ho w it was probably nothing huge for her, just exploring and living her adolescent life. And as Simone de Beauvoir says â€Å"She is already free of her childish past, and the present seems but a time of transition; it contains no valid aims, only occupations†Ã‚   [ 4 ]   .He also tells her at the end of Part One the truth about her mother and this upsets Lolita, drawing her closer and closer to Humbert, â€Å"in the middle of the night she came sobbing into mine, and we made it up very gently. You see, she had absolutely nowhere else to go†Ã‚   [ 5 ]   .