Deception Point Page 41

Making the seething stream of air much all the more startling to Tolland was the slight downwind grade of the ice rack. The ice was inclined somewhat toward the sea, two miles away. Regardless of the sharp spikes on the Pitbull Rapido crampons appended to his boots, Tolland had the uncomfortable inclination that any stumble may leave him made up for lost time in a storm and sliding down the perpetual frigid slant. Norah Mangor's two-minute course in ice sheet wellbeing currently appeared to be perilously deficient. Piranha Ice hatchet, Norah had stated, attaching a lightweight T-formed instrument to every one of their belts as they prepared in the habisphere. Standard sharp edge, banana edge, semitubular edge, mallet, and adze. All you have to recollect is, on the off chance that anybody slips or becomes involved with a blast, get your hatchet with one hand on the head and one on the pole, slam the banana sharp edge into the ice, and fall on it, planting your crampons. With those expressions of affirmation, Norah Mangor had appended YAK belay tackles to every one of them. They all wore goggles, and took off into the evening obscurity. Presently, the four figures advanced down the ice sheet in an orderly fashion with ten yards of belay rope isolating every one of them. Norah was ahead of the pack position, trailed by Corky, at that point Rachel, and Tolland as grapple. As they moved farther away from the habisphere, Tolland felt a developing disquiet. In his expanded suit, albeit warm, he felt like a clumsy space voyager trekking over a far off planet. The moon had vanished behind thick, surging tempest mists, diving the ice sheet into an impervious darkness. The katabatic breeze appeared to get more grounded continuously, applying a consistent strain to Tolland's back. As his eyes stressed through his goggles to make out the extensive void around them, he started to see a genuine peril in this spot. Excess NASA wellbeing precautionary measures or not, Tolland was amazed the chairman had been eager to chance four lives over here rather than two. Particularly when the extra two lives were that of a congressperson's little girl and a renowned astrophysicist. Tolland was not shocked to feel a defensive worry for Rachel and Corky. As somebody who had captained a boat, he was accustomed to feeling liable for everyone around him. â€Å"Stay behind me,† Norah yelled, her voice gulped by the breeze. â€Å"Let the sled lead the way.† The aluminum sled on which Norah was shipping her testing gear looked like a larger than usual Flexible Flyer. The specialty was prepacked with analytic rigging and wellbeing adornments she'd been utilizing on the ice sheet in the course of recent days. Every last bit of her rigging including a battery pack, wellbeing flares, and an incredible front-mounted spotlight-was bound under a made sure about, plastic canvas. In spite of the overwhelming burden, the sled coasted easily on long, straight sprinters. Indeed, even on the practically subtle slope, the sled moved downhill voluntarily, and Norah applied a delicate restriction, as though permitting the sled to lead the way. Detecting the separation developing between the gathering and the habisphere, Tolland investigated his shoulder. Just fifty yards away, the pale arch of the vault had everything except vanished in the tempestuous darkness. â€Å"You at all stressed over finding our direction back?† Tolland shouted. â€Å"The habisphere is nearly invisi-† His words were stopped by the uproarious murmur of a flare touching off in Norah's grasp. The unexpected red-white shine enlightened the ice rack in a ten-yard sweep surrounding them. Norah utilized her heel to dive a little impression in the surface day off, up a defensive edge on the upwind side of the gap. At that point she smashed the flare into the space. â€Å"High-tech bread crumbs,† Norah yelled. â€Å"Bread crumbs?† Rachel asked, protecting her eyes from the unexpected light. â€Å"Hansel and Gretel,† Norah yelled. â€Å"These flares will most recent 60 minutes a lot of time to discover our direction back.† With that, Norah took off once more, driving them down the icy mass into the dimness by and by. 47 Gabrielle Ashe raged out of Marjorie Tench's office and for all intents and purposes thumped over a secretary in doing as such. Humiliated, all Gabrielle could see were the photos pictures arms and legs interlaced. Countenances loaded up with delight. Gabrielle had no clue about how the photographs had been taken, however she realized damn well they were genuine. They had been taken in Senator Sexton's office and appeared to have been shot from above as though by concealed camera. Lord have mercy on me. One of the photographs demonstrated Gabrielle and Sexton having intercourse legitimately on the congressperson's work area, their bodies spread over a disperse of authentic looking archives. Marjorie Tench found Gabrielle outside the Map Room. Tench was conveying the red envelope of photographs. â€Å"I expect from your response that you accept these photographs are authentic?† The President's senior counsel really appeared as though she was making some acceptable memories. â€Å"I'm trusting they convince you that our other information is exact also. They originated from the equivalent source.† Gabrielle felt her whole body flushing as she walked a few doors down. Where the damnation is the exit? Tench's lanky legs experienced no difficulty keeping up. â€Å"Senator Sexton vowed to the world that both of you are dispassionate partners. His broadcast proclamation was very convincing.† Tench motioned pompously behind her. â€Å"In truth, I have a tape in my office on the off chance that you'd prefer to revive your memory?† Gabrielle required no boost. She recalled the public interview very well. Sexton's refusal was as resolved as it was sincere. â€Å"It's unfortunate,† Tench stated, sounding not in the least frustrated, â€Å"but Senator Sexton looked at the American individuals in the eye and told a flagrant deception. General society has an option to know. Also, they will know. I'll make sure actually. The main inquiry currently is the means by which the open discovers. We trust it's best originating from you.† Gabrielle was dazed. â€Å"You truly believe I'm going to help lynch my own candidate?† Tench's face solidified. â€Å"I am attempting to take the high ground here, Gabrielle. I'm allowing you to spare everybody a great deal of humiliation by holding your head high and coming clean. All I need is a marked articulation conceding your affair.† Gabrielle held back. â€Å"What!† â€Å"Of course. A marked proclamation gives us the influence we have to manage the representative discreetly, saving the nation this revolting chaos. My offer is straightforward: Sign an announcement for me, and these photographs never need to see the light of day.† â€Å"You need a statement?† â€Å"Technically, I would require a testimony, yet we have a public accountant here in the structure who could-â€Å" â€Å"You're crazy.† Gabrielle was strolling once more. Tench remained next to her, sounding progressively furious at this point. â€Å"Senator Sexton is going down somehow, Gabrielle, and I'm offering you an opportunity to escape this without seeing your own bare ass toward the beginning of the day paper! The President is a good man and doesn't need these photographs plugged. On the off chance that you simply give me an affirmation and admit to the issue on your own terms, at that point we all can hold a little dignity.† â€Å"I'm not for sale.† â€Å"Well, your up-and-comer positively is. He's a perilous man, and he's breaking the law.† â€Å"He's overstepping the law? You're the ones breaking into workplaces and taking illicit observation pictures! Have you ever known about Watergate?† â€Å"We had nothing to do with social event this earth. These photographs originated from a similar source as the SFF crusade subsidizing data. Somebody's been watching both of you very closely.† Gabrielle tore past the security work area where she had gotten her security identification. She ripped off the identification and hurled it to the wide-looked at watch. Tench was still on her tail. â€Å"You'll need to choose quick, Ms. Ashe,† Tench said as they approached the exit. â€Å"Either present to me an affirmation conceding you laid down with the representative, or at eight o'clock today, the president will be compelled to open up to the world about everything-Sexton's money related dealings, the photographs of you, the works. What's more, trust me, when the open sees that you sat around and let Sexton lie about your relationship, you'll go down on fire directly close to him.†

International Employment Relation Employment System

Question: Depict about the International Employment Relation for Employment System. Answer: about the theme The target of the examination is to feature the key variables, which will concentrate on the adequacy of the worker relationship in the chose nation China. The task will concentrate on seven significant inquiry, which will address various types of difficulties, just as contentions, which the administration of the China faces towards building solid work relationship in the nation. The job of the worker connection contributes as one of the most critical effects in the nations business framework. China is one of the differently populated nations over the world with a populace of 1.3 billion. The job of the administration considered as one of the most huge part towards contributing a positive work opportunity in the nation (Li Freeman, 2015). A portion of the key inquiries, which are distinguished in the investigation, are the law, which administers the representative connection in the nation, viability of the administration, qualities and shortcoming of the arrangements and about the pr oof and contentions of the law. So as to assess all the elements, this specific inquiry is posed in the task. what are the laws that administers the business connection in China? The job of China contributes a critical part in the period of globalization. With a populace around 1.36 billion, China is the universes biggest and most crowded nation over the world. In view of the most recent measurable report, China has become the biggest economy over the world in the year 2014. The law and the agreement law in China give various basics of commitment and different privileges of the businesses and the workers in the relationship of work in china (Chang Brown, 2013). There are a few areas of the business law in China. The job of article 17 of the work law in china contributes as one of the most critical parts in the general procedures of the Chinese economy. The job of the work advertise contributes as one of the most critical parts in China. Due to the effectively accessibility of the work at a truly sensible rate larger parts of the worldwide organizations makes direct interest in China. The business and the representative are straightforwardly answerable for var ious types of IR choices. A definitive target of the worker connection in china is to decrease the job of the outsider intercession and to control all the representatives in the in a legitimate course by keeping all the principles and guidelines in the given way (Lee, Brown Wen, 2016). There are sure work environment understandings made between the business and the representatives in a compelling way. The changes of china in the late 1970s is considered as one of the most significant as one of the most just as the essential part in the general advancement process. There are three fundamental arrangements of the work relationship in china, which incorporates work contract, skimming pay and, the board commitment are the three significant parts in the representative connection in china (Chang Cooke 2015). Notwithstanding, in the year 2008, there are sure business rules and guidelines, which fused in the start of the third time frame on which the administration has looked for the work a dvertise. The legislature of China has embraced two significant strides during the time spent receiving the business connection in the nation. what are rules and guidelines uphold by the legislature so as to apply this law? There are various focuses, which need to dissect in an appropriate way towards showing the general target rules and guidelines, which are authorized by the administration since the year 1980. In the year 1980, the work law created by the legislature has given one of the significant forward leaps. In the year 2007, the administration of China expanded its authoritative exercises and passed three significant business related law, which was authorized, in the year 2008 and in particular followed all the significant constituents of the changes of China. The business work law and guidelines give a lawful system inside the work relationship administered and work markets directed in the correct example. The essential target of the work laws and guidelines is to give a lawful structure inside the business connections, which are represented by and large the work markets managed by following a portion of the fundamental standards (Cooke, 2016). In any case, what's more it is one of the most co ntended point that work connection are focused on basically at those conventional business area, which will close about the necessities of the business segment in China in general. There is a significance of the national banner of China. The red shading speaks to the socialist country, which is trailed by five stars, which speaks to the average workers. Mechanical relations begins from the reason that in modern culture, where there partition of the proprietors (Friedman, 2012). The essential focal point of the modern relations is to set an appropriate cost between the laborers and the workers, which empowers the institutional and condition changes. In the year 2007, the administration of China has expanded its authoritative exercises and passed three significant work related law in the year 2008, which was a much discussed work contract law. In the year 2011, the social strategy of security was supported in a more extensive way (Hui Chan, 2015). These work laws and guidelines give a legitimate structure inside which the general business relationship are represented and the work markets are controlled by observing all the significant principles and guidelines consolidated by the administration premise on the circumstance. what are the approaches of the administration of China as for the work laws? Work has an essential part on people groups vocation in the nation. It is the central standard of larger part of the nations with fundamental methodology for individuals towards improving the vocation of the individuals. China has a populace of about 1.3 billion and this specific district is considered as one of the most crowded nation on the planet. There are sure difficulties just as issues looked by the administration of China so as to fathom the worker issues of 1.3 billion individuals in the province (King-Chi Chan Sio-leng Hui, 2012). The administration of China has distinguished all the significance factors, which will bring about what are the various types of difficulties and issues looked by the legislature, so as to build up an appropriate business opportunity in the nation (King-Chi Chan Sio-leng Hui, 2012). The administration effectively secured the business law so as to address the issues for work. In light of the constitution on the Chinese government the significance o f the issue of work is featured in a legitimate way, which will distinguish the general viability of the business framework in the nation. There are a few proactive components, which the legislature of China embraced inside so as to explain the general assessment procedure of the work connection in China. As the thought of the populace is one of the key, factors in the nation which the administration need to receive certain various plans and methodology so as to execute all the discoveries in an appropriate way (Lee, Brown Wen, 2016). The two arrangements, which the administration has embraced, are the fundamental work circumstance and profitable business approach. The order of these two specific approaches done by the administration dependent on the interest of the circumstance of the nation. The administration has made a splendid showing towards receiving a legitimate circumstance investigation of the nation and has embraced the right measures so as to take care of the general issue of the business framework in China (Li Freeman, 2015). Does the approach changes the by and large the business connection in China. In light of the circumstance investigation of the nation the administration of China has received certain measures, which will finish up the accompanying realities about making an appropriate circumstance, which will make work opportunity in the nation. At present, China is the nation with assorted economy. The legislature unequivocally trusts during the time spent building up the business arrangement of the nation by building up the economy. So as to diminish the joblessness rate and to build the business rate the legislature has expanded the opening for work as one of its standard full scale targets (Liu Li, 2014). The principles and guidelines of the Chinese government have given an expansive structure in the general procedures of the work framework in the business arrangement of the nation. One of the key arrangements, which the Chinese government creates, is the work advertise adaptability. It is one of the fundamental motivation behind why the legislature of China become particularly effective towards abundant work chances to the world has most differently populated countries. There is diverse Multination organizations, which chooses China as one of the most significant assembling center over the world (Lyddon, Meng Lu, 2015). With the utilization of this specific thought, the legislature of China had the option to give plentiful opening for work to most of the populace by remembering the possibility of the work advertise adaptability. Anyway separated for various types of government activities there are sure non government activities which diverse business organizations acts so as to assess the all the changes of the joblessness framework (Hui Chan, 2015). The ascent of various types of work organizations there has been a critical effect in the ascent of the business openings in the nation. Nonetheless, the larger parts of the activity offices in the nation had been s et under the follow up of the nearby government so as to give new institutional changes under the enactments of the business relations (McDermott, Jinyue Sun Obar, 2010). This critical development of the business opportunity was a reaction towards cutting back in the state segment, which result

A Simple Gesture

A Simple Gesture Mark was walking home from school one day when he noticed the boy ahead of him had tripped and dropped all of the books he was carrying, along with two sweaters, a baseball bat, a glove and a small tape recorder.Mark knelt down and helped the boy pick up the scattered articles. Since they were going the same way, he helped to carry part of the burden. As they walked Mark discovered the boys name was Bill, that he loved video games, baseball and history, and that he was having lots of trouble with his other subjects and that he had just broken up with his girlfriend.They arrived at Bills home first and Mark was invited in for a Coke and to watch some television. The afternoon passed pleasantly with a few laughs and some shared small talk, then Mark went home. They continued to see each other around school, had lunch together once or twice, then both graduated from junior high school. They ended up in the same high school where they had brief contacts over the years. Finally the long awaited senior year came and three weeks before graduation, Bill asked Mark if they could talk.Bill reminded him of the day years ago when they had first met. Did you ever wonder why I was carrying so many things home that day? asked Bill.You see, I cleaned out my locker because I didnt want to leave a mess for anyone else. I had stored away some of my mothers sleeping pills and I was going home to commit suicide. But after we spent some time together talking and laughing, I realized that if I had killed myself, I would have missed that time and so many others that might follow. So you see, Mark, when you picked up those books that day, you did a lot more, you saved my life. John W. Schlatter (true story)

The Incident Of The Platteville Police Department

The ride along occurred on March 2nd of 2016, with the Platteville Police Department. The ride along itself was done by a female police officer, known as Sierra Vessels with her badge number being 913. The time of the ride along was during one of the non-busier times, as it occurred from 2pm to 6pm. The reason for choosing the Platteville Police Department was because during the time of establishing the ride along my driver’s license was suspended. The only transportation that I had was either my parents or my legs, so I decided on my legs. Coming into the ride along there was nothing to my knowledge as to how exactly law enforcement was accomplished. Other than being in traffic incidents the job itself was always a question to me as what they do over all. Doing the ride along in a small town meant that it would not be as eventful as doing it with a bigger department. This did not in fact stop the idea of broadening my knowledge about the daily duties that a law enforcement officer goes through. After the ride along I can say that they should be appreciated more often, as they are only doing their job by keeping everyone safe, and enforcing the law in order to prevent terrible accidents. The female officer that took me on the ride along was very friendly so I had the chance to ask multiple questions. Her experience level was small as she had only been a police officer for six months. She received her bachelor’s degree in Criminal Justice from Colorado State University. TheShow MoreRelated_x000C_Introduction to Statistics and Data Analysis355457 Words   |  1422 Pagesof Florida and at Oberlin College and has had visiting appointments at Stanford, Harvard, the University of Washington, and New York University. From 1998 to 2006, Jay served as Chair of the Statistics Department at California Polytechnic State University, San Luis Obispo. The Statistics Department at Cal Poly has an international reputation for activities in statistics education. In addition to this book, Jay has written several widely used engineering statistics texts and is currently working on

The New Colossus By Jane Addams Essay - 1364 Words

Immigration to America is often a decision based solely on the idea that America has some sort of redeeming qualities for a chance at a better life. America’s founding ideals of â€Å"life, liberty, and the pursuit of happiness† are what compel foreigners to escape the troubles and oppression of their homeland and cross over onto American soil. The tales of America being the â€Å"land of opportunity† have continued to lure and attract people to immigrate. The Industrial Revolution of the nineteenth century brought millions of immigrant laborers from across the globe to America in a short span of time. This large influx of laborers fashioned a well-defined distinction between â€Å"settlers† and â€Å"immigrants,† causing many observers to be concerned with how these new arrivals would fit in to American society. Emma Lazarus in â€Å"The New Colossus†, Jane Addams in Twenty Years at Hull House, Walt Whitman in â€Å"Crossing the Brooklyn Fe rry†, Theodore Roosevelt in American Ideals, and Thomas Aldrich in â€Å"Unguarded Gates† are just a few names in American Literature who use their work as a medium to voice their opinions on the issue of immigration. Emma Lazarus’s poem, â€Å"The New Colossus†, has become the fundamental expression of America’s self-image as a welcoming and hospitable nation of immigrants. Through her poem, Lazarus transformed the Statue of Liberty—built by the French to commemorate shared American ideals of democracy—into an inspiration of hope for foreigners seeking a better life in theShow MoreRelatedMelting Pot6314 Words   |  26 Pagesin American cultural and political ideology? These are some of the questions considered in the following discussion. The Statue of Liberty is by now a universally recognized symbol of American political mythology. She stands at the entrance of New York harbor, wearing a spiked crown representing the light of liberty shining on the seven seas and the seven continents. The statue was a gift to the United States from the people of France in 1884. It is made of riveted copper sheets, only 3/32 of

Behavioural Approach Free Essays

BEHAVIORISM Fred Luthans, James B. Avey and Brett Luthans Definition Behaviorism is a theoretical foundation with roots in psychology with an intentional focus on observable, measurable behavior as the primary unit of analysis (Luthans, Youssef, Luthans, 2005). Behaviorism systematically analyzes the relationships between an individual’s behavior and environmental contingencies. We will write a custom essay sample on Behavioural Approach or any similar topic only for you Order Now The study and practice of behaviorism emphasizes predicting and controlling/managing behavior and thus is especially relevant to organization studies. The behaviorism paradigm is in contrast to the popular cognitive psychology theories in that behaviorism is not focused on internal cognitive or affective processes or indirect measures of beliefs, attitudes or feelings. Whereas cognitive based approaches attempt to understand and explain the multifaceted causes and complexity of human behavior, behaviorism is based on the premise that behavior is a function of its environmental consequences or contingencies (also see Motivation, Contingency Theory). There are four primary historical building blocks of behaviorism. These major foundational contributions are Pavlov’s (1849-1936) classical conditioning experiments, Thorndike’s (1874-1949) law of effect, Watson’s (1878-1958) experiments with human conditioning, and Skinner’s (1904-1990) work and conceptualization of operant conditioning (also see Operant Conditioning). However, applied to organization studies, the most influential application of behaviorism would be Luthans and Kreitner’s (1985) book Organizational Behavior Modification and Beyond. Conceptual Overview Have you ever wondered how children, adults, and even animals learn to respond to and operate in their world? Early in the twentieth century, Thorndike coined the famous law of effect by systematically studying cats in a puzzle box. Thorndike’s law of effect states behaviors followed by positive consequences tend to be strengthened and increase in subsequent frequency, while those followed by negative consequences tend to weaken and decrease in frequency. Even before Thorndike established the law of effect, a Russian scientist named Ivan Pavlov conditioned several dogs to salivate to the sound of a ringing bell. Originally the bell was sounded with the presentation of food (meat powder, positive consequence) and ultimately the dog’s salivation was in accordance with the bell regardless of food presentation (Pavlov highlighted the stimulus-response phenomenon). In a logical progression, Watson applied the behavioral conditioning mechanism to humans when he conditioned the subject â€Å"little Albert† to fear white rats by associating them with a loud, unpleasant noise (negative consequence). In the 1930’s the famous psychologist B. F. Skinner made a significant discovery for modern behaviorism that led to the modern practice of organizational behavior modification. Using rats and pigeons in controlled environments, his studies found that the consequences of behavior were influential in determining, predicting and controlling that behavior. Skinner highlighted the important distinction between respondent conditioning (Pavlovian S-R connection) where the stimuli elicit the behavior and operant conditioning (the organism operates on the environment in order to obtain the desired consequence, or the R-S connection) where the behavior is a function of the consequence. Skinner’s operant conditioning with the focus on environmental consequences as behavioral determinants instead of antecedent stimuli led to the underlying core premise of modern behaviorism. Based on this scientific foundation, the study of behaviorism suggests that we can predict and modify behavior by strategically controlling (i. e. , managing) the consequences. This well-known practice of managing behavioral contingencies has become known as â€Å"behavior modification. † Modern behaviorism and behavior modification has been applied to organization studies and performance management in the workplace by Luthans and Kreitner (1985) as â€Å"organizational behavior modification,† or simply O. B. Mod (Luthans and Kreitner, 1985 for a full review) (also see Classical Management, Organizational Behavior). The O. B. Mod. approach to performance management involves five sequential steps: (1) identify critical performance-related behaviors; (2) measure the frequency of those identified behaviors; (3) analyze the antecedents and consequences associated with the behavior within the existing environment; (4) intervene by applying positive consequences/reinforcers contingent upon exhibiting the desired behavior; and (5) evaluate the results by measuring changes in the behavior and its impact on performance. In over 30 years of multiple research studies and applications of this O. B. Mod. approach, Luthans and colleagues ( Stajkovic Luthans, 1997, 2003), and other behavioral management scholars have been able to reach consistent, conclusive findings. First, three types of positive consequences/reinforcers result in an increase of desired work related behaviors and performance outcomes when administered contingently. These are: money, performance feedback, and social recognition (Luthans Stajkovic, 1999). A major finding for managing organizations is that in many cases feedback and/ or recognition, which typically involve no direct cost, often results in similar (and sometimes higher) performance outcomes than monetary reinforcers that are often outside a manager’s direct control. Luthans and colleagues offer guidelines for use of these reinforcers. For example, effective performance feedback must be positive (emphasizing what is right), immediately following the desired behavior, graphic, and specific. Effective social recognition must include personal one-on-one attention and appreciation from the manager communicating to the employee that the desired behavior has been noticed and admired by the manager versus a standard program where randomly selected employees are recognized regardless of demonstration of desired behaviors (which is what many of the formal recognition programs become over time). Positively reinforcing desired behaviors is significantly more effective in terms of performance impact over time than punishing undesired behaviors. It is important to note that punishment may be necessary when there is a need to immediately cease potentially harmful behavior. For example, in the case of a workplace safety violation (e. g. not wearing a helmet or eye protectors on a construction site), the behavioral management approach would not take time to measure the outcomes and wait for the desired safe behavior to occur in order to administer positive reinforcement. However, in general, the potential long term harm of punishment (e. g. stress, burnout, revenge, turnover, decrease in commitment) may be more than its potential benefits. It is important to point out that behavioral management works across various organizational types, industries, and cultures (Luthans Stajkovic, 1999). For example, the behavioral management technique has been successfully employed in a Russian factory, where it demonstrated stronger performance outcomes than the participative management technique (Welsh, Luthans, Sommer, 1993) and most recently with Korean information service providers. Critical Commentary and Future Directions The contributions of behaviorism in general, and more specifically the O. B. Mod. approach to behavioral management, have been very positive in organizational studies. Behaviorism provides understanding of how we learn, operate, and perform in all types of organizations. Organizations achieve their missions, visions, goals, and competitive advantage through the performance and behavior of people. A meta-analysis shows that the application of the O. B. Mod. model in the workplace across multiple industries, levels, and cultures increased performance on average 17 percent (Stajkovic Luthans, 1997). Despite the overwhelming support of how well behaviorism works in the organization, several limitations to the technique must be highlighted. First, individuals are unique and thus not all people respond the same way to reinforcers. Their desires are not only different, but they may also change over time. However, this is not a major problem when applying O. B. Mod. in the workplace because people in general desire money, feedback and recognition. However, they may vary in the level of intensity in their responses and which reinforcer has a relatively greater impact. Although behaviorism helps us to predict, modify, and change behavior over time, it does not attempt nor intend to understand how or why the phenomenon works. Behaviorism tends not to recognize the complexity of human cognitive processes. Another potential limitation is that in most cases multiple contingencies are salient in the context within which behavioral management attempts take place, resulting in complex interactions. These multiple contingencies can become competing contingencies as to which one the behavior links to and its subsequent effects. Behaviorism is not concerned with nor does it account for the social context within which contingent reinforcement (or punishment) takes place. In fact, modern behaviorism including O. B. Mod. treats antecedent factors as cues for the desired behavior. Still another limitation to the behaviorism approach is the requirement for action on behalf of the manager. In behaviorism, if the contingent reinforcement is removed and no longer exists, the desired behavior that was previously reinforced is likely to decrease in frequency and intensity, eventually fading away. This elimination of the controlling consequence is referred to as â€Å"extinction. This implies that managers who practice a behavioral management approach to increase the performance of their staff need to at minimum maintain an intermittent reinforcement schedule in order to avoid this going to extinction. In an attempt to combine the best of both worlds, and to present a more comprehensive and realistic view of human beh avior in organizations, many previously radical behaviorists have â€Å"mellowed out† (Luthans Kreitner, 1985) to adopt a social cognitive approach to understanding behavior (Bandura, 1986) (also see Social Cognition, Self-Efficacy, Cognitive Approach). The social cognitive approach asserts that behavior is the result of a continuous reciprocal three-way interaction between the person (cognition), the environment (physical context, including organizational structure and design; social context, i. e. , other people), and the individual’s past behavior. As opposed to behaviorism where behavior is a function of its contingent consequences, the social cognitive lens argues that behavior is also influenced by the processes of symbolizing, forethought, observation, self-regulation, and self-reflection (Bandura, 1986). Furthermore, from a social cognitive perspective, the role of contingent reinforcement in enhancing performance can be understood in terms of outcome utility, informative content, and regulatory mechanisms (Stajkovic Luthans, 2001). The future of behaviorism at least as it is applied to organization studies is likely to continue within the comprehensive theoretical framework of social cognition. Both organization scholars and practitioners realize the value of the objectivity and predictive validity behaviorism in general and O. B. Mod. in particular has on measurable performance impact. However, in today’s complex, ever-changing work environment, radical behaviorism is not comprehensive enough to stand alone. With the increasing emphasis on human resources as the primary source of long term competitive advantage, the confluence of behaviorism theory and cognitive theory through social cognitive theory may best accomplish the goals of understanding, prediction, and effective performance management. References Bandura, A. (1986). Social Foundations of Thought and Action. Englewood Cliffs, NJ: Prentice-Hall. Luthans, F. , Kreitner, R. 1985). Organizational Behavior Modification and Beyond. Glenview, IL: Scott, Foresman. Luthans, F. , Stajkovic, A. (1999). Reinforce (not necessarily pay) for performance. Academy of Management Executive, 13, 49-57. Luthans, F. , Youssef, C. , Luthans, B. (2005). Behaviorism. In Nicholson, N. , Audia, P. , Pillutla, M. (Eds. ). The Blackwell encyclopedia dictionary of organizational behavior. London: Blackwell. Stajkovic, A. , Luthans, F. (1997). A meta-analysis of the effects of organizational behavior modification on task performance, 1975-1995. Academy of Management Journal, 40, 1122-1149. Stajkovic, A. , Luthans, F. (2001). Differential effects of incentive motivators on work performance. Academy of Management Journal, 44, 580-590. Stajkovic, A. , Luthans, F. (2003). Behavioral management and task performance in organizations: Conceptual background, meta-analysis, and test of alternative models. Personnel Psychology, 56, 155-194. Welsh, D. H. B. , Luthans, F. , Sommer, S. M. (1993). Managing Russian factory workers: The impact of U. S. -based behavioral and participative techniques. Academy of Management Journal, 36, 58-79. How to cite Behavioural Approach, Essay examples

Rocky Mountains Or Rockies Essays (619 words) -

Rocky Mountains Or Rockies Rocky Mountains or Rockies, great chain of rugged mountain ranges in western North America, extending from central New Mexico to northeastern British Columbia, a distance of about 3220 km (about 2000 mi). The Rockies are bordered on the east by the Great Plains and on the west by the Great Basin and the Rocky Mountain Trench, a valley running from northwestern Montana to northern British Columbia. The Rocky Mountains form part of the Great, or Continental, Divide, which separates rivers draining into the Atlantic or Arctic oceans from those flowing toward the Pacific Ocean. The Arkansas, Colorado, Columbia, Missouri, R?o Grande, Saskatchewan, and Snake rivers rise in the Rockies. The Rockies may be divided into four principal sections?Southern, Central, Northern, and Canadian. The Southern Rockies, which include the system's broadest and highest regions, extend from central New Mexico, through Colorado, to the Great Divide, or Wyoming, Basin, in southern Wyoming. This section, which encompasses Rocky Mountain National Park, is composed chiefly of two northern-southern belts of mountain ranges with several basins, or parks, between the belts. The component parts include the Sangre de Cristo and Laramie mountains and the Front Range, in the east, and the San Juan Mountains and the Sawatch and Park ranges, in the west. The Southern Rockies include the chain's loftiest point, Mount Elbert (4399 m/14,433 ft high), in central Colorado. More than 50 other peaks of the Rockies rising above 4267 m (14,000 ft) are in Colorado; these include Longs Peak (4345 m/14,255 ft high) and Pikes Peak (4301 m/14,110 ft high). The Central Rockies are in northeastern Utah, western Wyoming, eastern Idaho, and southern Montana. They encompass the Bighorn, Beartooth, and Uinta mountains and the Absaroka, Wind River, Salt River, Teton, Snake River, and Wasatch ranges. The Uinta Mountains are the only major portion of the Rockies that extends east-west rather than north-south. Among the peaks of the Central Rockies, which include Grand Teton and Yellowstone national parks, are Gannett Peak (4207 m/13,804 ft high), Grand Teton (4197 m/13,771 ft high), and Fremont Peak (4185 m/13,730 ft high). The Northern Rockies are in northern Idaho, western Montana, and northeastern Washington. They include the Sawtooth, Cabinet, Salmon River, and Clearwater mountains and the Bitterroot Range. The loftiest points in the section, which includes Glacier National Park, are Granite Peak (3901 m/12,799 ft high) and Borah Peak (3859 m/12,662 ft high). The Canadian Rockies, located in southwestern Alberta and eastern British Columbia, are composed of a relatively narrow belt of mountain ranges that terminates at the Liard River lowland in northeastern British Columbia. The peaks of the section, which takes in Banff, Jasper, Kootenay, Waterton Lakes, and Yoho National Parks, include Mount Robson (3954 m/12,972 ft high), Mount Columbia (3747 m/12,294 ft high), and The Twins (3734 m/12,251 ft high). Slopes generally are very steep, and there are numerous glaciers. The Rocky Mountains are a geologically complex system with jagged peaks as well as almost flat-topped elevations. The Rockies were formed mainly by crustal uplifts in comparatively recent times, during the late Cretaceous and early Tertiary periods, and later were reshaped by glaciation during the Pleistocene Epoch. Today the Rockies receive moderate amounts of precipitation, most of which occurs in the winter. Lower levels are covered chiefly by grassland, which gives way to extensive forests, principally of conifers. Above the woodland is a zone of grasses and scattered shrubs. Most peaks have little vegetation around the summit, and some have a year-round cap of snow and ice. The Rockies are sparsely populated for the most part and contain few cities. The principal economic

Time Warner Essay

Time Warner Essay Time Warner Essay Time Warner EssayIn actuality, Time Warner is one of the leading media companies in the US holding a strong position in the publishing and cable television. However, at the moment, the company undergoes considerable changes and restructuring in terms of the development of new effective marketing strategies which can help Time Warner to enhance its competitive position and provide the company with an opportunity to accelerate its business development. At this point, one of the main issues that the company faces at the moment is the merger of Time Warner Cable with Comcast, which opens wider opportunities for the further business development of the company. At the same time, the company attempts to separate its publishing business, which has become unprofitable for the company in recent years and now is one of the major causes of the slowdown of its business development. Therefore, Time Warner undergoes consistent changes aiming at the improvement of its marketing performance through r eorganisation, structural changes, separation and the merger that the company expects to lead Time Warner to the new stage in its business development and help the company to break through in the highly competitive business environment.Recently, Time Warner has announced the merger of its Time Warner Cable with Comcast, the leader of the cable television (Quain, 2). In fact, the deal will involve the sale of Time Warner Cable to Comcast. At this point, it is worth mentioning the fact that, at the moment Time Warner still consist of two major units, the publishing business and cable television unit. Time Warner Cable represents the cable television unit of the company and this unit plans to merge with Comcast. This is an important decision in the business development of the company because it opens new opportunities for the business development of the company after the merger. The merger will involve Comcast, the largest cable television company of the US, and Time Warner Cable, the second largest cable television company in the US (Quain 2). Therefore, their merger will put them in the advantageous position in the US market, while their rivals will hardly be able to reach such a market share as the merged company uniting two behemoths of the industry.In fact, consequences of the merger are apparently very attractive for both Comcast and Time Warner Cable because the new company will have about 70 million subscribers nationwide that is about 30% of the total market share in the US (Quain, 3). The consistent market expansion opens wider opportunities for Time Warner Cable after the merger because the new company will control almost a third of the US cable television market. Therefore, the company can set the pace in the industry, while its further growth and expansion will enhance the position of the new company in the market even more.In such a situation, rivals of the company turn out to be in the absolutely disadvantageous position because not a single rival of the merged company, such as Charter Communications for instance, can even challenge the position of the merged company, while outpacing it is virtually impossible, at least in a short-run perspective. The dominant position of the new company opens wider opportunities for the faster market expansion and taking even a larger share of the market. As a result, Time Warner Cable can make a breakthrough in its business development in the cable television market, in case the merger with Comcast completes successfully. This is why both companies are so interested in the merger because, instead of the fierce rivalry, they can unite their efforts to take not just the lead in the industry but to become the company dominating over the cable television industry.Furthermore, the merger apparently secures the position of the company in the market because rivals will be unable to outpace the company, unless they introduce innovations that will revolutionize the industry. At the moment, there are no such rivals of the company and Time Warner Cable can take the lead after the merger with Comcast. The company can also raise barriers to entry that will decrease the risk of the emergence of new rivals that can potentially threaten to the position in the company and tighten the competition in the industry.On the other hand, the merger may raise the problem of the possible monopolization of the cable television market by the merged company since the company will take the consistently higher share of the market compared to rivals. Moreover, in a long-run perspective the company can increase its market share even more and take dominant or monopolistic position in the market. The monopolization can occur faster, if the company continues the strategy of mergers. However, the monopolization of the market or taking the absolutely dominant position raises the risk of the violation of the anti-trust law and investigation of policies conducted by the company. Therefore, in case of unfair on unreasonable policies of the company, when it takes the dominant position in the market, the company can face the risk of the investigation of its policies under the anti-trust legislation. The company may also face the risk of lawsuits, if its policies will breach existing anti-trust regulations and legal norms. If the company sets unreasonably high price or forces customers to buy extra-products which they do not want to buy, the company is likely to face considerable problems because of the violation of the anti-trust law, as was the case of Microsoft, for instance.However, Time Warner attempts to optimize its performance not only through the merger with Comcast but also through restructuring. For instance, Time Warner Cable spinoff has actually nothing to do with Time Warner since Time Warner Cable has focused on its own development, while Time Warner is a different company now (Flint, 1). Nevertheless, neither company plan to change their name so far, unless the merger agree ment of Time Warner Cable and Comcast may require such a change (Flint, 3). At the same time, the merger is a part of the large scale plan of Time Warner to undergo consistent restructuring. The merger is one of the key elements of the restructuring which allows the company to accelerate its business development through focusing on the cable television market mainly and taking the lead in the market through the merger. This strategy is efficient because Time Warner prioritizes the most profitable part of its business and, more important, enhances its position in the market through the merger.Moreover, Time Warner is also considering the separation of its publishing business, although at the moment, the company is the largest magazine publisher in the US. Nevertheless, the company decided to separate Time Inc. last year (Team, 2). This decision complements the decision of the company to merge Time Warner Cable with Comcast. To put it more precisely, the company refuses from its publi shing business which future may be uncertain for the company and focuses on cable television market entirely. Such a shift maximizes profits and benefits of the company.At this point, it is worth mentioning the fact that the move to separate Time Inc. was, in all probability determined by the steady decline of the publishing business of the company. In such a way, the decision to separate Time Inc. from Time Warner was driven by the attempt of the company to preserve only the most prospective elements of its business and become a pure media company. In fact, this means the separation of Time Inc. from Time Warner is a strategically important step, especially in the light of the upcoming merger with Comcast. When the company has just started the procedure of separation, experts (Team 6) believed the separation was driven by pragmatic concerns of Time Warner and its attempts to save costs and attract investors due the better financial performance of the company free of the publishing business burden. What is meant here is the fact that initially, experts (Team, 6) stood on the ground that Team Warner is just trying to save costs and make its financial performance healthier. The step was quite reasonable in light of the declining publishing business which slowed down the business development of Time Warner.On the other hand, cable television was and still is profitable business for the company. More important, cable television is more attractive market for the company and the business of Time Warner in this market keeps growing (Flint, 5). This is why the refusal from the publishing business of the company allows Time Warner to focus entirely on the cable television market. At the moment, the separation of Time Inc. is not completed so far but the company has already started negotiations on the merger with Comcast and this step reveals the intention of the company to accelerate its business development through the enhancement of its position in the most profitabl e industry. Moreover, unlike publishing business, cable television is likely to keep growing in the future. This is why the company can maximize benefits from the merger and shifting its business to the cable television industry mainly.In such a context, the recent merger of Time Warner Cable is a reasonable step since after the completion of the separation of Time Inc. which is likely to be completed this year, the company will merge its more perspective unit, Time Warner Cable, with Comcast becoming one of the leaders in the industry and enhancing its position in the market. This step is strategically important for the company because it elevates the company to the new level in its business development and helps the company to take the lead in the industry and keep growing in the future since the cable television industry is growing.However the merger with Comcast is driven not only by business concerns but also by the lobbying power of Comcast which can accelerate the further bus iness development of Time Warner Cable after the merger (Shields, 3).At the moment Comcast invests abundantly into lobbying and the company has increased the number of lobbyists in the 2000s consistently. The merger with such a company opens new opportunities for Timer Warner Cable to enhance its marketing position, enter new markets and increase its market share.In such a context, there is no surprise that Charter Communications, another behemoth of the media industry, has failed to negotiate the merger with Time Warner Cable and has lost the deal to Comcast (Fung, 4). Charter Communications does not have such a strong lobby as Comcast and, therefore, cannot offer Time Warner Cable such good prospects for the further business development as Comcast does.On the other hand, the merger of Time Warner Cable and Comcast can raise substantial difficulties in face of both companies because the merger will inevitably involve the restructuring of the new company. Comcast and Time Warner Cab le have their own organizational structure and culture, while the merger will raise the problem of their mutual integration. In such a situation, the risk of conflicts within the new, merged company arises because employees working in the company may be resistant to changes or oppose to changes. As a result, the risk of the failure of the merger arises because if employees of the company resist to the change, the company may face substantial difficulties with the overall successful implementation of the change.Furthermore, the restructuring of the company may raise the problem of job cuts and loss of well-qualified professionals, who, in face of the uncertainty in their future after the merger, may just transfer to another company, where they can be absolutely certain in their future. The loss of well-qualified professionals may also create substantial difficulties which the new company will have to overcome. Therefore, the merger is not always the right choice and, in spite of the obvious certainty of Comcast and Time Warner Cable in the overall success of the merger, there are still some risks and threats which may lead to the failure of the merger. At this point, it is possible to refer to other cases when mergers have failed, such as the case of Daimler-Chrysler which was considered to be one of the most prospective and strong alliances in the automotive industry but eventually ended up into the split of the two companies.Thus, at the moment, Time Warner undergoes substantial changes. The company has initiated the separation of Time Inc. which comprises the publishing business of the company. At the same time, the company is about to merge with Comcast that means the shift of Time Warner from diverse business to the relatively narrow focus of the company on cable television business mainly. In such a situation, the refusal from the publishing business is reasonable to enhance the financial performance of the company. Moreover, the merger with Comcast will allow Time Warner Cable to take the leading position in the cable television industry that keeps growing. Therefore, the company will not only optimize its performance but also become the leader of the fast growing industry that will shift the business development of Time Warner to the new, upper level.

Sitting Presidents During Major American Wars

Sitting Presidents During Major American Wars Who was the president during each of the major U.S. wars? Heres a list of the most significant wars the U.S. has been involved in, and the wartime presidents who held office during those times.   The American Revolution   The Revolutionary War, also called the American War for Independence,  was fought from 1775 through 1783.  George Washington  was president. Spurred on by the Boston Tea Party in 1773, 13 North American colonies fought Great Britain in an effort to escape from British rule and to become a country unto themselves. The War of 1812 James Madison  was president when the U.S. next challenged Great Britain in 1812. The British did not graciously accept American independence after the Revolutionary War. Britain began seizing American sailors and doing its best to interrupt American trade. The War of 1812 has been called the Second War of Independence. It lasted until 1815.   The Mexican-American War The U.S. clashed with Mexico in 1846 when Mexico resisted  James K. Polks vision of a manifest destiny for America. War was declared as part of Americas effort to forge westward. The first battle took place on the Rio Grande. By 1848, America had taken possession of a huge swath of land, including the modern-day states of Utah, Nevada, California, New Mexico, and Arizona.   The Civil War The War Between the States lasted from 1861 until 1865.  Abraham Lincoln  was president. Lincolns opposition to slavery was well known and seven southern states promptly seceded from the union when he was elected, leaving him with a real mess on his hands. They formed the Confederate States of America and the Civil War broke out as Lincoln took steps to bring them back into the fold - and to emancipate their slaves in the process. Four more states seceded before the dust from the first Civil War battle had settled.   The Spanish American War This was a brief one, technically lasting less than a year in 1898. Tensions first began escalating between the U.S. and Spain in 1895 as Cuba fought back against Spains dominance and the U.S. supported its efforts. William McKinley  was president. Spain declared war against America on April 24, 1898. McKinley responded by declaring war as well on April 25. Not one to be upstaged, he made his declaration retroactive to April 21. The whole thing was over by December, with Spain relinquishing Cuba and ceding the territories of Guam and Puerto Rico to the U.S. Who Was President During WW1? The First World War broke out in 1914. It pitted the Central Powers (Germany, Bulgaria, Austria, Hungary, and the Ottoman Empire) against the formidable Allied Powers of the U.S., Great Britain, Japan, Italy, Romania, France, and Russia. By the time the war ended in 1918, more than 16 million people were dead, including civilians.  Woodrow Wilson  was president at the time. Presidents During WW2 Raging from 1939 until 1945, World War II actually monopolized the time and attention of two presidents:  Franklin Roosevelt and Harry S Truman. It began when Hitler invaded Poland and France. Great Britain declared war on Germany two days later. Soon, more than 30 countries were involved, with Japan  (among several other countries) joining forces with Germany. By V-J Day in August 1845, this had become the most devastating war in history, claiming between 50 and 100 million lives. The exact total has never been calculated.   The Korean War Dwight Eisenhower  was president when the Korean War broke out just five years later in 1950. Credited with being the opening salvo of the Cold War, the Korean War began when North Korean soldiers invaded other Soviet-backed Korean territories in June. The U.S. got involved to support South Korea in August. There was some concern that the fighting would mushroom into World War III, but it resolved in 1953, at least to some extent. The Korean peninsula continues to be a hotbed of political tension.   The Vietnam War Its been called the most unpopular war in American history, and four presidents (Dwight Eisenhower, John F. Kennedy, Lyndon Johnson, and Richard Nixon) inherited this nightmare. It lasted 15 years, from 1960 through 1975. At issue was a division not unlike that which prompted the Korean War, with Communist North Vietnam and Russia opposing U.S.-backed South Vietnam. The ultimate death toll included almost 30,000 Vietnamese civilians and roughly an equal number of American soldiers. With chants of Not our war! resounding across the U.S., President Nixon finally pulled the plug in 1973. It was two more years before U.S. forces were officially withdrawn from the region in 1975 and Communist forces took control of Saigon.   The Persian Gulf War This one landed in President  George H. W. Bushs lap in 1990 when Saddam Hussein invaded Kuwait in August. He thumbed his nose at the Union Nations Security Council when it instructed him to withdraw his forces. Saudi Arabia and Egypt requested the assistance of the U.S. to help prevent Iraqs invasion of neighboring territories. America, along with several allies, complied. Operation Desert Storm raged for 42 days until President Bush declared a ceasefire in February 1991.   The Iraq War Peace or something like it settled over the Persian Gulf until 2003 when Iraq again prompted hostilities in the region.  George W. Bush  was at the helm at the time. The U.S., aided by Great Britain, successfully invaded Iraq, then insurgents took exception to this state of affairs and hostilities broke out again. The conflict didnt resolve until Barack Obamas presidency when American forces withdrew from the region by December 2011.

Organizational Learning, Predictive Analysis and Emerging Technologies Research Paper

Organizational Learning, Predictive Analysis and Emerging Technologies - Research Paper Example 186). Secondly, this has awakened the organizations to the significance of organizational learning when managed in correlation to the objective of benefitting from the new technologies (Gilley & Maycunich, 2000, p. 186). Organizational learning has both social and technical dimensions, when delved on in the light of the recent technological innovations and developments. As per a technical approach towards organizational learning, learning is primarily about a seamless and applied storage, analysis, interpretation and response to the information and data existing within and outside the organizations (Gilley & Maycunich, 2000). These data and information may be both quantitative and qualitative. On the contrary a social approach towards organizational learning delves on the varied human aspects of predictive analysis like the personnel mindset and the technology related literacy at the disposal of employees (Gilley & Maycunich, 2000). In that context, technological literacy and a more adaptive approach towards facilitating a technology driven predictive analysis is something that can either be acquired through the regular social interactions within organizations like a joint effort aimed at making sense of some data and information, attempts to observe and emulate employees and colleagues who are technically skilled, situated practices, etc. Yet, everything could not be left to informal modes of gaining the right attitude and skills, and organizations are also required to pursue a more proactive approach. When it comes to implementing new technologies to facilitate a more accurate predictive analysis in organizations, Argyris (1977) holds that though inculcating a technological mindset is... The researcher states that the dawn of the 21st century represents a marked shift in the way organizations work and operate in the sense that many mundane aspects of the organizational working could conveniently be automated in the light of the varied emerging technologies. These emerging technologies not only pose new challenges within the domain of organizational learning, but also facilitate a more accurate predictive analysis, thereby adding to organizational productivity and profitability. In the current context, with new technologies coming to fore, the organizations simply cannot afford to ignore pursuing a theoretical approach towards organizational learning, when they promise a more factual and pragmatic possibilities in the area of predictive analysis. A lackluster attitude towards the very nature of learning in an organizational context portends degradation and loss, at least in a relative context. With the emergence of varied IT based technologies, which facilitate a mor e realistic and accurate conduct of predictive analysis, learning could be considered to be both a process as well as a product. In the domain or organizational learning, the researcher suggests that two big challenges before organizations are to align the employee mindset in consonance with the emerging technologies and to impart the required technical literacy. In conclusion, the benefits accrued from this will result in multiple gains facilitated by more accurate, prompt and reliable predictive analysis.

Fresa y chocolate Essay Example | Topics and Well Written Essays - 1750 words

Fresa y chocolate - Essay Example These issues are increasingly important in this age of human relationship varieties and politics influence on these relationships. The purpose of this paper is to show Cuban society and its contradictions according to the film, as well as the politics and its reflection in people's characters and actions. The paper will also pay particular attention to the director's aim of the film and the importance of the film from the point of view of the historical period concerned. 2. The film presents colourful description of Cuban society under Fidel Castro's rule, and the plot of the film Fresa y chocolate is tightly connected with life conditions and cultural contradictions of Cuban society. The film tells the story of two young men each of whom had different cultural outlook, although they both supported political regime. Diego was a gay artist, but homosexual life was forbidden in Cuba. Otherwise, David studied sociology in Havana and was a true communist. The film shows social life in Cuba and its ethical and cultural features which influenced the flow of the film and main characters' actions. The both protagonists of the film present two different sides of social ethics: the way of life of communist ideology supporters, and that of people who don't put down in ethical limits of socialist state. As was mentioned above, Daniel studied sociology, and he was a true communist supporter and a member of communist youth brigades. Diego followed another style o f life: he was an artist who saw his mission in Cuban culture promotion. So, any link between these two young men seems to be rather strange, but in spite of this fact they became real friends: "Diego is gay, religious and a nationalist, while David is straight, an atheist and a communist. Their relationship is flawed, in addition, by jealousies, both mutual and contextual (Santi, 2001)". The name of the film, Fresa y chocolate, is rather symbolic in this context: David and Diego met in a caf, David took chocolate while Diego did strawberry ice cream that was surprising to David, but Diego underlined that some people prefer chocolate while others prefer strawberry. This scene symbolically shows the protagonists' membership to different and contradictory sides of political, cultural and ethical sides of Cuban society. The film doesn't deny socialist ideology in Cuba, but there is a clear notion of variety of ethical and sexual life in post revolution Cuban society. It needs to take i nto account that Castro's regime didn't support such social and ethical phenomenon as homosexuality, and in 1965 he told that "we would never come to believe that a homosexual could embody the conditions and requirements of conduct that would enable us to consider him a true Revolutionary, a true Communist militant. A deviation of that nature clashes with the concept we have of what a militant Communist must be (West, 1995)". Diego feels real affectation to David, but his feeling cannot be accepted by his friend in that time in Cuba that is reflected in the film: it was just unrealizable desire which contradicted the system of the state. David who was heterosexual is shown as an opposite protagonist: he had relationship with women and wanted to be a

What Does Education Mean to You? Reflective Piece

What Does Education Mean to You? Reflective Piece Education, in my opinion, is something that has an enormous scope. It does not only covers academics, but also every aspect of a persons character and mentality. For instance, a man, with moral integrity, even without education academically wise, may be someone yearned for in the society but a man, equipped with just academic excellence may become a pest in the society. Those who think of education narrowly would presume that all of it is just about studying and achieving good academic results. Education is wide and to me, it is the thing that makes me alive. Since young, my parents mould my character and attitude. In school, teachers educate me academically and aid me in my character development. Stepping into the outside world, my experiences educate me every moment. In my point of view, Singapores education is generally fine However, in early stages of academic education, it seems to focus way too much on books and examinations. This sets the mentality of academic education slightly haywire in the young minds. They may think that cooping themselves up in a room studying is the only way to be first in academics. To me, education is way much more than simply just sitting in a classroom and reading textbooks. It is about experiencing the world, discovering and learning through different ways. Education in academics should not be based on conformity. For instance, learning mathematics is one which does not stimulate creativity in students mind. The steps needed to solve a question are actually similar throughout every other questions of its same topic. This may result in students having apathy towards such subjects as it is nearly all repetitive. Prior to this, I think that a new subject could be introduced into secondary school curriculum to help students develop much better academically and that is critical and creative thinking skills. This subject would get students to think unconventionally and look at questions from different perspective, allowing them to reach a new level of innovativeness, problem-solving and mind philosophy. A university degree will give people a competitive edge in the workforce and it is only achievable by education. However, in this fast-changing world of ours, even with a degree, one may still be losing out to others. This is because these degree-holders may be held onto their conventional way of thinking while others, even those with lower academic qualifications, have proceed far ahead with their creativity. Increasingly, employers want employees who are creative problem-solvers. Problems creep up in the workplace everyday, particularly regarding customer service. Employees need to be able to think on their feet and must be willing to try fresh approaches to solving problems. Cited from a website, this is something that I absolutely agree with. This aspect of employee is extreme important to an employer as it will prevent their business from stagnating. Hence, the demand for creative talents has escalated immensely. Despite that, it is important to have good attitude and moral integrity in order to be wanted by employers. This is something that academic education by a teacher is unable to achieve. In educating one in his attitude and character, the teacher is himself. Often, it is extremely difficult for someone else to drill in these characteristics into him though they still do play a small part in aiding his character development. In this day, our academic education system has become an instrument for one to earn a livelihood and climb the corporate ladder. The objective has shifted drastically from all-rounded education to making the student more viable in the job market at the shortest time possible. It is more emphasized on mere textbook knowledge rather than overall development of student. Thus, creativity, veracity and social values have been lost in this transformation. In conclusion, complete education is something that helps one in utilizing ones senses confidently and innovatively. Good education would be one that aids the learner in differentiating right from wrong, making the accurate choice and transcending the boundary of conformity. Self-discipline is a trait that only complete education can impart and it is of upmost importance to anyone who wants to become someone great one day.

High School Essay Essay

I spent the first two year of high school at Westland High in Columbus Ohio. Those years were somewhat average and most of the time I felt board, even though I was on the track team. One of the more unusual things that occurred was that a classmate, who I had talked with many times and who sat by me in a few classes murdered his parents! I spent the rest if high school at Grove City High School, after moving there in my junior year. My senior year was a little less exciting (which I didn’t mind). The co-op program that I was involved with allowed me to work outside of my high school for credit. During my freshman year I was approached by a track coach. His name was Mr. Lamb. I couldn’t help but remember his name by the way a lamb sounded. Mr. Lamb had noticed while I was running for exercise that I took long strides and moved pretty fast, so he asked me if I would like to join the track team. I had never been involved in sports or asked to join a team in my life, so I jumped at the opportunity. One thing my coach liked about me was that I didn’t require a lot of practice running. I could, as the Nike commercial says, â€Å"Just do it† and I did. I won numerous first place awards place and was even interviewed by the local newspaper for having the most wins with the least amount of running time. During my sophomore year things certainly got a lot more exciting. A classmate that I had contact with and had sat next to me in class also lived a block away from my house decided to sneak up behind his mother and shoot her in the back of the head while she stood in the kitchen. Then he dragged his mother’s body to the garage and hid to wait for his dad to come home and then he put a bullet right through his father’s eye! I remember watching TV after school when the program was interrupted by a news bulletin. The newscaster had said a 17 year old student from Columbus, Ohio had murdered his parents. I was horrified to hear the name of my classmate Brad Porter when they gave details about the suspect. Returning to school the next day was a bit eerie, because there sat Brad’s empty desk right next to mine. I was shocked and scared. I remember being afraid to walk around my block and seeing Brad hiding in his garage. Things were quieter my junior year, but I did have some big adjustments to make. Because of a family situation, I was forced to move to Grove City, Ohio and live with my mother. When I transitioned to Grove City High, I had to say goodbye to all my friends, classmates and teachers and start all over again socially. This was difficult for me because I quickly get comfortable in a situation and almost think it’s never going to change. Then, when change does occur, I have to reshape my thinking to fit the new change. The move to Grove Citywas awkward at first; The students were generally better off, so more of them had cars. It seemed like everyone drove or owned a car but this didn’t bother me much – I thought to myself â€Å"Heck, I use to be on the track team! What do I need a silly car for? † The rich kids looked down on everyone that happened to be out of style with them. The school itself was bigger too, about twice the size of Westland. It had two levels but no elevators, just steps that I had to climb every morning to get to all of my classes. Finally I made it to my senior year and things were looking bright this last year of high school. Grove City offered a co-op program that allowed students to work outside of the high school and still earn credits toward graduation. I was the first to sign up. The next day I had my schedule to report to McDonalds and to work five hours every day then was done by 2pm, then that I had all the time in the world to do nothing which is the favorite thing for any teenager suffering from â€Å"senioritis†. The softer schedule and time away from school was a welcome relief from the rigorous track schedule my freshman year, and a way to start forgetting the horrible drama from the next. All in all High School hadn’t been so bad. I had done well in my freshman year on the track team. My sophomore year had some drama. My junior year brought a move and my Senior year brought relief. Almost everyone has fond memories of high school, and even though my time was probably more traumatic than most, I’m no exception. The experiences from those four years exposed me to â€Å"real life† in a very harsh way, but the coping skills I developed and the growing up that I did prepared me well to face what lie ahead, I wouldn’t change a thing.

Mutual Fund Voting And Pension Ties Finance Essay - Free Essay Example

Sample details Pages: 21 Words: 6206 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Because mutual funds are the largest equity holders and because the retirement assets that are managed by mutual funds have been growing, mutual fund managers may have more incentives to support management in order to attract and retain pension business. I explore whether pension business ties have an impact on voting behaviors of mutual funds by examining the link pension business ties between mutual funds and the firms to actual mutual fund voting outcomes. At the fund family level, I find a positive relation between pension ties and mutual funds voting support for management. Don’t waste time! Our writers will create an original "Mutual Fund Voting And Pension Ties Finance Essay" essay for you Create order This relation becomes stronger when there is a voting divergence among funds within the same families. At the individual fund level, I find that individual funds are more likely to vote with management if they are included as one of the investment options of the pension plan of their portfolio firms. This suggests that the SEC should at least consider the recent petition from the AFL-CIO proposing that the SEC require mutual funds to disclose business ties with the firms in which they invest. Keywords: Mutual funds, Pension ties, Proxy voting * I thank Larry Dann and Diane Del Guercio for helpful comments and suggestions. All errors are mine. INTRODUCTION As institutional ownership has increased over the last few decades, there has been much academic interest in whether institutional investors take an active role in corporate governance. It is important to note, however, that due to potential conflicts of interest, all institutions do not necessarily have the same incentives to monitor management. In particular, mutual funds, the largest equity holders in the United States, were previously considered to be free of conflicts of interest because they did not do business with portfolio firms.  [1] According to the Investment Company Institute, as of the end of 2011, 61.2 percent of 401(K) plan assets and 45.1 percent of Individual Retirement Account (IRA) market assets were invested in mutual funds.  [2]  Since one half of the IRA market assets and 401(K) plan assets have been held by mutual funds since the late 1990s, there is a potential for conflicts of interest in mutual funds, and thereby fund managers have less incentive to exert an effort to monitor management and more incentive to support management in order to attract and retain the assets from the retirement market. Several studies document that mutual fund managers pursue their own interests at the expense of fund investors. For example, Cohen and Schmidt (2008) find that fund families acting as trustees systematically overweight their sponsor firms and even increase their holdings of the sponsor firms stock when other mutual funds are engaged in aggregate selling of sponsor firms shares. Other than through trading, mutual funds can support the management of the invested firms through voting for management proposals. Since proxy voting is the primary forum through which shareholders participate in the governance of corporations, examining mutual funds voting outcomes is one way to investigate the existence of mutual funds conflicts of interest. Davis and Kim (2007), Ashraf, Jayaraman, and Ryan (2010), and Pengfei Ye (2008) provide evidence tha t mutual funds are more likely to vote for management regardless of the best interest of the investors due to the existence of conflicts of interest. In this paper, I explore whether the pension business ties between mutual funds and their portfolio firms have an impact on mutual fund voting behavior. Through mapping mutual funds pension business ties to their portfolio firms onto mutual funds actual voting outcomes, I examine 61,336 voting decisions made by 3,130 mutual funds from 101 fund families for 172 management sponsored proposals and 129 shareholder sponsored proposals voted on at 257 firms over the sample period from June 2003 to December 2005. Using a probit model, I document a positive association between mutual fund voting and pension business ties. Analysis at the fund family level shows that fund families are more likely to vote for the ISS unfavorable management proposals and to vote against the ISS favorable shareholder proposals. The influence of pension ties to mutual fund voting becomes four times stronger when there is voting divergence among funds within the same families. However, there is no evidence that voting support of mutual funds is higher for the proposals voted at their clients firms compared to non-client firms. At the individual fund level, a fund included as one of the investment options of the pension plans of a firm in which it invests is more likely to vote against the ISS favorable shareholder proposals. The results of this study extend the findings of Ashraf et al. (2010) but are different in four aspects. First, to the extent that the marginal effect of the influence of business ties on mutual fund voting support for management is greater for close votes, the sample only includes votes in which the level of the voting support of the proposal is between 40% and 60%. Second, given the evidence of the impact of the Institutional Shareholder Services (ISS) advice on mutual fund voting support, I segregate the sample in to the proposals recommended by the ISS and the proposals not recommended by ISS. Third, as I observe non-trivial divergence in fund votes within the same families for both management proposals and shareholder proposals, I look into whether the association between business ties and fund voting is stronger with the existence of divergence. Furthermore, the finding of divergence among fund votes drives me to analyze the data at the fund level. Given the fact that the size of mutual funds has significantly grown and is expected to grow more in the future, the findings of this paper suggest that the policy makers should consider new rules in order to mitigate the concerns from conflicts of interest. For example, the Securities and Exchange Commission (SEC) should seriously review the recent petition from the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) proposing that the SEC require mutual funds to disclose pension business ties with the firms in wh ich they invest. The paper is organized as follows: the next section reviews background; section III describes the sample data; section IV shows the empirical results; section V concludes the paper. II. BACKGROUND Conflicts of interest of mutual funds induced by pension plan business While institutional investors have grown in size and number over the last few decades, whether they play an appropriate monitoring role in corporate governance is still being debated. One possible method to reveal whether institutions exert effort in the monitoring of corporate governance is by examining proxy voting, because proxy voting is one of the primary mechanisms through which shareholders participate in corporate governance. Through management sponsored proposals, corporate management seeks approval of new and existing policies from shareholders. Likewise, through shareholder sponsored proposals, shareholders advocate changes in corporate policies. Brickley, et al. (1988) examine how large shareholders vote on management sponsored proposals for antitakeover amendment provisions during the 1984 proxy season, and they find that institutional investors are more likely to cast their votes against these p roposals. While institutional investors might have greater incentives to participate in monitoring management than do small shareholders, the incentives of all institutional investors are not necessarily the same, and there may be conflicts of interest. With respect to proxy voting, all institutional investors will not necessarily vote against management, even if they believe it will maximize share value. Some institutional investors may choose to vote for management strategically in order to facilitate business ties with companies they own. According to Pozen (2011), among institutional investors, mutual funds are the largest equity holders in the United States. Mutual funds have a fiduciary responsibility to act in the best interests of the fund owners. By sponsoring or supporting value-enhancing shareholder proposals and preventing value-destroying management proposals, mutual funds can influence corporate governance to maximize firm value in order to benefit shareholders. How ever, there is some evidence that mutual funds do not perform their fiduciary duties due to conflicts of interest. Mutual funds are able to benefit from pension fund business such as managing the 401(K) plans of their portfolio companies, providing the financial incentive for mutual funds to support management regardless of the best interests of fund owners. Cohen and Schmidt (2008) explain why being the trustee of a large 401(K) plan is attractive for mutual fund families: (1) the trustee fund family guarantees a large initial inflow invested in family funds, (2) the family receives additional inflows in retirement assets from employee savings each year, and (3) trustees of 401(K) plans rarely change. The empirical evidence that conflicts of interest for mutual funds have effects on proxy voting is as follows. Davis and Kim (2007) analyze conflicts of interest in proxy voting by mutual funds using aggregate voting outcomes and find that fund families with pension business ties a re more likely to vote with management compared to fund families without pension business ties. Moreover, by using records of actual mutual fund voting patterns on shareholder proposals, the authors compare mutual fund voting outcomes at firms in which the funds manage pension plans with their votes to firms that do not manage. The authors argue that funds are no more likely to vote with management at client firms than at non-client firms. However, their data is based on the 2003 proxy season, which is the first year of mandated voting disclosures of mutual funds. Therefore, under close public scrutiny, mutual funds might have incentives to appear to not be subject to the influence of management. Likewise, Ashraf et al. (2010) investigates whether pension ties between mutual fund families and the firms affect how fund families vote on shareholder sponsored compensation proposals. The authors find that while fund families that have business ties to the firms they own are less likely to support shareholder proposals for executive compensation, there is also no difference in voting support of fund families with pension ties between client firms and non-client firms. Other than voting for management, mutual funds can support the management of the invested firm through trading. Cohen and Schmidt (2008) find that fund families acting as trustees systematically overweight their sponsor firms and even increase their holdings of a sponsor firms stock when other mutual funds are engaged in aggregate selling of that sponsor firms shares. Duan, Hotchkiss, and Jiao (2011) investigate whether pension business ties enable mutual funds to gain informational advantage in trading. The authors find that there is a positive relation between mutual fund trading and future performance of the portfolios firms with which funds have pension business ties. In response to increasing concern that conflicts of interest allow mutual funds to vote for management regardless of the best in terest of fund owners, on January 23, 2003, the SEC adopted new regulations: (1) the SEC required mutual funds to disclose actual voting results and (2) the SEC required mutual funds to publicly disclose a set of policies on how they will make decisions on proxy votes. The advocates of these rules expected that investors would be better able to monitor whether mutual funds engage in proxy voting in the interests of investors, preventing mutual funds from voting in support of management in order to facilitate other business relations with corporations whose shares they own. Cremer and Romano (2007) investigate the impact of the 2003 mutual fund voting disclosure regulation on voting outcomes by comparing voting outcomes of similar proposals sponsored at the same firms both before and after adoption of the regulation. The authors find no evidence that the rule decreases mutual funds voting in support of management. Indeed, they show that mutual funds appear to have increased their sup port for management on executive equity incentive plans (EEIC) since the rule change. Close votes Listokin (2008) finds that there is a large difference between the frequency of management sponsored proposals passing with votes just above 50% and the frequency of proposals failing with votes just below 50%. As shown in Figure 1, there is a discontinuity in the distribution of voting outcomes in management-sponsored votes at the 50 percent level. This discontinuity suggests that management has information about the outcome of voting at a time when management can do something to change the outcome of votes. One possible explanation for this pattern could be that managers, in order to achieve success, encourage mutual funds that manage their pension. Suppose that management predicts that the percentage of voting support for a management sponsored proposal is just below 50%. In that case, to pass the proposal, management attempts to pressure mutual funds that manage its pension pl ans to vote in favor of management. With a small shift, management can win the proposal as the marginal effect of mutual fund voting shift in close votes is large.  [3]  However, management will withdraw or alter the proposal if it predicts that the proposal would fail with far below 50% of voting support. Furthermore, management will not act if it predicts the proposal will win with far above 50% of voting support. To the extent that marginal effects of voting support of mutual funds for management proposals are greater for close votes than for non-close votes, I expect that the influence on proxy voting of pension ties is more likely to be detected in close votes rather than non-close votes. Therefore, the analysis of this study involves the voting outcomes for close votes. Although there is no such discontinuity in shareholder sponsored proposal, examining close votes for shareholder proposals is also meaningful given that marginal effects of mutual voting shift is large, wit h a small shift from voting against management to voting for management. The ISS recommendation As suggested by prior literature, the ISS has a non-trivial influence on mutual fund voting behavior. As a leading proxy advisory firm, the ISS gives recommendations on proxy voting by publishing general guidelines on each issue of each proposal or by providing case-by-case recommendations. Cotter, Palmiter, and Thomas (2011) find that voting support of mutual funds decreases by 68.3% for ISS unfavorable management proposals and increases by 53.1% for ISS unfavorable shareholder proposals. Choi, Fisch, and Kahan (2010) observe that the cases in which mutual funds always follow management of their portfolio firms are twice as many as cases in which mutual funds always follow the ISS. In considering the importance of the impact of the ISS recommendation on proxy voting, Ashraf et al. (2010) segregates its sample into shareholder proposals recommended by ISS and shareholder proposals o pposed by the ISS. They detect a negative association between voting support of fund families and pension business ties only for the first case. When the ISS opposes shareholder proposals, there is no association between fund family voting and pension ties. Considering that mutual funds likely follow the ISS advice for potential value reducing shareholder proposals regardless of whether they have business ties, their finding is somewhat predictable. If we assume that the ISS provides reliable advice and that mutual funds are the only shareholders, the ISS unfavorable shareholder proposals are comparable to the ISS favorable management proposals. This is because both mutual funds and management likely consider the former as value reduction proposals and consider the latter as value improving proposals. However, for the ISS favorable shareholder proposals, mutual funds consider them to be value increasing while management votes against them as it always opposes shareholder sponsored p roposals. When there is a disagreement between management and mutual funds, management acts to influence votes by using mutual funds ability to attract pension inflows as an incentive. Likewise, for the ISS unfavorable management proposals, shareholders consider them as value deceasing while management makes efforts for them to be passed by encouraging mutual funds with business ties to side with management. Therefore, I expect the association between business ties and voting support of mutual funds is more likely to be detected when the ISS endorses shareholder proposals and when the ISS opposes management proposals, compared to when the ISS opposes shareholder proposals and the ISS endorses management proposals. Divergence in fund votes within fund families Most prior studies on mutual fund voting analyze data at the fund family level since they consider that fund families vote their shares as a block.  [4]  However, Morgan, Poulsen, Wolf, and Yang (2011) argue that for shareholder sponsored proposals there is a large divergence in voting among funds within a fund family while there is a substantial uniformity in management sponsored proposals.  [5]  Such a divergence in shareholder proposals suggests that it may be important to perform individual fund level analysis in addition to fund family level analysis. If a fund votes for a proposal of its portfolio firm and this fund is included as one of the pension investment options of the firm, the fund likely has more incentive to support management compared to other funds in the same family which are not included as an investment option. If this is the case, dispersion in voting within fund families would be more likely to be observed when one of the funds is included as an investment option of the pension plan. Furthermore this dispersion may drive a stronger association between mutual fund votes and business ties. In other words, mutual funds more strongly support their portfolio firms with busi ness ties when dispersion within the same family exists compared to when there is uniformity. Therefore, I expect that mutual funds with business ties are more likely to vote for management when there is a divergence in voting among funds within fund families, compared to those funds when there is uniformity. In a similar vein, Burtler and Gurun (2011) find that educationally connected funds are 42% more likely to vote for management when there is a divergence in voting among funds within fund families (about 19% of the observation in their data), while those funds are 7% more likely to vote for management when there is uniformity. In addition, in order to support the achievement of managements goals, mutual funds with pension ties may be more likely to diverge from their family voting policy for close votes compared to non-close votes.  Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚ Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚ Ãƒ ¢Ã¢â€š ¬Ã‚ °. SAMPLE DESCRIPTIONS 3.1 Source of data Data on voting outcomes by mutual funds is obtained from the ISS Voting Analytics Database which includes Company Vote Results and Fund Vote Results (mutual fund N-PX filings). Company Vote Results contain aggregate voting outcomes for Russell 3000 companies shareholder meetings as well as the total number of shares outstanding, the total number of votes cast, and the ISS recommendation. Fund Vote Results show how individual funds of fund families vote on each proposal. Voting outcomes are recorded as being for, against, or abstaining per proposal per fund. I have access to voting outcomes of corporate governance related management sponsored proposals and shareholder sponsored proposals occurring from June 2003 through December 2005. Data on pension plans comes from the Form 5500 filings filed with the Department of Labor (DOL) and Internal Revenue Code and 11-K filings filed with the Security and Exchange Commission (SEC). The Form 5500 is required to be a nnually filed by plan administrators in order to report financial, investment, and operational information about pension and welfare benefit plans. The Form 5500 provides information on the fees paid to the service providers such as trustees and recordkeepers as well as the amount of assets held by investment providers. Although the Form 5500 covers most of the sample firms receiving proposals, the data is not as complete as the 11-K. The 11-K is an annual report dealing with employee stock purchases and savings plans which is required to be filed if a companys stock is offered as one of the investment options for plan participants. The 11-K filings include the identity of the trustee, total assets invested in the plan, and the proportion invested in each investment option. The analysis of this study first examines 354 firms that all have at least one corporate governance related proposal that has 40% to 60% of voting support. The percentage of votes in favor of a proposal is dif ferently computed according to the denominator of the calculation of both support level and the required threshold for each proposal.  [6]  For each firm in the initial sample, I gather pension data from both the Form 5500 and the 11-K by mapping the IRS Employer Identification Number (EIN) into CUSIP using the CRSP/Compustat Merged Database. Including firms with either the Form 5500 or the 11-K leaves me with 257 firms.  [7]  As my interest of in this study is whether mutual funds with business ties affect how mutual funds vote, by looking at the fund name and the family name. I check each sample firm to see whether the fund family of the individual fund that casts its vote is the trustee or the service provider for the firms pension plans and whether the individual fund is included as one of the pension investment options of the plans. Following Ashraf et al. (2010), I classify fund families in the sample sample as having a pension business tie if the fund family is a trus tee or service provider or if the individual fund is included among one of the investment options of the plans offered by a firm. The final step is to gather additional information about sample firms: the data on firm characteristics are from CRSP and Compustat; the data on governance index (G-index) is available freely from Metricks web-site; the data on institutional holdings is obtained from the Thomson-Reuters 13F database. The final sample of this study is constituted of 257 firms with close votes. As some firms have more than one proposal, 172 management sponsored proposals and 129 shareholder sponsored proposals are collected over the sample period from June 2003 to December 2005. The analysis at the fund family includes 13,120 voting decisions by 101 mutual fund families, and 41,407 fund voting outcomes on ISS favorable shareholder proposals are analyzed at fund level. 3.2 Summary sStatistics Table 1 provides information on the number of proposals and the number of mutual fund families that cast their votes for each type as well as information on how uniformly funds within the same family vote with management for each proposal type. Voting with management is equivalent to funds voting in favor of management proposals. This is also equivalent to voting against shareholder proposals given the fact that management always takes a position against shareholder sponsored proposals.  [8]  Given the importance of the effect of the ISS advice, I divide each proposal type according to whether the ISS endorses it or not and according to who sponsors the proposal (ISS favorable management proposals, ISS unfavorable management proposals, ISS favorable shareholder proposals, and ISS unfavorable shareholder proposals). Panel A of Table 1 shows that for the ISS favorable management sponsored proposals, fund families uniformly vote in favor of management 78% of the time and uniformly vote against management 11% of the time. The divergence in fund votes w ithin the family is, on average, 11%. Interestingly, individual funds show the greatest divergence (50%) surrounding the issue of Declassify the Board of Director, known as one of the most significant value reducing effects. Compensation related proposals such as Approve Omnibus Stock Plan, Amend Omnibus Stock Plan, and Amend Stock Option Plan have the next highest level of divergence as well as the next highest frequency. For the ISS unfavorable management proposal at in Panel B of Table 1, funds uniformly vote against management 64% of the time and vote for management 19% of the time. The average divergence of funds within fund families is registered at 17%. Unlike previous studies, I observed a non-trivial voting divergence among funds within a fund family. Compensation related proposals (Approve Omnibus Stock Plan, Amend Omnibus Stock Plan, and Amend Stock Option Plan) are again the most frequently occurring types of proposals. Panel C of Table 1 shows that for the ISS fav orable shareholder sponsored proposal types, funds are less likely to vote uniformly within families, compared to management sponsored proposals. On average, funds in a family vote identically on 73% of the proposals while votes of funds in a family differ in 27% of the proposals. Board related proposals (Require a Majority Vote for the Election of Directors and Declassify the Board of Directors) are the most common shareholder sponsored proposals. Compensation related proposals (Expense Stock Options and Performance- Based/Indexed Options) have the next highest divergence as well as the next highest occurrence. Table 2 presents the number of and the percentage of business ties of funds families with pension ties to the any of the sample firms and fund families without any pension ties. It also shows the number of proposals for which fund families cast their votes. The top five mutual funds families with business ties are Fidelity Investment, John Hancock Funds, Vanguard Group, S SGA Funds, and Oppenheimer Funds/MassMutual, and these families account for 35.8% of ties in the sample. The top 15 fund families account for 67.6% of pension ties, which is more than twice the level of pension ties of the next 50 fund families managing any pension assets of the sample firms. As shown in Panel B of Table 2, Jackson National, Thrivent Investment Management, USAA, and Munder Funds cast their vote on more than 200 proposals while these families do not engage in any pension business to any firm in my sample. Given the findings of in the previous literature showing that firm characteristics affect how institutional investors vote, I include firm characteristics such as past performance, market capitalization, market-to-book ratio, G-index, and institutional holdings as control variables. Past one year performance is definied as the one year buy and hold market adjusted abnormal returns from the meeting date of proxy voting, and market capitalization is defined as the total number of shares outstanding times the closing price at the end of the year of the proposal. Market-to-book ratio is obtained by dividing the sum of market capitalization of equity and the book value of debt by the book value of total assets. As the sample period of this study is June 2003 to December 2006, I use the G-index published in 2004. Institutional holdings are calculated according to ownership held by institutions as of the end of the meeting year. Table 3 provides information on firm characteristics in the sample. On average, past one year returns for the sample firm are 13.1%, market to book ratio is 2.9, and market capitalization is 26,536 million dollars. Average institutional ownership of the sample firm is 71.4%, and average G-index for the sample firm is 9.4. IV. EMPIRICA ANALYSIS 4.1 Analysis at fund family level The main analysis of this paper explores whether business ties have an impact on mutual fund voting behavior by comparing the association between pension business ties and mutual fund voting support. I begin with the analysis at the fund family level and then extend my analysis to the individual fund level. At the fund family level of analysis, the dependent variable is the percentage level of votes in support of management. Following Ashraf et al. (2010), the percentages of voting support in favor of management for each mutual fund family are calculated by dividing the number of individual funds within the same fund families that vote with management for a proposal by the number of funds in the family that are eligible to vote on the proposal.  [9]  Therefore, the higher voting support indicates that funds are more likely to vote with management by voting for management proposals and by voting against shareholder proposals. As the distribut ion and the level of shareholder support of management proposals differ from those of shareholder proposals, I separately estimate the impact of pension ties on management sponsored proposals and on shareholder sponsored proposals. In addition, given the previous findings on the influence of the ISS recommendation to mutual fund voting, I segregate my sample into the ISS favorable proposals and the ISS unfavorable proposals. Therefore, through segregating the proposals according to sponsors and according to whether the ISS recommends passage of a proposal, the results of this study are separately presented for management proposals recommended by ISS, for management proposals not recommend by ISS, and for shareholder proposals recommended by ISS. The sSmall sample size of shareholder proposals not recommend by ISS does not allow me to include them in the analysis. All analysis is estimated using robust standard errors (Whites heteroscedasticity consistent standard errors). The result s also hold if I use standard errors with clustered by fund family, year, and firm. Table 4 compares the percentages of voting support for management among mutual fund families with pension ties and mutual fund families without pension ties using a simple t-test. For the ISS favorable management sponsored proposals, there is no significant difference in voting support between mutual fund families with ties and mutual fund families without ties. However, for management proposals opposed by the ISS, I find that the percentage of voting support in mutual fund families with pension ties accounts for 32.7 % of the proposals while fund families without pension ties accounts for 22.6 % of the proposals. In order words, voting with management of mutual funds with pension ties is significantly greater than that of mutual funds without pension ties for the ISS unfavorable management sponsored proposals. As discussed, to the extent that shareholders are likely to consider ISS unfavorable ma nagement proposals as value reducing, management may ask affiliated institutional investors such as mutual funds managing their pension plans to support it in order to win a victory. Likewise, management may pressure its trustees of pension plans not to support shareholder proposals as shareholders are likely to consider the ISS favorable shareholder proposals as value improvement. Consistent with this hypothesis, when the ISS recommends passage of a shareholder proposal, fund families with pension ties vote with management 31.5 % of the time while fund families without pension ties vote with management 28.1% of the time, and the difference is statistically significant. Table 5 is the main analysis of this study. As the finding thatSince previous studies have found that firm size, prior performance, institutional holdings, and corporate governance affect the behavior of institutional investors, I include these factors as control variables. The dependent variable is one if the per centage of voting support for management is equal to or more than 50%; otherwise it is zero. The independent variable equals one if a fund family has business ties with the firm in which they invest and is thereforeso eligible to cast their votes; otherwise it is zero. As the dependent variable is the indicator variable, I use a probit model to examine whether pension business ties of mutual fund families affect mutual fund voting behavior. The coefficient estimates of Table 5 present marginal effects of independent variables. I begin by examining whether there is a relation between the likelihood that a fund family votes with management and business ties. As shown in column (1) of Table 5, the marginal effect of the pension ties is negatively significant for the ISS favorable management proposal, indicating pension ties decrease the probability that fund families support management by 11.3%. Although this result opposes the hypothesis that mutual funds are more likely to vote wi th management in order to attract assets from pension inflows, it is not surprising. Suppose that there are two different management proposals: one is recommended by ISS and the other is not recommended. To the extent that shareholders are more likely to vote for the ISS favorable proposal compared to for the ISS unfavorable proposal, the probability that the former proposal is passed is greater than the latter. Therefore, the managers need to exert more effort in order to pass the ISS unfavorable proposal by contacting its affiliated shareholders such as mutual funds managing their pension plans. As expected, for the ISS unfavorable proposals in column (2) of Table 5, there is a strong positive relationship between business ties and voting support of fund families. This indicates that a business tie increases by 11.6% the probability that a fund family votes with management. Regarding the ISS favorable shareholder proposals in column (3) of Table 5, the probability that the fund fa mily supports management by voting against shareholder sponsored proposals is increased by 4.3% when a business tie exists. As discussed in the previous section, the ISS favorable shareholder proposals are comparable to the ISS unfavorable management proposals given that the disparity in voting decisions between management and shareholders is large. Therefore, it is expected that management puts exerts more effort to achieve a victory through pressuring mutual funds that manage its pension plans. Although the table is not included due to inconclusive results, I provide conditional logit analysis as including fund family fixed effect to investigate whether there is a difference between voting support by fund families at their client firms versus non-client firms. Contrary to my expectation that narrowing down the sample to close votes where the marginal effects of voting shift is large would allow me to examine different voting behavior of mutual funds for their client firms and f or non-client firms, I find no difference in voting support of mutual funds across the two groups. This indicates the probability that mutual funds that manage retirement assets vote with management of their client firms is similar to the probability that those mutual funds vote with management of their non-client firms. This result is consistent with the previous findings on mutual fund voting behaviors. As argued above, there is a non-trivial divergence in fund votes within the same families. It is likely that an individual fund has stronger incentive to support management if the fund is one of the pension investment options of the firm in which it invests, compared to other funds in the same families that are not included as investment options. Therefore, I expect the influence of pension ties to be stronger when there is divergence within fund families. To test this, in Table 6 I analyze the subsample with the proposals voted by mutual funds which have divergence within fund families. When there is disparity in fund votes on the ISS favorable management proposals, I find no relation between pension ties and voting support of fund families. However, for the ISS unfavorable management proposal, a pension tie increases the probability that a fund family votes with management by 43.3%. Compared to Table 5, the marginal effect of pension ties is four times greater if there is a disparity in fund voting. Similarly, the marginal effect of pension ties becomes four times stronger when fund families do not uniformly vote for the ISS favorable shareholder proposals. 4.2 Analysis at fund level As shown in Table 7, some funds vote uniformly with other funds in the same family while other funds vote in a diverse fashion. Although most of the previous literature argues that funds within the same family tend to vote uniformly, the evidence in Table 1 suggests that mutual fund voting should be analyzed at the individual fund level rather than at the fund family l evel. To investigate how support of individual funds toward management in proxy voting is influenced by business ties, I use a probit model. Due to limited observation availability, I can only test for the ISS favorable shareholder sponsored proposal. To do this, I examine fund voting at the individual level. The dependent variable equals one if a fund votes with management, zero otherwise. The independent variables is 1 one if a fund is included as one of the pension investment options of the firm in which it invests, and zero otherwise. Table 6 illustrates that the coefficient estimate of the pension tie is positively significant, which indicates that a business tie increases by 15.3% the probability that a fund supports management. This result suggests that individual funds are more likely to vote with management if they are included as investment options in the pension plans of their portfolios firm, compared to other funds not included. Individual funds are more likely to vote against shareholder proposals to support management of the firms with large size and high market to book ratio, and with high institutional ownership. V. CONCLUSION AND FUTURE WORKS This paper investigates whether pension business ties have an influence on mutual fund voting. As pension assets managed by mutual funds have been growing since the late 1990s, the concern that mutual fund managers could potentially pursue their own interest at the expense of fund owners is raised. This is because fund managers might have more incentive to support management in order to attract and retain pension business. In fact, recent studies provide evidence that mutual funds tend to support management of their portfolio firms through proxy voting or trading. Using the mutual fund voting outcomes fromoccurred the period from June 2003 to December 2005, I find a positive association between mutual fund voting and business ties. Analysis at the fund family level show that fund families are more likely to vote for the ISS unfavorable management proposals and to vote against the ISS favorable shareholder proposals. The influence of pension ties to mutual fund voting becomes four t imes stronger when there is voting divergence among funds within the same families. At the individual fund level, the a fund included as one of the investment options of the pension plans of the firm in which it invests is more likely to vote against the ISS favorable shareholder proposals. Overall, my findings provide the evidence that mutual funds are conflicted due to their pension business ties with the firm in which they invest.Only close votes have been included in the sample proposals at in this analysis. In that Since the probability that management causes an upset by encouraging mutual funds to support management in close votes is higher than in non-close votes, I expect that the difference in voting support between mutual funds with pension ties and mutual funds without pension ties in close votes would be greater than the difference in the voting support across two groups in non-close votes. I leave comparison between close votes for a future analysis.