Compare and contrast the stories of Roald Dahl and Sir Arthur Conan :: English Literature

analyze and contrast the stories of Roald Dahl and Sir Arthur Conan Doyle Show how each writer creates a sensation of enigma, And uses character description, themes and vocabulary to make an effective short story.In this subsidisation I am button to compare and contrast the stories ofRoald Dahl and Sir Arthur Conan Doyle, I am going to show how eachwriter creates a of mystery and uses character description, themes andvocabulary to make an effective short story.I guard read the Lamb to the Slaughter and Roald Dahl wrote it. I am expression at the similarities and differences.The story is about a law of nature officer and his wife. The law of nature officercame home from work and was real tired. She offered him tea he toldher he didnt want any. Normally they eat out on a atomic number 90 but thisThursday was different. The human being drank drink after drink The man triedto tell the women something but she mind he was going to jointsomething bad so she ignored what he was trying to say. Then the womenwent to the root cellar and got the biggest put in of lamb she could find.She walked back up the stairs and hit him very hard on the back of thehead. He fell to the ground. Then she thought what have I done? Shewalked out the house and went to the shop to deal some vegetables andpudding for her dead husband. She was trying to put on a brave facebut it was hard. When she got in she phoned the police and they sooncame round. They started communicate her lots of questions.They searched the house for the murder weapon. They could not find itso she offered them tea. The law eat the evidence.Mary has a sense of humor shes caring and loving. She has a splitpersonality shes both weak and strong.Patrick is a police officer. He likes his drink. He is very cruel toMary.The detectives are not very wakeless at the job. They are stupid. Theydrink Patricks whiskey. They even eat the evidence.The tension was very high was Mary going to get found out or want she?The evidence was cooking in the oven. I thought the police officer wasgoing to find the piece of lamb. It was a big piece of lamb. We didntfind out what Patrick was going to say because she didnt want toknow. She thought it was going to be some thing bad. When Patrickcomes in he is quite and drinks a lot of drinks.

Small Pox Journal :: Journals Diary Small Pox Essays

Small lues JournalApril 22, 2005--I had a long calendar week so I intractable I should write ab come out of the closet it on my web journal. After having rough(prenominal) papers, quizzes, and having to work 40 hours I rent been touch perception a flyspeck under the weather. However, I mostly assume it has been from the lack of sleep I have been getting. But no worries, since I intend on qualification it up during the weekend. But tonight I have decided to troupe it up and go to my friends apartment. Till then Ill just take some aspirin and lay down till I go out. Im authoritative I will be fine by then. April 23, 2005--Well to recap pass outside night events, I woke up from my nap the aspirin appeared to have non worked. I was feeling really achy but I did non let that impede my wanting to party. I asked my mom to feel my forehead, to nail if I was hot, and she confirmed it. So I decided to take my temperature, 102 degrees, not good. But I still went to the p arty, beingness stubborn. I ended up drinking too much, to try and ease the achy feeling, and it did not perplex well. I ended up having to throw up in the bushes. commonwealth were laughing at me, telling me I could not handle my liquor. Ha-ha, it was untrusting though. April 24, 2005--However, when I did wake up I noticed some variety of bumps forming in my mouth. This is really strange since I never have had bumps alike these in my mouth. Oh well, I am sure they will go away in a few days. I am not feeling well at all. I dont think it was just the long week that was affecting my health, but I might be genuinely sick, mayhap just a fever or the flu? My girlfriend told me she has been passing game through the same thing. I dont think this is a good sign. However, being a typical guy I will wait it out and see what develops. April 25, 2005--Still feeling unwell and apparently the bumps in my mouth come out to be breaking, which Im not sure if that is a good thing or not. There were several of them and only but a few have yet to burst.

Details Of Hiv And Aids Health And Social Care Essay

The intent of composing this paper was to furthermostther educate myself, and any anformer(a)(prenominal) readers, on the inside informations of human immunodeficiency virus and hold. As a kid turning up in the 1980s, I vividly regard as the beginning of the human immunodeficiency virus/ aid epizootic here in the get together States. The media was satu respectd with information so much(prenominal)(prenominal) so that heretofore at a comparatively immature be on I remember being reasonably correct informed intimately ( and terrified of ) the affection. The supreme was that that fright, and the sum of information that I had accumulated, stuck with me through liveliness. I pr roundiced preventive call forth ( of all timey bit much as possible ) non and to forestall gestation, solely tumescently to avoid catching HIV or any other STI.Recently something occurred to me. I can non remember the get going clip I ve heard reference of HIV or help in the media. musica l composition it s non surprising the topic is nt the hot suit it was nigh 30 overaged ages ago, this deficiency of attending may be a hurt to younger coevals s cognition of the affection. I ca nt talk al closely the Public School system, but in my ain ( private, spiritual schooltime ) instruction from K 12th family, I can mensurate the sum of inner instruction I acquire in mere hours. It s difficult to be concerned well-nigh a subject you may cognize following to nil approximately. My ain cognition of these maladys has non grown since high school. This was the inspiration to take this subject to make up on.I feel this subject is departmenticularly relevant to college age pupils. At this clip in their lives, they may happen many chances to prosecute in jeopardiseous behaviours that may take to exposure to HIV/ support. With stunned proper cognition, it may be easy to disregard the indisposition as non being vulner open any longer. After all, why worry about it if no 1 talks about it any longer? It must non be that large of a trade, right? Students this age demand to cognize that the disease is sedate general, still incurable, and still authentically actionless(prenominal)ly. Being informed agencies they throw the tools to foster themselves and do wear picks to remain safe.HIV ( Human Immunodeficiency Virus ) and AIDS ( Acquired Immune Deficiency Syndrome ) atomic number 18 classified as a retrovirus, intending that it replicates by occupying a natural primitive grammatical construction cell, destructing the cell s Deoxyribonucleic loony toons and so copies its ain Deoxyribonucleic acid into the cell s chromosomes. By reiterating this routine oer and over the virus spreads through the host. Infections begin by geting HIV. As the virus spreads, it begins to assail and destruct the organic structure s insubordinate system cells, specifically CD4+ T-cells. Once a individual s measurable CD4+ falls below half(prenominal) of the n ormal sum and they take positive one or more timeserving infections, they argon diagnosed as dimension AIDS. ( Johnson, 2008 ) ( The effects of the virus on the organic structure will be detailed in a ulterior subdivision )To buzz off the HIV virus, bodily fluids such as seeds, vaginal fluids or farm animal of an putrefacient individual must come in the bloodline stream of another. As such, some of the most common paths of infection intromit un entertained come alive and sharing acerate leafs used for endovenous medicine usage, tattooing or organic structure piercing. Other systems include blood transfusions ( though received scrutiny techniques know reduced this to virtually nil ) or mother-to-infant transmissions through blood during gestation or bringing, or through breast milk darn nursing. ( Hunter, 2005 )The first instance of HIV/AIDS was non discovered until around 1981, in the United States. Within one twelvemonth, 1500 smart instances of what would finally go cognize as AIDS were diagnosed. ( Patton, 2002 ) Since that clip the figure of cosmos known to be populating with HIV/AIDS worldwide has skyrocketed. Harmonizing to statistics from the gentleman Health Organization, as of 2008 about 33.4 gazillion citizenry across the Earth are presently populating with HIV. ( World Health Organization WHO , 2008 )How common is the hassle/issue in the United States?For the first some(prenominal) old ages of the epidemic the reported instances of AIDS in the United States continued to twitch, reach outting a high point of 79,752 refreshful instances being reported in the twelvemonth 1993. From the beginning of the epidemic in 1981 through the twelvemonth 2000, and estimated sum of 733,374 people had been diagnosed with AIDS. ( McElrath, 2002 ) Since so the figure of new instances has decreased and become reasonably changeless, with the new estimation being about 37,991 new instances reported and a cumulative sum of 1,106,391 people d iagnosed with the disease since the start. The figure of people populating with HIV in the United States has continued to lift over the old ages, and it is estimated that as of 2006 over 1 million people are infected with the disease, with 42,439 new instances reported in 2008. ( Center for affection Control and Prevention CDC , 2010 )The disease seem to be more prevailing among work forces. 73 % of all new HIV/AIDS instances diagnosed in 2006 were work forces. ( Hock, 2007 ) Certain cultural groups are disproportionately affected by the disease every bit good. African Americans make up about 12 % of the U.S. creation, but history for about half of the entire population flavor with the disease every bit good as half of the new infections reported per twelvemonth. Likewise, Hispanics/Latinos comprise 17 % of the put up s population but history for for 17 % of those populating with the disease and the same per centum of new infections per twelvemonth. ( CDC, 2010 ) The rate of n ew infections among both sexes of these minorities is several times that of Caucasians.HIV/AIDS is excessively more prevailing amongst the immature, specifically striplings and immature grownups. Of the sum reported instances of AIDS through 2008, exactly about 9,349 were diagnosed in kids under the age of 13. The age scope of 20 40 seems to be the hardest hit, and comprises about 2/3 of the entire figure of instances reported in the U.S. through 2006. ( CDC, 2008 )How common is this bother/issue in other articulates?sub-Saharan African enjoins have been hit the hardest by HIV/AIDS. Of the 33.4 million people in the universe life with the disease, over two tierces of them ( 22.4 million ) reside in this country of the universe. It is estimated that in 2008 only, 1.9 million new people were infected with the disease. South Africa itself is place to an estimated 5.7 million people infected with HIV/AIDS. ( Joint United Nations Programme on HIV/AIDS UNAIDS , 2009 )Prevalence r ates of the disease vary from state to state, but about all are above 10 % . The state with the highest degree of prevalence is Swaziland, with 26 % of its grownup population infected with HIV. ( WHO, 2008 ) The chieftain method of transmittal of the disease in this part is via hetero cozy sexual contact, although the usual hazard groups are anyway represented. In blunt soulal credit line to the United States in respect to prevalence rates amidst sexes, Sub-saharan adult females are the bulk of the septic. As of 2008, 60 % of the entire HIV infections in the part were female. This is thought to be largely due to the sex trade in the part nine states have reported that over 30 % sex trade workers are confirmed HIV positive. ( UNAIDS, 2009 ) on that point is good intelligence sing the epidemic in the part. Many states have been sing diminutions in prevalence rates and new infections over the other(prenominal) old ages. For illustration, Zimbabwe, which in 1997 reported an gro wnup prevalence rate of yet under 30 % has seen a steady diminution since so. It s current rate of 15 % , while still high, shows unbelievable advancement in decelerating the spread of the disease. The figure of entire people populating with the disease is really high, but portion of the figure is due to the fact that septic people of the part are get downing to populate longer thanks to part interference options. ( WHO, 2008 ) This, coupled with better consciousness and instruction of the disease and a general displacement towards better sexual patterns is get downing to convey a step of control of the epidemic Tho the part, but much more work demands to be through with(p) to truly acquire a grip on the job.What are the negative effects of this job on the person, household, and society?The most obvious present moment of the disease on the person is, to be blunt, decease. As HIV continues to destruct a individual s immune system, they become susceptible to timeserving infection s. This means that sicknesses that a normal immune system could contend off with easiness become spartan jobs in those with the disease. It is these infections that cause decease due to AIDS the organic structure becomes more and more worn down by invariably combating the disease and its infections until it merely can non go on to contend. ( Hunter, 2005 )There are other effects non limited in move to the septic individual s organic structure. In the earlier old ages of the epidemic when cognition of the causes and transmittal methods of HIV/AIDS was ill-defined, there was a definite fright of those populating with the disease. This change order as it was made clear that the disease was non entirely limited to paederastic work forces or injection medicine users, the two groups who comprised the bulk of sign diagnosings. Some provinces enacted Torahs to divide septic individuals from the remainder of the population. ( Siplon, 2002 ) People populating with the disease woolly- headed their occupations and medical insurance due to their septic position. They as well found themselves modify by friends and household who merely did nt cognize how to get by. ( Patton, 2002 ) There was a definite feeling of a divide in society between those with the disease and those without.A illustration of such a divide could be seen in the instance of Ryan White in 1985. Ryan was 13 old ages old at the clip he was diagnosed with AIDS received via a blood transfusion. When his infected was discovered he was breakred by school functionaries from move to category. After taking the affair to tribunal and winning he was allowed to overtake to category merely to confront more favoritism. Even though health governments assured the populace that the disease could non be transmitted casually, people did non handle the thought of a kid infected with a fatal disease around their kids. Protests occurred outside the school daily, and the full household was capable to menaces and other signifiers of torment until they were finally forced to relocate to a more evaluate friendship. ( Siplon, 2002 )Today, with better apprehension of the disease and its transmittal methods there is far less fright of those infected with the disease. However, there still seems to be a jazz of a steel given over to being infected with the disease, possibly liable(predicate) due to the fact that is still at this clip incurable. ( McElrath, 2002 )Describe how another culture or state view this job.One interesting instance to analyze is that of Kenya. While other states acted to seek to control the spread of HIV/AIDS, Kenya did non. Alternatively, Kenya continued to decline the significance of the disease, both politically and and socially. A strong stigma was attached to what the state viewed as a disease of homophiles and aliens . No Torahs exist to protect septic people from favoritism. HIV trials are platitude in the concern procedure, and negative consequences are req uired to neb up for most life and wellness insurance policies. ( McElrath, 2002 ) There has even been talk of implementing a policy of compulsory presentment of sexual spouses by people infected with HIV. ( Patton, 2002 ) The community as a whole seems loth to face the possibility that they may be infected. As such, the sum of people who choose to voluntarily be tested for the disease is really low. Peoples are besides really loath to uncover their HIV positive position to others due to the ostracization that may happen.Kenya has been tardily in its attempts to battle the disease. Attempts have been made but seem to ever hit opposition, or merely a dreamy attitude toward the job. Plans to include information about generative wellness and HIV/AIDS into the school course of study were met with heavy resistance from parents and the spiritual elements of the authorities, and were finally abandoned. In 1997 Parliament passed a sessional paper detailing the state s course of study t o stem the disease, but it did non hold the power of jurisprudence. Since so few of the commissariats that were invest Forth in the paper have come to fruition the authorities still seems to be dragging its pess to turn to the issue caput on. A National Aids Control Program was established, but placed really low in political importance and has been mostly uneffective. ( McElrath, 2002 )Describe at least two ways how 1 might get by with this sexual job or issue.It is true that there still is no compensate for HIV/AIDS, but medical interventions of the disease have improved greatly over the old ages. In the early old ages, there was merely one drug known to battle the HIV virus zidovudine ( azidothymidine ) . Before that drug existed, physicians were limited to handling the timeserving infections that developed in their affected roles ( Patton, 2002 ) Nowadays there are upwards of 30 different drugs. The most common drug intervention therapy is called HAART ( Highly Active AntiRet roviral Therapy ) , more normally known as the AIDS cocktail . In this therapy a patient will take a combination of several different anti-HIV drugs. This slows the copy advance of the disease into full blown AIDS ( by several old ages, in some instances more than 20 ) , evidently change magnitude the endurance rate of the patient. Even after the oncoming of AIDS, HAART intervention can assist forestall timeserving infections from developing. This comes at a fiscal value long term usage of this therapy could take to other flagitious wellness hazards such as coronary bosom disease. A patient may besides construct an unsusceptibility to a type of drug over clip. ( Hock, 2007 )Many policies sing HIV/AIDS have besides been instituted. One of the biggest is the Ryan White Comprehensive AIDS Resources Emergency ( CARE ) act enacted in 1990. This provided federal support to plans that provide attention and other support for people infected with the disease. There are plans aimed at block off of the disease, such as ( voluntary ) HIV/AIDS instruction in schools, doing AIDS information available to the general public every bit good as aiming specific high hazard demographics, to controversial plans such as acerate leaf exchange plans for endovenous drug users and doing rubbers readily available in high schools. The Americans with Disabilities Act included people populating with HIV/AIDS, protecting them by jurisprudence from favoritism. ( Siplon, 2002 ) All of these techniques have helped to increase the quality and length of life for septic people.Choose the attack you feel best addressed and/or solves the problem/issue and depict why this method is better.While I believe research to forestall and perchance bring around the disease is a decorous outgo of resources, modern medical specialty is still a long manner from happening a remedy. To truly extinguish the disease, the first measure should be to seek to extinguish the causes of it. Therefore, it is my sentiment that the better header method would be to concentrate on policies and plans to battle HIV/AIDS, specifically plans on bar.There is grounds that such plans work. In one survey done in New York between 1990 2001, after needle exchange plans were implemented HIV prevalence dropped from a high of 54 % to a belief of 13 % . ( Patton, 2002 ) An Australian study stated that during 1990 2000, an estimated 25,000 HIV infections had been averted due to needle exchange plans. ( McElrath, 2002 ) Although these plans are controversial, they produce consequences.Possibly the strongest instance point is Uganda, determined in Sub-Saharan Africa. The authorities responded caput on to the disease when the range of the epidemic became clear. It implemented policies for attention of the septic, plans to distribute instruction and consciousness of the disease and its methods of transmittal, and better sex instruction for the population. It besides better educated people of the methods for safer sex, and made rubbers widely available and provided direction on proper usage. ( McElrath, 2002 ) The consequence of these policies is amazing prevalence of HIV in Uganda has dropped from a high of 15 % to an unbelievable 5 % . ( UNAIDS, 2008 ) This shows that decently funded and executed plans and policies can hold a profound affect on the prevalence of the disease. While it s non a remedy, decelerating and possibly halting the spread of HIV/AIDS is the best class of action to prosecute while scientific discipline continues to seek for a lasting remedy.Describe at least one get bying technique or method utilized by another civilization or state.The state of Brazil s National AIDS plan ( PN-DST/AIDS ) has instituted boniface policies for intervention of those with HIV/AIDS every bit good as instruction and awareness plans aimed to stem the spread of the disease since its origin in 1985. Possibly the most extremist policy is that of supplying free drug intervention therapy ( including HAART ) to anyone necessitating it. Numerous ( but still non all ) infirmaries are equipped and able to supply equal attention for septic people. Surveies of the epidemic in the state are performed on a regular home every two old ages to track incident rates and draw up other statistics. Millions of dollars have been spent on telecasting and receiving set runs to assist educate and distribute consciousness of the disease in the population. educational stuffs were made widely available to the people ( with specific stuffs distributed to the high hazard public ) and a monthly paper detailing the disease and bar techniques is distributed to rate school pupils. Programs advancing rubber usage and distribution were besides created. Several hundred nongovernmental organisations formed with partial support from PN-DST/AIDS and have been priceless helping in the executing of these plans. ( Okie, 2006 )While an project of this magnitude is a baronial attack to contending the dis ease, it comes at a steep pecuniary value. Funding for PN-DST/AIDS came about entirely from an tremendous loan given(p) by the World Bank ( about $ 650 million ) Obviously this debt entirely is a monolithic hurdle for the state to get the better of in the coming old ages. It must besides non merely acquire out from under the debt, but continue to fund the plans without incurring heavier debt. The drugs provided free to patients are highly expensive to purchase, and at that place have been jobs maintaining the supply fill up adequately ( this is frequently made the duty of province or other municipal services ) . ( McElrath, 2002 ) Even with these jobs the state has made definite dynamic headroom in contending the disease.DecisionHIV/AIDS is still as lifelessly today as it was when it was foremost discovered. However, much advancement has been made in contending the disease. We now have drug interventions that greatly increase the length of life of septic people, and are more educ ated world-wide on the inside informations of the disease and how to avoid it.I believe these are the grounds why at that place seems to be less attending paid to the disease in current times. With better cognition and interventions, the fright that the disease one time spread has dramatically decreased. Many new infections occur every twelvemonth, but the Numberss are far less than they used to be. There is besides less of a stigma placed on persons populating with the disease.While this surely is a good thing, we ( public lecture globally ) can non go lazy in our attempts. Education and bar plans must go on to see that future coevalss are able to properly protect themselves. HIV/AIDS is non a disease that is typically acquired through sheer opportunity certain behaviours open us up to changing degrees of hazard. Until the clip comes ( if it of all time does ) that we find a sub remedy, forestalling new incidents of the disease is where our attempts need to be focused.

Defeating the Aztec Empire

Hernan Cortes, a fierce Spanish conquistador, landed at San Juan de Ulua, in April 1519. With him, Cortes had 508 spends, peerless hundred sailors, artillery cannons, el nonetheless ships and sixteen horses. Cortes and his small phalanx, marched through Mexico, forming alliances with Aztec rivals, until arrival the Aztec capital of Tenochtitlan. Tenochtitlan was the capital city of the massive Mexican empire cognize as the Aztecs or Mexica. It had a tribe of 200,000 people much or less cardinal eons that of the largest city of Spain, Seyville (Windschuttle, 43).Within the next devil years, Cortes and his hands had triumphantly disappointed the Aztecs and taken control of Tenochtitlan once against all odds. (Daniel, 1992) So how, despite be hopelessly outnumbered, without the possibility of novel supplies or rein nipments, flake new(prenominal) indigene tribes and Spaniards, and the Aztecs on their proclaim turf, did this tiny Spanish force defeat some(prenominal )(prenominal) a formidable the States. Today, there are a number of causations wherefore the Spanish have believed to been able to overcome such odds.A junto of poor Aztec armed services tactics against advance Spanish weaponry and strategy, a weak Aztec ruler, the spread of indisposition, Tenochtitlans poor governing over its populace, and the interconnectedness of Aztec army and religion ultimately guide to the demise of its empire. The head start shape of the Spanish invasion of Mexico took place in April 1519. In defiance of the governor of Cuba and his expedition sponsor, Cortes took control over his forces and moved them inland.On the way, Cortes met granting immunity from other locals, who he ultimately conquered and absolved into his army as ally. subsequently stint Tenochtitlan, capital of the Aztec Capital, the Spaniards were initially greeted as foreign ambassadors. Other claims state that the Aztecs viewed Cortes as the god, Quetzalcoatl (Windschuttle, 50). The Spanish did not return the favor, eventually kidnapping Emperor Montezuma and, apply him as a puppet, ran the country. The Governor of Cuba, angry with the defiant Cortes, sent a force under Panfilo Narvaez to end his exploration.As the natives before him, Cortes defeated this force and had them join him in his conquest. In Cortes absence, the Spanish troops left asshole had massacred Aztec nobles during a religious festival, a confrontation that also left emperor moth Moctezuma dead. The Spanish were forced to leave Tenochtitlan, ending the first phase of the conquest. For a year, the Spanish forces recuperated, gathering eight thousand native allies and new supplies, including trinity naval vessels. To ay siege to a lake-girt city requiring the prefabrication of thirteen brigantines on the far side of the mountains, eight thousand carriers to transport the pieces, their reassembly in Texcoco, the digging of a canal and the deepening of the lake for their successful launchi ng (Clendinenn, 72) For a year, Cortes and his native allies lay siege to the city of Tenochtitlan. Using pose military tactics, against an Aztec force unprepared for them, Cortes and his troops captured the capital city, cleanup al more or less all inside. This would be the end of the Aztec empire.Moctezuma II was the ninth ruler of Tenochtitlan and the first Aztec emperor to make contact with Europeans. Moctezumas poor leadinghip and unwillingness to deal with the invading Spaniards are regarded as large factors of the Aztecs demise. He immediately assumed the foreigners to be foreign ambassadors and was blindly unable to visit their true intent. At their first meeting, the two leaders exchanged gifts. Clendinnen declared that Cortes interpreted Moctezomas first gifts as gestures of submission of naive attempts of bribery. To the Aztecs, Moctezuma gifts were most likely statements of dominancy, superb gestures of wealth and liberality made the more magnificent by the arrogan t humility of their giving (Windshuttle, 40). After living months in Tenochtitlan, the Spaniards launched a coup, taking Moctezuma as a hostage. When he was taken hostage, he preferred to attempt to bribe the invaders rather than, although have the ability to, turf out them from the city. Being heavily religious, Moctezuma would depend on his oracles for a plan of action, proving his irresolution and wasting valuable time.Indecisiveness of the leader and inaction to deal with the invaders led to the demise of the Aztec empire (Windschuttle, 45). The Aztecs authoritative rule over its variant cities and populations allowed for Hernan Cortes to recruit thousands of native allies. Only recently rising to power, the Aztecs depended on governed regions and populations for taxing tribute that included food and other necessities. They exacted tribute by scourge of terror and retribution.In fact, each year, the agricultural harvest heralded the attack of a six-month season of war, in which warriors from Tenochtitlan would go out to other settlements to dispute them to battle, to bring back captives for sacrifice, and to carry polish off women, children, and slaves (Windschuttle, 54). The capital city of Tenochtitlans affair of murder, sacrifice, and firm rule over its lands ca engagementd other Aztec cities to desire them to be overthrown. The Aztecs authoritative rule was heavily resented, and did poorly to attain either loyal sentiments among its far-reaching population.Cortes was able to easily break these shaky alliances, and have these aro drug ab use native populations join him in getting rid of the Aztecs. By the stand by siege of Tenochtitlan, Cortes had almost invariablyy other Aztec city fighting croupe him. It was these native allies that led to the final massacre of the remaining Aztecs in Technoctitlan (Clendinenn, 91). Since the first contact between Europeans and American natives, diseases such as smallpox, measles, and icteric fever ha d spread like wildfire, killing millions of natives. The spread of disease to natives missing immunity also contributed to the fall of the Aztecs.During the second siege of Tenochtitlan, a Spanish soldier from the force sent by the Governor of Cuba, had brought the smallpox disease with him. This disease spread quickly and was very effective at killing the natives. Smallpox was the biggest single cause of death in the Valley of Mexico and killed off many an(prenominal) more Aztec warriors than did Spanish swords or guns (Windschuttle, 46). When the second siege of Tenochtitlan began, their population had dwindled so much that defeat was seemingly imminent. A major reason for the Spanish victory over the Aztecs was their experienced and trained military soldiers.They had al-Qaida soldiers with pikes, swordsmen, muskets and artillery. Spanish forces, trained by numerous wars with the French, were comprised of tercios, or units of 250 men. Soldiers were well-trained and put through drills that stressed the importance of the unit working together. Cortes and his army, due to lack of men, had to counterbalance to follow Spanish military strategy. During the siege of Tenochtitlan the force was reformed into cabaret companies of about fifty men each, grouped in turn into three divisions, each of three companies. This handling of troops was in keeping with Spanish practice of the period (Daniel, 189). Cortes sixteen horses also prove to be fantastically effective against the Aztec soldiers and a played a vital role in their victory. At Cintla in Tabasco, early in the expedition, thirteen horseman despatch a huge competitor force engage with the infantry. At Otumba the hurt and exhausted cavalry repeatedly broke through the overwhelming verse of Aztec troops until they retreated (Daniel, 189). Without the help of rival native groups, such as the Tlaxcala and Texcoco, the Spanish would have been even more outnumbered by the Aztec forces. This tactical use o f alliances was possibly the most important aspect of Cortes conquest of Mexico.Overall, the use of infantry, cavalry, and allies seemed to be too much for the Aztecs. The tactical organization of the Aztec military was much different than that of the Spanish. The Aztec forces were comprised of every able man, who had little option, as opposed to the Spanish forces comprised of volunteers. Their forces were divided into four units of four hundred men, commanded by a councilor of the emperor. close to of these troops were low class commoners. There were also units of elite soldier fraternities, such as the Eagle and the Jaguar, that provided increased military skill to the Aztec army.Typically, Aztec forces would use open formations and attempt to overcome their foe using flanking tactics (Daniel 120). The Aztecs and their beef up cities were also not used to siege state of war or the use of cannons. European cities had over this time adapted their construction, supplies and defen ses to the possibility of a siege. but , at the time the Spaniards were departing from America, European fortifications were going through a fast redesign because of the challenge presented by the invention of cannon.In Tenochtitlan, however, Cortes found a people who had never even conceived of European-style siege warfare, let alone constructed defenses against it (Clendinenn, 56). The Aztec use of open formations and inability to defend against cavalry attacks led to a disfavour on the battleground. The Spanish armys closed sword-wielding formations were able to stock up well against the Aztecs, often breaking through their lines. The cavalry, time and time again, were able to break up the Aztec formations, causing them to retreat. An example of the overpowering Spanish army tactics was highlighted by the Battle of Otumba.Here, a large Aztec army confronted exhausted Spanish forces. Cortes ordered his cavalry to attack the military leaders and the Aztec armys flanks, breakin g through their lines and causing confusion. The Spanish infantrymen intermeshed the Aztec foot soldiers, continuing to attack as the Aztec retreated. These tactics of Cortes and his men proved to too much even large Aztec force. Aside from military tactics, the military technologies utilized by the Spanish army were far more passe-partout to the weapons of the Aztecs. Europeans were much more advanced in terms of weaponry, using weapons of vane and iron against the Aztecs wood and stone.As the Aztecs considered kills with long-distance weapons to shameful, their arrows and darts were lonesome(prenominal) meant to injure their opponents. Aztec warriors carried wooden arrows, knives of flint stone and wooden clubs embedded with flakes of obsidian, a form of volcanic glass (Windschuttle, 45). These clubs with stone tips were the most effective weapons carried by the Aztecs. Spanish soldiers on the other hand carried cutlasses, lances, arrowheads and armor all spoiled from iron a nd steel, plus hand guns, crossbows, and cannons (Windschuttle, 1997-45). Their lances and cutlasses were much more efficient in hand-to-hand rubbish, with the ability to kill opponents with one strike. The Spanish also brought with them armored cavalry, cannons, crossbows, brigantines (ships), and handguns. In the second siege of Tenochtitlan, the three brigantines lay waste to Aztec canoes fighting in defense of the city.The Aztec military was seemingly outmatched and did not intimidate the invaders in the least. Spanish soldiers, in fact, found Aztec weapons so inconsequential that they abandoned their own heavy metal armor in favor of quilted cotton fiber (Windschuttle, 55). The Spanish weaponry was too much for the outdated weapons of the Aztecs to have a chance. One historian, Inga Clendinnen, argued that the biggest Aztec disadvantage was how they viewed military confrontations. As they did with the Spanish, the Aztecs would send food and gifts to an enemy viewed as inferio r. The Aztecs felt that war and religion were interconnected. The Aztecs preferred hand-to-hand combat with the intention of using captives for sacrifices to the gods. They were opposed to killing opponents from a distance and viewed affect ambushing as an unthinkable military tactic.The Spanish army, however, cherished their long-ranged weapons, such as their muskets and crossbows. To make matters worse, Aztec warriors considered being killed by a long-distance weapon as an unworthy death. Spaniards valued their crossbows and muskets for their capacity to pick off selected enemies well fanny the line of engagement as snipers, as we would say. The psychological demoralization attendance those sudden, trivializing deaths of great men painted for war, but not yet engaged in combat, must have been formidable (Clendinnen, 80) Cortes also launched numerous attacks in the orning, known as dawn raids, charging on unsuspicious villages and slaughtering men, women, and children. Cortes an d the Spanish army learned to take advantage of the Aztecs religious military tactics. Spanish soldiers would concede to retreat, tempting Aztec troops to pursue chases in the hopes of acquiring sacrificial captives. Cortes would consequently simultaneously have his troops turn around and slaughter the unsuspecting Aztecs (Windschuttle, 52-53).Cortes states that Sometimes, as we were thus withdrawing and they pursue us so eagerly, the horsemen would pretend to be fleeing, and then suddenly would turn on the, we invariably took a twelve or so of the boldest. By these means and by the ambushed which we set for them, they were always much hurt and certainly it was a remarkable sight for even when they well knew the harm they would receive from us as we withdrew, they still pursued us until we had left the city (Clendinenn, 80). The Spanish used siege warfare to ultimately bring down Tenochtitlan.They constricted its perimeter, forcing other tribes to join them against the Aztecs, and stark naked off supplies to the Tenochtitlans inhabitants. Siege was the quintessential European strategy an economical design to exert maximum pressure on whole populations with mobile engagement, delivering control over people and place at least constitute (Clendinenn, 83). Aztecs detested this form of warfare, preferring the more honorable hand-to-hand combat. The Spanish, however, would avoid this typesetters case of warfare, sticking together in tight formations and using long-distance weapons and artillery.In the end, despite being heavily outnumbered, outgunned, and malnourished the Aztecs followed their prideful ways and refused to resign. once more they encountered ghostly figures, of women and gaunt children, and saw the warriors still stationed on the rooftops, but tranquil now, and unarmed, close-wrapped in their cloaks. And still the fruitless pretense at negotiation, the dumb, obdurate resistance (Clendinnen, 91). Here Cortes seems to be dumbfounded by the resilience of the seemingly defeated Aztecs. In the coming day, Cortes and his army killed twelve thousand more Tenochtitlan inhabitants.Cortes again tried to get them to surrender. I said many things to persuade them to surrender but all to no avail, although we showed them more signs of peace that have ever been shown to a vanquished people for we, by the grade of our Lord, were now the victors (Clendinnen, 91). After two more days of Aztec refusal, Cortes released their native ally forces, which mercilessly murdered forty-thousand more Aztec civilians. Between the 15th and 16th centuries, the Aztec empire had been a thriving empire with far-reaching influence throughout Mexico.The eventual demise befalling them would go blindly nameless as Hernan Cortes and his army of Spanish Conquistadors explored Mexico. Within two years of seeing Tenochtitlan and meeting its emperor Moctezuma II, the Spanish forces of roughly five hundred men had destroyed the Aztec city and killed off mo st of inhabitants. There are many reasons that contributed to this extremely unlikely scenario. Moctezuma made the first blunder by accept the invaders as foreign ambassadors and basically allowing them to roam freely around the city. His eventual kidnapping at the hands of the Spanish seemed to be the beginning of the end.After the initial siege of Tenochtitlan was unsuccessful, the Spanish were able to recuperate in a neighboring city of Texococo. Preying on weak ties between Technotitlan and the cities it cruelly and magisterially ruled over, Cortes was able to combine a native ally army. In conjunction with the Spaniards advanced weaponry and military strategy, and using the poor religious-backed military tactics of the Aztecs to their advantage, the Aztecs fell within a year. The defeat of the Aztecs seemingly capable the door to European colonization of the Americas and the further destruction of the continents natives.

My Mugged Response Essay

In lesson 1 we demonstrated our perception of horn in and Marky through physicalising there personas. The aspects of the drama medium we used were, freeze frame, extemporization, conceit track, mime, movement and gesture. As a class we read and comprehended pages 5-21. Theyre close Markey and dig interchanging there burglarized items. After we read through the take on, sir class us into 2 roots. One group Markys, One group snaps sulphurouss. We had to manoeuver a scene from their morning routine (in the shop). I got put into the group of Dig, I interpreted Dig in a behaviour which was to procrastinate. I conducted Dig in lifeless ,manner. I showed that dig was lazy by my use of drama medium (movement) and acting skills. My actions were in truth postponing and sluggish permit the audience know , my government agency was extremely careless. I played Dig in a careless, lifeless manor, because from the play we know that he is very self-centred and in ones self. In lesson 6 we had to summarise how each character might emotional state about the murder. In lesson 6, we used guilt spilt staging, voice & contrasts, We used one of the forms of stimuli of play playscripts .In the play script we explored the line I told him not to come patronage didnt I mel to understand how all the characters feel guilty. The characters feel guilty because marky has been murdered. All the characters feel conscience-stricken and guilt ridden. The script changes throughout the ending of the play it raises the tension by shortening the dialogue. The characters speech becomes shortened and there words become often scarce and sudden . We then did a police interview by the use of drama medium split staging. Split staging bunghole use two or more different levels, and the audience eject see characters better if one group is behind the other and using the raised level. Me and shea was the police officers interviewing dig and sophie which in this case was Hodan and Arthu r. We asked them questions such as , how do you feel about the death of markey ?They replied with very abrupt replies as we know thy was very heartbroken about the tragic news. In lesson 3 we had to explore characters reactions to the morning of the murder. The drama mediums we used were hot seating, role play , characterisation, action, plot content. We read pages 22-28 . Then we hot seated marky, dig, leon , taylor soph or mel. When it was my crimp to hot seat I was soph. My group asked me questions such as how do you feel towards leon? How do you feel about your school life and home base life? I replied in the character as soph as much as possible. I had a lot of positive feed back on my use of hotseating . Eisa said carlie answered the questions hale linking back to the script and what we already know about soph and she answered immediately and confident In my opinion Jerome Richardson was hot seated outstandingly Using him sense of emotion very well showing us his emotion b y the way he r and the way he looked uncomfortable with certain questions . Jerome really played the character breathtakingly when asked the questions. He stayed in character and was very believable. Then we did a role play off text improvisation showing characters feeling onward the murder (using thought track) By doing a off text improvisation we are showing out understanding of how much we know about the character. i was mel in the scene so I took all I knew about mel and pretended I was her thinking about how she would act and what she would do.

300 †a Gender Analysis Essay

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Linking Financial Ratios and Stock Returns

Chapter I INTRODUCTION pecuniary pro role analysis is a technique for trying to help interpret monetary reports and to determine the intrinsic re valuate of a credentials by c atomic takings 18ful examination of key economic survey drivers lots(prenominal) as risk, maturement, and competitive position. Various dimensions can be footing from the pecuniary accounts. These proportionalitys ordain then help us to examine the lodges performance over a number of diaphragms by canvass the identical dimensions in previous classs accounts and excessively the accounts of sepa rove line of businesses operating(a) in a similar environment (Most common benchmarks atomic number 18 exertion leaders and application averages). monetary ratio analysis provides inborn learning and serve (Investors, Stockholders, l block upers, corporation circumspection, Fundamental analysts. ) with a lot of distinguish fit contexts for varied kinds of decisions. 1. 1 Statement o f the Problem The enormous number of monetary ratios utilize by fiscal managers and financial analysts and their coitionship with agate line give up is the principal(prenominal) problem in interpreting the financial statements. found on, the ultimate oddment of financial managers is to maximize the wealth of their business lineholders financial managers must understand the engender-to doe with of their managerial decisions on their political partys financial statements and financial ratios think which volition consequently ingrain the fall price of their comp either. Interpreting such a huge number of ratios distracts attention from the around(prenominal) relevant factors that affect live course prices. 1. 2 Purpose of the studyA number of studies such as Timo Salmi (1990) were conducted to reduce the information load resulting from com come ining a outsized number of ratios and categorize those ratios that were believed valuable. This study aims to identify th ose variables that are intimately relevant to the stock lights of pharmaceutic welkin in Egyptian stock grocery store. 1. 3 Statement of objectives This study attempt to achieve the fol let outing objective -The approximately relevant nonsymbiotic variables (financial ratios) with stock returns as a dependent variable.Chapter II FINANCIAL RATIOS AND STOCK MARKET 2. 1 Literature Review The main goal of our research is to pronounce the congenatorship in the midst of common financial ratios as independent variables and stock returns of the pharmaceutic business smasheds as dependent variable. The relation mingled with financial statement information and stock return was examined by Ou and Penman (1989) who observed returns to investment strategies that are based on a bar that summarizes the information in financial statements to identify the relevant financial ratios.Their study indicate that the predicted returns can non be let finished by return based risk measures a nd that financial statements capture fundamentals that are non reflected in stock prices. The results of the study suggest that it is possible for investors to shew waste ne bothrks utilise publicly lendable information. More recently, the relation in the midst of financial statement information and stock return was ex escapeed by Holtausen and larcker (1992) who identify look upon-relevant fundamentals in the context of a return-fundamentals relation.Holtausen (1992) examined the faculty of be information to sire profitable art strategies (using 60 accounting ratios). The wasted returns were observed in the fourth month following the caller-ups fiscal course of instruction end. The results of the study suggest that the trading strategy was able to earn momentously abnormal returns during the conclusion of 1978-1988. The equal loss was examined ulterior by Lev and Thiagarajan (1993) who used fundamental ratios as the basis of analysts description of several(pred icate) ratios to identify the value relevance of the financial ratios and their value in security valuation.Afterward, Belkoui (1997) employed the common financial ratios to show the value relevance, where the hotity of these financial ratios is matched by their usefulness in security valuation. He shows that value relevance of popular financial ratios in both a non contextual setting and a setting conditioned by trains of inflation and growth. 2. 2 Classification of financial ratios The classification of financial ratios was studied by Timo Salmi (1990) who split these financial ratios into quintet-spot somewhat arbitrary groups Profit exponent how good is the business as an investment. runniness the amount of sueing chief city available. Capital Adequacy measure the leverage percentage. Debt service coverage how near is the business to bankruptcy. Efficiency how good is the management of the business. Each financial ratio has its own signal and its own relation to t he stock return. Based on these previous studies, the study selected the around popular financial ratios guided in major(ip) financial analysis books such as Mishkin (2001) 2. 3 An overview of Egyptian stock sup proveEgyptWatch (2002) studied the freshlys report of the egyptian stock exchange and mentioned that the Egyptian Stock Exchange is comprised of ii exchanges the peachy of Egypt &038 Alexandria Stock Exchanges (CASE), and is governed by the same board of directors that lot the same trading, clearing &038 settlement systems. The Alexandria Stock Exchange was move outici each(prenominal)y established in 1888 followed by that of Cairo in 1903. The two Exchanges were precise active until the 1940s, when the Egyptian Stock Exchange ranked fifth in the world.Nevertheless, the political din of the mid-1950s led to the demise of exercise on the Exchange, which remained dormant throughout the period among 1961 and 1992 (MohieEldin and Sourial, 2000). In 1990, the Egyptia n politics started on economic restore &038 restructuring program. The move towards a free- marketplace economy has been remarkably swift and the process of deregulating and privatization has simulated stock market activity.The Capital securities industry Authority (2002) play an instrumental authority in initiating and leading the effort for the revival of the Egyptian stock market in the period between 1992 and 1996. The Capital food market Authority (CMA) is the restrictive body in charge of enforcing, regulating &038 ensuring conformism as well as monitoring market performance. Relevant indemnity actions undertaken by the CMA include introducing all types of investment vehicles, allowing open competition in the pricing of market services and providing exuberant investor protection.The main features of the ope clear-sighted exemplar are fair trading procedures and practices as well as an prompt transfer of ownership of divvy upd securities optional listing on the sto ck exchange quarterly disclosure requirements for companies adequate protection of minority dole outholder rights and meliorate data collection schemes. Capital police 95/1992 has put in place the regulatory framework in which financial intermediaries such as brokers, venture- jacket crown steadys, underwriters and fund managers are to operate.With respect to the managerial framework of CASE, a dogged organizational structure with a clear division of authority &038 responsibilities was established, creating new divisions &038 departments such as unexclusiveations &038 national Relations, Research, Surveillance &038 foodstuff Control, and Information Technology. Additionally, in May 1998, CASE signed a contract with EFA Software Ltd. , to huckster the new electronic trading, clearing &038 settlement system that will step in the existing one. The Board of Directors athe likes of set up several(prenominal) committees with specific responsibilities.At the senior level, an in ternational advisory committee made up of internationally prominent economists, investment bankers, financiers &038 investors has been developed in order to tell that CASE stays closely linked to the intl arena. This group overly provides continuous feedback on its policies. Both the CMA &038 the CASE monitor market activity to detect possible market manipulation or insider trading. Accordingly, they whitethorn hang offers &038 bids for institutions suspected of price manipulation.In the case of an emergency, the CASE and/or the CMA may halt trading and/or place ceilings on floors trading prices (maximum 5% up or down), based on the closing prices of the preceding day. In the case of individuals, mutual funds &038 international funds, no taxes are levied on sortnds, capital gain &038 enkindle on bonds. Profits of Egyptian corporations from securities investments are subject to a capital gains tax. 2. 3. 1 Recent developments On 21 July 2002, CASE commenced its new price ceiling system with regard to the most actively traded stocks.According to the new practice, the five-percent ceiling on daily prices was outside for a set of selected active stocks ( incumbently twelve). This set of stocks comprises 12 out of the most actively traded stocks on CASE. The chosen of this set of stocks was based on meeting some stated criteria decided by CASE (2002) Stocks must be dematerialized. Minimum trading days per confederacy per year is 220. Average number of proceedings per stock must be 20. Minimum market capitalization per conjunction amounts to LE 200 million. Minimum free float amounts to 15 percent of the be listed treats. Minimum derangement ratio per company is 10 percent. The company must prepare financial statements for three consecutive years. proceedings conducted on the shares of the company must be executed by at least 20 brokerage unwaveringlys. The new practice will pin down the halt of trading on any of the twelve stocks for a period of th irty minutes, forty-five minutes or till the end of the trading session, if the stock prevailing weighted average price exceeds 10 percent, 15 percent or 20 percent respectively over spread price.When trading is halted, brokers should inform their clients rough the temporary suspension, its reasons, duration and should take the indispensable actions in order to fulfill their clients requests. Brokers are allowed to cancel, any of their clients orders, when trading is halted. 2. 3. 2 Background of Privatization computer programme The Ministry of world opening (MPE) is dedicated to achieve the long-term goal of complete implementation of Egypts overall privatization plan. In 1991 Public Enterprise Law No. 203 was introduced as a transitional measure. Dr. Khatab M. (Minister of Public Enterprise) (2002) has explained hisMinistrys plans and objectives to facilitate privatization in Egypt and the orders that hit been followed in this regard. Also Dr. Mokhtar Khatab has mentioned to the disposal of Egypt (GOE) his efforts in undertaking an extensive privatization program whereby state-owned companies are transferred to the cloak-and-dagger vault of heaven through several methods McKinney (1996). The transfer of ownership &038 control of state-owned enterprise to the private sector through a partial or a full public share flotation on both the domestic or foreign stock exchanges. Direct sale of a dogmatic interest to domestic or foreign investors. Direct sale of a controlling interest to employees. The law also allows the sale or lease of company assets, unlimited sale of government-owned shares, or liquidation. Primary objectives of the plan are to generate high(prenominal) productivity and faster (but sustainable) growth, and as a consequence an ontogeny in returns on assets and equity composition at the same conviction raising internal energy, improving capital structure and increasing capital expenditure. Since the early 1990s a number of key programs entertain been put into place to greatly liberalize commerce and trade and to re-frame the countrys legal, regulatory, judicial, and tax structures.An equally important focus of the plan is the creation of new jobs that an expanding economy will provide for the workforce. Over the past five years, the GOE has achieved rattling gratifying results in macroeconomic terms. This is due to the creation of policies to remove trade barriers, the reform of trade and financial markets, and the reform of the legal taxation and regulatory frameworks, Field (1995) 2. 3. 3 Updates on the Situation of the Privatized Companies The Government of Egypt (GOE) has designed a balanced privatization program, which includes the following share gross sales strategies.The Egyptian Ministry of Public Enterprise Sector (2001) revealed that Public Offerings on the Cairo and Alexandria Stock Exchange 37 companies extradite so far been authorize by the GOE for privatization and gestate been ch ange through Initial Public Offering (IPO) or second offerings. The sales of these companies netted 5. 6 billion jampacks which represents 36% of privatization proceeds to date. 16 companies waste achieved partial privatization netting the government nearly 1. 76 billion LE. barter to Anchor and Strategic Investors 3 companies have been privatized by this method, accounting for 6. 4 billion pounds LE in proceeds to the government. Sales to anchor investors have amounted to 42% of the total privatization proceeds thus far. Employee Stock Ownership Programs (ESOPs) The GOE has approved the allocation through the sale of 10 percent of the public enterprises share offerings to the employees as part of the Employee Stock Ownership Program. In early(a) cases, and according to the circumstance circumstances of each company, the majority of shares have been change to its management and employees.To date, mainly medium-sized companies in the public works sector have implemented this sc heme. So far, 30 Employee Shareholder Association (ESA) sales transactions have taken place bringing in 870 million pounds LE. strike Management Contracts In this method, Companies were offered for management by the government to the private sector with an option to buy at a future date. This alternative is not very distinguishable to the anchor investor approach if and when the managing company exercises its option to buy. v contracts of this type are topically active. Chapter III PHARMACEUTICAL SECTOR OVERVIEWThe government has set a 40% ceiling (maximum that could be privatized), 10% of which is reserved for Employee Shareholder Associations (ESA), on the privatization of any public pharmaceutic company. The restriction relates to the governments desire to maintain control of the industry for its world-shattering role in society, The Egyptian Ministry of Public Enterprise Sector (2001). The first five companies that have been privatized Alexandria, Cairo, Memphis, Arab and Nile pharmaceuticals. These companies have already been 40% privatized. The privatization plan then spread out to cover 11 companies at the end of June 2002. . 1 pharmaceutic industry Highlights Drug policy and planning center (2002) has published the following statistics 199920002001 Market Size (LE bn)4. 655. 42 No. of Products (thousand)3. 63. 84 Per capita spending (LE)72. 6677. 1882. 14 3. 2 pharmaceutic Products Total exports made by Egypt to the whole world includes a lot of commodities which are classified to (Fuels Products, Cotton, Raw Materials, Semi washed-up commodities and finish commodities). central Bank of Egypt (2002) revealed that Pharmaceutical products are look into as part of finished commodities, they represent 3% of finished commodities and 1. % of the total export. Also, Pharmaceutical products play a significant role in Egypts import. They represent 4% of the total import and 21% of their classification division (consumer goods). Figure (1) shows Pha rmaceutical exporting and Import situation. Figure (1) Local production of medicine satisfies 92% of the market demand, whereas the remainder is balanced by imports. Kompass Egypt (2002-2003) classified the local market players as 1) Public-sector companies. 2) one-on-one-sector companies. 3) Multinationals Figure (2) Note The term Private sector encompasses Multinationals and another(prenominal) Private companies.The government has set a relatively low tariff on imported medicates, which averages around 5%. The main reason for this comparatively low duty is the states policy of making medicine available to the bulk of the commonwealth at the cheapest possible price. 3. 3 Pricing form _or_ system of government Prior to the reform program in 1991, the governments major consideration when setting prices for drugs was to make medicine affordable to the bulk of the population regardless of a companys cost structure. The focus on the social role of medicine, rather than the positi vity of pharmaceutical companies, is the main reason behind this policy.The Drug constitution &038 Planning Center (DPPC) is the main regulatory authority controlling the pharmaceutical industry. The center is in charge of drug registration and pricing. The DPPC (2002) uses a Cost Plus Formula to price drugs. The order stipulates a price equivalent to the products cost plus a real profit beach. The profit permissiveness is 25% for nonessential products, and 15% for essential products. It is notepricey that once a product has been priced, it is seldom eligible for re-pricing to account for increasing costs.The heavy drop in the value of the Egyptian pound was mirrored in an increasing raw material costs burdening the Egyptian Pharmaceutical companies, which import around 80% of their raw material requirements. In order to save the profit valuation accounts from the aftermath of the devaluation, the Ministry of Health finally concur to raise the prices of five products for each pharmaceutical company starting February 2002. 3. 4 GATT and TRIPS Egypt is a signatory to the General Agreement on Tariffs and Trade (GATT) which will come into effect for the pharmaceutical sector in Egypt in 2005.The proportionateness is likely to have serious repercussions for the pharmaceutical industries of developing countries including Egypt. The pledge calls for the abolition of both quantitative and qualitative barriers to entry for pharmaceutical products, thus eliminating any governmental protection of the industry. Under GATT, Egyptian companies have to abide by the restrictions imposed by patents and property rights for a period of 20 years. Based on the Egyptian commitment with the agreement on Trade-Related Aspects of Intellectual plaza Rights (TRIPS), which is part of the GATT, President of Egypt published The Law No. 2 for year (2002), calling for the Protection of any invention whether industrial or intellectual. The agreement will result in the extension of a patent to 20 years and will grant protection to the product and the production process. Chapter IV METHODOLOGY AND EMPERICAL MODELS 4. 1 Data Set In our study, we select all the pharmaceutical companies quoted in the Egyptian stock exchange which consists of 11 pharmaceutical companies representing the pharmaceutical sector. We covered the period from 1996 to 2001. Analyzing six continuous years of data, inflect and support results and give our conclusion stability and reasonability.Kompass Egypt monetary Year password and the Egyptian Capital Market Authority were the prime sources for our data set. Additionally, for the designing of this analysis, we prefigure the returns using one-yearly prices of securities for years starting from 1996 to 2001. 4. 2 endurance of Financial proportions (Independent variables) According to the literature, we determine the most useful financial ratios that could be functional in security valuation by analyzing and comparing several papers an d texts were analyzed and differentiated.The reasons behind the selection of these financial ratios Their talent in theoretical explanation of fundamental bloods and signals experienced by the pixilateds. Foster 1986 The importance of their innovation in published annual reports. Gibson 1982 Surveys proved that chief executive officers and other senior executives are concerning popular financial ratios for various types of decision making. Walsh 1984 The following table provides the most common financial ratios that might affect stock returns.For each financial ratio, we provide the way of calculation, the hypothesized collateral or negatively charged relationship with stock returns. Table (1) The common financial ratios and their prediction with stock returns GroupFinancial ratiosVariablesEquationsPrediction of relationship ProfitabilityEarning per ShareEPS brighten income / Number of shares smashingPositive fork out on impartialityROENet income / owners equity Return on summationsROANet income / total assets Profit MarginPMNet income / total sales Liquidity present-day(prenominal) balanceCTR circulating(prenominal) assets / menses liabilitiesNegative truehearted ratioQR( new assets Inventory) / authoritative liabilities Operating hard currency spring RatioOCFCash draw from operations / on-going liabilitiesPositive LeverageDebt to Equity RatioDERLong term liabilities / owners equityNegative reportage elicit CoverageICEBIT / interest expensePositive EfficiencyAssets turnover rateATOSales r as yetue / Total assetsPositive dues TurnoverRTOSales / forecast Receivables EBIT Earnings forwards refer and Taxes We refer to the explanantion of these financial ratios (independent variables) in the Appendix section. . 3 Buy-and-Hold Returns (BHR) As far as the dependent variable is concerned, stock returns, there is no consensus on the appropriate methodology for astute the long-run stock returns (see among other, groom and Lyon, 1997 Kothari an d Warner, 1997 Brav and Gompers, 1997 and Barber, Lyon and Tsai, 1999). Researchers use several methods to calculate long run returns, in particular Buy-and-Hold returns (BHRs) method. The first step in calculating Buy-and Hold return method is to calculate rate of return on stocks.We consider that the appropriate rate of return on a given stock is the difference between the stock prices in clipping t plus dividends in clock t-1 and the stock prices in clipping t-1 , as follows (1) Where is the return for security I for period t, refers to the closing price of security I at meter t , and is the price of security I at cadence t-1 , is the dividend have for period t-1 for the solid I As far as we consider time t as a year, rate of return on stocks ( ) that we cypher from the previous equality is the Buy-and-Hold return method for a financial year. (2) Where is Buy-and-Hold Return for security i in period t. we consider it a year. 4. 4 retroversion Model To determine the rela tionship between the independent variables (financial ratios) and the dependent variable (stock return), we follow a similar methodology to that of Belkaoui (1997) and enumerate the following atavism (3) Where is the annual stock return of firm I at time t, is the earning per share for firm I at time t, is the return on equity for firm I at time t, is the return on assets for firm I at time t, is the profit margin for firm I at time t, is the current ratio for firm I at time t, is the quick ratio for firm I at time t, s the operating cash in flow for firm I at time t, is the debt to equity ratio for firm I at time t, is the interest coverage ratio for firm I at time t, is the asset turnover for firm I at time t, is the receivable turnover for firm I at time t. Since the return of a given stock is based on a period extending from 9 months prior to the fiscal year-end and 3 months after the fiscal year-end, corresponding roughly with the period between announcing the financial stat ement, the starting month would be declination for firms whose fiscal years end at Jun, the 30th and June for firms whose fiscal years end at December the 31st.CHAPTER V RESEARCH FINDINGS 5. 1 Results We present results of a statistical regression seat where independent variables in the regression equation are chosen in two ways (both general and step wise regression). Multicollinearity adjudicates the correlation among two or more than of the independent variables (financial ratios) used in the regression equation. Multicollinearity is a problem because it increases the likelihood of rounding errors in the calculation of the beta estimates and mensuration error, and also it may produces confusing and misleading (signs of beta parameters are different from those signs esteem) results (Mendenhall, 1996).Table (2) shows that the existing problem in this Multicollinearity is especially evident for the correlation between the Current Ratio and the Quick Ratio reaching 0. 92 an d significant at 99% level. Current Ratio and Quick Ratio are two faces for the same coin. They are categorized under liquidness ratios group, they have the same explanation active the result and there is a little bit difference in their equations (In Quick Ratio, Inventory is excluded from the Current Assets). So we eliminate Quick ratio from the independent variables (financial ratios) and retain on Current Ratio because it is more popular. Table (2)Correlation Matrix to explain the relationships among the financial ratios as independent variables VariablesQRATODERCTRICEPSOCFPMRTOROAROE QR1. 000 ATO-0. 4204*1. 000 DER0. 03920. 3860*1. 000 CTR0. 9239*-03478*0. 08801. 000 IC0. 3752*-0. 3246**-0. 15040. 3610*1. 000 EPS0. 1884-0. 2604**-0. 12480. 0724-0. 03061. 000 OCF0. 0641-0. 3243-0. 29300. 15720. 19970. 32021. 000 PM0. 1659-0. 4338*-0. 2835**0. 23450. 04750. 6245*0. 34311. 000 RTO-0. 2999**0. 1663-0. 0413-0. 0230-0. 0298-0. 19220. 6846*0. 16561. 000 ROA0. 0535-0. 1600-0. 4080*0. 16850. 17500. 6342*0. 6703*0. 6392*0. 3761*1. 000 ROE0. 1264-0. 1178-0. 01580. 21150. 10610. 11030. 8970. 2610**0. 18200. 3693*1. 000 * prodigious at the 1% level ** Significant at the 5% level Table (3) &038 (4) show the four-fold and step-wise regressions of the relationship between explanatory variables (financial ratios) and stock returns utilizing buy-and-hold return (BHR) method. The relationship between stock returns and common financial ratios is estimated using the following equation Where is the annual stock return of firm i at time t. BHR is deliberate as follows Where is buy- and- hold return for security i, in period T, T is the trading month number 12, and indicates the first event month of calculating the return. s the dependent variable in the regression equation. Table (3) octuple Regressions of the affinity between Financial Ratios and Stock Returns Independent variables BetaT testSig. T 1- Current ratio (CTR)0. 7821993. 0940. 0055* 2- Interest coverage ratio (IC)0. 6895873. 0850. 0056* 3 Profit margin ratio (PM)0. 6434102. 5740. 0177** 4- Earnings per share (EPS)0. 3790681. 1190. 2757 5- Operating cash flow ratio (OCF)0. 2002970. 5430. 5931 6- Assets turnover (ATO)0. 1150700. 4550. 6537 7- Return on Equity (ROE)0. 0966730. 5010. 6215 8- Debt to equity ratio (DER)0. 0622020. 3040. 7640 Receivables turnover (RTO)-0. 165573-0. 4660. 6457 10- Return on Assets (ROA)-0. 121268-0. 3320. 7433 Multiple R = 0. 68529F = 6. 76472 R square = 0. 46962Significant F = 0. 0031 * Significant at the 1% level ** Significant at the 5% level The results from table (3) show that the F test used to test the overall utility of the pretense indicates that the model is significant at the 99% level. However, the R square is 46. 96% indicating that the ten independent variables together explained slightly half of the divergency in the yearly return of pharmaceutical sector as a dependent variable.Also, T test of the individual Betas (financial ratios) indicate s that the most active ratios in determining stock returns are Current Ratio (CTR), Interest Coverage Ratio (IC) and Profit Margin Ratio (PM) with a significant level of 99%, 99% and 95% respectively. To check on the signs of the beta coefficient, the dependent variable (stock return) was regressed on each of the independent variables (financial ratios) and the signs of the resulting betas were checked against that of the original equation.There are three ratios which are Current Ratio, Receivable Turnover and Return on Assets that had different signs from the original regression equation The verificatory coefficient estimated for Current Ratio with stock returns is not expected because nonprogressive policies that tend to keep current asset high than current obligation have lower risk and also have lower expected return than the aggressive policies. So we conclude that rational investors put more pledge in low risky stocks and look forward for electrostatic stocks more than t he temporary profitable stocks.On the other hand, Receivable Turnover ratio and Return on Assets ratio are completely peanut as show in table (3), so there is nada important to explain their different signs from the original prediction. Table (4) Step-wise Regression of the Relationship between Financial Ratios and Stock Returns Independent variables R? BetaT testSig. T ChangeAccumulation 1- Current ratio 0. 194050. 194050. 7302745. 2990. 0000* 2- Interest coverage ratio 0. 121330. 315380. 7161115. 2420. 0000* 3 Profit margin ratio 0. 072850. 388230. 4597934. 1170. 0001* Multiple R = 0. 62308F= 12. 69213R square = 0. 38823 * Significant at the 1% level ** Significant at the 5% level In the next step, we utilize the step-wise regression to reach the final model that contains the significant explanatory variables and give better explanation for the relationship. Consistent with the general regression models, the step-wise results confirm the above mentioned findings as Current Ratio (CRT) is the most significant variable at the 99% and explained roughly 19% of the variance in the yearly return of pharmaceutical sector with R square about 19%, while R square for the model is about 39%.Interest coverage ratio has also explained about 12% of the variance in the yearly return of pharmaceutical sector. Interest coverage ratio is regarded as a measure of a companys recognitionworthiness because it shows how practically income there is to cover interest pay backments on outstanding debt. Profit margin ratio explained about 7% of the variance in the yearly return of pharmaceutical sector with R square 7%.From results we conclude that rational investors and stockholders are looking for medium and stability first then profitability when evaluating a pharmaceutical stock company. Table (5) Stepwise Multiple regression analysis for the good predictors Company R? BetaT testSig. T ChangeAccumulation 1- Memphis0. 466240. 466240. 73001412. 4530. 0000* 2- Cairo0. 213940. 6 80180. 6092937. 6880. 0000* 3- Alexandria0. 094360. 77454-0. 521862-4. 6470. 0001* Multiple R = 0. 88006F= 23. 73573 R square = 0. 77454 * Significant at the 1% level ** Significant at the 5% levelStepwise multiple regression model yielded a reduced equation containing only three companies (independent variables) explaining about 77% of the variance in the yearly return of pharmaceutical sector as a dependent variable the analysis yielded three good predictors as demonstrated at table (5), the results proved that Beta value of Memphis Pharmaceutical and Chemical Industries was 0. 73 and it is significant at 99% level. Additionally, Memphis Company altogether explained about 47% of the variance in the yearly return of the pharmaceutical sector.The second good predictor is Cairo Pharmaceutical and Chemical Industries while its Beta value was 0. 60 and it is significant at 99% level. Cairo Company alone explained about 21% and together with Memphis Company explained about 68% of the v ariance in the yearly return of the pharmaceutical sector. The ordinal and last predictor is Alexandria Pharmaceutical and Chemical Industries with a Beta value of -0. 52 and significant at 99% level. Alexandria Company explained alone about 9% of the variance in the yearly return. 5. 2 Summary and finisThe relationship between financial ratios and stock returns has been a popular issue in the area of accounting and finance for a long time, so we found that it is a good issue to discuss on the Egyptian stock market. Here, an analysis is undertaken to show the value relevance of the financial ratios and their usefulness in security valuation in the Egyptian pharmaceutical sector. In our research, we use step-wise multiple regressions between financial ratios and stock returns, also between pharmaceutical companies returns and pharmaceutical sector returns.The results from using step-wise and multi regression indicate that Current Ratio (CTR), Interest Coverage Ratio (IC) and Profit Margin Ratio (PM) respectively, are the most relevant ratios in determining stock returns. Additionally, Memphis Pharmaceutical and Chemical Industries is the most relevant company in explaining the variance of the pharmaceutical sector return as a whole. Finally, it seems that Current Ratio (CTR), Interest Coverage Ratio (IC) and Profit Margin Ratio (PM) play a significant role in mandateting investment decisions in the Egyptian stock market (specifically, Pharmaceutical sector).Egyptian rational investors put more effrontery in low risky stocks and look forward for stable stocks more than the temporary profitable stocks. 5. 3 Further Research The study was conducted on Egyptian pharmaceutical sector and taken all pharmaceutical companies (11 companies) that have been quoted in Egyptian stock exchange, covered the period from 1996 to 2001. Replicating the study on other sectors in Egypt such as (Agriculture, Food &038 Beverages, Construction, Banks) at different times could be v ery useful. The study could be also replicated on the valuable Egyptian market indices such as (Case 30, IFCG, MSCI, EFG Hermes).These studies could help in determining more clearly the relationship between financial ratios as independent variables and stock returns as dependent variable. CHAPTER VI REFRENCES Barber, B. , Lyon, J. , and Tsai, C. , (1999), Improved Methods for Tests of long run deviate Stock Returns, diary of Finance, 54 (1), 165-201. Baraber, B. , and Lyon, J. , (1997), Detecting long Abnormal Stock Returns The Empirical Power and Specification of Test Statistics, diary of Financial Economics, 43 (3), 41-72. Brav, A. , and Gompers, P. , (1997), Myth or Reality?The Long-Run Underperformance of Initial Public Offerings Evidence from Venture Capital and non-Venture Capital-Backed Companies, Journal of Finance, 52 (5). 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The Drug Policy and Planning Center, (2002), Pharmaceutical Industry Statistics, (DPPC. gov. eg), (Accessed 2003, February 10) The Egyptian Ministry of Public Enterprise Sector, (2001), Privatization Program performance from the start to February 2001, (Cairo MPES), http//www. mpe-egypt. gov. eg/privatize. aspmethods. (Accessed 2003, February 16) The Law No. 82 for year (2002), Trade-Related Aspects of Intellectual Property Rights (TRIPS), Pharmacy and Medicine, March 2003, Vol. 24, p. 44-55 Timo S. , Ilkka V. , Paavo Y.O. (1990), On the Classification of Financial Ratios, published on the Word Wide Web as http//www. uwasa. fi/ts/sera/sera. html Walsh, F. J. (1986), The Relative Information Content of Accruals and Cash Flows Combined Evidence at the Earnings Announcement and Annual Report Release Date Journal of Accounting Research, p. 165-200 CHAPTER VII APPENDIX (A) Financial Ratios Financial ratios are very important for new investors who would like to invest in the firm and also for stockholders who are the investors of the firm because financial ratios give them several indicators which they can evaluate the firm with. 1) Profitability Ratios The main goal of these ratios is to help us to guess how good the firms profit performance. Profitability ratios refer to the ability of a firm to generate revenues in excess of expenses. 1. 1 Earnings per Share The portion of a companys profit allocated to each outstanding share of a companys common stock. Earnings per share is only when a fundamental measure of profitability that shows how much profit was generated on a per-share-of-sto ck basis. EPS doesnt reveal a great deal.Its true value lies in comparing EPS figures across several quarters, or years, to judge the growth of a companys earnings on a per-share basis. David Irwin (2001) Therefore, perusing refers to a positive relationship between EPS and stock market return. To calculate EPS, start with net income (earnings) for the period in question, subtract the total value of any preferred stock dividends and then divide the resulting figure by the number of shares outstanding during that period. Or Net income / Number of shares outstanding 1. 2 Return on EquityROE is a fundamental denotation of a companys ability to increase its earnings per share and thus the quality of its stock, because it reveals how well a company is using its money to generate additional earnings. ROE allows investors to compare a companys use of their equity with other investments, and to compare the performance of companies in the same industry. ROE can also help to evaluate trends in a business. Businesses that generate high returns on equity are businesses that pay off their shareholders handsomely and create substantial assets for each dollar invested as mentioned by Peter S. 1999). To calculate ROE, divide the net income shown on the income statement by shareholders equity, which appears on the balance carpenters plane Net income / owners equity 1. 3 Return on Assets A Companys profitability expressed as a percentage of its total assets. Return on assets measures how effectively a company has used the total assets at its disposal to generate earnings. Because the ROA formula reflects total revenue, total cost, and assets deployed, the ratio itself reflects a managements ability to generate income during the course of a given period, usually a year.Ross (2002) Naturally, the high the return the better the profit performance. ROA is a convenient way of comparing a companys performance with that of its competitors. ROA should have a positive relationship w ith the stock market return. To calculate ROA, divide a companys net income by its total assets, then multiply by 100 to express the figure as a percentage Net income / total assets 1. 4 Profit Margin Profit Margin is a companys net profit or loss as a percentage of total sales for a given period, typically a year.This ratio shows how efficiently management uses the sales revenue, thus reflecting its ability to manage costs and overhead and operate efficiently. It also indicates a firms ability to withstand adverse conditions such as locomote prices, rising costs, or declining sales. Ross (2002) The higher the figure, the better a company is able to endure price wars and falling prices. Investors tend to prefer a higher percentage of profit margins, which considered being an indication of a positive relationship between profit margin and stock market return. The calculation is very base Net profit / total sales (2) Liquidity RatiosThese are ratios that measure the liquidity of the firm. Firms have to ensure that they have the liquidity involve to meet all their commitments. To the extent a firm has sufficient cash flow it will be able to avoid defaulting on its financial obligations and, thus avoid experiencing financial distress. 2. 1 Current Ratio Current ratio is the companys liquidity and its ability to meet its short-run debt obligations. By comparing a companys current assets with its current liabilities, the current ratio reflects its ability to pay its upcoming bills in the tall(a) event of all creditors demanding payment at once.Current liabilities are debts that are due within one year from the date of the balance sheet as mentioned by Charles P. (2002). The basic source from which to pay these debts is a current asset. As long as firms are searching for no risks by increasing current assets, profitability will be getting shrunk. So that current ratio should have a negative relationship with stock market return. Working capital is also called ne t current assets or current capital, and is expressed as Current assets / Current liabilities 2. 2 Quick RatioHow quickly a companys assets can be turned into cash, which is why assessment of a companys liquidity also is known as the quick ratio, or manifestly the sexually transmitted disease ratio. Regardless of how this ratio is labeled, it is considered a highly reliable indicator of a companys financial strength and its ability to meet its short-term obligations. Because catalogue can sometimes be difficult to liquidate, the quick-test ratio deducts inventory from current assets before they are compared with current liabilities-which is what distinguishes it from the current ratio.Potential creditors like to use the quick-test ratio because it reveals how a company would fare if it had to pay off its bills under the worst possible conditions. Indeed, the assumption behind the quick-test ratio is that creditors are howling at the door demanding immediate payment, and that an e nterprise has no time to sell off its inventory, or any of its stock. This ratio should have also negative relationship like the current ratio with stock market return. The quick-test is computed by subtracting inventories from current assets and dividing the difference by current liabilities (Current assets Inventory) / Current liabilities . 3 Operating Cash Flow Ratio Traditional working capital ratios indicate how much cash the company had available on a single date in the past. Cash flow ratio, on the other hand, tests how much cash was generated over a period of time and compare that to near-term obligations as published by John R. and Jeanne H. (1998). This ratio should strengthen the investors confidence toward the firm, therefore it should be positively related with stock market return. The numerator of the OCF ratio consists of net cash provided by operating activities.This is the net figure provided by the cash flow statement after taking into consideration adjustments fo r non-cash items and changes in working capital. The denominator is all current liabilities, taken from the balance sheet Cash flow from operations / Current liabilities (3) Leverage Ratios 3. 1 Debt-to-Equity Ratio How much money a company owes compared with how much money it has invested in it by principal owners and shareholders. The debt-to-equity ratio reveals the proportion of debt and equity a company using to finance its business. It also measures a companys borrowing capacity.The higher the ratio, the greater the proportion of debt but also the greater the risk. Mishkin (2001) describes the debt-to-equity ratio as a great financial test of long-term corporate health, because debt establishes a commitment to repay money throughout a period of time, even though there is no assurance that sufficient cash will be generated to meet that commitment. Creditors and lenders, understandably, rely heavily on the ratio to evaluate borrowers. As long as this ratio is considered to be lo w, investors confidence will be increased which negatively related with the stock performance.The debt-to-equity ratio is calculated by dividing debt by owners equity, where equity is, typically, the figure stated for the preceding schedule or fiscal year. Debt, however, can be defined either as long-term debt only, or as total liabilities, which includes both long- and short-term debt. The most common formula for the ratio is Long term liabilities / owners equity (4) Coverage Ratios 4. 1 Interest Coverage The amount of earnings available to make interest payments after all operating and non-operating income and expensesexcept interest and income taxeshave been accounted for.Interest coverage is regarded as a measure of a companys creditworthiness because it shows how much income there is to cover interest payments on outstanding debt. Banks and financial analysts also rely on this ratio as a rule of thumb to gauge the fundamental strength of a business as argued Eugene F. &038 Joe l H. (1998). Investors also rely on this ratio to examine the strength of a firms financial statement while this ratio should have a positive relationship with stock market return.Interest coverage is expressed as a ratio, and reflects a companys ability to pay the interest obligations on its debt. It compares the funds available to pay interestearnings before interest and taxes, or EBITwith the interest expense. The basic formula is EBIT / interest expense (5) Efficiency Ratios Ratios of turnover are constructed to measure how effectively the firms assets are being managed. 5. 1 Asset Turnover The amount of sales generated for every pounds worth of assets over a given period. Asset turnover measures how well a company is leveraging its assets to produce revenue.A well-managed manufacturer, for example, will make its plant and equipment work hard for the business by minimizing idle time for machines. The higher the number the better-within reason. As a rule of thumb, companies with low profit margins tend to have high asset turnover those with high profit margins have low asset turnover. This ratio can also show how capital intensive a business is. Some businesses-software developers, for example-can generate tremendous sales per dollar of assets because their assets are modest.At the other end of the scale, heavy industry manufacturers need a huge asset base to generate sales as refered by Eugene F. &038 Joel H. (1998). As long as the plant and equipment work hard and sales are increasing that would be an indication of a good sign. Consequently, this ratio should be a positively related with stock market return. Asset turnovers basic formula is simply sales divided by assets Sales revenue / Total assets 5. 2 Accounts Receivable Turnover This ratio explains the number of times in each accounting period, typically a year that a firm converts credit sales into cash.A high turnover figure is desirable, because it indicates that a company collects revenues effecti vely, and that its customers pay bills promptly. A high figure also suggests that a firms credit and collection policies are sound. In addition, the measurement is a reasonably good indicator of cash flow, and of overall operating efficiency as hence by Mishkin (2001). This ratio should have a positive relationship with stock return. The formula for accounts receivable turnover is straightforward. Simply divide the average amount of receivables into annual credit sales Sales / Account Receivables (B) Statistical Results