Dying with Dignity (Euthanasia) Free Essays

string(49) of barbiturates was naturally administered. By Valbona H. Bajrami Table of substance Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 3 History of euthanasia†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 4 Medicine†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. We will compose a custom paper test on Biting the dust with Dignity (Euthanasia) or on the other hand any comparable point just for you Request Now . 5 Ethics†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Religion views†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 7 Emotion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 8 Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦9 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 10 Introduction People have been experiencing terminal ailments for quite a long time. A few doctors accepted that these individuals ought not need to endure if that was their desires. They had thought of the possibility of willful extermination; killing is the act of completion the life of an individual in an easy manner. A few people feel that killing is a wrongdoing simply like homicide; some others imagine that willful extermination is fundamental for those individuals who are in excruciating torment and have no fix. The term, ‘Euthanasia’ originates from the Greek words eu meaning great, and thanatos meaning demise, and is known as leniency executing or helped self destruction, typically rehearsed on an at death's door individual. In certain nations, willful extermination is lawful and a third individual can help self destruction under specific conditions. Numerous religions and clinical specialists restricted the possibility of killing and emphatically guaranteed it to be unlawful. The discussion on willful extermination is required to proceed later on in light of the fact that there are the two advantages and disadvantages to killing. (Sandhyarani, 2011) When inquired as to whether specialists ought to be permitted to end the life of a patient who is experiencing a terminal sickness and needs incredible, of Americans said â€Å"yes. † Although, willful extermination is disallowed by law in many conditions of the USA, this survey depended on insights of Gallup Organization in 2007. In 2010, in view of Angus Reid Public Opinion, 70% of Americans were ace when posed a similar inquiry. Assessments of public sentiment/Surveys, 2011 ) The significant terms that help to partition and characterize willful extermination by type are: deliberate, which is a demise performed by another with the assent of the individual being killed, automatic, which is a passing performed by another without the assent of the individual being killed, dynamic willful extermination, w ere patient’s demise is brought about by explicit advances, for example, infusing the patient with toxic substance, and uninvolved killing, which is typically characterized as pulling back clinical treatment with the conscious goal of causing the patient’s demise. History of Euthanasia Killing has an old history, and this subject has been both contradicted and protected since old occasions. The primary who utilized the word, killing, was a Roman history specialist, Suetonius. In light of reactions that were made in the location of the individuals who have drilled willful extermination, it is expected that the primary hints of killing began in Mesopotamia, River Ganges in India and in antiquated Israel. In the sixteenth century the principal proposal of killing dropped by Thomas Mores, who stated: When there is no fix and a patient endures excessively, the patient ought to be persuaded to pass on. The patient ought to understand that his ailment is hopeless, he is a weight to other people and his languishing causes feel sorry for over individuals around him. In antiquated Greece, when the doctor offered medication to the patient who was enduring outrageous torment, and had a hopeless terminal disease, traditional Greek rationalist Plato firmly upheld this activity. He likewise accepted that intellectually and genuinely sick people ought to be left to death since they don't reserve the privilege to live. The primary issue with killing originated from the Oath of most celebrated antiquated Greek doctor Hippocratic, which says:†I won't regulate toxic substance to anybody when requested to do as such, nor propose such a course. † In old Rome, willful extermination was a wrongdoing and this activity was acknowledged as slaughtering somebody intentionally. Without precedent for the seventeenth century in Prussia, the individual who murdered the patient with a hopeless illness was rebuffed as a blameworthy man. Killing was both condemned and shielded in the twentieth century. In start of the twentieth century, the patterns of sanctioning of willful extermination started in the United States, however the administration idn’t acknowledge these recommendations, despite the fact that 53% of American doctors guarded killing. (Erdemir, 2001) In1935 the killing Society of England was framed to advance willful extermination, at that point in 1939, the main legitimization of kill ing was in Nazi Germany. The Nazi specialists ended the lives of thousands of their kindred residents on orders from the legislature. In 1996, in Australia the willful extermination became effective, yet it was toppled by the Parliament in 1997. The spots where willful extermination is lawful are; Oregon, Washington, Switzerland, Netherlands and Belgium. Medication Willful extermination, some of the time known as â€Å"mercy-killing,† is the purposeful consummation of a patient’s life by a doctor, for the most part by deadly infusion. One of the most known doctors who rehearsed killing was Jack Kevorkian. He was a pathologist, and usually known as â€Å"Dr. Passing. † From June 1990 through January 1996, 27 individuals kicked the bucket utilizing one of Kevorkian’s machines, and in absolute he said that he helped at any rate 130 patients to take their lives. In 1999, Kevorkian was seen as liable, and served eight years of a 10-to-25-year jail sentence for second degree murder. He was discharged on parole on June 1, 2007; relying on the prerequisite that he would not offer self destruction guidance to some other individual. â€Å"I will concede, similar to Socrates and Aristotle and Plato and some different scholars, that there are occasions where capital punishment would appear to be fitting. † (Kevorkian) The killing gadget is a machine built to permit a person to bite the dust rapidly with negligible torment. They might be worked by a doctor, or by the individual wishing to pass on. In 1989 Kevorkian depicted his unique passing machine called â€Å"Thanatron†. This gadget included an individual pressing a catch that discharged medications or synthetic substances that would end their own life. The second model he utilized was called â€Å"Mercitron†. It was like the first, aside from a gas veil took care of by a canister of carbon monoxide was appended to a face cover with a cylinder. The third model was imagined by Philip Nitschke, who is an Australian clinical specialist. He named his gadget â€Å"Deliverance Machine† which was customized to pose the patient a progression of inquiries, that, whenever addressed effectively, a deadly infusion of barbiturates was consequently directed. You read Biting the dust with Dignity (Euthanasia) in classification Paper models In 2008, Dr. Nitschke created another gadget called â€Å"Exit’s Euthanasia Device† witch utilized a customary grill gas bottle, loaded up with nitrogen and a plastic self destruction sack. The gas is increasingly mental, with no possibility of unfriendly response. â€Å"So it’s amazingly brisk and there are no medications. Significantly this doesn’t fall flat †it’s solid, serene, and accessible and with the extra advantage of imperceptibility. † (Philip Nitschke) Ethics According to Garn LeBaron, the patient, his friends and family and the doctors all face moral difficulties while deciding if willful extermination is a moral decision. Most doctors that are against willful extermination accept that for a long time of custom, the specialists were committed to recuperating patients, not killing them. On an individual level, the individual must settle on a choice whether to take their life. They may accept that dependent on their personal responsibility and their own advantage, it is smarter to pass on accepting they would be a money related, physical or passionate weight to their families should they experience their ailment until their body bites the dust all alone. Interestingly, they may decide to live to benefit others and for friends and family, to save them the agony and unrest to settle on and bolster such a choice. Should the family have t

One Best Friend Essays - English-language Films, Frankenstein

One Best Friend One Best Friend There are such a large number of kinds of companionship that can be grown purposefully or inadvertently by all people. Its difficult to acknowledge that occasionally in light of the fact that we may require the assistance of somebody who in the event that it wasnt for the present need we would be cheerful not to try and express a word to the person in question. We all sooner or later we settle on cognizant choices on who our companions are. Frankenstein didnt have such extravagance. He didnt have a friend network to browse. He just had the individuals who needed to utilize him for their own comfort and it is along these lines that he discovered that companionship could be that. A trade of favors by individuals he truly didnt trust. All through the storylines that follow the book and the primary film, Frankenstein didnt have any genuine companions. Indeed, even the old visually impaired man from Bride of Frankenstein acknowledged him since he himself was in urgent need of any sort of human association. The beasts initial introduction was that of a legitimate well disposed motion. This was the initial step for him in discovering that companionship could be utilized to gain the things he needed. Aristotle remarked on the presence of three kinds of companionship: kinship dependent on utility, fellowship dependent on joy and flawless kinship. The first being founded on a reliance of each other. We as a whole get the opportunity to encounter every one of the three sorts of companionship. The Monster never had the benefit of knowing the last one. The third one depends on genuine sentiments of deference, regard, and comprehension. No one at any point had those emotions toward the beast. Practically all the characters and ever watchers of the story have only sentiments of dread, misjudging, pity and lack of regard for the beast. The nearest anyone came to be a genuine companion to the beast was Ygor. Indeed, even Ygor didnt truly consider the to be as a potential companion he was just an instrument that he used to settle the score with the individuals who condemned him to be hanged and the individuals who didnt conceal their disturb for Ygor. It could be contended that no one got as near the beast as Ygor did. Ygor didnt need the beast to be his companion he didnt waver to supplant the Monsters mind with his own so as to have the beast solidarity to be utilized for his own arrangements. He understood that controlling the beast was turning out to be increasingly troublesome. Companionship isn't tied in with controlling another person. In the surface it could be contended that Ygor was the Monsters closest companion. After all we as a whole have somebody that its thought about a closest companion. Everyone in the early years attempt to remain and become friends with the individuals who seem as though us or who share a bond. In Bride Of Frankenstein the beast is by all accounts applying this idea to himself when he requests an accomplice. He had understood that individuals could always be unable to see him in an inviting way, they could always be unable to get him, since they dislike him. His answer was to look for somebody who got him and was in a similar circumstance. Another beast. Toward the finish of the film he understood that not even somebody who had been manufactured simply such as himself would not acknowledge him. The panicked articulation of the lady of the hour disclosed to him all that he had to know. There are such a significant number of perspectives to the tale of Frankenstein corresponding to companionship, however the most remarkable is that of a forlorn being who couldn't culture an ideal kinship which was the reason for his decimation. English Essays

The Matthew Effect Essay Example for Free

The Matthew Effect Essay The Matthew Effect section of Outliers, Malcolm Gladwell states that a person’s achievement s ascribed to the planning of their introduction to the world date as it identifies with the cut-off dates of sports and training. He accepts that this one arbitrary date is the beginning of a progression of focal points that can at last lead to progress. In spite of the fact that planning of a birth date and openings can play a critical factor in one’s achievement, they are not the sole assurance of progress. Gladwell neglects to recognize the fundamental job an individual’s aspiration and regular conceived ability play in making achievement or the pivotal effect family impacts can have on one’s achievement. Over-Simplified Since Biblical occasions, gatherings of individuals were isolated by the wealthy and the have not’s. Matthew 25:29 states â€Å"For unto everybody that hath will be given, and he will have bounty. However, from him that hath not will be removed even what he hath. † (Gladwell, 2008, p. 15) In section 1, of the Outliers (2008), Malcolm Gladwell has a comparable contention in â€Å"The Matthew Effect†. He contends that individual achievement is credited to shrouded favorable circumstances, for example, someone’s birth date, which thusly, makes opportunity through aggregate focal points. (pg. 19) Gladwell calls these fruitful individuals â€Å"outliers† which he characterizes as â€Å"men and ladies who do things that are out of the ordinary† (pg. 17). In spite of the fact that planning of a birth date and openings play a critical factor in one’s achievement, Gladwell’s hypothesis that those are the sole assurance of progress is over rearranged in light of the fact that it doesn't think about the effect of one’s individual aspiration, ability, and family impacts. Desire In Outliers, Gladwell states that â€Å"people don’t ascend from nothing† (pg. 19) and totally limits the job an individual’s aspiration plays in making progress. At the point when an understudy, or a competitor, has a powerful urge for progress, paying little mind to their age or birth date, it drives them to exceed expectations past the ordinary range. An ideal case of this would be a little youngster named Stephanie Bradley. She needed to be a specialist. Stephanie experienced childhood in a little hands on network in country Texas. Her folks were not school instructed and lived only marginally over the neediness line. She went to a little, open, 2A secondary school, with normal instructors. What's more, she was the most youthful in her group, in cases, by over a year due to a mid-July birthday. What set her apart from different understudies was her longing for progress and her energy for medication. This aspiration drove her to try sincerely and shrewd, remain centered, and never take her eye off her definitive objective. En route, she made penances, however never veered off base. She didn’t have any open doors well beyond ones she made all alone. Brought into the world With It Sheer ability is another key factor answerable for progress and lies with the gathering of competitors that make progress without the advantage collective preferences. These are the competitors who are brought into the world with an ability that supplants the expertise of different competitors. There is a distinction among aptitude and ability. Expertise is something that requires preparing and experience to progress nicely, while, ability is a characteristic capacity to contend with excellent capacity. (Bing word reference, 2014) While this ability is uncommon to discover, when it exist, these competitors can discover achievement paying little mind to where their birthday falls on a schedule. One such competitor exists right now on a nearby secondary school swimming club. Taylor is a secondary school rookie who didn’t contend in youth baseball sports, since his folks were more refined than athletic and they never had the money related assets to pay for extracurricular exercises. In his first year, a companion requested that he join the swimming club. Having never contended physically, Taylor was reluctant however concurred. To everyone’s shock, he medaled at his first swim meet. In one occasion, yet two. The following week, more achievement, more successes. His absolute first year swimming, he succeeded at region, regional’s and is positioned fourth in the state. There is presently discuss Olympic preliminaries. He has contended and won against competitors who have been swimming since the age of four, have logged a large number of hours in the pool, and whose guardians have spend tremendous measures of cash on private mentors. Be that as it may, Taylor wins having never gotten those kinds of chances. He wins as a result of his normal conceived ability. Family An individual’s family impacts can likewise crucially affect one’s achievement. While Gladwell recognizes that legacy and culture plan a job in progress or disappointment as outlined in the Harlan, Kentucky and The Ethic Theory of Plane Crashes parts, he doesn’t credit straightforwardly, the guardians, grandparents, just as, kin that can give an essential component in making achievement. For instance, if a parent wants to go along their insight or aptitudes in a specific game, they are probably going to begin that procedure at an early age which brings about expanded practice time building up the child’s ability. This parent may likewise flexibly extra preparing well beyond what a run of the mill mentor would give. The family could likewise have associations with mentors or instructors that take into account included guidance. Kin can likewise push people to a more elevated level of execution. For instance, having a more established sibling who plays baseball with a more youthful kin will give further introduction that can build up their aptitudes. This extra preparing and experience can build up a kid on the ball, paying little mind to their introduction to the world date. The Other 32% Gladwell’s case of the list of hockey players on the Medicine Hat group indicated that â€Å"seventeen of the twenty-five players on the team† (pg. 23) had the ideal birth month for the game. He credited their January, February, March and April birthday celebrations for their prosperity. In any case, that implies that eight out of the twenty-five players (32%) in the group were fruitful, without the advantage of the ideal birth month. This gathering isn’t the biggest level of players in the group however it shows that achievement isn’t dependent on only one factor. Gladwell’s contention that achievement comes from shrouded favorable circumstances and openings made by those focal points is valid now and again; effective individuals are not made from one recipe, for example, what month their birthday falls. That is only one bit of the image of accomplishment. There are a large number of elements I. e. aspiration, ability and family that assume a job in deciding why somebody is effective and they all should be supported and advanced.

Islamic contracts and hedge technique Essay Example | Topics and Well Written Essays - 2500 words

Islamic agreements and fence strategy - Essay Example The various parts of the Islamic supporting strategies have been looked into and dissected in this paper. Substance Contents 3 Introduction 4 Discussion 4 Background of Islamic Finance 4 Types of Contracts 6 Hedging Instruments of Islamic Finance 7 Profit Rate Swap 8 Foreign trade Risk Hedging 9 Conclusion 10 11 References 12 Introduction Islamic Finance has been founded on the standards of the Quran or all the more completely on the standards of Sharia. As per the standards of Islamic Finance the acknowledgment and installment of intrigue is unreasonable. Along these lines Islamic Finance is without any installment or receipt of enthusiasm for instance of any business exchange. This sort of financing procedure is embraced for the accomplishment of the objectives which are explicit to the Islamic economy. The sharing of the benefit and misfortune is the primary guideline of the Islamic Sharia. As indicated by the Sharia this measure would acquire value just as equity the economy. Hen ceforth the elective names for the banks running on the standards of Islamic Finance are PLS bank. In the budgetary framework there are different sorts of dangers that persevere which may bring about an immense measure of misfortune. The supporting strategies are received in a budgetary market so as to cover a specific situation of presentation which is by and large comparable to a specific money related movement by taking a place that is inverse of what the unsafe circumstance is. The greater part of the banks take such supporting strategies so as to cover the exposures that emerge out of the crisscrosses in the benefit and obligation of the books of records. These sorts of supporting strategies are additionally common with regards to Islamic Finance. This article investigates the different hazard the board quantifies that are being attempted so as to give an answer for the hazard exposures and the kinds of instruments that are being actualized for the reason. Conversation Backgrou nd of Islamic Finance The fundamental targets of Islamic Finance are to advance the standards of Sharia in the manners by which business exercises are being directed. This is finished with the target of advancing development and flourishing in the economy in a reasonable way. These monetary administrations would fit in with the standards of Sharia and would guarantee that the conveyance of salary in the economy would be fair and there would be ideal assignment of the assets in the economy in a legitimized way. Rather than the ordinary methods of financing which considers enthusiasm as the open door cost of cash, Islamic fund thinks about the presence of enthusiasm as a vile practice. As per the standards of Islam, credits are given by one gathering to the next to meet any sort of unexpected circumstance that may emerge. A bank should accordingly assist the borrower with getting the advance as opposed to exploiting it. In this way there ought to be a connection of collaboration betwe en the bank and the borrower. There is no connection of account holder and loan boss as if there should be an occurrence of business banking that is work on as indicated by the general show. The standards of Sharia express that there is essentially no arrival that the individuals can really procure except if they take any sort of hazard. The rule in is practice in both the capital markets just as the work markets. This implies the workers would not be qualified for compensation except if they face a few challenges while working or bear an expense. Then again the capital

Donald Trumps Anti-Immigration Campaign, Role of the Media in Literature review

Donald Trump's Anti-Immigration Campaign, Role of the Media in Literature review Donald Trump's Anti-Immigration Campaign, Role of the Media in Promoting the Anti-Immigration Discourse in the USA, Factors Promoting Its Rise â€" Literature review Example > The paper “ Donald Trump’ s Anti-Immigration Campaign, Role of the Media in Promoting the Anti-Immigration Discourse in the USA, Factors Promoting Its Rise”   is a worthy version of a   literature review on social science. First world and second world countries around the world have recently experienced an influx in the number of people seeking either economic or political asylum. Although originally not a problem, the increased immigration rates have prompted various nations to find ways to reduce the number of both economic and political refugees. This Anti-immigration campaign has been witnessed in Europe, Africa, Australia, and the United States. The United States ranks among the countries with the highest immigration rates, with a high population of these immigrants being of Hispanic descent. The high population levels of both legal and illegal Hispanic immigrants in America have resulted in them being the subject of numerous anti-immigration campaigns, especially dur ing the election period, with politicians using the propaganda campaigns as ways to achieve more votes. The US 2016 election year is no different from other election years, as different candidates have employed anti-immigration propaganda as ways to gain nominations with the most prominent being the Republican presidential frontrunner, Donald Trump. A major part of Trump’ s campaign involves the use of anti-immigration propaganda, which includes a promise to construct a wall along the Mexican-American border to prevent the Mexican and immigrants from Latin American countries from coming into the United States. This paper provides an analysis of Trump’ s anti-immigration stance during his presidential campaign; therefore, it acts as an informative piece on how propaganda influences public opinion in an authoritarian society. Literature Review Role of the Media in Promoting the Anti-Immigration Discourse in the USAPropaganda spread through cable television greatly influences the perceptions of people watching them. In the United States, television news networks play a huge role in influencing American perception with respect to Mexican immigrants. Zú ñ iga, Correa, and Valenzuela (2012) conducted an analysis of how two of America's largest cable news networks, FOX, and CNN, influence attitudes towards immigrants especially those of Latin American descent. According to Zú ñ iga, Correa, and Valenzuela (2012), the FOX news network is linked to increased negative perceptions of people of Hispanic descent. FOX news involves minimal mention of Mexican immigrants, with most of the mentions depicting these individuals’ criminals and a burden to society. As a result, the majority of FOX viewers are conservative Republicans who seem to share the same negative attitude against Latin-American immigrants. A more liberal popula tion, who seem to harbor fewer negative attitudes towards Mexican immigrants, on the other hand, watches CNN (Zú ñ iga, Correa, Valenzuela, 2012). According to these findings, the media plays a huge role in promoting propaganda and the attitudes of Americans towards immigrants. Schemer (2012) also investigated the impact of the media on stereotypic perceptions towards Hispanic immigrants, especially during political campaigns. The study results revealed that during political campaigns immigrants are often negatively portrayed in the news; therefore, promoting stereotypical perceptions among citizens. The study, however, explained that less educated people are more likely to be influenced by negative media portrayal as compared to higher educated individuals (Schemer, 2012). As such anti-immigration propaganda spread through the use of mass media is likely to influence the less educated, who make a larger part of the population.

Determinants Of Corporate Dividend Policy Within Pakistan Finance Essay - Free Essay Example

This research examines different factors that determine cross sectional variations in corporate dividend policy such as profitability, growth opportunities and riskiness. Another aim of this is to check the significant relationship between losses and dividend cuts. Manages cater to investors by paying them dividends when investors put a stock price premium on payers. To test this prediction, I used companies that are listed on Karachi Stock Exchange (Pakistan) and test there are three stock price based measures of investor demand for dividend payers to check if catering theory of dividend exits in Pakistan. INTRODUCTION They are many reasons for the existence of dividend payments, but Miller and Modigliani (1961) prove that dividend policy is irrelevant to share value in the perfect and efficient capital markets. Which means there was no preference between the dividend payment or the capital gains. Arbitrage ensures that dividend policy is irrelevant. But in reality this doesnt happens. Firms cater investor needs to fully increase the share price, ownership and become a high profitable firm. Management make dividend policy with the consent of their investors. The determinant of dividend policy helps to predict the future growth and the stability of the firm; it also caters to the best interest of the investors. The aim of this paper is to find the determinant of dividend policies in Pakistan, and check whether these determinants have some impact of significance in the share value. And also check whether these determinants are same as in other under developed countries. the corporate sector of Pakistan is going to a bad phase these days due to the terrorism and internal imbalance political situations , so I want to check if Pakistani companies still giving the dividends to their investors and if not then what is the main reason for this and how will they cater new investors. And how this will affect the share price of that company in the stock market. All the regulations have been signal out concerning dividend payments, in effort to compare the results with those from previous research. Although there is no such research has been conducted in Pakistan, all the research related to dividend policy is done in India and other developing country unlike Pakistan. But this study will play an important role in determining the factors which influence the dividend policies of the country and the impact of these policies on the share value of the firm. Institutions have preference for dividend paying companies but there is little evidence that they prefer higher payout ratios or dividend yield. Lintners model (1956) of partial adjustment works reasonably well for the large number of companies. Mostly there is a negative relationship between the growth and the dividend payout and leverage and the payout. So this will also be tested in this paper. Companies having a higher growth opportunity are less likely to have free cash flow; if they dont have a free cash flow then they are unable to give dividends which give a bad signal to the market. Mostly managers are reluctant to cut dividends and that they will not increase dividend unless they are reasonably sure that they will not have to reverse this move soon. Basically managers want to carter the needs of the investors in their best interest so they hesitate to cut their dividend because this will discourage the investor. The cutting of dividend is a bad move as this gives negative signal to the market about the firm and also tells that the firm is full of risks. There is no proper cash flow coming into the firm so the person who has invested in the firm has greater risk of losing their money. So this also a very important determinant of dividend policy making. Managers hesitate to reduce the dividend because they want to play safe to not to repeat this move again. As dividend increases signal a reduction in risk because this shows that the managers are confident enough about the stability of future earnings. This also includes the agency theory which tells that dividends can be used as a means to control firms management. Distributing dividends reduces the free cash flow problem and increase the managements equity stake. Another agency problem that affects the dividend policy is between shareholders and debt holders. The risk that shareholders will expropriate debt holders by paying themselves excessive dividends has led to the often encountered covenants restricting dividend policy in bond contracts. So this is another determinant of dividend policy which helps to cut down the dividend. Catering theory also plays an important role in determining the dividend policy. Baker and Wurgler proposed the decision to pay dividends is driven by prevailing investor demand for dividend payers. Some investors have an uninformed and perhaps time varying demand for dividend paying stocks. Arbitrage fails to prevent this demand from driving apart the prices of payers and non payers. Managers rationally cater to investor demand, they pay dividends when investors put higher prices on payers and do not pay when investor prefer nonpayer. The propensity to pay dividends depends on a dividend premium in stock prices. This is will be tested using the time varying variables or proxies for dividend premium. Testing catering theory using Pakistani data is an objective of this research. This kind of study has not been done in Pakistan before, the determinant of dividends of corporate companies establish their policies according to these. The catering theory plays an important role in this. I will test the BW(2004) model of catering theory on Pakistani companies related to oil and gas, beverages, pharmaceuticals, fertilizer, financial, textile and FMGC etc sectors. All the companies register on Karachi Stock Exchange who pays dividend for that specific year is taken as the sample. The catering theory of dividends suggests that real financial markets are imperfect and inefficient, and corporations decide their dividend initiation and continuation decisions by catering to investors demands for dividends. LITERATURE REVIEW A test of the catering theory of dividends of Japanese electric appliances industry was done by Chikashi Tsuji (2010) all the sample they took was Japanese firms, they studied the affect of catering theory on the valuation of stock price. They replicate the methodology used by Baker and Wurgler to test whether the results holds true in Japan as they indicated. They concluded that corporate managers do not consider catering behaviour in either their dividend initiation decision or their continuation decision. These results were different from existing evidence for U.S market. They took dividend initiation as value weighted dividend yield where as Baker and Wurgler used equally weighted. So they conclude that value weighted dividend yield declines, when Japanese firms tend to initiate dividend payments. Catering theory of nominal share prices by Malcom Baker, Robin Greenwood and Jeffrey Wurgler (2009) suggests that typically the supply of different stocks cater to different incentives of investors. Manager increase the low priced securities supply that investors are willing to pay premium for it. So this existing literature is dealing with stock splits which eventually decrease the value f the stock price but this increased the supply which leads to high valuation for the firms rather than high priced and large firms. Many board of director chooses to split their shares to manage the nominal value and increase the number of outstanding shares but this doesnt help them to change the overall market value of the firm. This only done to cater the needs of investors and initiate their paying power of premium for even through that their fundamental values dont increase. Manager increase the supply of low priced shares for which the investors are paying premium for them. So the splits increases and help them to increase the valuation of the firm as the low priced firm are more attractive to investors then high priced firms. Catering theory also affects the post split prices for the large capitalization firms rather than small firms, according to the author that is also telling the reason that why firms initiate to go for the share splits. Price management appears to over valuate the low priced firms so the more often firms go for splitting shares they often end up with low returns. According to Jain, Shekhar and Torbey (2009) study, they evaluated the economics of the choice of form of payout initiation mechanism adopted by IPO firms. Their results suggest that IPO firms demonstrate preference for repurchases over dividends as the specific form of payout initiation mechanism. They compared the results of pre IPO and post IPO announcements, and found out that the market views post IPO payout initiation favourably then pre IPO. But the market was in different to the specific form of payout initiations adopted. The model they introduced in this study was the test the dividends and repurchases represent distinct payout mechanism adopted by IPO firms with fundamentally different characteristics and motivation to initiate payouts during post IPO phase. The conclusion they drawn was that the dividend initiation are primarily driven by life cycle and catering theory considerations. So the signalling theory provides accurate explanation for the payout initiations through share repurchases. The study for the international presence of dividend catering across a sample of twenty three countries was done by Ferris, Jayaraman and Sabherwal (2009) these firms incorporated in common law not the civil law nations. They conclude that when legal regime and its accompanying set of investor protections permit, investors force dividends from managers but they also attempt to extract such payouts indirectly by placing a high value on dividend paying firms. The variables they took were size, premium, operating income and book to market. This will give a the determinants of dividend will leads to the increase in stock price. In 2008, Polk and Sapienza came up with the corporate investment decisions which will eventually leads to discover the impact on stock market. Catering theory plays a major role in this, as mispricing might influence individuals firms decisions. For this purpose they used discretionary accruals as the proxy for mispricing. They conclude that there was a positive relationship between abnormal investment and discretionary accruals. The firms who have high RD or share turnover are more sensitive to discretionary accruals. And whereas the firms with high abnormal investment have low stock returns. In the theoretical model tested by Aghion and Stein (2008) explained the revenue catering theory. They proposed that investors have time varying demand for revenue growth and manager will cater to this demand by offering higher revenue on which investors are putting premium on the revenue. They took the sample from high tech and health sectors. Firms in these sectors are more likely to meet analyst forecasts of revenue when previous years revenue premium is high. Catering theory of dividends also involve a big cost, these cost involves cost of premium tax , cost of risk and opportunity cost, all these costs were studied by Cohen and Yagil (2008). The main issue addressed by their model was the negative relationship between the expected dividend per share and the ratio of information about the cost of the dividend held by category investors and arbitrageurs. The cost of dividend has been shown in to three types: premium tax, risk and investments. So in this article the author conclude that there is a linkage between investment, financing and dividend polices decisions, and this is mainly affected by the catering theory which was proposed by Baker and Wurgler. The risk premium consists of two components, first is the increase in financial leverage resulting from dividend payment and the second is the semi contractual obligation of dividend paying firm to maintain the dividend payment. So the model predicts that there is negative relationship between these three premiums and expected dividend per share. This also predicts that if the firm is operating in financially risky environment prior to dividend payment, then it will be negatively related to financial leverage. Researchers came up with this conclusion that the dividend sum depends on its short term and long term impact on the stock price and also depends on the financial leverage and investment opportunities. A study on dividend policy and the behaviour of investors, Sabur Mollah and Asma Mobarek (2007) came up with the satisfactory explanation of the firms who is catering investors sentiments on this. They suggested that mostly dividend decision is governed by those managers who have somewhat their personal interest involved in. The findings also suggests that the investors are willing to invest in those firms who has enough cash flow to pay out the dividends, as cash flow is a better measure of the companys capacity to pay out dividends and profitability. Dividend policy, risk and catering have a positive relationship; this was found out by Hoberg and Prabhala (2006). They reported that risk is significant determinant of propensity to pay dividends and explains up to 40% of the disappearing dividends puzzle. The second thing they found out was that the catering in insignificant once there is an account for risk. Share holder rights also play an important role in dividend policy. This was studied by Jiraporn and Ning (2006) agency costs as a determinant of dividend policy. They determined that how dividends are related to the strength of share holder rights so they found out that firms which plays higher dividends their share holder rights are more suppressed. So they studied the impact of share holder rights on dividend policy of a firm. As a result, dividend acts as a substitute for share holder rights. So the evidence is there that the regulations influence the relationship between dividends and the share holders rights. Another aspect of catering theory by Richard and Zhang (2005) is given by comparing the share repurchase with giving out dividends and what is the impact of mangers and investors in this. They discussed that market immediately react to the dividend announcements rather than repurchase, but mangers decision is based on his time horizon and his own incentives attached to it. Investor does positively react to dividend news but mostly managers discourage this due to the signalling hypothesis. They consider that it will incorporate the firms news immediately into the market. So when making decision of dividends the firm caters to investor demands. So according to these researchers they cater to investor demands by paying dividends and repurchasing shares. Also they found that firm free cash flow is reinvested in new NPV projects impact on the investors and the valuation or their share prices. So they concluded that catering through dividend and repurchases is inefficient though it has strong reaction from the market but the managers are more willing to invest in positive NPV projects. Determinant of dividend policy have a great impact on stock price of the firm. This eventually affects the value of the firm. Mostly investors invest in those firms who have a regular pattern of giving dividends. Bogdan Stacescu (2004) examined dividend policy for a sample of Swiss companies. They came up with determinants which affect the dividend policy, such as profitability, growth opportunities and riskiness. Past and present income growth is more relevant then the future growth of dividend changes. Price volatility seems the most significant factor in these changes. They also determined the relationship between losses and the decrease in dividends, when the firms dont give dividends they occur losses as in investors are reluctant to invest in those firms whose cash flow is not certain. So managers hesitate to cut out the dividends as it gives negative informational signal to the Swiss market and to dividend changes. According to Malcom Baker and Jeffrey Wurgler (2004) came up with the explanation of dividend payment. They proposed that dividend payment is done on the basis of investors demand. Mostly managers cater to investors by giving them incentives such as dividend premium. By putting a premium non payer is initiated when the demand is high, there is expectation of future earnings, whereas when there is no premium that implies that more investment is done and is discouraging for the investors as psychological point of view. They constructed four stock price based measure for the investor demand, the broadest one was about to check average between market-to-book ratio, second one was checking the difference between the cash dividend and stock dividend share classes, third one was related to dividend initiations this will affect the stock price of company, and lastly future stock returns of payer and non payers. Some investors have time varying demands for dividend payments and if its not fulfilled then essentially it effects the value of the stock prices. So dividend initiations and omissions is connected with the value of share prices. According to this article, when managers pay a dividend premium only then investors are ready to invest and for that reason they studied what sentiments of investors are attached with this time varying dividends premium and what is the most they are interested in. So they came up with the explanation that when dividend premium is high, investors are seeking firms that depicts safety, security in the long run and excess of cash, whereas firm with no dividends means increase in capital and future earnings expectations. So sentiments have a strong correlation between dividend premiums and investors expectations. The relationship between initiations and omissions of dividend premium is apparent to clientele demands. So by concluding these author came up with the result that managers only cater those investor by paying dividends when the investors is willing to put a stock price premium on payers not by when they actually doesnt want it. This is due to the initiation of the high and low demand of dividends. Baker and Wurgler (2003) came up with the appearing and disappearing dividends and they linked this with catering incentives. They used the methodology of Fama and French (2001) to identify a total of four distinct trend in the propensity to pay dividend between the period 1963 and 2000. The propensity to pay dividends increases when a proxy for the stock market dividend premium is positive and decreases when it is negative. They conclude that dividend tends to disappear during pronounced booms in growth stocks and reappears after crashes in such stocks. 3. METHODOLOGY The methodology used for testing different determinants of dividend which has an impact on the profitability, growth and riskiness on Pakistani firms listed on Karachi Stock Exchange for the year 2010. The test will also be constructed to find the relationship between share price reactions to the announcement of divined changes. Another methodology will be used to check the catering theory of dividend and its impact on the investors demand for the certain premium stock on payers. This will follow Baker and Wurgler model (2004), so the existing theory of BW (2004) is used to check whether catering theory exists in Pakistani companies or not. No one has ever done this kind of research in Pakistan before, so this will help in understanding the behaviour of investors towards the premium stocks and will also help us to identify which determinants have more predictive power to explain the changes in dividend policies. So there is theoretical contribution in this research as the theory deve loped is unique, the sample which is to tested is also recent observations so it will give the clear view about todays market. 3.1 Economic model: For testing the major determinants of dividend policy in Pakistan which affects investors perception about the firms value and the affect of the catering theory on this will be done by using the economic model Ordinary Least Squares (OLS). As the data is cross sectional so it will be useful to test through OLS model. The coefficient will be also of OLS. 3.2 Variables: The variables used to test the factors that influence the payout ratio and the dividend yield were ROA, Capital gearing ratios, Price volatility, TA, voting rights and market-to-book ratios. All these values can be taken from the annual report. A firm-year observation is called as a payer if it has positive dividend per share by the ex date, else it is a non payer. The variables taken are : PayersÃÆ' ¡Ãƒâ€šÃ‚ µÃƒâ€šÃ‚ ¼ = New PayersÃÆ' ¡Ãƒâ€šÃ‚ µÃƒâ€šÃ‚ ¼ + Old PayersÃÆ' ¡Ãƒâ€šÃ‚ µÃƒâ€šÃ‚ ¼ + List PayersÃÆ' ¡Ãƒâ€šÃ‚ µÃƒâ€šÃ‚ ¼ Old PayersÃÆ' ¡Ãƒâ€šÃ‚ µÃƒâ€šÃ‚ ¼ = PayersÃÆ' ¡Ãƒâ€šÃ‚ µÃƒâ€šÃ‚ ¼-1 New Non payersÃÆ' ¡Ãƒâ€šÃ‚ µÃƒâ€šÃ‚ ¼ Delist PayersÃÆ' ¡Ãƒâ€šÃ‚ µÃƒâ€šÃ‚ ¼ The first identity defines the number of payers and second describes the evolution. Payers is the total number of payers. New payers is the number of initiators among last years non payers, Old payers is the number of payers that also paid last year, List Payers is the number of payers this year that were not in the sample last year, New payers is the number of omitters among last years payers and Delist Payers is the number of last years payers not in the sample this year. Note that Lists and Delists refer to companies added to and removed from the Karachi Stock Exchange first section. But this will include the data for the previous years too, so this will be difficult eventually to find list payers as the data we will cross sectional. Note that the new lists include the IPOs firms. Below are the three variables defined to capture dividend payment dynamics as in BW (2004) : InitiateÃÆ' ¡Ãƒâ€šÃ‚ µÃƒâ€šÃ‚ ¼ = ContinueÃÆ' ¡Ãƒâ€šÃ‚ µÃƒâ€šÃ‚ ¼ = List PayÃÆ' ¡Ãƒâ€šÃ‚ µÃƒâ€šÃ‚ ¼ = In words, the rate of initiation (Initiate) is the fraction of surviving non payers that become new payers. The rate at which firms continue paying is the fraction of surviving payers that continue paying. It can also be taken as one minus the rate at which firms omit dividend. The rate at which new lists in the sample pay List pay is the payers as percentage of new list at time t. These variables capture the decision whether to pay dividends, not how much to pay. The investors categorize shares based on whether they pay dividends as it could be taken as safety. Another reason for this is the payout ratio is sensitive to profitability and dividend yield is sensitive to changes in share prices. The decision to initiate or omit is always a policy decision. 3.3 Hypothesis: The hypothesis to be tested states that there is no difference in the dividend premium determinants which can cause the dividend policies to change. And the second hypothesis states that there is no impact of catering theory of dividends that exists in Pakistan. To test the propensity to pay dividends depends on dividend premium in stock prices, use time variation in three proxies. The first is the stock market dividend premium variable, which is the difference between log average market-to-book ratio of dividend payers and non payers. The market-to-book ratio is book assets minus book equity plus market equity, all divided by book assets. This could be taken as equal and value weighted averages of market-to-book ratios separately for payers and non payers in each year. The second measure of the relative stock market valuation of dividend payers is the difference between the future value-weighted returns of payers and non payers. According to BW (2004) model, managers rationally initiate dividends to exploits an apparent market mispricing. The high rate of initiations should forecast low returns on payers relative to non payers as the relative overpricing of payers reverses. Market valuation of dividend premium and the future returns is the difference between future returns on value weighted index returns of payers and non payers. The third measure is the difference in the prices of Citizen Utilities (CU) cash dividend and stock dividend share classes. This can be calculated as the difference in the log price of the cash payout share and the log price of the stock payout share. CU dividend premium doesnt reflect anything about investment opportunities. This an advantage over the broader dividend premium variable. And if we talk about the disadvantage of CU dividend premium it is only one, which is stock payout share is more liquid than cash payout class. 3.4 Regression: To examine this relation between dividend premium and the rate of dividend initiation (continuation) formally, the estimates are as follows: InitiateÃÆ' ¡Ãƒâ€šÃ‚ µÃƒâ€šÃ‚ ¼ = a + + + ContinueÃÆ' ¡Ãƒâ€šÃ‚ µÃƒâ€šÃ‚ ¼ = a + + + whereas the dividend premium and Citizen Utilities dividend premium is denoted by this . DATA Sample criterion This proposal includes the data of Pakistani companies which are listed on Karachi Stock Exchange (KSE). The companies which had paid the dividends in 2009-2010 year are included in the sample. The main data will be collected by the annual reports. Every company has reported dividend paid to the shareholders in their annual reports so this is easy to gather information through this. Foreign companies and the financial companies listed on KSE are also included as the sample criterion. Pakistani firms pays dividend once a year unlike the American companies who pays quarterly. So the Ex dividend days are usually in June and July. So the analysis of this research is based on yearly observations. The sample collected includes all the firms in the fertilizer industry, transportation industry, textile industry, financial institutions, FMGC, oil and gas industry and pharmaceutical sector which are listed on KSE and pays dividend for the year 2010. The following data which is being collected through KSE from the annual reports are : Total assets, stock Price and share outstanding at the end of fiscal year, income before extra ordinary items, interest expense, cash dividend per share ex date. The firms with book equity below Rs. 250,000 or assets below Rs. 500,000 are excluded. To calculate the impact of firm characteristics and dividend yield and the payout ratio we need the data of market -to-book ratio, return on equity, return on assets, sales, capital gearing ratio and the previous dividend yield and the payout ratio is also needed. This will tell what factor causes the change in dividend policy and which has more significance on these that will affect the value of the firm. Approximately all the firms who have given the dividend in the year 2009-2010 are included in the sample. Econometric Limitations There are some limitations and assumptions related to our research. Only those firms are included in the sample who has paid dividend in year 2009-2010 The population is assumed to be normal. All samples are Pakistani companies which are listed on only Karachi Stock Exchange. The sample is taken for the one year so the delist companies is not included The sample is random and is a true representative of the population. The firm which has assets below Rs. 500,000 is not included in the sample. The sum of the OLS residual is zero, while the sample average is also zero. The sample covariance between the independent variable and the error term is zero. Other variables were not included due to the non-availability of data. CONTRIBUTION The contribution of this research has realistic impact on the corporate dividend policies of Pakistan. This research will eventually help to determine the main determinants of dividend policy and the impact of that on stock prices. Catering theory of dividends is also another important determinant which influences the policies made for the dividends. This will tell how managers cater to their investors interest and how can they charge a premium for their stock prices. This has not been tested in Pakistani firms data yet, so this is also another contribution that this theory is been tested. The time period is also latest so that will also give a recent view about the todays market and todays investors interests. All the firms that are listed in KSE index and who gives dividend for the specific year are included, and the reasoning of those firms which are not giving dividend that year will also be tested. There will be the comparison between the different corporate sectors of Pakistan who pays dividend and due to this, what is the impact on their share price will also be tested. For example fertilizer sector vs. car industry, how managers cater their investors interest in both. And how can this influences the decision of dividend policies that to be made of that specific industry. Although there is no such research has been conducted in Pakistan, all the research related to dividend policy is done in India and other developing country unlike Pakistan. So this will give new horizon in this field of corporate finance. The basic model presented by Baker and Wurgler (2004) of catering theory of dividends will be tested on Pakistani companies (which are listed on KSE). Baker and Wurgler proposed the decision to pay dividends is driven by prevailing investor demand for dividend payers. Some investors have an uninformed and perhaps time varying demand for dividend paying stocks. . Managers rationally cater to investor demand, they pay dividends when investors put higher prices on payers and do not pay when investor prefer nonpayer. This will be tested that the propensity to pay dividends of corporate sector of Pakistan depends on a dividend premium in stock prices.

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