Stephen King’s Biography Essay -- american authors, the stand

Stephen King was one most of the popular American authors in history. He was born in Portland, Marine on crime syndicate 21, 1947. He was raised by his mother, Nellie Pillsbury, and his father, Donald King. Today, Stephen King and his wife, Tabitha King, are living in Florida. He and Tabitha Spruce married in January of 1971. He met Tabitha in the stacks of the Fog Library at the University of Maine at Orono, where they both worked as students. (King) He published his first horror fable while study at the University. While at college, King supported his preparation and familys prominent pressed finance by taking small jobs and selling stories to mingled magazines. During his early career, he was famous for a series of horror novel called, Dark Tower Stories. In the late 1990s, he was injured by a car crash which resulted in a very bad condition in his leg and lung, too (Stephen Edwin King). Now, he and his wife support local community charities and a scholarship for local game school students in Florida (King). Stephen King show of his life where it has influences of his paternity and how it did tinge many people.Kings fascination with honor of fact his writing throughout his career. The first evidence of Stephen King being very reside in horror showed in his work in his early education (Stephen Edwin King). He read a scary comic give which affected how he wrote (Biography of Stephen King). Much of Kings early works were science fiction based, but because he lacked the scientific grounding, they tended to be a bit thin on detail, but shut up excellent for someone of his age. Later, he combined science fiction and magic in his writing to have more eff... ...21006/Top-ten-Stephen-King-books.html.King, Stephen. The Stand. www.goodreads.com. Goodreads Inc, 11 Feb 2014. Web. 11 Feb 2014. .King, Tabitha. The Author.http//www.stephenking.com/. Stephen King, 06 Feb 2014. Web. 6 Feb 2014. .Stand The Complete & Uncut Edition. www.stephenking.com. Stephe n King , 23 Apr 2012. Web. 9 Feb 2014. / contribute_the_complete__uncut_edition_the.html.Stephen Edwin King. www.thefamouspeople.com. FAMOUS PEOPLE, 06 Feb 2014. Web. 6 Feb 2014. edwin-king-34.php.Stephen King.http//www.greatamericanwriter.webs.com. N.p., 14 Feb 2014. Web. 14 Feb 2014. .

Asian Diaspora Essay -- English Literature

Asiatic DiasporaAsian diaspora, or the personalized and cultural implications of leaving cardinals homeland, is a aboriginal and reaccuring theme for Asian Americanwriters. Diaspora is Greek for the scattering of seeds(http//en.wikipedia.org/wiki/Diaspora), and its ancient extension phonehas taken figurative meaning today as a olfactory perception of seperation anddetachment. In both Fae Myenne Ngs Bone and Chitra BanerjeeDivakarunis Leaving Yuba City, a thematic thread of scatteredparts, outsiderness, and otherness link the characters in each, aswell as the two seperate works, together. This diaspora affects each times of immigrants in a slighly different, but no lesssignficant, way. As an aspect of diasora, W.E.B. DuBoiss nonion of bivalent consciousness in The Souls of Black Folk, takes the shape ofa personal wave-particle duality for the characters in Bone and Leaving Yuba City. Their lives looking through DuBoiss veil creates personal strugglein the characters relationship with America, maintaining two alone(predicate)cultural identities simultaneously. The characters in Ngs novel Bone work to conceive a third identity,one that maintains old traditions while beingness Americanized. Thisstuggle is not exclusive to the first generation Chinese immigrants,Leon and Mah, but has profoundly impacted their American raisedchildren, Leila, Nina, and Ona. However, the consequences of this run afoul is different between the generations. Leon cannot settleinto one place but is all at once here, suddenly gone (54). Leonsstray jobs are often on a ship, and Leila concludes that the draw ofthe hollow and still center of the ocean for him is completion(150). The social movement of Leons absense, or vacancy of personal wholeness,is his Chinese self trying to chan... ...haracters in Leaving Yuba City and Bone are connected through commonalty seperation from their homeland, or dual selves seen in allgenerations. This common diaspora creates a unique and painful fam ilydynamic for the Leong family their incompleteness binds themtogether. For Sushma in Leaving Yuba City, she does not feelseperation from homeland, but lives denying a fundamental part ofherself, which is much alike(p) a homeland. Their is an incongruance orseperation between the person others can see, and the person she truly is. Sushma personifies DuBoiss veil. An extremist view ofdiaspora is The Maimed Dancing Men, having ghost limbs, and beingphysically incomplete. Ng and Divakaruni portray the same desperateand painful feelings that pass off with a seperation from both yourhomeland, and self, showing these two are inseperable and fundamentalto ones wholeness.

How do the Writers Show a Clash of Cultures in Dead man’s path and the Train from Rhodesia Essay

In Dead mans path, there is a new passkey who is educated and all over ambitious and wants to wrench his under-achieving aim into a raw, top quality institution. He says e precisething shall be just modern and delightful. There is an old path that the villagers use to communicate to spirit and for babies to enter the world which the headmaster closes as it runs through his groom.He is slow to allow the villagers to use the path and he is inconsiderate about their beliefs. This is shown when he says we potfulnot allow plenty to make a highway of our school complex. He is patronising and doesnt cargon about how other sight feel as he says the whole purpose of our school is to run through such beliefs. Whereas the villagers try to compromise and they atomic number 18 more understanding. This is shown when the village gaffer says what you say may be true, but we follow the practices of our fathers.The writer shows a clash of cultures because there is a young, modern and so phisticated headmaster who disregards tralatitious beliefs and there are traditional villagers who rely on the path for spectral customs.When a woman dies in child birth, the villagers believe the spirits are angry. This is shown when it says heavy sacrifices were prescribed to propitiate ancestors insulted by the fence. They blame the headmaster for closing the path, so they vandalise the school compound. This is shown when it says flowers were trampled to death, and one of the school buildings were pulled round.The writer also shows a clash of cultures when there is a clean supervisor who comes to inspect the school. This is because he is shown to be very important and superordinate word to the black Africans who do the work for the white people who in turn make the profits. This is shown when it says the white supervisor came to inspect the school and wrote a dreaded report of the state of the premises and of the tribal-war situation developing between the school and the vil lage.In The Train from Rhodesia, there is a rail off which stops before long in a small space in the desert. There are some very poor people living near the station and they rely on the visitors from the strand to buy there goods, so they can make a living. They are shown to be very poor because it says the children pass barefoot and live in mud huts. This is shown because it says the stationmasters barefoot children wandered over from the grey mud huts. They also dont await have enough food, because their animals are skinny and bony. This is shown because it says chickens and dogs with their skins stretched like parchment over their bones.When the train comes into the station, all the villagers waste no time, to sell their goods to the tourists. This is shown because it says all up and down the length of the train in the dust the artists sprang, walking exercise set to exhibit the fantasy held towards the faces on the train. This shows how much the villagers depend on the t rain.A young lady notices a woodwind instrumenten social lion carved with unbelievable detail, and looks very realistic. This is shown when it says a lion, carved out of soft dry wood with impressionistic detail.The ladys husband bargains with the old man sell the lion and buys it for much lower than he was asking for, just as the train was about to go. The young lady is unhappy with her husband for buy the lion at such a low price. This is because she says why didnt you pay for it? Why did you have to wait for him to run after the train with it and prey him one-and-six? One-and-sixThe writer shows a clash of cultures because the villagers are shown to be very poor and dependent on the train and also beg for money. This is shown because it says give me penny, said the ones with nothing to sell.The villagers are desperate. This is shown when the old man decides to sell his lion for one-and-six. It says questioning for the last time at the widows, here one-and-six baas whereas the people in the train are very well off compared to the villagers and to them the follow of the villagers goods is not very much and bargain for fun, but the villagers are dependant on anything they can get. This is shown when the young man says I was arguing for fun, when the train pulled out, he came tearing afterone-and-six.The young lady realises how well off she is and feels the discompose of buying the lion for one-and-six. This is shown when it says To give one-and-six for that, she sat there, sick, and the heat of shame mounted through her legs and body.

John Proctor’s decision to die is the right one? Essay

In the play, The Crucible, trick observe quoted Because it is my name, Because I cannot have another in my life. How may I have sex with come out of the closet my name, leave me my name ( page 138). He has precise strong beliefs that if his name is blackened on that point is no reason to await. ass Proctor also chose to die because he could not double cross his friends, the fact that he has three children, washbowl could not raise his children to walk like men in the instauration if he himself was not a true man. Therefore for the sake of his name,repute and his kids, crappers decision to die is the right one.Family life and friendship is very important to fundament Proctor, husband and father of three, if he lived then he could not possibly raise his kids to be men in the knowledge base if their father is a sell out to his friends. He wanted to school them that they should stand up for what they believe in and not give in to below the belt courts and/or other examples in life. By dying he taught his kids that not only he is not a sell out but he also taught them that he stood up for what he believed in. John Proctor is not a man known to go to perform often, but he must of remember this quote from the bible No one has love greater than this that someone should surrender his somebody in behalf of his friends(John 1513). This quote means that someone should surrender his or her soul for their friends, and by dying and standing up for what he believed in he taught his kids a valuable lesson.Proctors decision to die also solved his midland conflict with himself. This conflict is his adultery with A badail, which really exasperated him. Because it speaks deceit and I am honest But Ill plead no much I see now your spirit twists around the single fault of my life, and I will never tear it free (page 60). This quote do from John Proctor explains how he can not tear his immorality away from himself, and that he feels very bad for making this si ngle big error of his life. By choosing to die John did not have to live with the guilt of defying his wife and God.The most important reason John Proctor decided to die is that he would not blacken his name throughout the town. If John betrayed his friends by confessing their sins, a man of his nobility could not live through the guilt. Also John did not want to ruin his reputation as a man who stands up and would die for what he believes in. John Proctor knew the importance of a name and how it defines someone. If John Proctor were named a sell out, then his whole family would be instinctively named as sellouts too.John Proctor was a man with strong beliefs that if his name was blackened he would have no reason to live at all. When he chose to die, he proved to everyone that he is not a sell out to an unjust court. Friendship and family is very important to John Proctor and he did not want his family to be looked upon as sell outs because of his wrongful doings. It is a very good decision that John stood his ground and died for what he believed in .Bibliography-Miller, Arthur, The Crucible, revolutionary York U.S.A., Bantam Books, 1981 John, New world translations of the holy scriptures, Pennsylvania, U.S.A.Watchtower Books, 1984

A Speech to Be Delivered to the Parents Teachers Association the Causes of Student Unrest and Suggest How It Can Be Prevented

Composition of Blood Blood contains a nonliving fluid hyaloplasm (plasma) in which living cells (formed elements) are suspended. Blood contains 55% plasma and 45% formed elements. Plasma is over 90% water. It also contains electrolytes (salts), plasma proteins, and substances transported by crosscurrent (i. e. nutrients, hormones, etc. ). The three types of formed elements are erythrocytes (RBCs), leukocytes (WBCs), and platelets FUNCTIONS OF BLOOD functionsof the consanguinityare o transportoxygenaway from the lungs and around the tree trunk andCO2from the body cells to the lungs. to transportnutrientssuch as glucose and amino acids from the digestive system to the cells in our bodies. to take awaywaste productssuch as lactic acid away from the muscles when its produced by anaerobic respiration and urea from the colorful to the kidneys and bladder. By maintaining a good circulation, the bloodflow keeps your core bodytemperature BLOOD DISEASES lood disease, each disease of thebl ood, involving the red blood cells erythrocytes, white blood cells leukocytes, orplatelets(thrombocytes) or the tissues in which these elements are formedthebone marrow,lymph nodes, andspleen or of release and blood clotting. Long before the nature and composition of blood were known, a variety of symptoms were attributed to disordered blood. Red blood cells were not recognized until the seventeenth century, and it was another 100 years before one of the types of white blood cells, thelymphocyte, and the clotting of blood (coagulation) were expound.In the 19th century other forms of leukocytes were discovered, and a function of diseases of the blood and blood-forming organs were distinguished. Morphological changesthe changes in form and structurethat take place in the blood during disease and the signs and symptoms of the various blood diseases were described in the 19th century and the first quarter of the 20th century. In the years that followed, a more physiological approach b egan to develop, concerned with the mechanisms vestigial the development of blood disease and with the ways in which abnormalities might be corrected.

Profit Leverage Effect of Logistics and Cost Saving Opportunities Essay

Logistics was ab initio a military term but since the 1960s it has grown and covers unlike numbers of functional areas such as managing primitive materials and inventory, handling of dally in progress, storing and delivering of finished goods. It also includes customer dish, demand forecasting, be aftert/warehouse site selection, traffic and transportation. Since it has an effect on most of the activities held within an organization, it has a great influence on the attains made. A recent US study found that logistics accounts for 10% of the Gross Domestic Profit (GDP) and that nearly 56 cents out of every dollar of revenue is spent on managing the purchasing of goods and services.  The process is lengthy but once handled right depose run very smoothly and thunder mug prove very dependable to the organization.An organization butt jointnot be private-enterprise(a) and strive in this fiercely competitive corporate world till it delivers end products or services of the c raved t iodine to its customers at the right time, right place and at a price the customer feels is reasonable. The way to sustainable competitive edge lies in improving logistics. Therefore to maintain profit earnings, it is important for firms to manage logistics efficiently.If a chosen supplier fails to deliver the required raw material of an agreed-on quality level at the right time then the firm depart incur additional expenses in the form of higher scrap rate, wastage and devise labor. Prompt delivery is required to avoid costly rescheduling of production unlikely efficiency will be decreased.In order to maintain profit levels it is important for firms not only to satisfy customers but to delight them. This once again becomes a part of the organizations logistics. To achieve this not only fast and tried delivery of high quality goods but also innovative purpose and distribution of ideas is essential. Firms stress on logistics to create differentiation by providing its cu stomers with remarkable products that are difficult to be imitated by competitors.Logistics is considered as the last burden of contact between the organization and its customer and so leveraging winning logistics leads to cost reduction, increased customer satisfaction and market share and so eventually higher profits. Low total product or service cost is significant in logistics so that the firm can charter a competitive edge in the market.There are many another(prenominal) opportunities to achieve dramatic cost savings but to achieve this, tidy sum and hard work is required. Firms can do this by coordinating the different parts of the supply chain. Departments within firms such as procurement officer, manufacturing, statutory and R&D managers need to work in a cross-functional manner and promote joint cost-saving projects.One of the biggest opportunities for cost saving is to cut back the amount of inventory which will automatically drive costs down. This can be done b y Just-in-time inventory management that emphasizes on continual improvement. For this, it is important for firms to develop strong relationship with few, reliable suppliers who deliver raw material in time.  Also Economic Order Quantity (EOQ) model, one of the common techniques is used to control inventory.Outsourcing is often used to transfer near of the internal activities of a firm to an outside vendor to achieve greater efficiency and specialization. It is also used as a technique to stick out unexpected demands that firms cannot handle.Wastage can be eliminated through and through focus on what the customers want. This can be done by continuous improvement using pass Production. It emphasizes on customer focus.Greater efficiencies can be accomplished through use of technology tools that can enable the purchase of meek value, low risk goods and services. With the usage of database systems, unnecessary paper work can be eliminated, and real time data can be accessed.Us e of E-Commerce to skip inventory and coordinate pickup and delivery for end customers can be a great cost saving fortune. This has been adopted by cisco and FedEx.Different alternatives of distribution means such as trucking, airfreight, shipping, and railroads should be unendingly evaluated. Use of Excel OM and Production and Operation Management (POM) for Windows enables firms to correctly plan for the forecasted demand. Further, software like Enterprise Resource Planning (ERP) including Supply set up Management (SCM) and Customer Relationship Management (CRM) provide firms with great opportunity to save on costs.Gantt Charts are useful for loading and scheduling. It prevents firms from unnecessary delays in work.Quality is one aspect that firms emphasize on due to emergence awareness for better quality goods amongst customers. This can be done by implementing Total Quality Management (TQM), meeting quality standards developed by International Standards Organization (ISO) an d by adapting to Six Sigma and Plan-Do-Check-Act (PDCA) model.Mentioned above are some of the greatest costs saving opportunities in todays world.ReferencesLambert, D.M Stock, J.R. and Ellram, L.M., (1998). fundamental principle of Logistics Management. Burr Ridge, IL Irwin McGraw-Hill.http//www.mhhe.com/business/management/leenders12e/information/leenders_ch01.pdf

Annie Leibovitz Biography and Image Sample Analysis

Annie Leibovitz is a famous American portrait photographer and is scoop out known for taking extraordinary and yet unique photos of celebrities. She is mavin of the close demanded photographer for celebrity pictures and became a celebrity herself-importance that way. Most of the photographs she taken stir been featured mostly in magazines such as Rolling St integritys, self-consciousness Fair and Vogue. Leibovitz has always been interested in the arts since a unseasoned age. Her mother was a dance instructor and influenced her to take dance classes not only from her, but from many other teachers.In high indoctrinate she focused in music. She specialized in the guitar and wrote numerous songs, eventually bonny the head of her schools folk sing club. When she attended university however, she took an interest in optic arts and considered being a painting instructor as a c areer. It wasnt until her family was stationed in the Philippines (her father was an Air Force lieutenant c olonel) and a trip down Japan, that she was awestruck by the wonderment of photography. When she went back to school, she took night classes for photography.A thing that you see in my pictures is that I was not afeared(predicate) to fall in love with these people. Annie Leibovitz. This quote is a little realize of how she sees her images, and how much she loves what she takes. Indirectly she also means that we should love what we take pictures of because whats the depict of making others like a photograph you dont like.Photograph OneWhere chat up is Celebrated (2009)This is a photograph featuring Zac Efron as Prince Philip and Vanessa Hudgens as Princess morn in the Disney film, Sleeping Beauty, recreating the awakening kiss scene. This is one of the many photographs Leibovitz took for Disney set What will you Celebrate? campaign portraying highlight movie moments of dissimilar Disney animations. The atmosphere of the photograph is enchanting and the gesture of the two face s together is kind of romantic. The costumes and make up enhances the features of the models, making them look too perfect. The dark mount and roses make the photo also very surreal almost queen tale-like.In this photograph the roses and the bed frames around Efron and Hudgens to make emphasis on them together. Leibovitz also uses Rule of Thirds to make their faces the sharpen of interest. She uses artificial kindling higher up them making an angelic effect and intensely shines on the princesss face, making her tint paler thus contrasting with the dark background.Photograph TwoJohn Lennon and Yoko Ono (1980)In this photograph is the last photograph ever taken of John Lennon include Yoko Ono naked on a bed before he was assassinated. It is an cosy moment between the two holding each other tenderly while hes giving her a kiss displays their deep love for one another. The bareness and position he is in also displays the vulnerability of humane passion.The one evident compositi onal element is making John Lennon the centre of interest, by making the eye focus on him because hes curled up in a ball or fetal position. Also Yokos bleak clothing contrasts Lennons light skin. Leibovitz uses natural lighting, but since this is on of her earlier photographs the lighting is nothing to creative and simple.Conclusion and LegacyIn the being the volume of her images were in black and white because of her lack of education, but later self taught herself about colour development and uses that more often. Leibovitz approach to taking her images is unthought-of and out of the box one never really knows what her next magic spell will turn out. She captures her effects with artificiality, flair and outrageousness that makes her art turn over diverse from other portrait photographers. Generally she doesnt really care about others opinions on how to take photos and often gets in trouble by the media by doing things that index offend other people.But all in all, we shoul d admire her thaumaturge as a photographer and her risk taking attitude on how to interact with her subjects and audience. I first got interested in Leibovitz because of the Miley Cyrus incident and the work we went over in class, she truly is fascinating in how she see celebrities in such unusual poses. Out of the two photographs that I chose in this essay, the one I like the most is Where Romance is Celebrated because the Disney series are my favorite works by her. I just cant help sweet and reminiscing my childhood.

Personal Response to Dear Daddy Essay

The short story adept Daddy by Lee Maracle brought me back the tears that I, too, had as a child. I felt pitiful for the main vulcanized fibers take h disused of word and deeply impressed by the thirteen-year-old girls courage of getting over her negative feelings for the past and going on with her flavour. The story, written in the form of a letter, shows the process of a thirteen-year-old girl becoming more(prenominal)(prenominal) mature as she expresses her grievances from her tragic childhood. At the beginning of the story, she described some(prenominal) the emotional and physical difficulties her family suffered through because of the absence of her father. She felt lonely, insecure and mazed as she hoped that her father would come back. Sometimes I had bad dreams. I would dream the welfare took us away and no one lost(p) us, non even mammy. Daddy where were you? (Page 163) At the end of the letter, however, the girl started to recognise that her view of the world onwards was unbalanced and incomplete, through a smooth veil full of small holes. (Page 165) She felt more released and started to notice the impressiveness of the world. (Page 165)She began to treasure all the memories she had with her family rather of thinking about her mishap all the time, we carried on living. (Page 165) There was a great transition of her character from the beginning to the end of the letter. The girls story reminded me of myself. Although I did not have a childhood filled with misery, I did have equivalent feelings as her when I first came to Canada at the age of thirteen. Unlike a lot of good deal, I did not have enough time to get ready for a new environment. My parents told me that we were immigrating to Canada exactly one week before we left China. It almost felt like my feet were already on the Canadian land before I knew it. For a long time I felt extremely lonely, unsecure, and uncertain about my future. I missed my mavins, my old teachers, and t he nice big house we had in China.For the thirteen years of my emotional state in China, I had have depressions, but never as intemperately as this one because I always had a best friend that could support me and comfort me. This time, I had no one. Like the mother in Dear Daddy, my parents had to work, so it was almost impossible to express my feelings to anyone. It was hard, now that mommy was working. One midnight when I woke up from a bad dream, I apothegm two tiny mice climbing on my bedroom window. I was appal as I had never seen a real wild cower before.Because of my parents hard work during the day, they were in deep sleeps. Like the girl in the story, I did not make a noise when I cried. It took me much(prenominal) long time to stop crying and finally fall asleep. I knew better than making noisejust tears trailing pop my cheeks. (Page 163) For the same purpose as the girls letter in the story, to express myself, I started to write journals every day. I gradually horizon about my past less and less. Instead, I started to study hard and take heed to make new friends and carried on living like the thirteen-year-old girl.I greatly admire the girl for her courage of moving on with her life instead of thinking about the past all the time. I have make the same before and I knew that it was very hard especially when her life was such a misery. I believe that the lesson the story tries to teach people is that sinking in the past can only bring more misery, while life is wonderful if we view it with tolerate and tranquil eyes.

Louis Armstrong Became One of the Most Influential & Musicians

When you think of Louis Armstrong you probably think of a jolly middle-aged homophile who can find the cornet a identical no bingle else, a creation who had it altogether, a man who had the upright disembodied spirit. Well, Louis was non al bearings that resoundy. From childhood to his adulthood, Louis Armstrong changed often snips as a mortal and a medicamentian. He worked real numberly hard to capture what he became and did non let near(prenominal)thing get in the way of sightly a unisonian. In this authorship, you will read ab absent how Louis Armstrong became unity of the intimately influential Louis Armstrongs childhood was not of the normal childhoods most of us pull in had.He had a very(prenominal) hard and painful childhood. He was treated very harshly by his family and the h ist deal around him. His be deal did not rase care enough to keep his birth certificate. That is why no mavin is really certain(predicate) of Louiss birthdate , precise ly slew believe he was born(p) around 1898, in un apply Orleans. Around Louiss quantify of birth, to a greater extent caustics were confined to live in the slums. The slums were in a way manage ghettos. They were very poor, dirty areas where people who hadnt untold property would live. In the slums, there was ofttimes violence, drug circulation and prostitution.The only people that made any money in the slums were either the hustlers or the medicamentians. Considering Louis was not related to anyone of that condition he and his family had very little money. That left Louis with no possessions whatsoever. He hadnt any toys to persist with, he didnt even have a elemental stick just to keep him occupied. His c weedhes were at the worst of the low class. He was confined to wearing a dress as a younger child until he was a little octogenarianer, so(prenominal) he had hand me down shirts and shorts to wear. His choice of food for thoughts was limited to sieve and beans . His family did not make enough money to get discoer food than that.His family did not have enough of anything to keep him happy. He felt like nobody love him. When he was born his father left his mother and him to start another breeding with another family. His mother always was reveal leaving Louis to fend for himself. exclusively before Louis had lived with his mother he lived with his grandmother. His grandmother took the best care of him bug out of anybody in his family. She always made sure that Louis was fed and that he was not alone. She was the only soul that really love him. She would always take him to church on Sundays which gave Louis his firstborn singing experience.Louis loved his grandmother just, after seven eld of living with her he locomote 18 blocks away to live with his mother When he went to her house he found out that he had a bleak sister named Beatrice. She was nicknamed milliampere Lucy. His mother would always be working pine hours and drink in bars all night. That left Louis to take care of Mama Lucy and himself. Louis was luck enough to get work from a young white son who helped him sell text file for pennies. He likewise sang in a street choir with some of his friends. As he got into his teen age he took up crapshooting.All of these odd jobs brought in enough money to feed Mama Lucy and himself. When working was not getting him anywhere he could always find a careless r drunk individual stumbling in the streets who would drop his/her money. Also, when nothing was working at all he would occasionally steal some food from the local grocery stores. But unflurried existence just a male child he was not satisfied with the title of universe the bearer of food for his family. He precious to be and do so galore(postnominal) things. He idolized hustlers and their lite lives. With a life like one of theirs, Louis could do more things with his life and still support his family.Also, Louis was starting to notice music . He always would extol the marching plentys that would come booming down the streets and the blues that would ome blasting out of all the bars and honkie tonks. Louis just precious to be something more than he was. He was more into being a musician than being a hustler. Thats what he really asked. So, on untried long time Eve there was a big celebration. One tike picked up a gun with blanks and shot it at Louis. Louis so did the same to the kid merely was caught in the act. Louis was put on a small attempt in which the judge decided something that would start Louis off on his music passage.Louis was sent to the Colored Waifs Home for poor black boys which he spent most of his childhood. The home was run under army lines. A bugler would use his bugle to wake up the boys, tell them when it was time to eat, and send them to bed. Also, the boys would do intensive drills with fake guns. there were legion(predicate) chores that separately boy had to do as salutary to lear n responsibility. At first the home was very new to him. He was homesick for quite some time. aft(prenominal) a patch though, people started to enjoy Louiss telephoner and that made him looking at more welcome. one time Louis got effectt lead in, he disc everyplace something that changed his life drasti foreshadowy. He found out that there was a circuit at the home. It was sort of a school mint. They vie some experienced tunes that had some blues influence to them. Louis wish this sight a lot. He liked it so much that he would sit down at every band practice in hope that the band instructor ,Mr. Davis, would notice him and ask his to join the band. in conclusion a man that worked at the home named Captain Jones (he was called that because of the military ranking influence) got Louis involved with music.A adult female named Mrs. Spriggins would come to the home now and then to conduct a boys choir. Jones put Louis in the choir. He did so well that at the next practice as Louis sat and watched that band, Mr. Davis walked ver and asked Louis to join the choir. Of course he said yes and was from then on a musician no issue how bad he was. Davis started Louis on the tambourine. Louiss joy turned a little sour when he was presented with the pecker provided, he knew that it was a tailor-made among the New Orleans African Americans to start out with rhythm instruments much(prenominal) as the tambourine or the drums.It gets the musicians a feel for the beat they are to be contend so when they graduate to a more complicated instrument they will be able to keep an accurate beat end-to-end the whole song. So Louis swallowed his disappointment and layed his tambourine as best as possible. It was impartial for Louis. he had been growing up listening to ragtime marches so keeping beat was natural to him. Not long after he started the tambourine Davis realized that Louis was ready to move a level up to the plate drum. Louis play that with ease. He playe d it so well that not long after that he was locomote up to mellophone or what we would today call an alto horn.This was an important switch for Louis. The alto horn is very much like the cornet he played subsequent in his life. right off Louis was in a spot. Like most of the boys in the band he could not read music. This is where singing in the street choir comes in to play. Louis was able to work out the notes by just hearing them. Once he found the notes on the horn, it was easy to play. He was so undecomposed that he was locomote up to the bugler. The bugle was much divergent. It helped him form notes by forming his lips around the mouthpiece a special way and using his natural language as well then by blowing into the bugle would create different notes.Soon Louis was moved to the cornet and became the head of the band. Louis was admired by the catch ones breath of the band not just for the music he played just now for his humor as well. In the book the author writes th at Davis I conceive Louis used to walk funny with his feet and at the first note of music hed go away into comedy dances. He could sing real well as a boy, too, even though his voice was coarse. Id play the horn and hed dance, and when Id put my horn down hed pick it up and start playacting it. (Collier, Page 32) One day as the band was marching in the streets ,with Louis leading, they headed down Louiss old street.As Louis was playing some of the best music he had ever played at that time in his life all the people that knew him would point out their Little Louis. Louis felt o amazingly sound. he was a musician, that was all he ever wanted to be. Louis was now around 16 years old. he had been living at the home for quite a hardly a(prenominal) years. sometimes his mother ,Mayann, would visit him. But one day Louis got a surpassing visit from someone he has not heard from since he was born. His own father, Willie Armstrong. Louis was curious why his father had come to see him. Willie wanted him out of the home.But why? Louis was pondering that thought for some time and came to the conclusion that Willie wanted him to babysit his two sons because Willie and his wife had to work to provide for their family. Louis did it besides as soon as his father convinced the judge to set him free. Louis did a lot of work caring for the kids. He did it until in conclusion, Willies wife was again pregnant. That left Willie no choice scarcely to send Louis choke off to his mother. Mayann and Mama Lucy were glad to see him all grown up. Once Louis was tush, it was dressing to the same old thing. But this time Louis had a new plan.He was going to become the musician he always wanted to be. Louis move and true to become a big musician in the area of New Orleans he lived in. He wanted to be a person that people would always mention when they sloped about music. To do that he tried to befriend some bigger musicians that could help him get gigs. So Louis would go to some of the honk tonks and listen to some music and get himself a 5 cent beer. He hung around there so much that he ended up meeting a drummer/hustler named benni Williams. benni would be conversing with another musician and Louis would stand there and restrain to be noticed.When benny in conclusion did so they talked for a while. Finally benne noticed this short teenager was hanging around him quite a lot. He liked this kid. So Benny Williams adopted Louis as one of his very devout friends. Benny as a tough goof who no one messed with and when people found out he was ceremonial occasion out for Louis, nobody messed around with him. Louis was on easy street. Benny helped Louis become a better musician by letting Louis sit for Benny and play with the other musicians though he was not yet good enough. As Louis would sit in and play with the musicians he would get increasingly better.He was getting good enough to play in the honky tonks, and so he did. A while after Louiss beco ming a real musician, Benny was shot by his girlfriend. Louis would brag how Benny still lived a week with that old bullet n his heart, but that just is not possible. Louis was very sad but he got over it shortly. After the incident with Benny, Louis started being noticed musically. But Louis knew that he postulate his own cornet by now. He could become even better if he could practice by himself more often. Louis has been borrowing other musicians instruments to play but he cant take them home with him.So one day Louis met up with that white boy that had helped him sell papers as a child. This boy said that he would sell him a cornet for ten dollars. Louis bought the beat up old thing but made it play beautifully. After Louis ad acquired his own instrument, he was used as a substitute for other cornet imposters. But when Louis substituted for these musicians he really showed them up. He played so well that the manager finally told him that he was good enough to be a regular play er which meant he could be a star attraction. The manager of the club place him to play in a band with a drummer named Garbee, and a piano player named Boogus.While Louis was playing in the band he started to get attached to another big musician. he was very well known throughout New Orleans. His name is Joe King Oliver. Oliver was the best cornetist in New Orleans. Louis got to know Oliver and his wife. Oliver would help Louis with cornet and Louis would often sit in for Oliver. Sometimes Olivers wife would invite Louis over to eat dinner with them. Finally Oliver got Louis on the right track. He recommended Louis to Kid Ory the best trombonist in New Orleans. Kid let Louis into his band. Louis did very well and Kid liked him a lot.Louis was proud to be in the best have sex band in New Orleans. The band mostly played dances. As Louis played in a band he alike worked on a coal cart to earn more money. By doing those jobs he was earning a higher income and could afford more food . So with the steady income and the great band Louis was pretty satisfied with himself. But one day the band had to break up. Kids doctor told him to move to dryer climates because of coughing spells. So Kid moved to Los Angeles, California. Louis just played parades and had some non-serious bands with his musician friends while Ory was gone.One dat Ory wrote to Louis asking him to move to L. A. with him. Considering Louis was scared of moving away from an area he already knows he said no. Louis then made himself even a better musician. Louis was asked by a man named Fate Marable to join a band on the Streckfus Line riverboat. Streckfus people were very strict with how they wanted the music to be played. The wanted better timing and a very clear sound. Louis was very worried because he could not read music. Luckily, two musicians named Joe Howard and David Jones helped Louis with his music reading abilities.Considering Louis did not play all year round, Marable asked him to and he said yes because he was now ready. When Louis played many enjoyed listening to him. One time a man named Fletcher Henderson asked him to duty tour with him. Louis would only say yes if they would take along his friend Arthur Singleton ,Zutty, a good drummer. They said that they could so Louis said the same and they went their separate ways for the time being. Finally Louis heard from Oliver. He was in dough and wanted Louis to come down a play in his band. Louis was ready to do so.He knew Oliver and felt comfortable around him so he did not feel alone. When Louis moved to Chicago, Oliver introduced him to a woman pianist named Lilian Hardin. At first she did not like Louis. She felt that he was a hick in a way because of his ratty old clothes and how he did not plow as proper as she did. But after a while she got to like Louis. They started dating a lot. Then on February 5, 1924 they were wed. Lil loved Louis very much and wanted only the best for him. She though ,and so did many other musicians, that Louis was too good for the band and should start his own.Louis did not want to do that because after all, Oliver had done so much for him. But it happened anyway. The band started to fall a startle because not only of Olivers bossiness but also he was holding each of the members pay secretly so they all turned on him and just quit. After that was over Louis joined and band with band leader Ollie Powers. That and was moving slowly but the pace for Louis was just about to pick up. Fletcher Henderson ,who asked him to tour with him when he was playing on the riverboats, wrote him to come to New York. He wanted him to be in his Jazz orchestra. Louis said yes.While Louis was there he amazed them with his talents. He was and influence to many of them. One man would dress like him, talk like him and follow him around everywhere. He was now being considered the new king of Jazz. Louis was now asking Henderson if he could sing as well. Henderson was hesitant about it and would let him sing but not while hey leger records. Louis then got a letter from Lil and she wanted him to come back to Chicago because she had arranged a band for him to lead. Louis thought it over and in October of 1925, Louis moved back to Chicago. His new band was great.Louis recorded with his band ,The Hot Fives, at OKeh records. Those were some of the most important records he ever made. Louis would also sing and entertain at the Sunset Theater on the side. And ulterior ,after some changes in the line up, the final group of Hot Fives were without many of the originals such as Lil on the piano. You could now tell that their arriage was now in trouble because of that. By 1928 they divorced and Louis got Earl Hines to replace her on the piano. The backing with Jazz then was that it was closing down in Chicago so Louis moved to Manhattan in 1929.Now Louis was the best. Louis was now famous. He was the best cornetist in the world. He received an engraved watch that said so. But being famous was not all rewards. His introduction to the world of commercial music was very tough. There followed six years of desperate over work, nag personal problems, appalling management and conflicts with Chicago nd New York gangs. Also, Louis was arrested and suspend for smoking pot, then he went right back to doing it. Another problem was still with Lil and the final relationship, but it all turned out that Lil and Louis stayed good friends.He also had a problem with dated all the way back to the Waifs Home. He has been using the wrong part of his lip to play cornet. It has been getting callused and that limited his playing abilities. It even got worse when in 1931, Louis made a mistake in hiring a failed mobster with a drinking problem ,named Johnny Collins, as management. Collins aphorism Louis as a meal ticket. Collins cheated Louis out of a lot of money and as a result of Collins gangland connections, Louiss lucrative secrets became the subject of gang rivalry. But besides the gangs and personal problems, Louis was still trying to entertain the crowd. So Louis entered the characterisation business around the 1930&8243s. He was seen dressed in a leopards skin in Rhapsody in Blue and was a band conductor in a later film known as Hello Dolly. Also, in a Betty Boop cartoon, Louis is seen conversing with Betty and then serenading her. He career in t he movie business was rapidly growing. Louis was starting to enter the final phases of his career. First of all, he was remarried to a girl named Alpha Smith.Alpha was very worried of what happened to Louis and Lil would happen to her, but it seemed to have not. But that was not the biggest issue going on in Louiss life. The biggest started off in a 1946 movie called New Orleans. The movie had quite a line up of wonderful Jazz musicians. There was Kid Ory on trombone, Barney Bigard on clarinet, Zutty Singleton on drums, and the young Red Callendar on bass. This movie branched off a new band led by Louis called The All Stars. The All Stars were some of the guys from the movie and some old Hot Fives colleagues such as Earl Hines on Piano.Traditional Jazz was back in business for quite some time. This band was the most well known band of all that Louis was in. They had a succession of hits, but the most well known would have to be Blueberry Hill. Now Louis was finally up to the peak of his career. In 1952 he was voted the most important musical figure of all time in Downbeat Magazine. Louis was also starting to communicate his mind. Louiss fame made him more confident to speak out against one of his biggest problems. Louis was standing up against racism. Louis was protesting on Eisenhowers policy on play as gutless.This angered many blacks who thought Louis should have stood up much earlier. Now Louis was trying to stay on top. Armstrongs corncerts started to settle into a steady, routine of love songs and old favorites. Louiss final phase of his career was getting nearer as t he days passed. His health problems were getting worse as he ignored them which foreshadowed his final days on earth. He tried to ignore his heart problem for ten years. He was pressure to acknowledge his precariousness f health when he had woke up one morning to discover that he had swollen up so much that he could not get his shoes on.Soon after that Louis was order to stay at the Beth Israel Hospital under doctors orders. After his final concert he returned there for the last time. He was cooking another concert when he died July 6, 1971. Louiss death was deeply saddening for everyone, but especially Lil. She conducted the band at his funeral in his memory. A memorial good followed which President Nixon attended and spoke at. That was the sad ending of Louis Armstrong. To conclude my paper I would like to highlight Louiss life. He was just a poor child from New Orleans.He had very little education. He had to take care of his sister and himself 90% of the day until he was and adult. He had to work twice as hard as most people have to worked to get where he got to. He was just a simple man who from the beginning just wanted to play music. But he got so much more than just that and was able to fulfil his life to the fullest. Louis Armstrong will always be remembered as a wonderful man with a passion for playing the cornet beautifully. At least we have his music, movies and television appearances which keep him a live to this very day.

Engage in personal development in health, social care or children’s a young people’s settings Essay

My case of a Teaching appurtenant begins at 7.45 am where my colleague and I begin preparation for the trail feed Club. This includes setting step forward t commensurate top activities such as jigsaws, food coloring and ipads. Breakfast Club also has a pool table so I write a weekly rota for this to en original fair play. During breakfast club I encourage the clawren to sit together and eat a healthy breakfast of cereal, toast and choice of fruit juice.I confirm time to sit, chat and precede part in the activities the boorren argon doing which enables me to lick good relationships with the small fryren there. Breakfast Club is new to the school in family pass 2013 so we are currently putting together a surface board which shews role models of the breakfasts, posters designed by the children and pictures of the staff that work there.Then I rack up up 10 minutes in the nursery whole to answer the teacher do some preparation for the day, for example this maybe cover arrows around the vie field for the children to take part in a treasure hunt or preparing pots of paint. We be make up wel succeed the children into class and economic aid them with hanging up coats and bags, comforting whatever that maybe distressed as their coper has left. once they are settled the teacher allow for begin the designate and my role is to help the children take part and sit quietly on the carpet and listen.We then begin our morning activity. I will be asked to take a thin group with me for example to draw an orchard apple tree tree and fix to complete a short assessment on them. For example ask them to draw a tree are they utilize brown for the trunk? Green for the leaves? Can they follow a simplex instructions? Whilst taking part in this activity I knead as frequently of the welsh language as possible e.g.I will ask them the welsh wrangling for the colours we are using. We then head dorsum to the class for see the light up time and snack. ca rdinal mornings I secure the snack of toast and milk. Then 3 mornings I supervise the Reception children on the yard. I tell the children are playing happily with one another and no one is left on their own. Often I bring push by dint of bikes so I vex a timer to provoke sure each child has the a wish amount of time on a bike. Some children may necessity the toilet and I assist in any personal care needs required or if they endure had an accident then I will put gloves on and change the child.Then its back to Nursery class for the second part of the morning which could be songs or story on the carpet where I encourage good session and listening for the teacher. At 11.30 most of the nursery children are getting peaceful so I again help with bags and sing our welsh issue home song.I then make sure the classroom is tidy and take the Reception children over to the main dinner hall for them to have a cooked lunch. Whilst there I make sure each child has a meal, desert and dr ink. I encourage them to eat as much as they retrieve they nominate. If the leave something, for example carrots and will ask that they eat as many as they can.Once the dinner hall is assoil and the tables wiped down I supervise on the main yard with years 1-6. on that point the children will ask me if they wishing to go inside the groom for the toilet or a drink. I will discipline any children that are not acting appropriately I make sure no one is left on their own. Then I take part in encouraging ingenious play by blowing bubbles for the younger children and help with skipping and taking part in any fun games they want to do. If we have any injuries then I take them to the school monument and write in accident book and call the parents if I feel it is necessary.Page 2 Kathryn Di Terlizzi Assignment Unit 332(1.2)For all Teaching Assistant roles there is a set of National Occupational Standards (NOS) set out by each individual school. These NOS offer guidance on wider as pects for workmanlike performance (Burnham 2010 pg 118). They wereset up to realise the potential of all learn support staff whatever their role. (http//www.napta.org.uk/)The standards are statements about(predicate) how tasks should be carried out and the minimum acceptable quality of practice that should be delivered. I have looked closely through the standards and looked at the most important ones to me in my role and given an explanation on each one as follows 301.3 go through legislation, policies and procedures for confidentiality and sharing information including data protective coveringThe Data Protection set of 1998 is designed to ensure that confidential information cannot be passed to others without the individual consent. In my role I am exposed to a great wad of confidential information and I agnise I cannot pass this to anyone. My sons ensure the resembling school so I am often approached by parents at birthday parties asking me how their child is getting on. I recognise the schools confidentiality policy so say sorry I cant contend this outside of school, please tally and see the teacher and discuss on Monday.302.3 Understand school ethos, mission, aims and valuesThe school ethos St Davids papist Catholic Primary School is part of the living presence of saviour in the modern world. Part of our purpose is, by the education, care and protection of our children, to present a model of Christian living that is absolve to all. (https//swansea-edunet.gov.uk/en/schools/StDavids/Pages/Mission_Statement.aspx)I am employed in a Catholic essential school but I am not a Catholic. even daily I embrace the catholic ethos and take part in Mass, Prayers and Religious Education activities. For example October is the month of the rosary Bead. This week we have been acquire about the letter b so to tie in religion I have asked the children to bring in any Rosary Beads they have to show and tell to the class. This builds confidence talking in front ofthe class and brings in the school ethos.303.2 Be able to prepare for learning activitiesBefore the children arrive in the morning the teacher will inform me of what activity I will be doing with them. For example when we were learning about the letter a Mrs Jones asked me to take the children to the field in small groups and draw the apple tree. Preparation is vital for this to ensure it runs smoothly. As erst the children are with me on the field if I have forgotten something for golosh reasons I cannot run back to the class leaving the children. Frustratingly they would have to come back with me which would cut down the activity time.First I tuck the resources I need for the activity, chairs, clipboards, paper, and pencils. Then once my 5 children are flying I make sure if it has been wet they are wearing jackboot boots and coats and hold on to the handrail as they exit the classroom. I make sure they walk carefully in a straight line down the path, closing the nursery do or behind me which has a prophylactic code so no outsider can gain access.Once we have arrived at the field I make sure our agile environment is safe for example by checking for things the children could trip over. Depending on the children I may need to adapt some of the resources for example some children pay off it difficult to press hard with a pencil so I make sure I have other things with me like crayons and matte up tip pens.Page 3 Kathryn Di Terlizzi Assignment Unit 332304.2 Be able to promote positive behaviourIt is imperative in any school for children to have guidelines in school so they have a clear understanding of how to behave in school. Children need to be aware of the boundaries inwardly which to manage their behaviour, so that they understand what is expected of them. (Burnham 2010 pg 58)In our nursery unit we encourage positive behaviour with stars on their jumpers to go home and show their parents. If a child has done something positive like sat rise and li stened to a story we will tell the whole class how happy we are with that child and give them a bigger reward like make them the helpwr y dydd helper of the day.306.2 Understand the impact of prejudice and divergence on children and young peopleChildren can experience prejudice and difference in several ways, religion, ethnicity, sex, body image, disabilities. It will affect their self revere and their learning will almost defiantly be affected. They could be come withdrawn and may not want to attend school. You must ensure your own inbuilt ideas do not affect how you treat children. I have not come across it yet but understand I must always challenge discrimination. It can be promoted in a positive way by posters in school and deli genuinely in guest speakers to talk about their own experiences in a positive way.331.2 Understand the factors that influence children and young peoples using and how these affect practiceThere are personal factors that could influence a childs dev elopment for example their health. We have a child in Year 4 that has a heart problem and has lost a lot of school for operations. This could also affect his social activities for example on the playground. A childs emotional development may also be affected depending on their awareness of their needs and the cessation to which they are affected. It is important that the adults in school are aware of how pupils may be affected by these kinds of conditions so we can support them by ensuring they are included as far as possible. (Burnham 2010 pg 155)External factors can also have a massive affect. Families can go through significant changes through the school years for example separation, bereavement, new partners, house move or changing country. This can affect their ability to learn. Statistics show that children that suffer frompoverty and deprivation are less lightly to spread out and achieve well in school.Some children make personal choices on friendship groups and extra curr icular activities, they may need advice and support from adults to make sure the choices were right for them. Some children may come from a very alternative background such as a home development environment. These children may need some additional support until they become settled. (Burnham 2010 pg 156)There have been a number of theories of development. Many physiologists have different ideas about how children learn. Some think it is infixed and others feel it depends on the opportunities a child has been given, often referred to the nature nurture debate.One of the physiologists Watson believed that we are all innate(p) with the same abilities and anyone can be taught anything and that it does not depend on innate ability but on watching others. His idea of classical teach was born out of Ivan Pavlovs research using dogs. He mention his subjects would salivate before the delivery of food. In a series of experiments he presented a variety of stimuli before the presentation of food, eventually finding that, afterward repeated association, a dog would salivate to the presence of a arousal other than food. He termed this response a conditional reflex. (psychology.about.com)Page 4 Kathryn Di Terlizzi Assignment Unit 332Children that come into nursery are treated the same and assumed at first to have the same abilities. As it becomes unornamented some children need more support than others then the level is identified. take into account bodies are brought in to observe and correct support is implemented.333.4 Understand how to move to evidence or concerns that a child or young person has been abused or harmed Possible signs or symptoms that may be cause for concern are Acting out in an inappropriate knowledgeable way with toys or objects decent withdrawn or very clingyBecoming unusually secretiveSudden undetermined personality changes, mood swings and be insecure Regressing to younger behaviours, e.g. bedwettingOutburst of angerNew adult legers fo r body partsTalk of a new, older friend and unexplained money or giftsPhysical signs, such as, unexplained soreness or bruises around genitals or mouth, sexually transmitted diseases, pregnancy not wanting to be alone with a particular child or young person (http//www.parentsprotect.co.uk/warning_signs.htm)If a child tells me something I should listen and try as best I can to write down word for word what the child is telling me and not question anything they are precept just let them speak. I will then explain to them that I am not able to keep it a secret and I must tell Mrs Jones the teacher. Mrs Jones will then take the relevant action.The UK administration ratified the rule on 16 December 1991. This means that the political relation must make sure that every child in the UK has the rights that are listed in the Convention. The Government can do this by passing laws or by taking other action, including making sure that the rights in the Convention is widely known in the UK.O ne of these points is as follows Protection from violence, exploitation, abuse, drop and maltreatment The Government must make sure you are protected from any type of physical or mental violence, injury or abuse, neglect, maltreatment or exploitation, including sexual abuse or exploitation, while you are living with your parents or in the care of anyone else. Special procedures must be set up to help you if you have been the victim of abuse. (http//www.lawstuff.org.uk/the-facts/what-are-childrens-rights)Bibliographywww.teaching-assistants.co.ukwww.napta.co.ukwww.gov.uk/government/publications/nos-for-supporting-teaching-learning Oct 2010 Burnham, L (2010) Support Teaching & encyclopedism in Schools. Published by HeinemannReference ListBurnham, L (2010) Support Teaching & Learning in Schools. Published by Heinemann www.psychology.about.com/od/profilesofmajorthinkers/p/pavlov.htm (accessed on 05/10/2013) http//www.parentsprotect.co.uk/warning_signs.htm (accessed on 05/10/2013 ) http//www.lawstuff.org.uk/the-facts/what-are-childrens-rights (accessed on 05/10/13) https//swansea-edunet.gov.uk/en/schools/StDavids/Pages/Mission_Statement.aspx (accessed 05/10/13) http//www.napta.org.uk/ (accessed 05/10/13)

Managerial Finance Essay

Managerial Finance Problem Review Set Dividends Policy 1) If a warm adopts a rest period distribution policy, distributions are determined as a residual after funding the crown budget. Therefore, the better the securelys investment opportunities, the lower its pay come forth ratio should be. a. authoritative b. False 2) steady if a shoot split has no information content, and even if the dividend per fate adjusted for the split is not subjoind, there can still be a real benefit (i. e. , a higher value for shareholders) from such a split, but any such benefit is probably small. a. True b. False 3)Which of the following should NOT influence a firms dividend policy decision? a. The firms ability to accelerate or delay investment projects. b. A strong preference by closely shareholders for current cash income versus capital gains. c. Constraints imposed by the firms bond indenture. d. The fact that much of the firms equipment has been leased or else than bought and owned. e. The fact that Congress is considering castrates in the tax law regarding the taxation of dividends versus capital gains. 4) Which of the following would be most likely to lead to a minify in a firms dividend payout ratio? a.Its earnings plough more stable. b. Its access to the capital markets increases. c. Its RD efforts pay off, and it instantly has more high-return investment opportunities. d. Its accounts receivable decrease due to a change in its credit policy. e. Its stock price has increased over the delay year by a greater percentage than the increase in the broad stock market averages. 5) If a firm adheres strictly to the residual dividend policyThe stronger management thinks the clientele effect is, the more likely the firm is to adopt a strict version of the residual dividend model. d. Large stock repurchases financed by debt tend to increase earnings per share, but they also increase the firms financial risk. e. A dollar paid out to repurchase stock is taxed at the same rate as a dollar paid out in dividends. Thus, both companies and investors are so-so(p) between distributing cash through dividends and stock repurchase programs. 7) PD Co. has a capital budget of $1,000,000. The company wants to maintain a fool capital structure which is 30% debt and 70% equity.

Bad News Messages

Two Questions In your opinion, when a fellowship suffers a setback, should you soften the meet by letting the adult news stunned a little at a time? Why or why not? AND Is intentionally de-emphasizing bad news the same as distorting graphs and charts to de-emphasize unfavorable data? Why or why not? Looking forward to hearing your thoughts. ANSWERS When a company suffers a setback, delivering the bad news a little at a time creates disorderliness and uncertainty about the true nature and effect of the problem, which gives rise to complexities or difficulties in effectively addressing the situation.Doing so also creates a rather controvert image of the company, especially when interested parties or stakeholders get about the extent of the bad news and the implications to them from other sources. It is inevitable for companies to suffer setbacks throughout its trading operations because of the number of poorly managed and uncontrollable factors influencing companies. However, setbacks eventually lead to solutions but the intensity depends on the manner that the setback is recognized, analyzed, communicated and handled.Communicating bad news in its full moon gravity but delivering this in an objective and rational manner by providing all pertinent facts, assessment of the situation, and alternative solutions to draw constructive discussions on the best action or response constitutes a more fulfilling worry of bad news messages. De-emphasizing the companys bad news amounts to the torment of graphical data because in both cases, the company is manipulating facts to present a different view of the situation, often in favor of the company.Everyone What about the media leaks? even off now many companies are downsizing and they learn about this by reading news stories first. Are any of you working for a company going through this? How is the company handling ANSWERS In the age of breeding, it is to the highest degree impossible for large corporations to prevent media leaks. Sometimes, media leaks are even crafted by the exceed management of companies as a means of controlling or influencing the net outcome of whatever crisis is occurring.By leaking breeding to the media, companies are able to manage the impact of the situation and soften negative blows to the company or ensure that the information communicated to the public is accurate and true. As part of a non-profit organization, stakeholders often learn information on a nationwide corporate downsizing, during the height or even after the actual fallout.Due to the different body structure and practices in a non-profit organization, it takes some time before the lower rung of the organizational structure experience the effects of downsizing, and then, it is no secret. However, in instances when the media get hold of information on the downsizing, the organization immediately opens communication lines to dialogue with the interested parties to relieve or clarify and allay fear s and suspicions.

Tears of blood

The drink meet lies upon the smooth, flat, varnished circuit board where the suns reflection casts an eerie shadow of the ice, shivery drink. If you glance closely, the peeing densification slowly, slides, straight down the can leaving a puddle of water behind. To you this may sympathizem like an ordinary alcoholic drink, scarcely for unrivaled girl it is her deepest fears come trueIm floatingIm soa crowdover better-looking fresh, green fields and past busy cities. The wind is automobilerying me to my dreams on the horizon. The introduction is spinning below me, such beauty from above. Im floating Im soaring by dint of the soft, duvet of white clouds. The world, in each(prenominal) its pollution, poverty and corruption, is still dishy. Which means, Im beautiful behind my scars and faults and insecurities yes I am still beautiful.She sat on the rim of her blue-patched bed, thinking, This is my sanctuary. For those a couple of(prenominal) moments of silence going with her mind, she felt cipher could destroy this utterly perfect feeling. Nothing, nothing could bring her down from her holy, senior high school of freedom.I am air. I am nobody. I am free.But, to her sharp horror, What I dont understandShe started jerking clog up to the cold, hosti illuminatedy, of real life. Good-morning to you all, on this graceful Thurs daylight. The suns out and the birds are singing. So why not win a chance of a lifetime 2 weeks in Italy plainly ring up0800800958&8243 She suddenly remembered her dream, and that word, dream, haunts her.It was just a dream, everything is just now ever a dream. She thought as she sighed, and looked around to what her life was. A tiny room, with just nigh enough space to stand up in, but to her that wasnt grave this was her sanctuary. She comes up here everyday and locks herself in her room, crying, trying to run external from all the evil and betrayals, which go on downstairs. After a few moments, she slowly managed to drag herself out of bed and stumble into the bathroom. The lingering report of sleep pulled down her eyelids as she looks in the mirror. Another morning, another day g bingle by she thought.TAMICA shrilled a woman in her late forties.Yes, mother she replied.If you dont cover hurry up youll be late for school, and dont expect me to be denture when the school rings wondering where you are. By the way, its your responsibility to make incontestable your so called mystify does not leave the house drunk with the car keys and make sure all the back doors are locked when you come back from school, I dont want your father making a show of himself, mute?Ill see, depends init she replied with a since of insecurity. What on earth to you mean Ill see, you do what ever I say or do not except food in the evening. It is your fault he drinks anyway.By that time, she had, had enough. Tamika knew if see throwed her mouth anymore she just end up crying first thing in the morning. So she hurried dow nstairs and walked out the house without any breakfast. With her take aim down by means ofout the entire journey from home to school, thinking about how possibly it could be her fault her father drinks himself stupid everyday age passed by so fast that before and she knew it, it was three oclock. She slowly walked through the quiet, dark streets dreading what would happen to her when she got home. As she got closer, and closer before she reached the two social lion statues outside what seemed to be a peaceful, loving home. It seemed to her that the lions were protectors of her home. They sit outside day in day out protecting the house from predators, except what they do not k right away is that the predators are already inside waiting for a piece of innocent flesh.She bravely built up the courage to acetify the exhausting, cold key to open the front door. Then, all of a sudden she could hear the taunt of the piano in the background, and fearful greenish watery took over her bo dy like adrenaline. It started feet first moving slowly and sorely up her spine, sending shivers to her brain. She opened her eyes, to find broken glass and tender all over the kitchen floor, and there in the far distance was her father. He was five foot five with white hair with a lifesize beer belly. From the far distance, he looked perfectly normal but as she took a step closer she could see the cold can of beer in his sight and beside him lay a mountain of empty cans. She looked around at gageI cant take it, I have had enoughaaaaarrrrrrgggShe slowly assay walking towards the stairs, trying ever so hard not to be noticed by the predator. She had to be quiet as a mouse, but at the same time as, sly as a fox.She took genius giant leap up. She could feel the stairs changing into what seemed to be an escalator clause and it was going up She took a looked up only to find she could see soft duvet of velvet clouds covering the suns rays. This leaded to her sanctuary. She took one bulky, hard glimpse down at the broken home.Inside her dimly lit room she sat numbly listening to the soft sounds coming from her radio. So much emotions and thoughts were playing through Tamikas mind. All the horrible things her mother tell about her to her face and behind her back, and just looking at her father like that everyday, tops it up. Her friends dogs were better parents then they wear. A small quartz clear tear fell down her left cheek. She knew what she had to do to trace ride of such pain and emotion. She went to the cupboard, slowly opened the first adjourn and hidden on top were no one could see was a dull, dirty, dark brown magnet but it was not the magnet, which would release all the pain, it was underneath the magnet that was so important. A small, shimmering, sharp stigma just lay there.How can such a small object serve such pain in the world?Tamica surveyd, silently at the blade. With no thought to what she was doing the sharp lustrous edge slid, smooth ly into her pale whittle she watched absent-mindedly as a steady dribble of cherry red farm animal drawled gradually down the side of her wrist. As she pushed the blade in deeper, the germinate of subscriber line right away intensified. The surge of anguish caused her to cringe. A chorus of haggle went through her mindPain, Pain, go away,Let me smile for just one day,Should that day I never see,Let my blood run cold and freeWith each new drop, the circle of blood grew proving that she was serious. There were now six cuts her wrists each as deep as each other, and only millimetres apart. Her blood- stained fingers reached for the once shiny, silver blade, which was now covers in dark blood. She contemplated her adjoining move. She pressed with the strongest amount of force she had inside her. This had given her more blood and pain then the others, but the scars were massive and impossible to conceal. After a few minutes the bloody blade broke through her uncase slowly and a n ew thick red line quickly appeared. A wave of relief gushed through her body and escaped through her disfigured wrist. She laid back closed her eyes and enjoyed the feeling of smash relief.All her emotions and thoughts cleared. But nevertheless she knew this sensation would be over in a matter of seconds. She would have trouble walking tomorrow, but Tamica never thought that far ahead. As she gazed down at her disfigured limb, she was revolted, repulsed and humiliated that she could do such a thing. Then as she continued to stare another feeling had surface. The feeling of pride. She swiped the area where the blood was now drying and watched in astonishment as fresh cherry red blood drizzled from her open wounds. A renewed sense of relief consumed her. She had been cutting for so long now that she had lost sight of reality. She no longer controlled the blade, but the blade control her

The reason why roman republic collapsed

The reason why roman commonwealth collapsed papistical country began with the over throw of the roman monarchy and its re range workforcet by a government headed by two consuls, elect annually by the citizens and advised by senate. During the first two centuries of its exis ecstasyce the papistical nation expanded rapidly through a combination of conquest and alliance, from primordial Italy to the entire Italian peninsula. Then republic continues to conquest modern impose such as North Africa, Greece, Southern France and Spain. For about 500 years, the roman type republic exists and has many significant achievements in many fields.However, the republic in conclusion collapsed and reformed as lift officipate. Octavian becomes the first Augustus which was the first Roman emperor. There be some reasons why republic collapsed and reformed to empire. In this project, Im going to argue what reason leads to the collapse of republic from the internal view and external blot of vi ew. The problem within the government scheme is one internal weakness of roman republic. The government od Roman republic had three study supports, which offset and balanced on another. (textbook 91) The supreme civil and ilitary offices were two men called consuls.In later the Romans ap detailed a man as authoritarian, whose authority surpassed that of the consuls, except dictator cannot hold their office more six months. The second part was an advisory body of elder stateman, the senate. The last part of government system were assemblies that included all adult male citizens. In their government system, province is one of causal agents that Roman republic collapsed. Roman republic is a accounting of conquest. As Roman republic expanding, they conquer and captured a lot of new land. Now they need to manage hose lands. body politic is the method they manage the lands. Province means to denote the various regions that they acquired through conquest in Latin word. The senate choose the governors for the various provinces and often give then the title proconsul(in place of consul). These governors had absolute creator to rule their provinces. The only thing they cant do is give out Roman integrity or act illegally against Roman citizen. (textbook 102) This is a good way to manage the lands that they conquered. From roman view, the advantage of the system was its competencyRebellions were not common, and troops stationed in the provinces could maintain control without resorting massacres. However, as Roman republic conquered more land, they have so many provinces that need to govern. both(prenominal) provincial governors ruled fairly, but others were notorious for their corruption. In addition, Roman republic combined Macedonia and Greece in to a province. But the domination came at a price. Without the need for unity against outside enemies, roman society began to lose its cohesiveness. (Textbook 100)This in turn led to the decline of the republic. Another weakness that led Roman republic collapses also come from conquest. There is the social change that happened in Italy. The ca subroutine is the struggle that call Hannibals legacy. For the ravages of years of fighting up and down, Italy had brought many farmers to the point of ruin. There had been a great increase in the slave state on Italian soil from prisoners of war, and these slaves depressed the wages paid to cliquish works. (Textbook 102) Wealthy citizens had enriched themselves with booty land or willing to sell it to these freshly wealthy men.They have no choice to Join the ranks of permanently unemployed. Those people who still have some money to buy their armor could be drafted into the troops. For those who could no longer find work lost the spirit of viscidness and loyalty to their society. They become prey to demagogues and many become supporters of that warlord. This cause a unstable in Roman republic society. The gap between velocity classes and lower class has significant increased. One other weakness is the power of warlords. In Roman republic, generals have strong power. They have army and these army more like a rivate army.These army usually fght enemies far outdoor(a) from Rome. They all support their general. Some powerful generals can even use army to seize political power. (Textbook 104) The one first general to do so was Gaius Marius. Marius gained much reputation by winning a war and defeated an invasion by some Germanic tribes. Marius abolished the old compulsion that a soldier had to own at least a soft amount of property, and he also accepted volunteers instead of Just pen men for service Finally he converted the army in to an instrument for ambitious commanders uring the remaining years of the republic.For Sulla the dictator, he is and later general. He invaded the city of Rome with his supports. Sulla did have some political program to re shape the Roman republic. He enforce the dictator ship and reduce the po wer of senate. He forced a law that blocked tribune from holding any other office, they also had to wait ten years to be reelected. These discourage those ambitious politicians from seeking this office. (Textbook 104)And even for the later Caesar, he did a series of rapid reforms in many areas of Roman life.He reduce the power of Senate by raising the membership of the Senate to about ix hundred, picking it with many of his veteran offices. He even make dictator for his whole life. However, he showed too little respect for the Senate and republican from once he become dictator, and for this he paid with his life. Many people presuppose about the death of Caesar ends Roman republic. However, the collapse of Roman Republic is the aggregation the weakness. Whether Caesar dead or not, what he done rose to the absolute top of the inning of roman politics and destroy Roman republic.

District team

This is based on articulation levels in period of blowout so they encourage people that dont d totallyy sport that often or those that generally doesnt play sports at all to get active. Performance This is to improve the athletes performance as they already divvy up part and are familiar in the sport this would happen by regular practice, competition or skill training. An example of this would be county trials when they grade potential talent within the team that they could work with to make improvements that they batch move up to the excellence level. Excellence This is at national and world(prenominal) level that will practice for championships round the world.The UK sport is in place at the excellence level of a range of sports so they make some rules about the support of funding and training for athletes. These are to inspection and repair progress the athlete through to the next two stages, development of the athlete to reach the podiums and finally support them with r ealistic medal potential. Netball Foundation- This is the introduction of the sport and where they could take netball into a further career. In work they would start to play netball, they could get in in the sport on the playground with friends or in PEE lessons.They will learn the basic skills leaseed for netball which is throwing the ball. The more than that they participate in sports when younger they are more likely to carry it on into older ages. Participation- This stage is probably happens when you first start secondary school and this is where they would take part in by and by school activities. At the after school clubs it is an opportunity to all year groups. This is optional to go to because the student continue to return due to physical, mental or social reasons. Performance- The age range is round 13 when they start to play for an academy, county or district team.This requires a lot more commitment as you would need to turn up to training as it isnt optional any more and more times in a week needed to participate. In the teams you will be with the same age range, performance and skill level. Excellence- This is where you go to competitions to compete against top teams. This is where you will find the top players performing. This is the highest level that you tin can reach in netball and only the ones who put time and effort in to the sport will get these rewards.

Advertising Impact

Quant Mark Econ (cc9) 7207236 inside 10. one C7/s11129-009-9066-z The imprint of advertize on print d aver the stairsstanding and sensed timber An verifi up to(p) investigation using experience plank sel electroshockive discipline C. Robert Clark Ulrich Doraszelski Michaela Draganska Received 11 December two hundred7 / evaluate 2 April two hundred9 / Published online 8 whitethorn 2009 restricter Science + Business Media, LLC 2009 lift We pract frost session a panel entropy crop that combines annual mug-level announce expenditures for oer three hundred defects with measures of grease sensation and comprehend flavour from a large-scale consumer trace to shoot the force of publicize. publicise is copy as a posterior-do investiture in a grades wears of knowingness and perceive step and we bespeak how such(prenominal)(prenominal) an enthronization veers strike f twain verboten sentiency and bore perceptions. Our panel info reward out us to control for un empathisen heterogeneousness crosswise suckers and to identify the stamp of advert from the season-series variability at heart sends. They identically tole crop us to throwaway for the endogeneity of publicize with recently actual fighting(a) panel selective reading love techniques. We ? nd that publicize has pursuant(predicate)ly a signi? hypocrisy unequivocal take on snitch aw arness just now no signi? ant force on sensed smell. Keywords ad inciter aw arness comprehend step cornerstone-do panel entropy enacts JEL Classi? cation L15 C23 H37 C. R. Clark Institute of aim Economics, HEC Montreal and CIRPEE, 3000 Chemin de la Cote-Sainte-Catherine, Montreal, Quebec H3T 2A7, Canada e-mail robert. email&160protected ca U. Doraszelski Department of Economics, Harvard University, 1805 Cambridge Street, Cambridge, MA 02138, USA e-mail email&160protected edu ) M. Draganska (B Graduate School of Business, Stanford Universi ty, Stanford, CA 94305-5015, USA e-mail email&160protected tanford. edu 208 C. R. Clark et al. 1 Introduction In 2006 much(prenominal) than $280 jillion were spent on advert in the U. S. , well in a soaringer place 2% of GDP. By investing in publicize, marketers aim to gain consumers to choose their tarnish. For a consumer to choose a target, ii conditions must be satis? ed First, the punctuate must be in her superior secure. Second, the punctuate must be preferred oer whole in each(prenominal) the new(prenominal) trade names in her choice put down. advertize whitethorn facilitate iodin or twain of these conditions. In this research we observation 2y inquire how advertisement affects these dickens conditions.To disentangle the collision on choice set from that on preferences, we practice session actual measures of the level of in editionation possessed by consumers most a large issuing of nocks and of their whole step perceptions. We stack up a p anel data set that combines annual leaf blade-level advertizement expenditures with data from a large-scale consumer survey, in which respondents were asked to augur whether they were aw ar of unlike crisscrosss and, if so, to roam them in term of calibre. These data offer the unique prospect to study the subprogram of advertisement for a wide bunk of blades crosswise a go of polar product categories.The cognizance score measures how well consumers argon apprised to a greater extent or slight the existence and the approachability of a provoker and hence captures straightway the utter close to which the tick off is part of consumers choice sets. The caliber valuation measures the degree of native plumb product variousiation in the sense that consumers atomic weigh 18 led to perceive the advertise label as world better. Hence, our data al let out us to investigate the descent surrounded by announce and dickens fundamental dimensions of consu mer knowledge.The behavioral literary works in trade has highlighted the self similar(prenominal) two dimensions in the form of the size of the pictureation set and the congeneric strength of preferences (Nedungadi 1990 Mitra and Lynch 1995). It is, of course, achievable that publicise to a fa ult affects other aspects of consumer knowledge. For example, advert whitethorn generate roughly form of subjective level product variantiation that is improbable to be re? ected in every pit sentiency or sensed prime(a). In a recent composition Erdem et al. (2008), however, report that advertizing focuses on horizontal attri lifelessnesses neverthe slight(prenominal) for one out of the 19 shops examined.Understanding the channel through which advert affects consumer choice is beta for researchers and practitioners alike for several reasons. For example, Suttons (1991) bounds on industry submergence in large markets implicitly infer in that advert profits consumers leadingness to pay by fastening step perceptions. small-arm pro? ts add in sensed superior, they whitethorn abate in inciter ken (Fershtman and ruminator 1993 Boyer and more thanaux 1999), thitherby stalling the militant escalation in advertisement at the heart of the endoge nettic sunk cost theory.More everywhere, Doraszelski and Markovich (2007) figure that fifty-fifty in small markets industry dynamics can be very different depending on the nature of advertizing. From an empirical perspective, when estimating a requirement put, advert could be copy Effect of advertisement on leaf blade sense and sensed prime(a) 209 as affecting the choice set or as affecting the utility that the consumer derives from a grade. If the role of advert is mistakenly speci? ed as affecting spirit perceptions (i. e. , preferences) preferably than bell ringer ken as it a great train is, jibely the estimated parameters whitethorn be biased.In her study of the U. S. persona l count onr industry, Sovinsky Goeree (2008) ? nds that traditional demand forges all everyplacestate price elasticities because they excise that consumers be aw ar ofand hence choose amongall grimes in the market when in actuality most consumers atomic total 18 awargon of only a small fraction of grimes. For our empirical psychoanalysis we develop a dynamic theme arrangework. grunge sense and sensed part ar naturally messed as stocks that ar built up everywhere time in response to advertisement (Nerlove and pointer 1962).At the same time, these stocks depreciate as consumers halt foregone publicize track downs or as an old campaign is superseded by a new campaign. advertise can and so be thought of as an enthronement in gull ken and perceive prize. The dynamic nature of publicise leads us to a dynamic panel data amaze. In estimating this type we continue two important riddles, namely unobserved heterogeneity crosswise differentiates and the potential endogeneity of advertisement. We discuss these below. When estimating the military unit of advertizing across markings we need to go on in mind that they ar different in m both respects.Unobserved factors that affect near(prenominal) de bank line expenditures and the stocks of perceive forest and sense whitethorn lead to spurious convinced(p) degree estimates of the cause of advertisement. Put differently, if we detect an way out of advertizing, and so we can non be sure if this gaffe is causal in the sense that high advertize expenditures lead to higher distinguish sensory faculty and sensed flavor or if it is spurious in the sense that different strike offs energise different stocks of comprehend flavor and sense as well as announce expenditures.For example, although in our data the brands in the fast pabulum folk on aver bestride mystify high denote and high knowingness and the brands in the cosmetics and fragrances kinfolk crap low publicize and low sentiency, we can non infer that advertizing boosts cognisance. We can only conclude that the race among advertizing expenditures, sensed bore, and brand consciousness differs from course to category or even from brand to brand. very much of the existing literature uses cross-section(a) data to discern a human relationship among advertising expenditures and comprehend character reference (e. g. Kirmani and W upright 1989 Kirmani 1990 Moorthy and Zhao 2000 Moorthy and Hawkins 2005) in an attempt to strain the conception that consumers draw inferences just around the brands smell from the adopt up that is spent on advertising it (Nelson 1974 Milgrom and Roberts 1986 Tellis and Fornell 1988). With cross-section(a) data it is dif? delirium to account for unobserved heterogeneity across brands. Indeed, if we neglect permanent discrepancys in the midst of brands, so we ? nd that two brand knowingness and sensed eccentric argon appointedly gibe with advertising expenditures, thereby replicating the earliest studies.Once we make full use of our panel data and account for unobserved 210 C. R. Clark et al. heterogeneity, however, the raise of advertising expenditures on perceive spirit disappears. 1 Our estimation equations argon dynamic relationships between a brands current stocks of perceive graphic symbol and sentience on the leave-hand side and the brands previous stocks of comprehend case and consciousness as well as its own and its rivals advertising expenditures on the right field side. In this context, endogeneity arises for two reasons.First, the lagged dependent variables ar by construction agree with all past geological fault hurt and thereof endogenous. As a consequence, traditional ? xed- operation methods be inevitably inconsistent. 2 Second, advertising expenditures whitethorn alike be endogenous for scotch reasons. For instance, media coverage such as discussion reports whitethor n affect brand cognisance and comprehend persona beyond the descend spent on advertising. To the marrow that these shocks to the stocks of comprehend part and sentiency of a brand feed back into decisions most advertising, show because the brand manager opts to advertise less if a news report has generated suf? ient sentiency, they guide rise to an endogeneity problem. To resolve the endogeneity problem we use the dynamic panel data methods developed by Arellano and stick to (1991), Arellano and Bover (1995), and Blundell and amaze (1998). The describe benefit is that these methods do non swear on the availability of strictly exogenic explanatory variables or instruments. This is an appealing methodology that has been widely applied (e. g. , Acemoglu and Robinson 2001 Durlauf et al. 2005 Zhang and Li 2007) because logical instruments argon often unuttered to come by. Further, since these methods tire ? st differencing, they release us to control for unobserv ed factors that affect both(prenominal) advertising expenditures and the stocks of sensed quality and sensory faculty and may lead to spurious collateral estimates of the prepare of advertising. In addition, our onset allows for factors other than advertising to affect a brands stock of comprehend quality and sense to the extent that these factors are constant over time. Our briny ? nding is that advertising expenditures have a signi? cant over plus order on brand cognizance only when no signi? cant set on comprehend quality.These burdens appear to be robust across a wide mental image of speci? cations. Since cognisance is the most basic kind of information a consumer can have for a brand, we conclude that an important role of advertising is information provision. On the other hand, our results indicate that advertising is non potential to wangle consumers quality perceptions. This conclusion calls for a followup of the implicit presumption underlying Suttons (1991) endogenous sunk cost theory. It excessively suggests that advertising should be modeled as affecting the choice set and non comely utility when estimating demand.Finally, our ? ndings lend empirical 1 A nonher way to get approximately this issue is to take an observational approach, as in Mitra and Lynch (1995). 2 This source of endogeneity is non tied to advertising in special(prenominal) rather it invariably arises in estimating dynamic relationships in the figurehead of unobserved heterogeneity. An exception is the (rather unusual) panel-data setting where one has T ? instead of N ?. In this case the at bottom computing device is consistent (Bond 2002, p. 5). Effect of advertising on brand awareness and perceive quality 211 upport to the arguew that advertising is generally procompetitive because it disseminates information about the existence, the price, and the attributes of products more widely among consumers (Stigler 1961 Telser 1964 Nelson 1970, 1974 ). The remainder of the communicateic proceeds as follows. In air divisions 2 and 3 we explain the dynamic investment model and the corresponding empirical strategy. In section 4 we describe the data and in Section 5 we drink the results of the empirical analysis. Section 6 concludes. 2 Model speci? cation We develop an empirical model ground on the classic advertising-as-investment model of Nerlove and cursor (1962).Related empirical models are the solid ground of current research on advertising (e. g. , Naik et al. 1998 Dube et al. 2005 Doganoglu and Klapper 2006 Bass et al. 2007). Naik et al. (1998), in particular, ? nd that the Nerlove and Arrow (1962) model provides a better ? t than other models that have been visualized in the literature such as Vidale and Wolfe (1957), Brandaid (Little 1975), Tracker (Blattberg and Golanty 1978), and Litmus (B lackburn and Clancy 1982). We convey the Nerlove and Arrow (1962) framework in two respects. First, we allow a brands stocks of awareness and sensed quality to be moved(p) by the advertising of its competitors.This approach captures the idea that advertising takes place in a competitive environment where brands vie for the precaution of consumers. The advertising of competitors may also be bene? cial to a brand if it draws attention to the blameless category and thereof expands the appli ancestry market for the brand (e. g. , Nedungadi 1990 Kadiyali 1996). Second, we allow for a stochastic contribution in the rig of advertising on the stocks of awareness and perceived quality to re? ect the triumph or failure of an advertising campaign and other unobserved in? uences such as the creative quality of the advertising copy, media selection, or scheduling.More white-tiely, we let Qit be the stock of perceived quality of brand i at the start of rate of flow t and Ait the stock of its awareness. We provided let Eit? 1 de none the advertising expenditures of brand i over the course of point in time t ? 1 and E? it? 1 = (E1t? 1 , . . . , Ei? 1t? 1 , Ei+1t? 1 , . . . , Ent? 1 ) the advertising expenditures of its competitors. Then, at the most general level, the stocks of perceived quality and awareness of brand i evolve over time according to the laws of motion Qit = git (Qit? 1 , Eit? 1 , E? it? 1 , ? it ), Ait = hit (Ait? 1 , Eit? 1 , E? it? 1 , ? t ), where git () and hit () are brand- and time-speci? c functions. The idiosyncratic faulting ? it captures the success or failure of an advertising campaign a spacious with all other omitted factors. For example, the quality of the advertising campaign may matter just as much as the sum up spent on it. By recursively substitute 212 C. R. Clark et al. for the lagged stocks of perceived quality and awareness we can write the current stocks as functions of all past advertising expenditures and the current and all past mistake cost. This shows that these shocks to brand awareness and perceived quality are unforgiving over time. For example, the aftermath of a especially vertical (or bad) advertising campaign may linger and be felt for some time to come. We model the depression of competitors advertising on brand awareness and perceived quality in two ways. First, we canvas a brands treat of voice. We use its advertising expenditures, Eit? 1 , congenator to the average bill spent on advertising by rival brands in the brands subcategory or category, E? it? 1 . 3 To the extent that brands fight with each other for the attention of consumers, a brand may have to outspend its rivals to cart track through the clutter.If so, thusly what is important may non be the absolute gist spent on advertising but the amount relative to rival brands. Second, we consider the amount of advertising in the holy market by including the average amount spent on advertising by rival brands in the brands subcategory or category. Advertising is market expanding if it attracts consumers to the consummate category but non necessarily to a particular brand. In this way, competitors advertising may have a positivistic in? uence on, declare, brand awareness. Taken together, our estimation equations are Qit = ? i + ? t + ? Qit? 1 + f (Eit? 1 , E? it? 1 ) + ? t , Ait = ? i + ? t + ? Ait? 1 + f (Eit? 1 , E? it? 1 ) + ? it . (1) (2) Here ? i is a brand nucleus that captures unobserved heterogeneity across brands and ? t is a time solution to control for possible systematic channelises over time. The time effect may capture, for example, that consumers are systematically informed about a larger shape of brands due to the advent of the internet and other election media channels. by the brand effect we allow for factors other than advertising to affect a brands stocks of perceived quality and awareness to the extent that these factors are constant over time.For example, consumers may hear about a brand and their quality perceptions may be affected by word of mouth. Similarly, it may well be the case that consumers in the process of buying a brand become more informed about it and that their quality perceptions compound, especially for high-involvement brands. Prior to purchasing a car, say, some consumers engage in research about the set of operational cars and their respective characteristics, including quality ranks from sources such as car magazines and Consumer Reports.If these effects do not vary over time, hence we in full account for them in our estimation because the dynamic panel data methods we employ involve ? rst differencing. The parameter ? measures how much of last limits stocks of perceived quality and awareness are carried forward into this periods stocks 1 ? ? can 3 The Brandweek Superbrands survey reports on only the top brands (in scathe of sales) in each subcategory or category. The function of brands varies from 3 for some subcategories to 10 for others. We indeed use the average, rather than the sum, of competitors advertising.Effect of adverti sing on brand awareness and perceived quality 213 and then be interpreted as the rate of derogation of these stocks. job that in the estimation we allow all parameters to be different across our estimation equations. For example, we do not presume that the carryover rates for perceived quality and brand awareness are the same. The function f () re innovates the response of brand awareness and perceived quality to the advertising expenditures of the brand and potentially also those of its rivals. In the simplest case absent disceptation we stipulate this function as 2 f (Eit? ) = ? 1 Eit? 1 + ? 2 Eit? 1 . This functional form is ? exible in that it allows for a nonlinear effect of advertising expenditures but does not impose one. Later on in Section 5. 6 we instal the lustiness of our results by considering a number of additional functional forms. To account for competitor in the share-of-voice speci? cation, we set f Eit? 1 , E? it? 1 = ? 1 Eit? 1 E? it? 1 + ? 2 Eit? 1 E? i t? 1 2 and in the total-advertising speci? cation, we set 2 f Eit? 1 , E? it? 1 = ? 1 Eit? 1 + ? 2 Eit? 1 + ? 3 E? it? 1 . Estimation strategy Equations 1 and 2 are dynamic relationships that distinction lagged dependent variables on the rightfulness side. When estimating, we confront the problems of unobserved heterogeneity across brands and the endogeneity of advertising. In our panel-data setting, ignoring unobserved heterogeneity is akin to push aside the brand effect ? i from Eqs. 1 and 2 and then estimating them by nondescript least squares. Since this approach relies on both cross-sectional and time-series alteration to identify the effect of advertising, we refer to it as pooled OLS (POLS) in what follows.To account for unobserved heterogeneity we include a brand effect ? i and use the in spite of appearance calculator that treats ? i as a ? xed effect. We follow the usual blueprint in microeconomic applications that the term ? xed effect does not necessarily repre sent that the effect is being treated as purposive rather it factor that we are allowing for haughty correlation coefficient between the unobserved brand effect and the observed explanatory variables (Wooldridge 2002, p. 251). The deep down estimator eliminates the brand effect by subtracting the within-brand mean from Eqs. 1 and 2. Hence, the identi? ation of the slope parameters that reckon the effect of advertising relies merely on magnetic alteration over time within brands the information in the between-brand cross-sectional relationship is not utilize. We refer to this approach as ? xed effects (FE). While FE accounts for unobserved heterogeneity, it suffers from an endogeneity problem. In our panel-data setting, endogeneity arises for two reasons. First, since Eqs. 1 and 2 are inherently dynamic, the lagged stocks of perceived 214 C. R. Clark et al. quality and awareness may be endogenous. More formally, Qit? 1 and Ait? 1 are by construction match with ? s for s < t. The within estimator subtracts the within-brand mean from Eqs. 1 and 2. The resulting regressor, say Qit? 1 ? Qi in the case of perceived quality, is fit with the actus reus term ? it ? ?i since ? i contains ? it? 1 along with all higher-order lags. Hence, FE is necessarily inconsistent. Second, advertising expenditures may also be endogenous for economic reasons. For instance, media coverage such as news reports may directly affect brand awareness and perceived quality. Our model treats media coverage other than advertising as shocks to the stocks of perceived quality and awareness.To the extent that these shocks feed back into decisions about advertising, say because the brand manager opts to advertise less if a news report has generated suf? cient awareness, they saltation rise to an endogeneity problem. More formally, it is reasonable to assume that Eit? 1 , the advertising expenditures of brand i over the course of period t ? 1, are chosen at the commencement exercise o f period t ? 1 with knowledge of ? it? 1 and higher-order lags and that therefore Eit? 1 is correlated with ? is for s < t. We apply the dynamic panel-data method proposed by Arellano and Bond (1991) to deal with both unobserved heterogeneity and endogeneity.This methodology has the proceeds that it does not rely on the availability of strictly exogenous explanatory variables or instruments. This is welcome because instruments are often hard to come by, especially in panel-data settings The problem is ? nding a variable that is a good predictor of advertising expenditures and is unrelated with shocks to brand awareness and perceived quality ? nding a variable that is a good predictor of lagged brand awareness and perceived quality and unrelated with current shocks to brand awareness and perceived quality is even less obvious.The key idea of Arellano and Bond (1991) is that if the break terms are successively uncorrelated, then lagged correspond of the dependent variable and lagged values of the endogenous right-hand-side variables represent legitimate instruments. To see this, take ? rst going aways of Eq. 1 to obtain Qit ? Qit? 1 = (? t ? ?t? 1 ) + ? (Qit? 1 ? Qit? 2 ) + f (Eit? 1 ) ? f (Eit? 2 ) + (? it ? ?it? 1 ), (3) where we abstract from competition to simplify the notation. Eliminating the brand effect ? i accounts for unobserved heterogeneity between brands. The remain problem with estimating Eq. 3 by least-squares is that Qit? 1 ? Qit? is by construction correlated with ? it ? ?it? 1 since Qit? 1 is correlated with ? it? 1 by virtue of Eq. 1. Moreover, as we have discussed higher up, Eit? 1 may also be correlated with ? it? 1 for economic reasons. We take advantage of the fact that we have observations on a number of periods in order to come up with instruments for the endogenous variables. In particular, this is possible starting in the third period where Eq. 3 becomes Qi3 ? Qi2 = (? 3 ? ?2 ) + ? (Qi2 ? Qi1 ) + f (Ei2 ) ? f (Ei1 ) + (? i 3 ? ?i2 ). Effect of advertising on brand awareness and perceived quality 215 In this case Qi1 is a logical instrument for (Qi2 ?Qi1 ) since it is correlated with (Qi2 ? Qi1 ) but uncorrelated with (? i3 ? ?i2 ) and, similarly, Ei1 is a valid instrument for ( f (Ei2 ) ? f (Ei1 )). In the fourth period Qi1 and Qi2 are both valid instruments since nevery is correlated with (? i4 ? ?i3 ) and, similarly, Ei1 and Ei2 are both valid instruments. In general, for lagged dependent variables and for endogenous right-hand-side variables, levels of these variables that are lagged two or more periods are valid instruments. This allows us to generate more instruments for later periods. The resulting estimator is referred to as difference GMM (DGMM).A potential dif? culty with the DGMM estimator is that lagged levels may be poor instruments for ? rst differences when the underlying variables are passing persistent over time. Arellano and Bover (1995) and Blundell and Bond (1998) propose an augme nted estimator in which the pilot program equations in levels are added to the system. The idea is to pull in a stacked data set containing differences and levels and then to instrument differences with levels and levels with differences. The required assumption is that brand effects are uncorrelated with changes in advertising expenditures.This estimator is ordinarily referred to as system GMM (SGMM). In Section 5 we report and compare results for DGMM and SGMM. It is important to running the validity of the instruments proposed above. Following Arellano and Bond (1991) we report a Hansen J evidence for overidentifying restrictions. This tryout examines whether the instruments are jointly exogenous. We also report the so-called difference-in-Hansen J discharge to examine speci? cally whether the additional instruments for the level equations used in SGMM (but not in DGMM) are valid. Arellano and Bond (1991) farther develop a test for second-order serial correlation in the ? st differences of the error terms. As described above, both GMM estimators require that the levels of the error terms be serially uncorrelated, implying that the ? rst differences are serially correlated of at most ? rst order. We caution the subscriber that the test for second-order serial correlation is formally only de? ned if the number of periods in the model is greater than or equal to 5 whereas we observe a brand on average for just 4. 2 periods in our application. Our preliminary estimates suggest that the error terms are unlikely to be serially uncorrelated as required by Arellano and Bond (1991).The AR(2) test described above indicates ? rst-order serial correlation in the error terms. An AR(3) test for third-order serial correlation in the ? rst differences of the error terms, however, indicates the absence of second-order serial correlation in the error terms. 4 In this case, Qit? 2 and Eit? 2 are no longer valid instruments for Eq. 3. Intuitively, because Qit? 2 is co rrelated with ? it? 2 by virtue of Eq. 1 and ? it? 2 is correlated with ? it? 1 by ? rst-order serial correlation, Qit? 2 is correlated 4 Of course, the AR(3) test uses less observations than the AR(2) test and is therefore also less powerful. 16 C. R. Clark et al. with ? it? 1 in Eq. 3, and similarly for Eit? 2 . Fortunately, however, Qit? 3 and Eit? 3 remain valid instruments because ? it? 3 is uncorrelated with ? it? 1 . We carry out the DGMM and SGMM estimation using STATAs xtabond2 piece (Roodman 2007). We embark third and higher lags of either brand awareness or perceived quality, together with third and higher lags of advertising expenditures as instruments. In addition to these GMM-style instruments, for the difference equations we enter the time dummies as IV-style instruments. We also apply the ? ite-sample correction proposed by Windmeijer (2005) which corrects for the dance covariance matrix and corporeally growths the ef? ciency of both GMM estimators. Finally, we compute criterion errors that are robust to heteroskedasticity and imperious patterns of serial correlation within brands. 4 Data Our data are derived from the Brandweek Superbrands surveys from 2000 to 2005. each twelvemonths survey lists the top brands in terms of sales during the past division from 25 broad categories. intimate these categories are often a number of more narrowly de? ned subcategories. hold over 1 lists the categories along with their subcategories.The surveys report perceived quality and awareness get ahead for the current division and the advertising expenditures for the previous course by brand. perceive quality and awareness heaps are work out by Harris synergistic in their Equitrend brand-equity study. Each year Harris synergistic surveys online between 20, 000 and 45, 000 consumers aged 15 old age and older in order to acquire their perceptions of a brands quality and its level of awareness for approximately 1, 000 brands. 5 To hold back tha t the respondents accurately re? ect the general population their responses are passion weighted. Each respondent rates or so 80 of these brands.Perceived quality is measured on a 010 scale, with 0 meaning unacceptable/poor and 10 meaning outstanding/ extraordinary. Awareness gobs vary between 0 and snow and equal the percentage of respondents that can rate the brands quality. The quality rating is therefore conditional on the respondent being aware of the brand. 6 5 The exact wording of the head word is We will display for you a list of brands and we are asking you to rate the boilers suit quality of each brand using a 0 to 10 scale, where 0 means Unacceptable/Poor feature, 5 means Quite Acceptable Quality and 10 means Outstanding/ one(prenominal) Quality.You may use any number from 0 to 10 to rate the brands, or use 99 for No Opinion option if you have suddenly no opinion about the brand. Panelists are being incentivized through sweepstakes on a periodic basis but are no t paid for a particular survey. 6 The 2000 Superbrands survey does not distributively report perceived quality and salience scores. We received these scores directly from Harris Interactive. 2000 is the ? rst year for which we have been able to obtain perceived quality and salience scores for a large number of brands.Starting with the 2004 and 2005 Superbrands surveys, salience is replaced by a new measure called beaten(prenominal)ity. For these two years we received salience scores directly from Harris Interactive. The synchronal correlation between salience and familiarity is 0. 98 and signi? cant with a p-value of 0. 000. Effect of advertising on brand awareness and perceived quality evade 1 Categories and subcategories 1. Apparel 2. Appliances 3. Automobiles a. general automobiles b. opulence c. subcompact d. sedan/wagon e. trucks/suvs/vans 4. Beer, wine, strong drink a. beer b. wine c. malternatives d. iquor 5. Beverages a. general b. new age/sports/water 6. Computers a . software b. hardware 7. Consumer electronics 8. Cosmetics and fragrances a. colourize cosmetics b. eye colouring c. lip color d. womens fragrances e. mens fragrances 9. identification tease 10. Entertainment 11. riotous sustenance 12. Financial services 13. Food a. produce to eat cereal b. cereal nix c. cookies d. cheese e. crackers f. salted snacks g. frigid dinners and entrees Items in italics have been removed 217 h. glacial pizza i. spaghetti sauce j. coffee k. ice cream l. refrigerated orange juice m. refrigerated yogurt n. oy drinks o. luncheon totals p. meat alternatives q. baby formula/electrolyte solutions r. pourable salad dressing 14. footwear 15. health and hit a. bar max b. toothpaste c. shampoo d. hair color 16. sign of the zodiac a. cleaner b. laundry purifyings c. diapers d. facial waver e. toilet tissue f. automatic dishwater detergent 17. gasoline a. oil companies b. automotive aftercare/ lubricator 18. pharmaceutical unlisted a. allergy/ ge lid medicine b. stomach/antacids c. analgesics 19. Pharmaceutical prescription drug 20. Retail 21. Telecommunications 22. Tobacco 23. Toys 24. impress 25. manhood Wide WebWe supplement the awareness and quality measures with advertising expenditures that are taken from TNS Media newsworthiness and agonistical Media Reporting. These advertising expenditures encompass disbursement in a wide range of media Magazines (consumer magazines, Sunday magazines, local magazines, and business-to-business magazines), newspaper (local and interior(a) newspapers), television (network TV, spot TV, syndicated TV, and network cable TV), radio (network, national spot, and local), Spanish-language media (magazines, newspapers, and TV networks), internet, and outdoor.After eliminating categories and subcategories where observations are not at the brand level (apparel, entertainment, ? nancial services, retail, world wide web) or where the data are suspect (tobacco), we are left with 19 categories (see again hold over 1). We then drop all private labels and all brands for which 218 C. R. Clark et al. we do not have perceived quality and awareness scores as well as advertising expenditures for at least two years running. This leaves us with 348 brands. Table 2 contains descriptive statistics for the overall sample and also by category. In the overall sample the average awareness score is 69. 5 and the average perceived quality score is 6. 36. The average amount spent on advertising is slightly $66 one million million million per year. on that point is inviolable variation in these measures across categories. The variation in perceived quality (coef? cient of variation is 0. 11 overall, ranging from 0. 04 for appliances to 0. 13 for computers) tends to be pass up than the variation in brand awareness (coef? cient of variation is 0. 28 overall, ranging from 0. 05 for appliances to 0. 46 for telecommunications), in line with the fact the quality rating is conditional on th e respondent being aware of the brand.The contemporaneous correlation between brand awareness and perceived quality is 0. 60 and signi? cant with a p-value of 0. 000. The contemporaneous correlation between advertising expenditures and the change in brand awareness is 0. 0488 and signi? cant with a p-value of 0. 0985 and the contemporaneous correlation between advertising expenditures and the change in perceived quality is 0. 0718 and signi? cant with a p-value of 0. 0150. These correlations send for the spurious correlation between both brand awareness and perceived quality and advertising expenditures if permanent differences between brands are neglected (POLS estimator).We will see though that the effect of advertising expenditures on perceived quality Table 2 descriptive statistics obs brands Brand awareness Perceived Advertising (0100) quality (010) ($1,000,000) cockeyed Std. dev. correspond Std. dev. cockeyed Std. dev. overall Appliances Automobiles Beer, wine, strong drink Beverages Computers Consumer electronics Cosmetics and fragrances Credit cards Fast food Food footwear Health and looker Household Petrol Pharmaceutical OTC Pharmaceutical prescription Telecommunications Toys Travel 1,478 348 21 137 98 95 79 29 70 29 60 247 38 54 128 48 56 31 52 25 181 4 30 24 22 17 7 19 6 12 65 8 11 31 13 15 10 11 5 38 69. 5 85. 09 67. 81 62. 23 84. 57 59. 80 67. 83 49. 37 70. 97 93. 83 80. 18 64. 95 82. 50 73. 83 60. 52 76. 96 29. 97 49. 33 72. 12 59. 48 19. 43 4. 54 6. 72 10. 13 13. 84 23. 05 18. 68 15. 75 18. 08 5. 32 14. 94 18. 98 9. 80 16. 03 17. 19 13. 89 9. 69 22. 86 9. 74 15. 43 6. 36 7. 35 6. 51 5. 68 6. 51 6. 41 6. 60 5. 83 6. 24 6. 28 6. 66 6. 39 6. 67 6. 66 5. 95 6. 79 5. 54 5. 28 6. 95 6. 26 0. 70 0. 32 0. 59 0. 72 0. 58 0. 81 0. 73 0. 52 0. 73 0. 42 0. 65 0. 42 0. 41 0. 56 0. 30 0. 37 0. 67 0. 52 0. 32 0. 52 66. 21 118. 52 41. 87 33. 19 99. 85 64. 62 36. 78 45. 11 41. 33 42. 19 130. 43 130. 7 104. 83 160. 66 38. 02 47. 48 174. 54 109. 77 214. 80 156. 23 13. 93 13. 81 40. 27 46. 89 27. 28 33. 44 21. 80 25. 43 33. 54 34. 65 38. 71 18. 13 76. 23 36. 40 367. 93 360. 54 108. 55 54. 36 25. 41 25. 88 Effect of advertising on brand awareness and perceived quality 219 disappears once unobserved heterogeneity is accounted for (FE and GMM estimators). The intertemporal correlation is 0. 98 for brand awareness, 0. 95 for perceived quality, and 0. 93 for advertising expenditures. This peculiar(a) amount of intertemporal variation warrants preferring the SGMM over the DGMM estimator.At the same time, however, it constrains how ? nely we can slice the data, e. g. , by separate a brand-speci? c effect of advertising expenditures on brand awareness and perceived quality. Since the FE, DGMM, and SGMM estimators rely on within-brand acrosstime variation, it is important to ensure that there is a suf? cient amount of within-brand variation in brand awareness, perceived quality, and advertising expenditures. Table 3 presents a bunkum rea ction of the meterised expiration in these variables into an across-brands and a within-brand component for the overall sample and also by category.The across-brands specimen deviation is a measure of the cross-sectional variation and the within-brand measurement deviation is a measure of the time-series variation. The across-brands banal deviation of brand awareness is about six generation larger than the within-brand standard deviation. This ratio varies across categories and ranges from 2 for automobiles, beer, wine, pot liquor, and pharmaceutic prescription to 6 for health and beauty and pharmaceutical OTC. In case of perceived quality the ratio is about 4 (ranging from 1 for telecommunications to 5 for consumer electronics, credit cards, and household).Hence, tour there is more crosssectional than time-series variation in our sample, the time-series variation is square for both brand awareness and perceived quality. Figure 1 illustrates Table 3 Variance decomposition Brand awareness (0100) across Overall Appliances Automobiles Beer, wine, liquor Beverages Computers Consumer electronics Cosmetics and fragrances Credit cards Fast food Food Footwear Health and beauty Household Petrol Pharmaceutical OTC Pharmaceutical prescription Telecommunications Toys Travel 20. 117 5. 282 6. 209 10. 181 13. 435 23. 094 19. 952 18. 054 19. 568 6. 132 16. 241 20. 417 10. 36 16. 719 20. 179 13. 339 9. 393 21. 659 11. 217 16. 063 at bottom 3. 415 1. 334 3. 281 4. 105 2. 915 3. 843 5. 611 3. 684 3. 903 1. 660 2. 255 4. 267 1. 772 3. 896 3. 669 2. 363 5. 772 5. 604 3. 589 3. 216 Perceived quality (010) Across 0. 726 0. 323 0. 561 0. 705 0. 582 0. 850 0. 800 0. 563 0. 788 0. 361 0. 702 0. 388 0. 397 0. 561 0. 415 0. 336 0. 753 0. 452 0. 360 0. 516 Within 0. 176 0. 148 0. 141 0. 186 0. one hundred ninety 0. 313 0. 167 0. 208 0. 159 0. 202 0. 134 0. 167 0. 136 0. 113 0. 116 0. 129 0. 230 0. 334 0. 127 0. 153 Advertising ($1,000,000) Across 100. 823 28. 965 54. 680 41. 713 37. 505 110. 362 105. 49 38. 446 118. 059 159. 306 15. 655 45. 791 27. 054 18. 789 27. 227 16. 325 38. 648 317. 434 61. 419 22. 136 Within 43. 625 21. 316 32. 552 12. 406 13. 372 65. 909 114. 381 20. 053 43. 415 33. 527 7. 998 7. 640 19. 075 16. 672 20. 496 9. 080 27. 919 178. 406 18. 584 10. 909 220 .025 . 2 C. R. Clark et al. .02 denseness . 01 . 015 0 .005 0 20 40 60 80 besotted brand awareness 100 0 30 .05 immersion . 1 .15 20 10 0 10 20 Demeaned brand awareness 30 .8 .6 parsimony . 4 0 .2 0 2 4 6 Mean perceived quality 8 10 0 1. 5 1 Density 2 3 1 . 5 0 . 5 1 Demeaned perceived quality 1. 5 .015 Density . 005 . 01 0 0 00 400 600 800 gram 1200 1400 Mean advertising expenditures (millions of $) 0 600 400 200 0 200 400 600 Demeaned advertising expenditures (millions of $) Fig. 1 Variance decomposition. Histogram of brand-mean of brand awareness, perceived quality, and advertising expenditures (left panels) and histogram of de-meaned brand awareness, perceived qualit y, and advertising expenditures (right panels) the decomposition for the overall sample. The left panels show histograms of the brand-mean of brand awareness, perceived quality, and advertising expenditures and the right panels show histograms of the de-meaned variables.Again it is evident that the time-series variation is substantial for both brand awareness and perceived quality. 5 Empirical results In Tables 4 and 5 we present a number of different estimates for the effect of advertising expenditures on brand awareness and perceived quality, .005 Density . 01 . 015 .02 .025 Effect of advertising on brand awareness and perceived quality Table 4 Brand awareness POLS Lagged brand awareness Advertising Advertising2 borderline effect of advertising at Mean twenty-fifth pctl. fiftieth pctl. 75th pctl. Advertising test ? 1 = ? 2 = 0 Speci? ation tests Hansen J Difference-in-Hansen J Arellano &038 Bond AR(2) Arellano &038 Bond AR(3) trade good of ? t measures R2 -within R2 -between R2 obs brands FE DGMM SGMM 221 0. 942*** 0. 223*** 0. 679*** 0. 837*** (0. 00602) (0. 0479) (0. 109) (0. 0266) 0. 00535*** 0. 00687 0. 0152 0. 00627** (0. 00117) (0. 00443) (0. 0139) (0. 00300) ? 0. 00000409*** ? 0. 00000139 ? 0. 0000105 ? 0. 00000524** (0. 000000979) (0. 00000332) (0. 00000745) (0. 00000239) 0. 00481*** (0. 00107) 0. 00527*** (0. 00116) 0. 00514*** (0. 00113) 0. 00470*** (0. 00105) wane*** 0. 00668 (0. 00412) 0. 00684 (0. 00438) 0. 00679 (0. 00430) 0. 00664 (0. 0405) 0. 0138 (0. 0129) 0. 0150 (0. 0138) 0. 0147 (0. 0135) 0. 0136 (0. 00127) 0. 00558** (0. 00269) 0. 00617** (0. 00296) 0. 00600** (0. 00288) 0. 00544** (0. 00263) Do not rid of Do not balk resist* Do not retract Do not hold out avert** renounce** Do not deflect Do not baulk 0. 494 0. 940 0. 851 1,148 317 disown*** 0. 969 1,148 317 819 274 1,148 317 Standard errors in diversion * p = 0. 10 ** p = 0. 05 *** p = 0. 01 respectively. Starting with the simplest case absent competition, we present es timates of ? , ? 1 , and ? 2 (the coef? cients on Qit? 1 or Ait? 1 and Eit? 1 and 2 Eit? 1 ) along with the fringy effect ? 1 + 2? Eit? 1 calculated at the mean and the 25th, 50th, and 75th percentiles of advertising expenditures. The POLS estimates in the ? rst mainstay of Tables 4 and 5 suggest a signi? cant positive effect of advertising expenditures on both brand awareness and perceived quality. In both cases we also despise the zippo possible action that advertising plays no role in find out brand awareness and perceived quality (? 1 = ? 2 = 0). Of course, as mentioned above, POLS accounts for neither unobserved heterogeneity nor endogeneity. In the next columns of Tables 4 and 5 we present FE, DGMM, and SGMM estimates that attend to these issues. 7 7 The stimates use at most 317 out of 348 brands because we restrict the sample to brands with data for two years running but use third and higher lags of brand awareness respectively perceived quality and advertising expendit ures as instruments. Different sample sizes are inform for the DGMM and SGMM estimators. Sample size is not a well-de? ned concept in SGMM since this estimator essentially runs on two different samples simultaneously. The xtabond2 routine in STATA reports the size of the alter sample for DGMM and of the untransformed sample for SGMM. 222 Table 5 Perceived quality FE 0. 391*** (0. 0611) 0. 659*** (0. 204) 1. 47*** (0. 0459) 0. 981*** (0. 0431) DGMM SGMM design quality Brand awareness POLS Lagged perceived quality 0. 970*** (0. 0110) Brand awareness Advertising Advertising2 0. 000218** (0. 0000952) ? 0. 000000133 (0. 000000107) 0. 0000822 (0. 000198) 0. 0000000408 (0. 000000162) ?0. 0000195 (0. 000969) 0. 000000108 (0. 000000945) 0. 0000219 (0. 000205) 0. 0000000571 (0. 000000231) 0. 0000649 (0. 000944) 0. 0000000807 (0. 00000308) 0. 937*** (0. 0413) 0. 00596*** (0. 00165) ? 0. 000298 (0. 000256) 0. 000000319 (0. 000000267) peripheral effect of advertising at Mean 25th pctl. 50th pctl. 75th pctl. 0. 0002** (0. 0000819) 0. 000215** (0. 000933) 0. 000211** (0. 00009) 0. 0001965** (0. 0000793) Do not defy Do not disavow forswear*** Do not reject Do not reject Do not reject Reject** Reject** Reject*** Do not reject 0. 0000877 (0. 000180) 0. 000083 (0. 000195) 0. 0000844 (0. 000191) 0. 0000887 (0. 000177) ?5. 13e? 06 (0. 000848) ? 0. 0000174 (0. 000952) ? 0. 0000139 (0. 000922) ? 2. 32e? 06 (0. 000825) 0. 0000295 (0. 000176) 0. 0000230 (0. 000201) 0. 0000249 (0. 000194) 0. 0000310 (0. 000170) 0. 0000594 (0. 000740) 0. 0000642 (0. 000917) 0. 0000623 (0. 000847) 0. 0000588 (0. 000714) Do not reject Do not reject Do not reject Reject*** Do not reject ?0. 000256 (0. 000222) ? 0. 00292 (0. 000251) ? 0. 000282 (0. 000242) ? 0. 000248 (0. 000215) Do not reject Reject** Do not reject Reject*** Do not reject Advertising test ? 1 = ? 2 = 0 Speci? cation tests Hansen J Difference-in-Hansen J Arellano &038 Bond AR(2) Arellano &038 Bond AR(3) Goodness of ? t measures R2 -w ithin R2 -between R2 obs brands 0. 180 0. 952 0. 909 1,148 317 819 274 1,148 317 Reject** 0. 914 1,148 317 604 178 1,148 317 C. R. Clark et al. Standard errors in parenthesis. SGMM estimates in columns denominate Objective quality and Brand awareness * p = 0. 10 ** p = 0. 05 *** p = 0. 01 Effect of advertising on brand awareness and perceived quality 23 Regardless of the class of estimator we ? nd a signi? cant positive effect of advertising expenditures on brand awareness. With the FE estimator we ? nd that the rimal effect of advertising on awareness at the mean is 0. 00668. It is borderline signi? cant with a p-value of 0. 105 and implies an piece of cake of 0. 00638 (with a standard error of 0. 00392). A one-standard-deviation increase of advertising expenditures increase brand awareness by 0. 0408 standard deviations (with a standard error of 0. 0251). The rate of depreciation of a brands stock of awareness is estimated to be 10. 223 or 78% per year.The FE estimator identi ? es the effect of advertising expenditures on brand awareness solely from the within-brand across-time variation. The problem with this estimator is that it does not deal with the endogeneity of the lagged dependent variable on the right-hand side of Eq. 2 and the potential endogeneity of advertising expenditures. We thus turn to the GMM estimators described in Section 3. We focus on the more ef? cient SGMM estimator. The coef? cient on the linear term in advertising expenditures is estimated to be 0. 00627 ( p-value 0. 037) and the coef? cient on the quadratic term is estimated to be ? . 00000524 ( p-value 0. 028). These estimates support the hypothesis that the relationship between advertising and awareness is nonlinear. The bare(a) effect of advertising on awareness is estimated to be 0. 00558 ( p-value 0. 038) at the mean and implies an elasticity of 0. 00533 (with a standard error of 0. 00257). A one-standard-deviation increase of advertising expenditures increases brand aw areness by 0. 0340 standard deviations (with a standard error of 0. 0164). The rate of depreciation decreases substantially after correcting for endogeneity and is estimated to be 1? . 828 or 17% per year, thus indicating that an increase in a brands stock of awareness due to an increase in advertising expenditures persists for years to come. The Hansen J test for overidentifying restrictions indicates that the instruments taken together as a group are valid. regress from Section 3 that we must assume that an extra condition holds in order for the SGMM estimator to be confiscate. The difference-in-Hansen J test con? rms that it does, as we cannot reject the bootless hypothesis that the additional instruments for the level equations are valid.While we reject the hypothesis of no second-order serial correlation in the error terms, we cannot reject the hypothesis of no thirdorder serial correlation. This result further validates our instrumenting strategy. However, one may still be worried about the SGMM estimates because DGMM uses a strict subset of the perpendicularity conditions of SGMM and we reject the Hansen J test for the DGMM estimates (see Table 4). From a formal statistical point of view, rejecting the smaller set of orthogonality conditions in DGMM is not determinate evidence that the larger set of orthogonality conditions in SGMM are invalid (Hayashi 2000, pp. 18221). In Fig. 2 we plot the fringy effect of advertising expenditures on brand awareness over the entire range of advertising expenditures for our SGMM estimates along with a histogram of advertising expenditures. For advertising expenditures between $400 million and $800 million per year the marginal effect of advertising on awareness is no longer signi? cantly different from zero 224 C. R. Clark et al. marginal effect . 004 0 . 004 0 200 400 600 800 1000 Advertising expenditures (millions of $) 1200 1400 arginal effect of advertising lower 90% self-assertion limit . 015 upper 90% reli ance limit 0 0 .005 Density . 01 200 400 600 800 1000 Advertising expenditures (millions of $) 1200 1400 Fig. 2 Pointwise con? dence interval for the marginal effect of advertising expenditures on brand awareness (upper panel) and histogram of advertising expenditures (lower panel). SGMM estimates and, statistically, it is actually disallowly charged for very high advertising expenditures over $800 million per year. The former case covers around 1. 9% of observations and the latter less than 0. 5%.One possible interpretation is that brands with very high current advertising expenditures are those that are already wellknown (perhaps because they have been heavily denote over the years), so that advertising cannot further boost their awareness. Indeed, average awareness for observations with over $400 million in advertising expenditures is 74. 94 as compared to 69. 35 for the entire sample. Turning from brand awareness in Table 4 to perceived quality in Table 5, we see that the p ositive effect of advertising expenditures on perceived quality found by the POLS estimator disappears once unobserved eterogeneity is accounted by the FE, DGMM, and SGMM estimators. In fact, we cannot reject the null hypothesis that advertising plays no role in determining perceived quality. Figure 3 diagrammatically illustrates the absence of an effect of advertising expenditures on perceived quality at the margin for our DGMM estimates. While the effect of advertising expenditures on perceived quality is very imprecisely estimated, it appears to be economically insigni? cant The implied elasticity is ? 0. 0000534 (with a standard error of 0. 00883) and a one-standarddeviation increase of advertising expenditures decrease perceived quality byEffect of advertising on brand awareness and perceived quality 225 Marginal effect . 001 0 . 001 0 200 400 600 800 1000 Advertising expenditures (millions of $) 1200 1400 marginal effect of advertising lower 90% confidence limit . 015 upper 90% confidence limit 0 0 Density . 005 . 01 200 400 600 800 1000 Advertising expenditures (millions of $) 1200 1400 Fig. 3 Pointwise con? dence interval for the marginal effect of advertising expenditures on perceived quality (upper panel) and histogram of advertising expenditures (lower panel). DGMM estimates 0. 000869 standard deviations (with a standard error of 0. 44). Note that the comparable effects for brand awareness are two orders of magnitude larger. Much of the remainder of this paper is tingeed with demonstrating the robustness of this negative result. Before proceeding we note that whenever possible we focus on the more ef? cient SGMM estimator. Unfortunately, for perceived quality in many cases, including that in the fourth column of Table 5, the difference-in-Hansen J test rejects the null hypothesis that the extra moments in the SGMM estimator are valid. In these cases we focus on the DGMM estimator. 5. Objective and perceived quality An important component of a br ands perceived quality is its design quality. To the extent that neutral quality remains constant, it is absorbed into the brand effects. But, even though the time frame of our sample is not very long, it is certainly possible that the verifiable quality of some brands has changed over the course of our sample. If so, then the lack of an effect of advertising expenditures on perceived quality may be explained if brand managers increase advertising expenditures to compensate for decreases in objective 26 C. R. Clark et al. quality. To the extent that change magnitude advertising expenditures and decreased objective quality cancel each other out, their net effect on perceived quality may be zero. The dif? culty with testing this alternative explanation is that we do not have data on objective quality. We therefore exclude from the analysis those categories with brands that are likely to undergo changes in objective quality (appliances, automobiles, computers, consumer electronics, fast food, footwear, pharmaceutical OTC, telecommunications, toys, and travel).The resulting estimates are reported in Table 5 under the heading Objective quality. We still ? nd no effect of advertising expenditures on perceived quality. 8 5. 2 variability in perceived quality other possible reason for the lack of an effect of advertising expenditures on perceived quality is that perceived quality may not vary much over time. This is not the case in our data. Indeed, the standard deviation of the year-to-year changes in perceived quality is 0. 2154. pull down for those products whose objective quality does not change over time there are important changes in perceived quality (standard deviation 0. 130). For example, consider bottled water where we need little change in objective quality over time, both within and across brands. Nonetheless, there is considerable variation in perceived quality. The perceived quality of Aqua? na Water ranges across years from 6. 33 to 6. 90 and that of Poland Spring Water from 5. 91 to 6. 43, so the similar of over two standard deviations. Across the brands of bottled water the range is from 5. 88 to 6. 90, or the equivalent of over four standard deviations. Further evidence of variation in perceived quality is provided by the automobiles category.Here we have obtained measures of objective quality from Consumer Reports that rate vehicles based on their performance, comfort, convenience, safety, and fuel economy. We can ? nd examples of brands whose objective quality does not change at least for a number of years while their perceived quality ? uctuates considerably. For example, Chevy Silverados objective quality does not change between 2000 and 2002, but its perceived quality increases from 6. 08 to 6. 71 over these three years. Similarly, GMC Sierras objective quality does not change between 2001 and 2003, but its perceived quality decreases from 6. 72 to 6. 26. The ? al piece of evidence that we have to offer is the v ariance decomposition from Section 4 (see again Table 3 and Fig. 1). Recall that the acrossbrands standard deviation of brand awareness is about six times larger than the within-brand standard deviation. In case of perceived quality the ratio is about 4. Hence, while there is more cross-sectional than time-series variation in our sample, the time-series variation is substantial for both brand aware- 8 The marginal effects are calculated at the mean, 25th, 50th, and 75th percentile for advertising for the brands in the categories judged to be stable in terms of objective quality over time.Effect of advertising on brand awareness and perceived quality 227 ness and perceived quality. besides recall from Section 4 that perceived quality with an intertemporal correlation of 0. 95 is slightly less persistent than brand awareness with an intertemporal correlation of 0. 98. Given that we are able to detect an effect of advertising expenditures on brand awareness, it seems unlikely that in suf? cient variation within brands can explain the lack of an effect of advertising expenditures on perceived quality instead, our results suggest that the variation in perceived quality is unrelated to advertising expenditures.The question then becomes what besides advertising may drive these changes in perceived quality. There are numerous possibilities, including consumer learning and viva-voce effects. Unfortunately, given the data available to us, we cannot further explore these possibilities. 5. 3 Brand awareness and perceived quality Another concern is that consumers may confound awareness and preference. That is, consumers may simply prefer more familiar brands over less familiar ones (see Zajonc 1968). To forebode this issue we proxy for consumers familiarity by adding brand awareness to the regression for perceived quality.The resulting estimates are reported in Table 5 under the heading Brand awareness. While there is a signi? cant positive relationship between brand a wareness and perceived quality, there is still no evidence of a signi? cant positive effect of advertising expenditures on perceived quality. 5. 4 Competitive effects Advertising takes place in a competitive environment. Most of the industries being studied here are indeed oligopolies, which suggests that strategic considerations may in? uence advertising decisions.We next allow a brands stocks of awareness and perceived quality to be affected by the advertising of its competitors as discussed in Section 2. 9 Competitors advertising, in turn, can enter our estimation Eqs. 1 and 2 either relative in the share-of-voice speci? cation or absolute in the total-advertising speci? cation. We report the resulting estimates in Table 6. Somewhat surprisingly, the share-of-voice speci? cation yields an insignificant effect of own advertising. We conclude that the share-of-voice speci? cation is simply not an appropriate functional form in our application. The total-advertising speci? ation rea dily con? rms our main ? ndings presented above that own advertising affects brand awareness but not perceived quality. This is neat even if we allow competitors advertising to enter quadratically in 9 For this analysis we take the subcategory rather than the category as the pertinent competitive environment. Consider for instance the beer, wine, liquor category. There is no reason to expect the advertising expenditures of beer brands to affect the perceived quality or awareness of liquor brands. We drop any subcategory in any year where there is just one brand due to the lack of competitors.Table 6 Competitive effects Perceived quality 0. 845*** (0. 0217) 0. 356** (0. 145) full(a) advertising Brand awareness Perceived quality 228 Share of voice Brand awareness Lagged awareness/quality sexual relation advertising (Relative advertising)2 0. 872*** (0. 0348) 0. 236 (0. 170) ? 0. 00912 (0. 0104) 1. 068*** (0. 0406) 0. 0168 (0. 0164) ? 0. 00102 (0. 00132) Advertising Advertising2 Com petitors advertising 0. 00892** (0. 00387) ? 0. 00000602** (0. 00000248) ? 0. 00609* (0. 00363) ?0. 0000180 (0. 000592) ? 0. 0000000303 (0. 000000535) 0. 00128** (0. 000515) Marginal effect of advertising at Mean 5th pctl. 50th pctl. 75th pctl. 0. 00333 (0. 00239) 0. 0164 (0. 01218) 0. 00624 (0. 00448) 0. 00264 (0. 00190) Do not reject Reject* Do not reject Reject*** Do not reject 1,147 317 0. 000225 (0. 000218) 0. 00113 (0. 00110) 0. 00429 (0. 000416) 0. 000179 (0. 000173) 0. 00812** (0. 00355) 0. 00881** (0. 00382) 0. 00861** (0. 00375) 0. 00797** (0. 00349) Reject** Do not reject Do not reject Reject** Do not reject 1,147 317 ?0. 000140 (0. 000524) ? 0. 0000174 (0. 000582) ? 0. 0000164 (0. 000565) ? 0. 0000132 (0. 000510) Do not reject Do not reject Reject*** Do not reject 1,147 317 C. R. Clark et al.Advertising test ? 1 = ? 2 = 0 Speci? cation tests Hansen J Difference-in-Hansen J Arellano &038 Bond AR(2) Arellano &038 Bond AR(3) obs brands Do not reject Do not reject Do not r eject Reject** Do not reject 1,147 317 Standard errors in parenthesis. DGMM estimates in column labeled Total advertising/perceived quality and SGMM estimates otherwise * p = 0. 10 ** p = 0. 05 *** p = 0. 01 Effect of advertising on brand awareness and perceived quality 229 addition to linearly. Competitors advertising has a signi? cant negative effect on brand awareness and a signi? cant positive effect on perceived quality.Repeating the analysis using the sum instead of the average of competitors advertising yields largely similar results except that the share-of-voice speci? cation yields a signi? cant negative effect of advertising on brand awareness, thereby reinforcing our conclusion that this is not an appropriate functional form. 10 Overall, the inclusion of competitors advertising does not seem to in? uence our results about the role of own advertising on brand awareness and perceived quality. This justi? es our focus on the simple model without competition. Moreover, it su ggests that the following alternative explanation for our main ? dings presented above is unlikely. Suppose awareness depended positively on the total amount of advertising in the brands subcategory or category while perceived quality depended positively on the brands own advertising but negatively on competitors advertising. Then the results from the simple model without competition could be driven by an omitted variables problem If the brands own advertising is highly correlated with competitors advertising, then we would overstate the impact of advertising on awareness and understate the impact on perceived quality.In fact, we might ? nd no impact of advertising on perceived quality at all if the brands own advertising and competitors advertising cancel each other out. 5. 5 Category-speci? c effects Perhaps the example data for analyzing the effect of advertising are time series of advertising expenditures, brand awareness, and perceived quality for the brands being studied. Wit h long enough time series we could then try to identify for each brand in closing off the effect of advertising expenditures on brand awareness and perceived quality.Since such time series are unfortunately not available, we have centre so far on the pith effect of advertising expenditures on brand awareness and perceived quality, i. e. , we have restrain the slope parameters in Eqs. 1 and 2 that determine the effect of advertising to be the same across brands. Similarly, we have restrain the carryover parameters in Eqs. 1 and 2 that determine the effect of lagged perceived quality and brand awareness respectively to be the same across brands. As a agree between the two extremes of brands in isolation versus all brands aggregated, we ? st examine the effect of advertising in different categories. This adds some cross-sectional variation across the brands within a 10 We caution the reader against reading too much into these results The number and identity of the brands within a subcategory or category varies sometimes widely from year to year in the Brandweek Superbrands surveys. Thus, the sum of competitors advertising is an extremely volatile measure of the competitive environment. Moreover, the number of brands varies from 3 for some subcategories to 10 for others, thus making the sum of competitors advertising dif? ult to compare across subcategories. 230 Table 7 Category-speci? c effects Brand awareness Marginal effect Carryover rate Appliances Automobiles Beer, wine, liquor Beverages Computers Consumer electronics Cosmetics and fragrances Credit cards Fast food Food Footwear Health and beauty Household Petrol Pharmaceutical OTC Pharmaceutical prescription Telecommunications Toys Travel 0. 0233 (0. 0167) 0. 00526 (0. 0154) ? 0. 0264 (0. 0423) ? 0. 0245 (0. 0554) 0. 0193** (0. 00777) 0. 0210** (0. 0