Any topics Essay Example | Topics and Well Written Essays - 1500 words

Any topics - Essay Example Understanding Human Behavior and the Social Environment by Zastrow and Kirst-Ashman (2010) is an investigative study article post by the means of idealism research that applies specific psychosocial early childbearing and pregnancy predictors within a single reproductive woman risks factor (Ramsay and Gennady, P. 14). The article uncovers vividly through extensive discussion multivariate Eriksonian developmental perspective approach for nurses to integrate unique of an unaltered body of mothers of reproductive age. In Ideal environment, the article denotes both quantitative and empirical for of research technique with much utilization of a mail survey to evaluate the evaluative behavior, aspiration factors and psychosocial well-being of reproductive mothers. The article employs a sample population of 2635 participants aged 18 to 20 years selected from the Australian longitudinal study of the survey undertaken for women health (Ramsay and Gennady, P. 16). The article generation is based on the reality that, women of reproductive age psychological factors play a significant role in managing and understanding early childbearing and pregnancy risk issues in women of reproductive age. The research findings presented in the article provide nurses with opportunities to investigate and evaluate the process. In simple terms, the article provides the means of effective nursing interventions or nursing care plan (Ramsay and Gennady, P. 22). The means effective nursing intervention provided by the article helps nursing professions in achieving the best nursing practice in the care of early pregnancy and childbearing women based on the Eriksonian Developmental point of view. The article’s study exploits Erikson psychological development theoretical framework that has been understudied in longitudinal nursing research. Therefore, of all psychosocial factors that may face women

Campus Recreation Essay Example for Free

Campus Recreation Essay Sheer volume of participants and diversity of facilities make this an exciting area Def – a program that provides facilities and activities to those that go to school or work at a high school, college or university Intended to promote wellness and develop life long skills Can serve the local community through special memberships or facility rentals Campus recreation gains thousands of new participants every year loses thousands as well Participation can have a significant impact on the campus environment Approx 75% of students participate in campus rec High campus participation can be related to higher GPA Facilities are used to recruit student athletes and potential faculty/staff Individual involvement in has been reported to produce 3 benefits: improved emotional well-being, reduced stress improved happiness Correctional Recreation. Role that recreation plays in correctional facilities varies but there are some standard approaches that have been used throughout North America: Access to appropriate forms of recreation should not be denied Goal of incarceration is to prepare offenders for release and since recreation is part of a normal balanced lifestyle, it must be incorporated into correctional facilities Correctional facilities have a responsibility to â€Å"work† the whole person, which involves the mental, social, physical and spiritual needs of prisoners 1. Develop acceptable outlets for stress – inmates learn to identify and practice acceptable way to relieve stress 2. Identify activities that serve as alternates to addictions – replace time previously devoted to drug use with rec activities 3. Foster interpersonal skills – learn cooperation and team work through rec programs 4. Develop a new sense of purpose – help to guide thinking and future behaviour 5. Enhanced self-esteem – positive rec activities will improve this 6. Foster new interests – provides an outlet to new experiences 7. Awareness of personal needs – recreation can provide appropriate ways to satisfy specific needs 8. Develop decision-making/problem solving skills – recreation allows participants to experience and process the impact of their decisions 9. Develop a possible career – creative skills can be identified and channelled (e. g. music, writing) Worksite Recreation s the offering of recreational activities through the workplace Programs are offered before work, at lunch or after work. Employers have learned that the investments they make in employee health/wellness have a positive benefit financially Benefits employer in recruitment and retention of employees Reduced health care claims Reduced absenteeism Enhanced business image within community Armed Forces Recreation Military recreation programs are founded on 7 principles: 1. Provide inclusive, creative diversified recreation 2. Address physical, emotional social interests 3. Making optimal use of their resources 4. Leadership development 5. Create opportunities for individual and group growth 6. Nurture partnerships with other rec organizations 7. Ensure that rec services are governed in accordance with Canadian military financial management policies Defining Culture Consists of 3 attributes: religion, language social/arts activities Culture influences what we do and how we do it Culture helps to understand our behaviours, attitudes and mindsets Multiculturalism Act (July 1988) – Commits the Gov.. of Canada to assist communities and institutions in bringing about equal access and participation for all Canadians in the economic, social, cultural political life of the nation 1. Ethnicity Theory – Differences in leisure choices is due to ethnicity, cultural values preferences 2. Sociodemographic Theory – Differences in ethnic group participation are actually due to differences in age, education income 3. Opportunity-choice Theory – Considers leisure participation to be influenced by both ethnicity sociodemographic factors Aboriginal People Recreation can be used as a means to alleviate social problems Within the Aboriginal community recreation is recognized as a way to combat: Youth criminal involvement. Teen pregnancy Alcohol abuse Family violence Unemployment It fills the free time of the youth Expenses Structural Expenses – expenses associated with maintaining or improving the physical structure of the facility/site Gross Income – the total amount of money generated over a specified amount of time Net Income – the remaining funds after all expenses have been paid (profit) Fees/Charges Rentals Donations Sponsorships Budgeting – Four types of operating budgets: Line-item Budget Object Classification Budget Program Budget. Performance Budget Recreation Facility Management Management an art that coordinates the efforts of people to accomplish goals and objectives using available resources efficiently and effectively Recreation Facility Management is an interdisciplinary field devoted to the coordination of space, infrastructure, people and organization, often associated with the administration of office blocks, arenas, schools, convention centers, shopping complexes, hospitals hotels employees, money, equipment and facilities marketing Def. – the effort to reach and audience to deliver them a product/service Marketing can be divided into the 4 P’s: Product, Promotion, Price Place Special Recreation Special Recreation – a recreational service that takes place in a public community setting to provide enjoyment and to challenge and enrich people with disabilities Special Olympics ;Provides sports opportunities to people with intellectual disabilities More then 3 million participants worldwide Includes more then 25 sports (swimming, track field) Paralympics. Largest sporting event in the world for people with physical disabilities 21 sports 6 categories – visual impairments, intellectual disabilities, amputation, spinal-cord injuries, cerebral palsy â€Å"les autres† First Paralympics held in 1960 in Rome Offers disabled war veterans an area of sport to develop after injuries Outward Bound Developed in Wales in 1941 Believes young men women must face increasingly complex situation in which self-esteem confidence are at a premium Prepares people to face difficult natural environments. Programs for special needs youth developed in 1970’s focusing on strengthening mental aspect and self-confidence VSA Arts International non-profit dedicated to creating a society in which people with disabilities can learn through, participate in enjoy the arts Offer innovative programs on local, national international levels (e. g. Training institutes, arts camps award programs Therapeutic Recreation Purposeful selection of recreation activities to reach a goal 2. Enhancement of independent functioning through recreation participation 3. Quality of life, wellness, optimal health as core concerns 4. Focus on the individual in the context of their own environment TR Process Assessment . Planning Implementation . Evaluation Recreation Sport Management Participation in rec sports surpasses that of all other rec activities In 2009 77% of Canadians 6 yrs and older participated in some form of sport or fitness activity Once considered only a diversion from work, sport has become a multi-billion dollar industry Much of a fan or participants time and money is devoted to their sport or team. Def – the administration and management of a large number and variety of sport, fitness, and recreation programs Focuses mainly on the business 5 basic programming areas: Instructional sports – teach skills, rules and strategies in a non academic environment Informal sports – self-directed participation focused on fun and fitness Intramural sport – structured sports (leagues/tournaments) conducted in a particular setting Extramural sports structured sports between winners of intramural programs Club sports – groups of participants that organize because of a common interest Trends. Funding Legal Aspects Sport Facilities Technology Sport Facilities Technology Health – a state of complete physical, mental and social well-being and not merely the absence of disease Wellness Def The condition of good physical and mental health, especially when maintained by proper diet, exercise, and habits Genetics Race or ethnicity Access to health care 4. Environment 6 wellness dimensions: Physical Wellness Intellectual Wellness Emotional Wellness Social Wellness Environmental Wellness Spiritual Wellness.

TQM Paper :: essays research papers

Introduction The study of Total Quality Management (TQM) originated globally in the Japanese industry in the 1950’s. But what exactly is Total Quality Management? How does it impact companies that are striving to become leaders in a global society? What changes have to be made in traditional management styles to accomplish a quality focused management style? This paper will strive to answer all the above questions as well as bind the Total Quality Management into the organization I am employed. Definition of TQM In order to define Total Quality Management we need to breakdown each entity. When we think of total we envision the whole, the entirety. Therefore everyone must be involved to make the difference. The sum of many each has a role to play in the area of quality. Quality means to conform to specific requirements – meeting customer’s expectations. Management is the act, manner, or practice of managing. Therefore, Total Quality Management is an organizational culture or attitude that aims to provide and continue to provide, its customers with products and services that satisfy their needs. This culture requires all aspects of the company to â€Å"do it right the first time.† TQM is the process for managing quality. Impact of Globalization As indicated in the introduction, TQM originated in Japan in the 1950’s. Finally in the 1980’s this new found discovery became popular in the West. Now as more and more organizations are looking to grow into the international market arena it has become very apparent that most American companies are already at a disadvantage. In order to be successful in the international arena quality has to be a priority. Japan is already 30 years ahead of American companies in mastering the art of TQM, therefore being a very strong competitor in other areas of globalization. Traditional vs. Quality Management Styles Traditional management styles may not always been totally customer driven, all decisions were made from top line management with little or no flexibilities to the front-line. Since the top line had to make decisions response times were slow, and employees worked as instructed. As management tends to focus more on quality the important aspects of TQM include customer – driven quality, top management commitment and leadership, continuous improvement, fast response to customer needs, actions based on facts, and employee participation. There are 10 steps to guide any organization to TQM: 1.  Ã‚  Ã‚  Ã‚  Ã‚  Pursue New Strategic Thinking 2.  Ã‚  Ã‚  Ã‚  Ã‚  Know your Customers 3.  Ã‚  Ã‚  Ã‚  Ã‚  Set True Customer Requirements TQM Paper :: essays research papers Introduction The study of Total Quality Management (TQM) originated globally in the Japanese industry in the 1950’s. But what exactly is Total Quality Management? How does it impact companies that are striving to become leaders in a global society? What changes have to be made in traditional management styles to accomplish a quality focused management style? This paper will strive to answer all the above questions as well as bind the Total Quality Management into the organization I am employed. Definition of TQM In order to define Total Quality Management we need to breakdown each entity. When we think of total we envision the whole, the entirety. Therefore everyone must be involved to make the difference. The sum of many each has a role to play in the area of quality. Quality means to conform to specific requirements – meeting customer’s expectations. Management is the act, manner, or practice of managing. Therefore, Total Quality Management is an organizational culture or attitude that aims to provide and continue to provide, its customers with products and services that satisfy their needs. This culture requires all aspects of the company to â€Å"do it right the first time.† TQM is the process for managing quality. Impact of Globalization As indicated in the introduction, TQM originated in Japan in the 1950’s. Finally in the 1980’s this new found discovery became popular in the West. Now as more and more organizations are looking to grow into the international market arena it has become very apparent that most American companies are already at a disadvantage. In order to be successful in the international arena quality has to be a priority. Japan is already 30 years ahead of American companies in mastering the art of TQM, therefore being a very strong competitor in other areas of globalization. Traditional vs. Quality Management Styles Traditional management styles may not always been totally customer driven, all decisions were made from top line management with little or no flexibilities to the front-line. Since the top line had to make decisions response times were slow, and employees worked as instructed. As management tends to focus more on quality the important aspects of TQM include customer – driven quality, top management commitment and leadership, continuous improvement, fast response to customer needs, actions based on facts, and employee participation. There are 10 steps to guide any organization to TQM: 1.  Ã‚  Ã‚  Ã‚  Ã‚  Pursue New Strategic Thinking 2.  Ã‚  Ã‚  Ã‚  Ã‚  Know your Customers 3.  Ã‚  Ã‚  Ã‚  Ã‚  Set True Customer Requirements

Drama assignment Essay

Hale is one of the most important characters in The Crucible. All of the characters contribute to the problems in Salem to some extent. But Hale is the catalyst to the hysteria beginning and it is how is awareness of this increases through the play that causes the major changes we see in his character.  Hale himself, as we are told by miller, â€Å"†¦nearing forty, a tight skinned eager eyed intellectual.† He feels great pride at being asked to come and identify the signs of witchcraft and sees it as a compliment to his experience in his chosen field. Unlike the other characters his experience gives him no reason to jump to the immediate conclusion of the involvement of the devil. Because of this he is perhaps the most common sense of the officials in Salem. Hales entrance in act 1 creates a big change in the direction of the scene, but it is important to remember he is unaware of this. How miller uses Hales entrances effectively is that he calms down the situation between Giles and Putnam when they cease their argument at his arrival but eventually he will excite the scene even more with his powerful redemption of Tituba and Abigail.  After his initial entrance in act 1 Hales attitude is reasonably light hearted as he greets the other characters, he refers to the devil in an of hand way as â€Å"the old boy†. Yet he still treats the situation in all seriousness as he listens to the Putnams talking about their daughters ailment, picking up clues from what people say. When Hale is investigating the supernatural, leafing through his books, asking questions and listening to the other characters etc, it should be shown that he does not treat this as a chore or just his job, but that he is genuinely interested and eager, his investigations are what drives him.  His attitudes to the other characters in the early part of act 1 are interest in meeting people he has heard of, and his respect for the more â€Å"†¦distinguished company.† who are there. His use of the phrase shows a wish to make a good impression with those who are higher in the village, but his interest in meeting Rebecca Nurse and talking to Giles shows that he is in no way biased to position. As we enter the increasingly hysterical ending to this act, Hales role in causing this is obvious. His quickening questioning of her is perhaps caused by his anger at her apparent lack of concern for Bettys condition and her attempts to evade answering his questions. † (grasping Abigail): abigail it may be your cousin is dying. Did you call the devil last night? † â€Å"you cannot evade me, Abigail.†Ã‚  Hale is excited at the end of act 1 because he believes he has got to the root of the problem when Tituba and Abigail â€Å"redeem† themselves and pass the blame to Good and Osburn. Because of this both hale and Parris see the problem as ending not beginning. Hale has obviously seen the situation last a lot longer than he expected when he enters in act 2. â€Å"he is different now- drawn a little, and there is a quality of deference, even of guilt, about his manner now.† This shows us the beginning of his realisation of the consequences of the accusations that he has caused to be made.  This is the second time Hales entrance changes the course of events in both this act and for the rest of the play without him knowing it, his entrance has stopped John Proctor from leaving just when he had built himself up to confront Abigail to stop the accusations, so he makes things worse again, but still unintentionally. His attitudes to the Proctors in this act are mixed. He sees them as good and honest people, but knows that there is evidence that would say otherwise even if none of its serious enough to entirely incriminate them. His nervousness is also caused by him being unsure how to tell them Elizabeth has been accused, without making it sound like he is accusing them himself.  We last see Hale in the final scene of Act Four we see the total change in his opinions to the authority of the court, the guilt of those charged and in his faith. His motivation is now to try and save proctor from his fate. He is confused and wrought because of how his faith has caused so many problems. To conclude, Hale changes most of all the characters, yet like the others he changes in that his main characteristics are strengthened. His honesty and sense of public duty are there throughout the play, how they change is to which end they’re directed. He is initially convinced of the presence and existence of witchcraft, and works vigorously to combat it in the only he knows how. Yet he is the only of the prosecutors who is convinced of the innocence of the accused, he still believes his first duty is the protection of others, but loses his principles to do so at the end. He is more open minded and humane than the others, but the message of the play tells us to reject the position to which he finally comes. He doesn’t reject just the religious fanaticism of the times but rejects religion itself. His attempts to save John Proctor ultimately fail, because in turning his back on the church, he has turned his back on what Elizabeth believes is right, and so his argument is worthless to her.  Perhaps Millers idea in Hale is that where the simple farmer sees the mistake in preferring life over personal integrity the learned Hale does not.

A Visual Analysis of a World War II Poster Essay

â€Å"Keep this Horror from Your Home,† an American propaganda poster produced during World War II, uses many visual and textual elements to encourage Americans to buy war bonds by portraying the Japanese as rapists. The author of the piece is unknown, but it is obvious that the creator of the poster carefully chooses the color, patterns, scale, text, and representation of the piece to send a very strong social and political message. There is little doubt that the underlying message was directed towards all Americans during World War II, and not towards a single community or group of people. The viewer does not need an art background or even the slightest political awareness to understand the meaning of the poster. Rather, the poster is simple and straightforward. The central focus of the poster is on the Japanese man, whose facial features are clearly exaggerated to instill fear and disgust in the eyes of the viewer. In contrast, the frightened and vulnerable expression of the American woman, who is helpless in the grasp of the Japanese soldier, fuels the viewer’s hatred for the Japanese even more. Its message is palpable to the extent of the quickest glance, yet there is more evidence hidden beyond the surface of the poster. Its full visual potential can be realized only after analyzing the various visual and textual elements in exacting detail. After examining and exploring the poster in depth, it becomes apparent that the color scheme plays an important role in assigning the role of the victim and of the enemy. The Japanese soldier has very dark skin whereas the American girl being threatened and possibly raped has fair skin. The dark versus light contrast always seems to symbolize the struggle between evil and good. The technique in which the creator of the poster uses in juxtaposing the dark skin of the Japanese soldier with the light skin of the American girl fully achieves his intended purpose. Further inspection reveals another dark versus light contrast. The Japanese soldier wears a black army issued hat while the American soldier on the lower right corner of the poster wears a white cap, subconsciously suggesting that the Japanese army is evil and that the American forces are good. The blood red color of the background, the bright red lips of the Japanese soldier, and the reddish hue on the American girl’s cheeks all seem to allude to the sexuality of the poster. The use of the color red symbolizes blood, violence, and rape.  Besides the red background and the dark versus light contrast of the Japanese soldier and the American girl’s skin colors, the â€Å"placards† that read â€Å"Invest 10% in War Bonds† and â€Å"Back up Our Battleskies!† are the only other colors represented on the entire poster. It is interesting to note that the color of the two placards matches the color of the American girl’s skin. The entire poster is dominated, if not limited, to these three colors: red, dark, and light. This allows the viewer to focus on and to look beyond the color scheme and recognize its symbolic meaning, rather than just to admire the colors of the poster without delving beneath the surface meaning. Scale and pattern also play an important role in defining our perception of each character in the poster. For example, the Japanese soldier’s hands are so large that they appear to envelop the American girl’s face, causing the viewer to feel threatened. In addition, the Japanese soldier’s teeth are jagged and massive, immediately drawing attention to his beast-like, merciless expression. One may even draw the conclusion that the Japanese soldier represents some kind of wild animal, as his posture and expression seem too cruel to be human. His frightening and imposing figure in conjunction with the phrase, â€Å"Keep This HORROR from Your Home† gives the reader the feeling that both his own country and home are being threatened by the Japanese. At this point, the text and the font size and style of the text become very important to the overall meaning of the poster and make it a very effective propaganda poster. In assigning the word â€Å"HORROR† a larger font size than the words around it, the artist wants the viewer to focus on the word â€Å"Horror,† which instills a sense of fear and insecurity into the viewer. Italicizing the word â€Å"Your† gives the viewer a sense of identity with his country and inspires a sense of pride and obligation in defending his own home, his own nation. That’s where the genius of the poster comes in. Following the feeling of anxiety and urgency that the poster pushes onto the viewer, a simple solution is offered: â€Å"Invest 10% in War Bonds.† The artist obviously designed the poster to stimulate the sales of war bonds, and he succeeds in doing so because he presents such a morbid and exaggerated scene, climaxing with the threatening phrase â€Å"Keep This HORROR from Your Home.† In a literal sense, the phrase, â€Å"Invest 10% in War Bonds,† is analogous to the denouement of the poster’s â€Å"plot. † After analyzing the poster in full detail, one understands all the aspects of the poster. Questions as to why the artist used certain color schemes, why he presented the characters like he did, and why he used such powerful text are answered. Like most typical World War II propaganda posters, this poster, capitalizes on the nationalistic pride of the people in defending their own nation. In doing so, it exploits the stereotypical view of the Japanese soldier and paints a cloud of sin to rouse the spirits of Americans. Racial inferiority, hate crimes, and discrimination are the end results of such propaganda posters. Does the artist carry out his intended goal of selling war bonds and stirring up emotions of anger and fear in Americans? Without a doubt†¦ But whether such use of propaganda is ethical and justified is an entirely separate question.

360 Computer Architectures essays

IBM vs. System/360 Computer Architectures essays The first aspect of the research that should be pointed out is the important aspect of open-ended design. In this implementation the user of the machine will be able to change and modify the current functions and programs of the machine in a more feasible and generally applied manner. In other words, given the synchronicity in programming techniques and architecture of an open-ended machine, the engineering and manipulation of the applications and software or hardware run or implemented or upgraded on the machine will be applied more quickly and efficiently as a result of being open-ended and more manageable. The author proposes here that this aspect is most important for standardization and lucidity in implementation. Of course, it goes without saying that the general motivation for computer design and architecture has concomitance in feasibility and user-friendly generalities. When the author introduces the idea of general-purpose functionality, he attempts to realize a sort of logical provenience in dictation of style in architecture of the System/360. This, of course, is well defined in stating again that the smaller components that make up the greater system should be defined and acquired first. By doing this, the system has a solid base from which to begin defining the more intrinsic values accumulated by higher-level machine design. Such things as outlined are code-independence, individual bit manipulation, general addressing, and I/O control. Efficiency and intermodel compatibility are also inherent in system design as outlined by the author, however I believe that the two are very closely interrelated. The intermodel design must be outlined around efficiency in implementation, and vice versa. Herein, should one follow from the other, the entire line of the System/360 from IBM would grow in efficiency and compatibility. Programs dependent on one machine in the series should run according to trend and ...

How Climatology Is Different From Meteorology

How Climatology Is Different From Meteorology Climatology is the study of the slowly varying behavior of Earths atmosphere, oceans, and land (climate) over a period of time. It can also be thought of as weather over a period of time. It is considered a branch of meteorology. A person who studies or practices climatology professionally is known as a climatologist. Two main areas of climatology include paleoclimatology, the study of past climates by examining records such as ice cores and tree rings; and historical climatology, the study of climate as it relates to human history over the last few thousand years. What Do Climatologists Do? Everyone knows that meteorologists work to forecast the weather. But what about climatologists? They study: Climate variability:  Climate variability describes short-term (lasting years to decades) changes in climate caused by naturally occurring events like El Nià ±o, volcanic activity, or changes in the suns activity (solar cycles).Climate change:  Climate change is a warming or cooling in long-term (lasting decades to millions of years) weather patterns, at different places around the world.Global warming:  Global warming describes an increase in Earths average temperature over time.  Note: Although climate change and global warming are two different things, when we talk about climate change were usually referring to global warming because our planet is currently warming temperatures. Climatologists study the above in a number of ways, including studying climate patterns - long-term that have a bearing on our weather today. These climate patterns include El Nià ±o, La Nià ±a, the Arctic oscillation, North Atlantic oscillation, and so on. Commonly gathered climate data and maps include: TemperaturePrecipitation (rainfall and drought)Snow and ice coverSevere weather (thunderstorms and tornadoes frequency)Surface radiationOcean temperatures (SSTs) One of the benefits of climatology is the availability of data for past weather. Understanding past weather can give meteorologists and everyday citizens a view of trends in weather over an extended period of time in most locations around the globe. Although climate has been tracked for a while, there are some data that cannot be obtained; generally anything before 1880.  For this, scientists turn to climate models to forecast and generate a best guess of what the climate may have looked like in the past and  what it may look like  into the future. Why Climatology Matters Weather made its way into mainstream media in the late 1980s and 1990s, but climatology is only now gaining in popularity as global warming becomes a live concern for our society. What once was little more than a laundry list of numbers and data is now a key to understanding how our weather and climate could change within our foreseeable future. Edited by Tiffany Means

Adipose Tissue - Composition, Location and Function

Adipose Tissue - Composition, Location and Function Adipose tissue is a lipid storing type of loose connective tissue. Also called fat tissue, adipose is composed primarily of adipose cells or adipocytes. While adipose tissue can be found in a number of places in the body, it is found primarily beneath the skin. Adipose is also located between muscles and around internal organs, particularly those in the abdominal cavity. The energy stored as fat in adipose tissue is used as a fuel source by the body after the available energy acquired from carbohydrates is used up. In addition to storing fat, adipose tissue also produces endocrine hormones which regulate adipocyte activity and are necessary for the regulation of other vital bodily processes. Adipose tissue helps to cushion and protect organs, as well as insulate the body from heat loss. Key Takeaways: Adipose Tissue Adipose, or fat, tissue is loose connective tissue composed of fat cells known as adipocytes.Adipocytes contain lipid droplets of stored triglycerides. These cells swell as they store fat and shrink when the fat is used for energy.Adipose tissue helps to store energy in the form of fat, cushion internal organs, and insulate the body.There are three types of adipose tissue: white, brown, and beige adipose.White adipose stores energy and helps to insulate the body.Brown and beige adipose tissue burn energy and generate heat. Their color is derived from the abundance of blood vessels and mitochondria in the tissue.Adipose tissue also produces hormones, such as adiponectin, which help to burn fat and reduce body weight. Adipose Tissue Composition The majority of cells found in adipose tissue are adipocytes. Adipocytes contain droplets of stored fat (triglycerides) that can be used for energy. These cells swell or shrink depending on whether fat is being stored or used. Other types of cells that comprise adipose tissue include fibroblasts, white blood cells, nerves, and endothelial cells. Adipocytes are derived from precursor cells that develop into one of three types of adipose tissue: white adipose tissue, brown adipose tissue, or beige adipose tissue. The majority of adipose tissue in the body is white.  White adipose tissue stores energy and helps to insulate the body, while  brown adipose burns energy and generates heat.  Beige adipose is genetically different from both brown and white adipose, but burns calories to release energy like brown adipose. Beige fat cells also have the ability to boost their energy-burning capabilities in response to cold. Both brown and beige fat get their color from the abundance of blood vessels and presence of iron-containing mitochondria throughout the tissue. Mitochondria are cell organelles that convert energy into forms that are usable by the cell. Beige adipose can also be produced from white adipose cells. Adipose Tissue Location Adipose tissue is found in various places in the body. Some of these locations include the subcutaneous layer under the skin; around the heart, kidneys, and nerve tissue; in yellow bone marrow and breast tissue; and within the buttocks, thighs, and abdominal cavity. While white fat accumulates in these areas, brown fat is located in more specific areas of the body. In adults, small deposits of brown fat are found on the upper back, the side of the neck, the shoulder area, and along the spine. Infants have a greater percentage of brown fat than do adults. This fat can be found on most of the back region and is important for generating heat. Adipose Tissue Endocrine Function Adipose tissue acts as an endocrine system organ by generating hormones that influence metabolic activity in other organ systems. Some of the hormones produced by adipose cells influence sex hormone metabolism, blood pressure regulation, insulin sensitivity, fat storage and use, blood clotting, and cell signaling. A major function of adipose cells is to increase the bodys sensitivity to insulin, thereby protecting against obesity. Fat tissue produces the hormone adiponectin which acts on the brain to increase metabolism, promote the breakdown of fat, and increase energy use in muscles without affecting appetite. All of these actions help to reduce body weight and reduce the risk of developing conditions such as diabetes and cardiovascular disease. Sources Adipose Tissue. You and Your Hormones, Society for Endocrinology, www.yourhormones.info/glands/adipose-tissue/.Stephens, Jacqueline M. The Fat Controller: Adipocyte Development. PLoS Biology, vol. 10, no. 11, 2012, doi:10.1371/journal.pbio.1001436.

Wide Sargasso Sea - Bertha Mason as a victim of Racial Oppression Essay

Wide Sargasso Sea - Bertha Mason as a victim of Racial Oppression - Essay Example It is the most successful novel of Rhys that consists of three parts and each of these parts is written using the narrative voice of different characters of the stories. The novel basically deals with the theme of racial discrimination and the roughness of displacement and integration. It deeply and sensitively describes the cultural barriers that exist between the whites and the blacks and explains the insecurities and adjustment problems that commonly arise when the people from different cultures are set to live together and use to hold certain prejudice for each other. Rhys touchingly describes the intricate relations of oppressor and oppressed through the depiction of the marital relations of the main character Antoinette that has been drawn from the character of Bertha Mason in Jane Eyre. The novel has been plotted in Jamaica and depicts the time after the liberation of the slaves in Caribbean. That was the depressed era when the tension over the issue of the racial inequity and hatred was on the peak level in Caribbean. The main character of the story is a lady Antoinette who spent her childhood in the West Indies and frequently faced the problems related to the ethnic prejudice and shrewdness. She neither succeeded to adjust among the white Europeans nor among the black Jamaicans whom she belongs but due to her white Creole heiress she remained different to them as well.

Construction Engineering Assignment Example | Topics and Well Written Essays - 1500 words - 1

Construction Engineering - Assignment Example The essential ethics topics for training in construction industry include; a. The interest of stakeholders: The purpose of the project must meet the demands of the stakeholders in the project. Therefore, professionals are required to understand the need of the stakeholders and work towards their satisfaction. b. Conflict of interest: The decisions made must be professional and business oriented at the interest of the employer or profession. Any relationship that may be perceived to impair a project’s objectives must be checked. c. Compliance to legal issues: The actions of engineers must comply with the laws and regulations. This implies that there will be no compromise to ethical responsibility. d. Employee and public safety: The work place should be free from drugs and alcohol. Healthy and safe working environment need to be encouraged. Any violation of safety rules and conditions that endanger the welfare o employees must be reported to immediate authorities. e. The quality of workplace f. Protection and effective use of the assets of the employer g. Ensuring that records are accurate complete and maintained h. Guidelines concerning gifts, meals, and entertainment offered in projects that may influence performance of duties i. Access to confidential or proprietary information j. How to deal with kickbacks and bribes k. Acceptable relationship with competitors l. Whistle blowing activities m. Environmental protection acts n. Acceptable relationship among the clients, contractors, and consultants. Quiz 2: An engineer’s actions and ASCE’s Code of Ethics According to canon 4 and 5 of ASCE’s Code of Ethics, such an action of donating goods and services or subsidizing the construction of public official’s vacation home in exchange for favored treatment with a purpose of securing public construction contracts is wrong. Canon 4 categorically states that an engineer should act as a faithful agent or trustee in professional matters t o employers and avoid conflict of interest. The engineer should not accept gratuities directly or indirectly from contractors, agents, or clients in relation to work. Canon 5 emphasizes that the engineer is not allowed to compete unfairly with others. The engineer should build reputation professionally based on services rendered. An engineer is prohibited to give, solicit, and receive directly or indirectly political contributions, gratuity, or unforbiden strategies to secure a contract (American Society of Civil Engineers, 2000). The engineer is allowed to negotiate for contracts professionally and fairly based on the demonstrated competence and qualifications depending on the professional service needed. As a professional, the engineer is allowed to advertise professional services in a way that lacks misleading language that derogatoriness the dignity of the profession. If engineer has knowledge of any firm that violates canon 4 and or 5, the information should be presented to res ponsible authorities in writing and cooperate with the authority in providing further information or assistance needed (American Society of Civil Engineers, 2000). Quiz 3: Health and Safety in construction sites Employers engaged in construction work must emphasize on health and safety in construction sites. A construction site similar to McGill Hospital Project engages employees in leading edge work and precast concrete works among other activities. A conventional fall protection systems plan should be

Strategic Workforce Measures Essay Example | Topics and Well Written Essays - 500 words

Strategic Workforce Measures - Essay Example Differentiating workforce strategy refers to the company’s management investing disproportionally in a few or a group of employees depending on their strategic contribution to the company’s outcome. For instance Memorata is a shoe company that deals with manufacturing and distributing ladies footwear. In order for this company to be successful, the human resource professionals should identify the employees that place the company at a competitive advantage (Beatty, Becker, & Huselid, 2005). They should identify the team that produces the best shoes that are favored in the market. The human resource professionals should then guide the managers into investing more in this employees so as to be at an advantaged position over their competitors (Becker, Huselid , & Beatty, 2009). Differentiating the workforce has been found to be crucial as it helps to identify the best employees that will drive the company towards achieving their set strategic goals. This entails allocating more resources on these employees for the good of the company (Beatty, Becker, & Huselid, 2005). Memorata deals with both flat and heeled shoe wear. However based on the sales reports, flat shoes are preferred to their counterpart in the market. This is because they are cheaper and are affordable. More resources should therefore be geared towards this line of production as it puts them at a better position to compete favorably with the other companies dealing with ladies shoes. The Human resource professionals at Memorata should not forget to invest in the supporting employees. For instance it is not only the sales persons that are making the sale of flat shoes successful. Those behind the production of those shoes are contributing to its success as well. Therefore the HR professionals should put in mind that the supporting elements of those individuals who are considered crucial should not be left out (Becker, Huselid , & Beatty, 2009).

To what extent was the United States a world power in 1914 Essay

To what extent was the United States a world power in 1914 - Essay Example The main reasons as to why the foreign policy of the US government was isolationist in nature, is because the US still did not have enough resources and capability of worrying about the foreign affairs and problems of other countries (Hook and Scott, 2012). On this basis, the immediate concern of the United States was its internal environment. This was a period in which the US had just emerged from a costly civil war, and it was the intention of General Washington to expand the territories of United States (Hook and Scott, 2012). However, during the year 1890, the government of the United States began engaging with overseas territories (Black, 2003). The government decided to look for the markets of its products to foreign markets. This was not only for an economic benefit, but also for their territorial expansion (Hook and Scott, 2012). On this basis, the expansionist policy of the United States took an international approach. For instance, the American government sent an invasion force to Haiti, in 1915, with the intention of protecting American economic interests, as well as replacing the Haitian constitution which advocated against the foreign ownership of land (Kagan, 2003). On this basis, its invasion of Haiti was purely motivated by economic and territorial gains. It is important to denote that the expansionist policy practiced by the United States was under the context of the isolationist policy. The First World War played a significant role in shaping the global position of the United States. This is because the First World War negatively affected the global stability that was witnessed during the last 100 years (Kagan, 2003). On this basis, political isolation no longer served the interests of the United States., hence the country had to engage in a series of foreign affairs, that was never witnessed in the United States. It is important to denote that the First World War began in 1914 (Kagan,

Explain the Legal Framework for the Bank of England's Monetary Policy Essay

Explain the Legal Framework for the Bank of England's Monetary Policy - Essay Example except where clearly quoted and referenced. has been copied from material belonging to any other person e.g. from a book. handout, another student. I am aware that it is a breach of UEL regulations to copy the work of another without clear acknowledgement and that attempting to do so renders me liable to disciplinary proceedings. SECTION B: (to be completed by the tutor marking assignment) Assessment Criteria: Weightings Criteria based Feedback Mark Achieved Logical Sequence and Development 10% Evidence of Background Reading 20% Appropriate Depth of Analysis 30% Critical Evaluation of Issues/Results 25% Referencing Technique 5% Presentation including Language and Grammar 10% TOTAL MARKS 100% Good practice demonstrated: Aspect to consider for improvement: Tutor's Name: Date Received: PROVISIONAL MARK Explain the legal framework for the Bank of England’s Monetary Policy and discuss the effectiveness of central bank independence in times of financial crises. Module Code:FE3011 Mo dule Title: Monetary Economics Student Number:0843375 Table of contents 1. Introduction 3 2. Bank of England – monetary policy 3 2.1 Overview of Bank of England’s monetary policy 3 2.1.1 Monetary policy, elements and effects 3 2.1.2 Monetary policy of Bank of England 4 2.2 Legal framework for the Bank of England’s Monetary Policy 5 2.3 Effectiveness of central bank independence in times of financial crises 7 3. Conclusion 8 References 9 Appendix 10 1. Introduction In most countries, the standardization of the economy is considered as a challenging task, even when the level of national resources, as combined with commercial activities, is characterized as quite satisfactory. The development of an effective monetary policy can help a country to secure its position in the international community; at the same time, a successful monetary policy can help a country to keep the control on its industries and resources, ensuring the availability of capital required for th e completion of local government’s plans. This paper focuses on the examination of the legal framework for the Bank of England’s monetary policy; furthermore, the effectiveness of the Bank’s independence in times of financial crises is discussed referring to the literature and the empirical evidence developed in the specific field. It is proved that, in the UK, the monetary policy is influenced by a series of factors; for this reason, the legal framework for the Bank of England’s monetary policy is not standardized. In its current form, the legal framework for the Bank’s monetary policy is quite flexible, incorporating rules for regulating all aspects, as possible, of the national economy. In the future, particular emphasis should be given on the valuable role of Bank of England in securing payments across the country, regulating the monetary policy of the country and controlling the activities of bank institutions (HM Treasury 2008, p.86). 2. Bank of England – monetary policy 2.1 Overview of Bank of England’s monetary policy 2.1.1 Monetary policy, elements and effects In order to understand the characteristics and the effectiveness of Bank of England’s monetary policy, it would be necessary to refer primarily to the elements of monetary policy, as part of a country’s economic life. According to Ruddock (2008), the monetary policy of each country is set and monitored by the country’

To what extent was the United States a world power in 1914 Essay

To what extent was the United States a world power in 1914 - Essay Example The main reasons as to why the foreign policy of the US government was isolationist in nature, is because the US still did not have enough resources and capability of worrying about the foreign affairs and problems of other countries (Hook and Scott, 2012). On this basis, the immediate concern of the United States was its internal environment. This was a period in which the US had just emerged from a costly civil war, and it was the intention of General Washington to expand the territories of United States (Hook and Scott, 2012). However, during the year 1890, the government of the United States began engaging with overseas territories (Black, 2003). The government decided to look for the markets of its products to foreign markets. This was not only for an economic benefit, but also for their territorial expansion (Hook and Scott, 2012). On this basis, the expansionist policy of the United States took an international approach. For instance, the American government sent an invasion force to Haiti, in 1915, with the intention of protecting American economic interests, as well as replacing the Haitian constitution which advocated against the foreign ownership of land (Kagan, 2003). On this basis, its invasion of Haiti was purely motivated by economic and territorial gains. It is important to denote that the expansionist policy practiced by the United States was under the context of the isolationist policy. The First World War played a significant role in shaping the global position of the United States. This is because the First World War negatively affected the global stability that was witnessed during the last 100 years (Kagan, 2003). On this basis, political isolation no longer served the interests of the United States., hence the country had to engage in a series of foreign affairs, that was never witnessed in the United States. It is important to denote that the First World War began in 1914 (Kagan,

A strong healthy economy versus a strong healthy environment Essay

A strong healthy economy versus a strong healthy environment - Essay Example There is the old adage that health is wealth, which means that â€Å"a healthy person can work with efficiency to earn wealth†.Therefore, it could be deduced that everything begins with a disposition for health that starts from within and from the person’s values of importance to have a strong healthy environment. When one is to reflect on the question, which is more important: a strong healthy economy or a strong healthy environment, the appropriate response to this question lies first in defining the determinants of health. According to Healthy People 2020, there are five crucial determinants of health: economic stability, education, social and community context, health and health care, as well as neighborhood and environment. Suffice it to say that these determinants are on equal footing with each other; meaning, one determinant does not surpass the relevance or importance of the other one, since each facet is instrumental for the overall success and healthy status o f the citizens. Economists could profess that a healthy economy is more important; while environmentalists would contend that a healthy environment is a key to a healthy economy (Aurilio and Sargent). However, given that for the sake of argumentation, one needs to make a choice regarding preferential importance: a strong healthy economy versus a strong healthy environment, one is convinced that a strong healthy economy is of a paramount concern. ... Concurrently, a healthy economy eventually creates economic stability that effectively addresses an effective use of natural resources, and an appropriate disposal of wastes, among others. A healthy economy has determined the most effective use of the natural resources in the environment to make economic activities sustainable, in the long run. As emphasized, â€Å"using our natural resource base in a more efficient way, and maintaining a larger supply of both non-renewable and renewable resources relative to demand, makes the products of a nation, a company, or a community more competitive in the marketplace† (Church par. 14). Evidently, a healthy environment, per se, does not benefit society in the long run – but, being able to use the natural resources towards economic pursuit generate greater advantages for a greater number of people over a longer time frame. People in an economically stable environment have learned to deal with issues of sustainability and social r esponsibility that integrates environmental protection and conservation. Church averred that measures of economic growth are effective gauges of the health of the economy: â€Å"growth in gross national product has become the seminal indicator of the health of our economy†¦ If an economic activity produces directly one million dollars in product, but also results in one million dollars of costs in health impacts and destruction of essential assets, common sense might lead you to think nothing has been gained. But health services and asset replacement are part of the gross national product, and using GNP as a measure, the loss becomes a gain† (par. 10). Thus, through economic indicators, a strong and healthy economy and society is effectively and

How Cheerleading Is a Sport Essay Example for Free

How Cheerleading Is a Sport Essay Many consider cheerleading not a sport, but the New York Times states, one of the quickest growing sports for girls in our country today is cheerleading. Additionally, the New York Times doesn’t differentiate between sideline and competition cheerleaders. Sideline cheerleaders are on the sideline cheering on the football team and getting the crowd pumped for the football game. A competition cheerleader competes against other schools or teams in competitions that last two minutes and thirty seconds which consist of stunting, tumbling, dancing and jumps. Cheerleading is a sport because it is made up of teamwork, vigorous practices, it’s very dangerous, and it has rules and guidelines like any other sport in today’s society. Teamwork is the most important aspect in cheerleading. â€Å"Teamwork is not only crucial for executing the pyramid or stunt, but also to prevent injuries. Additionally, judges look at a squads ability to function and perform as a team demonstrated by synchronization and execution of stunts† (Allen). Teamwork is defined as everyone working together to achieve a common goal. The main goal for a cheerleading competition is to get first place, but that doesn’t always happen. To achieve this goal, everyone has to be ready to go and work together, but also communicate as a team. A competitive cheerleaders’ goal is to do all they can to win the competition overall. Cheerleading is a sport that involving people working together as a team, but without cooperation, synchronization, and communication, first place is not attainable. To be a cheerleader, you have to go to practice just like any other athlete. Cheerleaders have vigorous practices just like football. Competitive cheerleading is a sport that includes strength. For a person to be a cheerleader, you must be in shape and flexible because in a cheerleading routine you need to be able to tumble, stunt, jump, and dance without stopping for the entire two minutes and thirty seconds. Cheerleaders must learn to tumble, just like gymnasts. The only way cheerleaders will learn to tumble is if they attend practice and work hard without ever giving up. A cheerleading practice consists of conditioning, going over the routine full out over 50 times, jumping, tumbling, stunting, dancing your heart out, and even more conditioning. Cheerleaders perform stunts that require strength. In a stunt, flyers are tossed in the air, by their two bases and back spots in different stunts that require strength, teamwork, communication, and cooperation. To be able to perform the very challenging stunts, cheerleaders need to condition and workout like any other sport that competes. Cheerleading is considered the number one dangerous sport for girls in todays country. Sports injuries for cheerleading appear in the ER more than five times the number of any other sport. According to LiveScience staff, cheerleading injuries account for more than 67 percent of sports injuries (LiveScience). While watching a routine, you will see that most cheerleaders will have on an ankle brace, a knee brace, or a wrist brace. They wear braces because cheerleaders easily get hurt and they have to wear a brace to be able to cheer and not reinjure themselves. In most cases, the cheerleaders will continue to wear the brace after their injury is healed because they don’t want to hurt their previous injury. The most common injuries are ankle sprains. Cheerleaders may need surgery for some of their injuries because in most cases a cheerleader could of torn their MCL or ACL. That means the cheerleader could be out for months. In worst cases of injuries, their have been cheerleaders that have broken their necks in stunts, like pyramids or basket tosses. There have been cases in which cheerleaders have died because they have fallen out of a stunt and onto their head causing brain damage. Many consider cheerleading not a sport because they don’t use balls, but that’s not true. Cheerleading has rule and guidelines just like any other sport in the world. The rules and regulations in cheerleading are very strict. Some rules in cheerleading are routines must not exceed 2 minutes and 30 seconds. A cheerleading routine must be performed on mats or spring flooring. In addition, each athlete must wear his or her uniform and jewelry is prohibited. If a judge catches jewelry on a cheerleader, they will deduct points for appearance. If a bobby pin or clip hits the floor, the team gets points deducted. Props such as flags, banners and pom pons are allowed. Also judges are the ones who judge the routines. The judges are like the referees in a football or basketball game. The judges will judge a routine on motions, dance, tumbling, jumps, facial expressions, and their overall performance. Many Americans think that cheerleading not a sport, but by the definition of a sport, cheerleading is considered a sport. â€Å"A sport, according to the Association of Cheerleading Coaches and Advisors, is a physical activity or competition that competes against or with an opponent, governed by rules and regulations under which a winner is declared, and primary purpose of the competition is a comparison of the relative skills of the participants† (Renee). Many say that competition cheerleading is a sport, but not sideline. In my opinion, any type of cheerleading is a sport because there is a chance that at games, an injury may occur. Sideline cheerleading is considered a sport, just like competition cheerleading, because most high schools use their sideline team as their competition team. Also at games the sideline/competition team will perform very risky and complicated stunts that people might get seriously injured.

Impact of Vibration on Curing and Strength of Concrete

Impact of Vibration on Curing and Strength of Concrete Scope Research Need: During its setting process, fresh concrete transforms from a flowable state, via a plastic state, to a final solid state that includes a large number of crystalline domains formed by ionically and covalently bonded atoms. Early-age concrete thus is vulnerable to vibration damages if the formations of the chemical bonds and crystalline domains are negatively affected, leading to reduced early and ultimate strength. Vibrations could come from a variety of sources, such as passing-by trucks, nearby vibratory soil compactors, and blasting or seismic impulses. As demanded by the fast construction paces today, such vibrations often occur adjacent to newly placed concrete, such as when a soil compactor is used during the placement of concrete for bridge foundations or roadway slabs. Being a pervasive issue that is related to construction speed and structural integrity, weakening of concrete by adjacent vibrations cost stakeholders millions of dollars annually. This issue is b ecoming more imperative recently, owing to factors such as new design concepts and changes in equipment and construction methods. In the current state of knowledge, however, there has been a surprising scarcity of assembled information on the subject of vibration impact on concrete curing and strength. There exists a large number of different stipulations regarding the nearest allowable locations for vibratory construction and earliest allowable time for vibratory construction that are currently practiced by the different transportation agencies across the country, mainly the State Departments of Transportation. For example, the earliest allowable time for vibratory construction ranges from a few hours to a week or so. The existing stipulations appear to build on different principles, including laboratory experiments, field observations, numerical simulation, and most commonly the borrowing from peer practitioners or close engineering and science fields, which are far from systemati c. Work of synthesis on the subject thus is needed to identify, describe, and evaluate the current state of knowledge and practices to benefit the construction of bridge decks, pavement slabs, and overlays. State of Knowledge: It is generally believed that concrete is most vulnerable to vibrations between the initial and final setting times due to the negative effects of vibration on the bond formations in this critical hydration phase. The setting time of concrete refers to the time required for cement paste to stiffen to a defined consistency, which is closely related to the initial chemical reaction of calcium aluminates of the cement with sulfates within the first few hours after cement-water contact. The initial setting time of concrete measures the time as cement paste starts to lose plasticity, and a minimum value is required to ensure the completion of transportation, placement and compaction of concrete. The final setting time of concrete records the time at which cement paste loses its entire plasticity, hardens sufficiently, and attain the cast shape at mold removal. At normal construction temperature, the initial setting time of concrete could come as early as 60 90 minutes and the final setting time could be as late as eight to ten hours. Current practices use two empirical methods, i.e., the Vicat Needle (AASHTO T 131 or ASTM C 191) and the Gillmore Needles (AASHTO T 154 or ASTM C 266) for determining the initial and final setting time. The strength of concrete can be reduced by vibration beyond its final setting time. It was reported that two-day concrete could lose as much as 9.1% of its 28-day compressive strength under continuous vibration from heavy highway traffic, while the loss of the 28-day compressive strength for 14-day concrete was within 3%. Realizing this post-setting phenomenon, stakeholders have specified conservative time limits before vibrational constructions near freshly cast concrete. As an example, the Wisconsin Department of Transportation is considering to reduce such required curing time from seven days to five days, to enable more rapid construction while still giving sufficient time for concrete to obtain the design strength. If adopted, this modification undoubtedly will mean huge cost savings and convenience to the public. In addition, vibration seems to have different impacts on different properties of concrete. The same level of vibration can change the compressive strength of concrete by up to 13%, while reduces the tensile strength of concrete by 7%. Based on a study of vibration from highway traffic, the amplitude of vibration seems to be a more important factor than the frequency in causing damage. While a vibration of two Hz and three mm amplitude and a vibration of four Hz and three mm amplitude cause significant reduction in ultimate strength of concrete, the vibration had a negligible strength reduction at a one mm amplitude. To conclude, a synthesis work is needed to collect and evaluate the current state of knowledge and practices regarding the complex dependence of concrete quality and strength on the nearby vibrations. This work will be useful in the designing of both new and repairing projects, for more accurately determining the time needed before the start of nearby constructions and the allowable intensity and nearness of the vibratory sources. Information Sources ACI Manual of Concrete Practice (2015). American Concrete Institute. 2015. Research Results Digest 392. National Cooperative Highway Research Program (NCHRP). Jan. 2015. Taylor, P. C., Kosmatka, S. H., Voigt, G. F. (2006). Integrated Materials and Construction Practices for Concrete Pavement: A State-of-the-Practice Manual (No. FHWA HIF-07-004). Federal Highway Administration. 2006. NCHRP Report 253. Dynamic Effects of Pile Installations on Adjacent Structures (1997). National Cooperative Highway Research Program (NCHRP). 1997.

Racial Hatred in Notes of a Native Son Essay -- James Baldwin

â€Å"Notes of a Native Son†: Baldwin’s Essay on the Disease of Racial Hatred Racism is an ugly word that churns up strong emotions whenever it is mentioned. Shocking images of lynchings, church bombings and race riots creep into the mind, and cause an almost physical reaction of repulsion and disgust. History books and old television clips do a good job of telling the story of racial hatred in America, but not what it actually felt like to be an African American during those times. James Baldwin, a noted African American author from New York in the 1950s and 1960s, knew what it was like to experience years of unrelenting, dehumanizing racial injustice. In his essay, â€Å"Notes of a Native Son,† Baldwin uses his literary skills to tell about his family’s painful history under racism and also to analyze the effects of racial hatred on society – hatred that he compares to a disease of the human spirit. Baldwin uses the language of despair in his essay from the very start. In the opening paragraph, he sets the scene for everything that follows with five short, non-descriptive sentences that state the events going on around him at the time of his father’s death. The atmosphere is tense and solemn as the funeral procession moves through a barren wasteland of destruction on the way to the cemetery. Only the bare facts are written and Baldwin deliberately avoids using any colorful descriptions or interesting phrases in order to recreate the mood at this particular moment in his life. With this stripped down narrative passage, Baldwin sets an overall tone of bleakness, harshness and helplessness that he carries on throughout the essay. The audience is bombarded with a list of facts  ¾ his father is dead, his mother just gave birt... ...n in the 1950s, its message is still an important one for our society today. By sharing his personal life experiences, Baldwin provides readers with a snapshot of what life was like for a young African American man growing up in Harlem and how he was able to deal with racism on a personal level. By providing a running commentary and analysis of how his own situation relates to the African American community as a whole, Baldwin provides readers with an invaluable insight to the plight of people of color in the United States. In â€Å"Notes,† Baldwin uses his unique writing style to both inform and instruct readers about the dangers of allowing the divisions in our society based on race to continue unresolved. Works Cited Baldwin, James. â€Å"Notes of a Native Son.† 1955. James Baldwin: Collected Essays. Ed. Toni Morrison. New York: Library of America, 1998. 63-84.

Quiz Chapter 15

Question 1: Suppose you walk across a room carrying a bucket of water in your right hand. To keep the water from sloshing out, you walk at constant speed, making sure the bucket is kept at the same height above the ground. Which statement is true? a) You exert a force on the bucket and do work on the bucket as you carry it. b) You exert a force on the bucket but do no work on the bucket. c) You don’t exert a force on the bucket and you do no work on it. Answers: b Question 2: TRUE or FALSE: If an object moves from one point in space to another, then work has been done on the object. a) TRUE b) FALSE Answers: bQuestion 3: Suppose you push on a heavy table and the table doesn’t move. The work that you do is a) positive. b) zero. c) negative. Answers: b Question 4: A hockey puck slides across the ice and eventually comes to a stop. Which statement is true? a) The work done by gravity is zero. b) The work done by gravity is equal to the gravitational force times the distanc e the puck slides. c) The work done by gravity cannot be calculated. Answers: A Question 5: You lift a book bag straight upwards off the floor. Which statement is correct? a) You do the same work whether you lift the book bag quickly or slowly. ) You exert the same power whether you lift the book bag quickly or slowly. c) The work you do is zero, making the power also zero. Answers: A Question 6: Any object that has kinetic energy must be a) moving. b) falling. c) high above the ground. d) at rest. Answers: A Question 7: A book is at rest on a tabletop. One student calculates the potential energy as 15 J. Another student calculates the potential energy as 20 J. Which statement is correct? a) One or both of the students must have calculated the potential energy incorrectly. b) Both answers could be correct. c) Both answers are wrong because they use the wrong units. Read also Quiz Week 4Answers: b Question 8: TRUE or FALSE: An object that moves faster has greater potential energy. a) TRUE b) FALSE Answers: b Question 9: A ball is thrown straight up into the air (with no air resistance). Where is the ball’s potential energy the greatest? a) When it is first released b) Half way up c) At its highest point Answers: c Question 10: A softball player hits a â€Å"pop up† (where the ball is hit high above the infield). As the ball rises, we know that a) the kinetic energy increases as the potential energy decreases. b) the kinetic energy decreases as the potential energy increases. ) the kinetic energy and potential energy both increase. d) the kinetic energy and potential energy both decrease. Answers: b Question 11: TRUE or FALSE: A small fly can have a bigger momentum than a large truck. a) TRUE b) FALSE Answers: a Question 12: You and a friend stand on ice skates facing each other in the middle of a frozen pond. If you throw a basketb all to your friend (who happens to weigh less than you do), what happens? a) You and your friend both move away from each other at the same speed. b) Your friend moves away from you at a faster speed than you have. ) Your friend moves away from you at a slower speed than you have. d) You don’t move but your friend moves away at a very fast speed. Answers: b Question 13: A tetherball is made by attaching one end of a rope to a ball and the other to a pole. After you hit the ball, the rope wraps around the pole as the ball circles it with a shorter radius each time it goes around. Which of the following statements is correct about the ball after it is hit? a) Both the angular momentum and the speed of the ball increase. b) Both the angular momentum and the speed of the ball decrease. ) The angular momentum of the ball stays constant while the speed of the ball increases. d) The angular momentum of the ball stays constant while the speed of the ball decreases. Answers: c Questio n 14: As a tornado becomes more narrow, the rotational speed a) decreases. b) increases. c) stays the same. Answers: b Question 15: You see a rocket fly by with a speed that you measure to be close to the speed of light. a) The person standing on the ground sees the rocket looking â€Å"compressed† along the direction of motion, while the person in the rocket sees the person on the ground looking â€Å"stretched. b) The person standing on the ground sees the rocket looking â€Å"compressed† along the direction of motion, and the person in the rocket sees the person on the ground also looking â€Å"compressed. † c) The person standing on the ground sees the rocket looking â€Å"stretched† along the direction of motion, while the person in the rocket sees the person on the ground looking â€Å"compressed. † d) The person standing on the ground sees the rocket looking â€Å"stretched† along the direction of motion, and the person in the rocket sees the person on the ground also looking â€Å"stretched. † Answers: b

Clientelism, Tribalism, and Ethnic Conflict in Africa

In this essay I will firstly examine and break down the components of the question. I will separate and clarify the meaning of Clientelism, Tribalism and Ethnic Conflict and deal with each of these as separate enterties. Although I will argue each of them on a separate basis. I aim also to show the complex interlinked relationships between the three themes, and argue that because of this the central argument of the question is not easily agreed or disagreed with. My main argument however, will be to disagree with the central question and advocate that Clientelism was a part of Africa's tradition long before any notion of modernity and colonial influence was present in the continent. I will provide empirical evidence, which supports the inherent presence of Clientelism, and also show how it has strong links with Tribalism, in both its history and modern perpetuation. Tribalism however is a different matter and I agree with the central statement and advocate that modern African tribalism and notions of ethnicity were mainly a direct result of colonial imposed modernity restructuring. For the final part of my answer I will provide an argument that African ethnic conflict lies somewhere between the two extremes, that it was present in African society before colonial modernity and it was further exacerbated by the restructuring that colonialism brought about. In my conclusion I will further justify my arguments and advocate a thesis for future development in Africa on tribalism, ethnic conflict and clientelism. Whether clientelism, tribalism and ethnic conflict were a product not of tradition but of modernity in Africa and a type of development is a difficult and complex question in many respects, but one to which I have a strong argument. To study this it would be practical to firstly define what I shall mean by modernity and â€Å"the type of development† in relation to the main statement, as it will form the crux of my argument. By modernity and type of development in Africa I will be focusing on colonialism and justifying whether clientelism, tribalism and ethnic conflict were present before the arrival of colonialization or whether they emerged from the new society that restructuring colonial development brought with it. I believe through looking at African society in its modern context and studying empirical data that it is evident to determine whether the three main themes of this essay where present before or a after product. What is not so clear however is the complex linkages between and the contexts they operate in. I advocate for instance that it is impossible to separate out clientelism from tribalism, and that ethnic conflict is closely related to both of these. Due to this in order to justify and construct my argument I must separate out clientelism, tribalism and ethnic conflict and study them individually. Clientelism To determine from what circumstances Clientelism in African emanated it is important to define the term itself and what it means in African society. Clientelism is also known as patron-client relations/politics, and in its modern form is highly evident in African society. This clientelism is an exchange between actors who have unequal balance of power, one being weaker, and the other being stronger. It is the patron who is the more powerful and the client who is normally the weaker of the two. The exchange between client and patron is formed when the more powerful patron offers something, be it scarce resources or protection to the weaker client. This weaker client offers something back in return, perhaps support or other services to the patron who is in a more dominant position. † bound up with important ties of reprocity linking those who are related within networks of vertical relationships. Clientelism can be viewed on both micro and macro levels as a phenomenon of African society (although it is evident elsewhere),and to assess from where this Clientelism originated from it is necessary to see where it is present in modern society. In modern day Africa these patron -client relationships are most visible in the political arena. I argue that clientelism although it is pervasive in African politics did not emerge as a direct result of colonisation, which most people would view as the birthplace of modern African politics and political institutions as a result of the restructuring of African society. Instead I advocate that Clientelism, although present in modern day politics was in place well before the colonial era and was present in tradition and the era before any notion of modernity was in Africa. I believe clientelism was evident in the traditional African way of life. Pre-Colonial African society was in terms stateless. There was no formal state. African society was based around a system of patron-client relationships, which were the fundamental core of society. Where there was no state there was no other system, in a vast continent holding various competing tribes and peoples in order for there to be a ‘society' arbitrating, protecting and trade were all centred around these unequal deals between various networks. â€Å"The power relations of pre-colonial Africa were typically of patrons and clients. ‘Big Men' presided over intricate networks of clientage involving reciprocal but unequal relations with ‘small boys', as well as power over women and children and those held in the diverse forms and degrees of servitude of pawnship and slavery. 2 Patron-client networks as evident today I argue are based around extended family (and later as I will discuss) tribal loyalties evident from traditional African life. â€Å"African communities were pervaded by relations of domination and dependence, based on patriarchal power exercised across differences of genders and generations, lineages and clans, languages and cultures. â€Å"3 The arrival of Colonialism and modernity had utilised these already existing patron-client relationships and used them for their own ends. The colonial administrators sought chief headmen and perpetuated clientelism by supplementing their meagre salaries and earnings they gained from their official positions with monies gained from trade and other bonuses. (Berman) â€Å"Chiefs and headmen were the essential linkage between the colonial state and African societies. This relationship typically took on a patron-client form, and had several important and contradictory consequences. â€Å"4 So I argue rather than colonialism creating these patron client linkages it merely utilised them. I believe that clientelism at it is today stemmed from the traditional African societies. So to reiterate African society pre-colonial era although traditional was not so natural and traditionally uncorrupted to be devoid of the practice of clientelism that we so readily see as corruption today. That is was present and a working framework for society. â€Å"The other runs the risk, in reaction, of idealising the virtues of a pre-colonial era supposedly devoid of corruption, the growth of which is supposed to have been caused by the perversion of the social order induced by the arrival of the colonialist Europeans. â€Å"5 I argue that modernity and the formation of formal political institutions and frameworks of power merely perpetuated Clientelism and provided new avenues for the patron-client relationships based on new networks of power. What had always gone on before merely was allowed to operate in a new arena. African politics became â€Å"politics of the belly†, where individuals used public office for private gain. The scarcity of resources in Africa being as it is, if one person holds an office where he/she controls resources or power politics becomes a way of utilising patron-client networks to distribute these resources and gain support and power. made patron/client relations not only the fundamental mode of access to the state and its resources, but also, as in pre-colonial society, the fundamental relationship between ordinary people and those with wealth or power. † As before in pre-colonial society clientelism formed the basis of a persons power through the number of people he had domination and arrangements over, now in politics a persons political power is based on how many people pledge support through reciprocal client-patron networks in return for favours. Clientelism hasn't been formed it has merely morphed into a new generation of deals. â€Å"Where land was plentiful and populations small, wealth and power were measured in control of people, in having a large following of family and non-kin dependants. â€Å"7 In politics this clientelism has become diverse, not created by modernity but adapted for its use in formal political positions. Peter Ekeh (1975) described this as being the formation in African society of two publics, where Clientelism has been and always is the norm. That the same political actors act in both systems of a Civic public and the Primordial public. The citizen in the Civic public works in the beaurocratic institutions of the state, in a supposedly amoral system. The citizen takes from his position and gives nothing in return. This is through clientelism and a network of contacts where state resources and power can be distributed in this way. However the same person in his Primordial public, largely associated with ethnic tribalism and belonging to an extended family/ community, gives out and gets nothing in return. Due to the kinship of this the actor is expected to do good for his own community, by using his political position. The key idea in Ekeh's case then is that the ‘good man channels part of the largesse of the civic public to the primordial public. ‘ This shows the complex links between the old clientelism networks and what I will argue as the more modern artificial tribal relationships in African society. Tribalism Tribalism in its present form in Africa however is not a traditional aspect of African culture I argue as Clientelism had been, but a product of the development imposed on the region by Colonialism. Colonialism and the social and economic changes it brought with it ‘created' the sense of tribalism and strong ethnic identities that are present in modern Africa. That tribes were not traditionally based but created in a means to gain power, resources and recognition in the process of colonial modernising. â€Å"The accumulating weight of evidence shows that African ethnicity and its relationship to politics is new not old: a response to capitalist modernity shaped by similar forces to those related to the development of ethnic nationalism in Europe since the late nineteenth century. † This is not to say there were not tribes in the pre-colonial era, but I believe what tribes existed there were, not so ethnically divided. That the tribes were various groups of mixed race and language peoples who were in a constant state of flux, without the fixed ethnic boundaries one finds today. â€Å"Pre-colonial political and socio-cultural boundaries were marked by fuzziness and flexibility; and Africans existed within a reality of multiple, overlapping and alternative collective identities. â€Å"9 What created these tribal identities therefore if they were not present in traditional African society was the arrival of colonialism. Europeans were of the assumption that African tribes were the basis of society. That the tribes had neat compact boundaries and consisted of culturally identical peoples. This assumption I argue was the basis for tribal creation, as the missionaries especially and other state institutions sought to formalise and categorise these tribal units. The recording of culture and the teaching to a whole area of a ‘supposedly' local language, which in many cases was merely a local dialect, began to bring differing peoples together. This wiped out some cultural differences and creating false collectives of tribal peoples often not historically related, but brought together by colonial boundaries. â€Å"The ideology and culture of colonialism, especially in the imagining of African societies by colonial officials and European missionaries, provided the dominant cognitive context moulding the invention of tribes and their customs by Africans themselves. â€Å"10 If the colonial rulers and administration could claim links with these tribes then, through working with the ‘traditional' ruling groups in Africa they gained legitimacy in their operations and ruling of the area. By working with these fixed tribes, the colonial rulers could fragment and control the local populace by breaking it down into smaller loyal groups. In reality the creation of tribes made it easier for the colonial beaurocracy to rule. â€Å"Each administrative unit ideally contained a single culturally and linguistically homogenous ‘tribe' in which people continued to live within the indigenous institutions and were subject to ‘tribal discipline' through local structures of authority. â€Å"11 Although this was a key issue in the creation of Africa tribalism however, I believe that the stronger reason for the formation of tribes was for political gain and recognition. Due to this European notion of African tribalism, in order to hold power with the colonial administration actors must be part of a clearly fixed ethnic group. This created political tribalism, which was the creation of ethnicities by elite groups in African society to gain access to resources and to seek the foundations for a conservative modernisation. In short it was the manipulation of tribal ethnic identities by Africans themselves for political and economic gains in the face of colonial changes. † Ethnic collective action', according to Mozaffar, ‘is predominantly a process of strategic political interaction between self-interested actors with divergent interests'. 12 Ethnic Conflict Ethnic Conflict has both strong links with tribalism and clientelism in Africa. I believe its origin is not so easy to pinpoint as it has been for tribalism and patron-client relations but that ethnic conflict is merely a product of the two. It was evident in pre-colonial society and was heightened and exacerbated by the modern formation of tribes in the colonial era as I have previously described. Ethnic Conflict was present in traditional African society. African society had never been egalitarian in nature, and a society in which there are unequal power relations is ultimately to have conflict in its midst. † Pre-colonial societies were thus full of conflict and competition, instability and change. † What I believe was created by the form of colonial development placed on Africa was the increase in ethnic tensions as new tribes and identities were created. Resources in Africa are still scarce and the modern beaurocratic frame work and political distribution of power has led to ethnic conflict becoming more fierce and modern in its use of warfare and state apparatus. The tribal divisions between the Hutus and Tutsis and the ensuing Rwandan war and genocide are examples of this. As the colonial era ‘created' false country borders this conflict now often seeps out between neighbouring countries, comprising of different tribal identities over land and resources. I believe the colonial era did not create tribal conflict but merely change the scale that it is played out upon and provided it with state apparatus, militia, armies that now take conflict into a modern era, on a wider and more devastating scale. Conclusion It is clear to see then that tribalism, ethnic conflict and clientelism, although intricately related all have different origins. I advocate however that they were all evident in some way or form before any type of modernity was present in Africa. Although I believe Clientelism and ethnic conflict were not created by the development in the colonial era they were not solved or prevented by colonial restructuring. They still persist today. Ethic conflict I argue was present before the arrival of the Europeans in Africa on a localised scale as fighting between the complex and varied tribes on the continent. With the arrival of colonialism I believe it was merely aggravated by the adaptation of formal tribes and the struggle in politics for scarce resources, power and recognition. I argue that it has merely adapted and become a more serious problem as the apparatus of state have been used to fight wars etc. The conflict now envelops far larger groups of people and even countries constructed by the colonial boundaries of ethnicity and country. Clientelism is pervasive throughout African politics. It is our normative viewing of clientelism today, as corruption in Africa that I believe has led to some believing it was is not in existence in pre-colonial society but a product of the introduction of formal politics and modernity in Africa. of idealising the virtues of a pre-colonial era supposedly devoid of corruption, the growth of which is supposed to have been caused by the perversion of the social order induced by the arrival of colonialist Europeans. † What I believe we must consider however that we are applying the principles of the old African order rather to a new context of modern development and democratic politics, etc where impartiality is presupposed. This is what makes us view clientelism as a modern phenomenon rather than its rightful place as a traditional form of dealings in African society. This is the opposite with tribalism, where many suppose it as a traditional part of African society. It was this European view of tribalism that thought of it as such, however closer examination reveals it to be a politically dynamic and deliberately constructed phenomenon. It was not a traditional aspect of society that was carried over into colonial modernity but a means by which if African created a concrete identity they could gain power and resources in a system which colonialism brought about.

The Power of Pen and Executive Compensation

ARTICLE IN PRESS Journal of Financial Economics 88 (2008) 1–25 www. elsevier. com/locate/jfec The power of the pen and executive compensation$ John E. Corea, Wayne Guaya,A, David F. Larckerb a The Wharton School, University of Pennsylvania, Philadelphia, PA 19104, USA b Graduate School of Business, Stanford University, Stanford, CA 94305, USA Received 28 October 2005; received in revised form 20 March 2007; accepted 4 May 2007 Available online 5 December 2007 Abstract We examine the press’ role in monitoring and in? uencing executive compensation practice using more than 11,000 press articles about CEO compensation from 1994 to 2002.Negative press coverage is more strongly related to excess annual pay than to raw annual pay, suggesting a sophisticated approach by the media in selecting CEOs to cover. However, negative coverage is also greater for CEOs with more option exercises, suggesting the press engages in some degree of ‘‘sensationalism. ’â€℠¢ We ? nd little evidence that ? rms respond to negative press coverage by decreasing excess CEO compensation or increasing CEO turnover. r 2007 Elsevier B. V. All rights reserved. JEL classi? cations: G32; G34; J33; M41Keywords: Press; Media; Executive compensation; Corporate governance 1. Introduction With the possible exception of major accounting frauds (e. g. , WorldCom, Enron, etc. ), there are few topics that are more pervasive and produce bigger headlines in the business press than executive compensation. The debate about executive compensation tends to focus on the overall level of compensation (e. g. , relative to workers in the US or to executives in other countries), the rate of increase (e. g. , relative to in? ation or stock price returns), and the form of payment (e. . , stock options). Although there is extensive academic research on the determinants of executive compensation, there is little empirical evidence on the role of the popular and business press as a poten tial monitor of executive pay (e. g. , see Zingales, 2000; Bebchuk and Fried, 2004). The objective of our study is to provide insight into three questions: (1) What decision model does the media use to select chief executive of? cers (CEOs) for coverage about their compensation, (2) What determines the proportion of that coverage that is negative-toned, and (3) Do ? ms and managers ? nd this attention $ We thank Greg Miller, seminar participants at Stanford University, and an anonymous referee for their helpful comments. We also thank Jihae Wee for excellent research support, and appreciate ? nancial support from the Wharton School of the University of Pennsylvania and the Graduate School of Business at Stanford University. ACorresponding author. E-mail address: [email  protected] upenn. edu (W. Guay). 0304-405X/$ – see front matter r 2007 Elsevier B. V. All rights reserved. doi:10. 1016/j. j? neco. 2007. 05. 001 ARTICLE IN PRESS 2 J. E.Core et al. / Journal of Financial Ec onomics 88 (2008) 1–25 suf? ciently costly that they respond by making changes to their compensation or employment practices? Empirical evidence on these research questions provides insight into the role of the press in monitoring and in? uencing executive compensation practice. We examine a large sample of ExecuComp CEOs and an extensive collection of more than 11,000 press articles about CEO compensation from 1994 to 2002. Using an iterative key word search procedure, we partition the press articles based on whether they have a negative tone.Thus, for each CEO, in each year, we obtain a measure of the number of compensation articles and the fraction of these articles with a negative tone. We use this data to provide evidence on the press’ decision model and on the effect of press coverage on ? rms’ actions. Not surprisingly, the press chooses to cover CEOs with high total annual pay. We also ? nd that in deciding which CEOs to cover, the press does not appear to discriminate between CEOs that receive high expected pay versus CEOs that receive high excess pay, where excess pay is the residual from an expected compensation model that controls for standard economic determinants.Further, CEOs at large ? rms and ? rms with poor operating performance are also more likely to be selected for coverage. Conditional on the press deciding to cover a CEO’s compensation, we ? nd that negative coverage is more strongly related to measures of excess total annual pay than to raw total annual pay. We interpret this result as evidence that the press uses a relatively sophisticated approach when writing negative articles about CEO compensation. On the other hand, we also ? nd that negative coverage is related to the CEOs’ proceeds from option exercises. This latter ? ding is consistent with Holmstrom and Kaplan’s (2003) concern that one of the reasons the press portrays executive pay as a ‘‘runaway train’’ is t hat it misinterprets the payoff from exercised options as being a component of annual pay. In fact, the grant date value of options, not the payoff at exercise, is widely considered the more appropriate measure of option pay. 1 We ? nd little support for the hypothesis that the press serves as a catalyst or change agent for CEO compensation practices. Speci? cally, there is no consistent evidence that total compensation decreases after CEOs receive negative press coverage, and we ? d no evidence that negative press coverage of CEO compensation is related to CEO turnover. Thus, our results do not corroborate recent evidence that the media exerts an important in? uence on corporate governance choices (e. g. , Dyck and Zingales, 2002, 2004; Louis, Joe, and Robinson, 2004). The remainder of the paper consists of four sections. Section 2 provides a literature review and develops our research questions. Section 3 describes the sample selection and measurement choices. The results are pres ented in Section 4, and summary conclusions are provided in Section 5. 2. Background and research questions . 1. Determinants of media attention about CEO compensation Although there is considerable discussion about the role of disclosure and transparency in monitoring managerial behavior, the precise mechanisms for disclosing and disseminating information have received limited attention in the academic literature (Zingales, 2000). Dyck and Zingales (2002) argue that this limited attention stems from the small role that the diffusion of information plays in agency models. 2 They argue that the media is one vehicle through which information is aggregated and credibly communicated to the public (and across ? ms). Thus, the media can play a substantial role in reducing the costs of contracting parties for collecting and evaluating information, and in shaping the reputation of contracting parties. In order to provide insight into these questions, it is necessary to identify the objectiv e function of the media. As suggested by Jensen (1979), the approach to modeling the media industry is similar to any industry and begins with analyzing the demand faced by news producers (e. g. , newspapers, magazines, etc. ) and the 1 It is possible that the press justi? bly writes negative articles about CEOs with large realized option payoffs if the magnitude of option exercises re? ects a measure of cumulative excess compensation over a period of time. 2 In the accounting literature, diffusion of information plays a large role in research on the quality of accounting information disclosed by management to its shareholders, or in theoretical agency models incorporating channels of communication. However, there is little work on intermediaries, such as the press, that ? lter ? rm disclosures and disseminate information to the general stockholding public. ARTICLE IN PRESSJ. E. Core et al. / Journal of Financial Economics 88 (2008) 1–25 3 supply of news received by these pro ducers. Dyck and Zingales (2002) and Miller (2006) argue that there is a consumer demand for the investigative reporting role of the media, and Zingales (2000) hypothesizes that readers rely on this reporting to form opinions only when they believe the information provided to be accurate and reliable. In contrast, Jensen (1979) takes a more skeptical view of the media and suggests that most of the demand for news services derives not from a demand for information, but from a demand for entertainment.Since the news media’s competition under this scenario is sitcom television and tabloids, the media is expected to sensationalize news stories. Jensen further argues that the media will tailor news stories to take a negative tone about individuals that are out of favor with public opinion (e. g. , CEOs who are paid much more than their peers, or who have laid off large numbers of employees). Miller (2006) provides some initial empirical results that are broadly consistent with bot h of the above sources of demand for publicity.He examines a sample of 263 cases of Securities and Exchange Commission (SEC) Accounting and Auditing Enforcement Releases to investigate whether the press is a watchdog for accounting fraud. Consistent with information provision, Miller ? nds that the media provides the public with information about accounting fraud. However, consistent with sensationalism, he also ? nds that the media is more likely to ? ll the watchdog role for ? rms with a larger public following, ? rms with a richer information environment, and where the story is more likely to be sensational and interesting to the public.Miller also examines whether coverage is less negative for ? rms that do more advertising, but his results do not support this interesting proposition. Media coverage of executive compensation potentially satis? es both of the demand functions identi? ed above. Multi-million dollar pay packages, and the potential scandals surrounding the wealthy i ndividuals who receive high pay, can be very entertaining. For example, there were repeated references, and many negative references, in the press about Tyco International’s purchase of a $6,000 shower curtain for CEO Dennis Kozlowski’s corporate apartment.Similarly, there were repeated references, and many negative references, about the extensive perquisites paid to General Electric’s CEO, Jack Welch, that were disclosed in divorce proceedings after his retirement. On the other hand, if readers of the press demand media coverage about executive compensation that provides reliable information about potential governance problems, we expect that the media will identify and cover individuals who have ‘‘excessive’’ pay. That is, under this hypothesis, the media will not focus simply on large pay.Nor will it focus on large single components of pay such as stock option grants and cash payouts from bonus plans, or on large option exercises. Ex cess pay, de? ned as observed compensation less a measure of expected compensation derived from standard economic determinants, is known to be a sign of poor governance (e. g. , Core, Holthausen, and Larcker, 1999), and poor governance is clearly an important issue for shareholders, employees, suppliers, and society at large.Under this hypothesis, the media will not focus simply on large total pay (or option exercises) because it recognizes that large pay packages are optimal in settings where they re? ect the quality, performance, or bargaining power of the CEO. Thus, we predict that the media makes adjustments to a given CEO’s pay level to control for ‘‘normal’’ or ‘‘reasonable’’ pay, and that coverage of excess pay will primarily have a negative tone. We test this prediction with the following hypothesis: H1. Negative media coverage of CEO compensation is positively related to excess pay.However, if the primary source of demand is not from consumers seeking reliable information, but instead from consumers seeking entertaining news about highly paid executives, we expect that the media will sensationalize its stories. The press may satisfy this demand by writing negative articles about executives with high pay, regardless of whether circumstances are such that the high pay is reasonable. In this case, we view the negative coverage as ‘‘sensationalism,’’ and predict that negative press coverage is positively related to total pay without making adjustments for an expected level of pay given the CEO’s ability and performance.This sensationalism viewpoint provides a contrasting perspective to the ‘‘informing the public’’ notion underlying Hypothesis 1. Speci? cally, the press is predicted to provide negative coverage of high total pay (which is composed of expected pay given ?rm and CEO characteristics, plus excess pay). We propose the following hypothesis to test the ‘‘sensationalism’’ prediction: H2. Negative media coverage of CEO compensation is positively related to total pay (i. e. , related to both expected pay and excess pay). ARTICLE IN PRESS J. E. Core et al. Journal of Financial Economics 88 (2008) 1–25 4 Economists generally view the grant value of stock options as a more appropriate measure of CEO optionbased pay than ex post realized proceeds from multi-year grants. For example, consider a CEO who is granted stock options each year for ? ve years. If this CEO chooses to exercise all of these options in the ? fth year, it would be inappropriate to infer that the CEO received no option compensation in the ? rst four years when the options were granted, and substantial option compensation only in the ? th year when the options are exercised. However, exercise proceeds are a simple-to-understand, and easy-to-compute measure of the value realized by executives from options. And, in f act, a measure of total payout that includes option exercises rather than option grants is frequently cited in pay surveys in the ? nancial press (e. g. , see Forbes’ annual ? rankings of highest paid CEOs). 3 A sensationalism perspective (or possibly just na vete) suggests that the press may not discriminate between the CEO’s annual pay and large dollar proceeds realized by CEOs from options.To examine this hypothesis, we test the following: H3. Negative media coverage of CEO compensation is positively related to large dollar amounts realized from stock option exercises. In addition to our analysis of negative coverage of CEO compensation, we also examine general press coverage of compensation in order to distinguish the decision of the press to cover a story from the choice to produce a story with a negative tone. We do not formulate speci? c hypotheses about general coverage of pay, but rather include these results to provide descriptive vidence on how the press cho oses which CEOs to cover. We view the role of non-negative coverage of compensation as being somewhat unclear. For example, general coverage of total pay (both expected and excess compensation) might be informative for corporate governance purposes by providing benchmarks against which to compare CEO pay across ? rms. However, general coverage of total pay might be consistent with sensationalism, where readers ? nd articles about wealthy CEOs to be entertaining, and are not particularly concerned about whether their pay level is expected or excessive. . 2. In? uence of the media on CEO compensation Dyck and Zingales (2002) argue that there are at least three ways in which media attention can affect the reputations of ? rms and their of? cers and directors, and play a role in corporate governance. First, media attention on ? rms with weak corporate governance can drive politicians and regulators to enact legislation to reform or enforce corporate law, especially if they believe that failure to do so would hurt their political careers or cause public outcry.The recent media attention given to stock option backdating, and the consequent regulatory interest, could be thought of as an example of this type of activity. 4 Second, negative media attention on managers and directors can call into question whether these individuals are good decision makers who attend to the interests of their shareholders and employers. Fama and Jensen (1983) make a similar argument that the value of managers’ and directors’ human capital depends primarily on signals about their performance as decision makers within corporations.Thus, if negative media attention damages managers’ and directors’ reputations, it can reduce the value of these individuals in the labor market. Finally, Dyck and Zingales (2002) argue that negative media attention can hurt the reputations of managers and directors within their communities and impose social costs on both them and thei r families. 5 Dyck and Zingales (2002, 2004) also provide evidence in an international setting that the media plays a role in corporate governance and in? uences ? rms’ behavior. Their primary ? ndings are that the private bene? s of control are smaller and the responsiveness of the private sector to environmental issues is greater in countries with larger newspaper circulation. 3 Executive bonuses are generally measured in compensation studies at payout values rather than ex ante values. Ideally, one would measure both option pay and bonus pay at the grant date expected value of the pay. However, although data are readily available to estimate grant date option values, it is dif? cult to estimate the expected value to the executive from a given bonus plan. 4 For example, see Heron and Lie (2007).Also see The Wall Street Journal online at: http://online. wsj. com/public/resources/documents/ info-optionsscore06-full. html, which lists corporations that have come under SEC and Justice Department scrutiny for possible option backdating. We last accessed this website on February 23, 2007. 5 In our study, we do not distinguish between these three channels of media in? uence. For our purposes, it is only important that negative media attention about CEO compensation can impose costs on ? rms and their CEOs. ARTICLE IN PRESS J. E. Core et al. Journal of Financial Economics 88 (2008) 1–25 5 Two additional papers are related to our research question. Johnson, Porter and Shackell (1997) examine changes in compensation from 1993 to 1994 for a sample of 186 CEOs to investigate whether CEO compensation is sensitive to stakeholder pressure. They ? nd that the existence of a negative tone article in any one of ? ve leading periodicals is associated with a smaller increase in total CEO pay from 1993 to 1994 and an increase in the sensitivity of cash pay to ? rm performance. However, as we demonstrate in Section 4. 2, this ? ding is confounded by strong mean reve rsion in pay among the general population of highly paid CEOs (i. e. , when a CEO has high pay in year t, there is a natural tendency for pay to be lower in year t+1). Moreover, highly paid CEOs are also more likely to receive media attention. Therefore, CEOs that draw media attention are more likely to experience mean reversion in pay, but this relation may not be causal. Finally, Louis, Joe, and Robinson (2004) provide some evidence that negative Business Week coverage regarding institutional investors’ assessment of board effectiveness in? ences boards’ actions. In particular, the boards identi? ed as worst are more likely to replace CEOs and board chairs, to separate the CEO and chair functions, and to increase the number of outside board members. However, it is not clear from these ? ndings whether the boards’ actions are due to media coverage or due to pressure from unsatis? ed institutional investors. If negative media coverage damages the reputations and human capital of managers and directors, ? rms will respond to this negative coverage by taking steps to avoid further coverage in the future.However, the nature of the responses that the ? rms might take is not clear. If the media acts as a good watchdog over executive pay, and if its negative coverage primarily serves to provide investors and the public at large with reliable information about excess pay, we expect ? rms to respond by reducing excess CEO pay. 6 An even more severe response would be to terminate the CEO to avoid future negative media coverage of that CEO and his compensation. To gain insight into the outcomes of negative media coverage, we test the following hypotheses: H4.CEO compensation declines following negative media coverage. H5. CEO turnover increases following negative media attention. As noted above, it is also possible that the media’s coverage of CEO pay serves to entertain readers with sensational stories. In this case, we expect that ? rms eit her take no action (and bear the brunt of any reputation damage) or make ‘‘cosmetic’’ adjustments to avoid negative media attention in the future. An example of a ‘‘cosmetic’’ change would be for the CEO to alter the pattern of his stock option exercises.If the media sensationalizes compensation stories by including the proceeds from option exercises in the computation of executive pay, CEOs may avoid exercising options for a few years or ‘‘smooth out’’ option exercises after the negative publicity. We test the following research hypothesis: H6. Option exercises decline following negative media attention. 3. Sample selection and variable measurement Our initial sample consists of all ExecuComp CEOs from ? scal years 1993 to 2001. For a CEO to be included in the ? nal sample, we require that we can match the ? m to the Center for Research in Securities Prices (CRSP) database, that CEO tenure is available in ExecuComp, and that the CEO is in of? ce at the end of the ? scal year. Second, we require non-missing data on CEO compensation and on the variables that we use to estimate our model for excess compensation and press coverage (described below). Finally, we require that the ? rm name and CEO name can be matched to the Factiva news source database. 7 These data requirements yield a sample of 12,090 CEO-year observations from 1993 to 2001.The sample contains 3,126 different CEOs at 2,052 different companies. The summary results in Table 1 show that the number of CEOs in the sample grows slightly over time (as ExecuComp coverage increases). Consistent with other ? ndings using ExecuComp data (e. g. , Hall and Murphy, 2002), we ? nd that CEO total compensation increases substantially over the period, and at a greater percentage growth rate than ? rm sales. In addition, there is a monotonic increase in the average level of total 6 As we discuss below, ? rms will respond to unanticipated negative coverage by reducing future pay.To the extent that ? rms anticipate the costs of negative media coverage, they will reduce current pay to avoid these costs. 7 Factiva is a joint venture between Dow Jones and Reuters. ARTICLE IN PRESS J. E. Core et al. / Journal of Financial Economics 88 (2008) 1–25 6 Table 1 Trends in CEO compensation and compensation-related press coverage Year N 1993 1,203 1994 1,250 1995 1,305 1996 1,316 1997 1,327 1998 1,392 1999 1,389 2000 1,443 2001 1,465 Percentage change from 1993 to 2001 Total compt (thousands) SalestA1 (millions) Number of articles per CEOt+1 Percentage ofCEOs with coveraget+1 Fraction of CEO compensation articles with negative tonet+1 (%) 1,176 1,345 1,378 1,605 1,859 1,972 2,248 2,578 2,632 124% 883 859 872 950 959 936 1,058 1,061 1,162 32% 0. 27 0. 35 0. 47 0. 85 1. 01 1. 05 0. 98 1. 12 2. 23 724% 0. 09 0. 12 0. 13 0. 21 0. 22 0. 24 0. 23 0. 26 0. 38 302% 43 32 37 31 34 32 30 28 31 A28% The data consist of ExecuComp CEOs from ? scal years 1993 to 2001. The articles on CEO compensation are obtained from the Factiva database for the year after pay was earned, that is years 1994 to 2002. N is the sample size for that year.Total Compt is the sample median salary, bonus, long-term incentive plan payouts, the value of restricted stock grants, the value of options granted during the year, and any other annual pay (in $000s) in the ? scal year shown. SalestA1 is the sample median ? rm sales for year tA1. Number of Articles per CEO is the sample average total number of articles written about the CEO’s compensation in the Factiva database in the ? scal year t+1 after pay was earned. Percentage of CEOs with Coveraget+1 is the percentage of CEOs for whom the press covers CEO compensation.Fraction of CEO compensation articles with negative tonet+1 is the total number of negative articles written about the CEOs’ compensation (using the algorithm described in the text to measure negative tone) as a percentage of the total number of articles written about the CEOs’ compensation. press coverage of CEO pay and in the proportion of CEOs who receive coverage. However, conditional on receiving coverage, the proportion of coverage that is negative is relatively constant over time (we describe the measurement of these publicity variables below). . 1. Measurement of press coverage and negative press coverage We measure publicity about CEO compensation by gathering all articles related to the CEO’s compensation from the Factiva database in the ? scal year after the compensation was earned (for example, for a ? rm with a ? scal year ending June 30, 2001, where CEO compensation is typically disclosed in the proxy statement in August or September of 2001, we would match articles published during the next ? cal year ended June 30, 2002). We include all major news and business publication sources on Factiva with the exception of the press release wires through which ? rms initi ate the release of information, such as PR Newswire, FD Newswire, and Business Wire. Similar to Francis, Huang, Rajgopal, and Zang (2004), we use the company identi? er in Factiva to locate articles covering a speci? c ? rm. We then locate articles written about the CEO’s compensation through the following search: CEO NAME or CEO NAME’S) near20 (compensation or salary or bonus or option* near10 grant or option* near10 receiv* or option* near10 exercis* or restricted stock or (pay near5 00) or (was paid near5 00) or (pay near5 million*) or (was paid near5 million*)) and (CEO NAME or CEO NAME’S) same (compensation or salary or bonus or option* near10 grant or option* near10 receiv* or option* near10 exercis* or restricted stock or (pay near5 00) or (was paid near5 00) or (pay near5 million*) or (was paid near5 million*)) The objective of this free text search is to identify all articles in which the CEO’s compensation is described in either a positive, nega tive, or neutral fashion. We count each article as a single observation, regardless of the number of times a CEO’s name or compensation is mentioned in the article. 8 As described in the Factiva Inside-Out Reference Guide, ‘‘near20’’ locates words within 20 words of the CEO’s name and ‘‘same’’ locates words in the same paragraph as the CEO’s name. ARTICLE IN PRESS J. E. Core et al. / Journal of Financial Economics 88 (2008) 1–25 7 To measure negative publicity about CEO compensation, we iteratively develop a Perl program to process the text of each article about CEO compensation to assess whether the article has a negative tone. The input into the Perl program consists of a set of negative tone keywords and phrases.This set of keywords and phrases was developed from manually reading approximately 200 articles about CEO compensation, where the articles included both randomly selected ? rms and ? rms widel y known to have received negative publicity (e. g. ; Tyco international and Citigroup). 9 In order to validate and improve the Perl algorithm, we applied the search string to articles for a random sample of 50 CEOs, and we allowed the algorithm to classify the articles as having either a negative or non-negative tone. We then read these same articles and manually assigned each as having either a negative or non-negative tone. To identify errors in the Perl algorithm, we compared the two sets of coded negative tones using a contingency table of manual partitioning versus computer partitioning. Based on the classi? ation errors, we adjusted the keyword search to improve the ? t of the search string within this 50 CEO sample. To check the validity of these adjustments, we applied the improved negative tone Perl algorithm string to articles for an independent random sample of 50 CEOs. We again read and partitioned the articles for this second random sample and constructed another contin gency table to assess accuracy. This manual partitioning identi? ed 18% (82%) of the articles as negative tone (non-negative tone). The automated Perl keyword search correctly identi? ed 75% of the non-negative tone articles and 54% of the negative tone articles. Further, the manual partitioning identi? ed 25% (75%) of the ? m-years as having at least one negative tone article (no negative tone article). The Perl algorithm correctly identi? ed 63% of the ? rm-years without negative tone articles and 77% of the ? rm-years with negative tone articles. The fact that the classi? cation rates are less than 100% con? rms that there is measurement error in our search string (in Section 4. 1, we show in sensitivity analysis that this measurement error does not appear to affect our inference). We use the revised search string to identify negative tone articles for the full sample of CEO compensation articles (‘‘NEGATIVE’’). Appendix A shows our ? nal negative tone s earch string.In order to provide some descriptive information about our search string, Appendix B contains excerpts from two articles about the 2001 compensation package for E*Trade Financial Corporation’s CEO, Christos Cotsakos. Both articles were published on May 1, 2002. The ? rst article from The New York Times reports the salary, bonus, equity, and other components of Cotsakos’ pay package without taking a view as to whether the pay package is excessive or unreasonable. We classify this article as having a non-negative tone. The second article from The Wall Street Journal also reports the components of Cotsakos’ pay package but takes a negative tone by calling the compensation an ‘‘outsize package’’ and referring to Cotsakos as the ‘‘highestpaid CEO on Wall Street. ’ The keyword ‘‘outsize’’ within a few words of ‘‘salary’’ and/or ‘‘bonus,’â₠¬â„¢ and the keyword ‘‘highest’’ within a few words of ‘‘pay’’ are both triggers for our keyword search that classify this article as having a negative tone. However, note the title of the second article, ‘‘No Discount: E*Trade CEO Gets Pay Deal of $80 Million. ’’ Although this title clearly has a negative tone, the ‘‘play on words’’ nature of the text prevents us from ? agging this title as negative tone with our Perl search string. In this case, the body of the article is suf? cient to categorize the article as negative tone. We acknowledge that it is dif? cult to construct a completely accurate search string and that our negative tone classi? cation inevitably measures true negative tone with error. However, a sensitivity analysis summarized below in Section 4. suggests that our inference using the negative publicity measure in the full sample is not induced by measurement erro r. The time-series statistics on the number of compensation-related articles for our sample CEOs over the period 1994 to 2002 is reported in Table 2 (Panel A). 10 The number of compensation-related articles grew rapidly from 325 to 3,263 (Column 3), an increase of about 900%. However, at the same time, the total number of articles across all topics grew from 216,677 to 825,887 (Column 1), an increase of about 280%. Similarly, the number of news sources covering CEO compensation grew from 62 to 470 (Column 2), a rise of 9 As illustrated in Appendix A, the ? al negative tone search string consists of approximately 150 keywords and phrases, such as ‘‘high pay,’’ ‘‘excess pay,’’ and ‘‘generous options. ’’ For most of the phrases, we allow for the possibility that the keywords do not immediately precede or follow each other, and may be several words apart in the text. We also allow for different characterizatio ns of the same word (e. g. , ‘‘large bonus,’’ ‘‘larger bonus,’’ ‘‘and largest bonus’’). 10 Since our sample data on CEO compensation covers the time period from 1993 to 2001, the articles for the year following the compensation are collected from 1994 to 2002. ARTICLE IN PRESS J. E. Core et al. / Journal of Financial Economics 88 (2008) 1–25 8 Table 2Annual data on the source of articles on CEO compensation Panel A. Trends in Articles about CEO Compensation Year Number of Number of articles–all sources–CEO topics compensation articles (1) (2) 1994 1995 1996 1997 1998 1999 2000 2001 2002 Percentage change from 1994–2002 216,677 196,032 178,378 233,665 303,850 543,058 514,747 542,096 825,887 281% 62 97 131 234 244 279 308 323 470 658% Panel B. Major sources and tone of coverage Type of source Source and Their Sources Number of CEO compensation articles (3) 325 439 609 1,117 1,346 1,465 1,362 1,616 3,263 904% Fraction of CEO compensation articles with negative tone (4) Number of WSJ articlesFraction of WSJ articles with negative tone (5) (6) 43% 32% 37% 31% 34% 32% 30% 28% 31% A28% 58 74 112 104 122 149 44 81 210 262% 48% 45% 43% 38% 39% 38% 25% 25% 40% A17% Number of CEO compensation articles Number of negative tone CEO compensation articles Fraction of CEO compensation articles with negative tone Newswire AP Dow Jones Reuters Sub-total 235 717 1,271 2,223 75 137 279 491 32% 19% 22% 22% Newspaper Chicago Sun-Times Financial Times New York Times The Globe And Mail The Washington Post USA Today Wall Street Journal Sub-total 110 252 260 190 123 49 954 1,938 29 99 88 49 49 22 367 703 26% 39% 34% 26% 40% 45% 38% 36% Magazine Barron’s Business WeekForbes Fortune Sub-total 44 43 43 40 170 27 21 15 17 80 61% 49% 35% 43% 47% The sample consists of ExecuComp CEOs from ? scal years 1993 to 2001. The articles on CEO compensation are obtained from the Factiva data base for years 1994 to 2002, including the source of each article. Number of articles—all topics is the total number of articles for all sample ? rms for each year. Number of sources—CEO compensation articles is the total number of different publications that printed an article about CEO compensation for each year. Number of CEO compensation articles is the total number of articles about CEO compensation for all sample ? rms for each year.Fraction of CEO compensation articles with negative tonet+1 is the total number of negative articles written about the CEOs’ compensation (using the algorithm described in the text to measure negative tone) as a percentage of the total number of articles written about the CEOs’ compensation. Number of WSJ articles is the total number of The Wall Street Journal (WSJ) articles on CEO compensation for our sample, and fraction of compensation articles with negative tonet+1 is the percentage of WSJ articles with negative tone (using the algorithm described in the text to measure negative tone). Number of negative tone WSJ articles is the number of articles where negative tone is assessed using the algorithm described in the text. ARTICLE IN PRESS J. E.Core et al. / Journal of Financial Economics 88 (2008) 1–25 9 about 660%. To explore whether the growing number of compensation-related articles is primarily due to the growth in the number of articles and sources, we present time-series data for The Wall Street Journal, one of the largest sources. As might be expected, The Wall Street Journal released a growing number of compensation-related articles over this period. The total number of articles for this source was 210 in 2002 compared to 58 in 1994 (Column 5), an increase of about 260%. Thus, the increase in articles does not appear to be simply caused by the increase in sources covered by Factiva.The fraction of negative tone compensation articles across all sources has remained a fairly constan t fraction of total articles, with a yearly average of about 33% (Column 4). The last column in Table 2 (Panel A) shows that a somewhat larger fraction of the compensation articles written by The Wall Street Journal are negative, with a yearly average of about 38%. This suggests that some news agencies, as a matter of strategy or reporting orientation, are more likely than others to publish compensation articles with a negative tone. To explore compensation coverage across news sources, we tabulate article counts separately for many of the major sources in Table 2 (Panel B). We classify major news sources as newswires, newspapers, or magazines.The main newswires, Associated Press, Dow Jones and Reuters, provide the greatest number of compensation-related articles, but have the lowest fraction of negative tone compensation articles, at about 22%. This latter ? nding is perhaps not surprising given that newswires tend to capture company press releases. The major newspapers (The Wall S treet Journal, The New York Times, Financial Times, etc. ) supply the second highest fraction of negative tone articles, at 36%. The largest fraction of articles with a negative tone, at about 47%, is written by magazines (Fortune, Business Week, etc. ). This ranking of negative tone coverage potentially re? cts a greater tendency by the papers and magazines to sensationalize stories in order to sell copies, presumably due to differences in their subscriber base and marketing techniques. In the ? rst two rows of Table 3, we provide descriptive data on compensation-related articles by CEO-year. In this table, and in our data analysis in Tables 6–9, we mitigate the in? uence of outliers by setting the upperand lower-most percentiles for our variables equal to the values at the 1st and 99th percentiles in each year, respectively. Media coverage is skewed, with the median CEO receiving no articles about his compensation in a given year. In 21. 6% of the CEO-years, at least one ar ticle was published about the CEO’s compensation, and the 10% of the CEO-years with the greatest media coverage received at least two articles.Negative media coverage is skewed to an even greater extent, with only 10. 0% of the CEO-years receiving at least one compensation article with a negative tone. In 1% of the CEO-years, at least four negative tone articles were written about the CEO’s compensation. For the 2,607 observations in which the CEO has some coverage of his compensation, 47% of the CEOs have at least some negative-toned coverage, and 28% of the compensation articles have a negative tone. 3. 2. Control variables and model of expected press coverage Our main objective is to better understand the determinants of press coverage about executive compensation, and in particular, negative coverage about executive compensation.The results in Tables 1 and 3 reveal that only a subset of CEOs attracts press coverage on their reported compensation. Among the CEOs tha t attract coverage, there is substantial variation in the degree of negative comments about their pay, as proxied by the proportion of the coverage that is negative. To address this empirically, we ? rst model the media’s choice of whether to cover a CEO with the following probit model: E? Prob? Coverageit? 1 ? F? go ? g1 Compensationit ? g2 Controls?. (1) For those CEOs who receive coverage, we model the proportion of the coverage that is negative with the following general linear model: E ? % of Negative Articlesit? 1 jCoveraget? 1 ? ? G? bo ? b1 Compensationit ? b2 Controls?. (2) The dependent variable in Eq. 2) is a fraction bounded between 0 and 1. We follow Papke and Wooldridge (1996) and estimate Eq. (2) using a general linear model (GLM) in which the link function is logistic. Papke ARTICLE IN PRESS 10 J. E. Core et al. / Journal of Financial Economics 88 (2008) 1–25 Table 3 Descriptive statistics Variable Mean Std Dev P1 Q1 Median Q3 P90 P99 Number of article st+1 Coveraget+1 Number of negative articlest+1 % of negative articlest+1 Number of ? rm articlest+1 Total compt Total payoutt Tenuret S&P500t SalestA1 Bk/MkttA1 RETt ROAt 0. 81 0. 22 0. 23 0. 28 293. 85 3,746 3,122 7. 60 0. 33 3,280 0. 65 0. 20 0. 04 2. 79 0. 41 0. 92 0. 37 669. 29 6,237 6,587 7. 45 0. 47 6,296 0. 7 0. 61 0. 10 0. 00 0. 00 0. 00 0. 00 1. 00 189 117 0. 08 0. 00 17 0. 11 A0. 75 A0. 37 0. 00 0. 00 0. 00 0. 00 52. 00 904 659 2. 17 0. 00 353 0. 44 A0. 13 0. 01 0. 00 0. 00 0. 00 0. 00 116. 00 1,758 1,246 5. 33 0. 00 980 0. 66 0. 11 0. 05 0. 00 0. 00 0. 00 0. 50 244. 00 3,822 2,736 10. 58 1. 00 2,989 0. 86 0. 38 0. 09 2. 00 1. 00 1. 00 1. 00 599. 00 8,334 6,675 16. 92 1. 00 8,775 0. 98 0. 76 0. 14 16. 00 1. 00 5. 00 1. 00 3,856. 00 32,909 37,109 35. 92 1. 00 34,654 1. 20 2. 34 0. 25 This table presents descriptive statistics for the variables used in the subsequent analyses. The sample consists of 12,090 observations for ExecuComp CEOs from ? cal years 1993 to 2001. The a rticles on CEO compensation are obtained from the Factiva database for years 1994 to 2002. Number of Articlest+1 is the total number of articles written about the CEO’s compensation. Coveraget+1 is an indicator variable for whether the press covers CEO compensation. Number of Negative Articlest+1 is the total number of negative tone articles written about the CEO’s compensation, where negative tone is assessed using the algorithm described in the text. % of Negative Articlest+1 is Number of Negative Articlest+1 divided by Number of Articlest+1. This variable is tabulated only for the 2607 observations with Coveraget+1 greater than zero.Number of Firm Articlest+1 is the number of articles (all topics) written about the ? rm during year t+1. Total Compt is salary, bonus, long-term incentive plan payouts, the value of restricted stock grants, the value of options granted during the year, and any other annual pay for the CEO in year t. Total Payoutt is salary, bonus, long- term incentive plan payouts, the value of restricted stock grants, the proceeds from options exercised during the year, and any other annual pay for the CEO in year t. Tenuret is the CEO’s tenure in years at the end of year t. S&P500t is one if the ? rm is in the S&P500 at the end of year t, and zero otherwise. SalestA1 (in millions of dollars) is ? rm sales for year tA1.Bk/MkttA1 is (book value of assets)/(book value of liabilities+market value of equity) at the end of year tA1. RETt is the ? rm’s return for the year t. ROAt is income before extraordinary items divided by average total assets for the year t. and Wooldridge show that this estimator is consistent when the dependent variable is a proportion ranging from 0 to 1, and when there may be a mass of observations at 0 and 1. 11 We note that in these models, coverage and negative coverage are measured in the ? scal year t+1 following determination of compensation in year t. 12 This lessens the chance of a simulta neity bias, in which realized negative coverage causes reductions in realized pay. However, as we discuss further below, if ? ms anticipate that future negative coverage can be very costly, they may reduce current pay in order to avoid future coverage. We expect that publicity about CEO pay derives not only from the magnitude and components of CEO pay, but also from general determinants of press coverage. Therefore, we control for the determinants of publicity that are not directly related to CEO compensation. To our knowledge, an accepted model for the expected level of press coverage related to CEO pay does not exist. As a starting point, we include log(Number of Firm Articles) as a control variable for general ? rm-speci? c press coverage across all topics, where log(Number of Firm Articles) is measured for each ? m-year as the natural logarithm of the total number of articles that mention the ? rm across all major news and business publication sources on Factiva, excluding newsw ires that primarily carry company-initiated 11 We obtain the same inference if we instead estimate a linear model for the fraction using ordinary least squares (OLS). If we estimate an OLS model for the fraction and include a Heckman (1979) correction for the predictability of the coverage decision in Eq. (1), we obtain the same inference. The Heckman correction is not signi? cant in any of our models, which suggests that results are robust to ignoring the selection in the second-stage model. 12Base salary, option and restricted stock grants, and the majority of compensation are determined and paid during the ? scal year. The one exception is cash bonuses, which are determined early the next ? scal year after results are known. However, the bonus amounts tend to be small compared to option and restricted stock grants. ARTICLE IN PRESS J. E. Core et al. / Journal of Financial Economics 88 (2008) 1–25 11 disclosures. 13 We also expect that ? rm size is a key determinant of publ icity (see Jensen, 1979; Miller, 2006). Press coverage of large ? rms will have broader appeal as these ? rms are more likely to be household names and to have larger customer and shareholder bases. At the same time, large ? rms may e able to impose costs on media ? rms that cover them in a negative light. These costs may come in the form of withholding valuable news stories or withholding advertising dollars. 14 We use two variables to control for ? rm size and likelihood of broad appeal: the logarithm of each ? rm’s sales revenues (‘‘Sales’’) and membership in the S&P 500 (‘‘S&P500’’). Jensen (1979) argues that the media is more likely to write a negative article when the individual under scrutiny has lost popularity with the public. We include recent ? rm performance in our regressions to control for the possibility that the CEO has fallen out of favor with the public.We measure ? rm performance using contemporaneous and lagged stock returns obtained from CRSP (‘‘RET’’) and accounting performance obtained from Compustat (‘‘ROA’’) which is computed as net income before extraordinary items divided by average assets. To allow for the possibility that press coverage is more sensitive to negative performance than to positive performance, we include separate variables for negative (‘‘NEG’’) and positive (‘‘POS’’) stock return and accounting performance. 15 We also include CEO tenure (‘‘Tenure’’) as a control variable because we expect that it may take time for the press to become interested in covering a new CEO.Finally, we expect that press coverage varies across different calendar years and sectors of the economy. To capture this effect we include indicator variables for two-digit SIC code and calendar year in our model. 3. 3. Measurement of compensation variables and excess compensation As described in Section 2, we expect that publicity may be in? uenced by total annual compensation. We measure Total Comp as the sum of salary, bonus, long-term incentive plan payouts, the value of restricted stock grants, the value of options granted during the year, and any other annual pay. This is the most common measure of total pay in the academic literature.We hypothesize in Hypothesis 3 that press coverage could also be affected by realized option exercise proceeds as opposed to option grant value. To test this hypothesis, we construct a measure of total realized payouts to the CEO, Total Payout, computed as the sum of salary, bonus, long-term incentive plan payouts, value of restricted stock grants, proceeds from options exercised during the year, and any other annual pay. This measure of total realized payout is common in the media (e. g. , see Forbes’ annual rankings of highest paid CEOs). 16 We obtain our compensation data from ExecuComp. Descriptive statistics for the compensation variables are presented in Table 3. The mean Total Comp is $3. 7 million, and the mean Total Payout is $3. 1 million.However, the values in the extreme percentile of Total Payout are somewhat greater than those for Total Comp. In addition to these raw compensation variables, we also construct a measure of excess CEO compensation to investigate whether the media appears to make adjustments for a ‘‘normal’’ level of compensation when writing an article with a negative tone. We measure excess compensation as actual compensation minus expected compensation. Our benchmark model for expected compensation follows prior research in this area (e. g. , Smith and Watts, 1992; Core, Holthausen, and Larcker, 1999; Murphy, 1999), and is obtained by regressing the natural logarithm (Log) of compensation on proxies for economic determinants of CEO compensation, such as ? m size, growth opportunities, stock return, accounting return, and indu stry controls: Log? Compensationit ? ? a ? xit b ? uit 13 (3) In the 68 ? rm-years with no articles on Factiva, we set Number of Firm Articles equal to one to avoid losing the observations. The costs of withholding valuable news from the press may apply not only to large ? rms but also to growing ? rms with rich information environments that are engaging in substantial investments, acquisitions, or product developments. At the same time, growth ? rms may also have broader appeal to the public than stable or declining ? rms. Our regressions are robust to including book-to-market as a control variable for ? rms’ investment opportunities. 15Dial and Murphy (1995) raise the possibility that unpopular operational decisions draw media attention. For example, in their case study of General Dynamics, the press strongly criticized the CEO for receiving a bonus payout after the stock price responded positively to his decision to lay off thousands of employees. We examine this possibili ty in Section 4. 3. 16 Total Payout also has preferable econometric properties as compared to using only the proceeds from option exercises. Speci? cally, an option exercise variable has a large mass at zero, whereas Total Payout has a positive value for all cases. 14 ARTICLE IN PRESS J. E. Core et al. / Journal of Financial Economics 88 (2008) 1–25 12 here Compensationit is Total Comp or Total Payout as described in Section 3. 3, and xit consists of Log(Tenure)it, Log(Sales)itA1, S&P500itA1, Book-to-marketitA1, RETit, RETitA1, ROAit, ROAitA1, and Industry controlsit. Book-to-market is (book value of assets)/(book value of liabilities+market value of equity), and the other independent variables are de? ned above. We estimate Eq. (3) using OLS. We estimate Expected Compensation by exponentiating the expected value of Eq. (3). We compute Residual(Compensation) by estimating expected Compensation and subtracting it from Compensation: Residual? Compensationit ? ? Compensationit A Expected Compensationit . (4) We compute %Residual Compensation as: Residual? Compensationit ? ? log? Compensationit ? A log? Expected Compensationit ?. (5) Although we estimate Eq. (2) using annual cross-sectional regressions, in the interest of brevity, we present the results of a pooled cross-section, time-series estimation of Eq. (2) with year indicators in Table 4. Consistent with prior research, we ? nd that all measures of compensation exhibit the expected positive associations with ? rm size, growth opportunities, and stock returns. The coef? cient estimates for the annual regressions are substantively similar to those reported in Table 4. Table 4 Regressions for compensation variables Dependent variableIndependent variable Log(total compt) Log(total payoutt) Log(tenure)t A0. 02 (A0. 80) 0. 42*** (17. 96) 0. 12** (2. 30) A0. 99*** (A9. 76) 0. 27*** (12. 84) 0. 16*** (6. 71) A1. 00*** (A5. 87) A0. 45** (A2. 07) 0. 4290 0. 13*** (6. 93) 0. 40*** (18. 74) 0. 14** (2. 83) A0. 6 9*** (A6. 80) 0. 31*** (11. 64) 0. 26*** (19. 23) 0. 40* (1. 98) A0. 51* (A1. 72) 0. 4274 Log(sales)tA1 S&P500t Bk/MkttA1 RETt RETtA1 ROAt ROAtA1 R2 This table presents results of pooled cross-sectional OLS regressions for the logarithms of two measures of CEO compensation and the economic determinants of compensation. The sample consists of 12,090 observations for ExecuComp CEOs from ? cal years 1993 to 2001. Total Compt is salary, bonus, long-term incentive plan payouts, the value of restricted stock grants, the value of options granted during the year, and any other annual pay for the CEO in year t. Total Payoutt is salary, bonus, long-term incentive plan payouts, the value of restricted stock grants, the proceeds from options exercised during the year, and any other annual pay for the CEO in year t. Log(Tenure)t is the logarithm of the CEO’s tenure in years at the end of year t. Log(Sales)tA1 is the logarithm of ? rm sales for year tA1. S&P500t is one if the ? rm is in th e S&P500 at the end of year t, and zero otherwise.Bk/MkttA1 is (book value of assets)/(book value of liabilities+market value of equity) at the end of year tA1. RETt is the ? rm’s return for year t. RETtA1 is the ? rm’s return for year tA1. ROAt is income before extraordinary items divided by average total assets for year t. ROAtA1 is income before extraordinary items divided by average total assets for year tA1. Fixed effects for year and 2-digit SIC codes are included in the regressions, but not tabulated. T-statistics using Huber-White robust standard errors are presented in parentheses below coef? cient estimates. *, **, and *** indicate two-tailed statistical signi? cance at 10, 5, and 1 percent levels, respectively. ARTICLE IN PRESS J. E. Core et al. Journal of Financial Economics 88 (2008) 1–25 13 3. 4. Illustrations from the sample Table 5 (Panel A) lists the ten CEOs with the greatest amount of coverage (i. e. , greatest number of articles) about their compensation in any given year during our sample period. The compensation and ? rm characteristic variables are provided for the year prior to the press coverage variables (thus, the year t+1 designation on the press variables). These CEOs had between 87 and 320 compensation-related articles, as well as very substantial negative press coverage, as measured by either fraction of articles that are negative, or number of articles that are negative.The percentage of negative articles in this group of CEOs ranges from 32% to 73%, whereas the sample average is 28% (see Table 3). CEOs with a large number of compensation-related articles tend to manage large, poor performing ? rms. Seven out of the ten ? rms have market capitalization of $20 billion or more, and three-year market-adjusted returns are negative for all of the ten ? rms. Dennis Kozlowski of Tyco International received the most compensation-related articles in 2002 with 320, as well as the most negative articles (57% or 183 neg ative articles). His total compensation in 2001 was $77. 8 million with substantial estimated excess compensation. 17 Five of these ten CEOs had positive excess total pay in the year prior to the publicity.However, excess compensation during the prior year was not the obvious instigator of the press coverage for some of these CEOs. For example, Sanford Weill, CEO of Citigroup, received 178 compensation-related articles (40% of which were negative), but had negative excess total pay. At the same time, Mr. Weill had a combination of fairly large raw compensation at $16. 6 million, substantial option exercises, poor three-year market-adjusted stock return performance (A44%), and a history of prior media attention for being among the higher paid CEOs. Similarly, Carly Fiorina, CEO of Hewlett Packard, received 168 articles in 2002 (32% of which were negative), but had lower than expected pay in 2001.However, although she had negative excess compensation, Ms. Fiorina was the recipient of considerable criticism about Hewlett Packard’s sub-par performance as evidenced by Hewlett Packard’s market-adjusted stock return of A68% from 2000 to 2002. Another interesting example is Thomas Siebel of Siebel Systems, Inc. , who drew 132 articles and 65 negative articles about compensation in 2003, and yet received no pay in 2002. However, Mr. Siebel exercised a substantial dollar amount of options in 2002 (as well as in 2001), and also received a very large grant of new options in 2001. Siebel Systems also had extremely poor three-year market-adjusted stock price performance at A123%.Table 5 (Panel B) lists the ten CEOs with the greatest percentage of negative articles in any given year during our sample period (i. e. , the number of negative articles about compensation divided by the total number of articles about compensation). We restrict our attention to ? rms that have at least four articles on CEO compensation, because there are many CEOs with only one or two compensationrelated articles, and where 100% of these articles are negative. The ? rms in Panel B are generally much smaller than those reported in Panel A which suggests that the total volume of press coverage is related to ? rm size. The results suggest a mixture of explanations for a high percentage of negative articles.The CEOs at Bear Stearns, EOG Resources, and Warnaco Group received very large total and residual compensation, and the CEO of Micron received a large stock option payout in the year of negative press coverage. The CEOs of Hillenbrand Industries, Nike, and Federal-Mogul received relatively modest levels of total compensation, and the negative press coverage seems to be due to their large negative marketadjusted returns. The explanations for Delphi Financial and Manpower are not clear, as both of these companies have low relative total compensation, no stock option payouts, and reasonable market-adjusted returns. It is also useful to examine some features of negat ive publicity for CEOs selected on the basis of large excess compensation.For example, an examination of the ten CEOs in 2001 with the greatest excess total direct compensation indicates that eight out of the ten CEOs received some negative publicity in 2002 (not tabulated). Interestingly, some of these excessively paid CEOs received no media attention. Greg Reyes, CEO of Brocade Communications, received about $370 million in total direct compensation, primarily due to a grant of more than 10 million stock options. However, even though he received the greatest amount of excess pay, Mr. Reyes received no negative publicity (although he was subsequently accused of 17 In Table 4, we do not winsorize any of the variables being shown. ARTICLE IN PRESS J. E. Core et al. / Journal of Financial Economics 88 (2008) 1–25 14Table 5 Panel A. CEOs with greatest number of articles Company name CEO last name Year Number of articlest+1 % of negative articlest+1 (%) Tenure as CEO (years)t Tot al compt Residual (total comp)t Total payoutt Three-year mkt-adj stock returnt (%) Market value of equity ($mil)t Tyco International AMR Corp. Citigroup Inc. Hewlett-Packard Co. Siebel Systems Delta Air Lines Qwest Commun. Disney (Walt) Co Disney (Walt) Co. Disney (Walt) Co. Kozlowski Carty Weill Fiorina Siebel Mullin Nacchio Eisner Eisner Eisner 2001 2002 2002 2001 2002 2002 2001 1996 1997 1998 320 250 178 168 132 121 116 109 88 87 57 54 40 32 49 73 35 50 55 38 9. 2 4. 6 4. 9 2. 3 . 4 5. 3 4. 9 12. 0 13. 0 14. 0 77,767 10,171 16,556 18,121 0 14,039 74,115 202,185 10,654 5,768 55,390 2,484 A18,313 A11,533 A6,994 6,901 57,349 192,527 A233 A9,244 42,177 1,109 13,367 1,248 34,586 4,870 101,995 8,654 10,654 575,596 A85 A111 A44 A68 A123 A120 A106 A7 A45 A74 88,064 1,030 180,901 32,633 3,600 1,493 23,506 42,631 54,099 52,552 Panel B. CEOs with greatest percentage of negative articles Company name CEO last name Year Number of articlest+1 % of negative articlest+1 (%) Tenure as CEO (years) t Total compt Residual (total comp)t Total payoutt Three-year mkt-adj stock returnt (%) Market value of equity ($mil)t Hillenbrand IndustriesNike Inc. Delphi Financial Grp. Bear Stearns Federal-Mogul Micron Technology Bear Stearns EOG Resources Inc. Manpower Inc. Warnaco Group Inc. Hillenbrand Knight Rosenkranz Cayne Miller Appleton Cayne Hoglund Fromstein Wachner 1998 1997 2002 1995 2000 1996 1998 1994 1995 1996 12 10 9 7 6 5 5 4 4 4 100 100 100 100 100 100 100 100 100 100 9. 6 29. 3 15. 6 1. 9 0. 3 1. 9 4. 9 7. 3 6. 9 9. 3 3,887 1,679 1,500 8,472 880 4,251 27,176 13,365 3,726 20,490 A51 A4,256 A1,327 4,649 A1,960 1,074 16,260 11,477 A559 17,301 2,936 1,679 1,500 9,384 426 4,847 27,176 20,114 3,726 9,434 A102 A56 A1 A26 A149 4 28 4 28 A32 3,793 13,202 783 2,508 163 4,750 6,663 3,000