Free Essays on A Child Called It

This book accounts Dave’s youth from 4 to 12 years old. His life began upbeat; he had a mother, father, and two siblings. They carried on with a decent life; family suppers, excursions, love and love. However, around the time David Pelzer was 4 years of age, his mom started a consistent decrease into the universe of liquor addiction and psychological maladjustment. Her conduct started to profoundly change. Her once sweet, adoring nature got unforgiving. She would go through the entire day on the love seat in her shower robe sitting in front of the TV and drinking. For reasons not clarified in this book, Dave was focused for the entirety of his mother’s rage. The â€Å"discipline† started basically by causing him to sit in the corner for a considerable length of time at once. At that point the beatings began, and she even hauled his arm out of attachment. Dave’s father was a fireman and remained at the firehouse until his vacation day. Dave cherished when his dad was home since it implied he was â€Å"safe† in light of the fact that his mom must be behaving as well as possible. As his mother’s plunge into the ailment proceeded, the maltreatment declined. She expelled him to the storm cellar and made him wear the equivalent grimy garments for a long time. She was exceptionally enamored with â€Å"games†. Actually no, not Monopoly sort of games, however games borne of her wound creative mind. She would give him a rundown of tasks and reveal to him that on the off chance that he needed to eat that day, he would have the entirety of the errands done in an incomprehensible measure of time. He would go up to ten days one after another without eating. Dave started taking food from school, from stores, asking from the neighbors, eating left over food from the dog’s dish, and so forth. When his mom got on that he was getting food from different sources, she started making him vomit ordinary when he got back, and God help him in the event that he vomited anything up! While the family had supper together consistently, Dave had to remain in the cellar. At the point when supper was finished, he would be considered upstairs to do the dishes for a feast that he didn’t get any of. The sc... Free Essays on A Child Called It Free Essays on A Child Called It This book annals Dave’s youth from 4 to 12 years old. His life began cheerful; he had a mother, father, and two siblings. They carried on with a decent life; family meals, get-aways, love and love. However, around the time David Pelzer was 4 years of age, his mom started a consistent decay into the universe of liquor addiction and psychological instability. Her conduct started to fundamentally change. Her once sweet, cherishing nature got brutal. She would go through the entire day on the lounge chair in her wraparound sitting in front of the TV and drinking. For reasons not clarified in this book, Dave was focused for the entirety of his mother’s rage. The â€Å"discipline† started basically by causing him to sit in the corner for a considerable length of time at once. At that point the beatings began, and she even hauled his arm out of attachment. Dave’s father was a fireman and remained at the firehouse until his vacation day. Dave cherished when his dad was home since it implied he was â€Å"safe† in light of the fact that his mom must be behaving as well as possible. As his mother’s drop into the ailment proceeded, the maltreatment declined. She exiled him to the storm cellar and made him wear the equivalent messy garments for quite a while. She was exceptionally enamored with â€Å"games†. Actually no, not Monopoly sort of games, yet games borne of her wound creative mind. She would give him a rundown of tasks and reveal to him that on the off chance that he needed to eat that day, he would have the entirety of the errands done in a unimaginable measure of time. He would go up to ten days one after another without eating. Dave started taking food from school, from stores, asking from the neighbors, eating left over food from the dog’s dish, and so forth. When his mom got on that he was getting food from different sources, she started making him vomit ordinary when he got back, and God help him on the off chance that he vomited anything up! While the family had supper together consistently, Dave had to remain in the storm cellar. At the point when supper was finished, he would be considered upstairs to do the dishes for a dinner that he didn’t get any of. The sc... Free Essays on A Child Called It A Child Called â€Å"It† By: David Pelzer I picked the book, The Child Called â€Å"It† in light of the fact that one of my companions enlightened me concerning the book. The entire story line grabbed my eye. I was astonished at what was happening in this boy’s life. This book, a genuine story, is enthusiastic. The title identifies with the book since his mom calls the kid, David Pelzer, â€Å"It†. She doesn't call him by his genuine name. His mom treats him like he is only an item. Likewise, I think the title fits well since it gets people’s consideration and provides some insight what the book is about. The writer is endeavoring to show the perusers that nobody should treat individuals this seriously. David is a blameless youngster and doesn't merit his awful youth. David doesn't do anything incorrectly, and his mom kept on rewarding him like an article. Pelzer prevailing with regards to telling how coldblooded the mother is. He likewise encourages that individuals can be unfeeling to one another, and that it is essential to instruct individuals that consideration can go far. The entire book talks about his youth. Pelzer kept in touch with certain spin-offs of tell the remainder of his kid life for the intrigued perusers. The story starts when he was first rewarded gravely, in the 1960’s. His mom was a decent mother until David’s father and mother began drinking. Its mom changed radically from the liquor drinking. The story starts in the kitchen of his home when he is doing his tasks. His mom has a period limit on how quick he ought to do the dishes. In the event that he doesn't achieve the dishes in that measure of time, he doesn't get dinner. Notwithstanding the yearning, he gets a beating. The setting is extremely compelling on the grounds that the peruser gets into the story. The setting additionally sets you up for what the mother does later on. The principle characters are David, his mom, and father. David, the mishandled kid, can't get away from his mother’s disciplines. David’s mother is a smashed, damaging mother that alludes to h... Free Essays on A Child Called It A Child Called â€Å"It† This was an exceptionally contacting and rousing story told by Dave Pelzer. It is about the terrible abuse that David suffered as a kid and furthermore how he made due to turn into a tough man today. The story starts when David was 12 years of age, on the day that he was at long last saved from his mother’s misuse. He recounts to the story from that day first with the goal that the perusers realize that he does without a doubt endure. This makes the story all considerably more staggering. This is an account of endurance not one of end or loathe. It presents the significant topic of the intensity of the human soul to conquer noteworthy chances. The story starts on the day that David was at long last saved. David’s educators had seen wounds and scars on him for a considerable length of time. The school Principal had even made an endeavor to call David’s mother one day yet immediately discovered that that caused beatings too. As David sits in the workplace on this last day he tensely anticipates what he thinks will prompt another beating. He quickly reviews what had happened that morning before he got the opportunity to class. His mom had constrained him to wash dishes in burning heated water and he had another ‘usual’ beating when he removed his hands from the sink. A while later, David was â€Å"rewarded† for doing his tasks by getting the opportunity to eat his brother’s left over oat. David likewise clarifies how different kids at school treat him. No one prefers him and huge numbers of the mainstream kids menace him. The youngsters ridicule David due to the odor from the battered garments that he has been compelled to wear to class ordinarily for a long time. They don’t trust David either in view of him expecting to take their lunch cash for food. David was beaten and mishandled all the time for a long time. His life wasn’t consistently one of torment however. For a long time he and his mom had an awesome, adoring relationship. At that point out of nowhere, following quite a while of drinking, David turned into a slave for his mom, a â€Å"i... Free Essays on A Child Called It A Child Called â€Å"It† is a story dependent on a genuine boy’s tribulations with his moms stunning maltreatment. At the point when he was more youthful Dave and his families were considered the â€Å"perfect† family. At that point, out of nowhere his mom and father began drinking and had issues in their relationship. Dave began getting the most noticeably awful treatment possible. His mom out of nowhere regarded him as no one worth mentioning or a â€Å"It†. His dad wouldn’t take care of business and it made Dave despise him. She did numerous loathsome things to him that he will always remember. He had two different siblings however they didn’t get any of their mother’s brutal beatings or torments. David’s mother would starve him weeks one after another without giving him even a piece of food. He needed to take food from stores and the school to endure. One day he took wieners from the school cafeteria and somebody got him. At the point when he returned home his mom made him vomit it up and afterward eat it once more. She nearly went to the degree of causing David to eat his infant brother’s defecation. Another occurrence was when David was cleaning the kitchen floor for his mom. She out of nowhere raged into the kitchen and began shouting at him. â€Å"You’ve made my life a living hell!† she jeered. â€Å"Now it’s time I give you what hellfire is like!† Right after she said that she took him by the arm, turned on the gas oven, and consumed the substance on his arm. She at that point continued to make him remove his garments and lay on the blazes. David’s mother tormented him for reasons unknown with the exception of her own wiped out joy. She would likewise make him drink smelling salts, wear worn out fabric

Fall Of The Western Roman Empire Essay Example For Students

Fall Of The Western Roman Empire Essay The Roman Empire remained in incredible force for a long time. Rome for a while was viewed as the focal point of human progress for a considerable length of time. The domain was lovely and despite the fact that pulled in numerous trespassers, was all around secured by the dividers encompassing the realm and obviously the incredible armed force. A few people accepted that the Roman Empire would keep going forever. Political CausesUnder the standard of Diocletian and later Constantine the domain was part into Western and Eastern pieces of Rome. The rulers said that the explanation behind that was to make it simpler to administer. The head decided to oversee and construct the capital in the Eastern part and gave the Western part to a co-sovereign. The explanation behind that may have been that the eastern part was a lot more extravagant in assets and would do well to lands for cultivating. There may have been different explanations behind that, for example, the Eastern part didn't creat e enough nourishment for the two pieces of the domain and by isolating them theyd need to deliver their own food and rely on themselves. This was the start, to a long battle of the Western part that was presently essentially taken off alone. Numerous changes came in to law to keep the domain together, for example, toleration of Christianity to stay away from their defiance since there were a great deal of them. In 313 a.d. the Church began participating in government which gradually removed force from the ruler. More changes like fixing costs and giving more opportunity of love kept the realm together yet certainly would not keep going long. This is so in light of the fact that these changes were made to fit individuals today detracting from the ruler yet they never thought of whats going to occur after the head doesn't have anything left to give. Which would happen very soon if things were going down as quick they were. There was nobody to bring matters into their hands so the real m was left to the individuals themselves to oversee. Social CausesThe individuals of the Western domain from the outset simply proceeded with their lives in light of the fact that the division of the realm didn't have a prompt reason on the Western part definitely had a drawn out one. Before long individuals began understanding that the Eastern part has nearly isolated from them taking everything every one of these individuals battled for together. Individuals began getting frantic in light of the fact that presently isolated they needed more assets to help an entire domain. Residents began loosing trust and their faithfulness to the head or the Church. These individuals from the outset accused the co-head for allowing the East to east however before long comprehended that the sovereign implied for the entirety of this to occur and lost expectation. The Christian Church plays an incredible job in government, since the co-head could no longer control the realm with all the rebellions against him. Before long Christianity turned into the official religion of the Romans. Rome was gradually falling, the main thing that was still sort of keeping the domain together were the rich nobles who were bringing in cash by making the laborers work for them for next to no compensation yet these workers required cash to take care of their families so they worked. Likewise numerous issues disrupted the general flow when the Church needed to participate in policy centered issues just as strict. Numerous contentions occurred choosing this issue. Conservative CausesThe individuals could scarcely bolster themselves and their families with the gigantic duties, expansion, which created after some time, and terrible harvests. As life got more diligently in the West after some time charges got so high that individuals could no longer bear such weight. The nobles or the most noteworthy class were the main ones who could endure and exploited the poor who worked for low wages just to endure. .u0bfecceacb1aeead02dacac4d623f1a4 , .u0bfecceacb1aeead02dacac4d623f1a4 .postImageUrl , .u0bfecceacb1aeead02dacac4d623f1a4 .focused content region { min-tallness: 80px; position: relative; } .u0bfecceacb1aeead02dacac4d623f1a4 , .u0bfecceacb1aeead02dacac4d623f1a4:hover , .u0bfecceacb1aeead02dacac4d623f1a4:visited , .u0bfecceacb1aeead02dacac4d623f1a4:active { border:0!important; } .u0bfecceacb1aeead02dacac4d623f1a4 .clearfix:after { content: ; show: table; clear: both; } .u0bfecceacb1aeead02dacac4d623f1a4 { show: square; progress: foundation shading 250ms; webkit-change: foundation shading 250ms; width: 100%; murkiness: 1; progress: obscurity 250ms; webkit-progress: mistiness 250ms; foundation shading: #95A5A6; } .u0bfecceacb1aeead02dacac4d623f1a4:active , .u0bfecceacb1aeead02dacac4d623f1a4:hover { darkness: 1; change: haziness 250ms; webkit-progress: obscurity 250ms; foundation shading: #2C3E50; } .u0bfecceacb1aeead02dacac4d623f1a4 .focused content region { width: 100%; position: rela tive; } .u0bfecceacb1aeead02dacac4d623f1a4 .ctaText { outskirt base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: striking; edge: 0; cushioning: 0; content improvement: underline; } .u0bfecceacb1aeead02dacac4d623f1a4 .postTitle { shading: #FFFFFF; text dimension: 16px; textual style weight: 600; edge: 0; cushioning: 0; width: 100%; } .u0bfecceacb1aeead02dacac4d623f1a4 .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; fringe: none; fringe sweep: 3px; box-shadow: none; text dimension: 14px; textual style weight: intense; line-stature: 26px; moz-fringe span: 3px; content adjust: focus; content enrichment: none; content shadow: none; width: 80px; min-tallness: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/straightforward arrow.png)no-rehash; position: total; right: 0; top: 0; } .u0bfecceacb1aeead02dacac4d623f1a4:hover .ctaButton { foundation shading: #34495E!important; } .u0b fecceacb1aeead02dacac4d623f1a4 .focused content { show: table; tallness: 80px; cushioning left: 18px; top: 0; } .u0bfecceacb1aeead02dacac4d623f1a4-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .u0bfecceacb1aeead02dacac4d623f1a4:after { content: ; show: square; clear: both; } READ: Human rights infringement against ladies have, for to EssayMilitary CausesThe long haul military causes were the undermining northern clans. There were numerous prompt causes that would rise on the off chance that anybody assaulted Western Rome, for example, exceptionally frail military because of neediness of the Western Empire. The troopers were not, at this point faithful to the military and their sovereign. There werent numerous that would hazard their lives for the domain. Presently there were numerous outside officers who served for pay, that made it that a lot harder to have the option to hold a huge armed for ce. There wasnt the sort of order they had in the military previously. There were numerous causes that likewise identify with Political, Social, Military, or Economical that I didn't specify in light of the fact that they might not have been as significant. There were a lot of causes both quick and both long haul that prompted the fall of Western Rome. Taking everything into account I might want to make reference to that numerous things prompted the fall of Rome and it would be difficult to keep away from this because of the numerous errors made along the way that prompted the fall of Western Rome. Bibliography1. The Decline and fall of The Roman Empire, by Edward Gibbon. Copyright 1995. 2. Fall of Roman domain, by Michael Grant. Copyright 19963. Huns, Vandals and The Fall of Roman realm, by Thomas Hodgkin. Copyright 1996. 4. Comptons Interactive Encyclopedia. Copyright 1995. European History

Getting Answers About Top Paper Writing Services

Getting Answers About Top Paper Writing ServicesWhen it comes to top paper writing services, there are many who cannot get the results they want or need. It is also true that it can be a challenge for those looking for the right papers, envelopes, stamps, envelopes, and labels. Below are some things to consider when trying to find these products.The first of the important things is going to be understanding the process that will help you determine what your needs are. If you are looking for something specific, you should ask the right questions when getting answers. There are many ways that you can request a quote and one way that can work out the best is by giving them an idea of what you are looking for.It is often times better to use the top paper writing services on your list. This can often times save time, as you can be assured that they have the resources and skills to create just the paper products that you are looking for. These companies can get your paper items created and delivered in a timely manner.Top paper writing services should also know the layout of your office, as this will make things easier for them. They will need to know if you are going to be using a desk or desktops, or a wall-mounted, monitor or LCD display. They will be able to determine this based on how they do business.One simple question you can ask for the quote will be about how many colors will be available for your project. Often times you can get more than one color to fit your design and style. You should also be able to tell them whether or not they are going to be printing on roll stock or die-cuts, as this will help them to be able to match it to the paper sizes and other aspects of your company.The amount of colors and styles will depend on how detailed you want it to be, as well as how much money you are willing to spend on your products. Many top paper writing services can work with all of your requirements, as they will offer a variety of pricing and plans to choose from. The prices for many products can vary by a great deal, as they are priced based on a variety of factors.Asking about the paper stock will be a little easier for you to answer as it will relate to the use of paper. Sometimes they may have the most expensive stock available, while other times, they may have the least expensive. It is important to make sure that they know what they are working with and what type of materials they are going to need to make the paper that you want to use.You should also have the amount of paper that you need to order delivered to your office by the top paper writing services. This will give you a heads up and an estimate of how long the paper will take to be delivered. Knowing this will give you a clear idea of what is expected, so you can be more prepared when it comes to placing your order.

Essay Writing Accounts - Three Important Things You Need to Know

Essay Writing Accounts - Three Important Things You Need to KnowIf you're trying to get a good grade on your Essay Writing Accounts, then you should focus on the following three areas: what you write, who you're writing it for, and when you submit it. Once you know how to do all of these things, you can rest assured that you're going to have a grade that's much higher than your closest competition. Let's start with what you should write.Remember that not everything that gets rejected will be 'invalid' as far as writing is concerned, so make sure that your essay is polished. Don't start rewriting your essay just because you read that you're getting a bad grade. That'll only happen if you do things like use inappropriate grammar, add in spelling mistakes that shouldn't be there, and use poor punctuation.Always use well-researched material when writing your Essay Writing Accounts. Students who do that are often considered 'high quality' writers. They put their time and effort into impro ving their writing skills so that they can write good essays in the future. Anyone with their writing grades high enough to take the admissions test is obviously someone worth your time and effort.Remember that the people you're trying to impress will read it in a different light. Write what you know and what you understand, not what's popular or trendy. Those types of essays may be okay, but only if you don't use them as a stepping stone to something else.Who are your intended audience? Do you want them to read your essay as an actual study guide or just for fun? Write your essay so that it can be used for more than one purpose.By doing this, you'll give yourself more chances to get accepted. People are busy and try to avoid writing essays that require too much effort. Instead, they like to have a second copy of an essay that has been modified for a more entertaining or educational purposes.When you submit your essay to your writing program, be ready to sit down and take notes on w hat you've written. This way, you'll be able to check what you wrote and how it went over in the review process. Most writing programs allow you to take a test after your essay is submitted to see if it passed muster or not.Hopefully this brief article helps you prepare for Essay Writing Accounts. Take the time to follow some of the suggestions above and you should be ready to win a spot at the next level. Good luck!

Comcast Offers Payday Loan Alternative to Employees

Comcast Offers Payday Loan Alternative to Employees Comcast Offers Payday Loan Alternative to Employees Comcast Offers Payday Loan Alternative to EmployeesInside Subprime: Aug 8, 2018By Ben MooreEmployers are now moving towards providing more financial solutions for their employees beyond standard retirement seminars and 401(k) offerings, and Comcast Corporation joined the ranks. The company has announced they will now be creating emergency funds for their more than 160,000 employees. The Philadelphia based mega-company will now offer short term loans through a firm based out of San Diego. The loans will not require a credit check and will be paid through direct deductions from Comcast employees paychecks, with interest rates around 25 percent. The solution is a direct response to the growing number of employees using payday loans to deal with immediate financial stressors. Shawn Leavitt, a Comcast executive who oversees employee benefits, wants Comcast “employees to have a more affordable option” when dealing with financial hardships than “taking a costly payday loan or a hardsh ip withdrawal from the 401(k) plan.”Financial wellness benefits have been a staple in corporate benefit packages for years, but with a primary focus on retirement preparedness. Companies typically only offer retirement seminars and financial advice on 401(k) investment options. Now, benefit packages are seeing an increase in offerings that assist employees in making sound financial decisions so as to avoid common pitfalls like bank overdraft fees or high-interest payday loans. Last year the state of California alone borrowed more than $1.1 billion in loans with interest rates exceeding 100 percent, which is double the amount borrowed back in 2012.As Capitol Hill continues to focus on the payday lending industry, nationwide, companies are recognizing the need to provide short-term financial relief options to their employees. Walmart recently announced their partnership with PayActiv, a service that allowed employees to get paid instantly up to 8 times a year, and just last week ADP signed on with PayActiv as well. As founder and CEO of PayActiv, Safwan Shah recognizes the need for employees to have “timely access to earned wages” without needing to resort to payday loans. With Comcast now taking the lead on providing short-term loan alternatives to their employees, it seems likely that other major companies will follow suit.Learn more about the dangers of  payday loans in the United States  in all of our Subprime Reports.

Profitability In The Market Example For Free - Free Essay Example

At the overall level and in sector wise analysis the data from the sample indicates that an increase in the debt ratio leads to lower profitability measured by net income before taxes divided by total assets. Profitability is found to be negatively correlated with firms debt ratio and this relationship is statistically significant in both sectors. It means that profitable firms in Pakistani banking and insurance sector maintain low debt ratios. To justify this negative relationship between profitability and debt ratio of the firm we would say that most of the Pakistani firms try to retain its earning for future requirements as they prefer to pick internal financing over external financing. Another reason for the negative relationship is that debt translates into higher fixed costs as it must still be paid even if demand declines, at low level of demand, the fixed cost are spread over a smaller base, depressing profitability White, Sondhi and Fried (1997). This point could help explain why an increase in the debt ratio leads to a decline in profitability-it is possible that the corresponding change in sales volume did not compensate for the increase in fixed costs. Frydenberg (2001) describes retained earnings as the most important source of financing, good profitability thus reduces the need for external debt. And firms in the banking and insurance sector have shown good profitability during the period of the study. This result is against the Modigliani and Miller (1958) view on capital structure and the optimal capital structure theory that postulates that profitability should be increased by an increase in the firm level of debt. The underlying assumption for all this to hold true is that the firms operate in efficient market environment, and this might not necessarily be the case with the KSE listed companies. The findings are also inconsistent with the conclusion of Fama and French (2002), Sharma (2006), Ward and Price (2006) all of whom conc lude that there is a positive relationship between profitability and debt ratio. However, the result is consistent with the prediction of Pecking order theory by Myers and Majluf (1984) that Firms first use retained earnings for new investments and then move to debt and equity if required. The result supports the findings of Rajan and Zingales (1995) who find a negative relationship between profitability and debt ratio. Frank and Goyal (2004) conducted an empirical study in which he found evidence that firms with high profitability will have less debt. A possible explanation for this result can be drawn from De Wet (2006) who showed that significant amount of value can be unlocked in moving closer to the optimal level of gearing and Modigliani and Miller (1963) who says that a firm cost of equity increases as the firm increases its debt. Further our result is also consistent with Titman Wessels (1988). Whereas, the predictions of trade-off theory presented by Jensen Meckling (1984 ) are not substantiated. Hence, with highly significant negative relationship between profitability and debt ratio, we can conclude that high profitable firms maintain low debt ratio and they utilize more of their retained earnings compared to debt for making their capital structure. It is thus proved that pecking order theory dominates trade-off theory. Shah and Hijazi (2004), Jean-Laurent Viviani (2004), Shah and Khan (2007) Jasir ilyas (2008), Abubakar sayeed (2010), Joy pathak (2010) all find negative relationship between profitability and debt ratio. In contrast, Fakher Buferna, Kenbata Bangassa and Lynn Hodgkinson (2008) find that profitable firms will have high debt ratio, while Fitim Deari and Media Deari (2009) find negative relation in case of listed companies and positive incase of unlisted companies. Tangibility of assets Tangibility, with positive coefficient is significantly related to debt in overall findings. The result also shows significant positive relati onship between tangibility and debt ratio in the insurance sector. This indicates that tangibility is one of the most important determinants of debt ratio in the insurance sector of Pakistan. The finding is in conformity with the prediction of Jenson and Meckling (1976) and Myers (1977) version of trade-off theory. The reason for the positive relationship between tangibility and debt ratio in the insurance sector of Pakistan is quite obvious. The advantage of debt investment is that creditors receive uninterruptible stream of income due to debt investment except in case of bankruptcy. Creditors have no tension about the interest payment by firm on their debt, if the firm is performing well. But it well be difficult for them to continuously monitor the operations and performance of the firm, therefore they can overcome this trouble by asking the security of fixed assets like land, building, machinery etc. Thus creditors will be willing to give loans to those firms who provide there f ixed assets as a security against debt. Therefore firms with less fixed assets cannot borrow large amount of debt because of high cost of debt, but on the other hand firms with higher amount of fixed assets in total assets can borrow more due to lower interest rate. For example companies like EFUG insurance, East west insurance, Pakistan reinsurance and Asian insurance who have more fixed assets have high debt ratio, against a low debt ratio of Central insurance and IGI insurance etc who have less fixed assets. Jean-Laurent Viviani (2004) on French wine companies, Shah and Khan (2007) on 286 KSE listed non financial firms, Jasir ilyas (2008) on 364 non financial firms and Joy pathak (2010) in his investigation into 139 Indian firms also find significant positive relationship between tangibility and debt ratio. However this finding is in contrast to the earlier finding by Shah and Hijazi (2004) on 445 non financial firms, Fakher Buferna, Kenbata Bangassa and Lynn Hodgkinson (2008) on a sample of 55 Libyan companies, Fitim Deari and Media Deari (2009) on Macedonian listed and unlisted companies and Naveed, Zulfiqar and Ishfaq (2010) in life insurance sector of Pakistan. They found that tangibility was not significantly related to debt ratio. The coefficient of the variable tangibility of assets is negative and is statistically significant as for as banking sector is concerned. This result is against various previous research findings. According to trade-off theory and agency cost theory there is positive relationship between debt ratio and tangibility of assets. Firms borrowing capability depends upon assets that have collateralizable value Rajan and Zingales (1995), Frank and Goyal (2004). The negative relationship between tangibility and debt ratio in the banking sector support the Pecking order theory, which says that firms with less collateralizable value of assets tends to finance their investments projects with external financing and they will prefer de bt over equity, most likely short term debt. The debt maturity structure of the banking system of Pakistan consists of large amount of short term debt against a very small amount of long term debt. Booth et al (2001) in his investigation in to 10 developing countries including Pakistan and Shah and Hijazi (2004) on KSE listed firms; find that firms have higher utilization of short term debt in total debt in Pakistan. They justify this by saying that as majority of firms are smaller in size therefore their access to capital market is difficult in terms of cost and technical difficulties. There are three potential sources according to World Banks policy research department report (1997) that affect on accessibility of long term financing: Macroeconomic factors limiting the long term financing, such as high inflation and unstable macro policies. Institutional factors specific to the financial sector,e.g; there most likely be less information about small firms available to fina ncial institutions, not only due some of them will be new but also because it is costly to obtain such information and size is considerable characteristic of firms that affects on access to long term financing. The characteristics of the firms. In banking sector of Pakistan where short term financing is higher 95% than long term financing, our result (negative sign) is significant under short term financing and consistent with Pecking order theory. The negative relationship between tangibility and debt ratio for banking sector suggests that firms in the banking sector do not use their fixed assets as collateral for obtaining debt financing. The reason may be that as the government has the majority of ownership in the banking sector, the debt holders take government involvement as collateral instead of the firms fixed assets. According to Khan (1995), Khan and Khan (2007); in Pakistan the banking sector has been dominated by government owned institutions, it has accommodated th e financial needs of the government, public enterprises and private sectors. Another reason for negative relationship may be that Companies with few tangible assets are more subject to information asymmetry problems, and therefore, more willing to use debt to finance their activities. In our case this is true; because the asset maturity structure of the banking system of Pakistan consists of large amount of short term assets against a very small amount of fixed assets, and also firms are evaluated from lenders not just based on tangibility of assets, but also from others perspectives, i.e. goodwill etc. In a questionnaire forward to managers of Macedonian companies by Fitim Deari and Media Deari (2009), major of them believe that for approving loans, in their business plan profitability and growth are onward than tangibility. Abubakar sayeed (2007) in energy sector of Pakistan also find negative relation between tangibility of assets and financial leverage. Liquidity Similarly , the results between liquidity of the firms and its debt ratio show significant negative relationship in banking as well as in the insurance sectors of Pakistan. Liquidity of the firms is measured using current ratio, which is expressed as current assets divided by current liabilities, showing the ability of the firm to deal with its short term liabilities. Companies with high liquidity tend to use less amount of debt, simply because it provides an indication that firms generally finance their activities by following pecking order theory. Firms in the banking and insurance sectors maintain high liquidity therefore they are able to generate high cash inflows and in turn, can employ the excess cash inflow to finance their operations and investment activities. Therefore, they use less debt compared to those firms in the two sectors that have low liquidity as suggested in pecking order theory. As for low liquidity firms, they tend to go for debt in financing their activities. The re sult is similar to the findings of Eriotis, Vasilou and Neokosmidi (2007) in a study of capital structure of 129 Greek companies listed in the Athens Stock Exchange, Suhaila, Mat Kila and Wan Mahmood, Wan Mansor (2008) in a study of 17 Malaysian companies listed in Bursa Malaysia Bhd, Kuala Lumpur, Naveed, Zulfiqar and Ishfaq (2010) on four companies from life insurance sector in the Karachi Stock Exchange and joy pathak (2010) on 139 Indian firms. Size The relationship between size and dependent variable debt ratio is positive and statistically significant for the banking as well as the insurance sector. This means that larger firms in the two sectors have high debt ratio. Considering the fact that large firms are more diversified, bear less risk and have more consistent cash flows, therefore they can afford higher levels of debt. For example Allied bank limited, National bank of Pakistan, Habib bank limited, MCB bank and united bank limited etc which are the largest banks ha s the highest debt ratio as compare to smaller banks like samba bank, first credit and investment bank and my bank limited etc. and in the insurance sector Adamjee insurance, EFUG insurance, Asian insurance has high debt ratio against a low debt ratio of Central insurance, IGI insurance and Pakistan general insurance. This result is supported by trade-off theory (bankruptcy cost theory) that fixed direct costs of bankruptcy consist of a smaller portion of the total value of the firm thus larger firms do not hesitate to take more debt because of fear of bankruptcy. For larger firms this cost is smaller and it makes easy for them to obtain debt. Further, larger listed firms in the two sectors of Pakistan have state ownership (partial or complete state controlled) that facilitates them with less chance of bankruptcy and easy access to debts. Majority of empirical studies that include the data from developing countries find a positive relation between size and debt ratio. For example: T itman and Wessels (1988), Rajan and Zingales (1995), Booth et al; (2001), Shah and Hijazi (2004), Abubakar sayeed (2007), Fitim Deari and Media Deari (2009), Naveed, Zulfiqar and Ishfaq (2010), provide the evidence of significant direct relationship between size and debt ratio. In contrast Shah and Khan (2007) and Suhaila, Mat Kila and Wan Mahmood, Wan Mansor (2008) found that size is not a proper explanatory variable of debt ratio. Since our result has a significant statistics so we can claim that size does have significant role in making debt ratio and determining the capital structure of Pakistani firms in banking and insurance sector. Larger firms use more debt rather than equity to raise their financing. Non-debt tax shield The literature on capital structure suggests that non-debt tax shields like depreciation reduce the need for debt to stop net income from going to next high tax brackets. The variable non-debt tax shield is found to be negatively related to debt rat io in all findings but statistically insignificant. Thus this result is not consistent with the predictions of trade-off theory of capital structure. One reason for this statistically insignificant relation between the explanatory variable non-debt tax shield and dependent variable debt ratio is that in Pakistan, tax rate does not vary with the level of income. There are three straight rates in Pakistan: One applicable to commercial organizations in government ownership Second to public limited companies And third to organizations in financial sector Therefore non-debt tax shield (depreciation) does not work as a substitute to leverage to stop net income from going into a next high tax bracket. Therefore, in other words the amount or level of depreciation is not considered in making capital structure decision. This result is consistent with the results of Shah and Khan (2007), Abubakar sayeed (2007), Jasir ilyas (2008) and Fitim Deari and Media Deari (2009) who also find that non-debt tax shield is insignificantly related to debt ratio. However, Ozkan (2001); Banerjee, et al. (2000), Huang and Song (2005), Flannery and Rangan (2006) and Ziad Zurigat (2009) find significant negative relationship between NDTS and debt ratio. In contrast Delcoure (2007) found positive relation between the two, in the context of central and eastern European countries. Growth The growth variable has a significant positive impact on the dependent variable debt ratio as for as banking as well as insurance sector is concerned. Thus our result support the pecking order theory presented by Myer and Majluf (1984) which predicts that growth variable and debt ratio are positively related, and says that if external funds are required firms will prefer debt over equity due to lower information costs associated with debt, because for a growing firm their internal funds might not be sufficient to meet their requirements and to finance their positive investment oppurtunities a nd hence, they are likely to be in need of external funds and therefore, they will use debt to finance their investment activities and expand their business. Firms in the two sectors achieved a high growth rate in the period 2002-2009. This result means that firms with higher growth rate maintain higher debt ratio. Growth is founded a significant factor for deciding the capital structure decisions in the two sectors of Pakistan and firms with high growth rates borrow more than firms with low growth rates. Myers (1977) studied growth options, and argues that corporate future investment opportunities can be considered as options. These growth options value then depends on the probability that the companies will exercise them optimally. He further suggests that a firm may pass up some profitable investment opportunities in the presence of risky debt, which is also called the problem of under-investment. However, such problems will not arise, if firms have more debt of short maturity in their capital structure, because the firm will pay the debt before the growth option expires. Most of the Pakistani firms finance their investment projects by short term financing, they has a large amount of short term debt in total debt as compare to long term debt Shah and Hijazi (2004). Thus the finding is similar to Myers (1977) prediction that firms with greater amount of short term debt will have higher growth options in order to reduce the costs of shareholder-bondholder conflicts has been confirmed by empirical studies. According to Garcia-Teruel and Martinez-Solano (2007) short-term debt is more common in firms with major growth options. Shah and Hijazi (2004), Cai et al. (2008), KÃ ´rner (2007) and Joy pathak (2010) also find similar results. In contrast, Fakher Buferna, Kenbata Bangassa and Lynn Hodgkinson (2008) find negative relationship between growth and debt ratio. Booth et al, (2001) argue that there is positive relation between debt ratio and growth in almost all countries in their sample. Pandey (2001) also finds a positive relation in the context of Malaysia.

Is Substance Abuse A Mental Disorder Essay - 757 Words

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