The Modigliani And Miller Theory Finance Essay - Free Essay Example

The Modigliani Miller Theorem is a linchpin of modern corporate finance. At its core, the theorem is an irrelevance proposition: The Modigliani Miller Theorem provides circumstances under which an enterprises financial decisions are independent on its value. Modigliani (1980, pxiii) explains the Theorem as follows: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ with well-functioning markets (and neutral taxes) and rational investors, who can undo the corporate financial structure by holding positive or negative amounts of debt, the market value of the firm debt plus equity depends only on the income stream generated by its assets. It follows, in particular, that the value of the firm should not be affected by the share of debt in its financial structure or by what will be done with the returns paid out as dividends or reinvested (profitably). There are four distinct results that are understood from the Modigliani Miller Theorem and they are as follow: The debt-equity ratio does not affect its market value under certain conditions. The second proposition inculcates that a firms debt-equity ratio is unaffected by its weighted average cost of capital that is the cost of equity capital is a linear function of leverage. Firms market value is sovereign of its dividend policy. Stock-holders are non-chalant about the firms financial policy. The modern theory of capital structure started with Modigliani Miller(1958) on the plight of capital structure irrelevance. The distinct results shown above were based on the following assumptions: Market prices cannot be influenced by scale of an individuals transactions that is all investors are price-takers. Firms and investors being market participants can lend or borrow at the same riskless rate. Income taxes are neither paid on the corporate level nor at a personal level. There are no transaction charges or allowances. Investors are all rational wealth-suitors. Enterprises are grouped into homogeneous risk classes such that all members of the group obtain the same return. Similar expectations about future company earnings are formulated by investors ( normal probability distribution). The assets of a company that can no longer carry out its business( insolvent) can be sold at full market values. Criticism of the Modigliani and Miller theory There is a common argument that Modigliani Miller provides a means of finding reasons why financing may matter but does not provide a reasonable description of how firms finance their operations. This is supported by a number of researchers such as Hamada (1969) and Stigiltz (1974). The theorem has given rise to a lot of questions. How do firms choose their capital structure? Do firms have target leverage? What are the determinants of firm capital structure decisions? Many researchers have tried to answer these questions in their studies but the results are still enigmatic. The most frequent hypotheses used to address capital structure are static trade-off, pecking order and market timing theory and many others. The criticism against this theorem can be grouped into two types: Papers that deal with the limitations of the arbitrage conditions. Arbitrage process is the operational justification for Modigliani and Miller hypothesis. Arbitraging can be defined as the process o f buying a security in a market where the price is low and selling the security in another market where the price is higher. In so doing, an equilibrium is achieved and it implies that the security cannot be sold at different prices. According to the MM hypothesis, the total value of homogeneous firm that differ only in the debt-equity ratio will be similar due to the artibraging condition. The later is no longer smooth due to institutional restrictions and it is also affected by transaction cost due to the limitations of the MM hypothesis. The MM leverage irrelevance proposition bumped much controversy and criticism on the methodology section. Their proofs are based on a more appropriate and fundamental notion than a competitive equilibrium. This is where the arbitrage argument comes into play. When the arbitrage is absent, the economy becomes standard to price repetitive securities and Black Scholes (1973) depended on the MM- type arbitrage argument which was rather clumsy as i t was engaged with the comparision of firms whose cash flows had similar risk characteristics. According to Stiglitz ( 1969)  [1]  , firms do not issue much debt as there is the consequence of bankruptcy. The focus switched from the idea of risk class to the importance of bankruptcy. Studies that analyse the effect of market imperfections on the firms choice of capital structure. Taxes, bankrypcy costs, transaction costs, adverse selection and agency conflicts are all part of the major explanation for the use of debt in corporate. Trade-off Theory The various costs and benefits of an alternative leverage plans are assessed by a decision maker who runs a firm. The trade-off theory is originated from a debate over the Modigliani and Miller theory. This is due to the addition of corporate taxes to the primitive irrelevance proposition. A debt benefit is seen to be created which serve as a shield before the takes. Bankruptcy is the offsetting cost of debt that is needed. The optimal debt-equity ratio mirrors a trade-off between the tax benefits of debt and deadweight costs of bankruptcy Myers (1984). A firm that anchors a target leverage ratio and gradually moves towards the target is a firm that follows the trade-off theory. The determination of the target is made by stabilizing the tax shields against the cost of bankruptcy Jensen and Meckling (1977); Harris and Raviv (1990); Taggart (1977). It also weighs up the advantages and disadvantages of using debt. As discussed earlier, there is a shield benefit that acts as a barrier to taxes DeAngelo and Masulis (1980). In addition, there is a reduction of the free cash flow problem Stulz (1990). However, the pitfalls of debt include the feasible cost of financial distress Kraus and Litzenberger (1973); Kim (1978) and the agency cost arising between the shareholders and the creditors. Frank and Goyal (2005  [2]  ) take the Myers earlier notion of trade-off to a new position namely the static trade-off theory determined within a single period and a target adjustment behavior. Agency Cost Theory Jensen and Meckling (1976) launched the agency cost of free cash flow theory. The theory is hinged on the conflict between managers, outside shareholders and bondholders. The conflicts can be either between the bondholders and shareholders which is a result of moral hazards or between managers and shareholders.. According to this theory, the managers do not always use the funds of the firm for the benefit of the company but rather for their own benefits. The managers exploit the powers they have and the abuse can be categorized in three different varieties. Foremost, managers possess ground on which they can enjoy the full value of anything they get from the firm such as private jets since they hold only a fraction of these allowances on the job consumption. Second, they might assay for the entire building as large firms have a tendency to give managers prestige, power and compensation for the work they do just to encourage them. Lastly, they have the power to tyrannise the firm ac cording to their own preferences and make themselves prerequisites by investing in projects which others cannot manage. This negates the wealth of the shareholders.. Harris and Raviv (1990); Bodie and Merton (2000) agency cost is seen to be more relevant to firms in mature industries. As these firms tend to generate cash which exceeds their investment needs. The availability of free cash in mature industries is higher and easily used for the management of the firms. Nyborg (2010). Therefore, it is true to say that agency cost is more relevant to larger firms. Market Timing Theory The market timing theory is based on the fact that enterprises prefer to issue stocks when the prices of the stocks are high and repurchase the stocks when the prices are falling. The assumption they make is that the market can be timed and managers really try to time market. The issue of debt and new equity can be made based on past price movements Marsh (1982). In a survey of British firms, CFOs harbor that they try to time the equity market. Those who considered the issue of shares reported that the amount by which the stocks are undervalued and overvalued is an important factor Graham and Harvey (2001). The shocks of equity price have an inexhaustible effect on the corporate capital structure. Following increments in stock prices, firms tend to issue equity and repurchase shares when the stock prices decline which is actually the opposite of what one might expect if corporate tended to equalize their structures towards a target Welch (2004). Fischer, Heinkel and Zechner, (19 89) observed that with new debt and equity issues over time, firms tend to return to their preferred leverage range. More specifically, firms are forced to march out from the preferred level of debt to equity ratio by embrassing more debt as a source of financing to new projects or as a way to self- defend themselves against take-overs show a transcendence to paying down debt to rebound to a more acceptable mix of leverage. Muscarella and vetsuypens, 1990. The Pecking Order Theory Donaldson (1961) had been the first one to describe the prominent story based on a financing pecking order. He monitored: Management strongly favoured internal generation as a source of new funds even to the exclusion of external funds except for occasional unavoidable bulges in the need for funds.  [3]  According to the picture that Donaldson framed, companies quietly complied retained earnings, becoming less tilted when they are lucrative and gather debt, becoming more uplifted when they are unprofitable. If companies are otherwise heedless about their capital structures as suggested by Miller (1977) then they will not make future capital structure selections which compensate the effect of their earnings history. But the common pecking order theory branches out from Myers (1984). A firm pursues the pecking order if it prefers  [4]  internal financing and debt equity if the external financing is used. The pecking order theory is proposed by Myers and Maljuf (1984) and is an application of asymmetric information theory. Following this theory, the managers of a firm who are considered as insiders are likely to posses private information about the firms quality and investment projects. Ergo, the choice of a firms capital structure strikes the outsiders who are actually the investors the information to managers. Because outsiders have less information than the managers regarding the value of the firm, the issued equity will be underpriced by the market. Financing the project through a security will prevent such a situation to crop up that is the security will not be undervalued by the market. The securities used can be in the form of retained earnings as internal funds and risk-less debts. Hinged by the argument set by Myers and Maljuf (1984) , Myers (1984) suggested that the pecking order theory propose that firms finance their projects by firstly using internal funds in the form of retained earnings, secondly through the utility of debts ( risk-les s debts are used first and when there is a shortage or there is no more of the risk-less debt, risky debts are used) and finally equity is issued. Pecking Oder Theory speculates that managers do not take into consideration an optimal capital structure when making financial decisions.  [5]  They unpretentiously choose what seem to be the low cost financing devices. Why do firms prefer debt to equity? In corporate finance, asymmetric information refers to the fact that firm insiders, routinely the managers have better information than market actors on the value of their firms asset and investment opportunities. The possibility that the market will wrongly price the firms claim is created by this asymmetry thus providing a positive role for financing decisions of companies. Let us think of a firm who wants to make new investments by making use of its growth possibilities. Given that this firm solicits to supply the resources, it needs to issue stocks. The stocks cannot be fully valued by the investors Myers (2001). Pecking order theory is born due to mispricing which comes to light as a consequence of not knowing the actual values of equity. The existence of asymmetric information lies in the middle of mispricing Halov N and Heider F (2005). As a result of the asymmetric information, the firms quality as good issue stock to find resources, the issued equity are undervalued by investors koupoulos (2006). Since a price cut is liked to be observed from the investors and to avoid this situation internal resources are preferred rather than issuing equity to finance investment without incurring any cost that arises from asymmetric information. Fama and French (2002) found that later supply resources used in investment financing are debts as they bear a low risk. Due to the problems that are initiated by asymmetric information, firms hash external resources use as a cheaper policy as compared to the issuance of equity. There are several reasons why firms consider external financing as a better option to finance investment. One of them is the position of organizational sales. Enterprises with sturdy sales line gives the supremacy to finance through debt for their needs by availing form market trust towards them. These firms, therefore, have no trouble in repaying their debts due to the stable sales and their earnings. They are also liable to having recours e to debt more easily. Additionally, size and structure of firms is another factor to be considered. Firms having more accessorized assets put borrowing first in line of their resources list since they will easily get debt. Tax advantage is as well a factor that can be added to the above list as it prioritize debt financing. A correction on the original model has been suggested by Modigliani and Miller (1963). In the new model, they clearly incorporate the corporate income tax, while the other assumptions were kept untouched. Assuming ceteris paribus, the value of the firm (VL) will be maximized as it is a function of the market value of debt. In theory when the levered firm reaches its maximum market value as it is financed entirely by debt. To finance their needs of financing, the firm should use as much debt as possible. To further relax the Modigliani-Millers assumption, Miller (1977) introduced personal taxes together with corporate taxes into the model assuming that all ent erprises have similar tax rates. According to him, the relatively higher personal income tax paid on bonds by firms should be grossed up by any differential that bondholders will pay on their interest income otherwise, bonds will have no value and no one would want to hold bonds. Therefore, in equilibrium the debt advantage is negligible. De Angelo and Masulis (1980) brought in the recognition of the existence of a non- identical marginal tax rates among different firms and the outcome of tax-shield items in the financial statement other than interest expenses. As far as capital structure is concerned, they brought in two implications. First, in equilibrium a firm who is considered as a borrower benefits from a positive gain from leverage if the tax rate is higher than the marginal firm because of a low pre-paid interest rate they pay. Moreover, items such as depreciation, oil depletion allowances and investment tax credits are defacto non cash charges. They predicted that there is a positive relationship between the level of debt and the effective tax rate and a negative relationship to the amount of non debt tax shields available to them. The interest rate of debt users is deductible from tax base which in turn relinquishes the importance to debt instead of equity. Equity financing confers rise to transaction costs and to avoid this problem financing through debt is viewed as another reason Fama and French (2004). In addition to that, uncertainty of control that might be experienced in enterprises is seen as a plausible factor. The presence of new shareholders confirms the fact that they will prefer stock financing as a lack of resources and will eventually give rise to risk of management control in firm whilst in financing via debt, there is no such risk of control loss. Lamont (1997) evaluates that more than three-quarter of corporate investments in US are made through internal financing. Further, Fazzari, Hubbard and Perterse  [6]  n (1988) has shown the delicacy of investment to internal cash flow, accenting the cost advantage of internal resources and thus explaining the fact why firms have recourse to external funds. Leary and Roberts (2005) also found that firms will not have recourse to external capital markets if they have sufficient internal funds but they are more likely to make use of the external funds when they have big investment needs. Event studies also provide a significant amount of evidence indicating that information is conveyed. Repurchases made through debt had larger announcement returns than those financed with cash thus representing larger increases in financial leverages Masulis (1980) and Vermaelen (1981) ). Heinkel and Zechner (1990) analysed an expanded catalogue of risky securities that include preferred stocks. Assuming a given capital structure and asymmetric information about investment quality, they showed that in an amalgamated equilibrium, all stock firms tend to overinvest and accepted some negative NPV projects. The overinvestment can be eliminated by issuing an initial debt which resulted in an optimal leverage ratio. Besides, an underinvestment problem is created if managers make use of more debts considering the tax advantage of debt. Nevertheless, a kindred issue of preferred stocks will enable the firm to issue a higher level of debt desired without creating the problem of underinvestment. Therefore, managers develop an optimal capital structure with debt, preferred stocks and common r which is consistent with the pecking order theory. There are also researchers that went through adjustments of capital structure around long run optima.  [7]  Marsh (1982) was one of them as he predicted that firms that have a leverage ratio below the average for the last 10 years are more likely to issue debt. Jalilvand and Harris (1984) is consistent with the results of Marsh (1982) as he shows that 108 of US manufacturing firms tend to issue long term debt when the long term debts are below average. The Pecking order theory is tested on both large firms and small firms. Most of the studies have been carried out on large firms. Few studies focused on small and medium sized firms. Since SMEs confront more information asymmetry problem, it is said that the financing decisions of SMEs are better explained by the pecking order theory. Consequently recent studies have attempted to explain the financing decisions of small firms in the context of the pecking order theory. They also argue that there is a lot of differences between large and small firms. It is not only a matter of size, this is why accurate models are used to study the decisions of the latter. The problem of information asymmetry is more persistent within small firms than in large firms. This is due to the scarcity and informality of information that is available. The financing structure of small firms is explained by using a financial growth cycle by Berger and Udell (1998). (ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦) in which financial needs and option change as the business grows, gains furthe r experience, and becomes less informationally opaque. For the first two years namely the initial stage or the infant stage, companies face more information asymmetries as their main source of funds are from friends and relatives, trade credit and investors. As the age and size of companies become large enough, credit from financial institutions become more available. This is a typical view of pecking order where the degree of information asymmetry decreases as the firms grow in size and experience. Small firms find external equity costly due to the fixed costs of initial public offerings. Chittenden et al (1996). A SME pecking order was described by Zoppa and Mc Mahon (2002).  [8]  As pecking order theory prescribes, the internal funding is the first choice. In second position, the company uses short -term debt which includes trade credit and personal loans. Long-term debts are then used which include loans from owners, family and relatives. The last alternative is equity . The study of Gebru (2009) is found to be consistent with other studies as pecking order theory holds to be true for SMEs. The sample used is from Tigray and it is seen that the educational level of owners decreases and there is less intrusion in the form of ownership. Ownership type, acquisition type and owners level of education are found to be the major determinants of MSE financing preferences. However, Murray and Goyal (2003) demonstrated that pecking order theory fails where actually it should be liable and this applies for small firms where the main problem is information asymmetry. Various studies have been carried out to test the validity of pecking order theory. Evidences have shown that many researchers are for the theory and the others are against and they are as follow: Shyam- Sunder and Myers (1999) proposed to investigate the pecking order theory in the US market. According to them, the pecking order was described as an excellent first order caption for financial behaviors of companies. The slope of a firms deficit is alleged to be equal to one and the coefficient of the intercept is zero if the pecking order holds. The regression is made to the change of debt in year t. Besides, results unveil that pecking order shows a greater confidence when tested with the target adjustment model. However Chirinko and Singha (2000) examined the interpretation of Shyam- Sunder and Myers (1999) regression test as it showed that the hypothesis test used by the later suffered from statistical power problems. These problems mustered the questions about the validity of inferences hinged on their new testing strategy. The former found out that the assumption of the slope of the deficit being one was not a necessary assumption for pecking order theory to be valid. T he slope coefficient would equal to one if pecking order holds and will fall short to unity if the pecking order is not valid. Coupled with the above, the importance of information asymmetry as a determinant of capital structure as proposed by pecking order theory is tested by Bharath, Pasquariello and Wu (2009). It is seen that for the period, the test was carried out, information asymmetry did actually affect the capital structure decisions of US firms. They estimated that for every dollar of financing deficit to cover, firms in highest adverse selection decile issue more debt than those in the lowest decile. They also found out that its only when information asymmetry is to its minimum that firms will prefer to issue equity. These evidences explain the partial relevance of pecking order theory. Besides, Lemmon and Zender (2006) tested the modified version of pecking order theory. The debt capacity of a firm is taken into consideration. They wrangled that the financing choic e of firms may depend on its debt capacity. This is because they believe that to fulfill financing needs, some firms may save on the debt capacity. Internal funds remain first on the financing list for all firms. Firms that are flexible to debt capacity will chiefly use debt to fill their financing deficit. Hinged on these findings, they came to the conclusion that the firms debt capacity is a good descriptor of financial behavior and goes along with the modified version of pecking order theory. Tong et al (2011) tested the static trade off theory against the pecking order theory for US firms. According to them, pecking order theory produces issuance of debt until the debt capacity is attained. Their evidence indicated that pecking order is a better headline for US firms issue decisions than the static trade off theory. The Australian case was evaluated by Suchard and Singh ( 2006). The Australian market can be distinguished from typical US and European markets as it has many distinct characteristics. They found out that listed debt market was limited. This is mostly where firms obtained bank debt, debts that are convertible but not callable and stand alone warrants which are used to raise capital. They examined the determinants of security choice for hybrid issuers based on these differences and claimed that the results supported the pecking order theory. Coupled with the above, the linkage between managerial optimisim and corporate financial decisions was verified by Lin et al (2008)  [9]  . The evaluation was carried out by testing the Heatons (2002) model. Apart from information asymmetry, managerial optimism also contributes in the pecking order theory. Lin et al (2008) wanted to know if the pecking order preference was better when the managers were more optimistic. Listed Taiwanese companies were used in their sample and a stronger relationship was found between the issuance of debt and the financial deficit which is consistent with the mode l used by Lin et al (2008). In contrast, Faulkender and Wang (2006) provide restrained evidence for the pecking order theory. According to them, approximately a value of $1.43 is placed on companies cash holdings by investors of equity firms. This is done as it prevents a company from paying costs when raising capital in the market. Since, external financing becomes more difficult and costly to obtain, the cash value is higher for firms facing hindrance on additional financing. However, the cash value decreases as cash holdings become larger, high leverage, better cash to capital markets and larger cash distributions through dividends rather than the repurchase of shares. Next, many individual financing decisions of firms were screened by Fama and French (2005).  [10]  They found that these decisions were in contradiction with the important prognosis of pecking order theory. To give an example of the contradictions, pecking order theory states that equity issues should be the last option to be used but yet, it is observed that most firms issue some sort of stocks annually. Leary and Robert (2010) contended that pecking order theory was no way able to meticulously classify more than half of the observed financing decisions of US firms. They also suggested that the little pecking order behavior that was seen was due to incentive conflicts rather than information asymmetry. Further, Gonenc (2008) studied to verify the extent to which pecking order theory was incorporated in corporations in the US, the UK, Germany and Japan. They speculated that investors from the UK and US had an asymmetric information problem which was caused by the large spread of equity being owned. He proponed that in these countries, two managers and insiders have more information than outsider investors. German and Japanese investors faced the same asymmetric information problem mainly due to the less information flows. But evidences have shown that US, UK and Germany firms were not very supportive when it came to the pecking order theory while Japan supported the pecking order theory during the 1980s and 1990s. The impact of industry membership on the capital structure dynamics were scrutinized by Tucker and Stoja (2011) over the period from 1968 to 2006. They recommended that pecking order theory could explain only a few aspects of UK corporations capital structure policies, but it does not give an adequate explanation of their behaviours in the real world. More explicitly, they perceived that in the short run, old economy firms followed the standard pecking order theory but the new economy corporations prefer equity to debt when external funds are required. The incremental financing decision for 150 Dutch firms was estimated for the period of 1984 to 1997 by Haan and Hinloopen (2003). A distinction is made between internal financing and three types of external funds: bank borrowing, debt issues and equity issues. They concluded that Dutch comp anies had ingrained financing preferences namely, internal financing was preferred in the first position, bank loans are used secondly, thirdly equity are issued and finally bonds are issued. In addition, an investigation was carried out by Delcore (2007)  [11]  as to whether capital structure determinants in emerging Central and Eastern European (CEE) countries followed the traditional capital structure theory. The explanation of capital structures in CEE cannot be made by the pecking order theory. They came to the conclusion that there are factors that influenced the leverage decisions for CEE countries and they were: the difference of banking systems, disparity in legal systems governing corporate operations, shareholders and bondholders rights protection and corporate governance.

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Preferred coaching styles and leadership methods by athletes and their effectiveness! Jason Appleton Southerrn Oregon University, Instructor: Garth Pittman Research Strategies, Fall 2005 Summary: This is an investigation of different coaching methods and styles of leadership in which are most effective and preferred by Athletes. The various leadership styles are explained and examined. The present study found that there isnt one style that is most effective or preferred by all athletes specifically. As we enter the world of sports several different theories and methods of coaching are used and preformed each day. Each coach innovates their specific style or way of coaching to their athletes. When viewing coaching and leadership†¦show more content†¦This idea that much of the nonverbal cues displayed have a great effect on the relationship and thoughts between the coach-athlete. Leadership has been researched extensively but yet scholars are yet to find or compile an exact definition. 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Elizabeth Cady Stanton Quotes

One of the best-known of the mothers of woman suffrage, Elizabeth Cady Stanton helped organize the 1848 womans rights convention in Seneca Falls, where she insisted on leaving in a demand for the vote for women—despite strong opposition, including from her own husband. Stanton worked closely with Susan B. Anthony, writing many of the speeches which Anthony traveled to deliver. Selected Elizabeth Cady Stanton Quotations We hold these truths to be self-evident: that all men and women are created equal. Truth is the only safe ground to stand upon. But when at last woman stands on an even platform with man, his acknowledged equal everywhere, with the same freedom to express herself in the religion and government of the country, then, and not until then, will he be able to legislate as wisely and generously for her as for himself. The moment we begin to fear the opinions of others and hesitate to tell the truth that is in us, and from motives of policy are silent when we should speak, the divine floods of light and life no longer flow into our souls. Self-development is a higher duty than self-sacrifice. The happiest people I have known have been those who gave themselves no concern about their own souls, but did their uttermost to mitigate the miseries of others. I am always busy, which is perhaps the chief reason why I am always well. Whatever the theories may be of womans dependence on man, in the supreme moments of her life he can not bear her burdens. (from Solitude of Self) Nature never repeats herself, and the possibilities of one human soul will never be found in another. (from Solitude of Self) Because man and woman are the complement of one another, we need womans thought in national affairs to make a safe and stable government. Woman will always be dependent until she holds a purse of her own. A mind always in contact with children and servants, whose aspirations and ambitions rise no higher than the roof that shelters it, is necessarily dwarfed in its proportions. It requires philosophy and heroism to rise above the opinion of the wise men of all nations and races. Womanhood is the great fact in her life; wifehood and motherhood are but incidental relations. Women have crucified the Mary Wollstonecrafts, the Fanny Wrights, and the George Sands of all ages. Men mock us with the fact and say we are ever cruel to each other. Men say we are ever cruel to each other. Let us end this ignoble record and henceforth stand by womanhood. If Victoria Woodhull must be crucified, let men drive the spikes and plait the crown of thorns. So long as women are slaves, men will be knaves. It would be ridiculous to talk of male and female atmospheres, male and female springs or rains, male and female sunshine...how much more ridiculous is it in relation to mind, to soul, to thought, where there is as undeniably no such thing as sex, to talk of male and female education and of male and female schools. [written with Susan B. Anthony] To throw obstacles in the way of a complete education is like putting out the eyes. The prejudice against color, of which we hear so much, is no stronger than that against sex. It is produced by the same cause, and manifested very much in the same way. The negros skin and the womans sex are both prima facie evidence that they were intended to be in subjection to the white Saxon man. Women of all classes are awakening to the necessity of self-support, but few are willing to do the ordinary useful work for which they are fitted. The heyday of womans life is the shady side of fifty. I think if women would indulge more freely in vituperation, they would enjoy ten times the health they do. It seems to me they are suffering from repression. The new religion will teach the dignity of human nature and its infinite possibilities for development. It will teach the solidarity of the race—that all must rise and fall as one. Its creed will be justice, liberty, equality for all the children of earth. [at the 1893 Parliament of the Worlds Religions] The Bible and the Church have been the greatest stumbling blocks in the way of womens emancipation. The memory of my own suffering has prevented me from ever shadowing one young soul with the superstitions of the Christian religion. Among the clergy we find our most violent enemies, those most opposed to any change in womans position. I asked them why one read in the synagogue service every week the I thank thee, O Lord, that I was not born a woman. It is not meant in an unfriendly spirit, and it is not intended to degrade or humiliate women. But it does, nevertheless. Suppose the service read, I think thee, O Lord, that I was not born a jackass. Could that be twisted in any way into a compliment to the jackass?

Sexual Aggression, Violence, And Sexuality Essay - 1918 Words

Hypermasculinity is evident throughout society and has deeply affected both men and women. Hypermasculinity was coined in 1984 and defined as an exaggeration of male stereotypical behavior which emphasizes physical strength, increased aggression, and sexuality (Mosher Sirkin 1984). Boys are told that they have to grow up to be â€Å"men†, which means that they have to develop masculine traits, such as rational thinking, boldness, increased strength, and a sense of competition. Masculinity (masculine traits) are not considered to be bad, however hypermasculinity enforces an increased sense of masculinity and states that any form of femininity in boys is bad. Feminine traits include gentleness, communication, nurturing, and emotional expressiveness, however these qualities are usually considered â€Å"weaker† than masculine traits. Hypermasculinity states that boys and men should not have any feminine traits, and reinforces that femininity is weak to the point where femi nine qualities are shamed. This mentality creates a multitude of problems in society including sexual aggression, violence, homophobia, and potentially poor academic performance. The essence of being a â€Å"man† according to hypermasculinity states that the male figure must be the dominant one. The machismo script, a component of hypermasculinity, states that the concept of what constitutes as being a â€Å"man† relies on the ideology of the warrior and the stratifications following warfare (Mosher Tomkins 1988). The scriptShow MoreRelatedThe Story Of An Brief Wondrous Life Of Oscar Wao1147 Words   |  5 PagesThe Role of Sexuality in Traditional Dominican Culture Sexuality in traditional Dominican culture dominates Diaz’s novel, â€Å"The Brief Wondrous Life of Oscar Wao.† The descriptions and experiences of the main characters in the novel, namely, Oscar, Lola, Beli and Yunior highlight the theme of sexuality in Dominican culture. Yunior is the hyper-masculine narrator who presents sexuality in terms of the power and expectation of Dominican masculinity (Asencio 108). He embodies the ‘el machismo’ masculinityRead MoreThe Documentaries Killing Us Softly 4 Essay1252 Words   |  6 PagesJean Kilbourne and Dream World 3 directed by Sut Jhally explore the distorted and fallacious ideals of femininity and sexuality expressed in contemporary media. The documentaries Dream World 3 and Killing Us Softly 4 examine the exploitation of women within the media. The media, such as advertisement and the music video industry, relies heavily on the seductive image of female sexuality. Evident in not only every genre of music, but also every form of advertisement, the videos and advertisements exposeRead MoreConflicting Paradigms On Gender And Sexuality1453 Words   |  6 PagesAriella Melamed Professor Salerno SYG 1000 September 30th, 2016 Conflicting Paradigms on Gender and Sexuality in Rap Music: Review Introduction: The article I am researching and analyzing is â€Å"Conflicting Paradigms on Gender and Sexuality in Rap Music: A Systematic Review† written by Denise Herd. This article was published in the academic journal â€Å"Sexuality and Culture†, on July 1st, 2000. This article is centered around rap music with its social and cultural significance for youth audiences, allRead MoreMargaret Atwood s The Handmaid s Tale Essay1624 Words   |  7 Pagesit is difficult for individuals to establish their own emotional autonomy. Throughout history, this bodily autonomy has been impaired by sexual control and dominance. By painting dystopian societies that heavily restrict reproduction and sexuality, Margaret Atwood’s novel The Handmaid’s Tale, her poem A Woman’s Issue, and George Orwell’s 1984 all convey that sexual repression undermines individual identity and autonomy. In The Handmaid’s Tale, Atwood uses her description of the Ceremony to emphasizeRead MoreThe Beneficial Side Effect Of Sexual Fulfillment1226 Words   |  5 PagesSexual Coercion There are many positive aspects to being sexually active. The beneficial side-effects of sexual fulfillment can positively associate physical health, mental health, and overall well-being with sexual fulfillment. These beneficial side-effects of sex are most likely associated with consensual sex. Unfortunately, not all sex is consensual sex. In today’s society, many people experience unwanted sexual advances in common day-to-day environments. 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To some extent, it is similar in human beings, where power, aggression and authority may force the weak to be subjects of their abuse. Without the protection of law and order, as seen in past human societies, immoral and unethicalRead MoreSigmund Freud : Civilization And Its Discontents1682 Words   |  7 Pagesobjective to be happy, but often face unhappiness when they do not satisfy their instincts. In addition, Freud also believes that happiness is restricted by our constitution through the use of laws and regulations. F urthermore, the author also refers to sexuality as a component to building relationships in society. Moreover, Freud also draws a conclusion that our aggressive instincts lead us to guilt when we harm one another. Although Sigmund Freud makes an assessment on civilization being a place of conflictRead MoreCause-and-Effect Relationship between TV Violence and Actual Crimes1755 Words   |  7 Pages What evidence do you find in these essays that establishes a cause- and effect relationship between TV violence and actual crimes? The subject of violence and sexuality on television has remained of great concern for both liberals and conservatives, and there are advocates on both sides of the issue in each ideological camp. While some liberals bridle at any attempts to curtail speech, others are concerned about the impact that violent television viewing has upon impressionable viewers likeRead MoreA Research Proposal On The Civil Rights Movement2073 Words   |  9 Pagessame time, unfortunately, sexual criminality and violence remain critical issues, with women being the primary victims. The patriarchal foundation of the society has diminished, yet norms still providing men with entitlement remain in place, and this is a reality supported by modern research still referring to a â€Å"rape culture.† This same research also presents disturbing evidence of how young college students widely maintain norms affirming male dominance and aggression. No simple solution is then

Ancient Aliens Essay examples - 1235 Words

There is a popular belief that aliens walked the Earth in ancient times, and these theories have created quite a stir in the scientific community. Ancient alien theorists, like Erich von Daniken and Zecharia Sitchin, believe that extraterrestrials came to earth thousands of years ago. Some hypothesize that ancient aliens are responsible for ancient technological wonders, and that they helped to shape human civilization. Furthermore, the belief that ancient gods were in fact aliens, misinterpreted as gods by the ancient people. As it turns out, there is quite a bit of evidence to support some of these ancient alien theories. However, it is all subject to interpretation, as it has not been validated. Evidence used to support the ancient†¦show more content†¦Erich Von Daniken’s theories have been rejected by the scientific community, and some of his early claims have even been proven fraudulent. However, Von Daniken continues on his quest to prove his theories, and dur ing an interview with Florida Today he said, â€Å"Even if someone could find an object definitely not of this planet, and they could give it to the scientific communities, Im sure it would take much too long for this society to accept that something extraterrestrial exists. I have started something. There are 56 million copies of my books worldwide. But now it is not just Erich Von Daniken. It is others, many others, as well. You cannot kill the idea anymore, never.† Zecharia Sitchin is the author of fourteen works that reference his ancient alien hypothesis. His theories are based on translations of ancient Sumerian texts, and according to him, coincide with many other biblical texts. Sitchin theorizes that there was once another planet in our solar system called Nibiru, which he wrote about in his book The 12th Planet. He believed that Nibiru was the home of an advanced civilization, which the Sumerians called the Annunaki, and are referred to as the Nephilum in the Book of Genesis. According to Sitchin, the Annunaki came to earth to mine for gold and other minerals some 450,000 years ago, and genetically engineered the human race as slaves. Sitchin’s theories have been widely criticized; some arguing that he is unable to separate fact fromShow MoreRelatedAncient Aliens and Ancient Astronaut Theory1672 Words   |  7 PagesAncient Aliens and Ancient Astronaut Theory Mark P. Robertson Educational Planning Course â€Å"Critical Issue Project† Empire State College Mary Ellen Shaughnessy June 17, 2011 There has been a lot of commotion lately between both the scientific and religious communities in regards to this topic. The claims of Intelligent Extraterrestrial Life visiting the Earth in ancient times and profoundly affecting the development of Human civilization, isRead MoreA Psychoanalysis on Ridley Scott’s Alien†1443 Words   |  6 PagesA Psychoanalysis on Ridley Scott’s Alien In 1923 Sigmund Freud noticed the clash within thought and mental processes which led him to identify three parts of our psyche. He referred to these as the Id, Ego and the Superego. The Id is ‘the primitive, unconscious basis of the psyche, dominated by primary urges’ *. It comes from the initial instinct to satisfy our needs and desires what can be known as the pleasure principle. The uncontrollable repressed part of our psyche, for example a newborn childRead MoreIllegal Immigration598 Words   |  3 Pagesl ARTICLE ON ILLEGAL IMMIGRATION Migration has always represented an important factor in society’s development. Ever since ancient times, people have been travelling around the world, some staying only for a while, some choosing to set (A SE STABILI) in certain areas, getting married and starting a family with a local partner. Consequently, cultures and languages mixed and this is how powerful nations like England, The USA, Germany were born. This phenomenon of migration also takes place nowadaysRead MoreThe Issue Of Illegal Immigrants2135 Words   |  9 Pagesmany now that it is almost impossible for them all to get that help. And then there is the problem of the criminal offenders and how to weed them out. Another argument often used is the comparison of immigration of these people to the people of ancient Israel and their immigration. But they are quite different because the people in Israel were non-Israelites who were allowed to stay in Israel if they followed Israel’s rules and they were not allowed to vote or partake of societal benefits. We couldRead MoreEssay on A Conspiracy Phenomenon: Alien Abductions in the U.S.2997 Words   |  12 PagesAlien abduction stories have always held a strong interest among people all over the world, captivating our attention and curiosity as they propose yet another unsolved mystery of gigantic proportions and unthinkable consequences for humanity to contemplate. More so in modern times, and especially in the western world, where the media is a more significant part of culture, many science fiction novelists and screen writers brought out the issue to the public in the form of entertainment. This, dueRead More The Mass Media and the Futile Search for Extraterrestrial Life3658 Words   |  15 Pagesmedia loves to play with the minds of viewers, making them believe in something which realistically is probably untrue. The early history of extraterrestrial life traces back to the 1940s and 1950s. Stories of alien abduction sprang up everywhere becoming a general trend. At the time, alien abduction was defined as the forced removal of a person from his /her physical location to another place. It may include an altered state of awareness for the purpose of physical, surgical or psychological proceduresRead MoreAliens Built the Pyramids713 Words   |  3 PagesAliens built the Egyptian pyramids. Recent research supports the theory that the Pyramids were built long before humans inhabited the area now known as Egypt. It is also nearly impossible for the Egyptians to have lifted and moved the limestone brick used to build these massive structures. Only a more advanced form of life could have constructed such an enormous undertaking, while using advanced mathematics and geography that were not yet known to ancient peoples. Archeologists suggest thatRead MoreThe Divine Number696 Words   |  3 PagesAmong all religions, all nations, and all cultures, one unique character is shared. Whether it be engraved within the ancient grounds of Ireland, where tombs are covered in trinomial swirls, or the works of the famous mathematician Pythagoras, who discovered the most simple and most perfect complete polygon, the number three is used everywhere. The importance of this digit can be found in many places, including our religious beliefs, our world’s history, and even in modern day mysteries. EveryoneRead MoreAre Aliens Visited The Earth?953 Words   |  4 PagesHave Aliens Visited the Earth? Have alien beings been visiting our planet for thousands of years? There are many skeptics out there who would say no, but if one was to look more closely at history how else would they explain some of it s weird mysteries. There are ancient drawling, paintings, carvings and other records recording strange beings from space visiting Earth thousands of years ago. In the 1880s there were reports of strange airships flying in the sky before planes wereRead MoreAliens Built the Pyramids723 Words   |  3 Pagesnbsp;nbsp;nbsp;nbsp;nbsp;Aliens built the Egyptian pyramids. Recent research supports the theory that the Pyramids were built long before humans inhabited the area now known as Egypt. It is also nearly impossible for the Egyptians to have lifted and moved the limestone brick used to build these massive structures. Only a more advanced form of life could have constructed such an enormous undertaking, while using advanced mathematics and geography that were not yet k nown to ancient peoples. nbsp;nbsp;nbsp;nbsp;nbsp;Archeologists

Hamlet and his Games Essay Example For Students

Hamlet and his Games Essay Since the World War II the paintings movement had gathered considerable momentum. The political realities of the time- from 1943 to early 1950s- the War, the Holocaust in Europe, the apparent threat of the world destruction by atomic bomb, the conservative reaction of McCarthyism in United States and even intensified hurly burly of city life-resulted in a movement called Abstract Expressionism. Abstract Expressionism combined two tendencies already evident in the twentieth century; the drive to create totally abstract works and express emotion through the use of brilliant colors. The leading figure of this new painting style was Jackson Pollock, who produced his large works by dribbling strands of paint on the canvas, involving his whole body in the activity and creating sensations of sparkling energy and movement. The term Action Painting was coined to describe how Pollock worked. Pollock felt, he could become emotionally involved with his work and through it communicate his emotions to the viewer. A more violent and intense form of Action Painting was devised by Willem de Kooning from whose seeming destruction of form gradually emerged a bodily image.During the fifties, older and younger artists alike were affected by the trend towards discarding all standards of form. Mark Rothko developed a uniquely personal, reserved, almost mystical mode of painting in which colors interacted as they appeared to shift in space.In this geometrical abstraction, a clarity of design appeared, together with the use of flickering effects of color. The example of Abstract expressionism was followed within a short time by artists all over the world. In Great Britain, abstract art took on fresh importance when new relationships of form and color were highlighted in two and three dimensions. A number of painters in Belgium, Holland and Denmark added the aggressive aspects of Abstract Expressionism to their own versions of Northern-European Expressionism. Again, inGermany and Italy there also emerged followers of the new fashion who strove to express their own feelings through unobstructed out-pouring in paint. This led to matter painting in which very thick layers of paint, mixed with plaster and manipulated on the surface of the canvas. At the height of popularity of Abstract Expressionism worldwide, the fashion was swept aside and interestturned in the appearance of Pop-Art. Bibliography: